# EDGAR Filing Document

**Accession Number:** 0001388485
**File Stem:** 0001193125-25-155435
**Filing Date:** 2025-7
**Character Count:** 832371
**Document Hash:** 95071daa95cec61127daf5e4927bb5be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-155435.hdr.sgml**: 20250703

**ACCESSION NUMBER**: 0001193125-25-155435

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250703

**DATE AS OF CHANGE**: 20250703

**EFFECTIVENESS DATE**: 20250703

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FundVantage Trust
- **CENTRAL INDEX KEY:** 0001388485

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22027
- **FILM NUMBER:** 251104913

**BUSINESS ADDRESS:**
- **STREET 1:** 103 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 3027911906

**MAIL ADDRESS:**
- **STREET 1:** 103 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

## Series and Classes Contracts Data

### Polen Growth Fund (Series ID: S000029264)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089997 | Investor Class      | POLRX           |
| C000089998 | Institutional Class | POLIX           |

### Polen Global Growth Fund (Series ID: S000047882)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000150374 | Investor Class      | PGIRX           |
| C000150375 | Institutional Class | PGIIX           |

### Polen International Growth Fund (Series ID: S000056022)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000176395 | Institutional Class | POIIX           |
| C000176396 | Investor Class      | POIRX           |

### Polen U.S. Small Company Growth Fund (Series ID: S000059535)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000194993 | Institutional Class | PBSIX           |
| C000194994 | Investor Class      | PBSRX           |
| C000227429 | Class Y             | PBSYX           |

### Polen Emerging Markets Growth Fund (Series ID: S000067961)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000217916 | Institutional Class | PGEIX           |

### Polen U.S. SMID Company Growth Fund (Series ID: S000071422)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000226510 | Institutional Class | PBMIX           |

### Polen U.S. High Yield Fund (Series ID: S000076729)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000236764 | Institutional Class | PBBIX           |

### Polen Opportunistic High Yield Fund (Series ID: S000080672)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000243192 | Investor Class      | DDJRX           |
| C000243193 | Class Y             | DDJIX           |
| C000243194 | Institutional Class | DDJCX           |

### Polen Growth & Income Fund (Series ID: S000083359)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000246957 | Institutional Class |  |

### Polen Floating Rate Income ETF (Series ID: S000090826)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000258187 | Polen Floating Rate Income ETF |  |

### Polen High Income ETF (Series ID: S000090827)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000258188 | Polen High Income ETF |  |

?xml version='1.0' encoding='ASCII'? FundVantage Trust

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-22027

#### FundVantage Trust
(Exact name of registrant as specified in charter)

------

103 Bellevue Parkway

Wilmington, DE 19809

(Address of principal executive offices) (ZIP code)

------

Joel L. Weiss

JW Fund Management LLC

1636 N. Cedar Crest Blvd.

Suite #161

Allentown, PA 18104

(Name and address of agent for service)

------

#### Registrant's telephone number, including area code:

#### 856-528-3500

#### Date of fiscal year end:

#### April 30

#### Date of reporting period:

#### April 30, 2025
 **Item 1. Report to Stockholders.**

(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![TSR_Polen_Logo](g935910images_28182.jpg)

Polen Growth Fund

Institutional Class \| POLIX

Annual Shareholder Report — April 30, 2025

This annual shareholder report contains important information about the Polen Growth Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.polencapital.com/strategies/growth-fund. You can also request this information by contacting us at 1-888-678-6024.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Polen Growth Fund<br> (Institutional Class / POLIX) | $100 | 0.97% |

---

Management's Discussion of Fund Performance

* For the 12 months ended April 30, 2025, the Polen Growth Fund (the "Fund") underperformed the Russell 1000<sup>®</sup> Growth Index and the S&P 500<sup>®</sup> Index. 

* Stock selection in the Consumer Discretionary and Information Technology sectors detracted from results, while the overweight to Financials and stock selection in Communication Services aided performance. 

* As for sector positioning (a residual of bottom-up stock selection), the Technology sector weighed on results as semiconductors—with little Fund exposure—saw significant gains driven by Artificial Intelligence ("AI") enthusiasm, while software—a Fund overweight—faced negative sentiment. 

* The top three relative stock detractors (vs. the Russell 1000<sup>®</sup> Growth Index) were Thermo Fisher Scientific, Airbnb, and Apple. Positive relative contributors were Shopify, Netflix, and ServiceNow. 

#### Fund Performance
The following is a comparison of the change in value of a $100,000 investment in Polen Growth Fund's Institutional Class vs. the S&P 500<sup>®</sup> Index and the Russell 1000<sup>®</sup> Growth Index.

 **Growth of $100,000**

For the years April 30, 2015 through April 30, 2025

![Fund Performance - Growth of 10K](g935910chartimages_9987513.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.24% |
| S&P 500<sup>®</sup> Index\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.31% |
| Russell 1000<sup>®</sup> Growth Index\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.25% |

---

---

| |
|:---|
| **<sup>\*</sup>**  |
| **<sup>\*\*</sup>** <br> **The Russell 1000<sup>®</sup> Growth Index is a market capitalization weighted index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The index is maintained by the FTSE Russell, a subsidiary of the London Stock Exchange Group.**  |

---

  ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit https://www.polencapital.com/strategies/growth-fund for performance data current to the most recent month-end.

#### Key Fund Statistics (as of April 30, 2025)
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$5602322075 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$58355698 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### Portfolio Holdings Summary Table (as of April 30, 2025)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:

 **Sector Allocation**

---

| | |
|:---|:---|
| Information Technology | 33.4% |
| Financials | 17.0% |
| Consumer, Non-cyclical | 14.7% |
| Communication Services | 12.0% |
| Consumer Discretionary | 11.8% |
| Health Care | 7.1% |
| Consumer, Cyclical | 2.7% |
| Short-Term Investment | 1.4% |
| Liabilities in Excess of Other Assets | (0.1)% |
| TOTAL | 100.0% |

---

#### Material Fund Changes During the Period
There were no material changes to the Fund.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants.

#### Availability of Additional Information
You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/growth-fund.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

 **Polen Growth Fund Institutional Class (POLIX)**

Annual Shareholder Report — April 30, 2025 POLIX-04/25-AR

![TSR_Polen_Logo](g935910images_28182.jpg)

Polen Growth Fund

Investor Class \| POLRX

Annual Shareholder Report — April 30, 2025

This annual shareholder report contains important information about the Polen Growth Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.polencapital.com/strategies/growth-fund. You can also request this information by contacting us at 1-888-678-6024.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Polen Growth Fund<br> (Investor Class / POLRX) | $125 | 1.22% |

---

Management's Discussion of Fund Performance

* For the 12 months ended April 30, 2025, the Polen Growth Fund (the "Fund") underperformed the Russell 1000<sup>®</sup> Growth Index and the S&P 500<sup>®</sup> Index. 

* Stock selection in the Consumer Discretionary and Information Technology sectors detracted from results, while the overweight to Financials and stock selection in Communication Services aided performance. 

* As for sector positioning (a residual of bottom-up stock selection), the Technology sector weighed on results as semiconductors—with little Fund exposure—saw significant gains driven by Artificial Intelligence ("AI") enthusiasm, while software—a Fund overweight—faced negative sentiment. 

* The top three relative stock detractors (vs. the Russell 1000<sup>®</sup> Growth Index) were Thermo Fisher Scientific, Airbnb, and Apple. Positive relative contributors were Shopify, Netflix, and ServiceNow. 

#### Fund Performance
The following is a comparison of the change in value of a $10,000 investment in Polen Growth Fund's Investor Class vs. the S&P 500<sup>®</sup> Index and the Russell 1000<sup>®</sup> Growth Index.

 **Growth of $10,000**

For the years April 30, 2015 through April 30, 2025

![Fund Performance - Growth of 10K](g935910chartimages_9987551.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.95% |
| S&P 500<sup>®</sup> Index\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.31% |
| Russell 1000<sup>®</sup> Growth Index\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.25% |

---

---

| |
|:---|
| **<sup>\*</sup>**  |
| **<sup>\*\*</sup>** <br> **The Russell 1000<sup>®</sup> Growth Index is a market capitalization weighted index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The index is maintained by the FTSE Russell, a subsidiary of the London Stock Exchange Group.**  |

---

  ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit https://www.polencapital.com/strategies/growth-fund for performance data current to the most recent month-end.

#### Key Fund Statistics (as of April 30, 2025)
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$5602322075 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$58355698 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### Portfolio Holdings Summary Table (as of April 30, 2025)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:

 **Sector Allocation**

---

| | |
|:---|:---|
| Information Technology | 33.4% |
| Financials | 17.0% |
| Consumer, Non-cyclical | 14.7% |
| Communication Services | 12.0% |
| Consumer Discretionary | 11.8% |
| Health Care | 7.1% |
| Consumer, Cyclical | 2.7% |
| Short-Term Investment | 1.4% |
| Liabilities in Excess of Other Assets | (0.1)% |
| TOTAL | 100.0% |

---

#### Material Fund Changes During the Period
There were no material changes to the Fund.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants.

#### Availability of Additional Information
You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/growth-fund.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

 **Polen Growth Fund Investor Class (POLRX)**

Annual Shareholder Report — April 30, 2025 POLRX-04/25-AR

![TSR_Polen_Logo](g935910images_28182.jpg)

Polen Global Growth Fund

Institutional Class \| PGIIX

Annual Shareholder Report — April 30, 2025

This annual shareholder report contains important information about the Polen Global Growth Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.polencapital.com/strategies/global-growth-fund. You can also request this information by contacting us at 1-888-678-6024.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Polen Global Growth Fund<br> (Institutional Class / PGIIX) | $103 | 1.01% |

---

Management's Discussion of Fund Performance

* For the 12 months ended April 30, 2025, the Polen Global Growth Fund (the "Fund") underperformed the MSCI All Country World<sup>®</sup> Index ("ACWI")<sup>®</sup> Index. 

* Stock selection in the Health Care and Communication Service sectors detracted from results, while stock selection in Industrials and sector positioning in Energy and Materials enhanced results (sector positioning is a residual of bottom-up stock selection). 

* Solid global equity gains were driven by U.S. market leadership and Artificial Intelligence ("AI") themes in the early part of the period, while international stocks lagged. As 2025 began, a broad rotation shifted away from U.S. and growth-oriented equities, toward international and value-oriented equities. 

* The top relative stock detractors were ICON Plc, Novo Nordisk, and Globant. The top relative contributors were SAP SE, Shopify, and Paycom Software. 

#### Fund Performance
The following is a comparison of the change in value of a $100,000 investment in Polen Global Growth Fund's Institutional Class vs. the MSCI All Country World<sup>®</sup> Index ("ACWI") (Net Dividend).

 **Growth of $100,000**

For the years April 30, 2015 through April 30, 2025

![Fund Performance - Growth of 10K](g935910chartimages_9987589.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.29% |
| MSCI All Country World<sup>®</sup> Index ("ACWI") (Net Dividend)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62% |

---

 **<sup>\*</sup>** **The MSCI ACWI Index is a market capitalization weighted equity index that measures the performance of large and mid-cap segments across developed and emerging market countries. The index is maintained by Morgan Stanley Capital International. The performance of an index does not reflect any transaction costs, management fees, or taxes.*

  ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit https://www.polencapital.com/strategies/global-growth-fund for performance data current to the most recent month-end.

#### Key Fund Statistics (as of April 30, 2025)
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$345008827 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$3590107 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### Portfolio Holdings Summary Table (as of April 30, 2025)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:

 **Sector Allocation**

---

| | |
|:---|:---|
| Information Technology | 34.1% |
| Consumer, Non-cyclical | 21.5% |
| Financials | 19.8% |
| Consumer Discretionary | 11.5% |
| Communication Services | 9.4% |
| Consumer, Cyclical | 1.9% |
| Short-Term Investment | 1.6% |
| Other Assets in Excess of Liabilities | 0.2% |
| TOTAL | 100.0% |

---

#### Material Fund Changes During the Period
There were no material changes to the Fund.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants.

#### Availability of Additional Information
You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/global-growth-fund.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

 **Polen Global Growth Fund Institutional Class (PGIIX)**

Annual Shareholder Report — April 30, 2025 PGIIX-04/25-AR

![TSR_Polen_Logo](g935910images_28182.jpg)

Polen Global Growth Fund

Investor Class \| PGIRX

Annual Shareholder Report — April 30, 2025

This annual shareholder report contains important information about the Polen Global Growth Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.polencapital.com/strategies/global-growth-fund. You can also request this information by contacting us at 1-888-678-6024.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Polen Global Growth Fund<br> (Investor Class / PGIRX) | $129 | 1.26% |

---

Management's Discussion of Fund Performance

* For the 12 months ended April 30, 2025, the Polen Global Growth Fund (the "Fund") underperformed the MSCI All Country World<sup>®</sup> Index ("ACWI")<sup>®</sup> Index. 

* Stock selection in the Health Care and Communication Service sectors detracted from results, while stock selection in Industrials and sector positioning in Energy and Materials enhanced results (sector positioning is a residual of bottom-up stock selection). 

* Solid global equity gains were driven by U.S. market leadership and Artificial Intelligence ("AI") themes in the early part of the period, while international stocks lagged. As 2025 began, a broad rotation shifted away from U.S. and growth-oriented equities, toward international and value-oriented equities. 

* The top relative stock detractors were ICON Plc, Novo Nordisk, and Globant. The top relative contributors were SAP SE, Shopify, and Paycom Software. 

#### Fund Performance
The following is a comparison of the change in value of a $10,000 investment in Polen Global Growth Fund's Investor Class vs. the MSCI All Country World<sup>®</sup> Index ("ACWI") (Net Dividend).

 **Growth of $10,000**

For the period July 6, 2015\* through April 30, 2025

![Fund Performance - Growth of 10K](g935910chartimages_9987627.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Since inception** |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17%\* |
| MSCI All Country World<sup>®</sup> Index ("ACWI") (Net Dividend)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14%<sup>\*\*</sup> |

---

---

| | |
|:---|:---|
| **<sup>\*</sup>**  | **The Polen Global Growth Fund commenced operations on July 6, 2015.**  |
| **<sup>\*\*</sup>**  | **Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself.**  |
| **<sup>\*</sup>**  | **The MSCI ACWI Index is a market capitalization weighted equity index that measures the performance of large and mid-cap segments across developed and emerging market countries. The index is maintained by Morgan Stanley Capital International. The performance of an index does not reflect any transaction costs, management fees, or taxes.**  |

---

  ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit https://www.polencapital.com/strategies/global-growth-fund for performance data current to the most recent month-end.

#### Key Fund Statistics (as of April 30, 2025)
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$345008827 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$3590107 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### Portfolio Holdings Summary Table (as of April 30, 2025)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:

 **Sector Allocation**

---

| | |
|:---|:---|
| Information Technology | 34.1% |
| Consumer, Non-cyclical | 21.5% |
| Financials | 19.8% |
| Consumer Discretionary | 11.5% |
| Communication Services | 9.4% |
| Consumer, Cyclical | 1.9% |
| Short-Term Investment | 1.6% |
| Other Assets in Excess of Liabilities | 0.2% |
| TOTAL | 100.0% |

---

#### Material Fund Changes During the Period
There were no material changes to the Fund.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants.

#### Availability of Additional Information
You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/global-growth-fund.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

 **Polen Global Growth Fund Investor Class (PGIRX)**

Annual Shareholder Report — April 30, 2025 PGIRX-04/25-AR

![TSR_Polen_Logo](g935910images_28182.jpg)

Polen International Growth Fund

Institutional Class \| POIIX

Annual Shareholder Report — April 30, 2025

This annual shareholder report contains important information about the Polen International Growth Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.polencapital.com/strategies/international-growth-fund. You can also request this information by contacting us at 1-888-678-6024.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Polen International Growth Fund<br> (Institutional Class / POIIX) | $108 | 1.07% |

---

Management's Discussion of Fund Performance

* For the 12 months ended April 30, 2025, the Polen International Growth Fund (the "Fund") underperformed the MSCI All Country World<sup>®</sup> Index ("ACWI") ex USA<sup>®</sup> Index Net Dividends. 

* Stock selection in the Health Care sector was a primary detractor, as was relative sector positioning (a residual of bottom-up stock selection) in Health Care and Financials, while stock selection in Information Technology and relative sector positioning in Energy and Materials aided results. 

* Technology stocks, especially semiconductors, outperformed for much of the period; however, the Fund's emphasis within Technology focused on software, which lagged amid shifting investor sentiment. As 2025 began, share prices in a few of our Technology and Health Care holdings weakened. 

* The top relative stock detractors were ICON plc, Evolution AB, and Novo Nordisk, while the top relative contributors were SAP SE, MercadoLibre, and Shopify. 

#### Fund Performance
The following is a comparison of the change in value of a $100,000 investment in Polen International Growth Fund's Institutional Class vs. the MSCI All Country World<sup>®</sup> Index ("ACWI") (ex-USA) (Net Dividend).

 **Growth of $100,000**

For the period December 30, 2016\* through April 30, 2025

![Fund Performance - Growth of 10K](g935910chartimages_9987665.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Since inception** |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%\* |
| MSCI All Country World<sup>®</sup> Index ("ACWI") (ex-USA) (Net Dividend)\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.07%<sup>\*\*</sup> |

---

---

| | |
|:---|:---|
| **<sup>\*</sup>**  | **The Polen International Growth Fund commenced operations on December 30, 2016.**  |
| **<sup>\*\*</sup>**  | **Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself.**  |
| **<sup>\*\*\*</sup>**  | **The MSCI ACWI ex USA Index is a market capitalization weighted equity index that measures the performance of large and mid-cap segments across developed and emerging market countries (excluding the U.S.). The index is maintained by Morgan Stanley Capital International. The performance of an index does not reflect any transaction costs, management fees, or taxes.**  |

---

  ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit https://www.polencapital.com/strategies/international-growth-fund for performance data current to the most recent month-end.

#### Key Fund Statistics (as of April 30, 2025)
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$176529695 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$1784516 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### Portfolio Holdings Summary Table (as of April 30, 2025)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:

 **Sector Allocation**

---

| | |
|:---|:---|
| Information Technology | 33.1% |
| Financials | 18.6% |
| Consumer Discretionary | 14.1% |
| Consumer, Non-cyclical | 9.7% |
| Industrials | 7.6% |
| Communication Services | 5.1% |
| Health Care | 3.1% |
| Short-Term Investment | 8.6% |
| Other Assets in Excess of Liabilities | 0.1% |
| TOTAL | 100.0% |

---

#### Material Fund Changes During the Period
There were no material changes to the Fund.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants.

#### Availability of Additional Information
You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/international-growth-fund.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

 **Polen International Growth Fund Institutional Class (POIIX)**

Annual Shareholder Report — April 30, 2025 POIIX-04/25-AR

![TSR_Polen_Logo](g935910images_28182.jpg)

Polen International Growth Fund

Investor Class \| POIRX

Annual Shareholder Report — April 30, 2025

This annual shareholder report contains important information about the Polen International Growth Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.polencapital.com/strategies/international-growth-fund. You can also request this information by contacting us at 1-888-678-6024.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Polen International Growth Fund<br> (Investor Class / POIRX) | $133 | 1.32% |

---

Management's Discussion of Fund Performance

* For the 12 months ended April 30, 2025, the Polen International Growth Fund (the "Fund") underperformed the MSCI All Country World<sup>®</sup> Index ("ACWI") ex USA<sup>®</sup> Index Net Dividends. 

* Stock selection in the Health Care sector was a primary detractor, as was relative sector positioning (a residual of bottom-up stock selection) in Health Care and Financials, while stock selection in Information Technology and relative sector positioning in Energy and Materials aided results. 

* Technology stocks, especially semiconductors, outperformed for much of the period; however, the Fund's emphasis within Technology focused on software, which lagged amid shifting investor sentiment. As 2025 began, share prices in a few of our Technology and Health Care holdings weakened. 

* The top relative stock detractors were ICON plc, Evolution AB, and Novo Nordisk, while the top relative contributors were SAP SE, MercadoLibre, and Shopify. 

#### Fund Performance
The following is a comparison of the change in value of a $10,000 investment in Polen International Growth Fund's Investor Class vs. the MSCI All Country World<sup>®</sup> Index ("ACWI") (ex-USA) (Net Dividend).

 **Growth of $10,000**

For the period March 15, 2017\* through April 30, 2025

![Fund Performance - Growth of 10K](g935910chartimages_9987703.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Since inception** |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%\* |
| MSCI All Country World<sup>®</sup> Index ("ACWI") (ex-USA) (Net Dividend)\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48%<sup>\*\*</sup> |

---

---

| | |
|:---|:---|
| **<sup>\*</sup>**  | **The Polen International Growth Fund commenced operations on March 15, 2017.**  |
| **<sup>\*\*</sup>**  | **Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself.**  |
| **<sup>\*\*\*</sup>**  | **The MSCI ACWI ex USA Index is a market capitalization weighted equity index that measures the performance of large and mid-cap segments across developed and emerging market countries (excluding the U.S.). The index is maintained by Morgan Stanley Capital International. The performance of an index does not reflect any transaction costs, management fees, or taxes.**  |

---

  ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit https://www.polencapital.com/strategies/international-growth-fund for performance data current to the most recent month-end.

#### Key Fund Statistics (as of April 30, 2025)
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$176529695 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$1784516 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### Portfolio Holdings Summary Table (as of April 30, 2025)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:

 **Sector Allocation**

---

| | |
|:---|:---|
| Information Technology | 33.1% |
| Financials | 18.6% |
| Consumer Discretionary | 14.1% |
| Consumer, Non-cyclical | 9.7% |
| Industrials | 7.6% |
| Communication Services | 5.1% |
| Health Care | 3.1% |
| Short-Term Investment | 8.6% |
| Other Assets in Excess of Liabilities | 0.1% |
| TOTAL | 100.0% |

---

#### Material Fund Changes During the Period
There were no material changes to the Fund.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants.

#### Availability of Additional Information
You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/international-growth-fund.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

 **Polen International Growth Fund Investor Class (POIRX)**

Annual Shareholder Report — April 30, 2025 POIRX-04/25-AR

![TSR_Polen_Logo](g935910images_28182.jpg)

Polen U.S. Small Company Growth Fund

Institutional Class \| PBSIX

Annual Shareholder Report — April 30, 2025

This annual shareholder report contains important information about the Polen U.S. Small Company Growth Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.polencapital.com/strategies/us-small-company-growth-fund. You can also request this information by contacting us at 1-888-678-6024.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Polen U.S. Small Company Growth Fund<br> (Institutional Class / PBSIX) | $110 | 1.10% |

---

Management's Discussion of Fund Performance

* For the 12 months ended April 30, 2025, the Polen U.S. Small Company Growth Fund (the "Fund") underperformed the Russell 2000<sup>®</sup> Growth Index. 

* Stock selection in the Health Care and Information Technology sectors detracted from results, while stock selection in Financials and Consumer Discretionary aided returns. 

* Narrow gains for U.S. small cap equities were led by Artificial Intelligence ("AI")-related and interest-rate sensitive sectors in the first part of the period, but 2025 brought volatility and heightened uncertainty amid policy shifts and trade tensions. 

* The top relative stock detractors were e.l.f. Beauty, Globant S.A., and AMN Healthcare Services, while top relative contributors were ExlService Holdings, Dutch Bros, and Goosehead Insurance. 

#### Fund Performance
The following is a comparison of the change in value of a $100,000 investment in Polen U.S. Small Company Growth Fund's Institutional Class vs. the Russell 3000<sup>®</sup> Index and the Russell 2000<sup>®</sup> Growth Index.

 **Growth of $100,000**

For the period November 1, 2017\* through April 30, 2025

![Fund Performance - Growth of 10K](g935910chartimages_9987741.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Since inception** |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39%\* |
| Russell 3000<sup>®</sup> Index\*\*,\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00%<sup>\*\*\*\*</sup> |
| Russell 2000<sup>®</sup> Growth Index\*\*\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33%<sup>\*\*\*\*</sup> |

---

---

| | |
|:---|:---|
| **<sup>\*</sup>**  | **The Polen U.S. Small Company Growth Fund commenced operations on November 1, 2017.**  |
| **<sup>\*\*</sup>**  | **The Fund has designated the Russell 3000<sup>®</sup> Index as its new broad-based securities market index in accordance with the SEC's revised definition.**  |
| **<sup>\*\*\*</sup>**  | **The Russell 3000<sup>®</sup> Index measures the performance of the 3,000 largest U.S. companies based on market capitalization, which represents approximately 98% of the investable U.S. equity market.**  |
| **<sup>\*\*\*\*</sup>**  | **Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself.**  |
| **<sup>\*\*\*\*\*</sup>**  | **The Russell 2000<sup>®</sup> Growth Index is a market capitalization weighted index that measures the performance of the small-cap growth segment of the U.S. equity universe. It includes Russell 2000<sup>®</sup> Index companies with higher price/book ratios and higher forecasted growth values. The index is maintained by the FTSE Russell, a subsidiary of the London Stock Exchange Group. The performance of an index does not reflect any transaction costs, management fees, or taxes.**  |

---

  ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit https://www.polencapital.com/strategies/us-small-company-growth-fund for performance data current to the most recent month-end.

#### Key Fund Statistics (as of April 30, 2025)
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$34447067 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$290580 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

#### Portfolio Holdings Summary Table (as of April 30, 2025)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:

 **Sector Allocation**

---

| | |
|:---|:---|
| Industrials | 29.7% |
| Information Technology | 28.6% |
| Financials | 11.2% |
| Health Care | 10.9% |
| Consumer Discretionary | 9.4% |
| Real Estate | 3.7% |
| Consumer Staples | 2.1% |
| Short-Term Investment | 3.9% |
| Other Assets in Excess of Liabilities | 0.5% |
| TOTAL | 100.0% |

---

#### Material Fund Changes During the Period
There were no material changes to the Fund.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants.

#### Availability of Additional Information
You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/us-small-company-growth-fund.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

 **Polen U.S. Small Company Growth Fund Institutional Class (PBSIX)**

Annual Shareholder Report — April 30, 2025 PBSIX-04/25-AR

![TSR_Polen_Logo](g935910images_28182.jpg)

Polen U.S. Small Company Growth Fund

Investor Class \| PBSRX

Annual Shareholder Report — April 30, 2025

This annual shareholder report contains important information about the Polen U.S. Small Company Growth Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.polencapital.com/strategies/us-small-company-growth-fund. You can also request this information by contacting us at 1-888-678-6024.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Polen U.S. Small Company Growth Fund<br> (Investor Class / PBSRX) | $134 | 1.35% |

---

Management's Discussion of Fund Performance

* For the 12 months ended April 30, 2025, the Polen U.S. Small Company Growth Fund (the "Fund") underperformed the Russell 2000<sup>®</sup> Growth Index. 

* Stock selection in the Health Care and Information Technology sectors detracted from results, while stock selection in Financials and Consumer Discretionary aided returns. 

* Narrow gains for U.S. small cap equities were led by Artificial Intelligence ("AI")-related and interest-rate sensitive sectors in the first part of the period, but 2025 brought volatility and heightened uncertainty amid policy shifts and trade tensions. 

* The top relative stock detractors were e.l.f. Beauty, Globant S.A., and AMN Healthcare Services, while top relative contributors were ExlService Holdings, Dutch Bros, and Goosehead Insurance. 

#### Fund Performance
The following is a comparison of the change in value of a $10,000 investment in Polen U.S. Small Company Growth Fund's Investor Class vs. the Russell 3000<sup>®</sup> Index and the Russell 2000<sup>®</sup> Growth Index.

 **Growth of $10,000**

For the period February 8, 2019\* through April 30, 2025

![Fund Performance - Growth of 10K](g935910chartimages_9987817.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Since inception** |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%\* |
| Russell 3000<sup>®</sup> Index\*\*,\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.33%<sup>\*\*\*\*</sup> |
| Russell 2000<sup>®</sup> Growth Index\*\*\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71%<sup>\*\*\*\*</sup> |

---

---

| | |
|:---|:---|
| **<sup>\*</sup>**  | **The Polen U.S. Small Company Growth Fund commenced operations on February 8, 2019.**  |
| **<sup>\*\*</sup>**  | **The Fund has designated the Russell 3000<sup>®</sup> Index as its new broad-based securities market index in accordance with the SEC's revised definition.**  |
| **<sup>\*\*\*</sup>**  | **The Russell 3000<sup>®</sup> Index measures the performance of the 3,000 largest U.S. companies based on market capitalization, which represents approximately 98% of the investable U.S. equity market.**  |
| **<sup>\*\*\*\*</sup>**  | **Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself.**  |
| **<sup>\*\*\*\*\*</sup>**  | **The Russell 2000<sup>®</sup> Growth Index is a market capitalization weighted index that measures the performance of the small-cap growth segment of the U.S. equity universe. It includes Russell 2000<sup>®</sup> Index companies with higher price/book ratios and higher forecasted growth values. The index is maintained by the FTSE Russell, a subsidiary of the London Stock Exchange Group. The performance of an index does not reflect any transaction costs, management fees, or taxes.**  |

---

  ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit https://www.polencapital.com/strategies/us-small-company-growth-fund for performance data current to the most recent month-end.

#### Key Fund Statistics (as of April 30, 2025)
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$34447067 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$290580 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

#### Portfolio Holdings Summary Table (as of April 30, 2025)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:

 **Sector Allocation**

---

| | |
|:---|:---|
| Industrials | 29.7% |
| Information Technology | 28.6% |
| Financials | 11.2% |
| Health Care | 10.9% |
| Consumer Discretionary | 9.4% |
| Real Estate | 3.7% |
| Consumer Staples | 2.1% |
| Short-Term Investment | 3.9% |
| Other Assets in Excess of Liabilities | 0.5% |
| TOTAL | 100.0% |

---

#### Material Fund Changes During the Period
There were no material changes to the Fund.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants.

#### Availability of Additional Information
You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/us-small-company-growth-fund.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

 **Polen U.S. Small Company Growth Fund Investor Class (PBSRX)**

Annual Shareholder Report — April 30, 2025 PBSRX-04/25-AR

![TSR_Polen_Logo](g935910images_28182.jpg)

Polen U.S. Small Company Growth Fund

Class Y \| PBSYX

Annual Shareholder Report — April 30, 2025

This annual shareholder report contains important information about the Polen U.S. Small Company Growth Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.polencapital.com/strategies/us-small-company-growth-fund. You can also request this information by contacting us at 1-888-678-6024.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Polen U.S. Small Company Growth Fund<br> (Class Y / PBSYX) | $100 | 1.00% |

---

Management's Discussion of Fund Performance

* For the 12 months ended April 30, 2025, the Polen U.S. Small Company Growth Fund (the "Fund") underperformed the Russell 2000<sup>®</sup> Growth Index. 

* Stock selection in the Health Care and Information Technology sectors detracted from results, while stock selection in Financials and Consumer Discretionary aided returns. 

* Narrow gains for U.S. small cap equities were led by Artificial Intelligence ("AI")-related and interest-rate sensitive sectors in the first part of the period, but 2025 brought volatility and heightened uncertainty amid policy shifts and trade tensions. 

* The top relative stock detractors were e.l.f. Beauty, Globant S.A., and AMN Healthcare Services, while top relative contributors were ExlService Holdings, Dutch Bros, and Goosehead Insurance. 

#### Fund Performance
The following is a comparison of the change in value of a $1,000,000 investment in Polen U.S. Small Company Growth Fund's Class Y vs. the Russell 3000<sup>®</sup> Index and the Russell 2000<sup>®</sup> Growth Index.

 **Growth of $1,000,000**

For the period June 1, 2021\* through April 30, 2025

![Fund Performance - Growth of 10K](g935910chartimages_9987779.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Since inception** |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.22%\* |
| Russell 3000<sup>®</sup> Index\*\*,\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.61%<sup>\*\*\*\*</sup> |
| Russell 2000<sup>®</sup> Growth Index\*\*\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-3.26%<sup>\*\*\*\*</sup> |

---

---

| | |
|:---|:---|
| **<sup>\*</sup>**  | **The Polen U.S. Small Company Growth Fund commenced operations on June 1, 2021.**  |
| **<sup>\*\*</sup>**  | **The Fund has designated the Russell 3000<sup>®</sup> Index as its new broad-based securities market index in accordance with the SEC's revised definition.**  |
| **<sup>\*\*\*</sup>**  | **The Russell 3000<sup>®</sup> Index measures the performance of the 3,000 largest U.S. companies based on market capitalization, which represents approximately 98% of the investable U.S. equity market.**  |
| **<sup>\*\*\*\*</sup>**  | **Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself.**  |
| **<sup>\*\*\*\*\*</sup>**  | **The Russell 2000<sup>®</sup> Growth Index is a market capitalization weighted index that measures the performance of the small-cap growth segment of the U.S. equity universe. It includes Russell 2000<sup>®</sup> Index companies with higher price/book ratios and higher forecasted growth values. The index is maintained by the FTSE Russell, a subsidiary of the London Stock Exchange Group. The performance of an index does not reflect any transaction costs, management fees, or taxes.**  |

---

  ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit https://www.polencapital.com/strategies/us-small-company-growth-fund for performance data current to the most recent month-end.

#### Key Fund Statistics (as of April 30, 2025)
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$34447067 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$290580 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

#### Portfolio Holdings Summary Table (as of April 30, 2025)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:

 **Sector Allocation**

---

| | |
|:---|:---|
| Industrials | 29.7% |
| Information Technology | 28.6% |
| Financials | 11.2% |
| Health Care | 10.9% |
| Consumer Discretionary | 9.4% |
| Real Estate | 3.7% |
| Consumer Staples | 2.1% |
| Short-Term Investment | 3.9% |
| Other Assets in Excess of Liabilities | 0.5% |
| TOTAL | 100.0% |

---

#### Material Fund Changes During the Period
There were no material changes to the Fund.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants.

#### Availability of Additional Information
You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/us-small-company-growth-fund.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

 **Polen U.S. Small Company Growth Fund Class Y (PBSYX)**

Annual Shareholder Report — April 30, 2025 PBSYX-04/25-AR

![TSR_Polen_Logo](g935910images_28182.jpg)

Polen Emerging Markets Growth Fund

Institutional Class \| PGEIX

Annual Shareholder Report — April 30, 2025

This annual shareholder report contains important information about the Polen Emerging Markets Growth Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.polencapital.com/strategies/emerging-markets-growth-fund. You can also request this information by contacting us at 1-888-678-6024.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Polen Emerging Markets Growth Fund<br> (Institutional Class / PGEIX) | $131 | 1.25% |

---

Management's Discussion of Fund Performance

* For the 12 months ended April 30, 2025, the Polen Emerging Markets Growth Fund (the "Fund") slightly underperformed the MSCI Emerging Markets<sup>®</sup> Index Net Dividends. 

* Negative results were due to stock selection in the Consumer Discretionary and Financials sectors, while positive results were derived from stock selection in Information Technology and the Fund's zero exposure to the Materials sector (relative sector positioning is a residual of bottom-up stock selection). 

* The reporting period reflected early challenges from the Fund's underweights in Artificial Intelligence ("AI")-driven markets, followed by improved performance as sentiment rebounded in China in the later part of 2024. The start of 2025 showed notable strength in both China and Brazil, countries where the Fund is meaningfully invested. 

* The top relative stock detractors were dLocal, Wizz Air Holdings, and PDD Holdings, while the top relative contributors were Nebius Group NV, Samsung, and Prosus NV . 

#### Fund Performance
The following is a comparison of the change in value of a $100,000 investment in Polen Emerging Markets Growth Fund's Institutional Class vs. the MSCI Emerging Markets<sup>®</sup> Index (Net Dividend).

 **Growth of $100,000**

For the period October 16, 2020\* through April 30, 2025

![Fund Performance - Growth of 10K](g935910chartimages_9987855.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Since inception** |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-3.03%\* |
| MSCI Emerging Markets<sup>®</sup> Index (Net Dividend)\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21%<sup>\*\*</sup> |

---

---

| | |
|:---|:---|
| **<sup>\*</sup>**  | **The Polen Emerging Markets Growth Fund commenced operations on October 16, 2020.**  |
| **<sup>\*\*</sup>**  | **Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself.**  |
| **<sup>\*\*\*</sup>**  | **The MSCI Emerging Markets Index is a market capitalization weighted equity index that measures the performance of the large and mid-cap segments across emerging market countries. The index is maintained by Morgan Stanley Capital International. The performance of an index does not reflect any transaction costs, management fees, or taxes.**  |

---

  ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit https://www.polencapital.com/strategies/emerging-markets-growth-fund for performance data current to the most recent month-end.

#### Key Fund Statistics (as of April 30, 2025)
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$14575876 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$59050 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

#### Portfolio Holdings Summary Table (as of April 30, 2025)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:

 **Sector Allocation**

---

| | |
|:---|:---|
| Consumer Discretionary | 25.7% |
| Information Technology | 21.4% |
| Financials | 16.7% |
| Industrials | 12.1% |
| Communication Services | 9.7% |
| Consumer Staples | 6.5% |
| Health Care | 1.8% |
| Energy | 1.5% |
| Short-Term Investment | 4.2% |
| Other Assets in Excess of Liabilities | 0.4% |
| TOTAL | 100.0% |

---

#### Material Fund Changes During the Period
There were no material changes to the Fund.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants.

#### Availability of Additional Information
You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/emerging-markets-growth-fund.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

 **Polen Emerging Markets Growth Fund Institutional Class (PGEIX)**

Annual Shareholder Report — April 30, 2025 PGEIX-04/25-AR

![TSR_Polen_Logo](g935910images_28182.jpg)

Polen U.S. SMID Company Growth Fund

Institutional Class \| PBMIX

Annual Shareholder Report — April 30, 2025

This annual shareholder report contains important information about the Polen U.S. SMID Company Growth Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.polencapital.com/strategies/us-smid-company-growth-fund. You can also request this information by contacting us at 1-888-678-6024.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Polen U.S. SMID Company Growth Fund<br> (Institutional Class / PBMIX) | $103 | 1.05% |

---

Management's Discussion of Fund Performance

* For the 12 months ended April 30, 2025, the Polen U.S. SMID Company Growth Fund (the "Fund") underperformed the Russell 2500<sup>®</sup> Growth Index. 

* Narrow gains for U.S. SMID cap equities early in the period were led by AI-related and interest rate-sensitive sectors, while 2025 brought volatility as policy shifts and trade tensions heightened market uncertainty. 

* Stock selection in the Health Care and Consumer Discretionary sectors detracted from results, while stock selection in, and overweight to Financials aided returns (sector positioning is a residual of bottom-up stock selection). 

* The top relative stock detractors were e.l.f. Beauty, Five Below, and Globant S.A. Top relative contributors were Goosehead Insurance, ExlService Holdings, and Clearwater Analytics. 

#### Fund Performance
The following is a comparison of the change in value of a $100,000 investment in Polen U.S. SMID Company Growth Fund's Institutional Class vs. the Russell 3000<sup>®</sup> Index and the Russell 2500<sup>®</sup> Growth Index.

 **Growth of $100,000**

For the period April 1, 2021\* through April 30, 2025

![Fund Performance - Growth of 10K](g935910chartimages_9987893.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Since inception** |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-4.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-8.19%\* |
| Russell 3000<sup>®</sup> Index\*\*,\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%<sup>\*\*\*\*</sup> |
| Russell 2500<sup>®</sup> Growth Index\*\*\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-2.44%<sup>\*\*\*\*</sup> |

---

---

| | |
|:---|:---|
| **<sup>\*</sup>**  | **The Polen U.S. SMID Company Growth Fund commenced operations on April 1, 2021.**  |
| **<sup>\*\*</sup>**  | **The Fund has designated the Russell 3000<sup>®</sup> Index as its new broad-based securities market index in accordance with the SEC's revised definition.**  |
| **<sup>\*\*\*</sup>**  | **The Russell 3000<sup>®</sup> Index measures the performance of the 3,000 largest U.S. companies based on market capitalization, which represents approximately 98% of the investable U.S. equity market.**  |
| **<sup>\*\*\*\*</sup>**  | **Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself.**  |
| **<sup>\*\*\*\*\*</sup>**  | **The Russell 2500<sup>®</sup> Growth Index is a market capitalization weighted index that measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes Russell 2500TM companies with higher price-to-book ratios and higher forecasted growth values. The index is maintained by the FTSE Russell, a subsidiary of the London Stock Exchange Group. The performance of an index does not reflect any transaction costs, management fees, or taxes.**  |

---

  ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit https://www.polencapital.com/strategies/us-smid-company-growth-fund for performance data current to the most recent month-end.

#### Key Fund Statistics (as of April 30, 2025)
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$3545359 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;58% |

---

#### Portfolio Holdings Summary Table (as of April 30, 2025)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:

 **Sector Allocation**

---

| | |
|:---|:---|
| Information Technology | 28.2% |
| Industrials | 25.8% |
| Financials | 16.8% |
| Consumer Discretionary | 13.1% |
| Health Care | 11.6% |
| Consumer Staples | 2.2% |
| Short-Term Investment | 3.2% |
| Liabilities in Excess of Other Assets | (0.9)% |
| TOTAL | 100.0% |

---

#### Material Fund Changes During the Period
There were no material changes to the Fund.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants.

#### Availability of Additional Information
You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/us-smid-company-growth-fund.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

 **Polen U.S. SMID Company Growth Fund Institutional Class (PBMIX)**

Annual Shareholder Report — April 30, 2025 PBMIX-04/25-AR

![TSR_Polen_Logo](g935910images_28182.jpg)

Polen U.S. High Yield Fund

Institutional Class \| PBBIX

Annual Shareholder Report — April 30, 2025

This annual shareholder report contains important information about the Polen U.S. High Yield Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can also request this information by contacting us at 1-888-678-6024.

 **This report describes planned changes made to the Fund since the beginning of the reporting period.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Polen U.S. High Yield Fund<br> (Institutional Class / PBBIX) | $67 | 0.65% |

---

Management's Discussion of Fund Performance

 **Summary of Results**

Over the trailing twelve-month period ending April 30, 2025, the Polen U.S. High Yield Fund's Institutional share class (PBBIX) returned 6.41% net of fees versus 8.69% for the ICE BofA U.S. High Yield Index (the "Index").

 **Top Contributors to Performance**

* The Fund's income advantage relative to the Index contributed positively to relative performance during the period. 

* The Fund's holdings in the Basic Industry and Energy sectors provided a positive offset to other sector exposures. 

* On an absolute basis, Kennedy-Wilson Inc. and Oldcastle BuildingEnvelope were the Fund's top contributors during the period. 

 **Top Detractors to Performance**

* The Fund's shorter duration relative to the Index detracted from relative performance, particularly as U.S. Treasury yields fell during the period. 

* The Fund's overweight in B2-rated and B3-rated holdings, along with its aggregate exposure to CCC-rated securities, resulted in a negative sector allocation effect, which detracted from the Fund's performance relative to the Index. 

* The Fund's underweighted allocation to the Telecommunications sector and negative security selection in the Media and Capital Goods sectors further detracted from its performance. 

* During the period, Advantage Sales & Marketing and ModivCare were the largest absolute detractors. 

#### Fund Performance
The following is a comparison of the change in value of a $100,000 investment in Polen U.S. High Yield Fund's Institutional Class vs. the Bloomberg U.S. Universal Index, the ICE BofA U.S. High Yield Index and the ICE BofA BB/B U.S. Non-Financial High Yield Constrained<sup>®</sup> Index.

 **Growth of $100,000**

For the period June 30, 2022\* through April 30, 2025

![Fund Performance - Growth of 10K](g935910chartimages_9987969.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Since inception** |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.93%\* |
| Bloomberg U.S. Universal Index\*\*,\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%<sup>\*\*\*\*</sup> |
| ICE BofA U.S. High Yield Index\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.09%<sup>\*\*\*\*</sup> |
| ICE BofA BB/B U.S. Non-Financial High Yield Constrained<sup>®</sup> Index\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.36%<sup>\*\*\*\*</sup> |

---

---

| | |
|:---|:---|
| **<sup>\*</sup>**  | **The Polen U.S. High Yield Fund commenced operations on June 30, 2022.**  |
| **<sup>\*\*</sup>**  | **The Fund has designated the Bloomberg U.S. Universal Index as its new broad-based securities market index in accordance with the SEC's revised definition for such an index.**  |
| **<sup>\*\*\*</sup>**  | **The Bloomberg U.S. Universal Index benchmark covers U.S.-dollar denominated, taxable bonds that are rated either investment grade or high-yield. The ICE BofA U.S. High Yield Index is maintained by ICE Data Indices, LLC and comprised of U.S. dollar denominated, below investment grade corporate debt publicly issued in the U.S. domestic market. The ICE BofA BB/B U.S. Non-Financial High Yield Constrained Index contains all securities in the ICE BofA U.S. High Yield Index rated BB1 through B3, based on an average of Moody's, S&P and Fitch, but caps issuer exposure at 2% and excludes Financials. Index constituents are capitalization-weighted, based on their current amount outstanding, provided that the total allocation to an individual issuer does not exceed 2%.**  |
| **<sup>\*\*\*\*</sup>**  | **Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.**  |

---

  ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares.

#### Key Fund Statistics (as of April 30, 2025)
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2974397 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;68% |

---

#### Portfolio Holdings Summary Table (as of April 30, 2025)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:

 **Sector Allocation**

---

| | |
|:---|:---|
| Consumer, Cyclical | 16.5% |
| Industrials | 15.7% |
| Communication Services | 11.8% |
| Financials | 10.6% |
| Consumer, Non-cyclical | 9.0% |
| Energy | 7.7% |
| Materials | 5.4% |
| Information Technology | 5.4% |
| Other Assets in Excess of Liabilities | 17.9% |
| TOTAL | 100.0% |

---

#### Material Fund Changes During the Period
Following is a summary of material changes planned for the Fund since the beginning of the reporting period.

On April 29, 2025, the Board approved a plan to liquidate and terminate the Fund, which occurred on May 15, 2025.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

 **Polen U.S. High Yield Fund Institutional Class (PBBIX)**

Annual Shareholder Report — April 30, 2025 PBBIX-04/25-AR

![TSR_Polen_Logo](g935910images_28182.jpg)

Polen Opportunistic High Yield Fund

Institutional Class \| DDJCX

Annual Shareholder Report — April 30, 2025

This annual shareholder report contains important information about the Polen Opportunistic High Yield Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.polencapital.com/strategies/us-opportunistic-high-yield-fund. You can also request this information by contacting us at 1-888-678-6024.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Polen Opportunistic High Yield Fund<br> (Institutional Class / DDJCX) | $92 | 0.89% |

---

Management's Discussion of Fund Performance

 **Summary of Results**

Over the trailing twelve-month period ending April 30, 2025, the Polen Opportunistic High Yield Fund's Institutional share class (DDJCX) returned 5.93% net of fees, compared to 8.69% for the ICE BofA U.S. High Yield Index (the "Index").

 **Top Contributors to Performance**

* The Fund's income advantage relative to the Index contributed positively to relative performance for the period. 

* The Fund's overweight to CCC-rated debt had a beneficial sector allocation effect, which helped relative performance as compared to the Index. 

* Sector allocation was further supported by the Fund's underweight position in the Energy sector. 

