# EDGAR Filing Document

**Accession Number:** 0001806095
**File Stem:** 0002066578-25-001708
**Filing Date:** 2025-12
**Character Count:** 124419
**Document Hash:** 7aff8ad6656716cd0457ef2c8e93cf32
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001708.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0002066578-25-001708

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**EFFECTIVENESS DATE**: 20251201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Datum One Series Trust
- **CENTRAL INDEX KEY:** 0001806095

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23556
- **FILM NUMBER:** 251539319

**BUSINESS ADDRESS:**
- **STREET 1:** 333 SOUTH WABASH AVE.
- **STREET 2:** 43RD FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60604
- **BUSINESS PHONE:** 866-494-4270

**MAIL ADDRESS:**
- **STREET 1:** 50 S. LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

## Series and Classes Contracts Data

### Polar Capital Emerging Market Stars Fund (Series ID: S000068601)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000219507 | Polar Capital Emerging Market Stars Fund | POLEX           |

### Polar Capital Emerging Market Ex-China Stars Fund (Series ID: S000079543)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000240614 | Polar Capital Emerging Market Ex-China Stars Fund | POLCX           |

### POLAR CAPITAL INTERNATIONAL SMALL COMPANY FUND (Series ID: S000085283)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000250258 | POLAR CAPITAL INTERNATIONAL SMALL COMPANY FUND | PCSCX           |

?xml version='1.0' encoding='ASCII'? 2d057bb7-4365-407f-9074-5b4289c404d2

#### 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

#### 811-23556

#### Datum One Series Trust
(Exact name of registrant as specified in charter)

------

50 S. LaSalle Street

Chicago, Illinois 60603

(Address of principal executive offices)(Zip code)

The Northern Trust Company

50 S. LaSalle Street

Chicago, Illinois 60603

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(866) 494-4270

#### Date of fiscal year end:

#### March 31

#### Date of reporting period:

#### September 30, 2025
 **Item 1. Reports to Stockholders.**

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

(b) Not Applicable.

![TSR - Fund Logo](images_7480.jpg)

### Polar Capital Emerging Market Stars Fund

### Ticker \| POLEX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Polar Capital Emerging Market Stars Fund ("Fund") for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at polarcapitalfunds.com/us/individual/Our-Funds/Literature/. You can also request this information by contacting us at 800-806-1112 or 312-557-3164.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Polar Capital Emerging Market Stars Fund | $571.00%<sup>1</sup> |

---

 *<sup><sup>1</sup></sup>* **Annualized.** 

KEY FUND STATISTICS as of September 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | $183,501,530% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | 60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 26% |

---

Geographical Allocation as % of Net Assets

---

| | |
|:---|:---|
| China | 29.8% |
| Taiwan | 18.1% |
| India | 13.6% |
| South Korea | 12.5% |
| Brazil | 6.3% |
| Vietnam | 3.8% |
| Singapore | 3.6% |
| Hong Kong | 3.0% |
| South Africa | 2.9% |
| Other | 5.6% |

---

Availability of Additional Information

![TSR - QR Code](images_7481.jpg)

At polarcapitalfunds.com/us/individual/Our-Funds/Literature/, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information. You can also request this information by contacting us at 800-806-1112 or 312-557-3164.

POLAR CAPITAL FUNDS

![TSR - Fund Logo](images_7480.jpg)

### Polar Capital Emerging Market ex-China Stars Fund

### Ticker \| POLCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Polar Capital Emerging Market ex-China Stars Fund ("Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at polarcapitalfunds.com/us/individual/Our-Funds/Literature/. You can also request this information by contacting us at 800-806-1112 or 312-557-3164.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Polar Capital Emerging Market ex-China Stars Fund | $571.00%<sup>1</sup> |

---

 *<sup><sup>1</sup></sup>* **Annualized.** 

KEY FUND STATISTICS as of September 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | $1,306,124% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | 52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 33% |

---

Geographical Allocation as % of Net Assets

---

| | |
|:---|:---|
| Taiwan | 22.6% |
| South Korea | 19.1% |
| India | 19.0% |
| Brazil | 9.4% |
| Singapore | 5.8% |
| Vietnam | 4.3% |
| Mexico | 3.7% |
| South Africa | 3.4% |
| United Arab Emirates | 2.9% |
| Other | 7.0% |

---

Availability of Additional Information

![TSR - QR Code](images_7481.jpg)

At polarcapitalfunds.com/us/individual/Our-Funds/Literature/, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information. You can also request this information by contacting us at 800-806-1112 or 312-557-3164.

POLAR CAPITAL FUNDS

![TSR - Fund Logo](images_7480.jpg)

### Polar Capital International Small Company Fund

### Ticker \| PCSCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Polar Capital International Small Company Fund ("Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at polarcapitalfunds.com/us/individual/Our-Funds/Literature/. You can also request this information by contacting us at 800-806-1112 or 312-557-3164.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Polar Capital International Small Company Fund | $601.10%<sup>1</sup> |

---

 *<sup><sup>1</sup></sup>* **Annualized.** 

KEY FUND STATISTICS as of September 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | $139,152,755% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | 50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 15% |

---

Geographical Allocation as % of Net Assets

---

| | |
|:---|:---|
| Sweden | 21.6% |
| Japan | 16.7% |
| United Kingdom | 14.7% |
| Germany | 13.5% |
| Australia | 8.2% |
| South Korea | 5.4% |
| United States | 3.5% |
| Taiwan | 3.3% |
| Denmark | 2.9% |
| Other | 9.6% |

---

Availability of Additional Information

![TSR - QR Code](images_7481.jpg)

At polarcapitalfunds.com/us/individual/Our-Funds/Literature/, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information. You can also request this information by contacting us at 800-806-1112 or 312-557-3164.

POLAR CAPITAL FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 2. Code of Ethics** 

Not applicable - only for annual reports.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 3. Audit Committee Financial Expert.**

Not applicable – only for annual reports.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 4. Principal Accountant Fees and Services.**

Not applicable - only for annual reports.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 5. Audit Committee of Listed Registrants.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 6. Investments.**

(a) The Schedule of Investments in securities of unaffiliated issuers is included in the financial statements filed under Item 7 of this Form.

(b) Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) The Financial Statements are filed herewith.

(b) The Financial Highlights are filed herewith.

------

![](img901222e61.gif)

**Polar Capital Funds** 

------

***Semi-Annual Financial Statements and Additional Information***

***September 30, 2025***

***(Unaudited)***

------

**This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.**

------

**Polar Capital Funds**

**TABLE OF CONTENTS**

September 30, 2025

---

| | |
|:---|:---|
| [PORTFOLIOS OF INVESTMENTS](#xx_5f7981a9-3152-49f0-b90d-3849fe26322e_FE-SOI_TOC_1) | &nbsp;&nbsp; 1 |
| [STATEMENTS OF ASSETS AND LIABILITIES](#xx_5f7981a9-3152-49f0-b90d-3849fe26322e_FS-SeeNotestoFS_1) | &nbsp;&nbsp; 13 |
| [STATEMENTS OF OPERATIONS](#xx_5f7981a9-3152-49f0-b90d-3849fe26322e_FS-SeeNotestoFS_2) | &nbsp;&nbsp; 14 |
| [STATEMENTS OF CHANGES IN NET ASSETS](#xx_5f7981a9-3152-49f0-b90d-3849fe26322e_FS-SeeNotestoFS_3) | &nbsp;&nbsp; 15 |
| [FINANCIAL HIGHLIGHTS](#xx_5f7981a9-3152-49f0-b90d-3849fe26322e_FHI-FH_TOC_1) | &nbsp;&nbsp; 18 |
| [NOTES TO FINANCIAL STATEMENTS](#xx_5f7981a9-3152-49f0-b90d-3849fe26322e_NTF-NTF_TOC_1) | &nbsp;&nbsp; 21 |
| [ADDITIONAL INFORMATION](#xx_5f7981a9-3152-49f0-b90d-3849fe26322e_AI-AdditionalInformation-TOC_1) | &nbsp;&nbsp; 36 |
| [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END](#xx_5f7981a9-3152-49f0-b90d-3849fe26322e_CD-ChangesinandDisagreementsTOC_1)<br> [MANAGEMENT INVESTMENT COMPANIES](#xx_5f7981a9-3152-49f0-b90d-3849fe26322e_CD-ChangesinandDisagreementsTOC_1)<br>| &nbsp;&nbsp; 37 |
| [PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES](#xx_5f7981a9-3152-49f0-b90d-3849fe26322e_PD-ProxyDisclosureTOC_1) | &nbsp;&nbsp; 38 |
| [STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY](#xx_5f7981a9-3152-49f0-b90d-3849fe26322e_SROE-StatementregardingforOpen-EndTOC_1)<br> [CONTRACT](#xx_5f7981a9-3152-49f0-b90d-3849fe26322e_SROE-StatementregardingforOpen-EndTOC_1)<br>| &nbsp;&nbsp; 39 |