* On an absolute basis, HUB International and Aveanna Healthcare were the Fund's top performers during the period. 

 **Top Detractors to Performance**

* The Fund's shorter duration relative to the Index detracted from relative performance, particularly as U.S. Treasury yields declined during the period. 

* Although the overweight to CCC-rated debt was positive from an allocation perspective, the Fund's actual CCC-rated holdings lagged those of the Index and detracted from returns. 

* Fund performance was also negatively affected by holdings in the Capital Goods, Media, and Transportation sectors, which underperformed their respective Index sectors. 

* OnTrac (formerly LaserShip) and Dexko Global were the largest absolute detractors over the period. 

#### Fund Performance
The following is a comparison of the change in value of a $100,000 investment in Polen Opportunistic High Yield Fund's Institutional Class vs. the Bloomberg U.S. Universal Index and the ICE BofA U.S. High Yield Index.

 **Growth of $100,000**

For the period July 16, 2015\* through April 30, 2025

![Fund Performance - Growth of 10K](g935910chartimages_9988083.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Since inception** |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.44%\* |
| Bloomberg U.S. Universal Index\*\*,\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-0.00%<sup>\*\*\*\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04%<sup>\*\*\*\*\*</sup> |
| ICE BofA U.S. High Yield Index\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01%<sup>\*\*\*\*\*</sup> |

---

---

| | |
|:---|:---|
| **<sup>\*</sup>**  | **The Polen Opportunistic High Yield Fund commenced operations on July 16, 2015.**  |
| **<sup>\*\*</sup>**  | **The Fund has designated the Bloomberg U.S. Universal Index as its new broad-based securities market index in accordance with the SEC's revised definition for such an index.**  |
| **<sup>\*\*\*</sup>**  | **The ICE BofA U.S. High Yield Index is maintained by ICE Data Indices, LLC and comprised of U.S. dollar denominated, below investment grade corporate debt publicly issued in the U.S. domestic market. The Bloomberg U.S. Universal Index benchmark covers U.S.-dollar denominated, taxable bonds that are rated either investment grade or high-yield.**  |
| **<sup>\*\*\*\*</sup>**  | **Return was less than -0.005.**  |
| **<sup>\*\*\*\*\*</sup>**  | **Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself.**  |

---

  ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit https://www.polencapital.com/strategies/us-opportunistic-high-yield-fund for performance data current to the most recent month-end.

#### Key Fund Statistics (as of April 30, 2025)
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$297608098 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;96 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$2064638 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

#### Portfolio Holdings Summary Table (as of April 30, 2025)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:

 **Sector Allocation**

---

| | |
|:---|:---|
| Consumer, Non-cyclical | 25.1% |
| Industrials | 16.4% |
| Consumer, Cyclical | 15.0% |
| Communication Services | 11.8% |
| Materials | 11.7% |
| Financials | 8.9% |
| Information Technology | 7.7% |
| Energy | 1.2% |
| Health Care | 1.1% |
| Consumer Discretionary | 0.2% |
| Warrants | 0.0% |
| Other Assets in Excess of Liabilities | 0.9% |
| TOTAL | 100.0% |

---

#### Material Fund Changes During the Period
There were no material changes to the Fund.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants.

#### Availability of Additional Information
You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/us-opportunistic-high-yield-fund.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

 **Polen Opportunistic High Yield Fund Institutional Class (DDJCX)**

Annual Shareholder Report — April 30, 2025 DDJCX-04/25-AR

![TSR_Polen_Logo](g935910images_28182.jpg)

Polen Opportunistic High Yield Fund

Investor Class \| DDJRX

Annual Shareholder Report — April 30, 2025

This annual shareholder report contains important information about the Polen Opportunistic High Yield Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.polencapital.com/strategies/us-opportunistic-high-yield-fund. You can also request this information by contacting us at 1-888-678-6024.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Polen Opportunistic High Yield Fund<br> (Investor Class / DDJRX) | $117 | 1.14% |

---

Management's Discussion of Fund Performance

 **Summary of Results**

Over the trailing twelve-month period ending April 30, 2025, the Polen Opportunistic High Yield Fund's Investor share class (DDJRX) returned 5.72% net of fees versus 8.69% for the ICE BofA U.S. High Yield Index (the "Index").

 **Top Contributors to Performance**

* The Fund's income advantage relative to the Index contributed positively to relative performance for the period. 

* The Fund's overweight to CCC-rated debt had a beneficial sector allocation effect, which helped relative performance as compared to the Index. 

* Sector allocation was further supported by the Fund's underweight position in the Energy sector. 

* On an absolute basis, HUB International and Aveanna Healthcare were the Fund's top performers during the period. 

 **Top Detractors to Performance**

* The Fund's shorter duration relative to the Index detracted from relative performance, particularly as U.S. Treasury yields declined during the period. 

* Although the overweight to CCC-rated debt was positive from an allocation perspective, the Fund's actual CCC-rated holdings lagged those of the Index and detracted from returns. 

* Fund performance was also negatively affected by holdings in the Capital Goods, Media, and Transportation sectors, which underperformed their respective Index sectors. 

* OnTrac (formerly LaserShip) and Dexko Global were the largest absolute detractors over the period. 

#### Fund Performance
The following is a comparison of the change in value of a $10,000 investment in Polen Opportunistic High Yield Fund's Investor Class vs. the Bloomberg U.S. Universal Index and the ICE BofA U.S. High Yield Index.

 **Growth of $10,000**

For the period July 16, 2015\* through April 30, 2025

![Fund Performance - Growth of 10K](g935910chartimages_9988007.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Since inception** |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11%\* |
| Bloomberg U.S. Universal Index\*\*,\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-0.00%<sup>\*\*\*\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04%<sup>\*\*\*\*\*</sup> |
| ICE BofA U.S. High Yield Index\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01%<sup>\*\*\*\*\*</sup> |

---

---

| | |
|:---|:---|
| **<sup>\*</sup>**  | **The Polen Opportunistic High Yield Fund commenced operations on July 16, 2015.**  |
| **<sup>\*\*</sup>**  | **The Fund has designated the Bloomberg U.S. Universal Index as its new broad-based securities market index in accordance with the SEC's revised definition for such an index.**  |
| **<sup>\*\*\*</sup>**  | **The ICE BofA U.S. High Yield Index is maintained by ICE Data Indices, LLC and comprised of U.S. dollar denominated, below investment grade corporate debt publicly issued in the U.S. domestic market. The Bloomberg U.S. Universal Index benchmark covers U.S.-dollar denominated, taxable bonds that are rated either investment grade or high-yield.**  |
| **<sup>\*\*\*\*</sup>**  | **Return was less than -0.005.**  |
| **<sup>\*\*\*\*\*</sup>**  | **Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself.**  |

---

  ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit https://www.polencapital.com/strategies/us-opportunistic-high-yield-fund for performance data current to the most recent month-end.

#### Key Fund Statistics (as of April 30, 2025)
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$297608098 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;96 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$2064638 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

#### Portfolio Holdings Summary Table (as of April 30, 2025)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:

 **Sector Allocation**

---

| | |
|:---|:---|
| Consumer, Non-cyclical | 25.1% |
| Industrials | 16.4% |
| Consumer, Cyclical | 15.0% |
| Communication Services | 11.8% |
| Materials | 11.7% |
| Financials | 8.9% |
| Information Technology | 7.7% |
| Energy | 1.2% |
| Health Care | 1.1% |
| Consumer Discretionary | 0.2% |
| Warrants | 0.0% |
| Other Assets in Excess of Liabilities | 0.9% |
| TOTAL | 100.0% |

---

#### Material Fund Changes During the Period
There were no material changes to the Fund.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants.

#### Availability of Additional Information
You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/us-opportunistic-high-yield-fund.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

 **Polen Opportunistic High Yield Fund Investor Class (DDJRX)**

Annual Shareholder Report — April 30, 2025 DDJRX-04/25-AR

![TSR_Polen_Logo](g935910images_28182.jpg)

Polen Opportunistic High Yield Fund

Class Y \| DDJIX

Annual Shareholder Report — April 30, 2025

This annual shareholder report contains important information about the Polen Opportunistic High Yield Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.polencapital.com/strategies/us-opportunistic-high-yield-fund. You can also request this information by contacting us at 1-888-678-6024.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Polen Opportunistic High Yield Fund<br> (Class Y / DDJIX) | $81 | 0.79% |

---

Management's Discussion of Fund Performance

 **Summary of Results**

Over the trailing twelve-month period ending April 30, 2025, the Polen Opportunistic High Yield Fund's Class Y share class (DDJIX) returned 6.14% net of fees versus 8.69% for the ICE BofA U.S. High Yield Index (the "Index").

 **Top Contributors to Performance**

* The Fund's income advantage relative to the Index contributed positively to relative performance for the period. 

* The Fund's overweight to CCC-rated debt had a beneficial sector allocation effect, which helped relative performance as compared to the Index. 

* Sector allocation was further supported by the Fund's underweight position in the Energy sector. 

* On an absolute basis, HUB International and Aveanna Healthcare were the Fund's top performers during the period. 

 **Top Detractors to Performance**

* The Fund's shorter duration relative to the Index detracted from relative performance, particularly as U.S. Treasury yields declined during the period. 

* Although the overweight to CCC-rated debt was positive from an allocation perspective, the Fund's actual CCC-rated holdings lagged those of the Index and detracted from returns. 

* Fund performance was also negatively affected by holdings in the Capital Goods, Media, and Transportation sectors, which underperformed their respective Index sectors. 

* OnTrac (formerly LaserShip) and Dexko Global were the largest absolute detractors over the period. 

#### Fund Performance
The following is a comparison of the change in value of a $1,000,000 investment in Polen Opportunistic High Yield Fund's Class Y vs. the Bloomberg U.S. Universal Index and the ICE BofA U.S. High Yield Index.

 **Growth of $1,000,000**

For the period July 16, 2015\* through April 30, 2025

![Fund Performance - Growth of 10K](g935910chartimages_9988045.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Since inception** |
| Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.46%\* |
| Bloomberg U.S. Universal Index\*\*,\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-0.00%<sup>\*\*\*\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04%<sup>\*\*\*\*\*</sup> |
| ICE BofA U.S. High Yield Index\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01%<sup>\*\*\*\*\*</sup> |

---

---

| | |
|:---|:---|
| **<sup>\*</sup>**  | **The Polen Opportunistic High Yield Fund commenced operations on July 16, 2015.**  |
| **<sup>\*\*</sup>**  | **The Fund has designated the Bloomberg U.S. Universal Index as its new broad-based securities market index in accordance with the SEC's revised definition for such an index.**  |
| **<sup>\*\*\*</sup>**  | **The ICE BofA U.S. High Yield Index is maintained by ICE Data Indices, LLC and comprised of U.S. dollar denominated, below investment grade corporate debt publicly issued in the U.S. domestic market. The Bloomberg U.S. Universal Index benchmark covers U.S.-dollar denominated, taxable bonds that are rated either investment grade or high-yield.**  |
| **<sup>\*\*\*\*</sup>**  | **Return was less than -0.005.**  |
| **<sup>\*\*\*\*\*</sup>**  | **Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself.**  |

---

  ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit https://www.polencapital.com/strategies/us-opportunistic-high-yield-fund for performance data current to the most recent month-end.

#### Key Fund Statistics (as of April 30, 2025)
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$297608098 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;96 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$2064638 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

#### Portfolio Holdings Summary Table (as of April 30, 2025)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:

 **Sector Allocation**

---

| | |
|:---|:---|
| Consumer, Non-cyclical | 25.1% |
| Industrials | 16.4% |
| Consumer, Cyclical | 15.0% |
| Communication Services | 11.8% |
| Materials | 11.7% |
| Financials | 8.9% |
| Information Technology | 7.7% |
| Energy | 1.2% |
| Health Care | 1.1% |
| Consumer Discretionary | 0.2% |
| Warrants | 0.0% |
| Other Assets in Excess of Liabilities | 0.9% |
| TOTAL | 100.0% |

---

#### Material Fund Changes During the Period
There were no material changes to the Fund.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants.

#### Availability of Additional Information
You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/us-opportunistic-high-yield-fund.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

 **Polen Opportunistic High Yield Fund Class Y (DDJIX)**

Annual Shareholder Report — April 30, 2025 DDJIX-04/25-AR

![TSR_Polen_Logo](g935910images_28182.jpg)

Polen Growth & Income Fund

Institutional Class \| PCGIX

Annual Shareholder Report — April 30, 2025

This annual shareholder report contains important information about the Polen Growth & Income Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.polencapital.com/strategies/growth-income-fund. You can also request this information by contacting us at (888) 678-6024.

 **This report describes planned changes made to the Fund since the beginning of the reporting period.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Polen Growth & Income Fund<br> (Institutional Class / PCGIX) | $77 | 0.75% |

---

#### Management's Discussion of Fund Performance
 **Summary of Results**

Over the trailing twelve-month period ending April 30, 2025, the Polen Growth & Income Fund's Institutional share class (PCGIX) delivered a net return of 4.87%, compared to 11.48% for the MSCI All Country World<sup>®</sup> Index ("ACWI") (the "Equity Index") and 8.69% for the ICE BofA US High Yield<sup>®</sup> Index (the "Credit Index"). As of April 30, 2025, 59% of the Fund was invested in the Global Growth Equity Portfolio (the "Equity Sleeve") and 41% of the Fund was invested in the High Yield Fixed Income Portfolio (the "Credit Sleeve").

During the period, the credit portion of the Fund delivered performance that reflected both positive and negative influences from portfolio positioning and security selection relative to the Credit Index. While income advantage and favorable sector allocation contributed to results, certain duration and rating exposures, as well as select security choices, presented headwinds.

 **Top Contributors to Performance – Credit Sleeve**

* The Fund's income advantage versus the Credit Index was a positive contributor to relative performance over the period. 

* Sector allocation benefited relative performance, with the Fund's underweight in the Energy sector representing the largest positive contribution compared to the Credit Index. 

* On an absolute basis, Charter Communications and HUB International were the Credit Sleeve's top performers during the period. 

 **Top Detractors to Performance – Credit Sleeve**

* The Fund's shorter duration relative to the Credit Index negatively impacted relative performance. 

* An overweight to B-rated bonds and underweight to C-rated bonds detracted from results. While the overweight to CCC-rated holdings provided some positive offset, results were adversely affected by selection among CCC1-rated bonds, which lagged those of the Credit Index. 

* Security selection by sector had a negative effect on relative performance, largely driven by holdings in the Capital Goods, Healthcare, Media, and Transportation sectors. 

* Dexko Global and OnTrac (formerly LaserShip) were the largest absolute detractors for the Credit Sleeve over the period. 

During the period, the equity portion of the Fund generated performance that was influenced by both positive and negative factors related to portfolio positioning and stock selection relative to the Equity Index. Positive relative returns were driven by select Industrials holdings and beneficial sector allocation decisions. Conversely, exposures in Health Care and Communication Services, along with the performance of certain individual stocks, detracted from performance.

 **Top Contributors To Performance – Equity Sleeve**

* Stock selection within the Industrials sector and sector positioning, particularly underweights in Energy and Materials (both of which are residuals of stock selection), contributed positively to relative performance compared to the Equity Index. 

* SAP SE was the largest contributor to the Equity Sleeve's performance on both an absolute and relative basis. 

* Shopify, which was newly added during the period, was the second largest contributor to the Equity Sleeve's performance on both an absolute and relative basis. 

 **Top Detractors To Performance – Equity Sleeve**

* Stock selection in the Health Care and Communication Services sectors as well as sector positioning (a residual of stock selection), due to an overweight in Health Care, detracted from the Equity Sleeve's performance. 

* Novo Nordisk was the largest absolute detractor for the Equity Sleeve. The position was closed during the period. 

* ICON Plc was the second largest absolute detractor for the Equity Sleeve, affected by industry headwinds. 

#### Fund Performance
The following is a comparison of the change in value of a $10,000 investment in Polen Growth & Income Fund's Institutional Class vs. the MSCI All Country World<sup>®</sup> Index ("ACWI") (Net Dividend) and the 60% MSCI All Country World<sup>®</sup> Index and 40% ICE BofA U.S. High Yield<sup>®</sup> Index.

 **Growth of $10,000**

For the period October 2, 2023\* through April 30, 2025

![Fund Performance - Growth of 10K](g935910chartimages_9988121.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Since inception** |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%\* |
| MSCI All Country World<sup>®</sup> Index ("ACWI") (Net Dividend) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.94%<sup>\*\*</sup> |
| 60% MSCI All Country World<sup>®</sup> Index and 40% ICE BofA U.S. High Yield<sup>®</sup> Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.24%<sup>\*\*</sup> |

---

---

| | |
|:---|:---|
| **<sup>\*</sup>**  | **The Polen Growth & Income Fund commenced operations on October 2, 2023.**  |
| **<sup>\*\*</sup>**  | **Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself.**  |

---

The MSCI ACWI<sup>®</sup> Index is a market capitalization weighted equity index that measures the performance of large and mid-cap segments across developed and emerging market countries. The index is maintained by Morgan Stanley Capital International. The performance of an index does not reflect any transaction costs, management fees, or taxes. The ICE BofA U.S. High Yield<sup>®</sup> Index, which is maintained by ICE Data Indices, LLC, is market capitalization weighted and comprises U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market.

  ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit https://www.polencapital.com/strategies/growth-income-fund for performance data current to the most recent month-end.

#### Key Fund Statistics (as of April 30, 2025)
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$6826910 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;110 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

#### Portfolio Holdings Summary Table (as of April 30, 2025)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:

 **Sector Allocation**

---

| | |
|:---|:---|
| Information Technology | 23.2% |
| Consumer, Non-cyclical | 22.9% |
| Financials | 15.6% |
| Communication Services | 10.2% |
| Industrials | 7.8% |
| Consumer, Cyclical | 6.8% |
| Consumer Discretionary | 6.8% |
| Materials | 4.0% |
| Energy | 1.0% |
| Health Care | 0.5% |
| Other Assets in Excess of Liabilities | 1.2% |
| TOTAL | 100.0% |

---

#### Material Fund Changes During the Period
Following is a summary of material changes planned for the Fund since the beginning of the reporting period:

On June 17, 2025, the Fund's Board of Trustees approved a plan to liquidate and terminate the Fund, which will occur on or about July 31, 2025.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants.

#### Availability of Additional Information
You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/growth-income-fund.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at (888) 678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

 **Polen Growth & Income Fund Institutional Class (PCGIX)**

Annual Shareholder Report — April 30, 2025 PCGIX-04/25-AR

![TSR_Polen_Logo](g935910images_28182.jpg)

Polen Floating Rate Income ETF

PCFI \| NYSE Arca, Inc.

Annual Shareholder Report — April 30, 2025

This annual shareholder report contains important information about the Polen Floating Rate Income ETF (formerly, the Polen Bank Loan Fund) (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.polencapital.com/strategies/floating-rate-income-etf. You can also request this information by contacting us at 1-888-426-7515.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Polen Floating Rate Income ETF | $74 | 0.72% |

---

Management's Discussion of Fund Performance

**Summary of Results**

Over the trailing twelve-month period ending April 30, 2025, the Polen Floating Rate Income ETF (PCFI) returned 4.55% net of fees versus 6.16% for the Morningstar LSTA U.S. Leveraged Loan Index (the "Index").

**Top Contributors to Performance**

* The Fund's holdings in the Services/Retail sector outperformed, providing a positive contribution to relative performance as compared to the Index during the period. 

* On an absolute basis, AssuredPartners, Inc. and Vistajet Malta Finance Plc. were the Fund's top individual contributors during the period. 

**Top Detractors to Performance**

* The Fund's overweight to CCC-rated loans and bonds detracted from relative performance during the period as compared to the Index. 

* An overweight position in the Industrials sector also detracted from results during the period as compared to the Index. 

* Holdings in the Industrial, Media, and Food & Beverage sectors negatively impacted relative performance during the period as compared to the Index, partially offsetting gains from other areas. 

* During the period, OnTrac (f.k.a. LaserShip) and Caliber Collision, Inc. were the largest absolute detractors from performance. 

#### Fund Performance
The following is a comparison of the change in value of a $10,000 investment in the Polen Floating Rate Income ETF vs. the Bloomberg U.S. Universal Index and the Morningstar LSTA U.S. Leveraged Loan Index.

**Growth of $10,000**

For the period June 30, 2022\* through April 30, 2025

![Fund Performance - Growth of 10K](g935910chartimages_10370319.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 Year** |
| Polen Floating Rate Income ETF\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.72%<sup>\*\*</sup> |
| Bloomberg U.S. Universal Index\*\*\*,\*\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14% &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%<sup>\*\*\*\*\*</sup> |
| Morningstar LSTA U.S. Leveraged Loan Index\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16% &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.37%<sup>\*\*\*\*\*</sup> |

---

---

| | |
|:---|:---|
| **<sup>\*</sup>**  | **On March 21, 2025, the Polen Floating Rate Income ETF acquired the assets and liabilities, and assumed the NAV, performance, financial and other historical information of the Polen Bank Loan Fund (the "Predecessor Fund"), an open-end mutual fund. The Fund's performance prior to March 21, 2025 is linked to the Predecessor Fund's Institutional Class.**  |
| **<sup>\*\*</sup>**  | **The Predecessor Fund commenced operations on June 30, 2022.**  |
| **<sup>\*\*\*</sup>**  | **The Bloomberg U.S. Universal Index benchmark covers U.S.-dollar denominated, taxable bonds that are rated either investment grade or high-yield. The Morningstar LSTA US Leveraged Loan Index is a broad, unmanaged high yield index composed of loans that meet the following inclusion rules; senior secured, minimum initial term of one year, initial minimum spread of Base Rate+125 basis points at inception, minimum size of $50 million, and U.S. dollar-denominated.**  |
| **<sup>\*\*\*\*</sup>**  | **The Fund has designated the Bloomberg U.S. Universal Index as its new broad-based securities market index in accordance with the SEC's revised definition for such an index.**  |
| **<sup>\*\*\*\*\*</sup>**  | **Benchmark performance is from the commencement date of the Fund only and is not the commencement date of the benchmark itself.**  |

---

 ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.*** The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit https://www.polencapital.com/strategies/floating-rate-income-etf for performance data current to the most recent month-end.

#### Key Fund Statistics (as of April 30, 2025)
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$8876353 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;96% |

---

#### Portfolio Holdings Summary Table (as of April 30, 2025)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:

**Sector Allocation**

---

| | |
|:---|:---|
| Consumer, Non-cyclical | 23.8% |
| Consumer, Cyclical | 19.6% |
| Industrials | 18.0% |
| Information Technology | 13.5% |
| Communication Services | 13.3% |
| Materials | 5.9% |
| Financials | 4.1% |
| Utilities | 1.7% |
| Health Care | 1.0% |
| Short-Term Investment | 8.1% |
| Liabilities in Excess of Other Assets | (9.0)% |
| TOTAL | 100.0% |

---

#### Material Fund Changes During the Period
There were no material changes to the Fund.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants.

#### Availability of Additional Information
You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, once available, at https://www.polencapital.com/strategies/floating-rate-income-etf.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-426-7515, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

**Polen Floating Rate Income ETF (PCFI)**

Annual Shareholder Report — April 30, 2025 04/25-AR

![TSR_Polen_Logo](g935910images_28182.jpg)

Polen High Income ETF

PCHI \| NYSE Arca, Inc.

Annual Shareholder Report — April 30, 2025

This annual shareholder report contains important information about the Polen High Income ETF (the "Fund") for the period of March 25, 2025 to April 30, 2025. You can find additional information about the Fund at https://www.polencapital.com/strategies/high-income-etf. You can also request this information by contacting us at 1-888-426-7515.

#### What were the Fund costs for the period?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Polen High Income ETF | $5\* | 0.51% |

---

*\* *Based on operations for the period from March 25, 2025 to April 30, 2025. Expenses for the full year would be higher.*

#### Key Fund Statistics (as of April 30, 2025)
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$12941050 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;130 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$3360 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

#### Portfolio Holdings Summary Table (as of April 30, 2025)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:

 **Sector Allocation**

---

| | |
|:---|:---|
| Consumer, Non-cyclical | 22.2% |
| Consumer, Cyclical | 16.2% |
| Industrials | 15.8% |
| Communication Services | 7.6% |
| Financials | 7.6% |
| Information Technology | 6.6% |
| Materials | 6.2% |
| Energy | 2.5% |
| Health Care | 1.3% |
| Utilities | 0.4% |
| Short-Term Investment | 25.3% |
| Liabilities in Excess of Other Assets | (11.7)% |
| TOTAL | 100.0% |

---

#### Material Fund Changes During the Period
There were no material changes to the Fund.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants.

#### Availability of Additional Information
You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, once available, at https://www.polencapital.com/strategies/high-income-etf.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-426-7515, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

 **Polen High Income ETF (PCHI)**

Annual Shareholder Report — April 30, 2025 04/25-AR

------

(b) Not applicable.

#### Item 2. Code of Ethics.
(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

(e) Not applicable.

(f) A copy of the Code of Ethics is filed as an Exhibit.

#### Item 3. Audit Committee Financial Expert.
The Audit Committee of the Board of Trustees currently is comprised of Robert J. Christian, Iqbal Mansur, Nicholas M. Marsini, Jr., Nancy B. Wolcott and Stephen M. Wynne, each of whom is considered "independent" within the meaning set forth under Item 3 of Form N-CSR. The Board of Trustees has determined that Mr. Wynne is an "audit committee financial expert" as such term is defined by Item 3 of Form N-CSR.

The Registrant's Board of Trustees has determined that Mr. Wynne acquired the attributes necessary to be considered an audit committee financial expert through his experience as a chief executive officer (and other senior-level accounting and/or financial positions) of several large financial institutions and because he has co-authored a text book on mutual fund accounting.

#### Item 4. Principal Accountant Fees and Services.
<u>Audit Fees</u> 

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant, PricewaterhouseCoopers, LLP, for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those

------

fiscal years were $559,045 for the fiscal year ending April 30, 2025 and $495,400 for the fiscal year ending April 30, 2024. <br>

<u>Audit-Related Fees</u> 

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant, PricewaterhouseCoopers, LLP, that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for the fiscal year ending April 30, 2025 and $0 for the fiscal year ending April 30, 2024.

<u>Tax Fees</u> 

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant, PricewaterhouseCoopers, LLP, for tax compliance, tax advice, and tax planning were $8,880 for the fiscal year ending April 30, 2025 and $7,170 for the fiscal year ending April 30, 2024. These fees were for India tax compliance services.

<u>All Other Fees</u> 

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, PricewaterhouseCoopers, LLP, other than the services reported in paragraphs (a) through (c) of this Item are $0 for the fiscal year ending April 30, 2025 and $0 for the fiscal year ending April 30, 2024.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The Registrant's Audit Committee Charter requires the Audit Committee to (i) (a) approve prior to appointment the engagement of independent registered public accounting firm to annually audit and provide their opinion on the Registrant's financial statements, (b) recommend to the Independent Trustees the selection, retention or termination of the Registrant's independent registered public accounting firm and, (c) in connection therewith, to review and evaluate matters potentially affecting the independence and capabilities of the independent registered public accounting firm; and (ii) to approve prior to appointment the engagement of the independent registered public accounting firm to provide other audit services to the Registrant, or to provide non-audit services to the Registrant, its series, an investment adviser to its series or any entity controlling, controlled by, or under common control with an investment adviser to its series ("adviser-affiliate") that provides ongoing services to the Registrant if the engagement relates directly to the operations and financial reporting of the Registrant. The Audit Committee will not approve non-audit services that the Audit Committee believes may impair the independence of the Registrant's independent registered public accountant. The Audit Committee may delegate, to the extent permitted by law, pre-approved responsibilities to one or more members of the Audit Committee who shall report to the full Audit Committee.

------

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant, PricewaterhouseCoopers, LLP, for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were $148,742 for the fiscal year ending April 30, 2025 and $6,173 for the fiscal year ending April 30, 2024.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) The Registrant's "Schedule I – Investments in securities of unaffiliated issuers" as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](g851895img6fdfb5ab1.gif)

---

| |
|:---|
| Polen Growth Fund |
| Polen Global Growth Fund |
| Polen International Growth Fund |
| Polen U.S. Small Company Growth Fund |
| Polen Emerging Markets Growth Fund |
| Polen U.S. SMID Company Growth Fund |

---

#### of

#### FundVantage Trust
Institutional Class <br> Investor Class <br> Class Y

## Annual Financials and Additional Information
April 30, 2025

This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_eeae122e-fa4e-44d6-90ef-3166401a47ae_1)<br>| 1 |
| [Financial Statements:](#xx_c6e335f8-3a9e-4abf-847e-b34cbe85c8e4_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx_c6e335f8-3a9e-4abf-847e-b34cbe85c8e4_1)<br>| 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx_c9b6b67b-b271-43cb-ba1d-85333e59564b_1)<br>| 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_20cf6a5d-deff-4ead-a82e-2525c4ea0122_1)<br>| 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_b631e02c-c2e3-459f-9e86-c483bb52723f_1)<br>| 20 |
| [Notes to Financial Statements](#xx_4af4b00a-206a-427e-8f1d-19536ce05670_1)<br>| 31 |
| [Report of Independent Registered Public Accounting Firm](#xx_3e141f12-92a9-4cae-b954-92fc75cdf33d_1)<br>| 45 |
| [Shareholder Tax Information](#xx_7d9bf87b-bd3a-4156-a553-cf4e67e03844_1)<br>| 46 |
| [Other Information](#xx_ca2871a6-6816-49eb-8548-cea220c8d8b2_1)<br>| 48 |
| [Privacy Notice](#xx_a4a3936d-168c-401f-a0be-7a96e34a5572_1)<br>| 49 |

---

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN GROWTH FUND

#### Portfolio of Investments

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS† — 98.7%** | **COMMON STOCKS† — 98.7%** | **COMMON STOCKS† — 98.7%** |
| **Credit Services — 12.2%** | **Credit Services — 12.2%** | **Credit Services — 12.2%** |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;569848 | $312310895 |
| Visa, Inc., Class A | 1077640 | &nbsp;&nbsp;&nbsp;&nbsp; 372324620 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 684635515 |
| **Diagnostics & Research — 3.3%** | **Diagnostics & Research — 3.3%** | **Diagnostics & Research — 3.3%** |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;434764 | &nbsp;&nbsp;&nbsp;&nbsp; 186513756 |
| **Drug Manufacturers - General — 5.6%** | **Drug Manufacturers - General — 5.6%** | **Drug Manufacturers - General — 5.6%** |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;347917 | &nbsp;&nbsp;&nbsp;&nbsp; 312759987 |
| **Drug Manufacturers - Specialty & Generic — 4.5%** | **Drug Manufacturers - Specialty & Generic — 4.5%** | **Drug Manufacturers - Specialty & Generic — 4.5%** |
| Zoetis, Inc. | 1624296 | &nbsp;&nbsp;&nbsp;&nbsp; 254039894 |
| **Entertainment — 3.5%** | **Entertainment — 3.5%** | **Entertainment — 3.5%** |
| Netflix, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;170808 | &nbsp;&nbsp;&nbsp;&nbsp; 193306830 |
| **Financial Data & Stock Exchanges — 3.4%** | **Financial Data & Stock Exchanges — 3.4%** | **Financial Data & Stock Exchanges — 3.4%** |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;348209 | &nbsp;&nbsp;&nbsp;&nbsp; 189812208 |
| **Healthcare Plans — 1.5%** | **Healthcare Plans — 1.5%** | **Healthcare Plans — 1.5%** |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;204438 | &nbsp;&nbsp;&nbsp;&nbsp; 84113971 |
| **Information Technology Services — 4.3%** | **Information Technology Services — 4.3%** | **Information Technology Services — 4.3%** |
| Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;563003 | &nbsp;&nbsp;&nbsp;&nbsp; 168422347 |
| Gartner, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;175785 | &nbsp;&nbsp;&nbsp;&nbsp; 74019548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 242441895 |
| **Insurance Brokers — 2.9%** | **Insurance Brokers — 2.9%** | **Insurance Brokers — 2.9%** |
| Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;464421 | &nbsp;&nbsp;&nbsp;&nbsp; 164771926 |
| **Internet Content & Information — 4.0%** | **Internet Content & Information — 4.0%** | **Internet Content & Information — 4.0%** |
| Alphabet, Inc., Class C | 1378866 | &nbsp;&nbsp;&nbsp;&nbsp; 221845751 |
| **Internet Retail — 8.8%** | **Internet Retail — 8.8%** | **Internet Retail — 8.8%** |
| Amazon.com, Inc.<sup>\*</sup> | 2659288 | &nbsp;&nbsp;&nbsp;&nbsp; 490425893 |
| **Medical Devices — 6.9%** | **Medical Devices — 6.9%** | **Medical Devices — 6.9%** |
| Abbott Laboratories | 2018592 | &nbsp;&nbsp;&nbsp;&nbsp; 263930904 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;278321 | &nbsp;&nbsp;&nbsp;&nbsp; 120415581 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 384346485 |
| **Real Estate Services — 1.9%** | **Real Estate Services — 1.9%** | **Real Estate Services — 1.9%** |
| CoStar Group, Inc.<sup>\*</sup> | 1407440 | &nbsp;&nbsp;&nbsp;&nbsp; 104389825 |
| **Restaurants — 2.7%** | **Restaurants — 2.7%** | **Restaurants — 2.7%** |
| Starbucks Corp. | 1898868 | &nbsp;&nbsp;&nbsp;&nbsp; 152004383 |
| **Software Application — 16.9%** | **Software Application — 16.9%** | **Software Application — 16.9%** |
| Adobe, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;490505 | &nbsp;&nbsp;&nbsp;&nbsp; 183929565 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Software Application — (Continued)** | **Software Application — (Continued)** | **Software Application — (Continued)** |
| Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;511679 | $115839009 |
| ServiceNow, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;239025 | &nbsp;&nbsp;&nbsp;&nbsp; 228271265 |
| Shopify, Inc., Class A<sup>\*</sup> | 2699232 | &nbsp;&nbsp;&nbsp;&nbsp; 256427040 |
| Workday, Inc., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;665089 | &nbsp;&nbsp;&nbsp;&nbsp; 162946805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 947413684 |
| **Software Infrastructure — 13.3%** | **Software Infrastructure — 13.3%** | **Software Infrastructure — 13.3%** |
| Microsoft Corp. | 1058339 | &nbsp;&nbsp;&nbsp;&nbsp; 418319073 |
| Oracle Corp. | 2315689 | &nbsp;&nbsp;&nbsp;&nbsp; 325863756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 744182829 |
| **Travel Services — 3.0%** | **Travel Services — 3.0%** | **Travel Services — 3.0%** |
| Airbnb, Inc., Class A<sup>\*</sup> | 1399289 | &nbsp;&nbsp;&nbsp;&nbsp; 170601315 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br> (Cost $3,382,072,662) |  | &nbsp;&nbsp;&nbsp;&nbsp;5527606147 |
| **SHORT-TERM INVESTMENT — 1.4%** | **SHORT-TERM INVESTMENT — 1.4%** | **SHORT-TERM INVESTMENT — 1.4%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>(a)</sup> | 81577634 | &nbsp;&nbsp;&nbsp;&nbsp; 81577634 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $81,577,634) |  | &nbsp;&nbsp;&nbsp;&nbsp; 81577634 |
| TOTAL INVESTMENTS - 100.1%<br> (Cost $3,463,650,296) |  | &nbsp;&nbsp;&nbsp;&nbsp;5609183781 |
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)% |  | &nbsp;&nbsp;&nbsp;&nbsp; (6861706) |
| NET ASSETS - 100.0% |  | $5602322075 |

---

------

(a) Rate disclosed is the 7-day yield at April 30, 2025. <br> † See Note 1. The industry designations set forth in the schedule above are those of the Morningstar Global Equity Classification System ("MGECS"). <br> \* Non-income producing.

PLC Public Limited Company

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN GLOBAL GROWTH FUND

#### Portfolio of Investments

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS† — 98.2%** | **COMMON STOCKS† — 98.2%** | **COMMON STOCKS† — 98.2%** |
| **Canada — 5.0%** | **Canada — 5.0%** | **Canada — 5.0%** |
| Shopify, Inc., Class A<sup>\*</sup> | 181403 | $17233285 |
| **Denmark — 2.7%** | **Denmark — 2.7%** | **Denmark — 2.7%** |
| Novo Nordisk AS, Class B | 141437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9456699 |
| **France — 1.3%** | **France — 1.3%** | **France — 1.3%** |
| L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;9782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4322328 |
| **Germany — 5.4%** | **Germany — 5.4%** | **Germany — 5.4%** |
| SAP SE | 51770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15147314 |
| Siemens Healthineers AG<sup>(a)</sup> | 64800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3493197 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18640511 |
| **Ireland — 2.8%** | **Ireland — 2.8%** | **Ireland — 2.8%** |
| Accenture PLC, Class A | 11415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3414797 |
| ICON PLC<sup>\*</sup> | 41218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6242054 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9656851 |
| **Luxembourg — 2.1%** | **Luxembourg — 2.1%** | **Luxembourg — 2.1%** |
| Globant SA<sup>\*</sup> | 62854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7389745 |
| **Netherlands — 3.4%** | **Netherlands — 3.4%** | **Netherlands — 3.4%** |
| Adyen NV<sup>(a)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11623626 |
| **United Kingdom — 8.1%** | **United Kingdom — 8.1%** | **United Kingdom — 8.1%** |
| Aon PLC, Class A | 48881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17342490 |
| Sage Group PLC (The) | 224966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3729629 |
| Willis Towers Watson PLC | 22415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6899337 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27971456 |
| **United States — 64.9%** | **United States — 64.9%** | **United States — 64.9%** |
| Abbott Laboratories | 113706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14867060 |
| Adobe, Inc.<sup>\*</sup> | 28942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10852671 |
| Airbnb, Inc., Class A<sup>\*</sup> | 52194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6363492 |
| Alphabet, Inc., Class C | 95009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15285998 |
| Amazon.com, Inc.<sup>\*</sup> | 134961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24889508 |
| Automatic Data Processing, Inc. | 11004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3307802 |
| CoStar Group, Inc.<sup>\*</sup> | 124709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9249667 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3529126 |
| Mastercard, Inc., Class A | 31484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17255121 |
| Microsoft Corp. | 41588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16438073 |
| MSCI, Inc. | 24860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13551435 |
| Oracle Corp. | 98270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13828554 |
| Paycom Software, Inc. | 77434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17530283 |
| ServiceNow, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5066328 |
| Starbucks Corp. | 81544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6527597 |
| Thermo Fisher Scientific, Inc. | 16331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7005999 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **United States — (Continued)** | **United States — (Continued)** | **United States — (Continued)** |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;50137 | $17322333 |
| Workday, Inc., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;44015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10783675 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10262499 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223917221 |
| **Uruguay — 2.5%** | **Uruguay — 2.5%** | **Uruguay — 2.5%** |
| MercadoLibre, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8509933 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br> (Cost $255,696,511) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338721655 |

---

---

| | |
|:---|:---|
| **SHORT-TERM INVESTMENT — 1.6%** | **SHORT-TERM INVESTMENT — 1.6%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5456153 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENT<br> (Cost $5,456,153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5456153 |
| TOTAL INVESTMENTS - 99.8%<br> (Cost $261,152,664) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344177808 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 831019 |
| NET ASSETS - 100.0% | &nbsp;&nbsp;&nbsp;&nbsp;$345008827 |

---

------

---

| | |
|:---|:---|
| (a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund's Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2025, these securities amounted to $15,116,823 or 4.38% of net assets. These securities have been determined by the Fund's adviser to be liquid securities. The liquidity determination is unaudited. |
| (b) | Rate disclosed is the 7-day yield at April 30, 2025. |
| † | See Note 1. The industry designations set forth in the schedule above are those of the Global Industry Classification Standard ("GICS"). |
| \* | Non-income producing. |

---

PLC Public Limited Company

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN INTERNATIONAL GROWTH FUND

#### Portfolio of Investments

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS† — 91.3%** | **COMMON STOCKS† — 91.3%** | **COMMON STOCKS† — 91.3%** |
| **Brazil — 2.4%** | **Brazil — 2.4%** | **Brazil — 2.4%** |
| NU Holdings Ltd., Class A<sup>\*</sup> | 346027 | $4301116 |
| **Canada — 3.6%** | **Canada — 3.6%** | **Canada — 3.6%** |
| Shopify, Inc., Class A<sup>\*</sup> | 66750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6341250 |
| **Denmark — 2.7%** | **Denmark — 2.7%** | **Denmark — 2.7%** |
| Novo Nordisk AS, Class B | 70217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4694818 |
| **France — 9.1%** | **France — 9.1%** | **France — 9.1%** |
| Dassault Systemes SE | 119620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4482894 |
| Schneider Electric SE | 25109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5866612 |
| Teleperformance SE | 51786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5678594 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16028100 |
| **Germany — 13.8%** | **Germany — 13.8%** | **Germany — 13.8%** |
| adidas AG | 28639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6589594 |
| SAP SE | 48255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14118865 |
| Siemens Healthineers AG<sup>(a)</sup> | 66302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3574166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24282625 |
| **India — 4.8%** | **India — 4.8%** | **India — 4.8%** |
| HDFC Bank Ltd. | 374667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8510169 |
| **Ireland — 6.2%** | **Ireland — 6.2%** | **Ireland — 6.2%** |
| Experian PLC | 36878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1834719 |
| ICON PLC<sup>\*</sup> | 37270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5644169 |
| Medtronic PLC | 41194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3491603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10970491 |
| **Israel — 2.7%** | **Israel — 2.7%** | **Israel — 2.7%** |
| Monday.com Ltd.<sup>\*</sup> | 16870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4740301 |
| **Japan — 2.1%** | **Japan — 2.1%** | **Japan — 2.1%** |
| Tokyo Electron Ltd. | 24690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3676301 |
| **Luxembourg — 3.1%** | **Luxembourg — 3.1%** | **Luxembourg — 3.1%** |
| Globant SA<sup>\*</sup> | 47077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5534843 |
| **Netherlands — 5.5%** | **Netherlands — 5.5%** | **Netherlands — 5.5%** |
| Adyen NV<sup>(a)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3129624 |
| ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;9808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6565887 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9695511 |
| **Spain — 3.1%** | **Spain — 3.1%** | **Spain — 3.1%** |
| Amadeus IT Group SA | 70225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5527619 |
| **Sweden — 3.8%** | **Sweden — 3.8%** | **Sweden — 3.8%** |
| Evolution AB<sup>(a)</sup> | 57671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3995136 |
| Spotify Technology SA<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2648096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6643232 |
| **Switzerland — 3.5%** | **Switzerland — 3.5%** | **Switzerland — 3.5%** |
| Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;2746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1973026 |
| On Holding AG, Class A<sup>\*</sup> | 87171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4193797 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6166823 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **United Kingdom — 19.2%** | **United Kingdom — 19.2%** | **United Kingdom — 19.2%** |
| Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35275 | $12515217 |
| Sage Group PLC (The) | &nbsp;&nbsp;&nbsp;&nbsp;833682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13821310 |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7599274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33935801 |
| **Uruguay — 5.7%** | **Uruguay — 5.7%** | **Uruguay — 5.7%** |
| MercadoLibre, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10059949 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br> (Cost $132,798,219) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161108949 |

---

---

| | |
|:---|:---|
| **SHORT-TERM INVESTMENT — 8.6%** | **SHORT-TERM INVESTMENT — 8.6%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15214817 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENT<br> (Cost $15,214,817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15214817 |
| TOTAL INVESTMENTS - 99.9%<br> (Cost $148,013,036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176323766 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205929 |
| NET ASSETS - 100.0% | &nbsp;&nbsp;&nbsp;&nbsp;$176529695 |

---

------

---

| | |
|:---|:---|
| (a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund's Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2025, these securities amounted to $10,698,926 or 6.06% of net assets. These securities have been determined by the Fund's adviser to be liquid securities, unless otherwise noted. The liquidity determination is unaudited. |
| (b) | Rate disclosed is the 7-day yield at April 30, 2025. |
| † | See Note 1. The industry designations set forth in the schedule above are those of the Global Industry Classification Standard ("GICS"). |
| \* | Non-income producing. |

---

PLC Public Limited Company

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN U.S. SMALL COMPANY GROWTH FUND

#### Portfolio of Investments

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS† — 95.6%** | **COMMON STOCKS† — 95.6%** | **COMMON STOCKS† — 95.6%** |
| **Asset Management — 4.3%** | **Asset Management — 4.3%** | **Asset Management — 4.3%** |
| Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9588 | $1481250 |
| **Biotechnology — 1.3%** | **Biotechnology — 1.3%** | **Biotechnology — 1.3%** |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437944 |
| **Building Products & Equipment — 6.0%** | **Building Products & Equipment — 6.0%** | **Building Products & Equipment — 6.0%** |
| AAON, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1081915 |
| Trex Co., Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1001153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2083068 |
| **Capital Markets — 4.0%** | **Capital Markets — 4.0%** | **Capital Markets — 4.0%** |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1370386 |
| **Communication Equipment — 2.1%** | **Communication Equipment — 2.1%** | **Communication Equipment — 2.1%** |
| Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717439 |
| **Diagnostics & Research — 3.9%** | **Diagnostics & Research — 3.9%** | **Diagnostics & Research — 3.9%** |
| Medpace Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1347356 |
| **Electronic Components — 2.0%** | **Electronic Components — 2.0%** | **Electronic Components — 2.0%** |
| Fabrinet<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688591 |
| **Electronics & Computer Distribution — 3.6%** | **Electronics & Computer Distribution — 3.6%** | **Electronics & Computer Distribution — 3.6%** |
| Insight Enterprises, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1236361 |
| **Engineering & Construction — 2.9%** | **Engineering & Construction — 2.9%** | **Engineering & Construction — 2.9%** |
| Bowman Consulting Group Ltd.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248784 |
| Construction Partners, Inc., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999790 |
| **Health Information Services — 3.5%** | **Health Information Services — 3.5%** | **Health Information Services — 3.5%** |
| Progyny, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;52390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1196588 |
| **Household & Personal Products — 2.1%** | **Household & Personal Products — 2.1%** | **Household & Personal Products — 2.1%** |
| elf Beauty, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725859 |
| **Industrial Distribution — 10.1%** | **Industrial Distribution — 10.1%** | **Industrial Distribution — 10.1%** |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1412727 |
| Core & Main, Inc., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;23464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1236084 |
| SiteOne Landscape Supply, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 817447 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3466258 |
| **Information Technology Services — 9.2%** | **Information Technology Services — 9.2%** | **Information Technology Services — 9.2%** |
| ExlService Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;44488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2156778 |
| Globant SA<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1022624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3179402 |
| **Insurance Brokers — 3.0%** | **Insurance Brokers — 3.0%** | **Insurance Brokers — 3.0%** |
| Goosehead Insurance, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;10495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020219 |
| **Internet Retail — 1.7%** | **Internet Retail — 1.7%** | **Internet Retail — 1.7%** |
| Revolve Group, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592742 |
| **Medical Instruments & Supplies — 3.5%** | **Medical Instruments & Supplies — 3.5%** | **Medical Instruments & Supplies — 3.5%** |
| Repligen Corp.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775918 |
| Warby Parker, Inc., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 427477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1203395 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Real Estate Services — 3.7%** | **Real Estate Services — 3.7%** | **Real Estate Services — 3.7%** |
| FirstService Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7276 | $1277156 |
| **Rental & Leasing Services — 1.7%** | **Rental & Leasing Services — 1.7%** | **Rental & Leasing Services — 1.7%** |
| WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589416 |
| **Residential Construction — 2.5%** | **Residential Construction — 2.5%** | **Residential Construction — 2.5%** |
| Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570289 |
| LGI Homes, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 844213 |
| **Restaurants — 3.9%** | **Restaurants — 3.9%** | **Restaurants — 3.9%** |
| Dutch Bros, Inc., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 802368 |
| Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555225 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1357593 |
| **Semiconductors — 2.9%** | **Semiconductors — 2.9%** | **Semiconductors — 2.9%** |
| Rambus, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004684 |
| **Software Application — 13.1%** | **Software Application — 13.1%** | **Software Application — 13.1%** |
| BlackLine, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850282 |
| CCC Intelligent Solutions Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;142207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1316837 |
| Clearwater Analytics Holdings, Inc., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;39444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 896957 |
| Paylocity Holding Corp.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1445552 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4509628 |
| **Software Infrastructure — 1.9%** | **Software Infrastructure — 1.9%** | **Software Infrastructure — 1.9%** |
| Qualys, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665257 |
| **Specialty Industrial Machinery — 2.7%** | **Specialty Industrial Machinery — 2.7%** | **Specialty Industrial Machinery — 2.7%** |
| Generac Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 920873 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br> (Cost $29,665,352) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32915468 |
| **SHORT-TERM INVESTMENT — 3.9%** | **SHORT-TERM INVESTMENT — 3.9%** | **SHORT-TERM INVESTMENT — 3.9%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>(a)</sup> | 1356262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1356262 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $1,356,262) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1356262 |
| TOTAL INVESTMENTS - 99.5%<br> (Cost $31,021,614) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34271730 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175337 |
| NET ASSETS - 100.0% |  | $34447067 |

---

------

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN U.S. SMALL COMPANY GROWTH FUND

#### Portfolio of Investments (Concluded)

#### April 30, 2025
(a) Rate disclosed is the 7-day yield at April 30, 2025. <br> † See Note 1. The industry designations set forth in the schedule above are those of the Morningstar Global Equity Classification System ("MGECS"). <br> \* Non-income producing.

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EMERGING MARKETS GROWTH FUND

#### Portfolio of Investments

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS† — 95.4%** | **COMMON STOCKS† — 95.4%** | **COMMON STOCKS† — 95.4%** |
| **Brazil — 5.0%** | **Brazil — 5.0%** | **Brazil — 5.0%** |
| NU Holdings Ltd., Class A<sup>\*</sup> | 20724 | $257599 |
| TOTVS SA | 71355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471497 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729096 |
| **China — 25.5%** | **China — 25.5%** | **China — 25.5%** |
| ANTA Sports Products Ltd. | 38027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449320 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 427466 |
| Hefei Meiya Optoelectronic Technology, Inc., Class A | 112415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260266 |
| Meituan, Class B<sup>(a)\*</sup> | 12825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212349 |
| NetEase, Inc. | 24218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520599 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 37500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369123 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263122 |
| Tencent Music Entertainment Group, ADR | 66563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 893275 |
| Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166181 |
| Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3711197 |
| **Hong Kong — 4.8%** | **Hong Kong — 4.8%** | **Hong Kong — 4.8%** |
| AIA Group Ltd. | 40600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304213 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693051 |
| **Hungary — 3.5%** | **Hungary — 3.5%** | **Hungary — 3.5%** |
| Wizz Air Holdings PLC<sup>(a)\*</sup> | 23253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507256 |
| **India — 10.9%** | **India — 10.9%** | **India — 10.9%** |
| HDFC Bank Ltd. | 31080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705950 |
| Infosys Ltd. | 18675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330135 |
| Kotak Mahindra Bank Ltd. | 12721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332474 |
| Reliance Industries Ltd. | 13128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217981 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1586540 |
| **Indonesia — 3.0%** | **Indonesia — 3.0%** | **Indonesia — 3.0%** |
| Bank Central Asia Tbk PT | 835247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444093 |
| **Ireland — 3.2%** | **Ireland — 3.2%** | **Ireland — 3.2%** |
| PDD Holdings, Inc., ADR<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472954 |
| **Mexico — 1.6%** | **Mexico — 1.6%** | **Mexico — 1.6%** |
| Fomento Economico Mexicano SAB de CV | 21857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229810 |
| **Netherlands — 5.4%** | **Netherlands — 5.4%** | **Netherlands — 5.4%** |
| Prosus NV | 16749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785270 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Poland — 9.2%** | **Poland — 9.2%** | **Poland — 9.2%** |
| Dino Polska SA<sup>(a)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5123 | $718181 |
| InPost SA<sup>\*</sup> | 37013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1343400 |
| **Singapore — 2.5%** | **Singapore — 2.5%** | **Singapore — 2.5%** |
| Genting Singapore Ltd. | 648000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367460 |
| **Taiwan — 11.1%** | **Taiwan — 11.1%** | **Taiwan — 11.1%** |
| Accton Technology Corp. | 13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242143 |
| E Ink Holdings, Inc. | 60787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424633 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 33335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 944532 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1611308 |
| **Uruguay — 5.5%** | **Uruguay — 5.5%** | **Uruguay — 5.5%** |
| Dlocal Ltd.<sup>\*</sup> | 40773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360841 |
| MercadoLibre, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447523 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808364 |
| **Vietnam — 4.2%** | **Vietnam — 4.2%** | **Vietnam — 4.2%** |
| FPT Corp. | 83204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351910 |
| Mobile World Investment Corp. | 113700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267545 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619455 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br> (Cost $11,498,307) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13909254 |

---

---

| | |
|:---|:---|
| **SHORT-TERM INVESTMENT — 4.2%** | **SHORT-TERM INVESTMENT — 4.2%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 614260 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENT<br> (Cost $614,260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 614260 |
| TOTAL INVESTMENTS - 99.6%<br> (Cost $12,112,567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14523514 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52362 |
| NET ASSETS - 100.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14575876 |

---

------

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EMERGING MARKETS GROWTH FUND

#### Portfolio of Investments (Concluded)

#### April 30, 2025
(a) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund's Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2025, these securities amounted to $1,437,786 or 9.86% of net assets. These securities have been determined by the Fund's adviser to be liquid securities, unless otherwise noted. The liquidity determination is unaudited.

(b) Rate disclosed is the 7-day yield at April 30, 2025.

† See Note 1. The industry designations set forth in the schedule above are those of the Global Industry Classification Standard ("GICS"). <br> \* Non-income producing.

ADR American Depositary Receipt <br> PLC Public Limited Company

Forward foreign currency contracts outstanding as of April 30, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Depreciation** |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134440 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/06/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown Brothers Harriman & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(32) |

---

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN U.S. SMID COMPANY GROWTH FUND

#### Portfolio of Investments

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS† — 97.7%** | **COMMON STOCKS† — 97.7%** | **COMMON STOCKS† — 97.7%** |
| **Asset Management — 3.5%** | **Asset Management — 3.5%** | **Asset Management — 3.5%** |
| Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | $122820 |
| **Biotechnology — 2.7%** | **Biotechnology — 2.7%** | **Biotechnology — 2.7%** |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95413 |
| **Building Products & Equipment — 4.6%** | **Building Products & Equipment — 4.6%** | **Building Products & Equipment — 4.6%** |
| AAON, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87710 |
| Trex Co., Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164148 |
| **Capital Markets — 4.4%** | **Capital Markets — 4.4%** | **Capital Markets — 4.4%** |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79905 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156132 |
| **Computer Hardware — 1.5%** | **Computer Hardware — 1.5%** | **Computer Hardware — 1.5%** |
| Pure Storage, Inc., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51983 |
| **Diagnostics & Research — 3.5%** | **Diagnostics & Research — 3.5%** | **Diagnostics & Research — 3.5%** |
| Medpace Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122431 |
| **Electronics & Computer Distribution — 2.3%** | **Electronics & Computer Distribution — 2.3%** | **Electronics & Computer Distribution — 2.3%** |
| Insight Enterprises, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82830 |
| **Engineering & Construction — 6.5%** | **Engineering & Construction — 6.5%** | **Engineering & Construction — 6.5%** |
| Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56055 |
| Construction Partners, Inc., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63001 |
| Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52212 |
| TopBuild Corp.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231307 |
| **Financial Data & Stock Exchanges — 3.4%** | **Financial Data & Stock Exchanges — 3.4%** | **Financial Data & Stock Exchanges — 3.4%** |
| Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120437 |
| **Health Information Services — 3.1%** | **Health Information Services — 3.1%** | **Health Information Services — 3.1%** |
| Progyny, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111710 |
| **Home Improvement Retail — 2.1%** | **Home Improvement Retail — 2.1%** | **Home Improvement Retail — 2.1%** |
| Floor & Decor Holdings, Inc., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76012 |
| **Household & Personal Products — 2.2%** | **Household & Personal Products — 2.2%** | **Household & Personal Products — 2.2%** |
| elf Beauty, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79070 |
| **Industrial Distribution — 7.5%** | **Industrial Distribution — 7.5%** | **Industrial Distribution — 7.5%** |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105097 |
| Core & Main, Inc., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85394 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75044 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265535 |
| **Information Technology Services — 8.9%** | **Information Technology Services — 8.9%** | **Information Technology Services — 8.9%** |
| ExlService Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196538 |
| Globant SA<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315636 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Insurance - Property & Casualty — 2.4%** | **Insurance - Property & Casualty — 2.4%** | **Insurance - Property & Casualty — 2.4%** |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | $84440 |
| **Insurance Brokers — 3.1%** | **Insurance Brokers — 3.1%** | **Insurance Brokers — 3.1%** |
| Goosehead Insurance, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110528 |
| **Internet Retail — 1.8%** | **Internet Retail — 1.8%** | **Internet Retail — 1.8%** |
| Revolve Group, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63059 |
| **Medical Instruments & Supplies — 3.8%** | **Medical Instruments & Supplies — 3.8%** | **Medical Instruments & Supplies — 3.8%** |
| Repligen Corp.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82656 |
| Warby Parker, Inc., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133606 |
| **Rental & Leasing Services — 1.3%** | **Rental & Leasing Services — 1.3%** | **Rental & Leasing Services — 1.3%** |
| WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45794 |
| **Restaurants — 3.9%** | **Restaurants — 3.9%** | **Restaurants — 3.9%** |
| Dutch Bros, Inc., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94210 |
| Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44070 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138280 |
| **Semiconductor Equipment & Materials — 2.3%** | **Semiconductor Equipment & Materials — 2.3%** | **Semiconductor Equipment & Materials — 2.3%** |
| Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81573 |
| **Semiconductors — 2.2%** | **Semiconductors — 2.2%** | **Semiconductors — 2.2%** |
| Rambus, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76551 |
| **Software Application — 16.6%** | **Software Application — 16.6%** | **Software Application — 16.6%** |
| Bentley Systems, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;2326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99995 |
| CCC Intelligent Solutions Holdings, Inc.<sup>\*</sup> | 10416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96452 |
| Dynatrace, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122921 |
| Manhattan Associates, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46831 |
| Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221409 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587608 |
| **Specialty Industrial Machinery — 2.6%** | **Specialty Industrial Machinery — 2.6%** | **Specialty Industrial Machinery — 2.6%** |
| Generac Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91733 |
| **Trucking — 1.5%** | **Trucking — 1.5%** | **Trucking — 1.5%** |
| Saia, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53436 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br> (Cost $3,246,984) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3462072 |

---

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN U.S. SMID COMPANY GROWTH FUND

#### Portfolio of Investments (Concluded)

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **SHORT-TERM INVESTMENT — 3.2%** | **SHORT-TERM INVESTMENT — 3.2%** | **SHORT-TERM INVESTMENT — 3.2%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>(a)</sup> | 114152 | $114152 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $114,152) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114152 |
| TOTAL INVESTMENTS - 100.9%<br> (Cost $3,361,136) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3576224 |
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.9)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30865) |
| NET ASSETS - 100.0% |  | $3545359 |

---

------

(a) Rate disclosed is the 7-day yield at April 30, 2025. <br> † See Note 1. The industry designations set forth in the schedule above are those of the Morningstar Global Equity Classification System ("MGECS"). <br> \* Non-income producing.

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Statements of Assets and Liabilities

#### April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Polen Growth<br> Fund** | &nbsp;&nbsp;**Polen Global<br> Growth Fund** | &nbsp;&nbsp;**Polen<br> International<br> Growth Fund** |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value<sup>\*</sup> | &nbsp;&nbsp;$5609183781 | &nbsp;&nbsp;$344177808 | &nbsp;&nbsp;$176323766 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (Cost $—, $165,308 and $102,000, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102926 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3918699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666709 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;5614310210 | &nbsp;&nbsp;&nbsp;&nbsp;345507518 | &nbsp;&nbsp;&nbsp;&nbsp;177180560 |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6294086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3812102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Investor Class Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11988135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650865 |
| **Contingencies and Commitments (Note 2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| Net Assets | &nbsp;&nbsp;$5602322075 | &nbsp;&nbsp;$345008827 | &nbsp;&nbsp;$176529695 |
| **Net Assets Consisted of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital stock, $0.01 par value | &nbsp;&nbsp;$1285046 | &nbsp;&nbsp;$138146 | &nbsp;&nbsp;$110788 |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;2642268297 | &nbsp;&nbsp;&nbsp;&nbsp;222409414 | &nbsp;&nbsp;&nbsp;&nbsp;163562052 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;2958768732 | &nbsp;&nbsp;&nbsp;&nbsp;122461267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12856855 |
| Net Assets | &nbsp;&nbsp;$5602322075 | &nbsp;&nbsp;$345008827 | &nbsp;&nbsp;$176529695 |
| **Institutional Class:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;$5402993781 | &nbsp;&nbsp;$326283293 | &nbsp;&nbsp;$174248168 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123746362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13045648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10933625 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | &nbsp;&nbsp;$43.66 | &nbsp;&nbsp;$25.01 | &nbsp;&nbsp;$15.94 |
| **Investor Class:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;$199328294 | &nbsp;&nbsp;$18725534 | &nbsp;&nbsp;$2281527 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4758242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145129 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | &nbsp;&nbsp;$41.89 | &nbsp;&nbsp;$24.35 | &nbsp;&nbsp;$15.72 |
| \* Investments, at cost | &nbsp;&nbsp;$3463650296 | &nbsp;&nbsp;$261152664 | &nbsp;&nbsp;$148013036 |

---

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Statements of Assets and Liabilities (Concluded)

#### April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Polen U.S. Small<br> Company Growth Fund** | &nbsp;&nbsp;**Polen Emerging<br> Markets Growth Fund** | &nbsp;&nbsp;**Polen<br> U.S. SMID<br> Company Growth<br> Fund** |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value<sup>\*</sup> | &nbsp;&nbsp;$34271730 | &nbsp;&nbsp;$14523514 | &nbsp;&nbsp;$3576224 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value (Cost $—, $13 and $—, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27583 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;34578129 | &nbsp;&nbsp;&nbsp;&nbsp;14716845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3608494 |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Investor Class Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63135 |
| **Contingencies and Commitments (Note 2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Assets | &nbsp;&nbsp;$34447067 | &nbsp;&nbsp;$14575876 | &nbsp;&nbsp;$3545359 |
| **Net Assets Consisted of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital stock, $0.01 par value | &nbsp;&nbsp;$26057 | &nbsp;&nbsp;$16807 | &nbsp;&nbsp;$5070 |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;79334730 | &nbsp;&nbsp;&nbsp;&nbsp;20206069 | &nbsp;&nbsp;&nbsp;&nbsp;10723309 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(loss) | &nbsp;&nbsp;&nbsp;&nbsp;(44913720) | &nbsp;&nbsp;&nbsp;&nbsp;(5647000) | &nbsp;&nbsp;&nbsp;&nbsp;(7183020) |
| Net Assets | &nbsp;&nbsp;$34447067 | &nbsp;&nbsp;$14575876 | &nbsp;&nbsp;$3545359 |
| **Institutional Class:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;$29109184 | &nbsp;&nbsp;$14575876 | &nbsp;&nbsp;$3545359 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507011 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | &nbsp;&nbsp;$13.23 | &nbsp;&nbsp;$8.67 | &nbsp;&nbsp;$6.99 |
| **Investor Class:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;$1885379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | &nbsp;&nbsp;$13.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| **Class Y:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;$3452504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | &nbsp;&nbsp;$13.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| \* Investments, at cost | &nbsp;&nbsp;$31021614 | &nbsp;&nbsp;$12112567 | &nbsp;&nbsp;$3361136 |

---

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Statements of Operations

#### For the Year Ended April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Polen Growth<br> Fund** | &nbsp;&nbsp;**Polen Global<br> Growth Fund** | &nbsp;&nbsp;**Polen<br> International<br> Growth Fund** |
| **Investment income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;$42831018 | &nbsp;&nbsp;$3459509 | &nbsp;&nbsp;$2860084 |
| &nbsp;&nbsp;&nbsp;Less: foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(235651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42731342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3343940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2624433 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58355698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784516 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5438750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202752 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19882 |
| &nbsp;&nbsp;&nbsp;Trustees' and officers' fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22186 |
| &nbsp;&nbsp;&nbsp;Distribution fees (Investor Class)(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6762 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17371 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54274 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33142 |
| &nbsp;&nbsp;&nbsp;Custodian fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32567 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44062 |
| &nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67275936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4315575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259092 |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24544594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(971635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365341 |
| **Net realized and unrealized gain/(loss) from investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1621033304 | &nbsp;&nbsp;&nbsp;&nbsp;81471336 | &nbsp;&nbsp;&nbsp;&nbsp;20674262 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) from foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13041 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1097285543) | &nbsp;&nbsp;&nbsp;&nbsp;(56207961) | &nbsp;&nbsp;&nbsp;&nbsp;(16857665) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44118 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523747761 | &nbsp;&nbsp;&nbsp;&nbsp;25259334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873756 |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp;$499203167 | &nbsp;&nbsp;$24287699 | &nbsp;&nbsp;$4239097 |

---

------

<sup>(a)</sup> Net realized gain/(loss) on investments for the Polen International Growth Fund was net of foreign capital gains tax withheld of $48,563.

<sup>(b)</sup> Net change in unrealized appreciation/(depreciation) on investments for the Polen International Growth Fund was net of an increase in deferred foreign capital gains tax of $233,769.

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Statements of Operations (Concluded)

#### For the Year Ended April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Polen U.S. Small<br> Company Growth Fund** | &nbsp;&nbsp;**Polen Emerging<br> Markets Growth Fund** | &nbsp;&nbsp;**Polen<br> U.S. SMID<br> Company Growth<br> Fund** |
| **Investment income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;$229927 | &nbsp;&nbsp;$320622 | &nbsp;&nbsp;$57456 |
| &nbsp;&nbsp;&nbsp;Less: foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57456 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122280 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29783 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31864 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25113 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25373 |
| &nbsp;&nbsp;&nbsp;Distribution fees (Investor Class)(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Trustees' and officers' fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5431 |
| &nbsp;&nbsp;&nbsp;Custodian fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3437 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023 |
| &nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 |
| &nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waivers and/or reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: waivers and/or reimbursements(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127758) |
| &nbsp;&nbsp;&nbsp;Net expenses after waivers and/or reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128610 |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71154) |
| **Net realized and unrealized gain/(loss) from investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) from investments<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3874594 | &nbsp;&nbsp;&nbsp;&nbsp;(2744012) | &nbsp;&nbsp;&nbsp;&nbsp;1193587 |
| &nbsp;&nbsp;&nbsp;Net realized loss from foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2824643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4080066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(524553) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;1049951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669034 |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp;$738536 | &nbsp;&nbsp;$1391175 | &nbsp;&nbsp;$597880 |

---

------

<sup>(a)</sup> Net realized gain/(loss) on investments for the Polen Emerging Markets Growth Fund was net of foreign capital gains tax withheld of $41,189.

<sup>(b)</sup> Net change in unrealized appreciation/(depreciation) on investments for the Polen Emerging Markets Growth Fund was net of an increase in deferred foreign capital gains tax of $30,472.

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Polen Growth Fund** | &nbsp;&nbsp;**Polen Growth Fund** |
|  | &nbsp;&nbsp;**For the Year<br> Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> April 30, 2024** |
| **Net increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;$(24544594) | &nbsp;&nbsp;$(38861302) |
| &nbsp;&nbsp;&nbsp;Net realized gains from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621033304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140465868 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(1097285543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553843103 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499203167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655447669 |
| **Less dividends and distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331794107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12766413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net decrease in net assets from dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344560520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Decrease in net assets derived from capital share transactions (Note 4)** | &nbsp;&nbsp;&nbsp;&nbsp;(2115571445) | &nbsp;&nbsp;&nbsp;&nbsp;(1123990236) |
| Total increase/(decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(1960928798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531457433 |
| **Net assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7563250873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7031793440 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$5602322075 | &nbsp;&nbsp;$7563250873 |

---

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Statements of Changes in Net Assets (Continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Polen Global Growth Fund** | &nbsp;&nbsp;**Polen Global Growth Fund** |
|  | &nbsp;&nbsp;**For the Year<br> Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> April 30, 2024** |
| **Net increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;$(971635) | &nbsp;&nbsp;$(815842) |
| &nbsp;&nbsp;&nbsp;Net realized gains from investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81403201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22584465 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56143867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49584148 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24287699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71352771 |
| **Less dividends and distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14270033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(775219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net decrease in net assets from dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15045252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Decrease in net assets derived from capital share transactions (Note 4)** | &nbsp;&nbsp;&nbsp;&nbsp;(126655618) | &nbsp;&nbsp;&nbsp;&nbsp;(52651729) |
| Total increase/(decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(117413171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18701042 |
| **Net assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462421998 | &nbsp;&nbsp;&nbsp;&nbsp;443720956 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$345008827 | &nbsp;&nbsp;$462421998 |

---

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Polen International Growth Fund** | &nbsp;&nbsp;**Polen International Growth Fund** |
|  | &nbsp;&nbsp;**For the Year<br> Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> April 30, 2024** |
| **Net increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$365341 | &nbsp;&nbsp;$958620 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20687303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895473 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;(16813547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13918655 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4239097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15772748 |
| **Less dividends and distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(873760) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(779523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1046) |
| Net decrease in net assets from dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(878276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(780569) |
| **Decrease in net assets derived from capital share transactions (Note 4)** | &nbsp;&nbsp;&nbsp;&nbsp;(63632482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8172137) |
| Total increase/(decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(60271661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6820042 |
| **Net assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;236801356 | &nbsp;&nbsp;&nbsp;&nbsp;229981314 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$176529695 | &nbsp;&nbsp;$236801356 |

---

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Polen U.S. Small Company Growth Fund** | &nbsp;&nbsp;**Polen U.S. Small Company Growth Fund** |
|  | &nbsp;&nbsp;**For the Year<br> Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> April 30, 2024** |
| **Net increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;$(311415) | &nbsp;&nbsp;$(612523) |
| &nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3874594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1581543) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2824643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5916363 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3722297 |
| **Decrease in net assets derived from capital share transactions (Note 4)** | &nbsp;&nbsp;&nbsp;&nbsp;(30397589) | &nbsp;&nbsp;&nbsp;&nbsp;(20920541) |
| Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(29659053) | &nbsp;&nbsp;&nbsp;&nbsp;(17198244) |
| **Net assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64106120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81304364 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$34447067 | &nbsp;&nbsp;$64106120 |

---

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Polen Emerging Markets Growth Fund** | &nbsp;&nbsp;**Polen Emerging Markets Growth Fund** |
|  | &nbsp;&nbsp;**For the Year<br> Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> April 30, 2024** |
| **Net increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$58461 | &nbsp;&nbsp;$122721 |
| &nbsp;&nbsp;&nbsp;Net realized losses from investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;(2747360) | &nbsp;&nbsp;&nbsp;&nbsp;(1661144) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments, foreign currency translations and forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4080074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845632 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307209 |
| **Less dividends and distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6719) |
| Net decrease in net assets from dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6719) |
| **Decrease in net assets derived from capital share transactions (Note 4)** | &nbsp;&nbsp;&nbsp;&nbsp;(6354475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25014) |
| Total increase/(decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(5002581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275476 |
| **Net assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;19578457 | &nbsp;&nbsp;&nbsp;&nbsp;19302981 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$14575876 | &nbsp;&nbsp;$19578457 |

---

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Statements of Changes in Net Assets (Concluded)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Polen U.S. SMID Company Growth Fund** | &nbsp;&nbsp;**Polen U.S. SMID Company Growth Fund** |
|  | &nbsp;&nbsp;**For the Year<br> Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> April 30, 2024** |
| **Net increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;$(71154) | &nbsp;&nbsp;$(131465) |
| &nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193587 | &nbsp;&nbsp;&nbsp;&nbsp;(1483068) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(524553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2694722 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080189 |
| **Decrease in net assets derived from capital share transactions (Note 4)** | &nbsp;&nbsp;&nbsp;&nbsp;(14546679) | &nbsp;&nbsp;&nbsp;&nbsp;(3609338) |
| Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(13948799) | &nbsp;&nbsp;&nbsp;&nbsp;(2529149) |
| **Net assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17494158 | &nbsp;&nbsp;&nbsp;&nbsp;20023307 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$3545359 | &nbsp;&nbsp;$17494158 |

---

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

POLEN GROWTH FUND

#### Financial Highlights

------

Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2021** |
| **Per Share Operating Performance** |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;$43.38 | &nbsp;&nbsp;$34.76 | &nbsp;&nbsp;$40.67 | &nbsp;&nbsp;$50.14 | &nbsp;&nbsp;$34.57 |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.37 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.15 |
| Dividends and distributions to shareholders from: |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> |
| Net asset value, end of year | &nbsp;&nbsp;$43.66 | &nbsp;&nbsp;$43.38 | &nbsp;&nbsp;$34.76 | &nbsp;&nbsp;$40.67 | &nbsp;&nbsp;$50.14 |
| Total investment return<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.67)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.68)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.91% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (in 000s) | &nbsp;&nbsp;$5402994 | &nbsp;&nbsp;$7293884 | &nbsp;&nbsp;$6798041 | &nbsp;&nbsp;$9466044 | &nbsp;&nbsp;$10700658 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% |
| Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50)% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% |

---

------

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the year.

<sup>(2)</sup> Amount is less than $0.005 per share.

<sup>(3)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any.

<sup>(4)</sup> Expense ratio includes interest expense. Excluding such interest expense, the ratio of expenses to average net assets including waivers and/or reimbursements for the Fund would be 0.97% for the year ended April 30, 2025.

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

POLEN GROWTH FUND

#### Financial Highlights (Continued)

------

Contained below is per share operating performance data for Investor Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;**Investor Class** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2021** |
| **Per Share Operating Performance** |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;$41.81 | &nbsp;&nbsp;$33.58 | &nbsp;&nbsp;$39.52 | &nbsp;&nbsp;$48.90 | &nbsp;&nbsp;$33.81 |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.67 |
| Dividends and distributions to shareholders from: |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> |
| Net asset value, end of year | &nbsp;&nbsp;$41.89 | &nbsp;&nbsp;$41.81 | &nbsp;&nbsp;$33.58 | &nbsp;&nbsp;$39.52 | &nbsp;&nbsp;$48.90 |
| Total investment return<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.92)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.90)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.54% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (in 000s) | &nbsp;&nbsp;$199328 | &nbsp;&nbsp;$269367 | &nbsp;&nbsp;$233752 | &nbsp;&nbsp;$332144 | &nbsp;&nbsp;$417735 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% |
| Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74)% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% |

---

------

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the year.

<sup>(2)</sup> Amount is less than $0.005 per share.

<sup>(3)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any.

<sup>(4)</sup> Expense ratio includes interest expense. Excluding such interest expense, the ratio of expenses to average net assets including waivers and/or reimbursements for the Fund would be 1.22% for the year ended April 30, 2025.

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

POLEN GLOBAL GROWTH FUND

------

Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2021** |
| **Per Share Operating Performance** |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;$24.84 | &nbsp;&nbsp;$21.23 | &nbsp;&nbsp;$21.09 | &nbsp;&nbsp;$26.07 | &nbsp;&nbsp;$18.47 |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.68 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.60 |
| Dividends and distributions to shareholders from: |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> |
| Net asset value, end of year | &nbsp;&nbsp;$25.01 | &nbsp;&nbsp;$24.84 | &nbsp;&nbsp;$21.23 | &nbsp;&nbsp;$21.09 | &nbsp;&nbsp;$26.07 |
| Total investment return<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17.08)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.15% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (in 000s) | &nbsp;&nbsp;$326283 | &nbsp;&nbsp;$440863 | &nbsp;&nbsp;$422798 | &nbsp;&nbsp;$531927 | &nbsp;&nbsp;$587255 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% |
| Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01%<sup>(4)</sup> |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35)% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% |

---

------

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the year.

<sup>(2)</sup> Amount is less than $0.005 per share.

<sup>(3)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any.

<sup>(4)</sup> During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

POLEN GLOBAL GROWTH FUND

------

Contained below is per share operating performance data for Investor Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;**Investor Class** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2021** |
| **Per Share Operating Performance** |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;$24.27 | &nbsp;&nbsp;$20.80 | &nbsp;&nbsp;$20.71 | &nbsp;&nbsp;$25.68 | &nbsp;&nbsp;$18.24 |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.57 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.44 |
| Dividends and distributions to shareholders from: |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> |
| Net asset value, end of year | &nbsp;&nbsp;$24.35 | &nbsp;&nbsp;$24.27 | &nbsp;&nbsp;$20.80 | &nbsp;&nbsp;$20.71 | &nbsp;&nbsp;$25.68 |
| Total investment return<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;(17.30)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.79% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (in 000s) | &nbsp;&nbsp;$18726 | &nbsp;&nbsp;$21559 | &nbsp;&nbsp;$20923 | &nbsp;&nbsp;$27111 | &nbsp;&nbsp;$45081 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% |
| Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26%<sup>(4)</sup> |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60)% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% |

---

------

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the year.

<sup>(2)</sup> Amount is less than $0.005 per share.

<sup>(3)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any.

<sup>(4)</sup> During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

POLEN INTERNATIONAL GROWTH FUND

------

Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2021** |
| **Per Share Operating Performance** |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;$15.80 | &nbsp;&nbsp;$14.81 | &nbsp;&nbsp;$14.27 | &nbsp;&nbsp;$18.20 | &nbsp;&nbsp;$13.93 |
| Net investment income/(loss)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27 |
| Dividends and distributions to shareholders from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> |
| Net asset value, end of year | &nbsp;&nbsp;$15.94 | &nbsp;&nbsp;$15.80 | &nbsp;&nbsp;$14.81 | &nbsp;&nbsp;$14.27 | &nbsp;&nbsp;$18.20 |
| Total investment return<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21.59)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.65% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (in 000s) | &nbsp;&nbsp;$174248 | &nbsp;&nbsp;$234106 | &nbsp;&nbsp;$227176 | &nbsp;&nbsp;$278801 | &nbsp;&nbsp;$461059 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% |
| Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% |
| Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09)% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

------

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the year.

<sup>(2)</sup> Amount is less than $0.005 per share.

<sup>(3)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any.

<sup>(4)</sup> During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

POLEN INTERNATIONAL GROWTH FUND

------

Contained below is per share operating performance data for Investor Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;**Investor Class** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2021** |
| **Per Share Operating Performance** |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;$15.58 | &nbsp;&nbsp;$14.60 | &nbsp;&nbsp;$14.10 | &nbsp;&nbsp;$18.04 | &nbsp;&nbsp;$13.84 |
| Net investment income/(loss)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20 |
| Dividends and distributions to shareholders from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(2)</sup> |
| Net asset value, end of year | &nbsp;&nbsp;$15.72 | &nbsp;&nbsp;$15.58 | &nbsp;&nbsp;$14.60 | &nbsp;&nbsp;$14.10 | &nbsp;&nbsp;$18.04 |
| Total investment return<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55% | &nbsp;&nbsp;&nbsp;&nbsp;(21.84)% | &nbsp;&nbsp;&nbsp;&nbsp;30.35% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (in 000s) | &nbsp;&nbsp;$2282 | &nbsp;&nbsp;$2696 | &nbsp;&nbsp;$2805 | &nbsp;&nbsp;$3976 | &nbsp;&nbsp;$5394 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% |
| Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.07)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.34)% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

------

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the year.

<sup>(2)</sup> Amount is less than $0.005 per share.

<sup>(3)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any.

<sup>(4)</sup> During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

POLEN U.S. SMALL COMPANY GROWTH FUND

------

Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2021** |
| **Per Share Operating Performance** |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;$13.34 | &nbsp;&nbsp;$12.81 | &nbsp;&nbsp;$13.49 | &nbsp;&nbsp;$19.69 | &nbsp;&nbsp;$11.17 |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.72 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.54 |
| Dividends and distributions to shareholders from: |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> |
| Net asset value, end of year | &nbsp;&nbsp;$13.23 | &nbsp;&nbsp;$13.34 | &nbsp;&nbsp;$12.81 | &nbsp;&nbsp;$13.49 | &nbsp;&nbsp;$19.69 |
| Total investment return<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.04)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29.11)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.49% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (in 000s) | &nbsp;&nbsp;$29109 | &nbsp;&nbsp;$55154 | &nbsp;&nbsp;$71304 | &nbsp;&nbsp;$122352 | &nbsp;&nbsp;$118390 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06)% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |

---

------

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the year.

<sup>(2)</sup> The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and redemptions of Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund.

<sup>(3)</sup> Amount is less than $0.005 per share.

<sup>(4)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

<sup>(5)</sup> Expense ratio includes interest expense. Excluding such interest expense, the ratio of expenses to average net assets including waivers and/or reimbursements for the Fund would be 1.10% for the year ended April 30, 2025.

<sup>(6)</sup> During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

POLEN U.S. SMALL COMPANY GROWTH FUND

------

Contained below is per share operating performance data for Investor Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;**Investor Class** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2021** |
| **Per Share Operating Performance** |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;$13.17 | &nbsp;&nbsp;$12.67 | &nbsp;&nbsp;$13.38 | &nbsp;&nbsp;$19.59 | &nbsp;&nbsp;$11.14 |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.12)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.69 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.47 |
| Dividends and distributions to shareholders from: |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> |
| Net asset value, end of year | &nbsp;&nbsp;$13.02 | &nbsp;&nbsp;$13.17 | &nbsp;&nbsp;$12.67 | &nbsp;&nbsp;$13.38 | &nbsp;&nbsp;$19.59 |
| Total investment return<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1.14)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% | &nbsp;&nbsp;&nbsp;&nbsp;(5.31)% | &nbsp;&nbsp;&nbsp;&nbsp;(29.31)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.07% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (in 000s) | &nbsp;&nbsp;$1885 | &nbsp;&nbsp;$4417 | &nbsp;&nbsp;$5389 | &nbsp;&nbsp;$8270 | &nbsp;&nbsp;$11364 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.88)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.05)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.08)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.31)% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% |

---

------

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the year.

<sup>(2)</sup> The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and redemptions of Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund.

<sup>(3)</sup> Amount is less than $0.005 per share.

<sup>(4)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

<sup>(5)</sup> Expense ratio includes interest expense. Excluding such interest expense, the ratio of expenses to average net assets including waivers and/or reimbursements for the Fund would be 1.35% for the year ended April 30, 2025.

<sup>(6)</sup> During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

POLEN U.S. SMALL COMPANY GROWTH FUND

------

Contained below is per share operating performance data for Class Y shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**For the<br> Period Ended<br> April 30,<br> 2022\*** |
| **Per Share Operating Performance** |  |  |  |  |
| Net asset value, beginning of year/period | &nbsp;&nbsp;$13.38 | &nbsp;&nbsp;$12.83 | &nbsp;&nbsp;$13.50 | &nbsp;&nbsp;$19.24 |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.87) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.99) |
| Dividends and distributions to shareholders from: |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value, end of year/period | &nbsp;&nbsp;$13.28 | &nbsp;&nbsp;$13.38 | &nbsp;&nbsp;$12.83 | &nbsp;&nbsp;$13.50 |
| Total investment return<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.75)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29% | &nbsp;&nbsp;&nbsp;&nbsp;(4.96)% | &nbsp;&nbsp;&nbsp;&nbsp;(27.40)% |
| **Ratios/Supplemental Data** |  |  |  |  |
| Net assets, end of year/period (in 000s) | &nbsp;&nbsp;$3453 | &nbsp;&nbsp;$4535 | &nbsp;&nbsp;$4612 | &nbsp;&nbsp;$4924 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%<sup>(4)</sup> |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%<sup>(4)</sup> |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.53)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.70)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.73)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68)%<sup>(4)</sup> |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58%<sup>(6)</sup> |

---

------

<sup>\*</sup> Commencement of operations on June 1, 2021.

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the year.

<sup>(2)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

<sup>(3)</sup> Expense ratio includes interest expense. Excluding such interest expense, the ratio of expenses to average net assets including waivers and/or reimbursements for the Fund would be 1.00% for the year ended April 30, 2025.

<sup>(4)</sup> Annualized.

<sup>(5)</sup> During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

<sup>(6)</sup> Not annualized.

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

POLEN EMERGING MARKETS GROWTH FUND

------

Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Period Ended<br> April 30,<br> 2021<sup>\*</sup>** |
| **Per Share Operating Performance** |  |  |  |  |  |
| Net asset value, beginning of year/period | &nbsp;&nbsp;$7.98 | &nbsp;&nbsp;$7.86 | &nbsp;&nbsp;$7.67 | &nbsp;&nbsp;$10.78 | &nbsp;&nbsp;$10.00 |
| Net investment income/(loss)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Dividends and distributions to shareholders from: |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value, end of year/period | &nbsp;&nbsp;$8.67 | &nbsp;&nbsp;$7.98 | &nbsp;&nbsp;$7.86 | &nbsp;&nbsp;$7.67 | &nbsp;&nbsp;$10.78 |
| Total investment return<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57% | &nbsp;&nbsp;&nbsp;&nbsp;(28.85)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.80% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year/period (in 000s) | &nbsp;&nbsp;$14576 | &nbsp;&nbsp;$19578 | &nbsp;&nbsp;$19303 | &nbsp;&nbsp;$18666 | &nbsp;&nbsp;$25981 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%<sup>(5)</sup> |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51%<sup>(5)</sup> |
| Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65)%<sup>(5)</sup> |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16%<sup>(7)</sup> |

---

------

<sup>\*</sup> Commencement of operations on October 16, 2020.

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the period.

<sup>(2)</sup> Amount is less than $(0.005) per share.

<sup>(3)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

<sup>(4)</sup> Expense ratio includes interest expense. Excluding such interest expense, the ratio of expenses to average net assets including waivers and/or reimbursements for the Fund would be 1.25% for the year ended April 30, 2025.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

<sup>(7)</sup> Not annualized.

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

POLEN U.S. SMID COMPANY GROWTH FUND

#### Financial Highlights (Concluded)

------

Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Period Ended<br> April 30,<br> 2021<sup>\*</sup>** |
| **Per Share Operating Performance** |  |  |  |  |  |
| Net asset value, beginning of year/period | &nbsp;&nbsp;$7.29 | &nbsp;&nbsp;$6.90 | &nbsp;&nbsp;$7.36 | &nbsp;&nbsp;$10.61 | &nbsp;&nbsp;$10.00 |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Dividends and distributions to shareholders from: |  |  |  |  |  |
| Net realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Net asset value, end of year/period | &nbsp;&nbsp;$6.99 | &nbsp;&nbsp;$7.29 | &nbsp;&nbsp;$6.90 | &nbsp;&nbsp;$7.36 | &nbsp;&nbsp;$10.61 |
| Total investment return<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(4.12)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.25)% | &nbsp;&nbsp;&nbsp;&nbsp;(30.00)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
| Net assets, end of year/period (in 000s) | &nbsp;&nbsp;$3545 | &nbsp;&nbsp;$17494 | &nbsp;&nbsp;$20023 | &nbsp;&nbsp;$20290 | &nbsp;&nbsp;$11583 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>(4)</sup> |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.58%<sup>(4)</sup> |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.58)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.76)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.05)%<sup>(4)</sup> |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |

---

------

<sup>\*</sup> Commencement of operations on April 1, 2021.

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the period.

<sup>(2)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

<sup>(3)</sup> Expense ratio includes interest expense. Excluding such interest expense, the ratio of expenses to average net assets including waivers and/or reimbursements for the Fund would be 1.05% for the year ended April 30, 2025.

<sup>(4)</sup> Annualized.

<sup>(5)</sup> During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Notes to Financial Statements

#### April 30, 2025
1. Organization and Significant Accounting Policies

The Polen Growth Fund, Polen Global Growth Fund, Polen International Growth Fund, Polen U.S. Small Company Growth Fund, Polen Emerging Markets Growth Fund and Polen U.S. SMID Company Growth Fund (each a "Fund" and together the "Funds") are non-diversified, open-end management investment companies registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), which commenced investment operations on September 15, 2010, December 30, 2014, December 30, 2016, November 1, 2017, October 16, 2020 and April 1, 2021, respectively. The Funds are separate series of FundVantage Trust (the "Trust") which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a "series trust" authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. Two separate classes of shares, Investor Class and Institutional Class, are offered for the Polen Growth Fund, Polen Global Growth Fund, Polen International Growth Fund, Polen Emerging Markets Growth Fund and Polen U.S. SMID Company Growth Fund. The Polen U.S. Small Company Growth Fund offers three separate classes of shares, Investor Class, Institutional Class and Class Y. As of April 30, 2025, Investor Class shares had not been issued on the Polen Emerging Markets Growth Fund and Polen U.S. SMID Company Growth Fund. Polen Capital Management, LLC ("PCM" or the "Adviser") serves as investment adviser to the Polen Growth Fund, Polen Global Growth Fund, Polen International Growth Fund, Polen U.S. Small Company Growth Fund, Polen Emerging Markets Growth Fund and Polen U.S. SMID Company Growth Fund pursuant to an investment advisory agreement with the Trust.

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

***Portfolio Valuation — The Fund's net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System ("NASDAQ") market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). Securities that do not have a readily available current market value are valued in good faith by the Adviser as "valuation designee" under the oversight of the Trust's Board of Trustees. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Trust's Board of Trustees.***

The Funds have a fundamental policy with respect to industry concentration that it will not invest 25% or more of the value of the Funds' assets in securities of issuers in any one industry. Since inception the Funds have utilized BICS at the sub-industry level for defining industries for purposes of monitoring compliance with its industry concentration policy. However, at times, the Funds may utilize other industry classification systems such as MGECS or GICS, as applicable, for purposes other than compliance monitoring.

***Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Funds' investments are summarized into three levels as described in the hierarchy below:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — quoted prices in active markets for identical securities;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers in and out are recognized at the value at the end of the period.

Significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that foreign markets close (where the security is principally traded) and the time that each Fund calculates its NAV (generally, the close of the NYSE) which may impact the value of securities traded in these foreign markets. As a result, each Fund fair values foreign securities using an independent pricing service which considers the correlation of the trading patterns of the foreign

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange traded funds and certain indexes as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy.

Securities listed on a non-U.S. exchange are generally fair valued daily by an independent fair value pricing service approved by the Trust's Board of Trustees and categorized as Level 2 investments within the hierarchy. The fair valuations for these securities may not be the same as quoted or published prices of the securities on their primary markets. Securities for which daily fair value prices from the independent fair value pricing service are not available are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of valuation time, as provided by an independent pricing service approved by the Board of Trustees.

The following is a summary of the inputs used, as of April 30, 2025, in valuing each Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;**Total<br> Value at<br> 04/30/25** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| **Polen Growth Fund** | **Polen Growth Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Common Stocks\* | &nbsp;&nbsp;$5527606147 | &nbsp;&nbsp;$5527606147 | &nbsp;&nbsp;$— | $— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81577634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81577634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$5609183781 | &nbsp;&nbsp;$5609183781 | &nbsp;&nbsp;$— | $— |
| **Polen Global Growth Fund** | **Polen Global Growth Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;$17233285 | &nbsp;&nbsp;$17233285 | &nbsp;&nbsp;$— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9456699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9456699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4322328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4322328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18640511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18640511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9656851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9656851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7389745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7389745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11623626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11623626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27971456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24241827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3729629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223917221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223917221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8509933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8509933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5456153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5456153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$344177808 | &nbsp;&nbsp;$296405015 | &nbsp;&nbsp;$47772793 | $— |

---

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;**Total<br> Value at<br> 04/30/25** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| **Polen International Growth Fund** | **Polen International Growth Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;$4301116 | &nbsp;&nbsp;$4301116 | &nbsp;&nbsp;$— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6341250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6341250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4694818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4694818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16028100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16028100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24282625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24282625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8510169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8510169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10970491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9135772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4740301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4740301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3676301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3676301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5534843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5534843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9695511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9695511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5527619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5527619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6643232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6166823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4193797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33935801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20114491 | &nbsp;&nbsp;&nbsp;&nbsp;13821310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10059949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10059949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15214817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15214817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$176323766 | &nbsp;&nbsp;$82284432 | &nbsp;&nbsp;$94039334 | $— |
| **Polen U.S. Small Company Growth Fund** | **Polen U.S. Small Company Growth Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Common Stocks\* | &nbsp;&nbsp;$32915468 | &nbsp;&nbsp;$32915468 | &nbsp;&nbsp;$— | $— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$34271730 | &nbsp;&nbsp;$34271730 | &nbsp;&nbsp;$— | $— |

---

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;**Total<br> Value at<br> 04/30/25** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| **Polen Emerging Markets Growth Fund** | **Polen Emerging Markets Growth Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;$729096 | &nbsp;&nbsp;$729096 | &nbsp;&nbsp;$— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3711197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2651741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vietnam | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$14523514 | &nbsp;&nbsp;$3913940 | &nbsp;&nbsp;$10609574 | $— |
| **Liabilities** |  |  |  |  |
| Derivatives |  |  |  |  |
| Foreign Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contract | &nbsp;&nbsp;$(32) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(32) | $— |
| Total Liabilities | &nbsp;&nbsp;$(32) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(32) | $— |
| **Polen U.S. SMID Company Growth Fund** | **Polen U.S. SMID Company Growth Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Common Stocks\* | &nbsp;&nbsp;$3462072 | &nbsp;&nbsp;$3462072 | &nbsp;&nbsp;$— | $— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$3576224 | &nbsp;&nbsp;$3576224 | &nbsp;&nbsp;$— | $— |

---

------

\* Please refer to Portfolio of Investments for further details on portfolio holdings.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third-party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds' investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles ("U.S. GAAP") require the Funds to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when the Funds have an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to their net assets. The amounts and reasons for all transfers in and out of Level 3 are disclosed when the Funds had an amount of transfers during the reporting period that was meaningful in relation to their net assets as of the end of the reporting period.