---

------

**Polar Capital Emerging Market Stars Fund** 

**PORTFOLIO OF INVESTMENTS** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS – 97.6%** | Shares | Fair Value |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 19.3%** |  |  |
| Advanced Micro-Fabrication Equipment Inc. China (China)  | &nbsp;&nbsp; 70583 | &nbsp;&nbsp; $2971865 |
| ASPEED Technology Inc. (Taiwan)  | &nbsp;&nbsp; 8434 | &nbsp;&nbsp; 1402764 |
| eMemory Technology Inc. (Taiwan)  | &nbsp;&nbsp; 24063 | &nbsp;&nbsp; 1601006 |
| Eugene Technology Co. Ltd. (South Korea)  | &nbsp;&nbsp; 35724 | &nbsp;&nbsp; 1783951 |
| HPSP Co. Ltd. (South Korea)  | &nbsp;&nbsp; 73728 | &nbsp;&nbsp; 1775026 |
| Jusung Engineering Co. Ltd. (South Korea)  | &nbsp;&nbsp; 53194 | &nbsp;&nbsp; 1173348 |
| MediaTek Inc. (Taiwan)  | &nbsp;&nbsp; 58342 | &nbsp;&nbsp; 2530278 |
| SK Hynix Inc. (South Korea)  | &nbsp;&nbsp; 13796 | &nbsp;&nbsp; 3420000 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)  | &nbsp;&nbsp; 429751 | &nbsp;&nbsp; 18667450 |
|  |  | &nbsp;&nbsp; $35325688 |
| **BROADLINE RETAIL – 10.5%** |  |  |
| Alibaba Group Holding Ltd. (China) <sup>(a)</sup> | &nbsp;&nbsp; 25760 | &nbsp;&nbsp; $4604085 |
| Alibaba Group Holding Ltd. (China)  | &nbsp;&nbsp; 231028 | &nbsp;&nbsp; 5166737 |
| MercadoLibre Inc. (Brazil) <sup>(b)</sup> | &nbsp;&nbsp; 1366 | &nbsp;&nbsp; 3192260 |
| PDD Holdings Inc. (China) <sup>(a),(b)</sup> | &nbsp;&nbsp; 21568 | &nbsp;&nbsp; 2850643 |
| Sea Ltd. (Singapore) <sup>(a),(b)</sup> | &nbsp;&nbsp; 19461 | &nbsp;&nbsp; 3478264 |
|  |  | &nbsp;&nbsp; $19291989 |
| **INTERACTIVE MEDIA & SERVICES – 9.5%** |  |  |
| NAVER Corp. (South Korea)  | &nbsp;&nbsp; 10901 | &nbsp;&nbsp; $2091757 |
| Tencent Holdings Ltd. (China)  | &nbsp;&nbsp; 179818 | &nbsp;&nbsp; 15322220 |
|  |  | &nbsp;&nbsp; $17413977 |
| **BANKS – 8.1%** |  |  |
| Grupo Financiero Banorte S.A.B. de C.V. (Mexico)  | &nbsp;&nbsp; 191831 | &nbsp;&nbsp; $1932399 |
| ICICI Bank Ltd. (India)  | &nbsp;&nbsp; 197176 | &nbsp;&nbsp; 2988251 |
| Karnataka Bank (The) Ltd. (India)  | &nbsp;&nbsp; 501926 | &nbsp;&nbsp; 972619 |
| Kotak Mahindra Bank Ltd. (India)  | &nbsp;&nbsp; 65604 | &nbsp;&nbsp; 1470926 |
| NU Holdings Ltd. (Brazil) <sup>(b)</sup> | &nbsp;&nbsp; 253585 | &nbsp;&nbsp; 4059896 |
| Vietnam Technological & Commercial Joint Stock Bank (Vietnam)  | &nbsp;&nbsp; 2349118 | &nbsp;&nbsp; 3364136 |
|  |  | &nbsp;&nbsp; $14788227 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 6.2%** |  |  |
| Samsung Electronics Co. Ltd. (South Korea)  | &nbsp;&nbsp; 120894 | &nbsp;&nbsp; $7247635 |
| Xiaomi Corp. (China) <sup>(b),(c)</sup> | &nbsp;&nbsp; 590996 | &nbsp;&nbsp; 4107391 |
|  |  | &nbsp;&nbsp; $11355026 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS –** <br> **5.6%**<br>|  |  |
| Chroma ATE Inc. (Taiwan)  | &nbsp;&nbsp; 118481 | &nbsp;&nbsp; $2261090 |
| Daejoo Electronic Materials Co. Ltd. (South Korea)  | &nbsp;&nbsp; 24822 | &nbsp;&nbsp; 1169793 |

---

See accompanying Notes to Financial Statements.

------

**Polar Capital Emerging Market Stars Fund** 

**PORTFOLIO OF INVESTMENTS** (Continued)

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — Continued** | Shares | Fair Value |
| Delta Electronics Inc. (Taiwan)  | &nbsp;&nbsp; 102826 | &nbsp;&nbsp; $2896619 |
| E Ink Holdings Inc. (Taiwan)  | &nbsp;&nbsp; 273926 | &nbsp;&nbsp; 2176307 |
| Unimicron Technology Corp. (Taiwan)  | &nbsp;&nbsp; 345622 | &nbsp;&nbsp; 1732084 |
|  |  | &nbsp;&nbsp; $10235893 |
| **INSURANCE – 4.4%** |  |  |
| AIA Group Ltd. (Hong Kong)  | &nbsp;&nbsp; 304037 | &nbsp;&nbsp; $2913880 |
| Max Financial Services Ltd. (India) <sup>(b)</sup> | &nbsp;&nbsp; 169785 | &nbsp;&nbsp; 3013671 |
| Ping An Insurance Group Co. of China Ltd. (China)  | &nbsp;&nbsp; 316443 | &nbsp;&nbsp; 2152790 |
|  |  | &nbsp;&nbsp; $8080341 |
| **OIL, GAS & CONSUMABLE FUELS – 4.1%** |  |  |
| Paladin Energy Ltd. (Australia) <sup>(b)</sup> | &nbsp;&nbsp; 322941 | &nbsp;&nbsp; $1783837 |
| Reliance Industries Ltd. (India)  | &nbsp;&nbsp; 369695 | &nbsp;&nbsp; 5678444 |
|  |  | &nbsp;&nbsp; $7462281 |
| **MACHINERY – 3.5%** |  |  |
| Action Construction Equipment Ltd. (India)  | &nbsp;&nbsp; 115968 | &nbsp;&nbsp; $1401052 |
| Jiangsu Hengli Hydraulic Co. Ltd. (China)  | &nbsp;&nbsp; 140685 | &nbsp;&nbsp; 1896249 |
| Shenzhen Inovance Technology Co. Ltd. (China)  | &nbsp;&nbsp; 270991 | &nbsp;&nbsp; 3197176 |
|  |  | &nbsp;&nbsp; $6494477 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT – 3.3%** |  |  |
| Aldar Properties PJSC (United Arab Emirates)  | &nbsp;&nbsp; 860256 | &nbsp;&nbsp; $2222102 |
| Phoenix Mills (The) Ltd. (India)  | &nbsp;&nbsp; 222061 | &nbsp;&nbsp; 3887436 |
|  |  | &nbsp;&nbsp; $6109538 |
| **HOTELS, RESTAURANTS & LEISURE – 3.2%** |  |  |
| Eternal Ltd. (India) <sup>(b)</sup> | &nbsp;&nbsp; 445506 | &nbsp;&nbsp; $1635513 |
| MakeMyTrip Ltd. (India) <sup>(b)</sup> | &nbsp;&nbsp; 14402 | &nbsp;&nbsp; 1348027 |
| Trip.com Group Ltd. (China) <sup>(a)</sup> | &nbsp;&nbsp; 39412 | &nbsp;&nbsp; 2963782 |
|  |  | &nbsp;&nbsp; $5947322 |
| **GROUND TRANSPORTATION – 3.2%** |  |  |
| DiDi Global Inc. (China) <sup>(a),(b)</sup> | &nbsp;&nbsp; 441644 | &nbsp;&nbsp; $2747026 |
| Grab Holdings Ltd. (Singapore) <sup>(b)</sup> | &nbsp;&nbsp; 504519 | &nbsp;&nbsp; 3037204 |
|  |  | &nbsp;&nbsp; $5784230 |
| **METALS & MINING – 2.9%** |  |  |
| Ivanhoe Mines Ltd. (South Africa) <sup>(b)</sup> | &nbsp;&nbsp; 501881 | &nbsp;&nbsp; $5322816 |
| **CAPITAL MARKETS – 2.2%** |  |  |
| 360 ONE WAM Ltd. (India)  | &nbsp;&nbsp; 124582 | &nbsp;&nbsp; $1435157 |

---

See accompanying Notes to Financial Statements.

------

**Polar Capital Emerging Market Stars Fund** 

**PORTFOLIO OF INVESTMENTS** (Continued)

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — Continued** | Shares | Fair Value |
| Hong Kong Exchanges & Clearing Ltd. (Hong Kong)  | &nbsp;&nbsp; 46668 | &nbsp;&nbsp; $2649369 |
|  |  | &nbsp;&nbsp; $4084526 |
| **IT SERVICES – 2.1%** |  |  |
| FPT Corp. (Vietnam)  | &nbsp;&nbsp; 439927 | &nbsp;&nbsp; $1549576 |
| Globant S.A. (Argentina) <sup>(b)</sup> | &nbsp;&nbsp; 17552 | &nbsp;&nbsp; 1007134 |
| VTEX (Brazil) <sup>(b)</sup> | &nbsp;&nbsp; 313174 | &nbsp;&nbsp; 1371702 |
|  |  | &nbsp;&nbsp; $3928412 |
| **ELECTRICAL EQUIPMENT – 1.5%** |  |  |
| Contemporary Amperex Technology Co. Ltd. (China)  | &nbsp;&nbsp; 50046 | &nbsp;&nbsp; $2834418 |
| **INDUSTRIAL CONGLOMERATES – 1.4%** |  |  |
| Samsung C&T Corp. (South Korea)  | &nbsp;&nbsp; 19686 | &nbsp;&nbsp; $2592393 |
| **CHEMICALS – 1.3%** |  |  |
| Sunresin New Materials Co. Ltd. (China)  | &nbsp;&nbsp; 299153 | &nbsp;&nbsp; $2428657 |
| **CONSUMER FINANCE – 1.2%** |  |  |
| Kaspi.KZ JSC (Kazakhstan) <sup>(a)</sup> | &nbsp;&nbsp; 26514 | &nbsp;&nbsp; $2165664 |
| **SPECIALTY RETAIL – 1.1%** |  |  |
| Mobile World Investment Corp. (Vietnam)  | &nbsp;&nbsp; 697375 | &nbsp;&nbsp; $2053406 |
| **AUTOMOBILES – 0.9%** |  |  |
| Kia Corp. (South Korea)  | &nbsp;&nbsp; 22711 | &nbsp;&nbsp; $1630125 |
| **BIOTECHNOLOGY – 0.8%** |  |  |
| Innovent Biologics Inc. (China) <sup>(b),(c)</sup> | &nbsp;&nbsp; 116836 | &nbsp;&nbsp; $1454740 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL – 0.7%** |  |  |
| BBB Foods Inc. (Mexico) <sup>(b)</sup> | &nbsp;&nbsp; 45344 | &nbsp;&nbsp; $1222474 |
| **HEALTH CARE PROVIDERS & SERVICES – 0.6%** |  |  |
| Apollo Hospitals Enterprise Ltd. (India)  | &nbsp;&nbsp; 13616 | &nbsp;&nbsp; $1137014 |
| **TOTAL COMMON STOCKS–97.6%** (Cost $124,047,694) |  | &nbsp;&nbsp; $179143634 |

---

See accompanying Notes to Financial Statements.

------

**Polar Capital Emerging Market Stars Fund** 

**PORTFOLIO OF INVESTMENTS** (Continued)

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS – 1.6%** | Shares | Fair Value |
| **BANKS – 1.6%** |  |  |
| Itau Unibanco Holding S.A. (Brazil), 2.91% <sup>(d)</sup> | &nbsp;&nbsp; 394669 | &nbsp;&nbsp; $2897218 |
| **TOTAL PREFERRED STOCKS–1.6%** (Cost $1,829,726) |  | &nbsp;&nbsp; $2897218 |
| **TOTAL INVESTMENTS–99.2%** (Cost $125,877,420) |  | &nbsp;&nbsp; $182040852 |
| Other Assets in Excess of Liabilities – 0.8% |  | &nbsp;&nbsp; $1460678 |
| **NET ASSETS–100.0%** |  | &nbsp;&nbsp; $183501530 |

---

(a) This security represents the common stock of a foreign company which trades directly or through an American Depositary Receipt ("ADR") on the over-the-counter market or on a U.S. national securities exchange. 

(b) Non-income producing security.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. As of September 30, 2025, these securities had a total value of $5,562,131 which represented 3.0% of the Fund's net assets. 

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

See accompanying Notes to Financial Statements.

------

**Polar Capital Emerging Market ex-China Stars Fund** 

**PORTFOLIO OF INVESTMENTS** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS – 94.6%** | Shares | Fair Value |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 20.4%** |  |  |
| ASPEED Technology Inc. (Taiwan)  | &nbsp;&nbsp; 69 | &nbsp;&nbsp; $11476 |
| eMemory Technology Inc. (Taiwan)  | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 13839 |
| Eugene Technology Co. Ltd. (South Korea)  | &nbsp;&nbsp; 272 | &nbsp;&nbsp; 13583 |
| HPSP Co. Ltd. (South Korea)  | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 17093 |
| Jusung Engineering Co. Ltd. (South Korea)  | &nbsp;&nbsp; 399 | &nbsp;&nbsp; 8801 |
| MediaTek Inc. (Taiwan)  | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 25501 |
| SK Hynix Inc. (South Korea)  | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 27517 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)  | &nbsp;&nbsp; 3083 | &nbsp;&nbsp; 133919 |
| TechWing Inc. (South Korea)  | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 14729 |
|  |  | &nbsp;&nbsp; $266458 |
| **BANKS – 10.3%** |  |  |
| Grupo Financiero Banorte S.A.B. de C.V. (Mexico)  | &nbsp;&nbsp; 2333 | &nbsp;&nbsp; $23502 |
| ICICI Bank Ltd. (India)  | &nbsp;&nbsp; 2255 | &nbsp;&nbsp; 34175 |
| Karnataka Bank (The) Ltd. (India)  | &nbsp;&nbsp; 5560 | &nbsp;&nbsp; 10774 |
| Kotak Mahindra Bank Ltd. (India)  | &nbsp;&nbsp; 579 | &nbsp;&nbsp; 12982 |
| NU Holdings Ltd. (Brazil) <sup>(a)</sup> | &nbsp;&nbsp; 1991 | &nbsp;&nbsp; 31876 |
| Vietnam Technological & Commercial Joint Stock Bank (Vietnam)  | &nbsp;&nbsp; 14905 | &nbsp;&nbsp; 21345 |
|  |  | &nbsp;&nbsp; $134654 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS –** <br> **9.4%**<br>|  |  |
| Chroma ATE Inc. (Taiwan)  | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; $19179 |
| Daejoo Electronic Materials Co. Ltd. (South Korea)  | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 11593 |
| Delta Electronics Inc. (Taiwan)  | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 33382 |
| E Ink Holdings Inc. (Taiwan)  | &nbsp;&nbsp; 4833 | &nbsp;&nbsp; 38398 |
| Unimicron Technology Corp. (Taiwan)  | &nbsp;&nbsp; 3935 | &nbsp;&nbsp; 19720 |
|  |  | &nbsp;&nbsp; $122272 |
| **BROADLINE RETAIL – 7.0%** |  |  |
| MercadoLibre Inc. (Brazil) <sup>(a)</sup> | &nbsp;&nbsp; 13 | &nbsp;&nbsp; $30380 |
| Prosus N.V. (China) <sup>(a)</sup> | &nbsp;&nbsp; 434 | &nbsp;&nbsp; 30691 |
| Sea Ltd. (Singapore) <sup>(a),(b)</sup> | &nbsp;&nbsp; 167 | &nbsp;&nbsp; 29848 |
|  |  | &nbsp;&nbsp; $90919 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 5.6%** |  |  |
| Samsung Electronics Co. Ltd. (South Korea)  | &nbsp;&nbsp; 1227 | &nbsp;&nbsp; $73559 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT – 5.5%** |  |  |
| Aldar Properties PJSC (United Arab Emirates)  | &nbsp;&nbsp; 11510 | &nbsp;&nbsp; $29731 |
| Phoenix Mills (The) Ltd. (India)  | &nbsp;&nbsp; 1858 | &nbsp;&nbsp; 32527 |

---

See accompanying Notes to Financial Statements.