There are significant unobservable inputs used in the fair value measurement of the Funds' Level 3 investments. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement.

For the year ended April 30, 2025, there were no transfers in or out of Level 3.

***Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.***

***Investment Transactions, Investment Income and Expenses — Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. The Funds may be subject to foreign taxes on income, a portion of which may be recoverable. The Funds apply for refunds where available. Distribution (12b-1) fees relating to a specific class are charged directly to that class. Fund level expenses common to all classes, investment income and realized and unrealized gains and losses on investments are generally allocated to each class of each Fund based upon the relative daily net assets of each class of each Fund. The Funds may be subject to foreign taxes on unrealized and realized gains on certain foreign investments. The Funds may also be subject to foreign taxes on income, a portion of which may be recoverable. The Funds apply for refunds where available. The Funds will accrue such taxes and reclaims, as applicable, based upon the current interpretation of tax rules and regulations that exist in the market in which the Fund invests. General expenses of the Trust are generally allocated to each Fund under methodologies approved by the Board of Trustees. Expenses directly attributable to a particular Fund in the Trust are charged directly to that Fund. The Funds' investment income, expenses (other than class-specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day.***

***Foreign Currency Translation — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date. The Funds do not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments in the Statements of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currency transactions in the Statements of Operations.***

***Cash and Cash Equivalents — Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. Each Fund maintains deposits with a high quality financial institution in an amount that is in excess of federally insured limits.***

***Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid to shareholders and are recorded on ex-date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.***

***U.S. Tax Status — No provision is made for U.S. income taxes as it is each Fund's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended ("Internal Revenue Code"), and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.***

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

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
***Forward Foreign Currency Contracts — A forward foreign currency contract ("Forward Contract") is a commitment to buy or sell a specific amount of a foreign currency at a negotiated price on a specified future date. Forward Contracts can help a fund manage the risk of changes in currency exchange rates. These contracts are marked-to-market daily at the applicable forward currency translation rates. Each Fund records realized gains or losses at the time the Forward Contract is closed. A Forward Contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. A Fund's maximum risk of loss from counterparty credit risk related to Forward Contracts is the fair value of the contract. Each Fund utilized Forward Contracts for hedging purposes to protect each Fund's return against adverse currency movements.***

For the year ended April 30, 2025, the Funds' average quarterly volume of forward foreign currency contracts, purchased and sold, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Forward Foreign<br> Currency<br> Contracts - Purchased** | &nbsp;&nbsp;**Forward Foreign<br> Currency<br> Contracts - Sold** |
| Polen Emerging Markets Growth Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$26894 |

---

***Counterparty Risk — Certain of the derivatives entered into by each Fund may not be traded on an exchange but instead will be privately negotiated in the over-the-counter market. This means that these instruments are traded between counterparties based on contractual relationships. Relying on a counterparty exposes a Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing a Fund to suffer a loss. If a counterparty defaults on its payment obligations to a Fund, this default will cause the value of an investment in a Fund to decrease. In addition, to the extent a Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. Each Fund is neither restricted from dealing with any particular counterparty nor from concentrating any or all of its transactions with one counterparty. The ability of each Fund to transact business with any one or number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by each Fund.***

Each Fund is subject to the risk that issuers of the instruments in which it invests and trades may default on their obligations, and that certain events may occur that have an immediate and significant adverse effect on the value of those instruments. There can be no assurance that an issuer will not default, or that an event that has an immediate and significant adverse effect on the value of an instrument will not occur, and that each Fund will not sustain a loss on a transaction as a result.

***Liquidity Risk — Each Fund may be subject to liquidity risk primarily due to investments in derivatives. Each Fund may invest up to 15% of its net assets in illiquid securities or instruments. Certain derivatives, such as swaps, forward contracts and options may not be readily marketable and, therefore, may be deemed to be illiquid. An asset is not readily marketable if it cannot be sold within seven business days in the ordinary course of business for approximately the amount at which it is valued. Investments in illiquid assets involve the risk that the Fund may be unable to sell the asset or sell it at a reasonable price. In addition, each Fund may be required to liquidate positions or close out derivatives on unfavorable terms at a time contrary to the interests of each Fund in order to raise cash to pay redemptions.***

An investment in derivatives is also subject to the risk that the Fund may not be able to terminate the derivatives effective on whatever date it chooses, or that the settlement of any early termination may depend on subsequent market movements. As a result, each Fund may be exposed to the risk of additional losses due to such delays.

***Master Netting Agreement — In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, each Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement"). An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to terminate derivative contracts prior to maturity in the event each Fund's net assets decline by a stated percentage or each Fund fails to meet the terms of its ISDA Master Agreements. The result would cause each Fund to accelerate payment of any net liability owed to the counterparty.***

***Collateral Requirements — For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value***

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
of any collateral currently pledged by each Fund and the counterparty. Cash collateral that has been pledged to cover obligations of each Fund and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by each Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of each Fund. Any additional required collateral is delivered to/pledged by each Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to each Fund from its counterparties are not fully collateralized, they bear the risk of loss from counterparty non-performance. Likewise, to the extent each Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, it bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts. For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

The following tables present derivative assets and liabilities net of amounts available for offset under a master netting agreement and any related collateral received or posted by the Polen Emerging Markets Growth Fund for forward foreign currency contracts as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br> Liabilities - Gross** | &nbsp;&nbsp;**Derivative<br> Available<br> for Offset** | &nbsp;&nbsp;**Collateral<br> Posted** | &nbsp;&nbsp;**Derivative<br> Liabilities - Net \*** |
| **Brown Brothers Harriman & Co.** | $(32) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(32) |

---

------

\* Net amount represents the net payable to the counterparty in the event of a default.

***Currency Risk — Each Fund invests in securities of foreign issuers, including American Depositary Receipts. These markets are subject to special risks associated with foreign investments not typically associated with investing in U.S. markets. Because the foreign securities in which each Fund may invest generally trade in currencies other than the U.S. dollar, changes in currency exchange rates will affect each Fund's NAV, the value of dividends and interest earned and gains and losses realized on the sale of securities. Because the NAV for each Fund is determined on the basis of U.S. dollars, each Fund may lose money by investing in a foreign security if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of each Fund's holdings goes up. Generally, a strong U.S. dollar relative to these other currencies will adversely affect the value of each Fund's holdings in foreign securities.***

***Foreign Securities Market Risk — Securities of many non-U.S. companies may be less liquid and their prices more volatile than securities of comparable U.S. companies. Securities of companies traded in many countries outside the U.S., particularly emerging markets countries, may be subject to further risks due to the inexperience of local investment professionals and financial institutions, the possibility of permanent or temporary termination of trading and greater spreads between bid and asked prices of securities. In addition, non-U.S. stock exchanges and investment professionals are subject to less governmental regulation, and commissions may be higher than in the United States. Also, there may be delays in the settlement of non-U.S. stock exchange transactions.***

***Emerging Markets Risk — The securities of issuers located or doing substantial business in emerging market countries tend to be more volatile and less liquid than the securities of issuers located in countries with more mature economies. Emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investments in these countries may be subject to political, economic, legal, market and currency risks. The risks may include less protection of property rights and uncertain political and economic policies, the imposition of capital controls and/or foreign investment limitations by a country, nationalization of businesses and the imposition of sanctions by other countries, such as the United States. Recent statements by U.S. securities and accounting regulatory agencies have expressed concern regarding information access and audit quality regarding issuers in China and other emerging market countries, which could present heightened risks associated with investments in these markets.***

***Equity Securities Risk — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company's financial condition, historical and prospective earnings of the company, interest rates, investor perceptions and overall market and economic conditions. The prices of securities change in response to many factors including the value of its assets.***

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
***Growth Style Risk — Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market movements. In addition, growth stocks as a group may be out of favor at times and underperform the overall equity market for long periods while the market concentrates on other types of stocks, such as "value" stocks.***

#### Disclosures About Derivative Instruments and Hedging Activities
The following tables provide quantitative disclosures about fair value amounts and gains and losses of the Polen Emerging Markets Growth Fund's derivative instruments as of April 30, 2025.

The following table lists the fair values of Polen Emerging Markets Growth Fund's derivative holdings as of April 30, 2025 grouped by contract type and risk exposure category:

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location<br> Statements of Assets and Liabilities** | &nbsp;&nbsp;**Foreign Currency<br> Risk** | &nbsp;&nbsp;**Total** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Forward Foreign Currency Contracts | Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;$(32) | &nbsp;&nbsp;$(32) |

---

The following table lists the amounts of change in unrealized appreciation (depreciation) included in net decrease in net assets resulting from operations for the year ended April 30, 2025, grouped by contract type and risk exposure:

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location<br> Statements of Operations** | &nbsp;&nbsp;**Foreign Currency<br> Risk** | &nbsp;&nbsp;**Total** |
| **Change in Appreciation (Depreciation)** | **Change in Appreciation (Depreciation)** | **Change in Appreciation (Depreciation)** | **Change in Appreciation (Depreciation)** |
| Forward Foreign Currency Contracts | Net change in unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;$(32) | &nbsp;&nbsp;$(32) |

---

***Recent Accounting Pronouncement — Each Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures during the year. Each Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Funds' financial position or results of operations. Each Fund operates as a single reporting entity, meaning all its business activities are considered one business segment for financial reporting purposes.***

The Chief Operating Decision Maker ("CODM") is the Adviser, the Principal Executive Officer ("PEO") and the Principal Financial Officer ("PFO") of the Funds. The CODM has concluded that the Funds operate as a single operating segment since each Fund has a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Funds' financial statements.

2. Transactions with Related Parties and Other Service Providers

For its services, PCM is paid a monthly fee at the annual rate based on average daily net assets of each Fund as shown in the table below:

---

| | |
|:---|:---|
| Polen Growth Fund | &nbsp;&nbsp;0.85% |
| Polen Global Growth Fund | &nbsp;&nbsp;0.85% |
| Polen International Growth Fund | &nbsp;&nbsp;0.85% |
| Polen U.S. Small Company Growth Fund | &nbsp;&nbsp;1.00% |
| Polen Emerging Markets Growth Fund | &nbsp;&nbsp;1.00% |
| Polen U.S. SMID Company Growth Fund | &nbsp;&nbsp;1.00% |

---

The Adviser has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Funds to the extent necessary to ensure that the Funds' total operating expenses (excluding taxes, fees and expenses attributable to a distribution or service plan adopted by the Trust, interest, extraordinary items, "Acquired Fund Fees and Expenses" and brokerage commissions) do not exceed (on an annual basis) the percentages set forth in the table below of each Fund's average daily net assets (the "Expense Limitations"). The Expense Limitations will remain in place until the termination date set forth below, unless the Board

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
of Trustees approves their earlier termination. The table below reflects the Expense Limitation amounts, as a percentage of average daily net assets, in effect during the year ended April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Institutional<br> Class** | &nbsp;&nbsp;**Investor<br> Class** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Termination Date** |
| Polen Growth Fund | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;August 31, 2025 |
| Polen Global Growth Fund | &nbsp;&nbsp;1.10% | &nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;August 31, 2025 |
| Polen International Growth Fund | &nbsp;&nbsp;1.10% | &nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;August 31, 2025 |
| Polen U.S. Small Company Growth Fund | &nbsp;&nbsp;1.10% | &nbsp;&nbsp;1.10% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;August 31, 2025 |
| Polen Emerging Markets Growth Fund | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;August 31, 2025 |
| Polen U.S. SMID Company Growth Fund | &nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;August 31, 2025 |

---

The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which each Adviser reduced its compensation and/or assumed expenses for such Fund. The Adviser is permitted to seek reimbursement from a Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund's expenses are below the Expense Limitation amount.

For the year ended April 30, 2025, the amount of advisory fees earned and waived and/or reimbursed was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Gross<br> Advisory Fee** | &nbsp;&nbsp;**Waiver/<br> Reimbursements** | &nbsp;&nbsp;**Net Advisory Fee/<br> (Reimbursement)** |
| Polen Growth Fund | &nbsp;&nbsp;$58355698 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$58355698 |
| Polen Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590107 |
| Polen International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784516 |
| Polen U.S. Small Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487088 | &nbsp;&nbsp;&nbsp;&nbsp;(196508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290580 |
| Polen Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189011 | &nbsp;&nbsp;&nbsp;&nbsp;(129961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59050 |
| Polen U.S. SMID Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122280 | &nbsp;&nbsp;&nbsp;&nbsp;(127758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5478) |

---

No Funds recouped any fees for the period ended April 30, 2025.

As of April 30, 2025, the Polen Growth Fund, Polen Global Growth Fund and Polen International Growth Fund have no additional funds available to be recouped.

As of April 30, 2025, the amount of potential recovery was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**04/30/2026** | &nbsp;&nbsp;**04/30/2027** | &nbsp;&nbsp;**04/30/2028** | &nbsp;&nbsp;**Total** |
| Polen U.S. Small Company Growth Fund | &nbsp;&nbsp;$297730 | &nbsp;&nbsp;$174781 | &nbsp;&nbsp;$196508 | &nbsp;&nbsp;$669019 |
| Polen Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;125725 | &nbsp;&nbsp;&nbsp;&nbsp;101892 | &nbsp;&nbsp;&nbsp;&nbsp;129961 | &nbsp;&nbsp;&nbsp;&nbsp;357578 |
| Polen U.S. SMID Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;130457 | &nbsp;&nbsp;&nbsp;&nbsp;113466 | &nbsp;&nbsp;&nbsp;&nbsp;127758 | &nbsp;&nbsp;&nbsp;&nbsp;371681 |

---

The Funds have not recorded a commitment or contingent liability at April 30, 2025.

#### Other Service Providers
The Bank of New York Mellon ("BNY") serves as administrator and custodian for the Funds. For providing administrative and accounting services, BNY is entitled to receive a monthly fee equal to an annual percentage rate of the Funds' average daily net assets and is subject to certain minimum monthly fees. For providing certain custodial services, BNY is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

BNY Investment Servicing (US) Inc. (the "Transfer Agent") provides transfer agent services to the Funds. The Transfer Agent is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

The Trust, on behalf of the Funds, has entered into agreements with financial intermediaries to provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries investing in the Funds and has

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
agreed to compensate the intermediaries for providing those services. The fees incurred by the Funds for these services are included in Transfer agent fees in the Statements of Operations.

Foreside Funds Distributors LLC (the "Underwriter") provides principal underwriting services to the Funds pursuant to an underwriting agreement between the Trust and the Underwriter.

The Trust and the Underwriter are parties to an underwriting agreement. The Trust has adopted a distribution plan for the Investor Class shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the Investor Class shares plan, the Funds compensate the Underwriter for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.25% on an annualized basis of the average daily net assets of the Funds' Investor Class shares.

#### Trustees and Officers
The Trust is governed by its Board of Trustees. The Trustees receive compensation in the form of an annual retainer and per meeting fees for their services to the Trust. An employee of BNY serves as the Secretary of the Trust and is not compensated by the Funds or the Trust.

JW Fund Management LLC ("JWFM") provides a PEO and PFO to the Trust. Chenery Compliance Group, LLC ("Chenery") provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and Chenery are compensated for their services provided to the Trust.

3. Investment in Securities

For the April 30, 2025, aggregated purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| Polen Growth Fund | &nbsp;&nbsp;$2490780814 | &nbsp;&nbsp;$4833283427 |
| Polen Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129851359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270078359 |
| Polen International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75433071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140461383 |
| Polen U.S. Small Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25945857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57618339 |
| Polen Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5734102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12119086 |
| Polen U.S. SMID Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6972722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21136137 |

---

The Funds are permitted to purchase or sell securities, which have a readily available market quotation, from or to certain other affiliated funds under specified conditions outlined in the procedures adopted by the Board of Trustees. The procedures have been designed to provide assurances that any purchase or sale of securities by the Funds from or to another fund that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), common Trustees and/or common officers complies with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effective at the current market price.

For the year ended April 30, 2025, the Funds did not engage in purchase or sale of securities with affiliated funds under Rule 17a-7.

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
4. Capital Share Transactions

For years ended April 30, 2025 and 2024, transactions in capital shares (authorized shares unlimited) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2024** | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2024** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Polen Growth Fund: |  |  |  |  |
| Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;12109180 | &nbsp;&nbsp;$553895984 | &nbsp;&nbsp;&nbsp;27679788 | &nbsp;&nbsp;$1110002990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;6274382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306189838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;(62780039) | &nbsp;&nbsp;&nbsp;&nbsp;(2901212309) | &nbsp;&nbsp;(55100848) | &nbsp;&nbsp;&nbsp;&nbsp;(2213308918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;(44396477) | &nbsp;&nbsp;$(2041126380) | &nbsp;&nbsp;(27421060) | &nbsp;&nbsp;$(1103304917) |
| Investor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;1334672 | &nbsp;&nbsp;$59336382 | &nbsp;&nbsp;&nbsp;&nbsp;1893764 | &nbsp;&nbsp;$74381194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11747082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(3270270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145528534) | &nbsp;&nbsp;&nbsp;&nbsp;(2410628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95066550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(1684967) | &nbsp;&nbsp;$(74445065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(516864) | &nbsp;&nbsp;$(20685319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net decrease | &nbsp;&nbsp;(46081444) | &nbsp;&nbsp;$(2115571445) | &nbsp;&nbsp;(27937924) | &nbsp;&nbsp;$(1123990236) |
| Polen Global Growth Fund: |  |  |  |  |
| Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;1088465 | &nbsp;&nbsp;$28453724 | &nbsp;&nbsp;&nbsp;&nbsp;2886946 | &nbsp;&nbsp;$68127136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13317199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(6273276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165346049) | &nbsp;&nbsp;&nbsp;&nbsp;(5050706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118020862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(4702653) | &nbsp;&nbsp;$(123575126) | &nbsp;&nbsp;&nbsp;&nbsp;(2163760) | &nbsp;&nbsp;$(49893726) |
| Investor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98679 | &nbsp;&nbsp;$2473110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167208 | &nbsp;&nbsp;$3813564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245677) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6295583) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(284905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6571567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119436) | &nbsp;&nbsp;$(3080492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117697) | &nbsp;&nbsp;$(2758003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(4822089) | &nbsp;&nbsp;$(126655618) | &nbsp;&nbsp;&nbsp;&nbsp;(2281457) | &nbsp;&nbsp;$(52651729) |
| Polen International Growth Fund: |  |  |  |  |
| Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;1613224 | &nbsp;&nbsp;$26251752 | &nbsp;&nbsp;&nbsp;&nbsp;5317620 | &nbsp;&nbsp;$82616045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(5551476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90272671) | &nbsp;&nbsp;&nbsp;&nbsp;(5880839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91269291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(3887546) | &nbsp;&nbsp;$(63179193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(516206) | &nbsp;&nbsp;$(7914208) |
| Investor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37906 | &nbsp;&nbsp;$614240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109240 | &nbsp;&nbsp;$1616198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1071738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1875092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27895) | &nbsp;&nbsp;$(453289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19040) | &nbsp;&nbsp;$(257929) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(3915441) | &nbsp;&nbsp;$(63632482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(535246) | &nbsp;&nbsp;$(8172137) |

---

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2024** | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2024** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Polen U.S. Small Company Growth Fund: |  |  |  |  |
| Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533672 | &nbsp;&nbsp;$7673943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944305 | &nbsp;&nbsp;$12861188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(2466786) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34311840) | &nbsp;&nbsp;&nbsp;&nbsp;(2376948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32300917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(1933114) | &nbsp;&nbsp;$(26637897) | &nbsp;&nbsp;&nbsp;&nbsp;(1432643) | &nbsp;&nbsp;$(19439729) |
| Investor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23144 | &nbsp;&nbsp;$318167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64823 | &nbsp;&nbsp;$859142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2973253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2061547) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190664) | &nbsp;&nbsp;$(2655086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89707) | &nbsp;&nbsp;$(1202405) |
| Class Y |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17065 | &nbsp;&nbsp;$245017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36536 | &nbsp;&nbsp;$506036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1349623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56983) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(784443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78866) | &nbsp;&nbsp;$(1104606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20447) | &nbsp;&nbsp;$(278407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(2202644) | &nbsp;&nbsp;$(30397589) | &nbsp;&nbsp;&nbsp;&nbsp;(1542797) | &nbsp;&nbsp;$(20920541) |
| Polen Emerging Markets Growth Fund: |  |  |  |  |
| Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32912 | &nbsp;&nbsp;$274222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49546 | &nbsp;&nbsp;$390847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(809603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6667978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(422580) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(772102) | &nbsp;&nbsp;$(6354475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3345) | &nbsp;&nbsp;$(25014) |
| Polen U.S. SMID Company Growth Fund: |  |  |  |  |
| Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86793 | &nbsp;&nbsp;$710272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804403 | &nbsp;&nbsp;$5691485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(1980448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15256951) | &nbsp;&nbsp;&nbsp;&nbsp;(1306727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9300823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(1893655) | &nbsp;&nbsp;$(14546679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(502324) | &nbsp;&nbsp;$(3609338) |

---

5. Federal Tax Information

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as tax benefit or expense in the current year. Each Fund have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

Distributions are determined in accordance with federal income tax regulations, which may differ in amount or character from net investment income and realized gains for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the components of net assets based on the tax treatment; temporary differences

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
do not require reclassifications. These temporary differences are primarily due to differing treatments for late year ordinary and post-October capital losses, capital loss carryforwards, and losses deferred due to wash sales. Net assets were not affected by these adjustments.

The following permanent differences as of April 30, 2025, primarily attributed to reclassification of foreign currency and foreign capital gains taxes from capital to ordinary, write-off or reclassification of net operating losses and fund level over distributions were reclassified among the following accounts:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Total<br> Distributable<br> Earnings** | &nbsp;&nbsp;**Paid-in-Capital** |
| Polen Growth Fund | &nbsp;&nbsp;$30953585 | &nbsp;&nbsp;$(30953585) |
| Polen Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(948436) |
| Polen U.S. Small Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(524591) |
| Polen Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(456) |
| Polen U.S. SMID Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122398) |

---

For the year ended April 30, 2025, there were no reclassifications for the Polen International Growth Fund.

The tax character of distributions paid by the Funds during the year ended April 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Ordinary<br> Income<br> Dividend** | &nbsp;&nbsp;**Long-Term<br> Capital Gain<br> Dividend** | &nbsp;&nbsp;**Total<br> Distributions<br> Paid** |
| Polen Growth Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$344560520 | &nbsp;&nbsp;$344560520 |
| Polen Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15045252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15045252 |
| Polen International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;878276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878276 |
| Polen Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39281 |

---

The tax character of distributions paid by the Funds during the year ended April 30, 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Ordinary<br> Income<br> Dividend** | &nbsp;&nbsp;**Total<br> Distributions<br> Paid\*** |
| Polen International Growth Fund | &nbsp;&nbsp;$780569 | &nbsp;&nbsp;$780569 |
| Polen Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6719 |

---

------

\* Distributions will not tie to Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.

As of April 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Capital Loss<br> Carryforward** | &nbsp;&nbsp;**Undistributed<br> Ordinary<br> Income** | &nbsp;&nbsp;**Undistributed<br> Long-Term<br> Gain** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Qualified<br> Late-Year<br> Losses** |
| Polen Growth Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$856189375 | &nbsp;&nbsp;$2107051655 | &nbsp;&nbsp;$(4472298) |
| Polen Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42094382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80464576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97691) |
| Polen International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9312937) | &nbsp;&nbsp;&nbsp;&nbsp;53125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22116667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Polen U.S. Small Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;(45802362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10995) |
| Polen Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7916727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19413) |
| Polen U.S. SMID Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7184509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes. Foreign currency and short-term capital gains are reported as ordinary income for federal income tax purposes.

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Notes to Financial Statements (Concluded)

#### April 30, 2025
As of April 30, 2025, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Federal<br> Tax Cost** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** | &nbsp;&nbsp;**Net Unrealized<br> Appreciation** |
| Polen Growth Fund | &nbsp;&nbsp;$3502132126 | &nbsp;&nbsp;$2313029346 | &nbsp;&nbsp;$(205977691) | &nbsp;&nbsp;$2107051655 |
| Polen Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263759738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103558577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23140507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80418070 |
| Polen International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153995883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43999554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21671671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22327883 |
| Polen U.S. Small Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33372093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6710504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5810867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899637 |
| Polen Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12165419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3292451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(934356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358095 |
| Polen U.S. SMID Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3574735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(553378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 |

---

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and April 30 and late year ordinary losses ((i) ordinary losses between January 1 and April 30, and (ii) specified ordinary and currency losses between November 1 and April 30) as occurring on the first day of the following tax year. For the year ended April 30, 2025, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until May 1, 2025. For the year ended April 30, 2025, the Funds deferred to May 1, 2025 the following losses:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Late-Year Ordinary<br> Losses Deferral** | &nbsp;&nbsp;**Short-Term Capital<br> Loss Deferral** | &nbsp;&nbsp;**Long-Term Capital<br> Loss Deferral** |
| Polen Growth Fund | &nbsp;&nbsp;$4472298 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Polen Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97691 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Polen U.S. Small Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10995 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Polen Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19413 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

Accumulated capital losses represent capital loss carryforwards as of April 30, 2025 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of April 30, 2025, the Funds' capital loss carryforward, which were comprised of both short-term losses and long-term losses, and had an unlimited period of capital loss carryover were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Capital Loss Carryforward** | &nbsp;&nbsp;**Capital Loss Carryforward** |
|  | &nbsp;&nbsp;**Short-Term** | &nbsp;&nbsp;**Long-Term** |
| Polen International Growth Fund | &nbsp;&nbsp;$9312937 | &nbsp;&nbsp;$— |
| Polen U.S. Small Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;28443895 | &nbsp;&nbsp;&nbsp;&nbsp;17358467 |
| Polen Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1738454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6178273 |
| Polen U.S. SMID Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5230466 |

---

For the year ended April 30, 2025, the following Funds utilized capital losses as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Capital Losses<br> Utilized** |
| Polen Growth Fund | &nbsp;&nbsp;$408212350 |
| Polen Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24134559 |
| Polen International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18840201 |
| Polen U.S. Small Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467385 |

---

6. Subsequent Events

Management has evaluated the impact of all subsequent events on each Fund through the date the financial statements were issued, and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Report of Independent Registered Public Accounting Firm
To the Board of Trustees of FundVantage Trust and Shareholders of Polen Growth Fund, Polen Global Growth Fund, Polen International Growth Fund, Polen U.S. Small Company Growth Fund, Polen Emerging Markets Growth Fund and Polen U.S. SMID Company Growth Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Polen Growth Fund, Polen Global Growth Fund, Polen International Growth Fund, Polen U.S. Small Company Growth Fund, Polen Emerging Markets Growth Fund, and Polen U.S. SMID Company Growth Fund (six of the funds constituting FundVantage Trust, hereafter collectively referred to as the "Funds") as of April 30, 2025, the related statements of operations for the year ended April 30, 2025, the statements of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2025, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 27, 2025

We have served as the auditor of one or more investment companies managed by Polen Capital Management, LLC since 2011.

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Shareholder Tax Information
(Unaudited)

The Funds are required by Subchapter M of the Internal Revenue Code of 1986, as amended, to advise their shareholders of the U.S. federal tax status of distributions received by the Funds' shareholders in respect of such fiscal year. During the year ended April 30, 2025, the following dividends and distributions were paid by the Funds:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-Term<br> Capital Gain** |
| Polen Growth Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$344560520 |
| Polen Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15045252 |
| Polen International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;878276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Polen Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes. The Funds designated the following as long-term capital gains distributions during the year ended April 30, 2025:

---

| | |
|:---|:---|
| Polen Growth Fund | &nbsp;&nbsp;$344560520 |
| Polen Global Growth Fund | &nbsp;&nbsp;$15045252 |
| Polen International Growth Fund | &nbsp;&nbsp;$0 |
| Polen U.S. Small Company Growth Fund | &nbsp;&nbsp;$0 |
| Polen Emerging Markets Growth Fund | &nbsp;&nbsp;$0 |
| Polen U.S. SMID Company Growth Fund | &nbsp;&nbsp;$0 |

---

Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentages of ordinary income distributions paid during the year ended April 30, 2025 were designated as qualified dividend income:

---

| | |
|:---|:---|
| Polen Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| Polen Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| Polen International Growth Fund | &nbsp;&nbsp;100.00% |
| Polen U.S. Small Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| Polen Emerging Markets Growth Fund | &nbsp;&nbsp;100.00% |
| Polen U.S. SMID Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% |

---

The percentage of ordinary income dividends qualifying for corporate dividends received deduction for the Funds is as follows:

---

| | |
|:---|:---|
| Polen Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| Polen Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| Polen International Growth Fund | &nbsp;&nbsp;51.75% |
| Polen U.S. Small Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| Polen Emerging Markets Growth Fund | &nbsp;&nbsp;22.56% |
| Polen U.S. SMID Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.00% |

---

The percentage of ordinary income dividends qualifying for qualified interest income for the Funds is as follows:

---

| | |
|:---|:---|
| Polen Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| Polen Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| Polen International Growth Fund | &nbsp;&nbsp;13.69% |
| Polen U.S. Small Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| Polen Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;7.30% |
| Polen U.S. SMID Company Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.00% |

---

The percentage of ordinary income distributions designated as qualified short-term gain pursuant to the American Jobs Creation Act of 2004 is as follows:

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Shareholder Tax Information (Concluded)
(Unaudited)

---

| | |
|:---|:---|
| Polen Growth Fund | &nbsp;&nbsp;0.00% |
| Polen Global Growth Fund | &nbsp;&nbsp;0.00% |
| Polen International Growth Fund | &nbsp;&nbsp;0.00% |
| Polen U.S. Small Company Growth Fund | &nbsp;&nbsp;0.00% |
| Polen Emerging Markets Growth Fund | &nbsp;&nbsp;0.00% |
| Polen U.S. SMID Company Growth Fund | &nbsp;&nbsp;0.00% |

---

The Funds paid foreign taxes and recognized foreign source income as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Foreign Taxes Paid** | &nbsp;&nbsp;**Foreign Source Income** |
| Polen International Growth Fund | &nbsp;&nbsp;$284214 | &nbsp;&nbsp;$2563915 |
| Polen Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287272 |

---

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Funds to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

Because the Funds' fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2026.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Funds, if any.

In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Funds.

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Other Information
(Unaudited)

#### Proxy Voting
Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling 1-888-678-6024 and on the Securities and Exchange Commission's ("SEC") website at *http://www.sec.gov.*

#### Quarterly Portfolio Schedules
Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended July 31 and January 31) as an exhibit to its reports on Form N-PORT. The Funds' portfolio holdings on Form N-PORT are available on the SEC's website at *http://www.sec.gov.*

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

POLEN EQUITY FUNDS

#### Privacy Notice
(Unaudited)

The privacy of your personal financial information is extremely important to us. When you open an account with us, we collect a significant amount of information from you in order to properly invest and administer your account. We take very seriously the obligation to keep that information private and confidential, and we want you to know how we protect that important information.

We collect nonpublic personal information about you from applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you, or our former clients, to our affiliates or to service providers or other third parties, except as permitted by law. We share only the information required to properly administer your accounts, which enables us to send transaction confirmations, monthly or quarterly statements, financials and tax forms. Even within the Fund and its affiliated entities, a limited number of people who actually service accounts will have access to your personal financial information. Further, we do not share information about our current or former clients with any outside marketing groups or sales entities.

To ensure the highest degree of security and confidentiality, the Fund and its affiliates maintain various physical, electronic and procedural safeguards to protect your personal information. We also apply special measures for authentication of information you request or submit to us on our web site.

If you have questions or comments about our privacy practices, please call us at 1-888-678-6024.

------

[**Table of Contents**](#JOB_FundV_9888d3c0-3aae-40ff-b9ab-88ae46c0f7cd_TOC)

#### Investment Adviser
Polen Capital Management, LLC

1825 NW Corporate Blvd.

Suite 300

Boca Raton, FL 33431

#### Administrator
The Bank of New York Mellon

103 Bellevue Parkway

Wilmington, DE 19809

#### Transfer Agent
BNY Mellon Investment Servicing (US) Inc.

500 Ross Street, 154-0520

Pittsburgh, PA 15262

#### Principal Underwriter
Foreside Funds Distributors LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

#### Custodian
The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

#### Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1800

2001 Market Street

Philadelphia, PA 19103-7042

#### Legal Counsel
Troutman Pepper Locke LLP

3000 Two Logan Square

18<sup>th</sup> and Arch Streets

Philadelphia, PA 19103

POL-0425

------

![](g851895img873d2d0e1.gif)

Polen U.S. High Yield Fund <br> Polen Opportunistic High Yield Fund

#### of

#### FundVantage Trust
Institutional Class <br> Investor Class <br> Class Y

## Annual Financials and Additional Information
April 30, 2025

This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_7e7e78ea-f52b-4381-9d33-3043eb8eb27f_1)<br>| 2 |
| [Financial Statements:](#xx_2c44d24f-1f7b-48d7-9ef7-57d1984930e3_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx_2c44d24f-1f7b-48d7-9ef7-57d1984930e3_1)<br>| 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx_4580e763-58da-4072-a15b-7ce584e70efc_1)<br>| 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_851a5e85-39ed-45d6-9c28-d5ae256cbe3f_1)<br>| 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_f7c7719c-2f27-447e-849a-4d3904a30e17_1)<br>| 12 |
| [Notes to Financial Statements](#xx_64ce83ae-4959-49e1-8ea8-2c232a3080c2_1)<br>| 16 |
| [Report of Independent Registered Public Accounting Firm](#xx_a651643d-b9c1-4f07-83f9-f512a4603010_1)<br>| 27 |
| [Shareholder Tax Information](#xx_794483b9-3c80-4474-b04a-3dcc9df0830e_1)<br>| 28 |
| [Other Information](#xx_60590447-6166-4921-89e2-0ec4ef2d1cfa_1)<br>| 29 |
| [Privacy Notice](#xx_08471534-d508-4be9-83b9-62b61e0f8604_1)<br>| 30 |

---

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN U.S. HIGH YIELD FUND

#### Portfolio of Investments

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS† — 82.1%** | **CORPORATE BONDS† — 82.1%** | **CORPORATE BONDS† — 82.1%** |
| **Consumer Discretionary Products — 5.6%** | **Consumer Discretionary Products — 5.6%** | **Consumer Discretionary Products — 5.6%** |
| Adient Global Holdings Ltd., 8.25%, 4/15/31<sup>(a)</sup> | $20000 | $19712 |
| Champ Acquisition Corp., 8.375%, 12/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33791 |
| Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51232 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26885 |
| Thor Industries, Inc., 4.00%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36031 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167651 |
| **Consumer Discretionary Services — 6.6%** | **Consumer Discretionary Services — 6.6%** | **Consumer Discretionary Services — 6.6%** |
| Cedar Fair LP, 5.25%, 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14278 |
| Penn Entertainment, Inc., 4.125%, 7/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38637 |
| Scientific Games Holdings LP, 6.625%, 3/1/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89563 |
| Six Flags Entertainment Corp., 7.25%, 5/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31440 |
| Station Casinos, LLC, 4.625%, 12/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23508 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197426 |
| **Consumer Staple Products — 1.0%** | **Consumer Staple Products — 1.0%** | **Consumer Staple Products — 1.0%** |
| Fiesta Purchaser, Inc., 9.625%, 9/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29349 |
| **Financial Services — 6.1%** | **Financial Services — 6.1%** | **Financial Services — 6.1%** |
| EZCORP, Inc., 7.375%, 4/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23082 |
| Focus Financial Partners, LLC, 6.75%, 9/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32164 |
| Jane Street Group, Inc., 6.125%, 11/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62941 |
| VFH Parent, LLC, 7.50%, 6/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32879 |
| WEX, Inc., 6.50%, 3/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180267 |
| **Health Care — 3.8%** | **Health Care — 3.8%** | **Health Care — 3.8%** |
| Acadia Healthcare Co., Inc., 7.375%, 3/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30020 |
| Pediatrix Medical Group, Inc., 5.375%, 2/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48270 |
| Select Medical Corp., 6.25%, 12/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35733 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114023 |
| **Industrial Products — 5.6%** | **Industrial Products — 5.6%** | **Industrial Products — 5.6%** |
| ATS Corp., 4.125%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23219 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Industrial Products — (Continued)** | **Industrial Products — (Continued)** | **Industrial Products — (Continued)** |
| Goat Holdco, LLC, 6.75%, 2/1/32<sup>(a)</sup> | $24000 | $23485 |
| Madison IAQ, LLC, 5.875%, 6/30/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32230 |
| SPX Flow, Inc., 8.75%, 4/1/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49486 |
| Wabash National Corp., 4.50%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167605 |
| **Industrial Services — 4.6%** | **Industrial Services — 4.6%** | **Industrial Services — 4.6%** |
| AMN Healthcare, Inc., 4.625%, 10/1/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22052 |
| AMN Healthcare, Inc., 4.00%, 4/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19742 |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 2/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48834 |
| Stonepeak Nile Parent, LLC, 7.25%, 3/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40725 |
| VM Consolidated, Inc., 5.50%, 4/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5792 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137145 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| Alliant Holdings Intermediate, LLC, 7.375%, 10/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22227 |
| **Materials — 13.4%** | **Materials — 13.4%** | **Materials — 13.4%** |
| AmeriTex HoldCo Intermediate, LLC, 10.25%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47439 |
| Baffinland Iron Mines Corp., 8.75%, 7/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8765 |
| Century Aluminum Co., 7.50%, 4/1/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45455 |
| Clydesdale Acquisition Holdings, Inc., 6.75%, 4/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14304 |
| Ingevity Corp., 3.875%, 11/1/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41554 |
| Oscar AcquisitionCo., LLC, 9.50%, 4/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60143 |
| Quikrete Holdings, Inc., 6.375%, 3/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48356 |
| Quikrete Holdings, Inc., 6.75%, 3/1/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32152 |
| SCIH Salt Holdings, Inc., 6.625%, 5/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66125 |
| TriMas Corp., 4.125%, 4/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33645 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 397938 |
| **Media — 11.4%** | **Media — 11.4%** | **Media — 11.4%** |
| Advantage Sales & Marketing, Inc., 6.50%, 11/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;109000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87985 |

---

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

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN U.S. HIGH YIELD FUND

#### Portfolio of Investments (Concluded)

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Media — (Continued)** | **Media — (Continued)** | **Media — (Continued)** |
| CCO Holdings, LLC, 7.375%, 3/1/31<sup>(a)</sup> | $22000 | $22619 |
| Clear Channel Outdoor Holdings, Inc., 9.00%, 9/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20725 |
| GrubHub Holdings, Inc., 5.50%, 7/1/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;109000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98637 |
| McGraw-Hill Education, Inc., 5.75%, 8/1/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31386 |
| McGraw-Hill Education, Inc., 8.00%, 8/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47604 |
| Outfront Media Capital, LLC, 4.625%, 3/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29621 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338577 |
| **Oil & Gas — 7.7%** | **Oil & Gas — 7.7%** | **Oil & Gas — 7.7%** |
| Archrock Partners LP, 6.25%, 4/1/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19961 |
| Archrock Partners LP, 6.625%, 9/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19901 |
| DT Midstream, Inc., 4.375%, 6/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27640 |
| Harvest Midstream I LP, 7.50%, 9/1/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50629 |
| Parkland Corp., 4.625%, 5/1/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23562 |
| Teine Energy Ltd., 6.875%, 4/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 91000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86535 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228228 |
| **Real Estate — 4.8%** | **Real Estate — 4.8%** | **Real Estate — 4.8%** |
| Howard Hughes Corp. (The), 4.375%, 2/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40810 |
| Kennedy-Wilson, Inc., 5.00%, 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141896 |
| **Retail & Wholesale - Discretionary — 5.0%** | **Retail & Wholesale - Discretionary — 5.0%** | **Retail & Wholesale - Discretionary — 5.0%** |
| Builders FirstSource, Inc., 4.25%, 2/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13544 |
| Dealer Tire, LLC, 8.00%, 2/1/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62166 |
| Mavis Tire Express Services Topco Corp., 6.50%, 5/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46184 |
| Patrick Industries, Inc., 6.375%, 11/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25268 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147162 |
| **Software & Technology Services — 4.9%** | **Software & Technology Services — 4.9%** | **Software & Technology Services — 4.9%** |
| AthenaHealth Group, Inc., 6.50%, 2/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47834 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Software & Technology Services — (Continued)** | **Software & Technology Services — (Continued)** | **Software & Technology Services — (Continued)** |
| Ellucian Holdings, Inc., 6.50%, 12/1/29<sup>(a)</sup> | $32000 | $32051 |
| Insight Enterprises, Inc., 6.625%, 5/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32505 |
| UKG, Inc., 6.875%, 2/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32943 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145333 |
| **Technology Hardware & Semiconductors — 0.5%** | **Technology Hardware & Semiconductors — 0.5%** | **Technology Hardware & Semiconductors — 0.5%** |
| Zebra Technologies Corp., 6.50%, 6/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14094 |
| **Telecommunications — 0.4%** | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** |
| Telesat Canada, 5.625%, 12/6/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8550 |
| Telesat Canada, 6.50%, 10/15/27<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4113 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12663 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> (Cost $2,442,382) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441584 |
| TOTAL INVESTMENTS - 82.1%<br> (Cost $2,442,382) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441584 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 17.9% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532813 |
| NET ASSETS - 100.0% |  | $2974397 |

---

------

(a) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund's Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2025, these securities amounted to $2,326,220 or 78.21% of net assets. These securities have been determined by the Fund's adviser to be liquid securities, unless otherwise noted.The liquidity determination is unaudited.

(b) Security is deemed illiquid at April 30, 2025.

† See Note 1. The industry designations set forth in the schedule above are those of the Bloomberg Industry Classification System ("BICS").