------

**Polar Capital Emerging Market ex-China Stars Fund** 

**PORTFOLIO OF INVESTMENTS** (Continued)

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — Continued** | Shares | Fair Value |
| Sunteck Realty Ltd. (India)  | &nbsp;&nbsp; 2140 | &nbsp;&nbsp; $10003 |
|  |  | &nbsp;&nbsp; $72261 |
| **OIL, GAS & CONSUMABLE FUELS – 5.0%** |  |  |
| Paladin Energy Ltd. (Australia) <sup>(a)</sup> | &nbsp;&nbsp; 2881 | &nbsp;&nbsp; $15914 |
| Reliance Industries Ltd. (India)  | &nbsp;&nbsp; 3222 | &nbsp;&nbsp; 49489 |
|  |  | &nbsp;&nbsp; $65403 |
| **GROUND TRANSPORTATION – 4.0%** |  |  |
| Grab Holdings Ltd. (Singapore) <sup>(a)</sup> | &nbsp;&nbsp; 7638 | &nbsp;&nbsp; $45981 |
| Grupo Traxion S.A.B. de C.V. (Mexico) <sup>(a),(c)</sup> | &nbsp;&nbsp; 8275 | &nbsp;&nbsp; 6556 |
|  |  | &nbsp;&nbsp; $52537 |
| **INDUSTRIAL CONGLOMERATES – 3.6%** |  |  |
| Samsung C&T Corp. (South Korea)  | &nbsp;&nbsp; 191 | &nbsp;&nbsp; $25152 |
| SK Square Co. Ltd. (South Korea) <sup>(a)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 21606 |
|  |  | &nbsp;&nbsp; $46758 |
| **METALS & MINING – 3.4%** |  |  |
| Ivanhoe Mines Ltd. (South Africa) <sup>(a)</sup> | &nbsp;&nbsp; 4194 | &nbsp;&nbsp; $44480 |
| **IT SERVICES – 3.2%** |  |  |
| FPT Corp. (Vietnam)  | &nbsp;&nbsp; 4219 | &nbsp;&nbsp; $14861 |
| Globant S.A. (Argentina) <sup>(a)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 7460 |
| Presight AI Holding PLC (United Arab Emirates) <sup>(a)</sup> | &nbsp;&nbsp; 9840 | &nbsp;&nbsp; 8684 |
| VTEX (Brazil) <sup>(a)</sup> | &nbsp;&nbsp; 2522 | &nbsp;&nbsp; 11046 |
|  |  | &nbsp;&nbsp; $42051 |
| **INSURANCE – 2.3%** |  |  |
| Max Financial Services Ltd. (India) <sup>(a)</sup> | &nbsp;&nbsp; 1668 | &nbsp;&nbsp; $29607 |
| **HOTELS, RESTAURANTS & LEISURE – 2.3%** |  |  |
| Eternal Ltd. (India) <sup>(a)</sup> | &nbsp;&nbsp; 3824 | &nbsp;&nbsp; $14038 |
| MakeMyTrip Ltd. (India) <sup>(a)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 15444 |
|  |  | &nbsp;&nbsp; $29482 |
| **CONSUMER FINANCE – 1.7%** |  |  |
| Kaspi.KZ JSC (Kazakhstan) <sup>(b)</sup> | &nbsp;&nbsp; 274 | &nbsp;&nbsp; $22380 |
| **SPECIALTY RETAIL – 1.5%** |  |  |
| Mobile World Investment Corp. (Vietnam)  | &nbsp;&nbsp; 6878 | &nbsp;&nbsp; $20252 |

---

See accompanying Notes to Financial Statements.

------

**Polar Capital Emerging Market ex-China Stars Fund** 

**PORTFOLIO OF INVESTMENTS** (Continued)

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — Continued** | Shares | Fair Value |
| **INTERACTIVE MEDIA & SERVICES – 1.5%** |  |  |
| NAVER Corp. (South Korea)  | &nbsp;&nbsp; 99 | &nbsp;&nbsp; $18997 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.4%** |  |  |
| BBB Foods Inc. (Mexico) <sup>(a)</sup> | &nbsp;&nbsp; 681 | &nbsp;&nbsp; $18360 |
| **AUTOMOBILES – 1.2%** |  |  |
| Kia Corp. (South Korea)  | &nbsp;&nbsp; 228 | &nbsp;&nbsp; $16365 |
| **CAPITAL MARKETS – 1.2%** |  |  |
| 360 ONE WAM Ltd. (India)  | &nbsp;&nbsp; 1323 | &nbsp;&nbsp; $15241 |
| **ELECTRICAL EQUIPMENT – 1.2%** |  |  |
| WEG S.A. (Brazil)  | &nbsp;&nbsp; 2199 | &nbsp;&nbsp; $15118 |
| **TRANSPORTATION INFRASTRUCTURE – 1.1%** |  |  |
| International Container Terminal Services Inc. (Philippines)  | &nbsp;&nbsp; 1765 | &nbsp;&nbsp; $14314 |
| **MACHINERY – 0.9%** |  |  |
| Action Construction Equipment Ltd. (India)  | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; $12202 |
| **HEALTH CARE PROVIDERS & SERVICES – 0.9%** |  |  |
| Apollo Hospitals Enterprise Ltd. (India)  | &nbsp;&nbsp; 138 | &nbsp;&nbsp; $11524 |
| **TOTAL COMMON STOCKS–94.6%** (Cost $982,337) |  | &nbsp;&nbsp; $1235194 |

---

See accompanying Notes to Financial Statements.

------

**Polar Capital Emerging Market ex-China Stars Fund** 

**PORTFOLIO OF INVESTMENTS** (Continued)

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS – 2.6%** | Shares | Fair Value |
| **BANKS – 2.6%** |  |  |
| Itau Unibanco Holding S.A. (Brazil), 2.91% <sup>(d)</sup> | &nbsp;&nbsp; 4654 | &nbsp;&nbsp; $34164 |
| **TOTAL PREFERRED STOCKS–2.6%** (Cost $25,713) |  | &nbsp;&nbsp; $34164 |
| **TOTAL INVESTMENTS–97.2%** (Cost $1,008,050) |  | &nbsp;&nbsp; $1269358 |
| Other Assets in Excess of Liabilities – 2.8% |  | &nbsp;&nbsp; $36766 |
| **NET ASSETS–100.0%** |  | &nbsp;&nbsp; $1306124 |

---

(a) Non-income producing security.

(b) This security represents the common stock of a foreign company which trades directly or through an American Depositary Receipt ("ADR") on the over-the-counter market or on a U.S. national securities exchange. 

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, typically only to qualified institutional buyers. As of September 30, 2025, this security had a total value of $6,556 which represented 0.5% of the Fund's net assets. 

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

See accompanying Notes to Financial Statements.