LLC Limited Liability Company <br> LP Limited Partnership

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

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN OPPORTUNISTIC HIGH YIELD FUND

#### Portfolio of Investments

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS† — 60.2%** | **CORPORATE BONDS† — 60.2%** | **CORPORATE BONDS† — 60.2%** |
| **Consumer Discretionary Products — 3.5%** | **Consumer Discretionary Products — 3.5%** | **Consumer Discretionary Products — 3.5%** |
| Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29<sup>(a)</sup> | $9290000 | $6431723 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29<sup>(a)</sup> | &nbsp;&nbsp; 5270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3935659 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10367382 |
| **Consumer Discretionary Services — 2.9%** | **Consumer Discretionary Services — 2.9%** | **Consumer Discretionary Services — 2.9%** |
| Boyd Gaming Corp., 4.75%, 6/15/31<sup>(a)</sup> | &nbsp;&nbsp; 1610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1502556 |
| Scientific Games Holdings LP, 6.625%, 3/1/30<sup>(a)</sup> | &nbsp;&nbsp; 5960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5678691 |
| Six Flags Entertainment Corp., 6.625%, 5/1/32<sup>(a)</sup> | &nbsp;&nbsp; 1430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1443808 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8625055 |
| **Consumer Staple Products — 4.2%** | **Consumer Staple Products — 4.2%** | **Consumer Staple Products — 4.2%** |
| Fiesta Purchaser, Inc., 7.875%, 3/1/31<sup>(a)</sup> | &nbsp;&nbsp; 5030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5275233 |
| Fiesta Purchaser, Inc., 9.625%, 9/15/32<sup>(a)</sup> | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2620417 |
| Post Holdings, Inc., 6.25%, 10/15/34<sup>(a)</sup> | &nbsp;&nbsp; 1590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1578091 |
| Simmons Foods, Inc., 4.625%, 3/1/29<sup>(a)</sup> | &nbsp;&nbsp; 3350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3119533 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12593274 |
| **Financial Services — 1.8%** | **Financial Services — 1.8%** | **Financial Services — 1.8%** |
| EZCORP, Inc., 7.375%, 4/1/32<sup>(a)</sup> | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 870826 |
| Focus Financial Partners, LLC, 6.75%, 9/15/31<sup>(a)</sup> | &nbsp;&nbsp; 4590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4613492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5484318 |
| **Health Care — 7.4%** | **Health Care — 7.4%** | **Health Care — 7.4%** |
| Acadia Healthcare Co., Inc., 7.375%, 3/15/33<sup>(a)</sup> | &nbsp;&nbsp; 3060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3062008 |
| Organon & Co / Organon Foreign Debt Co.-Issuer BV, 5.125%, 4/30/31<sup>(a)</sup> | &nbsp;&nbsp; 3460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2906485 |
| Sotera Health Holdings, LLC, 7.375%, 6/1/31<sup>(a)</sup> | &nbsp;&nbsp; 5330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5475919 |
| Surgery Center Holdings, Inc., 7.25%, 4/15/32<sup>(a)</sup> | &nbsp;&nbsp;10710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10699196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22143608 |
| **Industrial Products — 8.9%** | **Industrial Products — 8.9%** | **Industrial Products — 8.9%** |
| Chart Industries, Inc., 9.50%, 1/1/31<sup>(a)</sup> | &nbsp;&nbsp; 1310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1398143 |
| EMRLD Borrower LP, 6.625%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; 2230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2264154 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Industrial Products — (Continued)** | **Industrial Products — (Continued)** | **Industrial Products — (Continued)** |
| Goat Holdco, LLC, 6.75%, 2/1/32<sup>(a)</sup> | &nbsp;&nbsp;$1450000 | $1418840 |
| Madison IAQ, LLC, 5.875%, 6/30/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8067016 |
| SPX Flow, Inc., 8.75%, 4/1/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6640231 |
| TransDigm, Inc., 4.875%, 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;1660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1602779 |
| Wabash National Corp., 4.50%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5209820 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26600983 |
| **Industrial Services — 0.3%** | **Industrial Services — 0.3%** | **Industrial Services — 0.3%** |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 2/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 732513 |
| **Insurance — 4.0%** | **Insurance — 4.0%** | **Insurance — 4.0%** |
| AssuredPartners, Inc., 7.50%, 2/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4255 |
| HUB International Ltd., 7.375%, 1/31/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10282660 |
| Jones Deslauriers Insurance Management, Inc., 8.50%, 3/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1551206 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11838121 |
| **Materials — 13.8%** | **Materials — 13.8%** | **Materials — 13.8%** |
| AmeriTex HoldCo Intermediate, LLC, 10.25%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1392231 |
| Baffinland Iron Mines Corp., 8.75%, 7/15/26<sup>(a)</sup> | &nbsp;&nbsp;12480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10939072 |
| Century Aluminum Co., 7.50%, 4/1/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9510091 |
| Clydesdale Acquisition Holdings, Inc., 6.75%, 4/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1527463 |
| Intelligent Packaging Ltd. Finco, Inc., 6.00%, 9/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2288033 |
| Northwest Acquisitions ULC, 7.125%, 11/1/22<sup>(a)(b)(c)(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Oscar AcquisitionCo., LLC, 9.50%, 4/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7499712 |
| SCIH Salt Holdings, Inc., 6.625%, 5/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7933000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7714217 |
| Specialty Steel Holdings, Inc., 14.443%, 11/15/26<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41065819 |
| **Media — 5.0%** | **Media — 5.0%** | **Media — 5.0%** |
| CCO Holdings, LLC, 4.50%, 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 923689 |
| CCO Holdings, LLC , 4.50%, 6/1/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2525506 |

---

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

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN OPPORTUNISTIC HIGH YIELD FUND

#### Portfolio of Investments (Continued)

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Media — (Continued)** | **Media — (Continued)** | **Media — (Continued)** |
| CCO Holdings, LLC , 4.25%, 1/15/34<sup>(a)</sup> | &nbsp;&nbsp;$2930000 | $2470206 |
| Clear Channel Outdoor Holdings, Inc., 7.875%, 4/1/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5007445 |
| McGraw-Hill Education, Inc., 8.00%, 8/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3867832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14794678 |
| **Oil & Gas — 1.2%** | **Oil & Gas — 1.2%** | **Oil & Gas — 1.2%** |
| Teine Energy Ltd., 6.875%, 4/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3693000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3511808 |
| **Retail & Wholesale - Discretionary — 3.8%** | **Retail & Wholesale - Discretionary — 3.8%** | **Retail & Wholesale - Discretionary — 3.8%** |
| High Ridge Brands Escrow, 8.875%, 3/15/26<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Patrick Industries, Inc., 6.375%, 11/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4904000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4765865 |
| Wand NewCo 3, Inc., 7.625%, 1/30/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6569114 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11334979 |
| **Software & Technology Services — 3.4%** | **Software & Technology Services — 3.4%** | **Software & Technology Services — 3.4%** |
| AthenaHealth Group, Inc., 6.50%, 2/15/30<sup>(a)</sup> | &nbsp;&nbsp;10550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10092875 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> (Cost $183,991,879) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179185413 |
| **SENIOR LOANS† — 38.6%** | **SENIOR LOANS† — 38.6%** | **SENIOR LOANS† — 38.6%** |
| **Consumer Discretionary Products — 1.6%** | **Consumer Discretionary Products — 1.6%** | **Consumer Discretionary Products — 1.6%** |
| DexKo Global, Inc., 2023 Incremental Term Loans, 8.572% (SOFR +425 bps), 10/4/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715370 |
| MajorDrive Holdings IV, LLC, Initial Term Loan, 8.561% (SOFR +426 bps), 6/1/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1147021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1068805 |
| RealTruck Goup, Inc., Initial Term Loan, 7.936% (SOFR +361 bps), 1/31/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2229361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2085489 |
| WH Borrower, LLC, Initial Term Loan, 9.072% (SOFR +475 bps), 2/12/32<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 799912 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4669576 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Consumer Discretionary Services — 1.9%** | **Consumer Discretionary Services — 1.9%** | **Consumer Discretionary Services — 1.9%** |
| ATG Entertainment Ltd., Facility B (USD) Loan (SOFR +375 bps), 4/17/32<sup>(f)(g)</sup> | &nbsp;&nbsp;$1450000 | $1451813 |
| Learning Care Group U.S. No.2, Inc., 2024 Refinancing Term Loans, 8.315% (SOFR +400 bps), 8/11/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4166762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4154261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5606074 |
| **Financial Services — 0.3%** | **Financial Services — 0.3%** | **Financial Services — 0.3%** |
| Nexus Buyer, LLC, Second Lien Term Loan, 10.672% (SOFR +635 bps), 11/5/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 909843 |
| **Health Care — 9.8%** | **Health Care — 9.8%** | **Health Care — 9.8%** |
| Aveanna Healthcare, LLC, First Lien 2021 Extended Term Loan, 8.163% (SOFR +385 bps), 7/17/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4634071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4558790 |
| Aveanna Healthcare, LLC, Initial Term Loan, 11.463% (SOFR +715 bps), 12/10/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4113500 |
| CVET Midco 2 LP, Initial Term Loan, 9.299% (SOFR +500 bps), 10/13/29<sup>(f)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8871423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8362691 |
| EyeCare Partners, LLC, Tranche B Term Loan, 5.227% (SOFR +471 bps), 11/30/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3050601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2370576 |
| EyeCare Partners, LLC, Tranche C Term Loan, 10.977% (SOFR +685 bps), 11/30/28<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77422 |
| Heartland Dental, LLC, 2024 New Term Loans, 8.822% (SOFR +450 bps), 4/28/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3122116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3093439 |
| Medical Solutions Holdings, Inc., Second Lien Term Loan, 11.38% (SOFR +710 bps), 11/1/29<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 926303 |
| Performance Health Holdings, Inc., Initial Term Loan, 7.95% (SOFR +375 bps), 3/19/32<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4694525 |
| SM Wellness Holdings, Inc., Second Lien Initial Term Loan, 12.541% (SOFR +826 bps), 4/16/29<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 988800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29186046 |

---

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

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN OPPORTUNISTIC HIGH YIELD FUND

#### Portfolio of Investments (Continued)

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Industrial Products — 2.7%** | **Industrial Products — 2.7%** | **Industrial Products — 2.7%** |
| Engineered Machinery Holdings, Inc., Second Lien Amendment No. 3 Incremental Term Loan, 10.561% (SOFR +626 bps), 5/21/29<sup>(f)(g)</sup> | &nbsp;&nbsp;$3115812 | $3080759 |
| Engineered Machinery Holdings, Inc., Second Lien Incremental Amendment No. 2 Term Loan, 11.061% (SOFR +676 bps), 5/21/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3546499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3502168 |
| LSF12 Crown US Commercial Bidco, LLC, Term Loan, 8.569% (SOFR +425 bps), 12/2/31<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1495750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8078677 |
| **Industrial Services — 2.9%** | **Industrial Services — 2.9%** | **Industrial Services — 2.9%** |
| Infinite Bidco, LLC, First Lien Term Loan, 8.291% (SOFR +401 bps), 3/2/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2752959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2505193 |
| Infinite Bidco, LLC, Second Lien Initial Term Loan, 11.541% (SOFR +726 bps), 3/2/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4245740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3546531 |
| LaserShip, Inc., Tranche E Term Loan, 6.061% (SOFR +176 bps), 8/10/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3199495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644698 |
| Protective Industrial Products, Inc., Term Loan, 1/17/32<sup>(f)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2007445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8703867 |
| **Insurance — 2.8%** | **Insurance — 2.8%** | **Insurance — 2.8%** |
| Asurion, LLC, New B-4 Term Loan, 9.686% (SOFR +536 bps), 1/20/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8162275 |
| **Materials — 4.0%** | **Materials — 4.0%** | **Materials — 4.0%** |
| Arctic Canadian Diamond Company Ltd., Second Lien Term Loan, 10.00%, 12/31/27<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334881 |
| Aruba Investments Holdings, LLC, First Lien Initial Dollar Term Loan, 8.422% (SOFR +410 bps), 11/24/27<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 543804 |
| Aruba Investments Holdings, LLC, Second Lien Initial Term Loan, 12.172% (SOFR +785 bps), 11/24/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6028605 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Materials — (Continued)** | **Materials — (Continued)** | **Materials — (Continued)** |
| HP PHRG Borrower, LLC, Closing Date Term Loan, 8.322% (SOFR +400 bps), 2/20/32<sup>(f)</sup> | &nbsp;&nbsp;$2350000 | $2191375 |
| LABL, Inc., Initial Dollar Term Loan, 9.422% (SOFR +510 bps), 10/29/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3361172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2911279 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12009944 |
| **Media — 5.9%** | **Media — 5.9%** | **Media — 5.9%** |
| Arches Buyer, Inc., Refinancing Term Loan, 7.672% (SOFR +335 bps), 12/6/27<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3096075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3038411 |
| Auction.com, LLC, Term Loan, 10.252% (SOFR +300 bps), 5/26/28<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6486184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5922697 |
| MH Sub I, LLC, Second Lien Term Loan, 10.572% (SOFR +625 bps), 2/23/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8389942 |
| Sterling Entertainment Enterprises, LLC, 2025 Notes, Second Lien, 17.75%, 4/10/26<sup>(c)(d)(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17431338 |
| **Retail & Wholesale - Discretionary — 1.5%** | **Retail & Wholesale - Discretionary — 1.5%** | **Retail & Wholesale - Discretionary — 1.5%** |
| Foundation Building Materials, Inc., 2025 Incremental Term Loan, 1/29/31<sup>(f)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1508625 |
| Touchtunes Music Group, LLC, Tranche B-1 Term Loans, 9.049% (SOFR +475 bps), 4/2/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3006598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2910762 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4419387 |
| **Software & Technology Services — 4.0%** | **Software & Technology Services — 4.0%** | **Software & Technology Services — 4.0%** |
| Cloudera, Inc., Second Lien Term Loan, 10.422% (SOFR +610 bps), 10/8/29<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547619 |
| Clover Holdings 2, LLC, Fixed Term Loan, 7.75%, 12/9/31<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3326400 |
| Clover Holdings 2, LLC, Initial Floating Rate Term Loans, 8.295% (SOFR +400 bps), 12/9/31<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1230000 |
| Ellucian Holding, Inc., Second Lien Term Loan, 9.072% (SOFR +475 bps), 11/15/32<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 732737 |
| Kaseya, Inc., Initial Term Loan, 9.322% (SOFR +500 bps), 3/5/33<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000085 |

---

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

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN OPPORTUNISTIC HIGH YIELD FUND

#### Portfolio of Investments (Concluded)

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Software & Technology Services — (Continued)** | **Software & Technology Services — (Continued)** | **Software & Technology Services — (Continued)** |
| Skopima Consilio Parent, LLC, Amendment No. 5 Term Loans, 8.072% (SOFR +375 bps), 5/12/28<sup>(f)</sup> | &nbsp;&nbsp;$2364075 | $2331013 |
| Starlight Parent, LLC, Term Loan, 8.261% (SOFR +400 bps), 4/16/32<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 764574 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11932428 |
| **Technology Hardware & Semiconductors — 1.2%** | **Technology Hardware & Semiconductors — 1.2%** | **Technology Hardware & Semiconductors — 1.2%** |
| Altar Bidco, Inc., Second Lien Initial Term Loan, 9.747% (SOFR +560 bps), 2/1/30<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3794939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3612308 |
| &nbsp;&nbsp;&nbsp;TOTAL SENIOR LOANS<br> (Cost $121,921,128) | &nbsp;&nbsp;&nbsp;TOTAL SENIOR LOANS<br> (Cost $121,921,128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114721763 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **COMMON STOCKS† — 0.3%** | **COMMON STOCKS† — 0.3%** | **COMMON STOCKS† — 0.3%** |
| **Industrial Products — 0.2%** | **Industrial Products — 0.2%** | **Industrial Products — 0.2%** |
| Utex Industries, Inc.<sup>(c)(d)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453212 |
| **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** |
| Arctic Canadian Diamond Co. Ltd.<sup>(c)(d)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46526 |
| Burgundy Diamond Mines Ltd.<sup>(d)\*</sup> | 983076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22670 |
| Real Alloy Holding, Inc.<sup>(c)(d)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220153 |
| Specialty Steel Holdings, Inc.<sup>(c)(d)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128062 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417411 |
| **Retail & Wholesale - Discretionary — 0.0%** | **Retail & Wholesale - Discretionary — 0.0%** | **Retail & Wholesale - Discretionary — 0.0%** |
| ATD New Holdings, Inc.<sup>(c)(d)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Software & Technology Services — 0.0%** | **Software & Technology Services — 0.0%** | **Software & Technology Services — 0.0%** |
| Skillsoft Corp.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31335 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br> (Cost $1,139,177) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901958 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **WARRANTS† — 0.0%** | **WARRANTS† — 0.0%** | **WARRANTS† — 0.0%** |
| **Industrial Products — 0.0%** | **Industrial Products — 0.0%** | **Industrial Products — 0.0%** |
| Utex Industries Holdings, LLC, Strike Price: $114.76, 12/3/25<sup>(c)(d)\*</sup> | $1150 | $— |
| &nbsp;&nbsp;&nbsp;TOTAL WARRANTS<br> (Cost $—) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| TOTAL INVESTMENTS - 99.1%<br> (Cost $307,052,184) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294809134 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2798964 |
| NET ASSETS - 100.0% |  | $297608098 |

---

------

---

| | |
|:---|:---|
| (a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund's Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2025, these securities amounted to $176,463,945 or 59.29% of net assets. These securities have been determined by the Fund's adviser to be liquid securities, unless otherwise noted.The liquidity determination is unaudited. |
| (b) | Security is currently in default. |
| (c) | Security is fair valued by the Adviser, in its role as valuation designee, in accordance with the policies established by the Board of Trustees. |
| (d) | Security is deemed illiquid at April 30, 2025. |
| (e) | Security deemed to be restricted as of April 30, 2025. As of April 30, 2025, the fair value of restricted securities in the aggregate was $80,288, representing 0.03% of the Fund's net assets. Additional information on restricted securities can be found in Note 1. |
| (f) | Floating rate note. Coupon rate, reference index and spread shown at April 30, 2025. |
| (g) | All or a portion of this Senior Loan will settle after April 30, 2025, at which time the interest rate will be determined. Rates shown, if any, are for the settled portion. |
| † | See Note 1. The industry designations set forth in the schedule above are those of the Bloomberg Industry Classification System ("BICS"). |
| \* | Non-income producing. |

---

---

| | |
|:---|:---|
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| SOFR | Secured Overnight Funding Rate |
| USD | United States Dollar |

---

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

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

#### Statements of Assets and Liabilities

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Polen U.S. High<br> Yield Fund** | &nbsp;&nbsp;**Polen<br> Opportunistic<br> High Yield<br> Fund** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value<sup>\*</sup> | &nbsp;&nbsp;$2441584 | &nbsp;&nbsp;$294809134 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7186338 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3246636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;3023415 | &nbsp;&nbsp;&nbsp;&nbsp;307492195 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8941976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Investor Class Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9884097 |
| **Contingencies and Commitments (Notes 2 and 6)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Assets | &nbsp;&nbsp;$2974397 | &nbsp;&nbsp;$297608098 |
| **Net Assets Consisted of:** |  |  |
| &nbsp;&nbsp;&nbsp;Capital stock, $0.01 par value | &nbsp;&nbsp;$2981 | &nbsp;&nbsp;$421440 |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;2988610 | &nbsp;&nbsp;&nbsp;&nbsp;345630057 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17194) | &nbsp;&nbsp;&nbsp;&nbsp;(48443399) |
| Net Assets | &nbsp;&nbsp;$2974397 | &nbsp;&nbsp;$297608098 |
| **Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;$2974397 | &nbsp;&nbsp;$5600404 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789394 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | &nbsp;&nbsp;$9.98 | &nbsp;&nbsp;$7.09 |
| **Investor Class:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;$1151600 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163123 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;$7.06 |
| **Class Y:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;$290856094 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41191530 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;$7.06 |
| \* Investments, at cost | &nbsp;&nbsp;$2442382 | &nbsp;&nbsp;$307052184 |

---

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

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

#### Statements of Operations

#### For the Year Ended April 30, 2025

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Polen U.S. High<br> Yield Fund** | &nbsp;&nbsp;**Polen<br> Opportunistic<br> High Yield<br> Fund** |
| **Investment income** |  |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$258222 | &nbsp;&nbsp;$26469207 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;258222 | &nbsp;&nbsp;&nbsp;&nbsp;26517622 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75265 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54580 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70143 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38991 |
| &nbsp;&nbsp;&nbsp;Advisory fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149637 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39024 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11690 |
| &nbsp;&nbsp;&nbsp;Custodian fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7658 |
| &nbsp;&nbsp;&nbsp;Trustees' and officers' fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55374 |
| &nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Distribution fees (Investor Class)(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4019 |
| &nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waivers and/or reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;131593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2521528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: waivers and/or reimbursements(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;(111326) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84999) |
| &nbsp;&nbsp;&nbsp;Net expenses after waivers and/or reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2436529 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;237955 | &nbsp;&nbsp;&nbsp;&nbsp;24081093 |
| **Net realized and unrealized gain/(loss) from investments:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499781 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65143) | &nbsp;&nbsp;&nbsp;&nbsp;(7601448) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45382) | &nbsp;&nbsp;&nbsp;&nbsp;(6101667) |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp;$192573 | &nbsp;&nbsp;$17979426 |

---

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

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Polen U.S. High Yield Fund** | &nbsp;&nbsp;**Polen U.S. High Yield Fund** |
|  | &nbsp;&nbsp;**For the Year<br> Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Year<br> Ended<br> April 30, 2024** |
| **Net increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$237955 | &nbsp;&nbsp;$205244 |
| &nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35924) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49117 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218437 |
| **Less dividends and distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(234412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204902) |
| Net decrease in net assets from dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(234412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204902) |
| **Increase in net assets derived from capital share transactions (Note 4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835280 |
| Total increase/(decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16921) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848815 |
| **Net assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;2991318 | &nbsp;&nbsp;&nbsp;&nbsp;2142503 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$2974397 | &nbsp;&nbsp;$2991318 |

---

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

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

#### Statements of Changes in Net Assets (Concluded)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Polen Opportunistic High Yield Fund** | &nbsp;&nbsp;**Polen Opportunistic High Yield Fund** | &nbsp;&nbsp;**Polen Opportunistic High Yield Fund** |
|  | &nbsp;&nbsp;**For the Year<br> Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Period<br> Ended<br> April 30, 2024\*** | &nbsp;&nbsp;**For the Year<br> Ended<br> September 30, 2023** |
| **Net increase/(decrease) in net assets from operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$24081093 | &nbsp;&nbsp;$14190553 | &nbsp;&nbsp;$24557149 |
| &nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499781 | &nbsp;&nbsp;&nbsp;&nbsp;(10537692) | &nbsp;&nbsp;&nbsp;&nbsp;(17865163) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7601448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14625894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19392245 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17979426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18278755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26084231 |
| **Less dividends and distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributable earnings: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(387259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121886) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77354) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;(23754206) | &nbsp;&nbsp;&nbsp;&nbsp;(14038768) | &nbsp;&nbsp;&nbsp;&nbsp;(24452801) |
| Net decrease in net assets from dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(24263351) | &nbsp;&nbsp;&nbsp;&nbsp;(14232122) | &nbsp;&nbsp;&nbsp;&nbsp;(24598505) |
| **Increase/(decrease) in net assets derived from capital share transactions (Note 4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8987562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19373822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29534571 |
| Total increase/(decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(15271487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23420455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31020297 |
| **Net assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period/year | &nbsp;&nbsp;&nbsp;&nbsp;312879585 | &nbsp;&nbsp;&nbsp;&nbsp;289459130 | &nbsp;&nbsp;&nbsp;&nbsp;258438833 |
| &nbsp;&nbsp;&nbsp;End of period/year | &nbsp;&nbsp;$297608098 | &nbsp;&nbsp;$312879585 | &nbsp;&nbsp;$289459130 |

---

------

\* The Fund changed its fiscal year end from September 30 to April 30.

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

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

POLEN U.S. HIGH YIELD FUND **Financial Highlights**

------

Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the Period Ended<br> April 30,<br> 2023<sup>\*</sup>** |
| **Per Share Operating Performance** |  |  |  |
| Net asset value, beginning of year/period | &nbsp;&nbsp;$10.11 | &nbsp;&nbsp;$10.06 | &nbsp;&nbsp;$10.00 |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Dividends and distributions to shareholders from: |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) |
| Net asset value, end of year/period | &nbsp;&nbsp;$9.98 | &nbsp;&nbsp;$10.11 | &nbsp;&nbsp;$10.06 |
| Total investment return<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.22% |
| **Ratios/Supplemental Data** |  |  |  |
| Net assets, end of year/period (in 000s) | &nbsp;&nbsp;$2974 | &nbsp;&nbsp;$2991 | &nbsp;&nbsp;$2143 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>(4)</sup> |
| Ratio of expenses to average net assets without waivers<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.22%<sup>(4)</sup> |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.69%<sup>(4)</sup> |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12%<sup>(6)</sup> |

---

------

<sup>\*</sup> Commencement of operations on June 30, 2022.

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the period.

<sup>(2)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

<sup>(3)</sup> Expense ratio includes interest expense. Excluding such interest expense, the ratio of expenses to average net assets including waivers and/or reimbursements for the Fund would be 0.65% for the year ended April 30, 2025.

<sup>(4)</sup> Annualized.

<sup>(5)</sup> During the period, certain fees were waived. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

<sup>(6)</sup> Not annualized.

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

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

POLEN OPPORTUNISTIC HIGH YIELD FUND

#### Financial Highlights (Continued)

------

Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Period Ended<br> April 30,<br> 2024<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2021** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2020** |
| **Per Share Operating Performance** |  |  |  |  |  |  |
| Net asset value, beginning of year/period | &nbsp;&nbsp;$7.24 | &nbsp;&nbsp;$7.16 | &nbsp;&nbsp;$7.11 | &nbsp;&nbsp;$8.58 | &nbsp;&nbsp;$8.09 | &nbsp;&nbsp;$8.72 |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61<sup>(2)</sup> |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;(0.64) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| Dividends and distributions to shareholders from: |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;(0.60) |
| Net realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;(0.60) |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value, end of year/period | &nbsp;&nbsp;$7.09 | &nbsp;&nbsp;$7.24 | &nbsp;&nbsp;$7.16 | &nbsp;&nbsp;$7.11 | &nbsp;&nbsp;$8.58 | &nbsp;&nbsp;$8.09 |
| Total investment return<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.97% | &nbsp;&nbsp;&nbsp;&nbsp;(12.25)% | &nbsp;&nbsp;&nbsp;&nbsp;12.63% | &nbsp;&nbsp;&nbsp;&nbsp;(0.11)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000s) | &nbsp;&nbsp;$5600 | &nbsp;&nbsp;$3609 | &nbsp;&nbsp;$554 | &nbsp;&nbsp;$12 | &nbsp;&nbsp;$708 | &nbsp;&nbsp;$668 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79%<sup>(6)</sup> |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.90%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.44% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% |

---

------

<sup>\*</sup> The Fund changed its fiscal year end from September 30 to April 30.

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the period.

<sup>(2)</sup> The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and redemptions of Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund.

<sup>(3)</sup> Amount is less than $0.005 per share.

<sup>(4)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> According to the Polen DDJ Opportunistic High Yield Fund's shareholder services plan with respect to the Fund's Institutional Class shares, any amount of such payment not paid during the Fund's fiscal year for such services activities shall be reimbursed to the Fund as soon as practical after the end of the fiscal year. For the years ended September 30, 2022, September 30, 2021 and September 30, 2020, no fees were accrued and thus no fees were reimbursed (See Note 1).

<sup>(7)</sup> During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

<sup>(8)</sup> Not annualized.

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

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

POLEN OPPORTUNISTIC HIGH YIELD FUND

------

Contained below is per share operating performance data for Investor Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;**Investor Class** | &nbsp;&nbsp;&nbsp;**Investor Class** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Period Ended<br> April 30,<br> 2024<sup>\*</sup>** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2021** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2020** |
| **Per Share Operating Performance** |  |  |  |  |  |  |
| Net asset value, beginning of year/period | &nbsp;&nbsp;$7.21 | &nbsp;&nbsp;$7.13 | &nbsp;&nbsp;$7.09 | &nbsp;&nbsp;$8.61 | &nbsp;&nbsp;$8.12 | &nbsp;&nbsp;$8.75 |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59<sup>(2)</sup> |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;(0.65) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Dividends and distributions to shareholders from: |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) |
| Net realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;(0.57) |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> |
| Net asset value, end of year/period | &nbsp;&nbsp;$7.06 | &nbsp;&nbsp;$7.21 | &nbsp;&nbsp;$7.13 | &nbsp;&nbsp;$7.09 | &nbsp;&nbsp;$8.61 | &nbsp;&nbsp;$8.12 |
| Total investment return<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.47% | &nbsp;&nbsp;&nbsp;&nbsp;(12.51)% | &nbsp;&nbsp;&nbsp;&nbsp;12.20% | &nbsp;&nbsp;&nbsp;&nbsp;(0.46)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000s) | &nbsp;&nbsp;$1152 | &nbsp;&nbsp;$1725 | &nbsp;&nbsp;$1413 | &nbsp;&nbsp;$1384 | &nbsp;&nbsp;$2480 | &nbsp;&nbsp;$2579 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.98% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% |

---

------

<sup>\*</sup> The Fund changed its fiscal year end from September 30 to April 30.

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the period.

<sup>(2)</sup> The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and redemptions of Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund.

<sup>(3)</sup> Amount is less than $0.005 per share.

<sup>(4)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

<sup>(7)</sup> Not annualized.

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

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

POLEN OPPORTUNISTIC HIGH YIELD FUND

#### Financial Highlights (Concluded)

------

Contained below is per share operating performance data for Class Y shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;&nbsp;**Class Y** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Period Ended<br> April 30,<br> 2024\*** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2021** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> September 30,<br> 2020** |
| **Per Share Operating Performance** |  |  |  |  |  |  |
| Net asset value, beginning of year/period | &nbsp;&nbsp;$7.20 | &nbsp;&nbsp;$7.11 | &nbsp;&nbsp;$7.07 | &nbsp;&nbsp;$8.59 | &nbsp;&nbsp;$8.10 | &nbsp;&nbsp;$8.72 |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60<sup>(2)</sup> |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| Dividends and distributions to shareholders from: |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) |
| Net realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value, end of year/period | &nbsp;&nbsp;$7.06 | &nbsp;&nbsp;$7.20 | &nbsp;&nbsp;$7.11 | &nbsp;&nbsp;$7.07 | &nbsp;&nbsp;$8.59 | &nbsp;&nbsp;$8.10 |
| Total investment return<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.23)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03)% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000s) | &nbsp;&nbsp;$290856 | &nbsp;&nbsp;$307546 | &nbsp;&nbsp;$287492 | &nbsp;&nbsp;$257043 | &nbsp;&nbsp;$243732 | &nbsp;&nbsp;$135801 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.36% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% |

---

------

<sup>\*</sup> The Fund changed its fiscal year end from September 30 to April 30.

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the period.

<sup>(2)</sup> The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and redemptions of Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund.

<sup>(3)</sup> Amount is less than $0.005 per share.

<sup>(4)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

<sup>(7)</sup> Not annualized.

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

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

#### Notes to Financial Statements

#### April 30, 2025
1. Organization and Significant Accounting Policies

The Polen U.S. High Yield Fund and Polen Opportunistic High Yield Fund (each a "Fund" and together the "Funds") are non-diversified, open-end management investment companies registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), which commenced investment operations on June 30, 2022 and July 24, 2023, respectively. The Funds are separate series of FundVantage Trust (the "Trust") which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a "series trust" authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. Two separate classes of shares, Investor Class and Institutional Class, are offered for the Polen U.S. High Yield Fund. The Polen Opportunistic High Yield Fund offers three separate classes of shares, Investor Class, Institutional Class and Class Y. As of April 30, 2025, Investor Class shares had not been issued on the Polen U.S. High Yield Fund. Polen Capital Credit, LLC ("Polen Credit" or the "Adviser") serves as investment adviser to the Funds pursuant to an investment advisory agreement with the Trust.

The Polen Opportunistic High Yield Fund commenced investment operations on July 24, 2023. Prior to that date, this Fund acquired the assets and assumed the liabilities of the Polen DDJ Opportunistic High Yield Fund (the "Predecessor Fund"), a series of ALPS Series Trust ("ALPS"), in a tax-free reorganization as set out in an Agreement and Plan of Reorganization, dated as of April 17, 2023 (the "Plan"). The Predecessor Fund commenced investment operations on July 16, 2015. The Plan was approved by the Trust's Board of Trustees on February 27, 2023, by the Board of Trustees of ALPS on February 16, 2023, and by the beneficial owners of the Predecessor Fund on July 5, 2023. The tax-free reorganization was accomplished on July 24, 2023. Financial information included for the dates prior to the reorganization is that of the Predecessor Fund.

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

***Portfolio Valuation — The Funds' net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System ("NASDAQ") market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). Securities that do not have a readily available current market value are valued in good faith by the Adviser as "valuation designee" under the oversight of the Trust's Board of Trustees. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Trust's Board of Trustees.***

The Funds have a fundamental policy with respect to industry concentration that it will not invest 25% or more of the value of the Funds' assets in securities of issuers in any one industry. Since inception the Funds have utilized BICS at the sub-industry level for defining industries for purposes of monitoring compliance with its industry concentration policy. However, at times, the Funds may utilize other industry classification systems such as MGECS, ICE BofA or GICS, as applicable, for other purposes.

***Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Funds' investments are summarized into three levels as described in the hierarchy below:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — quoted prices in active markets for identical securities;

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers in and out are recognized at the value at the end of the period.

Significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that foreign markets close (where the security is principally traded) and the time that each Fund calculates its NAV (generally, the close of the NYSE) which may impact the value of securities traded in these foreign markets. As a result, each Fund fair values foreign securities using an independent pricing service which considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange traded funds and certain indexes as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy.

Securities listed on a non-U.S. exchange are generally fair valued daily by an independent fair value pricing service approved by the Trust's Board of Trustees and categorized as Level 2 investments within the hierarchy. The fair valuations for these securities may not be the same as quoted or published prices of the securities on their primary markets. Securities for which daily fair value prices from the independent fair value pricing service are not available are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of valuation time, as provided by an independent pricing service approved by the Board of Trustees.

The valuations for fixed income securities, including corporate bonds and floating rate senior loans ("Senior Loans"), are typically the prices supplied by independent third-party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third-party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Senior Loans are fair valued based on a quoted price received from a single broker-dealer or an average of quoted prices received from multiple broker-dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable, the fair value of fixed income securities and Senior Loans would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

The following is a summary of the inputs used, as of April 30, 2025, in valuing each Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;**Total<br> Value at<br> 04/30/25** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| **Polen U.S. High Yield Fund** | **Polen U.S. High Yield Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Investments in Securities\* | $2441584 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2441584 | $— |
| **Polen Opportunistic High Yield Fund** | **Polen Opportunistic High Yield Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary Products | $10367382 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$10367382 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8625055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8625055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staple Products | &nbsp;&nbsp;&nbsp;&nbsp;12593274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12593274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5484318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5484318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;**Total<br> Value at<br> 04/30/25** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | $22143608 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$22143608 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Products | &nbsp;&nbsp;&nbsp;&nbsp;26600983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26600983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;11838121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11838121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;41065819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40870819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;14794678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14794678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3511808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3511808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail & Wholesale - Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;11334979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11334979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>\*\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software & Technology Services | &nbsp;&nbsp;&nbsp;&nbsp;10092875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10092875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Senior Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4669576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4669576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5606074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5606074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;29186046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29186046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8078677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8078677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8703867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8703867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8162275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8162275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;12009944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11675063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;17431338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17351050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail & Wholesale - Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4419387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4419387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software & Technology Services | &nbsp;&nbsp;&nbsp;&nbsp;11932428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11932428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology Hardware & Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3612308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3612308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417411 | &nbsp;&nbsp;&nbsp;&nbsp;22670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail & Wholesale - Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>\*\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software & Technology Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31335 | &nbsp;&nbsp;&nbsp;&nbsp;31335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>\*\*</sup> |
| Total Assets | $294809134 | &nbsp;&nbsp;$54005 | &nbsp;&nbsp;$293297007 | $1458122 |

---

------

\* Please refer to Portfolio of Investments for further details on portfolio holdings.

\*\* Current value is $0.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third-party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds' investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles ("U.S. GAAP") require the Funds to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when the Funds have an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to their net assets. The amounts and reasons for all transfers in and out of Level 3 are disclosed when the Funds had an amount of transfers during the reporting period that was meaningful in relation to their net assets as of the end of the reporting period.

There are significant unobservable inputs used in the fair value measurement of the Funds' Level 3 investments. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement.

***Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.***

***Investment Transactions, Investment Income and Expenses — Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Distribution (12b-1) fees relating to a specific class are charged directly to that class. Fund level expenses common to all classes, investment income and realized and unrealized gains and losses on investments are generally allocated to each class of each Fund based upon the relative daily net assets of each class of each Fund. The Funds may also be subject to foreign taxes on income, a portion of which may be recoverable. The Funds apply for refunds where available. The Funds will accrue such taxes and reclaims, as applicable, based upon the current interpretation of tax rules and regulations that exist in the market in which the Fund invests. General expenses of the Trust are generally allocated to each Fund under methodologies approved by the Board of Trustees. Expenses directly attributable to a particular Fund in the Trust are charged directly to that Fund. The Funds' investment income, expenses (other than class-specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day.***

***Cash and Cash Equivalents — Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. Each Fund maintains deposits with a high quality financial institution in an amount that is in excess of federally insured limits.***

***Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid to shareholders and are recorded on ex-date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.***

***U.S. Tax Status — No provision is made for U.S. income taxes as it is each Fund's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.***

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

***Debt Investment Risk — Debt investments are affected primarily by the financial condition of the companies or other entities that have issued them and by changes in interest rates. There is a risk that an issuer of a Fund's debt investments may not be able to meet its financial obligations (e. g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or seek bankruptcy protection. Securities such as high-yield bonds, e.g., bonds with low credit ratings by Moody's (Ba or lower) or Standard & Poor's (BB and lower) or if unrated are of comparable quality as determined by the Adviser, are especially subject to credit risk during periods of economic uncertainty or during economic downturns and are more likely to default on their interest and/or principal payments than higher rated securities. Debt investments may be affected by changes in interest rates.***

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
Debt investments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt investments with shorter durations or floating or adjustable interest rates. The value of debt investments may fall when interest rates rise.

***Senior Loans — Certain Funds invests primarily in senior loans and other floating rate investments. Senior loans typically are rated below investment grade. Below investment grade securities, including senior loans, involve greater risk of loss, are subject to greater price volatility, and may be less liquid and more difficult to value, especially during periods of economic uncertainty or change, than higher rated debt securities. Market quotations for these securities may be volatile and/or subject to large spreads between bid and ask prices. These securities once sold, may not settle for an extended period (for example, several weeks or even longer). A Fund will not receive its sale proceeds until that time, which may constrain a Fund's ability to meet its obligations. A Fund may invest in securities of issuers that are in default or that are in bankruptcy. The value of collateral, if any, securing a senior loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. No active trading market may exist for many senior loans, and many loans are subject to restrictions on resale. Any secondary market may be subject to irregular trading activity and extended settlement periods. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Loans may not be considered "securities," and purchasers, such as a Fund, therefore may not be entitled to rely on the anti-fraud protections afforded by federal securities laws.***

***Recent Accounting Pronouncement — The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures during the year. Each Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Each Fund operates as a single reporting entity, meaning all its business activities are considered one business segment for financial reporting purposes.***

The Chief Operating Decision Maker ("CODM") is the Adviser and the Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO") of each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***Restricted Securities — Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer's expense, either upon demand by a fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid. The Fund will not incur any registration costs upon such resale. The Fund's restricted securities are valued at the price provided by pricing services or dealers in the secondary market or, if no market prices are available, at the fair value price as determined by the Fund's adviser pursuant to the Fund's fair value policy, subject to oversight by the Board of Trustees. The Fund has acquired certain securities, the sale of which is restricted under applicable provisions of the Securities Act of 1933. It is possible that the fair value price may differ significantly from the amount that may ultimately be realized in the near term, and the difference could be material.***

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
The below securities are restricted from resale as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Polen Opportunistic High Yield Fund** | &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Acquisition<br> Date** | &nbsp;&nbsp;**Cost** | &nbsp;&nbsp;**Value** |
| Northwest Acquisitions ULC | &nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;10/25/2018 | &nbsp;&nbsp;$1343974 | &nbsp;&nbsp;$— |
| Sterling Entertainment Enterprises, LLC | &nbsp;&nbsp;Senior Loans | &nbsp;&nbsp;01/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103000 | &nbsp;&nbsp;&nbsp;&nbsp;80288 |
|  |  |  |  | &nbsp;&nbsp;$80288 |

---

Restricted securities under Rule 144A, including the aggregate value and percentage of net assets of the Polen Opportunistic High Yield Fund, have been identified in the Portfolio of Investments.

2. Transactions with Related Parties and Other Service Providers

For its services, Polen Credit is paid a monthly fee at the annual rate based on average daily net assets of each Fund as shown in the table below:

---

| | |
|:---|:---|
| Polen U.S. High Yield Fund | &nbsp;&nbsp;0.55% |
| Polen Opportunistic High Yield Fund | &nbsp;&nbsp;0.70% |

---

The Adviser has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Funds to the extent necessary to ensure that the Funds' total operating expenses (excluding taxes, fees and expenses attributable to a distribution or service plan adopted by the Trust, interest, extraordinary items, "Acquired Fund Fees and Expenses" and brokerage commissions) do not exceed (on an annual basis) the percentages set forth in the table below of each Fund's average daily net assets (the "Expense Limitations"). The Expense Limitations will remain in place until the termination date set forth below, unless the Board of Trustees approves their earlier termination. The table below reflects the Expense Limitation amounts, as a percentage of average daily net assets, in effect during the year ended April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Institutional<br> Class** | &nbsp;&nbsp;**Investor<br> Class** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Termination Date** |
| Polen U.S. High Yield Fund | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;August 31, 2025 |
| Polen Opportunistic High Yield Fund | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;August 31, 2025 |

---

The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for such Fund. The Adviser is permitted to seek reimbursement from a Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund's expenses are below the Expense Limitation amount. As of April 30, 2025, Investor Class shares had not been issued on the Polen U.S. High Yield Fund.

For the year ended April 30, 2025, the amount of advisory fees earned and waived and/or reimbursed was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Gross<br> Advisory Fee** | &nbsp;&nbsp;**Waiver/<br> Reimbursements** | &nbsp;&nbsp;**Net Advisory Fee/<br> (Reimbursement)** |
| Polen U.S. High Yield Fund | &nbsp;&nbsp;$17120 | &nbsp;&nbsp;$(111326) | &nbsp;&nbsp;$(94206) |
| Polen Opportunistic High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;2149637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84999) | &nbsp;&nbsp;&nbsp;&nbsp;2064638 |

---

No Funds recouped any fees for the year ended April 30, 2025.

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
As of April 30, 2025, the amount of potential recovery was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;**Expiration** |
|  | &nbsp;&nbsp;**09/30/2025** | &nbsp;&nbsp;**09/30/2026** | &nbsp;&nbsp;**04/30/2026** | &nbsp;&nbsp;**04/30/2027** | &nbsp;&nbsp;**04/30/2028** | &nbsp;&nbsp;**Total** |
| Polen U.S. High Yield Fund | &nbsp;&nbsp;$N/A | &nbsp;&nbsp;$N/A | &nbsp;&nbsp;$113023 | &nbsp;&nbsp;$112555 | &nbsp;&nbsp;$111326 | &nbsp;&nbsp;$336904 |
| Polen Opportunistic High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;113941 | &nbsp;&nbsp;&nbsp;&nbsp;334289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84999 | &nbsp;&nbsp;&nbsp;&nbsp;601853 |

---

The Funds have not recorded a commitment or contingent liability at April 30, 2025.

#### Other Service Providers
The Bank of New York Mellon ("BNY") serves as administrator and custodian for the Funds. For providing administrative and accounting services, BNY is entitled to receive a monthly fee equal to an annual percentage rate of the Funds' average daily net assets and is subject to certain minimum monthly fees. For providing certain custodial services, BNY is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

BNY Investment Servicing (US) Inc. (the "Transfer Agent") provides transfer agent services to the Funds. The Transfer Agent is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

The Trust, on behalf of the Funds, has entered into agreements with financial intermediaries to provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries investing in the Funds and has agreed to compensate the intermediaries for providing those services. The fees incurred by the Funds for these services are included in Transfer agent fees in the Statements of Operations.

Foreside Funds Distributors LLC (the "Underwriter") provides principal underwriting services to the Funds pursuant to an underwriting agreement between the Trust and the Underwriter.

The Trust and the Underwriter are parties to an underwriting agreement. The Trust has adopted a distribution plan for the Investor Class shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the Investor Class shares plan, the Funds compensate the Underwriter for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.25% on an annualized basis of the average daily net assets of the Funds' Investor Class shares.

#### Trustees and Officers
The Trust is governed by its Board of Trustees. The Trustees receive compensation in the form of an annual retainer and per meeting fees for their services to the Trust. An employee of BNY serves as the Secretary of the Trust and is not compensated by the Funds or the Trust.

JW Fund Management LLC ("JWFM") provides a PEO and PFO to the Trust. Chenery Compliance Group, LLC ("Chenery") provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and Chenery are compensated for their services provided to the Trust.

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
3. Investment in Securities

For the April 30, 2025, aggregated purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| Polen U.S. High Yield Fund | &nbsp;&nbsp;$2022166 | &nbsp;&nbsp;$2428163 |
| Polen Opportunistic High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;185542177 | &nbsp;&nbsp;&nbsp;&nbsp;176798037 |

---

The Funds are permitted to purchase or sell securities, which have a readily available market quotation, from or to certain other affiliated funds under specified conditions outlined in the procedures adopted by the Board of Trustees. The procedures have been designed to provide assurances that any purchase or sale of securities by the Funds from or to another fund that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), common Trustees and/or common officers complies with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effective at the current market price.

For the year ended April 30, 2025, the Funds did not engage in purchase or sale of securities with affiliated funds under Rule 17a-7.

4. Capital Share Transactions

For years ended April 30, 2025 and the year/period ended 2024, transactions in capital shares (authorized shares unlimited) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2024** | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2024** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Polen U.S. High Yield Fund: |  |  |  |  |
| Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;38323 | &nbsp;&nbsp;$389816 | &nbsp;&nbsp;63040 | &nbsp;&nbsp;$635927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;22884 | &nbsp;&nbsp;&nbsp;&nbsp;233814 | &nbsp;&nbsp;20408 | &nbsp;&nbsp;&nbsp;&nbsp;204902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;(59103) | &nbsp;&nbsp;&nbsp;&nbsp;(598712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;2104 | &nbsp;&nbsp;$24918 | &nbsp;&nbsp;82906 | &nbsp;&nbsp;$835280 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Period Ended<br> April 30, 2024\*** | &nbsp;&nbsp;**For the Period Ended<br> April 30, 2024\*** | &nbsp;&nbsp;**For the Year Ended<br> September 30, 2023** | &nbsp;&nbsp;**For the Year Ended<br> September 30, 2023** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Polen Opportunistic High Yield Fund: |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519054 | &nbsp;&nbsp;$3788175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413088 | &nbsp;&nbsp;$2967067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218382 | &nbsp;&nbsp;$1588492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(281255) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2040244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58830) | &nbsp;&nbsp;&nbsp;&nbsp;(146128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1057645) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291004 | &nbsp;&nbsp;$2134278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420950 | &nbsp;&nbsp;$3023675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75790 | &nbsp;&nbsp;$556271 |

---

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Period Ended<br> April 30, 2024\*** | &nbsp;&nbsp;**For the Period Ended<br> April 30, 2024\*** | &nbsp;&nbsp;**For the Year Ended<br> September 30, 2023** | &nbsp;&nbsp;**For the Year Ended<br> September 30, 2023** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Investor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61258 | &nbsp;&nbsp;$445806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71117 | &nbsp;&nbsp;$507198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20757 | &nbsp;&nbsp;$149027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(153266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1106082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28927) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76180) | &nbsp;&nbsp;$(545747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41070 | &nbsp;&nbsp;$291555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2964 | &nbsp;&nbsp;$22185 |
| Class Y |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776641 | &nbsp;&nbsp;$5666885 | &nbsp;&nbsp;&nbsp;2605837 | &nbsp;&nbsp;$18523313 | &nbsp;&nbsp;&nbsp;3053375 | &nbsp;&nbsp;$21770583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;2793974 | &nbsp;&nbsp;&nbsp;&nbsp;20199044 | &nbsp;&nbsp;&nbsp;1634719 | &nbsp;&nbsp;&nbsp;&nbsp;11679905 | &nbsp;&nbsp;&nbsp;2912183 | &nbsp;&nbsp;&nbsp;&nbsp;20669776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;(5070174) | &nbsp;&nbsp;&nbsp;&nbsp;(36444156) | &nbsp;&nbsp;(1979343) | &nbsp;&nbsp;&nbsp;&nbsp;(14144686) | &nbsp;&nbsp;(1911688) | &nbsp;&nbsp;&nbsp;&nbsp;(13494465) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) | &nbsp;&nbsp;(1499559) | &nbsp;&nbsp;$(10576093) | &nbsp;&nbsp;&nbsp;2261213 | &nbsp;&nbsp;$16058592 | &nbsp;&nbsp;&nbsp;4053870 | &nbsp;&nbsp;$28956115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net increase/(decrease) | &nbsp;&nbsp;(1284735) | &nbsp;&nbsp;$(8987562) | &nbsp;&nbsp;&nbsp;2723233 | &nbsp;&nbsp;$19373822 | &nbsp;&nbsp;&nbsp;4132624 | &nbsp;&nbsp;$29534571 |

---

------

\* The Fund changed its fiscal year end from September 30 to April 30.

\*\* There is a 1.00% redemption fee that may be charged on shares redeemed which have been held 60 days or less. The redemption fees are retained by the Fund for the benefit of the remaining shareholders and recorded as paid-in capital.

#### Significant Shareholders
As of April 30, 2025, the Funds below had shareholders that held 10% or more of the total outstanding shares of each respective Fund. Transactions by these shareholders may have a material impact on each respective Fund.

---

| | |
|:---|:---|
| Polen U.S. High Yield Fund |  |
| &nbsp;&nbsp;&nbsp;Affiliated Shareholders | &nbsp;&nbsp;69% |

---

---

| | |
|:---|:---|
| Polen Opportunistic High Yield Fund |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated Shareholders | &nbsp;&nbsp;25% |

---

5. Federal Tax Information

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as tax benefit or expense in the current year. Each Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

Distributions are determined in accordance with federal income tax regulations, which may differ in amount or character from net investment income and realized gains for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the components of net assets based on the tax treatment; temporary differences do not require reclassifications. These temporary differences are primarily due to tax adjustments on defaulted bonds,

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
discount/premium adjustments, capital loss carryforwards, and losses deferred due to wash sales. Net assets were not affected by these adjustments. For the year ended April 30, 2025, there were no reclassifications for the Funds.

The tax character of distributions paid by the Funds during the year ended April 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Ordinary<br> Income<br> Dividend** | &nbsp;&nbsp;**Long-Term<br> Capital Gain<br> Dividend** | &nbsp;&nbsp;**Total<br> Distributions<br> Paid** |
| Polen U.S. High Yield Fund | &nbsp;&nbsp;$234412 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$234412 |
| Polen Opportunistic High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;24263351 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24263351 |

---

The tax character of distributions paid by the Funds during the year ended April 30, 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Ordinary<br> Income<br> Dividend** | &nbsp;&nbsp;**Total<br> Distributions<br> Paid\*** |
| Polen U.S. High Yield Fund | &nbsp;&nbsp;$205853 | &nbsp;&nbsp;$205853 |
| Polen Opportunistic High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;13936725 | &nbsp;&nbsp;&nbsp;&nbsp;13936725 |

---

------

\* Distributions will not tie to Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.