------

**Polar Capital International Small Company Fund** 

**PORTFOLIO OF INVESTMENTS** 

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS – 99.4%** | Shares | Fair Value |
| **SOFTWARE – 29.8%** |  |  |
| cBrain A/S (Denmark)  | &nbsp;&nbsp; 96396 | &nbsp;&nbsp; $2747219 |
| Freee KK (Japan) <sup>(a)</sup> | &nbsp;&nbsp; 73600 | &nbsp;&nbsp; 1748853 |
| Hyundai Ezwel Co. Ltd. (South Korea)  | &nbsp;&nbsp; 407983 | &nbsp;&nbsp; 1709833 |
| Innoscripta SE (Germany) <sup>(a)</sup> | &nbsp;&nbsp; 75353 | &nbsp;&nbsp; 10386166 |
| Kinaxis Inc. (Canada) <sup>(a)</sup> | &nbsp;&nbsp; 25234 | &nbsp;&nbsp; 3257375 |
| Lime Technologies AB (Sweden)  | &nbsp;&nbsp; 84001 | &nbsp;&nbsp; 2847268 |
| Money Forward Inc. (Japan) <sup>(a)</sup> | &nbsp;&nbsp; 57600 | &nbsp;&nbsp; 2329574 |
| m-up Holdings Inc. (Japan)  | &nbsp;&nbsp; 248500 | &nbsp;&nbsp; 3556550 |
| PSI Software SE (Germany) <sup>(a)</sup> | &nbsp;&nbsp; 85434 | &nbsp;&nbsp; 2670901 |
| Rakus Co. Ltd. (Japan)  | &nbsp;&nbsp; 212200 | &nbsp;&nbsp; 1950380 |
| SmartCraft ASA (Sweden) <sup>(a)</sup> | &nbsp;&nbsp; 1925782 | &nbsp;&nbsp; 5268158 |
| WiseTech Global Ltd. (Australia)  | &nbsp;&nbsp; 51097 | &nbsp;&nbsp; 3054751 |
|  |  | &nbsp;&nbsp; $41527028 |
| **FINANCIAL SERVICES – 10.8%** |  |  |
| Boku Inc. (United States) <sup>(a),(b)</sup> | &nbsp;&nbsp; 1594643 | &nbsp;&nbsp; $4814707 |
| WAG Payment Solutions PLC (United Kingdom)  | &nbsp;&nbsp; 3928623 | &nbsp;&nbsp; 5167366 |
| Wise PLC (United Kingdom) <sup>(a)</sup> | &nbsp;&nbsp; 362855 | &nbsp;&nbsp; 5058312 |
|  |  | &nbsp;&nbsp; $15040385 |
| **INTERACTIVE MEDIA & SERVICES – 5.1%** |  |  |
| Baltic Classifieds Group PLC (United Kingdom)  | &nbsp;&nbsp; 769303 | &nbsp;&nbsp; $3207371 |
| Hemnet Group AB (Sweden)  | &nbsp;&nbsp; 76308 | &nbsp;&nbsp; 1924433 |
| Trustpilot Group PLC (United Kingdom) <sup>(a),(b)</sup> | &nbsp;&nbsp; 665834 | &nbsp;&nbsp; 2032043 |
|  |  | &nbsp;&nbsp; $7163847 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL – 4.9%** |  |  |
| Apotea AB (Sweden) <sup>(a)</sup> | &nbsp;&nbsp; 586241 | &nbsp;&nbsp; $5588305 |
| Redcare Pharmacy N.V. (Netherlands) <sup>(a),(b)</sup> | &nbsp;&nbsp; 13994 | &nbsp;&nbsp; 1215219 |
|  |  | &nbsp;&nbsp; $6803524 |
| **AEROSPACE & DEFENSE – 4.7%** |  |  |
| INVISIO AB (Sweden)  | &nbsp;&nbsp; 79387 | &nbsp;&nbsp; $2664742 |
| Montana Aerospace A.G. (Germany) <sup>(a),(b)</sup> | &nbsp;&nbsp; 111638 | &nbsp;&nbsp; 3909851 |
|  |  | &nbsp;&nbsp; $6574593 |
| **PHARMACEUTICALS – 4.7%** |  |  |
| Neuren Pharmaceuticals Ltd. (Australia) <sup>(a)</sup> | &nbsp;&nbsp; 319041 | &nbsp;&nbsp; $4167818 |
| SwedenCare AB (Sweden)  | &nbsp;&nbsp; 651755 | &nbsp;&nbsp; 2350344 |
|  |  | &nbsp;&nbsp; $6518162 |

---

See accompanying Notes to Financial Statements.

------

**Polar Capital International Small Company Fund** 

**PORTFOLIO OF INVESTMENTS** (Continued)

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — Continued** | Shares | Fair Value |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS –** <br> **4.6%**<br>|  |  |
| E Ink Holdings Inc. (Taiwan)  | &nbsp;&nbsp; 585300 | &nbsp;&nbsp; $4650134 |
| SOLUM Co. Ltd. (South Korea) <sup>(a)</sup> | &nbsp;&nbsp; 138352 | &nbsp;&nbsp; 1721337 |
|  |  | &nbsp;&nbsp; $6371471 |
| **COMMERCIAL SERVICES & SUPPLIES – 4.1%** |  |  |
| AlphaPurchase Corp. (Japan)  | &nbsp;&nbsp; 245900 | &nbsp;&nbsp; $5653062 |
| **BIOTECHNOLOGY – 3.2%** |  |  |
| BoneSupport Holding AB (Sweden) <sup>(a),(b)</sup> | &nbsp;&nbsp; 11414 | &nbsp;&nbsp; $354243 |
| Devyser Diagnostics AB (Sweden) <sup>(a)</sup> | &nbsp;&nbsp; 269450 | &nbsp;&nbsp; 4071582 |
|  |  | &nbsp;&nbsp; $4425825 |
| **PROFESSIONAL SERVICES – 3.0%** |  |  |
| One Career Inc. (Japan)  | &nbsp;&nbsp; 239800 | &nbsp;&nbsp; $4232785 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.9%** |  |  |
| Eo Technics Co. Ltd. (South Korea)  | &nbsp;&nbsp; 24476 | &nbsp;&nbsp; $4077937 |
| **CAPITAL MARKETS – 2.7%** |  |  |
| AJ Bell PLC (United Kingdom)  | &nbsp;&nbsp; 148611 | &nbsp;&nbsp; $1091231 |
| Integral Corp. (Japan)  | &nbsp;&nbsp; 102700 | &nbsp;&nbsp; 2597224 |
|  |  | &nbsp;&nbsp; $3688455 |
| **LIFE SCIENCES TOOLS & SERVICES – 2.5%** |  |  |
| AddLife AB (Sweden)  | &nbsp;&nbsp; 90679 | &nbsp;&nbsp; $1716541 |
| Evotec SE (Germany) <sup>(a)</sup> | &nbsp;&nbsp; 242617 | &nbsp;&nbsp; 1776975 |
|  |  | &nbsp;&nbsp; $3493516 |
| **MACHINERY – 2.2%** |  |  |
| AutoStore Holdings Ltd. (Norway) <sup>(a),(b)</sup> | &nbsp;&nbsp; 3309847 | &nbsp;&nbsp; $3039993 |
| **HEALTH CARE EQUIPMENT & SUPPLIES – 2.2%** |  |  |
| Ambu A/S (Denmark)  | &nbsp;&nbsp; 60340 | &nbsp;&nbsp; $887719 |
| PolyNovo Ltd. (Australia) <sup>(a)</sup> | &nbsp;&nbsp; 2253433 | &nbsp;&nbsp; 2121993 |
|  |  | &nbsp;&nbsp; $3009712 |
| **ENTERTAINMENT – 1.7%** |  |  |
| Hacksaw AB (Sweden) <sup>(a)</sup> | &nbsp;&nbsp; 328775 | &nbsp;&nbsp; $2390799 |

---

See accompanying Notes to Financial Statements.

------

**Polar Capital International Small Company Fund** 

**PORTFOLIO OF INVESTMENTS** (Continued)

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — Continued** | Shares | Fair Value |
| **HEALTH CARE TECHNOLOGY – 1.7%** |  |  |
| Medley Inc. (Japan) <sup>(a)</sup> | &nbsp;&nbsp; 73700 | &nbsp;&nbsp; $1213063 |
| Nordhealth A/S (Finland) <sup>(a)</sup> | &nbsp;&nbsp; 296691 | &nbsp;&nbsp; 1088114 |
|  |  | &nbsp;&nbsp; $2301177 |
| **TRADING COMPANIES & DISTRIBUTORS – 1.5%** |  |  |
| IPD Group Ltd. (Australia)  | &nbsp;&nbsp; 791656 | &nbsp;&nbsp; $2074401 |
| **CONSUMER FINANCE – 1.3%** |  |  |
| Funding Circle Holdings PLC (United Kingdom) <sup>(a),(b)</sup> | &nbsp;&nbsp; 1071867 | &nbsp;&nbsp; $1791271 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT – 1.2%** |  |  |
| Corp. Inmobiliaria Vesta S.A.B. de C.V. (Mexico)  | &nbsp;&nbsp; 613876 | &nbsp;&nbsp; $1737698 |
| **AIR FREIGHT & LOGISTICS – 1.2%** |  |  |
| InPost S.A. (Poland) <sup>(a)</sup> | &nbsp;&nbsp; 132719 | &nbsp;&nbsp; $1633989 |
| **PERSONAL CARE PRODUCTS – 1.0%** |  |  |
| Pharmanutra S.p.A. (Italy)  | &nbsp;&nbsp; 30919 | &nbsp;&nbsp; $1441199 |
| **DIVERSIFIED CONSUMER SERVICES – 0.9%** |  |  |
| Auction Technology Group PLC (United Kingdom) <sup>(a)</sup> | &nbsp;&nbsp; 298123 | &nbsp;&nbsp; $1291045 |
| **LEISURE PRODUCTS – 0.6%** |  |  |
| MIPS AB (Sweden)  | &nbsp;&nbsp; 23362 | &nbsp;&nbsp; $849501 |
| **MEDIA – 0.6%** |  |  |
| YouGov PLC (United Kingdom)  | &nbsp;&nbsp; 205982 | &nbsp;&nbsp; $829691 |

---

See accompanying Notes to Financial Statements.

------

**Polar Capital International Small Company Fund** 

**PORTFOLIO OF INVESTMENTS** (Continued)

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — Continued** | Shares | Fair Value |
| **IT SERVICES – 0.3%** |  |  |
| Trifork Group A.G. (Denmark) <sup>(a)</sup> | &nbsp;&nbsp; 30762 | &nbsp;&nbsp; $394803 |
| **TOTAL COMMON STOCKS–99.4%** (Cost $123,281,821) |  | &nbsp;&nbsp; $138355869 |
| **TOTAL INVESTMENTS–99.4%** (Cost $123,281,821) |  | &nbsp;&nbsp; $138355869 |
| Other Assets in Excess of Liabilities – 0.6% |  | &nbsp;&nbsp; $796886 |
| **NET ASSETS–100.0%** |  | &nbsp;&nbsp; $139152755 |

---

(a) Non-income producing security.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. As of September 30, 2025, these securities had a total value of $17,157,327 which represented 12.3% of the Fund's net assets. 

See accompanying Notes to Financial Statements.

------

**Polar Capital Funds**

**STATEMENTS OF ASSETS AND LIABILITIES**

September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Polar** <br> **Capital** <br> **Emerging** <br> **Market** <br> **Stars Fund**<br>| <br>**Polar** <br> **Capital** <br> **Emerging** <br> **Market** <br> **ex-China** <br> **Stars Fund**<br>| <br>**Polar** <br> **Capital** <br> **International** <br> **Small** <br> **Company** <br> **Fund**<br>|
| **ASSETS** |  |  |  |
| Investment securities— at fair value (cost <br> $125,877,420, $1,008,050 and $123,281,821, respectively)<br>| &nbsp;&nbsp; $182040852 | &nbsp;&nbsp; $1269358 | &nbsp;&nbsp; $138355869 |
| Cash | &nbsp;&nbsp; 3179400 | &nbsp;&nbsp; 51790 | &nbsp;&nbsp; 741158 |
| Foreign currencies at value (cost $346,936, $2,198 and $1,127, <br> respectively)<br>| &nbsp;&nbsp; 341915 | &nbsp;&nbsp; 2171 | &nbsp;&nbsp; 1129 |
| Receivable for: |  |  |  |
| Dividends and interest | &nbsp;&nbsp; 223238 | &nbsp;&nbsp; 1455 | &nbsp;&nbsp; 59126 |
| Dividend reclaims | &nbsp;&nbsp; 1786 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4231 |
| Capital stock sold | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29400 |
| Investments sold | &nbsp;&nbsp; 12107 | &nbsp;&nbsp; — | &nbsp;&nbsp; 108937 |
| Reimbursement from Administrator (Note 6) | &nbsp;&nbsp; — | &nbsp;&nbsp; 37500 | &nbsp;&nbsp; 37706 |
| Reimbursement from Adviser (Note 6) | &nbsp;&nbsp; 38987 | &nbsp;&nbsp; 10379 | &nbsp;&nbsp; — |
| Prepaid expenses | &nbsp;&nbsp; 21988 | &nbsp;&nbsp; 10183 | &nbsp;&nbsp; 45407 |
| Total assets | &nbsp;&nbsp; 185860273 | &nbsp;&nbsp; 1382836 | &nbsp;&nbsp; 139382963 |
| **LIABILITIES** |  |  |  |
| Payable for: |  |  |  |
| Investments purchased | &nbsp;&nbsp; 681646 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| Capital stock repurchased | &nbsp;&nbsp; 39259 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5100 |
| Advisory fees | &nbsp;&nbsp; 140926 | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 124546 |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 141772 | &nbsp;&nbsp; 67671 | &nbsp;&nbsp; 100562 |
| Foreign capital gains taxes payable | &nbsp;&nbsp; 1355140 | &nbsp;&nbsp; 8035 | &nbsp;&nbsp; — |
| Total liabilities | &nbsp;&nbsp; 2358743 | &nbsp;&nbsp; 76712 | &nbsp;&nbsp; 230208 |
| **NET ASSETS**  | &nbsp;&nbsp; $183501530 | &nbsp;&nbsp; $1306124 | &nbsp;&nbsp; $139152755 |
| **SUMMARY OF SHAREHOLDERS' EQUITY** |  |  |  |
| Capital stock—no par value; unlimited authorized shares; <br> 18,400,597, 101,626 and 12,757,836, respectively outstanding <br> shares<br>| &nbsp;&nbsp; 131732770 | &nbsp;&nbsp; 1017554 | &nbsp;&nbsp; 123885538 |
| Distributable earnings | &nbsp;&nbsp; 51768760 | &nbsp;&nbsp; 288570 | &nbsp;&nbsp; 15267217 |
| **NET ASSETS** | &nbsp;&nbsp; $183501530 | &nbsp;&nbsp; $1306124 | &nbsp;&nbsp; $139152755 |
| **NET ASSET VALUE** |  |  |  |
| Offering and redemption price per share | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp; $12.85 | &nbsp;&nbsp; $10.91 |

---

See accompanying Notes to Financial Statements.

------

**Polar Capital Funds**

**STATEMENTS OF OPERATIONS**

For the Six Months Ended September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Polar** <br> **Capital** <br> **Emerging** <br> **Market** <br> **Stars Fund**<br>| <br>**Polar** <br> **Capital** <br> **Emerging** <br> **Market** <br> **ex-China** <br> **Stars Fund**<br>| <br>**Polar** <br> **Capital** <br> **International** <br> **Small** <br> **Company** <br> **Fund**<br>|
| **INVESTMENT INCOME** |  |  |  |
| Dividends (net of foreign taxes withheld of $178,960, $1,569 and <br> $55,748, respectively)<br>| &nbsp;&nbsp; $1336786 | &nbsp;&nbsp; $8246 | &nbsp;&nbsp; $477347 |
| Interest | &nbsp;&nbsp; 35656 | &nbsp;&nbsp; 815 | &nbsp;&nbsp; 36427 |
| Total investment income | &nbsp;&nbsp; 1372442 | &nbsp;&nbsp; 9061 | &nbsp;&nbsp; 513774 |
| **EXPENSES** |  |  |  |
| Advisory fees (Note 6) | &nbsp;&nbsp; 789425 | &nbsp;&nbsp; 5607 | &nbsp;&nbsp; 633682 |
| Custodian fees (Note 6) | &nbsp;&nbsp; 76321 | &nbsp;&nbsp; 8453 | &nbsp;&nbsp; 45046 |
| Fund accounting and administrative services fees (Note 6) | &nbsp;&nbsp; 69551 | &nbsp;&nbsp; 66182 | &nbsp;&nbsp; 66182 |
| Legal fees | &nbsp;&nbsp; 37851 | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 24517 |
| Trustee fees and expenses (Note 6) | &nbsp;&nbsp; 33708 | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 22211 |
| Transfer agent fees and expenses (Note 6) | &nbsp;&nbsp; 19367 | &nbsp;&nbsp; 15062 | &nbsp;&nbsp; 17008 |
| Audit and tax services fees | &nbsp;&nbsp; 18270 | &nbsp;&nbsp; 16740 | &nbsp;&nbsp; 15428 |
| Fund Officer fees (Note 6) | &nbsp;&nbsp; 17549 | &nbsp;&nbsp; 17549 | &nbsp;&nbsp; 17549 |
| State filing fees | &nbsp;&nbsp; 13031 | &nbsp;&nbsp; 11275 | &nbsp;&nbsp; 5786 |
| Reports to shareholders | &nbsp;&nbsp; 6441 | &nbsp;&nbsp; 317 | &nbsp;&nbsp; 4608 |
| Risk Officer fees (Note 6) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15041 |
| Other | &nbsp;&nbsp; 10884 | &nbsp;&nbsp; 1456 | &nbsp;&nbsp; 3140 |
| Total expenses | &nbsp;&nbsp; 1092398 | &nbsp;&nbsp; 143129 | &nbsp;&nbsp; 870198 |
| Waiver from Administrator (Note 6) | &nbsp;&nbsp; — | &nbsp;&nbsp; (75000)<br>| &nbsp;&nbsp; (75206)<br>|
| Waiver/Reimbursement from Adviser (Note 6) | &nbsp;&nbsp; (272613)<br>| &nbsp;&nbsp; (62305)<br>| &nbsp;&nbsp; (97943)<br>|
| Net expenses | &nbsp;&nbsp; 819785 | &nbsp;&nbsp; 5824 | &nbsp;&nbsp; 697049 |
| Net investment income (loss) | &nbsp;&nbsp; 552657 | &nbsp;&nbsp; 3237 | &nbsp;&nbsp; (183275)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments | &nbsp;&nbsp; 6457756 | &nbsp;&nbsp; 46819 | &nbsp;&nbsp; 254771 |
| Foreign currency transactions | &nbsp;&nbsp; (75658)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; (52996)<br>|
| Net change in unrealized appreciation (depreciation) of: |  |  |  |
| Investments (net change in deferred capital gains taxes of <br> $27,831, $(474) and $—, respectively)<br>| &nbsp;&nbsp; 31459193 | &nbsp;&nbsp; 221696 | &nbsp;&nbsp; 18390292 |
| Translation of foreign currency denominated amounts | &nbsp;&nbsp; (2744)<br>| &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; 2961 |
| Net realized and unrealized gain | &nbsp;&nbsp; 37838547 | &nbsp;&nbsp; 268533 | &nbsp;&nbsp; 18595028 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| &nbsp;&nbsp; $38391204 | &nbsp;&nbsp; $271770 | &nbsp;&nbsp; $18411753 |

---

See accompanying Notes to Financial Statements.