As of April 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Capital Loss<br> Carryforward** | &nbsp;&nbsp;**Undistributed<br> Ordinary<br> Income** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Temporary<br> Differences** |
| Polen U.S. High Yield Fund | &nbsp;&nbsp;$(20281) | &nbsp;&nbsp;$3885 | &nbsp;&nbsp;$(798) | &nbsp;&nbsp;$— |
| Polen Opportunistic High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;(35704015) | &nbsp;&nbsp;&nbsp;&nbsp;160639 | &nbsp;&nbsp;&nbsp;&nbsp;(12654396) | &nbsp;&nbsp;&nbsp;&nbsp;(245627) |

---

The tax character of distributions paid by the Funds during the year ended April 30, 2025, were as follows:

The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes. Foreign currency and short-term capital gains are reported as ordinary income for federal income tax purposes.

As of April 30, 2025, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Federal<br> Tax Cost** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** | &nbsp;&nbsp;**Net Unrealized<br> (Depreciation)** |
| Polen U.S. High Yield Fund | &nbsp;&nbsp;$2442382 | &nbsp;&nbsp;$49684 | &nbsp;&nbsp;$(50482) | &nbsp;&nbsp;$(798) |
| Polen Opportunistic High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;307463530 | &nbsp;&nbsp;&nbsp;&nbsp;3306722 | &nbsp;&nbsp;&nbsp;&nbsp;(15961118) | &nbsp;&nbsp;&nbsp;&nbsp;(12654396) |

---

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and April 30 and late year ordinary losses ((i) ordinary losses between January 1 and April 30, and (ii) specified ordinary and currency losses between November 1 and April 30) as occurring on the first day of the following tax year. For the year ended April 30, 2025, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until May 1, 2025. For the year ended April 30, 2025, the Funds did not have late year ordinary loss deferrals and capital loss deferrals.

Accumulated capital losses represent capital loss carryforwards as of April 30, 2025 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of April 30, 2025, the Funds' capital loss carryforward, which were comprised of both short-term losses and long-term losses, and had an unlimited period of capital loss carryover were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Capital Loss Carryforward** | &nbsp;&nbsp;**Capital Loss Carryforward** |
|  | &nbsp;&nbsp;**Short-Term** | &nbsp;&nbsp;**Long-Term** |
| Polen U.S. High Yield Fund | &nbsp;&nbsp;$20281 | &nbsp;&nbsp;$— |
| Polen Opportunistic High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;5484592 | &nbsp;&nbsp;&nbsp;&nbsp;30219423 |

---

For the year ended April 30, 2025, the following Funds utilized capital losses as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Capital Losses<br> Utilized** |
| Polen U.S. High Yield Fund | &nbsp;&nbsp;$29062 |
| Polen Opportunistic High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;1427680 |

---

6. Commitments and Contingencies

Some Funds may make commitments pursuant to bridge loan facilities. Bridge loan commitments may obligate the Funds to furnish temporary financing to a borrower until permanent financing can be arranged. Such commitments typically remain off balance sheet as it is more likely than not, based on the good faith judgement of the Adviser, that such bridge facilities will not ever fund. As of April 30, 2025, there were no outstanding bridge facility commitments.

***Unfunded Loan Commitments — Certain Funds may enter into unfunded loan commitments. Unfunded loan commitments may be partially or wholly unfunded. During the contractual period, the Fund is obliged to provide funding to the borrower upon demand. A fee is earned by a Fund on the unfunded loan commitment and is recorded as interest income on the Statement of Operations. Unfunded loan commitments on senior loan participations and assignments, if any, are marked to market daily and valued according to the Trust's valuation policies and procedures. Any applicable net unrealized appreciation or depreciation at the end of the reporting period is recorded as an asset and any change in net unrealized appreciation or depreciation for the reporting period is recorded within the change in net unrealized appreciation or depreciation on investments. Unfunded loan commitments are included in the Portfolio of Investments. As of April 30, 2025, neither fund had any unfunded loan commitments.***

7. Subsequent Events

Management has evaluated the impact of all subsequent events on each Fund through the date the financial statements were issued, and has determined that there was the following subsequent event:

On April 29, 2025, the Board approved a plan to liquidate and terminate Polen U.S. High Yield Fund, which occurred on May 15, 2025.

Management has evaluated and has determined there are no additional subsequent events.

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

#### Report of Independent Registered Public Accounting Firm
To the Board of Trustees of FundVantage Trust and Shareholders of Polen U.S. High Yield Fund and Polen Opportunistic High Yield Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Polen U.S. High Yield Fund and Polen Opportunistic High Yield Fund (two of the funds constituting FundVantage Trust, hereafter collectively referred to as the "Funds") as of April 30, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| Polen U.S. High Yield Fund | Statement of operations for the year ended April 30, 2025 and the statements of changes in net assets for each of the two years in the period ended April 30, 2025 |
| Polen Opportunistic High Yield Fund | Statement of operations for the year ended April 30, 2025 and the statements of changes in net assets for the year ended April 30, 2025, the period beginning October 1, 2023 through April 30, 2024 and the year ended September 30, 2023 |

---

The financial statements of the Polen Opportunistic High Yield Fund, as of and for the year ended September 30, 2022 and the financial highlights for each of the periods ended on or prior to September 30, 2022 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated November 29, 2022 expressed an unqualified opinion on those financial statements and financial highlights.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, issuers and agent banks; when replies were not received from agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 27, 2025

We have served as the auditor of one or more investment companies managed by Polen Capital Management, LLC since 2011.

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

#### Shareholder Tax Information
(Unaudited)

The Funds are required by Subchapter M of the Internal Revenue Code of 1986, as amended, to advise their shareholders of the U.S. federal tax status of distributions received by the Funds' shareholders in respect of such fiscal year. During the year ended April 30, 2025, the following dividends and distributions were paid by the Funds:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-Term<br> Capital Gain** |
| Polen U.S. High Yield Fund | &nbsp;&nbsp;$234412 | &nbsp;&nbsp;$— |
| Polen Opportunistic High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;24263351 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes. The Funds designated the following as long-term capital gains distributions during the year ended April 30, 2025:

---

| | |
|:---|:---|
| Polen U.S. High Yield Fund | &nbsp;&nbsp;$0 |
| Polen Opportunistic High Yield Fund | &nbsp;&nbsp;$0 |

---

Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentages of ordinary income distributions paid during the year ended April 30, 2025 were designated as qualified dividend income:

---

| | |
|:---|:---|
| Polen U.S. High Yield Fund | &nbsp;&nbsp;0.00% |
| Polen Opportunistic High Yield Fund | &nbsp;&nbsp;0.00% |

---

The percentage of ordinary income dividends qualifying for corporate dividends received deduction for the Funds is as follows:

---

| | |
|:---|:---|
| Polen U.S. High Yield Fund | &nbsp;&nbsp;0.00% |
| Polen Opportunistic High Yield Fund | &nbsp;&nbsp;0.00% |

---

The percentage of ordinary income dividends qualifying for qualified interest income for the Funds is as follows:

---

| | |
|:---|:---|
| Polen U.S. High Yield Fund | &nbsp;&nbsp;92.86% |
| Polen Opportunistic High Yield Fund | &nbsp;&nbsp;90.91% |

---

The percentage of ordinary income distributions designated as qualified short-term gain pursuant to the American Jobs Creation Act of 2004 is as follows:

---

| | |
|:---|:---|
| Polen U.S. High Yield Fund | &nbsp;&nbsp;0.00% |
| Polen Opportunistic High Yield Fund | &nbsp;&nbsp;0.00% |

---

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Funds to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

Because the Funds' fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2026.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Funds, if any.

In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Funds.

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

#### Other Information
(Unaudited)

#### Proxy Voting
Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling 1-888-678-6024 and on the Securities and Exchange Commission's ("SEC") website at *http://www.sec.gov.*

#### Quarterly Portfolio Schedules
Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended July 31 and January 31) as an exhibit to its reports on Form N-PORT. The Funds' portfolio holdings on Form N-PORT are available on the SEC's website at *http://www.sec.gov.*

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

POLEN FIXED INCOME FUNDS

#### Privacy Notice
(Unaudited)

The privacy of your personal financial information is extremely important to us. When you open an account with us, we collect a significant amount of information from you in order to properly invest and administer your account. We take very seriously the obligation to keep that information private and confidential, and we want you to know how we protect that important information.

We collect nonpublic personal information about you from applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you, or our former clients, to our affiliates or to service providers or other third parties, except as permitted by law. We share only the information required to properly administer your accounts, which enables us to send transaction confirmations, monthly or quarterly statements, financials and tax forms. Even within the Fund and its affiliated entities, a limited number of people who actually service accounts will have access to your personal financial information. Further, we do not share information about our current or former clients with any outside marketing groups or sales entities.

To ensure the highest degree of security and confidentiality, the Fund and its affiliates maintain various physical, electronic and procedural safeguards to protect your personal information. We also apply special measures for authentication of information you request or submit to us on our web site.

If you have questions or comments about our privacy practices, please call us at 1-888-678-6024.

------

[**Table of Contents**](#JOB_FundV_39b03251-9563-46b7-8023-6a4b45ad2ab2_TOC)

#### Investment Adviser
Polen Capital Credit, LLC

1075 Main Street

Suite 320

Waltham, MA 02451

#### Administrator
The Bank of New York Mellon

103 Bellevue Parkway

Wilmington, DE 19809

#### Transfer Agent
BNY Mellon Investment Servicing (US) Inc.

500 Ross Street, 154-0520

Pittsburgh, PA 15262

#### Principal Underwriter
Foreside Funds Distributors LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

#### Custodian
The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

#### Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1800

2001 Market Street

Philadelphia, PA 19103-7042

#### Legal Counsel
Troutman Pepper Locke LLP

3000 Two Logan Square

18<sup>th</sup> and Arch Streets

Philadelphia, PA 19103

POL-0425

------

![](g851895imgbb11988e1.gif)

Polen Growth & Income Fund

#### of

#### FundVantage Trust
Institutional Class

## Annual Financials and Additional Information
April 30, 2025

This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_8dd4573e-d4ba-4cb1-bbd9-eb3792c27763_1)<br>| 1 |
| [Financial Statements:](#xx_09af1027-7016-4c9c-95d0-a6ab3976e694_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_09af1027-7016-4c9c-95d0-a6ab3976e694_1)<br>| 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_04376c41-3f0c-4e17-aaf1-fe75d7eed782_1)<br>| 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_1030ac2a-bf73-4a76-b94d-5f1cf3f5782d_1)<br>| 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_639be388-c04d-491c-98c4-c7036299d9fd_1)<br>| 8 |
| [Notes to Financial Statements](#xx_08786e3d-0701-4d96-81d9-2fef10df5e04_1)<br>| 9 |
| [Report of Independent Registered Public Accounting Firm](#xx_576fcddc-f48d-419e-b030-2a89ef46475e_1)<br>| 17 |
| [Shareholder Tax Information](#xx_5626f430-beb8-4320-b23f-aca87d724271_1)<br>| 18 |
| [Other Information](#xx_95c31b55-860f-46e8-83f2-29a65076d086_1)<br>| 19 |
| [Privacy Notice](#xx_d48c97de-c775-4b5a-9fb3-b215750fc551_1)<br>| 20 |

---

------

[**Table of Contents**](#JOB_FundV_eae65ce8-ffca-49c5-8121-1a2e383fddd2_TOC)

POLEN GROWTH & INCOME FUND

#### Portfolio of Investments

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS† — 58.1%** | **COMMON STOCKS† — 58.1%** | **COMMON STOCKS† — 58.1%** |
| **Biotechnology — 1.6%** | **Biotechnology — 1.6%** | **Biotechnology — 1.6%** |
| Novo Nordisk AS, Class B | 1629 | $108918 |
| **Credit Services — 8.1%** | **Credit Services — 8.1%** | **Credit Services — 8.1%** |
| Adyen NV<sup>(a)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139166 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207167 |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205573 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551906 |
| **Diagnostics & Research — 2.3%** | **Diagnostics & Research — 2.3%** | **Diagnostics & Research — 2.3%** |
| ICON PLC<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73448 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81510 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154958 |
| **Drug Manufacturers - Specialty & Generic — 1.8%** | **Drug Manufacturers - Specialty & Generic — 1.8%** | **Drug Manufacturers - Specialty & Generic — 1.8%** |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119802 |
| **Financial Data & Stock Exchanges — 2.3%** | **Financial Data & Stock Exchanges — 2.3%** | **Financial Data & Stock Exchanges — 2.3%** |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158082 |
| **Household & Personal Products — 0.7%** | **Household & Personal Products — 0.7%** | **Household & Personal Products — 0.7%** |
| L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49931 |
| **Information Technology Services — 1.8%** | **Information Technology Services — 1.8%** | **Information Technology Services — 1.8%** |
| Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40385 |
| Globant SA<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85121 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125506 |
| **Insurance Brokers — 4.1%** | **Insurance Brokers — 4.1%** | **Insurance Brokers — 4.1%** |
| Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201875 |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80644 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282519 |
| **Internet Content & Information — 2.6%** | **Internet Content & Information — 2.6%** | **Internet Content & Information — 2.6%** |
| Alphabet, Inc., Class C | 1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178588 |
| **Internet Retail — 5.7%** | **Internet Retail — 5.7%** | **Internet Retail — 5.7%** |
| Amazon.com, Inc.<sup>\*</sup> | 1588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292859 |
| MercadoLibre, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97896 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390755 |
| **Medical Devices — 3.8%** | **Medical Devices — 3.8%** | **Medical Devices — 3.8%** |
| Abbott Laboratories | 1322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172852 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41534 |
| Siemens Healthineers AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256110 |
| **Real Estate Services — 1.6%** | **Real Estate Services — 1.6%** | **Real Estate Services — 1.6%** |
| CoStar Group, Inc.<sup>\*</sup> | 1473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109252 |
| **Restaurants — 1.1%** | **Restaurants — 1.1%** | **Restaurants — 1.1%** |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74126 |
| **Software Application — 14.3%** | **Software Application — 14.3%** | **Software Application — 14.3%** |
| Adobe, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129743 |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39980 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Software Application — (Continued)** | **Software Application — (Continued)** | **Software Application — (Continued)** |
| Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903 | $204430 |
| Sage Group PLC (The) | &nbsp;&nbsp;&nbsp;&nbsp;2598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43071 |
| SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178186 |
| ServiceNow, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59211 |
| Shopify, Inc., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200355 |
| Workday, Inc., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124705 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 979681 |
| **Software Infrastructure — 5.2%** | **Software Infrastructure — 5.2%** | **Software Infrastructure — 5.2%** |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190515 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161547 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352062 |
| **Travel Services — 1.1%** | **Travel Services — 1.1%** | **Travel Services — 1.1%** |
| Airbnb, Inc., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73274 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br> (Cost $3,632,434) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3965470 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** |  |
| **CORPORATE BONDS† — 24.4%** | **CORPORATE BONDS† — 24.4%** | **CORPORATE BONDS† — 24.4%** |
| **Consumer Discretionary Products — 1.4%** | **Consumer Discretionary Products — 1.4%** | **Consumer Discretionary Products — 1.4%** |
| Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29<sup>(a)</sup> | $85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58848 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35846 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94694 |
| **Consumer Discretionary Services — 1.0%** | **Consumer Discretionary Services — 1.0%** | **Consumer Discretionary Services — 1.0%** |
| Boyd Gaming Corp., 4.75%, 6/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14932 |
| Scientific Games Holdings LP, 6.625%, 3/1/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51451 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66383 |
| **Consumer Staple Products — 1.4%** | **Consumer Staple Products — 1.4%** | **Consumer Staple Products — 1.4%** |
| Fiesta Purchaser, Inc., 7.875%, 3/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14683 |
| Fiesta Purchaser, Inc., 9.625%, 9/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35638 |
| Post Holdings, Inc., 6.25%, 10/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13895 |
| Simmons Foods, Inc., 4.625%, 3/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92152 |

---

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

------

[**Table of Contents**](#JOB_FundV_eae65ce8-ffca-49c5-8121-1a2e383fddd2_TOC)

POLEN GROWTH & INCOME FUND

#### Portfolio of Investments (Continued)

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Financial Services — 0.7%** | **Financial Services — 0.7%** | **Financial Services — 0.7%** |
| EZCORP, Inc., 7.375%, 4/1/32<sup>(a)</sup> | $8000 | $8393 |
| Focus Financial Partners, LLC, 6.75%, 9/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42215 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50608 |
| **Health Care — 2.6%** | **Health Care — 2.6%** | **Health Care — 2.6%** |
| Acadia Healthcare Co., Inc., 7.375%, 3/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28019 |
| Sotera Health Holdings, LLC, 7.375%, 6/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49314 |
| Surgery Center Holdings, Inc., 7.25%, 4/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99899 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177232 |
| **Industrial Products — 4.8%** | **Industrial Products — 4.8%** | **Industrial Products — 4.8%** |
| Chart Industries, Inc., 9.50%, 1/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43759 |
| EMRLD Borrower LP, 6.625%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26398 |
| Goat Holdco, LLC, 6.75%, 2/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13699 |
| Madison IAQ, LLC, 5.875%, 6/30/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69200 |
| SPX Flow, Inc., 8.75%, 4/1/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61605 |
| TransDigm, Inc., 6.875%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61867 |
| Wabash National Corp., 4.50%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48091 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324619 |
| **Industrial Services — 0.1%** | **Industrial Services — 0.1%** | **Industrial Services — 0.1%** |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 2/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5860 |
| **Insurance — 1.9%** | **Insurance — 1.9%** | **Insurance — 1.9%** |
| AssuredPartners, Inc., 7.50%, 2/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14894 |
| HUB International Ltd., 5.625%, 12/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99784 |
| Jones Deslauriers Insurance Management, Inc., 8.50%, 3/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12663 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127341 |
| **Materials — 4.9%** | **Materials — 4.9%** | **Materials — 4.9%** |
| ATI, Inc., 5.875%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31947 |
| Baffinland Iron Mines Corp., 8.75%, 7/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;109000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95542 |
| Century Aluminum Co., 7.50%, 4/1/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10101 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Materials — (Continued)** | **Materials — (Continued)** | **Materials — (Continued)** |
| Clydesdale Acquisition Holdings, Inc., 6.75%, 4/15/32<sup>(a)</sup> | $28000 | $28608 |
| Intelligent Packaging Ltd. Finco, Inc., 6.00%, 9/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31833 |
| Oscar AcquisitionCo., LLC, 9.50%, 4/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67434 |
| SCIH Salt Holdings, Inc., 6.625%, 5/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335479 |
| **Media — 2.0%** | **Media — 2.0%** | **Media — 2.0%** |
| CCO Holdings, LLC, 4.50%, 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23092 |
| CCO Holdings, LLC , 4.50%, 6/1/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22642 |
| CCO Holdings, LLC , 4.25%, 1/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21920 |
| Clear Channel Outdoor Holdings, Inc., 9.00%, 9/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35232 |
| McGraw-Hill Education, Inc., 8.00%, 8/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35703 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138589 |
| **Oil & Gas — 1.0%** | **Oil & Gas — 1.0%** | **Oil & Gas — 1.0%** |
| Harvest Midstream I LP, 7.50%, 9/1/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33415 |
| Teine Energy Ltd., 6.875%, 4/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32332 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65747 |
| **Retail & Wholesale - Discretionary — 0.9%** | **Retail & Wholesale - Discretionary — 0.9%** | **Retail & Wholesale - Discretionary — 0.9%** |
| Patrick Industries, Inc., 6.375%, 11/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42761 |
| Wand NewCo 3, Inc., 7.625%, 1/30/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63386 |
| **Retail & Wholesale - Staples — 0.4%** | **Retail & Wholesale - Staples — 0.4%** | **Retail & Wholesale - Staples — 0.4%** |
| US Foods, Inc., 4.625%, 6/1/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29552 |
| **Software & Technology Services — 1.3%** | **Software & Technology Services — 1.3%** | **Software & Technology Services — 1.3%** |
| AthenaHealth Group, Inc., 6.50%, 2/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91840 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> (Cost $1,673,953) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663482 |

---

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

------

[**Table of Contents**](#JOB_FundV_eae65ce8-ffca-49c5-8121-1a2e383fddd2_TOC)

POLEN GROWTH & INCOME FUND

#### Portfolio of Investments (Continued)

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS†<sup>(b)</sup> — 16.3%** | **SENIOR LOANS†<sup>(b)</sup> — 16.3%** | **SENIOR LOANS†<sup>(b)</sup> — 16.3%** |
| **Consumer Discretionary Products — 0.6%** | **Consumer Discretionary Products — 0.6%** | **Consumer Discretionary Products — 0.6%** |
| DexKo Global, Inc., First Lien Closing Date Dollar Term Loan, 8.186% (SOFR +386 bps), 10/4/28 | $5954 | $5513 |
| MajorDrive Holdings IV, LLC, Initial Term Loan, 8.561% (SOFR +426 bps), 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 9974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9294 |
| RealTruck Group, Inc., Second Amendment Incremental Term Loan, 9.436% (SOFR +511 bps), 1/31/28 | &nbsp;&nbsp;&nbsp;&nbsp; 19800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18909 |
| WH Borrower, LLC, Initial Term Loan, 9.072% (SOFR +475 bps), 2/12/32 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7710 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41426 |
| **Consumer Discretionary Services — 1.0%** | **Consumer Discretionary Services — 1.0%** | **Consumer Discretionary Services — 1.0%** |
| ATG Entertainment Ltd., 2025 First Lien Term Loan B, 4/17/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14018 |
| Learning Care Group U.S. No.2, Inc., 2024 Refinancing Term Loans, 8.280% - 8.315% (SOFR +400 bps), 8/11/28 | &nbsp;&nbsp;&nbsp;&nbsp; 53410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67268 |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** |
| Nexus Buyer, LLC, Second Lien Term Loan, 10.672% (SOFR +635 bps), 11/5/29 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6923 |
| **Health Care — 4.2%** | **Health Care — 4.2%** | **Health Care — 4.2%** |
| Aveanna Healthcare, LLC, First Lien 2021 Extended Term Loan, 8.163% (SOFR +385 bps), 7/17/28 | &nbsp;&nbsp;&nbsp;&nbsp; 77166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75913 |
| CVET Midco 2 LP, Initial Term Loan, 9.299% (SOFR +500 bps), 10/13/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 80420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75808 |
| Heartland Dental, LLC, 2024 New Term Loans, 8.822% (SOFR +450 bps), 4/28/28 | &nbsp;&nbsp;&nbsp;&nbsp; 27929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27673 |
| Performance Health Holdings, Inc., Initial Term Loan, 7.95% (SOFR +375 bps), 3/19/32 | &nbsp;&nbsp;&nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41685 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Health Care — (Continued)** | **Health Care — (Continued)** | **Health Care — (Continued)** |
| Sharp Services, LLC, Tranche D Term Loan, 7.549% (SOFR +325 bps), 12/31/28 | $21685 | $21617 |
| SM Wellness Holdings, Inc., First Lien Initial Term Loan, 9.041% (SOFR +476 bps), 4/17/28 | &nbsp;&nbsp;&nbsp;&nbsp; 41382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40865 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283561 |
| **Industrial Products — 1.2%** | **Industrial Products — 1.2%** | **Industrial Products — 1.2%** |
| Engineered Machinery Holdings, Inc., Second Lien Amendment No. 3 Incremental Term Loan, 10.561% (SOFR +626 bps), 5/21/29 | &nbsp;&nbsp;&nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55370 |
| Engineered Machinery Holdings, Inc., Second Lien Incremental Amendment No. 2 Term Loan, 11.061% (SOFR +676 bps), 5/21/29 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9875 |
| LSF12 Crown US Commercial Bidco, LLC, Term Loan, 8.574% (SOFR +425 bps), 12/2/31 | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13510 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78755 |
| **Industrial Services — 1.0%** | **Industrial Services — 1.0%** | **Industrial Services — 1.0%** |
| Infinite Bidco, LLC, First Lien Term Loan, 8.291% (SOFR +401 bps), 3/2/28 | &nbsp;&nbsp;&nbsp;&nbsp; 55515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50518 |
| Protective Industrial Products, Inc., Term Loan, 1/17/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17289 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67807 |
| **Insurance — 1.1%** | **Insurance — 1.1%** | **Insurance — 1.1%** |
| Asurion, LLC, New B-4 Term Loan, 9.686% (SOFR +536 bps), 1/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74621 |
| **Materials — 1.6%** | **Materials — 1.6%** | **Materials — 1.6%** |
| Aruba Investments Holdings, LLC, First Lien Initial Dollar Term Loan, 8.422% (SOFR +410 bps), 11/24/27 | &nbsp;&nbsp;&nbsp;&nbsp; 13597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13333 |
| Aruba Investments Holdings, LLC, Second Lien Initial Term Loan, 12.172% (SOFR +785 bps), 11/24/28 | &nbsp;&nbsp;&nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50787 |

---

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

------

[**Table of Contents**](#JOB_FundV_eae65ce8-ffca-49c5-8121-1a2e383fddd2_TOC)

POLEN GROWTH & INCOME FUND

#### Portfolio of Investments (Concluded)

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Materials — (Continued)** | **Materials — (Continued)** | **Materials — (Continued)** |
| HP PHRG Borrower, LLC, Closing Date Term Loan, 8.322% (SOFR +400 bps), 2/20/32 | $22000 | $20515 |
| LABL, Inc., Initial Dollar Term Loan, 9.422% (SOFR +510 bps), 10/29/28 | &nbsp;&nbsp;&nbsp;&nbsp; 29831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110473 |
| **Media — 2.2%** | **Media — 2.2%** | **Media — 2.2%** |
| Arches Buyer, Inc., Refinancing Term Loan, 7.672% (SOFR +335 bps), 12/6/27 | &nbsp;&nbsp;&nbsp;&nbsp; 29433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28885 |
| Auction.com, LLC, Term Loan, 10.252% (SOFR +300 bps), 5/26/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45944 |
| MH Sub I, LLC, Second Lien Term Loan, 10.572% (SOFR +625 bps), 2/23/29 | &nbsp;&nbsp;&nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151999 |
| **Retail & Wholesale - Discretionary — 1.1%** | **Retail & Wholesale - Discretionary — 1.1%** | **Retail & Wholesale - Discretionary — 1.1%** |
| Foundation Building Materials, Inc., Term Loan, 1/29/31<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14900 |
| Touchtunes Music Group, LLC, Tranche B-1 Term Loans, 9.049% (SOFR +475 bps), 4/2/29 | &nbsp;&nbsp;&nbsp;&nbsp; 25735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24915 |
| Wand NewCo. 3, Inc., Tranche B-2 Term Loan, 6.822% (SOFR +250 bps), 1/30/31 | &nbsp;&nbsp;&nbsp;&nbsp; 38599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77942 |
| **Software & Technology Services — 1.8%** | **Software & Technology Services — 1.8%** | **Software & Technology Services — 1.8%** |
| Clover Holdings 2, LLC, Fixed Term Loan, 7.75%, 12/9/31 | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31680 |
| Clover Holdings 2, LLC, Initial Floating Rate Term Loans, 8.295% (SOFR +400 bps), 12/9/31 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000 |
| Ellucian Holding, Inc., Second Lien Term Loan, 9.072% (SOFR +475 bps), 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6022 |
| Kaseya, Inc., Initial Term Loan, 9.322% (SOFR +500 bps), 3/5/33 | &nbsp;&nbsp;&nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27452 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Software & Technology Services — (Continued)** | **Software & Technology Services — (Continued)** | **Software & Technology Services — (Continued)** |
| Skopima Consilio Parent, LLC, Amendment No. 5 Term Loans, 8.072% (SOFR +375 bps), 5/12/28 | $41554 | $40972 |
| Starlight Parent, LLC, Term Loan, 8.261% (SOFR +400 bps), 4/16/32 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7743 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125869 |
| **Technology Hardware & Semiconductors — 0.4%** | **Technology Hardware & Semiconductors — 0.4%** | **Technology Hardware & Semiconductors — 0.4%** |
| Altar Bidco, Inc., Second Lien Initial Term Loan, 9.962% (SOFR +560 bps), 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26653 |
| &nbsp;&nbsp;&nbsp;TOTAL SENIOR LOANS<br> (Cost $1,137,339) | &nbsp;&nbsp;&nbsp;TOTAL SENIOR LOANS<br> (Cost $1,137,339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113297 |
| TOTAL INVESTMENTS - 98.8%<br> (Cost $6,443,726) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6742249 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84661 |
| NET ASSETS - 100.0% |  | $6826910 |

---

------

---

| | |
|:---|:---|
| (a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund's Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2025, these securities amounted to $1,789,333 or 26.21% of net assets. These securities have been determined by the Adviser to be liquid securities, unless otherwise noted. The liquidity determination is unaudited. |
| (b) | Floating rate note. Coupon rate, reference index and spread shown at April 30, 2025. |
| (c) | All or a portion of this Senior Loan will settle after April 30, 2025, at which time the interest rate will be determined. Rates shown, if any, are for the settled portion. |
| † | See Note 1. The industry designations set forth in the schedule above are those of the Bloomberg Industry Classification System ("BICS"). |
| \* | Non-income producing. |

---

---

| | |
|:---|:---|
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| PLC | Public Limited Company |
| SOFR | Secured Overnight Funding Rate |

---

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

------

[**Table of Contents**](#JOB_FundV_eae65ce8-ffca-49c5-8121-1a2e383fddd2_TOC)

POLEN GROWTH & INCOME FUND

#### Statement of Assets and Liabilities

#### April 30, 2025

---

| | |
|:---|:---|
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Cost $6,443,726) | &nbsp;&nbsp;$6742249 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144039 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9996 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;6930689 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103779 |
| **Contingencies and Commitments (Notes 2 and 6)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Assets | &nbsp;&nbsp;$6826910 |
| **Net Assets Consisted of:** |  |
| &nbsp;&nbsp;&nbsp;Capital stock, $0.01 par value | &nbsp;&nbsp;$6227 |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;6358181 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462502 |
| Net Assets | &nbsp;&nbsp;$6826910 |
| **Institutional Class:** |  |
| &nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;$6826910 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622679 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | &nbsp;&nbsp;$10.96 |

---

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

------

[**Table of Contents**](#JOB_FundV_eae65ce8-ffca-49c5-8121-1a2e383fddd2_TOC)

POLEN GROWTH & INCOME FUND

#### Statement of Operations

#### For the Year Ended April 30, 2025

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$233526 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27767 |
| &nbsp;&nbsp;&nbsp;Less: foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;260015 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Advisory fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41446 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33926 |
| &nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25561 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20782 |
| &nbsp;&nbsp;&nbsp;Offering costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14727 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9410 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6066 |
| &nbsp;&nbsp;&nbsp;Trustees' and officers' fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751 |
| &nbsp;&nbsp;&nbsp;Custodian fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655 |
| &nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waivers and reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;160660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: waivers and reimbursements(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;(108817) |
| &nbsp;&nbsp;&nbsp;Net expenses after waivers and reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51843 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;208172 |
| **Net realized and unrealized gain/(loss) from investments:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | &nbsp;&nbsp;&nbsp;&nbsp;214237 |
| &nbsp;&nbsp;&nbsp;Net realized loss from foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;(102980) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;111079 |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp;$319251 |

---

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

------

[**Table of Contents**](#JOB_FundV_eae65ce8-ffca-49c5-8121-1a2e383fddd2_TOC)

POLEN GROWTH & INCOME FUND

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**For the Year<br> Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Period from<br> October 2, 2023\*<br> to April 30, 2024** |
| **Net increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$208172 | &nbsp;&nbsp;$93022 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13144 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401493 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507659 |
| **Less dividends and distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(292315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72093) |
| Net decrease in net assets from dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(292315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72093) |
| **Increase in net assets derived from capital share transactions (Note 4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292315 | &nbsp;&nbsp;&nbsp;&nbsp;6072093 |
| Total increase in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319251 | &nbsp;&nbsp;&nbsp;&nbsp;6507659 |
| **Net assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | &nbsp;&nbsp;&nbsp;&nbsp;6507659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;End of year/period | &nbsp;&nbsp;$6826910 | &nbsp;&nbsp;$6507659 |

---

------

<sup>\*</sup> The Polen Growth & Income Fund commenced operations on October 2, 2023.

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

------

[**Table of Contents**](#JOB_FundV_eae65ce8-ffca-49c5-8121-1a2e383fddd2_TOC)

POLEN GROWTH & INCOME FUND

#### Financial Highlights

------

Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the Period from<br> October 2, 2023\*<br> to April 30,<br> 2024** |
| **Per Share Operating Performance** |  |  |
| Net asset value, beginning of year/period | &nbsp;&nbsp;$10.90 | &nbsp;&nbsp;$10.00 |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Dividends and distributions to shareholders from: |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| Net realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| Net asset value, end of year/period | &nbsp;&nbsp;$10.96 | &nbsp;&nbsp;$10.90 |
| Total investment return<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87% | &nbsp;&nbsp;&nbsp;&nbsp;10.33% |
| **Ratios/Supplemental Data** |  |  |
| Net assets, end of year/period (in 000s) | &nbsp;&nbsp;$6827 | &nbsp;&nbsp;$6508 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>(3)(4)</sup> |
| Ratio of expenses to average net assets without waivers and/or reimbursements<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%<sup>(3)(4)</sup> |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82%<sup>(3)</sup> |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22%<sup>(6)</sup> |

---

------

<sup>\*</sup> The Polen Growth & Income Fund commenced operations on October 2, 2023.

<sup>(1)</sup> The selected per share data was calculated using the average shares outstanding method for the period.

<sup>(2)</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> Offering costs were not annualized in the calculation of the ratios.

<sup>(5)</sup> During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

<sup>(6)</sup> Not annualized.

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

------

[**Table of Contents**](#JOB_FundV_eae65ce8-ffca-49c5-8121-1a2e383fddd2_TOC)

POLEN GROWTH & INCOME FUND

#### Notes to Financial Statements

#### April 30, 2025
1. Organization and Significant Accounting Policies

The Polen Growth & Income Fund (the "Fund") is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), which commenced investment operations on October 2, 2023. The Fund is a separate series of FundVantage Trust (the "Trust") which was organized as a Delaware statutory trust on August 28, 2006. However, beneficial interests of the Fund are not registered under the Securities Act of 1933, as amended (the "1933 Act") because such interests will be issued solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the 1933 Act. The Trust is a "series trust" authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Fund offers Institutional Class shares. Polen Capital Management, LLC ("Polen Capital" or the "Adviser") serves as investment adviser to the Fund pursuant to an investment advisory agreement with the Trust. Polen Capital Credit, LLC ("Polen Credit" or the "Sub-Adviser") serves as the investment sub-adviser to the Fund. In exchange for its services to the Fund, the Sub-Adviser is paid a fee by the Adviser.

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

***Portfolio Valuation — The Fund's net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System ("NASDAQ") market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are generally valued at amortized cost, provided such amount approximates fair value. Fixed income securities are valued on the basis of broker quotations or valuations provided by a pricing service, which utilizes information with respect to recent sales, market transactions in comparable securities, quotations from dealers, and various relationships between securities in determining value. Valuations developed through pricing techniques may materially vary from the actual amounts realized upon sale of the securities. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). Securities that do not have a readily available current market value are valued in good faith by the Adviser as "valuation designee" under the oversight of the Trust's Board of Trustees. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Trust's Board of Trustees.***

The Fund has a fundamental policy with respect to industry concentration that it will not invest 25% or more of the value of the Fund's assets in securities of issuers in any one industry. Since inception the Fund has utilized BICS at the sub-industry level for defining industries for purposes of monitoring compliance with its industry concentration policy. However, at times, the Fund may utilize other industry classification systems such as Morningstar Global Equity Classification System or Global Industry Classification Standard, as applicable, for purposes other than compliance monitoring.

***Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — quoted prices in active markets for identical securities;

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

------

[**Table of Contents**](#JOB_FundV_eae65ce8-ffca-49c5-8121-1a2e383fddd2_TOC)

POLEN GROWTH & INCOME FUND

#### Notes to Financial Statements (Continued)

#### April 30, 2025
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers in and out are recognized at the value at the end of the period.

Significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that foreign markets close (where the security is principally traded) and the time that the Fund calculates its NAV (generally, the close of the NYSE) which may impact the value of securities traded in these foreign markets. As a result, the Fund fair values foreign securities using an independent pricing service which considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange traded funds and certain indexes as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy.

Securities listed on a non-U.S. exchange are generally fair valued daily by an independent fair value pricing service approved by the Trust's Board of Trustees and categorized as Level 2 investments within the hierarchy. The fair valuations for these securities may not be the same as quoted or published prices of the securities on their primary markets. Securities for which daily fair value prices from the independent fair value pricing service are not available are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of valuation time, as provided by an independent pricing service approved by the Board of Trustees.

The valuations for fixed income securities, including corporate bonds and floating rate senior loans ("Senior Loans"), are typically the prices supplied by independent third-party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third-party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Senior Loans are fair valued based on a quoted price received from a single broker-dealer or an average of quoted prices received from multiple broker-dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable, the fair value of fixed income securities and Senior Loans would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

The following is a summary of the inputs used, as of April 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Total<br> Value at<br> 04/30/25** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| **Assets** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;$108918 | $— | &nbsp;&nbsp;$108918 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551906 | &nbsp;&nbsp;&nbsp;&nbsp;412740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diagnostics & Research | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154958 | &nbsp;&nbsp;&nbsp;&nbsp;154958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drug Manufacturers - Specialty & Generic | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119802 | &nbsp;&nbsp;&nbsp;&nbsp;119802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Data & Stock Exchanges | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158082 | &nbsp;&nbsp;&nbsp;&nbsp;158082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Household & Personal Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125506 | &nbsp;&nbsp;&nbsp;&nbsp;125506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Brokers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282519 | &nbsp;&nbsp;&nbsp;&nbsp;282519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet Content & Information | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178588 | &nbsp;&nbsp;&nbsp;&nbsp;178588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390755 | &nbsp;&nbsp;&nbsp;&nbsp;390755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Devices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256110 | &nbsp;&nbsp;&nbsp;&nbsp;214386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109252 | &nbsp;&nbsp;&nbsp;&nbsp;109252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restaurants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_FundV_eae65ce8-ffca-49c5-8121-1a2e383fddd2_TOC)

POLEN GROWTH & INCOME FUND

#### Notes to Financial Statements (Continued)

#### April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Total<br> Value at<br> 04/30/25** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software Application | &nbsp;&nbsp;$979681 | $758424 | &nbsp;&nbsp;$221257 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352062 | &nbsp;&nbsp;&nbsp;&nbsp;352062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Corporate Bonds\* | &nbsp;&nbsp;&nbsp;&nbsp;1663482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1663482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Senior Loans\* | &nbsp;&nbsp;&nbsp;&nbsp;1113297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1113297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$6742249 | $3404474 | &nbsp;&nbsp;$3337775 | $— |

---

------

\* Please refer to Portfolio of Investments for further details on portfolio holdings.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third-party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles ("U.S. GAAP") require the Fund to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when the Fund has an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to net assets. The amounts and reasons for all transfers in and out of Level 3 are disclosed when the Fund had an amount of transfers during the reporting period that was meaningful in relation to net assets as of the end of the reporting period.

For the year ended April 30, 2025, there were no transfers in or out of Level 3.

***Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.***

***Investment Transactions, Investment Income and Expenses — Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income, which includes accretion of discounts and amortization of premiums, is recorded on the accrual basis, using the effective yield method. Dividends are recorded on the ex-dividend date. The Fund may be subject to foreign taxes on income, a portion of which may be recoverable. The Fund applies for refunds where available. The Fund may be subject to foreign taxes on unrealized and realized gains on certain foreign investments. The Fund may also be subject to foreign taxes on income, a portion of which may be recoverable. The Fund applies for refunds where available. The Fund will accrue such taxes and reclaims, as applicable, based upon the current interpretation of tax rules and regulations that exist in the market in which the Fund invests. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the***

------

[**Table of Contents**](#JOB_FundV_eae65ce8-ffca-49c5-8121-1a2e383fddd2_TOC)

POLEN GROWTH & INCOME FUND

#### Notes to Financial Statements (Continued)

#### April 30, 2025
restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations. General expenses of the Trust are generally allocated to each fund under methodologies approved by the Board of Trustees. Expenses directly attributable to a particular fund in the Trust are charged directly to that fund.

***Deferred Offering Costs — Offering costs, including costs of printing initial prospectus and legal fees, are amortized over twelve-months from inception of the Fund. As of April 30, 2025, offering cost have been fully amortized.***

***Cash and Cash Equivalents — Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. The Fund maintains deposits with a high quality financial institution in an amount that is in excess of federally insured limits.***

***Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid to shareholders and are recorded on ex-date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.***

***U.S. Tax Status — No provision is made for U.S. income taxes as it is the Fund's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended ("Internal Revenue Code"), and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.***

***Other — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.***

***Debt Investment Risk — Debt investments are affected primarily by the financial condition of the companies or other entities that have issued them and by changes in interest rates. There is a risk that an issuer of a Fund's debt investments may not be able to meet its financial obligations (e. g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or seek bankruptcy protection. Securities such as high-yield bonds, e.g., bonds with low credit ratings by Moody's (Ba or lower) or Standard & Poor's (BB and lower) or if unrated are of comparable quality as determined by the Adviser, are especially subject to credit risk during periods of economic uncertainty or during economic downturns and are more likely to default on their interest and/or principal payments than higher rated securities. Debt investments may be affected by changes in interest rates. Debt investments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt investments with shorter durations or floating or adjustable interest rates. The value of debt investments may fall when interest rates rise.***

***Senior Loans — The Fund invests in senior loans and other floating rate investments. Senior loans typically are rated below investment grade. Below investment grade securities, including senior loans, involve greater risk of loss, are subject to greater price volatility, and may be less liquid and more difficult to value, especially during periods of economic uncertainty or change, than higher rated debt securities. Market quotations for these securities may be volatile and/or subject to large spreads between bid and ask prices. These securities once sold, may not settle for an extended period (for example, several weeks or even longer). The Fund will not receive its sale proceeds until that time, which may constrain the Fund's ability to meet its obligations. The Fund may invest in securities of issuers that are in default or that are in bankruptcy. The value of collateral, if any, securing a senior loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. No active trading market may exist for many senior loans, and many loans are subject to restrictions on resale. Any secondary market may be subject to irregular trading activity and extended settlement periods. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Loans may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections afforded by federal securities laws.***

***Equity Securities Risk — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company's financial condition, historical and prospective earnings of the company, interest rates, investor perceptions and overall market and economic conditions. The prices of securities change in response to many factors including the value of its assets.***

------

[**Table of Contents**](#JOB_FundV_eae65ce8-ffca-49c5-8121-1a2e383fddd2_TOC)

POLEN GROWTH & INCOME FUND

#### Notes to Financial Statements (Continued)

#### April 30, 2025
***Recent Accounting Pronouncement — The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures during the year. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. The Fund operates as a single reporting entity, meaning all its business activities are considered one business segment for financial reporting purposes.***

The Chief Operating Decision Maker ("CODM") is the Adviser, the Principal Executive Officer ("PEO") and the Principal Financial Officer ("PFO") of the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its private placement memorandum, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

2. Transactions with Related Parties and Other Service Providers

The Adviser serves as investment adviser to the Fund pursuant to an investment advisory agreement with the Trust (the "Advisory Agreement"). For its services, the Adviser is paid a monthly fee at the annual rate of 0.60% of the Fund's average daily net assets. The Adviser has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund's total annual fund operating expenses (excluding taxes, fees and expenses attributable to a distribution or service plan adopted by the Trust, interest, extraordinary items, "Acquired Fund Fees and Expenses" and brokerage commissions) do not exceed 0.75% (on an annual basis) with respect to the Fund's average daily net assets (the "Expense Limitation"). The Expense Limitation will remain in place until August 31, 2025, unless the Board of Trustees of the Trust approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund's expenses are below the Expense Limitation amount.

As of April 30, 2025, the amount of potential recovery was as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**04/30/2027** | &nbsp;&nbsp;**04/30/2028** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;$79433 | &nbsp;&nbsp;$108817 | &nbsp;&nbsp;$188250 |

---

For the period ended April 30, 2025, the Adviser earned advisory fees of $41,446 and waived and/or reimbursed fees of $108,817.

The Fund has not recorded a commitment or contingent liability at April 30, 2025.

#### Other Service Providers
The Bank of New York Mellon ("BNY") serves as administrator and custodian for the Fund. For providing administrative and accounting services, BNY is entitled to receive a monthly fee equal to an annual percentage rate of the Fund's average daily net assets and is subject to certain minimum monthly fees. For providing certain custodial services, BNY is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

BNY Investment Servicing (US) Inc. (the "Transfer Agent") provides transfer agent services to the Fund. The Transfer Agent is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

The Trust, on behalf of the Fund, has entered into agreements with financial intermediaries to provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries investing in the Fund and has agreed to compensate the intermediaries for providing those services. The fees incurred by the Fund for these services are included in Transfer agent fees in the Statement of Operations.

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[**Table of Contents**](#JOB_FundV_eae65ce8-ffca-49c5-8121-1a2e383fddd2_TOC)

POLEN GROWTH & INCOME FUND

#### Notes to Financial Statements (Continued)

#### April 30, 2025

#### Trustees and Officers
The Trust is governed by its Board of Trustees. The Trustees receive compensation in the form of an annual retainer and per meeting fees for their services to the Trust. An employee of BNY serves as the Secretary of the Trust and is not compensated by the Fund or the Trust.

JW Fund Management LLC ("JWFM") provides a PEO and a PFO to the Trust. Chenery Compliance Group, LLC ("Chenery") provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and Chenery are compensated for their services provided to the Trust.

3. Investment in Securities

For the year ended April 30, 2025, aggregated purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| Investment Securities | &nbsp;&nbsp;$3230071 | &nbsp;&nbsp;$2873610 |

---

The Fund is permitted to purchase or sell securities, which have a readily available market quotation, from or to certain other affiliated funds under specified conditions outlined in the procedures adopted by the Board of Trustees. The procedures have been designed to provide assurances that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), common Trustees and/or common officers complies with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effective at the current market price.

For the year ended April 30, 2025, the Fund did not engage in purchase or sale of securities with affiliated funds under Rule 17a-7.

4. Capital Share Transactions

For the year ended April 30, 2025 and from October 2, 2023, commencement of operations, to April 30, 2024, transactions in capital shares (authorized shares unlimited) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Period Ended<br> April 30, 2024** | &nbsp;&nbsp;**For the Period Ended<br> April 30, 2024** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;590461 | &nbsp;&nbsp;$6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;25648 | &nbsp;&nbsp;&nbsp;&nbsp;292315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase | &nbsp;&nbsp;25648 | &nbsp;&nbsp;$292315 | &nbsp;&nbsp;597031 | &nbsp;&nbsp;$6072093 |

---

#### Significant Shareholders
As of April 30, 2025, the Fund had shareholders that held 10% or more of the total outstanding shares of the Fund. Transactions by these shareholders may have a material impact on the Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Affiliated Shareholders | &nbsp;&nbsp;98% |

---

------

[**Table of Contents**](#JOB_FundV_eae65ce8-ffca-49c5-8121-1a2e383fddd2_TOC)

POLEN GROWTH & INCOME FUND

#### Notes to Financial Statements (Continued)

#### April 30, 2025
5. Federal Tax Information

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as tax benefit or expense in the current year. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

Distributions are determined in accordance with federal income tax regulations, which may differ in amount or character from net investment income and realized gains for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the components of net assets based on the tax treatment; temporary differences do not require reclassifications. Net assets were not affected by these adjustments. For the year ended April 30, 2025, there were reclassifications between components of total distributable earnings. These permanent differences are primarily attributable to reclassification of foreign currency from capital gains to ordinary income.