------

**Polar Capital Funds**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Polar Capital Emerging Market Stars Fund** | **Polar Capital Emerging Market Stars Fund** |
|  | Six Months <br> Ended <br> September 30, 2025 <br> (Unaudited)<br>| Year Ended <br> March 31, 2025<br>|
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |
| Operations: |  |  |
| Net investment income | &nbsp;&nbsp; $552657 | &nbsp;&nbsp; $285321 |
| Net realized gain (loss)  | &nbsp;&nbsp; 6382098 | &nbsp;&nbsp; (4372444)<br>|
| Net change in unrealized appreciation on investments | &nbsp;&nbsp; 31456449 | &nbsp;&nbsp; 2870377 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp; 38391204 | &nbsp;&nbsp; (1216746)<br>|
| Distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (560722)<br>|
| Capital stock transactions: |  |  |
| Proceeds from capital stock sold | &nbsp;&nbsp; 9494693 | &nbsp;&nbsp; 49039156 |
| Proceeds from shares issued to shareholders upon <br> reinvestment of dividends and distributions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 188109 |
| Cost of capital stock repurchased | &nbsp;&nbsp; (18331790)<br>| &nbsp;&nbsp; (45166241)<br>|
| Net increase (decrease) from capital stock <br> transactions<br>| &nbsp;&nbsp; (8837097)<br>| &nbsp;&nbsp; 4061024 |
| Total change in net assets | &nbsp;&nbsp; 29554107 | &nbsp;&nbsp; 2283556 |
| **NET ASSETS** |  |  |
| Beginning of period | &nbsp;&nbsp; 153947423 | &nbsp;&nbsp; 151663867 |
| End of period | &nbsp;&nbsp; $183501530 | &nbsp;&nbsp; $153947423 |
| **CHANGE IN CAPITAL STOCK OUTSTANDING** |  |  |
| Shares of capital stock sold  | &nbsp;&nbsp; 1118542 | &nbsp;&nbsp; 5934761 |
| Shares issued to shareholders upon reinvestment of dividends and <br> distributions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 22940 |
| Shares of capital stock repurchased | &nbsp;&nbsp; (2147171)<br>| &nbsp;&nbsp; (5472262)<br>|
| Change in capital stock outstanding | &nbsp;&nbsp; (1028629)<br>| &nbsp;&nbsp; 485439 |

---

See accompanying Notes to Financial Statements.

------

**Polar Capital Funds**

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Polar Capital Emerging Market ex-China Stars Fund** | **Polar Capital Emerging Market ex-China Stars Fund** |
|  | Six Months <br> Ended <br> September 30, 2025 <br> (Unaudited)<br>| Year Ended <br> March 31, 2025<br>|
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |
| Operations: |  |  |
| Net investment income | &nbsp;&nbsp; $3237 | &nbsp;&nbsp; $2368 |
| Net realized gain (loss)  | &nbsp;&nbsp; 46842 | &nbsp;&nbsp; (10849)<br>|
| Net change in unrealized appreciation (depreciation) <br> on investments<br>| &nbsp;&nbsp; 221691 | &nbsp;&nbsp; (92165)<br>|
| Net increase (decrease) in net assets <br> resulting from operations<br>| &nbsp;&nbsp; 271770 | &nbsp;&nbsp; (100646)<br>|
| Distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (15192)<br>|
| Capital stock transactions: |  |  |
| Proceeds from shares issued to shareholders upon <br> reinvestment of dividends and distributions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 12913 |
| Net increase from capital stock <br> transactions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 12913 |
| Total change in net assets | &nbsp;&nbsp; 271770 | &nbsp;&nbsp; (102925)<br>|
| **NET ASSETS** |  |  |
| Beginning of period | &nbsp;&nbsp; 1034354 | &nbsp;&nbsp; 1137279 |
| End of period | &nbsp;&nbsp; $1306124 | &nbsp;&nbsp; $1034354 |
| **CHANGE IN CAPITAL STOCK OUTSTANDING** |  |  |
| Shares issued to shareholders upon reinvestment of <br> dividends and distributions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1174 |
| Change in capital stock outstanding | &nbsp;&nbsp; — | &nbsp;&nbsp; 1174 |

---

See accompanying Notes to Financial Statements.

------

**Polar Capital Funds**

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Polar Capital International Small Company Fund** | **Polar Capital International Small Company Fund** |
|  | Six Months <br> Ended <br> September 30, 2025 <br> (Unaudited)<br>| Period Ended <br> March 31, 2025\*<br>|
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |
| Operations: |  |  |
| Net investment loss | &nbsp;&nbsp; $(183275)<br>| &nbsp;&nbsp; $(29581)<br>|
| Net realized gain | &nbsp;&nbsp; 201775 | &nbsp;&nbsp; 203875 |
| Net change in unrealized appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp; 18393253 | &nbsp;&nbsp; (3319200)<br>|
| Net increase (decrease) in net assets resulting <br> from operations<br>| &nbsp;&nbsp; 18411753 | &nbsp;&nbsp; (3144906)<br>|
| Capital stock transactions: |  |  |
| Proceeds from capital stock sold | &nbsp;&nbsp; 38234028 | &nbsp;&nbsp; 92763747 |
| Cost of capital stock repurchased | &nbsp;&nbsp; (7061877)<br>| &nbsp;&nbsp; (49990)<br>|
| Net increase from capital stock transactions | &nbsp;&nbsp; 31172151 | &nbsp;&nbsp; 92713757 |
| Total change in net assets | &nbsp;&nbsp; 49583904 | &nbsp;&nbsp; 89568851 |
| **NET ASSETS** |  |  |
| Beginning of period | &nbsp;&nbsp; 89568851 | &nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp; $139152755 | &nbsp;&nbsp; $89568851 |
| **CHANGE IN CAPITAL STOCK OUTSTANDING** |  |  |
| Shares of capital stock sold  | &nbsp;&nbsp; 3747868 | &nbsp;&nbsp; 9668082 |
| Shares of capital stock repurchased | &nbsp;&nbsp; (652737)<br>| &nbsp;&nbsp; (5377)<br>|
| Change in capital stock outstanding | &nbsp;&nbsp; 3095131 | &nbsp;&nbsp; 9662705 |

---

\* For the period from September 30, 2024 (Commencement of Operations) to March 31, 2025.

See accompanying Notes to Financial Statements.

------

**Polar Capital Emerging Market Stars Fund** 

**FINANCIAL HIGHLIGHTS**

**Selected Data for Each Share of Capital Stock Outstanding Throughout Each Year**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months <br> Ended <br> September 30, <br>| Year <br> Ended <br> March 31, | Year <br> Ended <br> March 31, | Year <br> Ended <br> March 31, | Year <br> Ended <br> March 31, | Period Ended <br> March 31,<br>|
|  | 2025 (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021\* |
| Per share operating performance: |  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $7.92 | &nbsp;&nbsp; $8.01 | &nbsp;&nbsp; $7.31 | &nbsp;&nbsp; $8.20 | &nbsp;&nbsp; $10.08 | &nbsp;&nbsp; $10.00 |
| Income from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(0.01)<br>| &nbsp;&nbsp; $(0.02)<br>|
| Net realized and unrealized gain <br> (loss) on investment securities<br>| 2.02 | &nbsp;&nbsp; (0.07)<br>| 0.70 | &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (1.52)<br>| 0.10 |
| Total from investment operations | &nbsp;&nbsp; $2.05 | &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $0.73 | &nbsp;&nbsp; $(0.89)<br>| &nbsp;&nbsp; $(1.53)<br>| &nbsp;&nbsp; $0.08 |
| Distributions from net investment <br> income<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $— |
| Distributions from net realized <br> capital gains<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp; $— |
| Net asset value, end of period | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp; $7.92 | &nbsp;&nbsp; $8.01 | &nbsp;&nbsp; $7.31 | &nbsp;&nbsp; $8.20 | &nbsp;&nbsp; $10.08 |
| Total investment return<sup>(b), (c)</sup> | 25.88<br> %<br>| &nbsp;&nbsp; (0.82)%<br>| 10.05<br> %<br>| &nbsp;&nbsp; (10.85)%<br>| &nbsp;&nbsp; (15.66)%<br>| 0.80<br> %<br>|
| Ratios/supplemental data: |  |  |  |  |  |  |
| Net assets, end of period (in $000's) | &nbsp;&nbsp; $183502 | &nbsp;&nbsp; $153947 | &nbsp;&nbsp; $151664 | &nbsp;&nbsp; $98678 | &nbsp;&nbsp; $8629 | &nbsp;&nbsp; $10079 |
| Ratio of expenses to average net <br> assets:<br>|  |  |  |  |  |  |
| Before waiver/reimbursement <sup>(d)</sup> | 1.33<br> %<br>| 1.41<br> %<br>| 1.63<br> %<br>| 2.45<br> %<br>| 4.70<br> %<br>| 5.34<br> %<br>|
| After waiver/reimbursement<sup>(d)</sup> | 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Ratio of net investment income <br> to average net assets:<br>|  |  |  |  |  |  |
| Before waiver/reimbursement<sup>(d)</sup> | 0.34<br> %<br>| &nbsp;&nbsp; (0.25)%<br>| &nbsp;&nbsp; (0.17)%<br>| &nbsp;&nbsp; (1.80)%<br>| &nbsp;&nbsp; (3.84)%<br>| &nbsp;&nbsp; (5.14)%<br>|
| After waiver/reimbursement<sup>(d)</sup> | 0.67<br> %<br>| 0.16<br> %<br>| 0.46<br> %<br>| &nbsp;&nbsp; (0.35)%<br>| &nbsp;&nbsp; (0.14)%<br>| &nbsp;&nbsp; (0.80)%<br>|
| Portfolio turnover rate<sup>(b)</sup> | &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 15<br> %<br>|