For the year ended April 30, 2025, the tax character of distributions paid by the Fund was $280,913 of ordinary income dividends and $11,402 of long-term capital gains dividends. For the period ended April 30, 2024, the tax character of distributions paid by the Fund was $72,093 of ordinary income dividends. Distributions from net investment income and short-term gains are treated as ordinary income for federal income tax purposes.

As of April 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Undistributed<br> Ordinary<br> Income** | &nbsp;&nbsp;&nbsp;&nbsp;**Undistributed<br> Long-Term<br> Gain** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| Polen Growth & Income Fund | &nbsp;&nbsp;&nbsp;$34495 | &nbsp;&nbsp;&nbsp;$129458 | &nbsp;&nbsp;&nbsp;$298549 |

---

The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes.

As of April 30, 2025, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> Tax Cost** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** | &nbsp;&nbsp;**Net Unrealized<br> Appreciation** |
| &nbsp;&nbsp;$6443726 | &nbsp;&nbsp;$672970 | &nbsp;&nbsp;$(374421) | &nbsp;&nbsp;$298549 |

---

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and April 30 and late year ordinary losses ((i) ordinary losses between January 1 and April 30, and (ii) specified ordinary and currency losses between November 1 and April 30) as occurring on the first day of the following tax year. For the year ended April 30, 2025, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until May 1, 2025. For the year ended April 30, 2025, the Fund had no post October capital loss deferrals or late year ordinary loss deferrals.

Accumulated capital losses represent net capital loss carryforwards as of April 30, 2025 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of April 30, 2025, the Fund did not have any capital loss carryforwards.

------

[**Table of Contents**](#JOB_FundV_eae65ce8-ffca-49c5-8121-1a2e383fddd2_TOC)

POLEN GROWTH & INCOME FUND

#### Notes to Financial Statements (Concluded)

#### April 30, 2025
6. Commitments and Contingencies

The Fund may make commitments pursuant to bridge loan facilities. Such commitments typically remain off balance sheet as it is more likely than not, based on the good faith judgement of the Adviser, that such bridge facilities will not ever fund. As of April 30, 2025, there were no outstanding bridge facility commitments.

7. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued, and has determined that there was the following subsequent event:

On June 17, 2025, the Board approved a plan to liquidate and terminate the Fund, which will occur on or about July 31, 2025.

Management has evaluated and has determined, there are no additional subsequent events.

------

[**Table of Contents**](#JOB_FundV_eae65ce8-ffca-49c5-8121-1a2e383fddd2_TOC)

POLEN GROWTH & INCOME FUND

#### Report of Independent Registered Public Accounting Firm
To the Board of Trustees of FundVantage Trust and Shareholders of Polen Growth & Income Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Polen Growth & Income Fund (one of the funds constituting FundVantage Trust, hereafter referred to as the "Fund") as of April 30, 2025, the related statement of operations for the year ended April 30, 2025 and the statement of changes in net assets and the financial highlights for the year ended April 30, 2025 and for the period October 2, 2023 (commencement of operations) through April 30, 2024, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, the results of its operations for the year ended April 30, 2025, and the changes in its net assets and the financial highlights for the year ended April 30, 2025 and for the period October 2, 2023 (commencement of operations) through April 30, 2024 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission.

We conducted our audits of these financial statements in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, agent banks and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 27, 2025

We have served as the auditor of one or more Polen Capital Management, LLC investment companies since 2011.

------

[**Table of Contents**](#JOB_FundV_eae65ce8-ffca-49c5-8121-1a2e383fddd2_TOC)

POLEN GROWTH & INCOME FUND

#### Shareholder Tax Information
(Unaudited)

The Fund is required by Subchapter M of the Internal Revenue Code of 1986, as amended, to advise their shareholders of the U.S. federal tax status of distributions received by the Fund's shareholders in respect of such fiscal year. During the fiscal year ended April 30, 2025, the Fund paid $280,913 of ordinary income dividends and $11,402 of long-term capital gains dividends to its shareholders. Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

The Fund designates 10.37% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The percentage of ordinary income dividends qualifying for the corporate dividends received deduction is 5.58%

The percentage of qualified interest income related dividends not subject to withholding tax for non-resident aliens and foreign corporations received is 84.68%

The Fund designated $140,860, as long-term capital gains distributions during the year ended April 30, 2025. Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

Because the Fund's fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2026.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Fund, if any.

In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

------

[**Table of Contents**](#JOB_FundV_eae65ce8-ffca-49c5-8121-1a2e383fddd2_TOC)

POLEN GROWTH & INCOME FUND

#### Other Information
(Unaudited)

#### Proxy Voting
Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (888) 678-6024 and on the Securities and Exchange Commission's ("SEC") website at *http://www.sec.gov.*

#### Quarterly Portfolio Schedules
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended July 31 and January 31) as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at *http://www.sec.gov.*

------

[**Table of Contents**](#JOB_FundV_eae65ce8-ffca-49c5-8121-1a2e383fddd2_TOC)

POLEN GROWTH & INCOME FUND

#### Privacy Notice
(Unaudited)

The privacy of your personal financial information is extremely important to us. When you open an account with us, we collect a significant amount of information from you in order to properly invest and administer your account. We take very seriously the obligation to keep that information private and confidential, and we want you to know how we protect that important information.

We collect nonpublic personal information about you from applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you, or our former clients, to our affiliates or to service providers or other third parties, except as permitted by law. We share only the information required to properly administer your accounts, which enables us to send transaction confirmations, monthly or quarterly statements, financials and tax forms. Even within the Fund and its affiliated entities, a limited number of people who actually service accounts will have access to your personal financial information. Further, we do not share information about our current or former clients with any outside marketing groups or sales entities.

To ensure the highest degree of security and confidentiality, the Fund and its affiliates maintain various physical, electronic and procedural safeguards to protect your personal information. We also apply special measures for authentication of information you request or submit to us on our web site.

If you have questions or comments about our privacy practices, please call us at (888) 678-6024.

------

[**Table of Contents**](#JOB_FundV_eae65ce8-ffca-49c5-8121-1a2e383fddd2_TOC)

#### Investment Adviser
Polen Capital Management, LLC

1825 NW Corporate Blvd.

Suite 300

Boca Raton, FL 33431

#### Investment Sub-Adviser
Polen Capital Credit, LLC

1075 Main Street

Suite 320

Waltham, MA 02451

#### Administrator
The Bank of New York Mellon

103 Bellevue Parkway

Wilmington, DE 19809

#### Transfer Agent
BNY Mellon Investment Servicing (US) Inc.

500 Ross Street, 154-0520

Pittsburgh, PA 15262

#### Custodian
The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

#### Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1800

2001 Market Street

Philadelphia, PA 19103-7042

#### Legal Counsel
Troutman Pepper Locke LLP

3000 Two Logan Square

18<sup>th</sup> and Arch Streets

Philadelphia, PA 19103

PGI-0425

------

![](g851895imga9dcb9da1.gif)

Polen Floating Rate Income ETF PCFI <br> Polen High Income ETF PCHI

#### of

#### FundVantage Trust

## Annual Financials and Additional Information
April 30, 2025

This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_6f17570b-1dba-4ce7-90cc-d62ffd8d06e1_1)<br>| 1 |
| [Financial Statements:](#xx_c93b2d9e-9641-4e28-b48f-344a3edaeff9_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx_c93b2d9e-9641-4e28-b48f-344a3edaeff9_1)<br>| 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx_28163ced-6a91-4641-9c93-7b55c8c88096_1)<br>| 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_e42a5118-1f23-454c-8ad8-79a55cad98a5_1)<br>| 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_5a8c0d2f-6f95-47a9-8b4a-17e2e75f580e_1)<br>| 14 |
| [Notes to Financial Statements](#xx_cc1a0ff5-28e6-4988-809e-fff6f8b2c76a_1)<br>| 16 |
| [Report of Independent Registered Public Accounting Firm](#xx_bfaaee65-6644-4e06-9f70-f6d433246f96_1)<br>| 26 |
| [Other Information](#xx_181ab2b5-ea21-4e9c-ad8b-ec082d04d175_1)<br>| 28 |
| [Privacy Notice](#xx_bfed36b3-b796-432c-882b-f32b29959408_1)<br>| 29 |

---

------

[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN FLOATING RATE INCOME ETF

#### Portfolio of Investments

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS† — 87.5%** | **SENIOR LOANS† — 87.5%** | **SENIOR LOANS† — 87.5%** |
| **Consumer Discretionary Products — 8.1%** | **Consumer Discretionary Products — 8.1%** | **Consumer Discretionary Products — 8.1%** |
| DexKo Global, Inc., First Lien Closing Date Dollar Term Loan, 8.186% (SOFR +386 bps), 10/4/28<sup>(a)</sup> | $126651 | $117263 |
| DexKo Global, Inc., 2023 Incremental Term Loans, 8.572% (SOFR +425 bps), 10/4/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 44363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41202 |
| MajorDrive Holdings IV, LLC, Initial Term Loan, 8.561% (SOFR +426 bps), 6/1/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 69819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65058 |
| MajorDrive Holdings IV, LLC, 2022 Incremental Term Loan, 9.949% (SOFR +565 bps), 6/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 92930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86425 |
| RealTruck Group, Inc., Second Amendment Incremental Term Loan, 9.436% (SOFR +511 bps), 1/31/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;163350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156000 |
| Varsity Brands, Inc., 2025 Term Loan, 7.819% (SOFR +350 bps), 8/26/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201990 |
| WH Borrower, LLC, Initial Term Loan, 9.072% (SOFR +475 bps), 2/12/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720944 |
| **Consumer Discretionary Services — 3.8%** | **Consumer Discretionary Services — 3.8%** | **Consumer Discretionary Services — 3.8%** |
| International Entertainment JJCo3 Ltd., Facility B (USD) Loan (SOFR +375 bps), 4/19/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115144 |
| Learning Care Group U.S. No.2, Inc., 2024 Refinancing Term Loans 8.280% - 8.3081% (SOFR +400 bps), 8/11/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;222659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221991 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337135 |
| **Consumer Staple Products — 1.0%** | **Consumer Staple Products — 1.0%** | **Consumer Staple Products — 1.0%** |
| Fiesta Purchaser, Inc., Term Loan B (2024), 7.572% (SOFR +325 bps), 2/12/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 89077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88455 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Financial Services — 1.2%** | **Financial Services — 1.2%** | **Financial Services — 1.2%** |
| Nexus Buyer, LLC, Amendment No. 9 Refinancing Term Loan, 7.822% (SOFR +350 bps), 7/31/31<sup>(a)</sup> | $84076 | $83942 |
| Nexus Buyer, LLC, Second Lien Term Loan, 10.672% (SOFR +635 bps), 11/5/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108666 |
| **Health Care — 14.9%** | **Health Care — 14.9%** | **Health Care — 14.9%** |
| Aveanna Healthcare, LLC, First Lien 2021 Extended Term Loan, 8.163% (SOFR +385 bps), 7/17/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;222955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219333 |
| Aveanna Healthcare, LLC, Initial Term Loan, 11.463% (SOFR +715 bps), 12/10/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114000 |
| CVET Midco 2 LP, Initial Term Loan, 9.299% (SOFR +500 bps), 10/13/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;212166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| EyeCare Partners, LLC, Tranche B Term Loan, 8.837% (SOFR +471 bps), 11/30/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;144983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112664 |
| EyeCare Partners, LLC, Tranche C Term Loan, 10.977% (SOFR +685 bps), 11/30/28<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2031 |
| EyeCare Partners, LLC, Second Lien Initial Term Loan, 11.458% (SOFR +718 bps), 11/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5700 |
| Heartland Dental, LLC, 2024 New Term Loans, 8.822% (SOFR +450 bps), 4/28/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;168175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166631 |
| Performance Health Holdings, Inc., Initial Term Loan, 7.95% (SOFR +375 bps), 3/19/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243163 |
| Sharp Services, LLC, Tranche D Term Loan, 7.549% (SOFR +325 bps), 12/31/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 62042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61848 |
| SM Wellness Holdings, Inc., First Lien Initial Term Loan, 9.041% (SOFR +476 bps), 4/17/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;202039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324883 |
| **Industrial Products — 5.2%** | **Industrial Products — 5.2%** | **Industrial Products — 5.2%** |
| Engineered Machinery Holdings, Inc., Incremental USD First Lien Term Loan, 8.311% (SOFR +375 bps), 5/19/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 63644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63572 |

---

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

------

[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN FLOATING RATE INCOME ETF

#### Portfolio of Investments (Continued)

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Industrial Products — (Continued)** | **Industrial Products — (Continued)** | **Industrial Products — (Continued)** |
| Engineered Machinery Holdings, Inc., Second Lien Amendment No. 3 Incremental Term Loan, 10.561% (SOFR +626 bps), 5/21/29<sup>(a)</sup> | $40000 | $39550 |
| Engineered Machinery Holdings, Inc., Second Lien Incremental Amendment No. 2 Term Loan, 11.061% (SOFR +676 bps), 5/21/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182688 |
| LSF12 Crown US Commercial Bidco, LLC, Term Loan, 8.569% (SOFR +425 bps), 12/2/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464335 |
| **Industrial Services — 10.3%** | **Industrial Services — 10.3%** | **Industrial Services — 10.3%** |
| DG Investment Intermediate Holdings 2, Inc., First Lien Closing Date Initial Term Loan, 3/31/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;174548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174417 |
| DG Investment Intermediate Holdings 2, Inc., Second Lien Initial Term Loan, 3/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150737 |
| Infinite Bidco, LLC, First Lien Term Loan, 8.291% (SOFR +401 bps), 3/2/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;133049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121075 |
| Infinite Bidco, LLC, Second Lien Initial Term Loan, 11.541% (SOFR +726 bps), 3/2/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87708 |
| Protective Industrial Products, Inc., Term Loan, 1/17/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120063 |
| RLG Holdings, LLC, First Lien Closing Date Initial Term Loan, 8.689% (SOFR +436 bps), 7/7/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;187099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167844 |
| Vista Management Holding, Inc., Initial Term Loan, 3/18/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 911619 |
| **Insurance — 2.9%** | **Insurance — 2.9%** | **Insurance — 2.9%** |
| Asurion, LLC, New B-4 Term Loan, 9.686% (SOFR +536 bps), 1/20/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253344 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Materials — 9.7%** | **Materials — 9.7%** | **Materials — 9.7%** |
| Aruba Investments Holdings, LLC, First Lien Initial Dollar Term Loan, 8.422% (SOFR +410 bps), 12/6/27<sup>(a)</sup> | $46453 | $45553 |
| Aruba Investments Holdings, LLC, Second Lien Initial Term Loan, 12.172% (SOFR +785 bps), 11/24/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197505 |
| Clydesdale Acquisition Holdings, Inc., Term B Loan, 7.497% (SOFR +318 bps), 4/13/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 36154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35948 |
| CP Iris Holdco I, Inc., First Lien Initial Term Loan, 7.822% (SOFR +350 bps), 10/2/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;178865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176909 |
| HP PHRG Borrower, LLC, Closing Date Term Loan, 8.322% (SOFR +400 bps), 2/20/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172513 |
| LABL, Inc., Initial Dollar Term Loan, 9.422% (SOFR +510 bps), 10/29/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;133006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115203 |
| Oscar AcquisitionCo, LLC, Term B Loan, 8.549% (SOFR +425 bps), 4/29/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;127207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865630 |
| **Media — 11.2%** | **Media — 11.2%** | **Media — 11.2%** |
| Arches Buyer, Inc., Refinancing Term Loan, 7.672% (SOFR +335 bps), 12/6/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;246244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241657 |
| Auction.com, LLC, Term Loan 10.252% (SOFR + 600 bps), 5/26/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;348574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318292 |
| Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, 8.436% (SOFR +411 bps), 8/21/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;138790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135008 |
| MH Sub I, LLC, Second Lien Term Loan, 10.572% (SOFR +625 bps), 2/23/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300602 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995559 |
| **Retail & Wholesale - Discretionary — 4.7%** | **Retail & Wholesale - Discretionary — 4.7%** | **Retail & Wholesale - Discretionary — 4.7%** |
| Foundation Building Materials, Inc., 2025 Incremental Term Loan, 1/29/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23281 |

---

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

------

[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN FLOATING RATE INCOME ETF

#### Portfolio of Investments (Continued)

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Retail & Wholesale - Discretionary — (Continued)** | **Retail & Wholesale - Discretionary — (Continued)** | **Retail & Wholesale - Discretionary — (Continued)** |
| Foundation Building Materials, Inc., 2024 Incremental Term Loan, 8.28% (SOFR +400 bps), 1/29/31<sup>(a)</sup> | $163111 | $150790 |
| Mavis Tire Express Services Topco Corp., 2025 First Lien Incremental TL, 7.313% (SOFR +300 bps), 5/4/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13971 |
| Sweetwater Borrower, LLC, Initial Term Loan, 8.686% (SOFR +436 bps), 8/7/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 45347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43874 |
| Touchtunes Music Group, LLC, Tranche B-1 Term Loans, 9.049% (SOFR +475 bps), 4/2/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;123248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119320 |
| Wand NewCo. 3, Inc., Tranche B-2 Term Loan, 6.822% (SOFR +250 bps), 1/30/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 45701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45142 |
| White Cap Buyer, LLC, Tranche C Term Loan, 7.575% (SOFR +325 bps), 10/19/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 19950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415874 |
| **Software & Technology Services — 9.4%** | **Software & Technology Services — 9.4%** | **Software & Technology Services — 9.4%** |
| Azalea TopCo, Inc., 2024 Refinancing Term Loan, 7.572% (SOFR +325 bps), 4/30/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 44375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44166 |
| Cloudera, Inc., Second Lien Term Loan, 10.422% (SOFR +610 bps), 10/8/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51929 |
| Clover Holdings 2, LLC, Fixed Term Loan, 7.75%, 12/9/31 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89100 |
| Clover Holdings 2, LLC, Initial Floating Rate Term Loans, 8.295% (SOFR +400 bps), 12/9/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 |
| Connectwise, LLC, Initial Term Loan, 8.061% (SOFR +376 bps), 9/29/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 89193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89156 |
| DTI Holdco, Inc., 2025 Refinancing Term Loan, 8.322% (SOFR +400 bps), 4/26/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34502 |
| Kaseya, Inc., Initial Term Loan, 9.322% (SOFR +500 bps), 3/5/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161769 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Software & Technology Services — (Continued)** | **Software & Technology Services — (Continued)** | **Software & Technology Services — (Continued)** |
| Skopima Consilio Parent, LLC, Amendment No. 5 Term Loans, 8.072% (SOFR +375 bps), 5/12/28<sup>(a)</sup> | $146997 | $144941 |
| Starlight Parent, LLC, Term Loan, 4/16/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130655 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 831218 |
| **Technology Hardware & Semiconductors — 2.6%** | **Technology Hardware & Semiconductors — 2.6%** | **Technology Hardware & Semiconductors — 2.6%** |
| Altar Bidco, Inc., Second Lien Initial Term Loan, 9.747% (SOFR +560 bps), 2/1/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228450 |
| **Telecommunications — 0.8%** | **Telecommunications — 0.8%** | **Telecommunications — 0.8%** |
| CCI Buyer, Inc., First Lien Initial Term Loan, 8.299% (SOFR +400 bps), 12/17/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 67786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67897 |
| **Utilities — 1.7%** | **Utilities — 1.7%** | **Utilities — 1.7%** |
| Discovery Energy Holding Corp., Initial Dollar Term Loan, 8.049% (SOFR +375 bps), 5/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151901 |
| &nbsp;&nbsp;&nbsp;TOTAL SENIOR LOANS<br> (Cost $7,898,549) | &nbsp;&nbsp;&nbsp;TOTAL SENIOR LOANS<br> (Cost $7,898,549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7765910 |
| **CORPORATE BONDS† — 13.4%** | **CORPORATE BONDS† — 13.4%** | **CORPORATE BONDS† — 13.4%** |
| **Consumer Discretionary Products — 1.9%** | **Consumer Discretionary Products — 1.9%** | **Consumer Discretionary Products — 1.9%** |
| Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100388 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171334 |
| **Consumer Discretionary Services — 0.8%** | **Consumer Discretionary Services — 0.8%** | **Consumer Discretionary Services — 0.8%** |
| Scientific Games Holdings LP, 6.625%, 3/1/30<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71460 |
| **Consumer Staple Products — 0.8%** | **Consumer Staple Products — 0.8%** | **Consumer Staple Products — 0.8%** |
| Fiesta Purchaser, Inc., 9.625%, 9/15/32<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68131 |
| **Health Care — 2.1%** | **Health Care — 2.1%** | **Health Care — 2.1%** |
| Surgery Center Holdings, Inc., 7.25%, 4/15/32<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184813 |
| **Materials — 5.2%** | **Materials — 5.2%** | **Materials — 5.2%** |
| Baffinland Iron Mines Corp., 8.75%, 7/15/26<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254193 |

---

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

------

[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN FLOATING RATE INCOME ETF

#### Portfolio of Investments (Concluded)

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Materials — (Continued)** | **Materials — (Continued)** | **Materials — (Continued)** |
| Oscar AcquisitionCo., LLC, 9.50%, 4/15/30<sup>(d)</sup> | $200000 | $182253 |
| SCIH Salt Holdings, Inc., 6.625%, 5/1/29<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24311 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460757 |
| **Software & Technology Services — 2.6%** | **Software & Technology Services — 2.6%** | **Software & Technology Services — 2.6%** |
| AthenaHealth Group, Inc., 6.50%, 2/15/30<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229601 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> (Cost $1,266,921) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186096 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **SHORT-TERM INVESTMENT — 8.1%** | **SHORT-TERM INVESTMENT — 8.1%** | **SHORT-TERM INVESTMENT — 8.1%** |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 4.19%<sup>(e)</sup> | 721359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721359 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $721,359) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721359 |
| TOTAL INVESTMENTS - 109.0%<br> (Cost $9,886,829) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9673365 |
| LIABILITIES IN EXCESS OF OTHER ASSETS - (9.0)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (797012) |
| NET ASSETS - 100.0% |  | $8876353 |

---

------

(a) Floating rate note. Coupon rate, reference index and spread shown at April 30, 2025.

(b) All or a portion of this Senior Loan will settle after April 30, 2025, at which time the interest rate will be determined. Rates shown, if any, are for the settled portion.

(c) Security is deemed illiquid at April 30, 2025.

(d) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund's Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2025, these securities amounted to $1,186,096 or 13.36% of net assets. These securities have been determined by the Fund's adviser to be liquid securities, unless otherwise noted. The liquidity determination is unaudited.

(e) Rate disclosed is the 7-day yield at April 30, 2025.

† See Note 1. The industry designations set forth in the schedule above are those of the Bloomberg Industry Classification System ("BICS").

---

| | |
|:---|:---|
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| SOFR | Secured Overnight Funding Rate |
| USD | United States Dollar |

---

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

------

[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN HIGH INCOME ETF

#### Portfolio of Investments

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS† — 73.2%** | **CORPORATE BONDS† — 73.2%** | **CORPORATE BONDS† — 73.2%** |
| **Consumer Discretionary Products — 3.7%** | **Consumer Discretionary Products — 3.7%** | **Consumer Discretionary Products — 3.7%** |
| Adient Global Holdings Ltd., 8.25%, 4/15/31<sup>(a)</sup> | $65000 | $64063 |
| Amer Sports Co., 6.75%, 2/16/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96211 |
| Champ Acquisition Corp., 8.375%, 12/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63359 |
| Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48463 |
| Masterbrand, Inc., 7.00%, 7/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65136 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108287 |
| Thor Industries, Inc., 4.00%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27023 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472542 |
| **Consumer Discretionary Services — 9.2%** | **Consumer Discretionary Services — 9.2%** | **Consumer Discretionary Services — 9.2%** |
| 1011778 BC ULC / New Red Finance, Inc., 4.375%, 1/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48456 |
| 1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77464 |
| Boyd Gaming Corp., 4.75%, 6/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163321 |
| Caesars Entertainment, Inc., 6.50%, 2/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95584 |
| Cedar Fair LP, 5.25%, 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47592 |
| Penn Entertainment, Inc., 4.125%, 7/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100984 |
| Raising Cane's Restaurants, LLC, 9.375%, 5/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122010 |
| Scientific Games Holdings LP, 6.625%, 3/1/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228672 |
| Six Flags Entertainment Corp., 7.25%, 5/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40568 |
| Six Flags Entertainment Corp., 6.625%, 5/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50483 |
| Station Casinos, LLC, 4.625%, 12/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67810 |
| Station Casinos, LLC, 6.625%, 3/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74604 |
| Yum! Brands, Inc., 5.375%, 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73773 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191321 |
| **Consumer Staple Products — 3.2%** | **Consumer Staple Products — 3.2%** | **Consumer Staple Products — 3.2%** |
| Fiesta Purchaser, Inc., 7.875%, 3/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141582 |
| Fiesta Purchaser, Inc., 9.625%, 9/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52408 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Consumer Staple Products — (Continued)** | **Consumer Staple Products — (Continued)** | **Consumer Staple Products — (Continued)** |
| Post Holdings, Inc., 6.25%, 10/15/34<sup>(a)</sup> | $95000 | $94288 |
| Simmons Foods, Inc., 4.625%, 3/1/29<sup>(a)</sup> | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125713 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413991 |
| **Financial Services — 4.2%** | **Financial Services — 4.2%** | **Financial Services — 4.2%** |
| EZCORP, Inc., 7.375%, 4/1/32<sup>(a)</sup> | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78689 |
| Focus Financial Partners, LLC, 6.75%, 9/15/31<sup>(a)</sup> | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201023 |
| Jane Street Group / JSG Finance, Inc., 7.125%, 4/30/31<sup>(a)</sup> | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98039 |
| VFH Parent, LLC, 7.50%, 6/15/31<sup>(a)</sup> | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97610 |
| WEX, Inc., 6.50%, 3/15/33<sup>(a)</sup> | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73003 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548364 |
| **Health Care — 9.8%** | **Health Care — 9.8%** | **Health Care — 9.8%** |
| Acadia Healthcare Co., Inc., 7.375%, 3/15/33<sup>(a)</sup> | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220144 |
| Concentra Escrow Issuer Corp., 6.875%, 7/15/32<sup>(a)</sup> | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194890 |
| Molina Healthcare, Inc., 6.25%, 1/15/33<sup>(a)</sup> | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64543 |
| Option Care Health, Inc., 4.375%, 10/31/29<sup>(a)</sup> | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165391 |
| Pediatrix Medical Group, Inc., 5.375%, 2/15/30<sup>(a)</sup> | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72406 |
| Select Medical Corp., 6.25%, 12/1/32<sup>(a)</sup> | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94296 |
| Sotera Health Holdings, LLC, 7.375%, 6/1/31<sup>(a)</sup> | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77053 |
| Surgery Center Holdings, Inc., 7.25%, 4/15/32<sup>(a)</sup> | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189808 |
| Tenet Healthcare Corp., 6.125%, 10/1/28 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1268437 |
| **Industrial Products — 9.5%** | **Industrial Products — 9.5%** | **Industrial Products — 9.5%** |
| ATS Corp., 4.125%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46438 |
| Axon Enterprise, Inc., 6.25%, 3/15/33<sup>(a)</sup> | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76650 |
| Chart Industries, Inc., 7.50%, 1/1/30<sup>(a)</sup> | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67518 |
| Chart Industries, Inc., 9.50%, 1/1/31<sup>(a)</sup> | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64037 |
| EMRLD Borrower LP, 6.625%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96455 |

---

------

[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN HIGH INCOME ETF

#### Portfolio of Investments (Continued)

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Industrial Products — (Continued)** | **Industrial Products — (Continued)** | **Industrial Products — (Continued)** |
| EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.75%, 7/15/31<sup>(a)</sup> | $125000 | $127325 |
| Esab Corp., 6.25%, 4/15/29<sup>(a)</sup> | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40594 |
| Goat Holdco, LLC, 6.75%, 2/1/32<sup>(a)</sup> | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92959 |
| Madison IAQ, LLC, 5.875%, 6/30/29<sup>(a)</sup> | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208548 |
| SPX Flow, Inc., 8.75%, 4/1/30<sup>(a)</sup> | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60595 |
| TransDigm, Inc., 6.75%, 8/15/28<sup>(a)</sup> | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61286 |
| TransDigm, Inc., 6.875%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97956 |
| TransDigm, Inc., 6.625%, 3/1/32<sup>(a)</sup> | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97433 |
| Wabash National Corp., 4.50%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93510 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1231304 |
| **Industrial Services — 1.0%** | **Industrial Services — 1.0%** | **Industrial Services — 1.0%** |
| AMN Healthcare, Inc., 4.625%, 10/1/27<sup>(a)</sup> | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47939 |
| AMN Healthcare, Inc., 4.00%, 4/15/29<sup>(a)</sup> | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53841 |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 2/1/32<sup>(a)</sup> | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34184 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135964 |
| **Insurance — 3.3%** | **Insurance — 3.3%** | **Insurance — 3.3%** |
| Alliant Holdings Intermediate, LLC, 7.375%, 10/1/32<sup>(a)</sup> | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126290 |
| HUB International Ltd., 7.375%, 1/31/32<sup>(a)</sup> | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170175 |
| Jones Deslauriers Insurance Management, Inc., 8.50%, 3/15/30<sup>(a)</sup> | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68591 |
| Panther Escrow Issuer, LLC, 7.125%, 6/1/31<sup>(a)</sup> | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66653 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431709 |
| **Materials — 10.5%** | **Materials — 10.5%** | **Materials — 10.5%** |
| AmeriTex HoldCo Intermediate, LLC, 10.25%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67033 |
| Arsenal AIC Parent, LLC, 8.00%, 10/1/30<sup>(a)</sup> | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129548 |
| ATI, Inc., 5.125%, 10/1/31 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127664 |
| Baffinland Iron Mines Corp., 8.75%, 7/15/26<sup>(a)</sup> | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135862 |
| Century Aluminum Co., 7.50%, 4/1/28<sup>(a)</sup> | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131313 |
| Clydesdale Acquisition Holdings, Inc., 6.875%, 1/15/30<sup>(a)</sup> | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50865 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Materials — (Continued)** | **Materials — (Continued)** | **Materials — (Continued)** |
| Clydesdale Acquisition Holdings, Inc., 6.75%, 4/15/32<sup>(a)</sup> | $95000 | $97063 |
| Ingevity Corp., 3.875%, 11/1/28<sup>(a)</sup> | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69256 |
| Intelligent Packaging Ltd. Finco, Inc., 6.00%, 9/15/28<sup>(a)</sup> | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64662 |
| Oscar AcquisitionCo., LLC, 9.50%, 4/15/30<sup>(a)</sup> | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72901 |
| Quikrete Holdings, Inc., 6.375%, 3/1/32<sup>(a)</sup> | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95705 |
| Quikrete Holdings, Inc., 6.75%, 3/1/33<sup>(a)</sup> | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95452 |
| SCIH Salt Holdings, Inc., 6.625%, 5/1/29<sup>(a)</sup> | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160450 |
| TriMas Corp., 4.125%, 4/15/29<sup>(a)</sup> | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60748 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1358522 |
| **Media — 5.8%** | **Media — 5.8%** | **Media — 5.8%** |
| CCO Holdings, LLC, 4.75%, 3/1/30<sup>(a)</sup> | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61355 |
| CCO Holdings, LLC, 4.50%, 5/1/32 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66666 |
| CCO Holdings, LLC , 4.50%, 6/1/33<sup>(a)</sup> | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65315 |
| CCO Holdings, LLC , 4.25%, 1/15/34<sup>(a)</sup> | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63231 |
| Clear Channel Outdoor Holdings, Inc., 7.875%, 4/1/30<sup>(a)</sup> | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200298 |
| McGraw-Hill Education, Inc., 8.00%, 8/1/29<sup>(a)</sup> | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133886 |
| McGraw-Hill Education, Inc., 7.375%, 9/1/31<sup>(a)</sup> | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97040 |
| Outfront Media Capital, LLC, 4.625%, 3/15/30<sup>(a)</sup> | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27770 |
| Outfront Media Capital, LLC / Outfront Media Capital Corp., 7.375%, 2/15/31<sup>(a)</sup> | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 752241 |
| **Oil & Gas — 2.5%** | **Oil & Gas — 2.5%** | **Oil & Gas — 2.5%** |
| Archrock Partners LP, 6.625%, 9/1/32<sup>(a)</sup> | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74628 |
| Harvest Midstream I LP, 7.50%, 9/1/28<sup>(a)</sup> | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96194 |
| Parkland Corp., 4.625%, 5/1/30<sup>(a)</sup> | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61262 |
| Teine Energy Ltd., 6.875%, 4/15/29<sup>(a)</sup> | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322423 |

---

------

[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN HIGH INCOME ETF

#### Portfolio of Investments (Continued)

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Retail & Wholesale - Discretionary — 3.2%** | **Retail & Wholesale - Discretionary — 3.2%** | **Retail & Wholesale - Discretionary — 3.2%** |
| Builders FirstSource, Inc., 4.25%, 2/1/32<sup>(a)</sup> | $30000 | $27089 |
| Mavis Tire Express Services Topco Corp., 6.50%, 5/15/29<sup>(a)</sup> | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32329 |
| Patrick Industries, Inc., 6.375%, 11/1/32<sup>(a)</sup> | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92324 |
| Wand NewCo 3, Inc., 7.625%, 1/30/32<sup>(a)</sup> | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409556 |
| **Retail & Wholesale - Staples — 1.7%** | **Retail & Wholesale - Staples — 1.7%** | **Retail & Wholesale - Staples — 1.7%** |
| US Foods, Inc., 4.625%, 6/1/30<sup>(a)</sup> | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128693 |
| US Foods, Inc., 7.25%, 1/15/32<sup>(a)</sup> | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217692 |
| **Software & Technology Services — 4.7%** | **Software & Technology Services — 4.7%** | **Software & Technology Services — 4.7%** |
| AthenaHealth Group, Inc., 6.50%, 2/15/30<sup>(a)</sup> | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239168 |
| Ellucian Holdings, Inc., 6.50%, 12/1/29<sup>(a)</sup> | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90144 |
| Insight Enterprises, Inc., 6.625%, 5/15/32<sup>(a)</sup> | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76184 |
| UKG, Inc., 6.875%, 2/1/31<sup>(a)</sup> | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200745 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 606241 |
| **Technology Hardware & Semiconductors — 0.9%** | **Technology Hardware & Semiconductors — 0.9%** | **Technology Hardware & Semiconductors — 0.9%** |
| Coherent Corp., 5.00%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62270 |
| Zebra Technologies Corp., 6.50%, 6/1/32<sup>(a)</sup> | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50337 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112607 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> (Cost $9,491,377) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9472914 |
| **SENIOR LOANS† — 13.2%** | **SENIOR LOANS† — 13.2%** | **SENIOR LOANS† — 13.2%** |
| **Consumer Discretionary Products — 1.0%** | **Consumer Discretionary Products — 1.0%** | **Consumer Discretionary Products — 1.0%** |
| DexKo Global, Inc., 2023 Incremental Term Loans, 8.572% (SOFR +425 bps), 10/4/28<sup>(b)</sup> | &nbsp;&nbsp; 14962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13896 |
| MajorDrive Holdings IV, LLC, Initial Term Loan, 8.561% (SOFR +426 bps), 6/1/28<sup>(b)(c)</sup> | &nbsp;&nbsp; 64935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60507 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Consumer Discretionary Products — (Continued)** | **Consumer Discretionary Products — (Continued)** | **Consumer Discretionary Products — (Continued)** |
| RealTruck Goup, Inc., Initial Term Loan, 7.936% (SOFR +361 bps), 1/31/28<sup>(b)</sup> | $39896 | $37322 |
| WH Borrower, LLC, Initial Term Loan, 9.072% (SOFR +475 bps), 2/12/32<sup>(b)</sup> | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126181 |
| **Consumer Discretionary Services — 0.6%** | **Consumer Discretionary Services — 0.6%** | **Consumer Discretionary Services — 0.6%** |
| Kuehg Corp., Term Loan, 6/12/30<sup>(b)(c)</sup> | &nbsp;&nbsp; 49938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49831 |
| Learning Care Group U.S. No.2, Inc., 2024 Refinancing Term Loans 8.280% - 8.308% (SOFR +400 bps), 8/11/28<sup>(b)</sup> | &nbsp;&nbsp; 24937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24862 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74693 |
| **Health Care — 3.3%** | **Health Care — 3.3%** | **Health Care — 3.3%** |
| Aveanna Healthcare, LLC, First Lien 2021 Extended Term Loan, 7/17/28<sup>(b)(c)</sup> | &nbsp;&nbsp; 134871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132680 |
| CVET Midco 2 LP, Initial Term Loan, 10/13/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 134898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127163 |
| Heartland Dental, LLC, 2024 New Term Loans, 4/28/28<sup>(b)(c)</sup> | &nbsp;&nbsp; 74899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74211 |
| Sharp Services, LLC, Tranche D Term Loan, 7.549% (SOFR +325 bps), 12/31/28<sup>(b)(c)</sup> | &nbsp;&nbsp; 94875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94578 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428632 |
| **Industrial Products — 0.4%** | **Industrial Products — 0.4%** | **Industrial Products — 0.4%** |
| LSF12 Crown US Commercial Bidco, LLC, Term Loan, 12/2/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48250 |
| **Industrial Services — 1.1%** | **Industrial Services — 1.1%** | **Industrial Services — 1.1%** |
| Infinite Bidco, LLC, First Lien Term Loan, 8.291% (SOFR +401 bps), 3/2/28<sup>(b)(c)</sup> | &nbsp;&nbsp; 104936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95492 |
| Protective Industrial Products, Inc., Term Loan, 1/17/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48025 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143517 |
| **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
| Asurion, LLC, New B-4 Term Loan, 1/20/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82913 |

---

------

[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN HIGH INCOME ETF

#### Portfolio of Investments (Continued)

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Materials — 0.8%** | **Materials — 0.8%** | **Materials — 0.8%** |
| Aruba Investments Holdings, LLC, First Lien Initial Dollar Term Loan, 8.422% (SOFR +410 bps), 11/24/27<sup>(b)(c)</sup> | $49935 | $48968 |
| HP PHRG Borrower, LLC, Closing Date Term Loan, 2/20/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13987 |
| LABL, Inc., Initial Dollar Term Loan, 9.422% (SOFR +510 bps), 10/29/28<sup>(b)</sup> | &nbsp;&nbsp; 29923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25918 |
| Oscar AcquisitionCo, LLC, Term B Loan, 8.549% (SOFR +425 bps), 4/29/29<sup>(b)</sup> | &nbsp;&nbsp; 24936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23915 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112788 |
| **Media — 1.8%** | **Media — 1.8%** | **Media — 1.8%** |
| Arches Buyer, Inc., Refinancing Term Loan, 12/6/27<sup>(b)(c)</sup> | &nbsp;&nbsp; 39896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39153 |
| Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, 8/21/28<sup>(b)(c)</sup> | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48637 |
| MH Sub I, LLC, Second Lien Term Loan, 2/23/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49353 |
| MH Sub I, LLC, 2024 December New Term Loans, 8.572% (SOFR +425 bps), 12/31/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 104963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92357 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229500 |
| **Retail & Wholesale - Discretionary — 0.4%** | **Retail & Wholesale - Discretionary — 0.4%** | **Retail & Wholesale - Discretionary — 0.4%** |
| White Cap Buyer, LLC, Tranche C Term Loan, 7.575% (SOFR +325 bps), 10/19/29<sup>(b)(c)</sup> | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48862 |
| **Software & Technology Services — 2.8%** | **Software & Technology Services — 2.8%** | **Software & Technology Services — 2.8%** |
| Azalea TopCo, Inc., 2024 Refinancing Term Loan, 7.572% (SOFR +325 bps), 4/30/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 29962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29821 |
| Clover Holdings 2, LLC, Fixed Term Loan, 7.75%, 12/9/31<sup>(c)</sup> | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168300 |
| Clover Holdings 2, LLC, Initial Floating Rate Term Loans, 8.295% (SOFR +400 bps), 12/9/31<sup>(b)</sup> | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| Ellucian Holding, Inc., Second Lien Term Loan, 9.072% (SOFR +475 bps), 11/15/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30113 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Software & Technology Services — (Continued)** | **Software & Technology Services — (Continued)** | **Software & Technology Services — (Continued)** |
| Kaseya, Inc., Initial Term Loan, 9.322% (SOFR +500 bps), 3/5/33<sup>(b)</sup> | $35000 | $34315 |
| Skopima Consilio Parent, LLC, Amendment No. 5 Term Loans, 8.072% (SOFR +375 bps), 5/12/28<sup>(b)(c)</sup> | &nbsp;&nbsp; 29963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29543 |
| Starlight Parent, LLC, Term Loan, 4/16/32<sup>(b)(c)</sup> | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29034 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361126 |
| **Utilities — 0.4%** | **Utilities — 0.4%** | **Utilities — 0.4%** |
| Discovery Energy Holding Corp., Initial Dollar Term Loan, 5/1/31<sup>(b)(c)</sup> | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49000 |
| &nbsp;&nbsp;&nbsp;TOTAL SENIOR LOANS<br> (Cost $1,716,888) | &nbsp;&nbsp;&nbsp;TOTAL SENIOR LOANS<br> (Cost $1,716,888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1705462 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **SHORT-TERM INVESTMENT — 25.3%** | **SHORT-TERM INVESTMENT — 25.3%** | **SHORT-TERM INVESTMENT — 25.3%** |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 4.19%<sup>(d)</sup> | 3270598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3270598 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $3,270,598) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3270598 |
| TOTAL INVESTMENTS - 111.7%<br> (Cost $14,478,863) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14448974 |
| LIABILITIES IN EXCESS OF OTHER ASSETS - (11.7)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1507924) |
| NET ASSETS - 100.0% |  | $12941050 |

---

------

(a) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund's Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2025, these securities amounted to $8,967,313 or 69.29% of net assets. These securities have been determined by the Fund's adviser to be liquid securities.The liquidity determination is unaudited.

(b) Floating rate note. Coupon rate, reference index and spread shown at April 30, 2025.

------

[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN HIGH INCOME ETF

#### Portfolio of Investments (Concluded)

#### April 30, 2025
(c) All or a portion of this Senior Loan will settle after April 30, 2025, at which time the interest rate will be determined. Rates shown, if any, are for the settled portion.

(d) Rate disclosed is the 7-day yield at April 30, 2025.

† See Note 1. The industry designations set forth in the schedule above are those of the Bloomberg Industry Classification System ("BICS").

LLC Limited Liability Company <br> LP Limited Partnership <br> SOFR Secured Overnight Funding Rate

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

------

[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN ETF FUNDS

#### Statements of Assets and Liabilities

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Polen Floating<br> Rate Income ETF<sup>+</sup>** | &nbsp;&nbsp;**Polen High<br> Income ETF** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value<sup>\*</sup> | &nbsp;&nbsp;$9673365 | &nbsp;&nbsp;$14448974 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;Due from broker | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;9850842 | &nbsp;&nbsp;&nbsp;&nbsp;14597101 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656051 |
| **Contingencies and Commitments (Note 2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| Net Assets | &nbsp;&nbsp;$8876353 | &nbsp;&nbsp;$12941050 |
| **Net Assets Consisted of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$9200467 | &nbsp;&nbsp;$12965971 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24921) |
| Net Assets | &nbsp;&nbsp;$8876353 | &nbsp;&nbsp;$12941050 |
| Shares outstanding, no par value, unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 |
| Net Asset Value | &nbsp;&nbsp;$24.49 | &nbsp;&nbsp;$24.89 |
| \* Investments, at cost | &nbsp;&nbsp;$9886829 | &nbsp;&nbsp;$14478863 |

---

------

---

| | |
|:---|:---|
| <sup>+</sup> | The Polen Floating Rate Income ETF (the "Acquiring Fund") acquired all of the assets and liabilities of the Polen Bank Loan Fund (the "Acquired Fund") in a reorganization that occurred after the close of business on March 21, 2025. Performance and financial history of the Acquired Fund's Institutional Class Shares have been adopted by the Acquiring Fund and will be used going forward. As a result, the information prior to the close of business on March 21, 2025, reflects that of the Acquired Fund's Institutional Class Shares. The Acquired Fund ceased operations as of the date of the reorganization. (See Note 1). |

---

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

------

[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN ETF FUNDS

#### Statements of Operations

#### For the Period/Year Ended April 30, 2025

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Polen Floating<br> Rate Income ETF\*** | &nbsp;&nbsp;**Polen High<br> Income ETF†** |
| **Investment income** |  |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$910019 | &nbsp;&nbsp;$40163 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;911223 | &nbsp;&nbsp;&nbsp;&nbsp;46830 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3994 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Transfer agent fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Custodian fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Trustees' and officers' fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waivers and/or reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;158419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: waivers and/or reimbursements(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(634) |
| &nbsp;&nbsp;&nbsp;Net expenses after waivers and/or reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3360 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;846433 | &nbsp;&nbsp;&nbsp;&nbsp;43470 |
| **Net realized and unrealized gain/(loss) from investments:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;(376322) | &nbsp;&nbsp;&nbsp;&nbsp;(29889) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | &nbsp;&nbsp;&nbsp;&nbsp;(442046) | &nbsp;&nbsp;&nbsp;&nbsp;(29856) |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp;$404387 | &nbsp;&nbsp;$13614 |

---

------

---

| | |
|:---|:---|
| <sup>\*</sup> | The Polen Floating Rate Income ETF (the "Acquiring Fund") acquired all of the assets and liabilities of the Polen Bank Loan Fund (the "Acquired Fund") in a reorganization that occurred after the close of business on March 21, 2025. Performance and financial history of the Acquired Fund's Institutional Class Shares have been adopted by the Acquiring Fund and will be used going forward. As a result, the information prior to the close of business on March 21, 2025, reflects that of the Acquired Fund's Institutional Class Shares. The Acquired Fund ceased operations as of the date of the reorganization. (See Note 1). |
| <sup>†</sup> | The Polen High Income ETF commenced operations on March 25, 2025. |

---

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

------

[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN ETF FUNDS

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Polen Floating Rate Income ETF** | &nbsp;&nbsp;**Polen Floating Rate Income ETF** |
|  | &nbsp;&nbsp;**For the Year<br> Ended<br> April 30, 2025\*** | &nbsp;&nbsp;**For the Year<br> Ended<br> April 30, 2024** |
| **Net increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$846433 | &nbsp;&nbsp;$828725 |
| &nbsp;&nbsp;&nbsp;Net realized gains/(losses) from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40885 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(376322) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144792 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404387 | &nbsp;&nbsp;&nbsp;&nbsp;1014402 |
| **Less dividends and distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(936755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(839238) |
| **Increase in net assets derived from capital share transactions (Note 4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230410 | &nbsp;&nbsp;&nbsp;&nbsp;1278126 |
| Total increase/(decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301958) | &nbsp;&nbsp;&nbsp;&nbsp;1453290 |
| **Net assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;9178311 | &nbsp;&nbsp;&nbsp;&nbsp;7725021 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$8876353 | &nbsp;&nbsp;$9178311 |

---

------

<sup>\*</sup> The Polen Floating Rate Income ETF (the "Acquiring Fund") acquired all of the assets and liabilities of the Polen Bank Loan Fund (the "Acquired Fund") in a reorganization that occurred after the close of business on March 21, 2025. Performance and financial history of the Acquired Fund's Institutional Class Shares have been adopted by the Acquiring Fund and will be used going forward. As a result, the information prior to the close of business on March 21, 2025, reflects that of the Acquired Fund's Institutional Class Shares. The Acquired Fund ceased operations as of the date of the reorganization. (See Note 1).

<sup>(a)</sup> Includes dividends and distributions to shareholders from distributed earnings of $800,973 from the Institutional Class of the Predecessor Fund up to the date of the reorganization that took place after the close of business on March 21, 2025. Dividends and distributions to shareholders from distributed earnings from the Polen Floating Rate Income ETF totaled $135,782. (See Note 1).

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

------

[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN ETF FUNDS

#### Statements of Changes in Net Assets (Concluded)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Polen High Income ETF†** |
|  | &nbsp;&nbsp;**For the period ended<br> to April 30, 2025** |
| **Net increase/(decrease) in net assets from operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$43470 |
| &nbsp;&nbsp;&nbsp;Net realized gains from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29889) |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13614 |
| **Less dividends and distributions to shareholders from:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38535) |
| **Increase in net assets derived from capital share transactions (Note 4)** | &nbsp;&nbsp;&nbsp;&nbsp;12965971 |
| Total increase in net assets | &nbsp;&nbsp;&nbsp;&nbsp;12941050 |
| **Net assets** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$12941050 |

---

------

<sup>†</sup> The Polen High Income ETF commenced operations on March 25, 2025.

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

------

[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN ETF FUNDS

POLEN FLOATING RATE INCOME ETF\*

#### Financial Highlights

------

Contained below is per share operating performance data for the Polen Floating Rate Income ETF outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the ETF (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2025<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2024<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;**For the<br> Period Ended<br> April 30,<br> 2023<sup>(1)</sup>** |
| **Per Share Operating Performance** |  |  |  |
| Net asset value, beginning of year/period | &nbsp;&nbsp;$25.99 | &nbsp;&nbsp;$25.43 | &nbsp;&nbsp;$25.36 |
| Net investment income<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| **Dividends and distributions to shareholders from:** |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(2.40) | &nbsp;&nbsp;&nbsp;&nbsp;(2.56) | &nbsp;&nbsp;&nbsp;&nbsp;(1.62) |
| Net realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| Total dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(2.65) | &nbsp;&nbsp;&nbsp;&nbsp;(2.61) | &nbsp;&nbsp;&nbsp;&nbsp;(1.65) |
| Net asset value, end of year/period | &nbsp;&nbsp;$24.49 | &nbsp;&nbsp;$25.99 | &nbsp;&nbsp;$25.43 |
| Total investment return<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% | &nbsp;&nbsp;&nbsp;&nbsp;13.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12% |
| **Ratios/Supplemental Data** |  |  |  |
| Net assets, end of year/period (in 000s) | &nbsp;&nbsp;$8876 | &nbsp;&nbsp;$9178 | &nbsp;&nbsp;$7725 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>(4)</sup> |
| Ratio of expenses to average net assets without waivers<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19%<sup>(4)</sup> |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.40% | &nbsp;&nbsp;&nbsp;&nbsp;10.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11%<sup>(4)</sup> |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22%<sup>(6)</sup> |

---

------

(1) On March 11, 2025, the Acquired Fund declared a 1-for-2.54 reverse stock split. The shares outstanding have been restated to reflect the share conversion ratio of 0.39. Prior year net asset values and per share amounts have been restated to reflect the impact of the reverse stock split (see Note 4 in Notes to Financial Statements).

(2) The selected per share data was calculated using the average shares outstanding method for the period.

(3) Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

(4) Annualized.

(5) During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

(6) Not Annualized.

\* The Polen Floating Rate Income ETF (the "Acquiring Fund") acquired all of the assets and liabilities of the Polen Bank Loan Fund (the "Acquired Fund"), which commenced operations on June 30, 2022, in a reorganization that occurred after the close of business on March 21, 2025. Performance and financial history of the Acquired Fund's Institutional Class Shares have been adopted by the Acquiring Fund and will be used going forward. As a result, the information prior to the close of business on March 21, 2025, reflects that of the Acquired Fund's Institutional Class Shares. The Acquired Fund ceased operations as of the date of the reorganization. (See Note 1).

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

------

[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN ETF FUNDS

POLEN HIGH INCOME ETF

#### Financial Highlights (Concluded)

------

Contained below is per share operating performance data for the Polen High Income ETF outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the ETF (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**For the<br> Period Ended<br> April 30,<br> 2025<sup>†</sup>** |
| **Per Share Operating Performance** |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$25.00 |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized loss on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Dividends and distributions to shareholders from:** |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| Net asset value, end of period | &nbsp;&nbsp;$24.89 |
| Total investment return<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13)% |
| **Ratios/Supplemental Data** |  |
| Net assets, end of period (in 000s) | &nbsp;&nbsp;$12941 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51%<sup>(3)</sup> |
| Ratio of expenses to average net assets without waivers<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61%<sup>(3)</sup> |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%<sup>(3)</sup> |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18%<sup>(5)</sup> |

---

------

† The Polen High Income ETF commenced operations on March 25, 2025.

(1) The selected per share data was calculated using the average shares outstanding method for the period.

(2) Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

(3) Annualized.

(4) During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

(5) Not Annualized.

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

------

[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN ETF FUNDS

#### Notes to Financial Statements

#### April 30, 2025
1. Organization and Significant Accounting Policies

The Polen Floating Rate Income ETF and the Polen High Income ETF (each a "Fund" and together the "Funds") are non-diversified, open-end management investment companies registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), which commenced investment operations on March 24, 2025 and March 25, 2025, respectively. The Funds are separate series of FundVantage Trust (the "Trust") which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a "series trust" authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. Polen Capital Credit, LLC ("Polen Credit" or the "Adviser") serves as investment adviser to the Funds pursuant to an investment advisory agreement with the Trust.

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

Individual shares of each Fund are listed for trading on a national securities exchange during the trading day. The Funds' primary listing exchange is NYSE Arca, Inc. Shares can be bought and sold throughout the trading day like shares of other publicly traded companies, and when you buy or sell the Funds' shares in the secondary market, you will pay or receive the market price. However, there can be no guarantee that an active trading market will develop or be maintained, or that the Funds' shares listing will continue or remain unchanged.

Shares of the Funds may only be acquired through the Funds' distributor and redeemed directly with the Funds by or through Authorized Participants in large blocks called Creation Units or multiples thereof. Authorized Participants are registered clearing agents that enter into an agreement with the Funds' distributor to transact in Creation Units. Purchases and redemptions of Creation Units will take place in-kind and/or for cash at the discretion of the Funds. The determination of whether purchases and redemptions of Creation Units will be for cash or in-kind depends primarily on the regulatory requirements and settlement mechanisms relevant to the Funds' portfolio holdings and the Funds is not limited to engaging in in-kind transactions to any particular market circumstances.

***Reorganization — At a meeting held on December 2-3, 2024, the Board of the Trustees approved, on behalf of the Polen Bank Loan Fund (the "Acquired Fund"), which commenced investment operations on June 30, 2022, the reorganization of the Acquired Fund into the Polen Floating Rate Income ETF (the "Acquiring Fund") (the "Reorganization"). The Reorganization occurred after the close of business on March 21, 2025 (the "Closing Date"), whereas all the assets and liabilities of the Institutional Class Shares of the Acquired Fund were transferred to the Acquiring Fund in exchange for shares of the Acquiring Fund having an aggregate net asset value ("NAV") equal to the NAV of the Acquired Fund on the Closing Date as shown in the table below. Furthermore, the Acquired Fund's performance (Institutional Class Shares) and financial history were adopted by the Acquiring Fund. The Acquiring Fund has the same investment adviser, investment objective and fundamental investment policies and substantially similar investment strategies as the Acquired Fund. Effective as of the Closing Date, the Acquired Fund ceased operations in connection with the consummation of its Reorganization.***

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Before<br> Reorganization** | &nbsp;&nbsp;**After<br> Reorganization** |
|  | &nbsp;&nbsp;**Polen Bank<br> Loan Fund** | &nbsp;&nbsp;**Polen Floating<br> Rate Income ETF** |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352377 |
| Net Assets | &nbsp;&nbsp;$8806942 | &nbsp;&nbsp;$8806942 |
| Unrealized Depreciation | &nbsp;&nbsp;$(66122) | &nbsp;&nbsp;$(66122) |

---

Costs incurred by the Acquiring Fund and the Acquired Fund associated with the Reorganization (including the legal costs associated with the Reorganization) were borne by the Adviser by waiving fees or reimbursing expenses to offset the costs incurred by the Acquiring Fund or Acquired Fund associated with the Reorganization, including any brokerage fees and expenses incurred by the Acquiring Fund or Acquired Fund related to the disposition and acquisition of assets as part of the Reorganization. Brokerage fees and expenses related to the disposition and acquisition of assets (including any disposition to raise cash to pay redemption proceeds) that were incurred in the ordinary course of business were borne by the Acquiring Fund and the Acquired Fund. The Acquiring Fund employs a unitary fee structure pursuant to which Polen Credit bears all operating expenses of the Fund, subject to limited exceptions.

------

[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN ETF FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
The Reorganization did not result in any material change to the Acquired Fund's portfolio holdings. There are no material differences in accounting policies of the Acquired Fund as compared to those of the Acquiring Fund.

***Portfolio Valuation — The Funds' NAV is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System ("NASDAQ") market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). Securities that do not have a readily available current market value are valued in good faith by the Adviser as "valuation designee" under the oversight of the Trust's Board of Trustees. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Trust's Board of Trustees.***

The Funds have a fundamental policy with respect to industry concentration that it will not invest 25% or more of the value of the Funds' assets in securities of issuers in any one industry. Since inception the Funds have utilized BICS at the sub-industry level for defining industries for purposes of monitoring compliance with its industry concentration policy. However, at times, the Funds may utilize other industry classification systems such as MGECS, ICE BofA or GICS, as applicable, for other purposes.

***Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Funds' investments are summarized into three levels as described in the hierarchy below:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — quoted prices in active markets for identical securities;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers in and out are recognized at the value at the end of the period.

Significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that foreign markets close (where the security is principally traded) and the time that each Fund calculates its NAV (generally, the close of the NYSE) which may impact the value of securities traded in these foreign markets. As a result, each Fund fair values foreign securities using an independent pricing service which considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange traded funds and certain indexes as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy.

Securities listed on a non-U.S. exchange are generally fair valued daily by an independent fair value pricing service approved by the Trust's Board of Trustees and categorized as Level 2 investments within the hierarchy. The fair valuations for these securities may not be the same as quoted or published prices of the securities on their primary markets. Securities for which daily fair value prices from the independent fair value pricing service are not available are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities,

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[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN ETF FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of valuation time, as provided by an independent pricing service approved by the Board of Trustees.

The valuations for fixed income securities are typically the prices supplied by independent third-party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third-party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. To the extent that these inputs are observable, the fair value of fixed income securities would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Floating rate senior loan notes ("Senior Loans") are fair valued based on a quoted price received from a single broker-dealer or an average of quoted prices received from multiple broker-dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable, the fair values of Senior Loans would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

The following is a summary of the inputs used, as of April 30, 2025, in valuing each Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;**Total<br> Value at<br> 04/30/25** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| **Polen Floating Rate Income ETF** | **Polen Floating Rate Income ETF** |  |  |  |
| **Assets** |  |  |  |  |
| Senior Loans\* | &nbsp;&nbsp;$7765910 | $— | &nbsp;&nbsp;$7765910 | $— |
| Corporate Bonds\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721359 | &nbsp;&nbsp;&nbsp;&nbsp;721359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$9673365 | $721359 | &nbsp;&nbsp;$8952006 | $— |
| **Polen High Income ETF** | **Polen High Income ETF** |  |  |  |
| **Assets** |  |  |  |  |
| Corporate Bonds\* | &nbsp;&nbsp;$9472914 | $— | &nbsp;&nbsp;$9472914 | $— |
| Senior Loans\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3270598 | &nbsp;&nbsp;3270598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$14448974 | $3270598 | &nbsp;&nbsp;$11178376 | $— |

---

------

\* Please refer to Portfolio of Investments for further details on portfolio holdings.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third-party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds' investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles ("U.S. GAAP") require the Funds to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to

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[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN ETF FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when the Funds have an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to their respective net assets. The amounts and reasons for all transfers in and out of Level 3 are disclosed when the Funds had an amount of transfers during the reporting period that was meaningful in relation to their respective net assets as of the end of the reporting period.

There are significant unobservable inputs used in the fair value measurement of the Funds' Level 3 investments. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement.

For the year and period ended April 30, 2025, there were no transfers in or out of Level 3.

***Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.***

***Investment Transactions, Investment Income and Expenses — Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. The Funds may be subject to foreign taxes on income, a portion of which may be recoverable. The Funds apply for refunds where available. The Funds will accrue such taxes and reclaims, as applicable, based upon the current interpretation of tax rules and regulations that exist in the market in which the Fund invests. General expenses of the Trust are generally allocated to each Fund under methodologies approved by the Board of Trustees. Expenses directly attributable to a particular Fund in the Trust are charged directly to that Fund. The Funds' investment income, expenses (other than class-specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day.***

***Cash and Cash Equivalents — Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. Each Fund maintains deposits with a high quality financial institution in an amount that is in excess of federally insured limits.***

***Dividends and Distributions to Shareholders — Dividends from net investment income are declared daily and paid monthly to shareholders. Distributions, if any, of net short-term capital gain and net capital gain (the excess of net long-term capital gain over the short-term capital loss) realized by the Fund, after deducting any available capital loss carryforwards are declared and paid to its shareholders annually. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These differences include the treatment of non-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.***

***U.S. Tax Status — No provision is made for U.S. income taxes as it is each Fund's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.***

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

***Debt Investment Risk — Debt investments are affected primarily by the financial condition of the companies or other entities that have issued them and by changes in interest rates. There is a risk that an issuer of a Fund's debt investments may not be able to meet its financial obligations (e. g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or seek bankruptcy protection. Securities such as high-yield bonds, e.g., bonds with low credit ratings by***

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[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN ETF FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
Moody's (Ba or lower) or Standard & Poor's (BB and lower) or if unrated are of comparable quality as determined by the Adviser, are especially subject to credit risk during periods of economic uncertainty or during economic downturns and are more likely to default on their interest and/or principal payments than higher rated securities. Debt investments may be affected by changes in interest rates. Debt investments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt investments with shorter durations or floating or adjustable interest rates. The value of debt investments may fall when interest rates rise.

***Senior Loans — Each Fund invests primarily in senior loans and other floating rate investments. Senior loans typically are rated below investment grade. Below investment grade securities, including senior loans, involve greater risk of loss, are subject to greater price volatility, and may be less liquid and more difficult to value, especially during periods of economic uncertainty or change, than higher rated debt securities. Market quotations for these securities may be volatile and/or subject to large spreads between bid and ask prices. These securities once sold, may not settle for an extended period (for example, several weeks or even longer). A Fund will not receive its sale proceeds until that time, which may constrain a Fund's ability to meet its obligations. A Fund may invest in securities of issuers that are in default or that are in bankruptcy. The value of collateral, if any, securing a senior loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. No active trading market may exist for many senior loans, and many loans are subject to restrictions on resale. Any secondary market may be subject to irregular trading activity and extended settlement periods. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Loans may not be considered "securities," and purchasers, such as a Fund, therefore may not be entitled to rely on the anti-fraud protections afforded by federal securities laws.***

***Recent Accounting Pronouncement— The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures during the year. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or results of operations. The Funds operate as a single reporting entity, meaning all its business activities are considered one business segment for financial reporting purposes.***

The Chief Operating Decision Maker ("CODM") is the Adviser and the Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO") of the Funds. The CODM has concluded that the Funds operate as a single operating segment since the Funds have a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

2. Transactions with Related Parties and Other Service Providers

For its services, Polen Credit is paid a monthly management fee at the annual rate based on average daily net assets of each Fund as shown in the table below:

---

| | |
|:---|:---|
| Polen Floating Rate Income ETF | &nbsp;&nbsp;0.59% |
| Polen High Income ETF | &nbsp;&nbsp;0.63% |

---

The management fee is structured as a "unified fee." Polen Credit has agreed to pay all expenses incurred by the Funds except for the following expenses, each of which is paid by the Funds: interest and other costs of borrowing; taxes and other governmental fees; brokerage expenses, trading expenses and other expenses in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; acquired fund fees and expenses; accrued deferred tax liability; extraordinary expenses and other non-routine expenses of the Funds; payments under the Funds' 12b-1 Plan (if activated); and the management fees payable to the Adviser.

Polen Credit has contractually agreed to waive 0.10% (10 basis points) of its investment advisory fee (the "Fee Waiver") for each Fund. The Fee Waiver will remain in place for one year after the commencement date of each Fund's operations, unless the Board of Trustees approves its earlier termination.

------

[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN ETF FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
Expenses shown on the Statements of Operations for the Polen Floating Rate Income ETF includes total and net expenses incurred by the Acquired Fund prior to the Reorganization after the close of business on March 21, 2025, were $152,975 and $60,269, respectively. Total and net expenses incurred by the Polen Floating Rate Income ETF were $5,444 and $4,521, respectively.

For the year ended April 30, 2025, the amount of advisory fees earned and waived and/or reimbursed was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Gross<br> Advisory Fee** | &nbsp;&nbsp;**Waivers and/or<br> Reimbursements** | &nbsp;&nbsp;**Net Advisory Fee/<br> (Reimbursement)** |
| Polen Floating Rate Income ETF<sup>\*</sup> | &nbsp;&nbsp;$57988 | &nbsp;&nbsp;$(93629) | &nbsp;&nbsp;$(35641) |
| Polen High Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3360 |

---

------

\* Includes Gross Advisory Fee of $52,544 and $5,444, Waivers and/or Reimbursements of $92,706 and $923, and Net Advisory Fee/(Reimbursements) of $(40162) and $4,521, for the Acquired Fund and the Acquiring Fund, respectively.

#### Other Service Providers
The Bank of New York Mellon ("BNY") serves as administrator and custodian for the Funds. For providing administrative and accounting services, BNY is entitled to receive a monthly fee equal to an annual percentage rate of the Funds' average daily net assets and is subject to certain minimum monthly fees. For providing certain custodial services, BNY is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

BNY Investment Servicing (US) Inc. (the "Transfer Agent") provides transfer agent services to the Funds. The Transfer Agent is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

The Trust, on behalf of the Funds, has entered into agreements with financial intermediaries to provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries investing in the Funds and has agreed to compensate the intermediaries for providing those services. The fees incurred by the Funds for these services are included in Transfer agent fees in the Statements of Operations.

Foreside Funds Distributors LLC (the "Underwriter") provides principal underwriting services to the Funds pursuant to an underwriting agreement between the Trust and the Underwriter.

The Trust and the Underwriter are parties to an underwriting agreement. The Trust has adopted a distribution plan for the Funds in accordance with Rule 12b-1 under the 1940 Act. The Funds' Rule 12b-1 Plan is authorized but inactive, such that no related fees accrue to the Funds.

#### Trustees and Officers
The Trust is governed by its Board of Trustees. The Trustees receive compensation in the form of an annual retainer and per meeting fees for their services to the Trust. An employee of BNY serves as the Secretary of the Trust and is not compensated by the Funds or the Trust.

JW Fund Management LLC ("JWFM") provides a PEO and PFO to the Trust. Chenery Compliance Group, LLC ("Chenery") provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and Chenery are compensated for their services provided to the Trust.

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[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN ETF FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
3. Investment in Securities

The aggregated purchases and sales of investment securities (excluding short-term investments) of the Polen Floating Rate Income ETF for the year ended April 30, 2025 and the Polen High Income ETF for the period from the commencement of its operations on March 25, 2025 through April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| Polen Floating Rate Income ETF | &nbsp;&nbsp;$8440175 | &nbsp;&nbsp;$8445215 |
| Polen High Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;12170048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968751 |

---

The Funds are permitted to purchase or sell securities, which have a readily available market quotation, from or to certain other affiliated funds under specified conditions outlined in the procedures adopted by the Board of Trustees. The procedures have been designed to provide assurances that any purchase or sale of securities by the Funds from or to another fund that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), common Trustees and/or common officers complies with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effective at the current market price.

For the year ended April 30, 2025, the Funds did not engage in purchase or sale of securities with affiliated funds under Rule 17a-7.

4. Capital Share Transactions

Effective the market close on March 11, 2025, the Acquired Fund implemented a 1-for-2.54 reverse stock split. The net effect of the Acquired Fund's reverse stock split was to decrease the number of the Acquired Fund's outstanding common shares and increase the net asset value per common share by a proportionate amount. While the number of the Acquired Fund's outstanding common shares declined, neither the Acquired Fund's holdings nor the total value of shareholders' investments were affected. Immediately after the reverse stock split, each common shareholder held the same percentage of the Acquired Fund's outstanding common shares that was held immediately prior to the reverse stock split. Capital share activity referenced in the table below, and per share data, including the proportionate impact to market price, in the Financial Highlights table have been restated to reflect the reverse stock split.

Capital shares are issued and redeemed by the Funds only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of the Funds are not redeemable.

For the years/periods shown in the table below, transactions in capital shares (authorized shares unlimited) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2024** | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2024** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Polen Floating Rate Income ETF: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;14347 | &nbsp;&nbsp;$360246 | &nbsp;&nbsp;&nbsp;77457 | &nbsp;&nbsp;$2013945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;22919 | &nbsp;&nbsp;&nbsp;&nbsp;586974 | &nbsp;&nbsp;&nbsp;23241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;(28036) | &nbsp;&nbsp;&nbsp;&nbsp;(718049) | &nbsp;&nbsp;(51317) | &nbsp;&nbsp;&nbsp;&nbsp;(1333594) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;9230 | &nbsp;&nbsp;$230410 | &nbsp;&nbsp;&nbsp;49381 | &nbsp;&nbsp;$1278126 |

---

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[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN ETF FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**For the Period Ended<br> April 30, 2025\*** | &nbsp;&nbsp;**For the Period Ended<br> April 30, 2025\*** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Polen High Income ETF: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;520000 | &nbsp;&nbsp;$12936111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase | &nbsp;&nbsp;520000 | &nbsp;&nbsp;$12965971 |

---

------

\* The Polen High Income ETF commenced operations on March 25, 2025.

The consideration for the purchase of Creation Units consists of either the in-kind deposit of a designated portfolio of securities and/or a specified amount of cash. Certain funds may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BNY, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in transaction fees in the table above.

#### Significant Shareholders
As of April 30, 2025, the Polen Floating Rate Income ETF had affiliated shareholders that held approximately 60% of the total outstanding shares of the Fund.

As of April 30, 2025, the Polen High Income ETF had a non-affiliated shareholder that held greater than 50% of the shares outstanding of the Fund.

Transactions by these shareholders may have a material impact on the Funds.

5. Federal Tax Information

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as tax benefit or expense in the current year. Each Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

Distributions are determined in accordance with federal income tax regulations, which may differ in amount or character from net investment income and realized gains for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the components of net assets based on the tax treatment; temporary differences do not require reclassifications. For the period ended April 30, 2025, there was a reclassification between components of total distributable earnings for the Polen Floating Rate Income ETF. This permanent difference is primarily attributable to a redesignation of dividends paid. Net assets were not affected by this adjustment.

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[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN ETF FUNDS

#### Notes to Financial Statements (Continued)

#### April 30, 2025
The tax character of distributions paid by the Funds during the year and period ended April 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Ordinary<br> Income<br> Dividend** | &nbsp;&nbsp;**Long-Term<br> Capital Gain<br> Dividend** | &nbsp;&nbsp;**Total<br> Distributions<br> Paid** |
| Polen Floating Rate Income ETF | &nbsp;&nbsp;$896444 | &nbsp;&nbsp;$40311 | &nbsp;&nbsp;$936755 |
| Polen High Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38535 |

---

The tax character of distributions paid by the Funds during the year ended April 30, 2024, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Ordinary<br> Income<br> Dividend** | &nbsp;&nbsp;**Total<br> Taxable<br> Distributions** | &nbsp;&nbsp;**Tax<br> Exempt<br> Distributions** | &nbsp;&nbsp;**Total<br> Distributions<br> Paid** |
| Polen Floating Rate Income ETF | &nbsp;&nbsp;$— | &nbsp;&nbsp;$844305 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$844305 |

---

As of April 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Undistributed<br> Ordinary<br> Income** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Qualified<br> Late-Year<br> Losses** | &nbsp;&nbsp;**Temporary<br> Differences** |
| Polen Floating Rate Income ETF | &nbsp;&nbsp;$84779 | &nbsp;&nbsp;$(213464) | &nbsp;&nbsp;$(114956) | &nbsp;&nbsp;$(80473) |
| Polen High Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;41529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(36561) |

---

The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes. Foreign currency and short-term capital gains are reported as ordinary income for federal income tax purposes.

As of April 30, 2025, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Federal<br> Tax Cost** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** | &nbsp;&nbsp;**Net Unrealized<br> (Depreciation)** |
| Polen Floating Rate Income ETF | &nbsp;&nbsp;$9886829 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(213464) | &nbsp;&nbsp;$(213464) |
| Polen High Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;14478863 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29889) |

---

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and April 30 and late year ordinary losses ((i) ordinary losses between January 1 and April 30, and (ii) specified ordinary and currency losses between November 1 and April 30) as occurring on the first day of the following tax year.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Late-Year Ordinary<br> Losses Deferral** | &nbsp;&nbsp;**Short-Term Capital<br> Loss Deferral** | &nbsp;&nbsp;**Long-Term Capital<br> Loss Deferral** |
| Polen Floating Rate Income ETF | &nbsp;&nbsp;$— | &nbsp;&nbsp;$19750 | &nbsp;&nbsp;$95206 |

---

6. Commitments and Contingencies

The Funds may make commitments pursuant to bridge loan facilities. Bridge loan commitments may obligate the Funds to furnish temporary financing to a borrower until permanent financing can be arranged. Such commitments typically remain off balance sheet as it is more likely than not, based on the good faith judgement of the Adviser, that such bridge facilities will not ever fund. As of April 30, 2025, there were no outstanding bridge facility commitments.

***Unfunded Loan Commitments — Each Fund may enter into unfunded loan commitments. Unfunded loan commitments may be partially or wholly unfunded. During the contractual period, the Fund is obliged to provide funding to the borrower upon demand. A fee is earned by a Fund on the unfunded loan commitment and is recorded as interest income on the Statement of Operations. Unfunded loan commitments on senior loan participations and assignments, if any, are marked to market daily and valued according to the***

------

[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN ETF FUNDS

#### Notes to Financial Statements (Concluded)

#### April 30, 2025
Trust's valuation policies and procedures. Any applicable net unrealized appreciation or depreciation at the end of the reporting period is recorded as an asset and any change in net unrealized appreciation or depreciation for the reporting period is recorded within the change in net unrealized appreciation or depreciation on investments. Unfunded loan commitments are included in the Portfolio of Investments. As of April 30, 2025, neither fund had any unfunded loan commitments.

7. Subsequent Events

Management has evaluated the impact of all subsequent events on each Fund through the date the financial statements were issued, and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.

------

[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN ETF FUNDS

#### Report of Independent Registered Public Accounting Firm
To the Board of Trustees of FundVantage Trust and Shareholders of Polen Floating Rate Income ETF and Polen High Income ETF

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Polen Floating Rate Income ETF and Polen High Income ETF (two of the funds constituting FundVantage Trust, hereafter collectively referred to as the "Funds") as of April 30, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| Polen Floating Rate Income ETF | Statement of operations for the year ended April 30, 2025 and the statements of changes in net assets for each of the two years in the period ended April 30, 2025 |
| Polen High Income ETF | Statements of operations and changes in net assets for the period March 25, 2025 (commencement of operations) through April 30, 2025 |

---

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 27, 2025

We have served as the auditor of one or more investment companies managed by Polen Capital Management, LLC since 2011.

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[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN ETF FUNDS

#### Shareholder Tax Information
(Unaudited)

The Funds are required by Subchapter M of the Internal Revenue Code of 1986, as amended, to advise their shareholders of the U.S. federal tax status of distributions received by the Funds' shareholders in respect of such fiscal year. During the year ended April 30, 2025, the following dividends and distributions were paid by the Funds:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-Term<br> Capital Gain** |
| Polen Floating Rate Income ETF | &nbsp;&nbsp;$896444 | &nbsp;&nbsp;$40311 |
| Polen High Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes. The Funds designated the following as long-term capital gains distributions during the year ended April 30, 2025:

---

| | |
|:---|:---|
| Polen Floating Rate Income ETF | &nbsp;&nbsp;$40311 |
| Polen High Income ETF | &nbsp;&nbsp;$0 |

---

The percentage of ordinary income dividends qualifying for qualified interest income for the Funds is as follows:

---

| | |
|:---|:---|
| Polen Floating Rate Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;29.61% |
| Polen High Income ETF | &nbsp;&nbsp;100.00% |

---

The percentage of ordinary income distributions designated as qualified short-term gain pursuant to the American Jobs Creation Act of 2004 is as follows:

---

| | |
|:---|:---|
| Polen Floating Rate Income ETF | &nbsp;&nbsp;100.00% |
| Polen High Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% |

---

All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Funds to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

Because the Funds' fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2026.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Funds, if any.

In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Funds.

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[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN ETF FUNDS

#### Other Information
(Unaudited)

#### Proxy Voting
Policies and procedures that the Funds uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 will be available without charge, upon request, by calling (888) 426-7515 and on the Securities and Exchange Commission's ("SEC") website at *http://www.sec.gov.*

#### Quarterly Portfolio Schedules
Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended July 31 and January 31) as an exhibit to its reports on Form N-PORT. Each Funds' portfolio holdings on Form N-PORT are available on the SEC's website at *http://www.sec.gov.*

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[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

POLEN ETF FUNDS

#### Privacy Notice
(Unaudited)

The privacy of your personal financial information is extremely important to us. When you open an account with us, we collect a significant amount of information from you in order to properly invest and administer your account. We take very seriously the obligation to keep that information private and confidential, and we want you to know how we protect that important information.

We collect nonpublic personal information about you from applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you, or our former clients, to our affiliates or to service providers or other third parties, except as permitted by law. We share only the information required to properly administer your accounts, which enables us to send transaction confirmations, monthly or quarterly statements, financials and tax forms. Even within the Fund and its affiliated entities, a limited number of people who actually service accounts will have access to your personal financial information. Further, we do not share information about our current or former clients with any outside marketing groups or sales entities.

To ensure the highest degree of security and confidentiality, the Fund and its affiliates maintain various physical, electronic and procedural safeguards to protect your personal information. We also apply special measures for authentication of information you request or submit to us on our web site.

If you have questions or comments about the Funds' privacy practices, please call us at (888) 426-7515.

------

[**Table of Contents**](#JOB_FundV_792b9711-6366-4f6c-b85c-ac8aafe5b879_TOC)

#### Investment Adviser
Polen Capital Credit, LLC

1075 Main Street

Suite 320

Waltham, MA 02451

#### Administrator
The Bank of New York Mellon

103 Bellevue Parkway

Wilmington, DE 19809

#### Transfer Agent
BNY Mellon Investment Servicing (US) Inc.

500 Ross Street, 154-0520

Pittsburgh, PA 15262

#### Principal Underwriter
Foreside Funds Distributors LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

#### Custodian
The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

#### Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1800

2001 Market Street

Philadelphia, PA 19103-7042

#### Legal Counsel
Troutman Pepper Locke LLP

3000 Two Logan Square

18<sup>th</sup> and Arch Streets

Philadelphia, PA 19103

XXX-0425

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The Fund's disclosure of remuneration items is included as part of the Annual Financials and Additional Information filed under Item 7 of this form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
*Polen High Income ETF and the Polen Floating Rate Income ETF* 

At an in-person meeting held on December 2, 2024 (the "Meeting"), the Board of Trustees (the "Board" or the "Trustees") of FundVantage Trust (the "Trust"), including a majority of the Trustees who are not "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees"), unanimously approved a new Investment Advisory Agreement between Polen Capital Credit, LLC ("Polen Credit" or the "Adviser") and the Trust (the "Polen Credit Agreement") on behalf of each of the Polen High Income ETF and the Polen Floating Rate Income ETF (together, the "Funds") for an initial two year period.

In determining whether to approve the Polen Credit Agreement, the Trustees, including the Independent Trustees, considered information provided by Polen Credit in response to a request for information in accordance with Section 15(c) of the 1940 Act (the "Polen Credit 15(c) Response") regarding (i) the services to be performed by Polen Credit for the Funds, (ii) the composition and qualifications of Polen Credit's portfolio management staff, (iii) any potential or actual material conflicts of interest which may arise in connection with the management of the Funds, (iv) investment performance of the Funds' respective strategies, as applicable, (v) the financial condition of Polen Credit, (vi) brokerage selection procedures (including soft dollar arrangements, if any), (vii) the procedures for allocating investment opportunities between the Funds and other clients, (viii) results of any independent audit or regulatory examination, including any recommendations or deficiencies noted, and (ix) any litigation, investigation or administrative proceeding which may have a material impact on Polen Credit's ability to service the Funds.

The Board considered additional information provided by representatives from Polen Credit invited to participate in the Meeting regarding Polen Credit's history, performance, investment strategy, and compliance program. Representatives of Polen Credit responded to questions from the Board. In addition to the foregoing information, the Trustees also considered other factors they believed to be relevant to considering the approval of the Polen Credit Agreement, including the specific matters discussed below. In their deliberations, the Trustees did

------

not identify any particular information that was controlling, and different Trustees may have attributed different weights to the various factors. After deliberating, the Trustees determined that the overall arrangement between the Funds and Polen Credit, as provided by the terms of the Polen Credit Agreement, including the advisory fees under the Polen Credit Agreement, were fair and reasonable in light of the services provided, expenses incurred and such other matters as the Trustees considered relevant.

Based on the Polen Credit 15(c) Response, the Trustees concluded that (i) the nature, extent and quality of the services provided (or to be provided) by Polen Credit are appropriate and consistent with the terms of the Polen Credit Agreement, (ii) that the quality of those services has been, and continues to be, consistent with industry norms, (iii) the Funds are likely to benefit from the provision of those services, (iv) Polen Credit has sufficient personnel, with the appropriate skills and experience, to serve the Funds effectively and has demonstrated its continuing ability to attract and retain qualified personnel, and (v) the satisfactory nature, extent, and quality of services currently provided to the other series of the Trust currently advised by Polen Credit and expected to be provided to the Funds is likely to continue under the Polen Credit Agreement.

The Trustees considered the investment performance for the Polen Bank Loan Fund (the "predecessor fund") which would be reorganized into the Polen Floating Rate Income ETF with an identical investment objective and portfolio management team and substantially similar investment strategy. The Trustees noted that, for the twelve months ending September 30, 2024, the predecessor's Institutional Class returned 9.97% (net of fees), versus the Bloomberg US Universal Index, which returned 12.08%. The Trustees considered both short-term and long-term performance of the predecessor fund. With respect to the Polen High Income ETF, the Trustees considered that the proposed strategy for the Polen High Income ETF was new, and therefore did not have historical performance. The Trustees noted that with respect to the Polen High Income ETF, they received performance information regarding other series of the Trust advised by Polen Credit, which the Trustees indicated they believed to be representative of the Adviser's performance in implementing the strategy to be employed for the Polen High Income ETF. The Trustees concluded that the performance information relating to other series of the Trust advised by Polen Credit was acceptable for purposes of its consideration of the Polen Credit Agreement.

The Trustees also considered information regarding Polen Credit's proposed advisory fees for each of the Funds and an analysis of the fees in relation to the delivery of services to the Funds and any other ancillary benefit resulting from Polen Credit's relationship with the Funds. The Trustees considered the fees that Polen Credit charges to its separately managed accounts, as applicable, and evaluated the explanations provided by Polen Credit as to differences in fees charged to each of the Funds and separately managed accounts. The Trustees considered the fees that Polen Credit charges to the other series of the Trust advised by Polen Credit, and evaluated the explanations provided by Polen Credit as to differences in the fees charged to the Funds and the other series of the Trust advised by Polen Credit, including that the proposed advisory fees for the Funds would structured as a "unified fee" covering most of the Funds' operating expenses except (i) interest and other costs of borrowing, (ii) taxes and other governmental fees, (iii) brokerage expenses, trading expenses and other expenses in connection with the execution of portfolio transactions or in connection with creation and redemption transactions, (iv) acquired fund fees and expenses, (vi) accrued deferred tax liability, (vii) extraordinary expenses and other non-routine expenses of the Funds, (viii) payments under the Funds' Rule 12b-1 Plan (if activated),

------

and (ix) the management fee payable to the Adviser. In addition, the Trustees noted that the suite of services provided by Polen Credit to an ETF differs from the services provided mutual funds. With respect to the Polen Floating Rate Income ETF, the Trustees noted that the proposed advisory fee and the total operating expenses would be lower than those currently charged to the predecessor fund because of the unified fee, before and after contractual waivers, is lower than the predecessor fund's advisory fee and net operating expenses. The Trustees evaluated information provided by Polen Credit indicating the proposed advisory fee for each of the Funds is within the normal range of fees and expenses for a fund of similar size, composition and type of investment product. The Trustees concluded that the advisory fee and services to be provided by Polen Credit are consistent with those of other advisers which manage ETFs with investment objectives, strategies and policies similar to those of the Funds based on the information provided at the Meeting.

The Trustees considered the costs of the services provided by Polen Credit, the compensation and benefits to be received by Polen Credit in providing services to the Funds, Polen Credit's projected profitability in the first year of operation of the Funds and certain additional information related to the financial condition of Polen Credit. In addition, the Trustees considered any direct or indirect revenues anticipated to be received by affiliates of Polen Credit.

The Trustees considered the extent to which economies of scale would be realized relative to the fee levels as the Funds are expected to grow, and whether the advisory fee structure reflects those economies of scale for the benefit of each Funds' shareholders. The Trustees noted that the advisory fee rate was a unitary fee and did not provide for breakpoints as asset levels increased. The Board noted that exchange-traded funds with a unified fee structure typically do not have breakpoints in order to provide an unvarying structure. The Trustees noted that breakpoints were not warranted at this time because the predecessor fund to the Polen Floating Rate Income Fund had not yet achieved scale and that the Polen High Income Fund had not yet commenced operations.

At the Meeting, after consideration of all the factors and taking into consideration the information presented, the Board, including the Independent Trustees, unanimously approved the Polen Credit Agreement for an initial two-year period. In arriving at their decision, the Trustees did not identify any single matter as controlling, but made their determination in light of all the circumstances.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

------

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. 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 Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

#### Item 19. Exhibits.
(a)(1) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](d935910dex99codeeth.htm)

(a)(2) Not applicable.

(a)(3) [Certifications of Principal Executive Officer and Principal Financial Officer.](d935910dex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

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(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto..](d935910dex99906cert.htm)

------

#### 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) <u>FundVantage Trust</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Joel L. Weiss |
|  | Joel L. Weiss, President and |
|  | Chief Executive Officer |
|  | (principal executive officer) |

---

Date: <u>July 3, 2025</u> 

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/ Joel L. Weiss |
|  | Joel L. Weiss, President and |
|  | Chief Executive Officer |
|  | (principal executive officer) |

---

Date: <u>July 3, 2025</u> 

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Christine S. Catanzaro |
|  | Christine S. Catanzaro, Treasurer and |
|  | Chief Financial Officer |
|  | (principal financial officer) |

---

Date: <u>July 3, 2025</u> 

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**FUNDVANTAGE TRUST** 

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**FINANCIAL OFFICERS** 

**I.** **Covered Officers/Purpose of the Code** 

This FundVantage Trust (the "Trust") code of ethics (the "Code") applies to the Trust's President and Treasurer (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

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

**II.** **Covered Officers Honest and Ethical Conduct and Ethically Handling Actual and Apparent Conflicts of Interest** 

**Overview.** The Covered Officers shall conduct their activities on behalf of the Trust in an honest and ethical manner. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (the "1940 Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" (as defined in Section 2(a)(3) of the 1940 Act) of the Trust. The compliance programs and procedures of the Trust, the covered service

------

providers under Rule 38a-1 of the 1940 Act ("Service Providers") are designed to prevent, or identify and correct, violations of these provisions. The Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of the Code.

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

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interests of a Covered Officer should not be placed improperly before the interests of the Trust.

\* \* \* \*

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his personal influence or personal relationships improperly to influence investment decisions or financial
reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use material non-public knowledge of portfolio transactions made or
contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

There are some conflict of interest situations that should be reviewed by the Trust's legal counsel, if material. Examples of these include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receipt of gifts, in excess of reasonable or business-appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Trust has current or prospective business
dealings unless such entertainment is

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business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Service Providers or any
affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should be familiar with the disclosure requirements generally applicable to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to
other persons, whether within or outside the Trust, including to the Trust's Board and independent auditor, and to government regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other
officers and employees of the Trust and the Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust file with, or submit to, the SEC and in other public
communications made by the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board that he or she has received, read, and understands the Code (See Exhibit B for a form of affirmation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually affirm to the Board that he or she has complied with the requirements of the Code and report on the
Covered Officer's affiliations and relationships (see Exhibit C for a form of affirmation);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of the Trust or its affiliated persons for
reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Trust's legal counsel promptly if he knows of any violation of the Code. Failure to do so is
itself a violation of the Code.

The Trust's legal counsel is responsible for applying the Code to specific situations in which questions are presented under the Code. The Trust's legal counsel also has the authority to interpret the Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the independent trustees on the Board.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Trust's legal counsel will take all appropriate action to investigate any potential violations reported
to such counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Trust's legal counsel believes that no violation has occurred, such
counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Trust's legal counsel believes is a violation will be reported to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board will consider appropriate action, which may include review of, and appropriate modifications to,
applicable policies and procedures; notification to appropriate personnel of a Service Provider or its board; or a recommendation to dismiss the Covered Officer;

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

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

**V.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other Policies and Procedures** 

The Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust or the Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to the Code, they are superseded by the Code to the extent that they overlap or conflict with the provisions of the Code. The Trust's and the Service Providers' codes of ethics under Rule 17j-1 under the 1940 Act and the Service Provider's more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of the Code.

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**VI.** **Amendments** 

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

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to the Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than the Board, the Trust's legal counsel and the Service Providers, as appropriate.

**VIII.** **Internal Use** 

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

*Adopted as of May 31, 2007.* 

*Amended June 23, 2015 and September 28, 2016* 

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EXHIBIT A

**COVERED OFFICERS UNDER CODE OF ETHICS** 

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| | |
|:---|:---|
| **<u>Name</u>** | **<u>Title</u>** |
| Joel L. Weiss | President |
| Christine S. Catanzaro | Treasurer |

---

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EXHIBIT B

**FUNDVANTAGE TRUST** 

**PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS CODE OF ETHICS** 

**INITIAL CERTIFICATION** 

<u>Certification of Compliance with the Principal Executive and Financial Officers Code of Ethics</u>: under the Principal Executive and Financial Officers Code of Ethics ("Code") of FundVantage Trust ("Trust"), the President and Treasurer of the Trust are each deemed to be a "Covered Officer." Covered Officers are subject to the Code and, upon becoming a Covered Officer, must certify that they have received, read and understand the Code.

You must respond to the following questions and then submit this form upon completion to the Trust's Chief Compliance Officer, or his/her delegate. The Code has been attached to this Initial Certification for your reference.

I hereby certify and understand that I am a Covered Officer under the Code.   <u>Yes ☐ No ☐</u> <br> I have received, read and understand the Code and I recognize that I am subject to the requirements of the Code.   <u>Yes ☐ No ☐</u>

**<u>Please note any exceptions to the above statements</u>**:

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| | |
|:---|:---|
| Signature: | Date: |
| Print Name: |  |
| Title: |  |

---

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EXHIBIT C

**FUNDVANTAGE TRUST** 

**PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS CODE OF ETHICS** 

**ANNUAL CERTIFICATION** 

<u>Certification of Compliance with the Principal Executive and Financial Officers Code of Ethics</u>: under the Principal Executive and Financial Officers Code of Ethics ("Code") of FundVantage Trust ("Trust"), the President and Treasurer of the Trust are each deemed to be a "Covered Officer." Covered Officers are subject to the Code and, on an annual basis, must (i) certify that they have complied with the Code and (ii) report on any affiliations and relationships.

You must respond to the following questions and then submit this form upon completion to the Trust's Chief Compliance Officer, or his/her delegate. The Code has been attached to this Annual Certification for your reference.

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| | |
|:---|:---|
| &nbsp;&nbsp; I hereby certify and understand that I am a Covered Officer.<br>| Yes ☐ No ☐ |
| &nbsp;&nbsp; I have read and I understand the Code and I recognize that I am subject to the requirements of the Code.<br>| Yes ☐ No ☐ |
| &nbsp;&nbsp; I agree that I am in compliance with the Code and any related policy statements.<br>| Yes ☐ No ☐ |
| &nbsp;&nbsp; I have disclosed all affiliations and relationships that may give rise to a conflict of interest.<br>| Yes ☐ No ☐ |

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**<u>Please note any exceptions to the above statements</u>**:

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| | |
|:---|:---|
| Signature: | Date: |
| Print Name: |  |
| Title: |  |

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## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Joel L. Weiss, certify that:

1. I have reviewed this report on Form N-CSR of FundVantage Trust;

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

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

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

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

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

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

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

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5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: <u>July 3, 2025</u> | /s/ Joel L. Weiss |
|  | Joel L. Weiss, President and |
|  | Chief Executive Officer |
|  | (principal executive officer) |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Christine S. Catanzaro, certify that:

1. I have reviewed this report on Form N-CSR of FundVantage Trust;

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

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

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

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

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

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

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

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5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>July 3, 2025</u> | /s/ Christine S. Catanzaro |
|  | Christine S. Catanzaro, Treasurer and |
|  | Chief Financial Officer |
|  | (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Joel L. Weiss, President and Chief Executive Officer of FundVantage Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: <u>July 3, 2025</u> | /s/ Joel L. Weiss |
|  | Joel L. Weiss, President and |
|  | Chief Executive Officer |
|  | (principal executive officer) |

---

I, Christine S. Catanzaro, Treasurer and Chief Financial Officer of FundVantage Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: <u>July 3, 2025</u> | /s/ Christine S. Catanzaro |
|  | Christine S. Catanzaro, Treasurer and |
|  | Chief Financial Officer |
|  | (principal financial officer) |

---