---

\* For the period from December 30, 2020 (Commencement of Operations) to March 31, 2021.

(a) Per share amount is based on average shares outstanding.

(b) Not annualized for periods less than a year.

(c) Return is based on net asset value per share, adjusted for reinvestment of distributions, and does not reflect deduction of the sales charge. 

(d) Annualized for periods less than one year.

See accompanying Notes to Financial Statements.

------

**Polar Capital Emerging Market ex-China Stars Fund** 

**FINANCIAL HIGHLIGHTS**

**Selected Data for Each Share of Capital Stock Outstanding Throughout Each Year**

---

| | | | |
|:---|:---|:---|:---|
|  | Six Months <br> Ended <br> September 30, <br>| Year <br> Ended <br> March 31,<br>| Period Ended <br> March 31,<br>|
|  | 2025 (Unaudited) | 2025 | 2024\* |
| Per share operating performance: |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.18 | &nbsp;&nbsp; $11.32 | &nbsp;&nbsp; $10.00 |
| Income from investment operations: |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $0.01 |
| Net realized and unrealized gain (loss) on investment securities | 2.64 | &nbsp;&nbsp; (1.00)<br>| 1.37 |
| Total from investment operations | &nbsp;&nbsp; $2.67 | &nbsp;&nbsp; $(0.98)<br>| &nbsp;&nbsp; $1.38 |
| Distributions from net investment income | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $— |
| Distributions from net realized <br> capital gains<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.06)<br>|
| Total distributions | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.06)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $12.85 | &nbsp;&nbsp; $10.18 | &nbsp;&nbsp; $11.32 |
| Total investment return<sup>(b), (c)</sup> | 26.23<br> %<br>| &nbsp;&nbsp; (8.83)%<br>| 13.82<br> %<br>|
| Ratios/supplemental data: |  |  |  |
| Net assets, end of period (in $000's) | &nbsp;&nbsp; $1306 | &nbsp;&nbsp; $1034 | &nbsp;&nbsp; $1137 |
| Ratio of expenses to average net assets: |  |  |  |
| Before waiver/reimbursement <sup>(d)</sup> | 24.58<br> %<br>| 26.75<br> %<br>| 27.51<br> %<br>|
| After waiver/reimbursement<sup>(d)</sup> | 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Ratio of net investment income <br> to average net assets:<br>|  |  |  |
| Before waiver/reimbursement<sup>(d)</sup> | &nbsp;&nbsp; (23.02)%<br>| &nbsp;&nbsp; (25.54)%<br>| &nbsp;&nbsp; (26.33)%<br>|
| After waiver/reimbursement<sup>(d)</sup> | 0.56<br> %<br>| 0.21<br> %<br>| 0.18<br> %<br>|
| Portfolio turnover rate<sup>(b)</sup> | &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 22<br> %<br>|

---

\* For the period from June 30, 2023 (Commencement of Operations) to March 31, 2024.

(a) Per share amount is based on average shares outstanding.

(b) Not annualized for periods less than a year.

(c) Return is based on net asset value per share, adjusted for reinvestment of distributions, and does not reflect deduction of the sales charge. 

(d) Annualized for periods less than one year.

See accompanying Notes to Financial Statements.

------

**Polar Capital International Small Company Fund** 

**FINANCIAL HIGHLIGHTS**

**Selected Data for Each Share of Capital Stock Outstanding Throughout Each Period**

---

| | | |
|:---|:---|:---|
|  | Six Months <br> Ended <br> September 30, <br>| Period Ended <br> March 31,<br>|
|  | 2025 (Unaudited) | 2025\* |
| Per share operating performance: |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.27 | &nbsp;&nbsp; $10.00 |
| Income from investment operations: |  |  |
| Net investment loss<sup>(a)</sup> | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $(0.01)<br>|
| Net realized and unrealized gain (loss) on investment securities | 1.66 | &nbsp;&nbsp; (0.72)<br>|
| Total from investment operations | &nbsp;&nbsp; $1.64 | &nbsp;&nbsp; $(0.73)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $10.91 | &nbsp;&nbsp; $9.27 |
| Total investment return<sup>(b), (c)</sup> | 17.69<br> %<br>| &nbsp;&nbsp; (7.30)%<br>|
| Ratios/supplemental data: |  |  |
| Net assets, end of period (in $000's) | &nbsp;&nbsp; $139153 | &nbsp;&nbsp; $89569 |
| Ratio of expenses to average net assets: |  |  |
| Before waiver/reimbursement <sup>(d)</sup> | 1.37<br> %<br>| 2.54<br> %<br>|
| After waiver/reimbursement<sup>(d)</sup> | 1.10<br> %<br>| 1.10<br> %<br>|
| Ratio of net investment income <br> to average net assets:<br>|  |  |
| Before waiver/reimbursement<sup>(d)</sup> | &nbsp;&nbsp; (0.56)%<br>| &nbsp;&nbsp; (1.72)%<br>|
| After waiver/reimbursement<sup>(d)</sup> | &nbsp;&nbsp; (0.29)%<br>| &nbsp;&nbsp; (0.28)%<br>|
| Portfolio turnover rate<sup>(b)</sup> | &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 7<br> %<br>|

---

\* For the period from September 30, 2024 (Commencement of Operations) to March 31, 2025.

(a) Per share amount is based on average shares outstanding.

(b) Not annualized for periods less than a year.

(c) Return is based on net asset value per share, adjusted for reinvestment of distributions, and does not reflect deduction of the sales charge. 

(d) Annualized for periods less than one year.

See accompanying Notes to Financial Statements.

------

**Polar Capital Funds** 

**NOTES TO FINANCIAL STATEMENTS**

September 30, 2025 (Unaudited)

**NOTE 1 — Organization**

Datum One Series Trust (the "Trust") is a Massachusetts business trust operating under an Amended and Restated Agreement and Declaration of Trust (the "Trust Agreement") dated March 3, 2020. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust Agreement permits the Board of Trustees (the "Trustees" or "Board") to authorize and issue an unlimited number of shares of beneficial interest, at no par value, in separate series of the Trust. The Polar Capital Emerging Market Stars Fund ("Emerging Market Stars Fund"), Polar Capital Emerging Market ex-China Stars Fund ("Emerging Market ex-China Stars Fund") and Polar Capital International Small Company Fund ("International Small Company Fund") (together the "Funds"; each a "Fund") each constitutes a series of the Trust. These financial statements and notes only relate to these Funds.

The Funds are non-diversified funds, meaning each may invest in a smaller number of companies than a diversified fund. The Funds seek to achieve long term capital growth. For information on the specific strategies of the Funds, please refer to the Funds' Prospectus.

Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust and Funds. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds.

**NOTE 2 — Significant Accounting Policies**

The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB"). The financial statements of the Funds have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

A. Security Valuation

The Funds' investments are reported at fair value as defined by U.S. GAAP. The Funds generally determine their net asset value as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open. Further discussion of valuation methods, inputs and classifications can be found under Disclosure of Fair Value Measurements.

B. Securities Transactions, Related Investment Income and Foreign Currency Translations

Securities transactions are accounted for on the date the securities are purchased or sold. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Interest income and expenses are recorded on an accrual basis. The books and records of the Funds are maintained in U.S. dollars as follows: (1) the foreign currency fair value of investment securities, and other assets and liabilities stated in foreign currencies, are translated using the daily spot rate; and (2) purchases, sales, income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions.

------

**Polar Capital Funds** 

**NOTES TO FINANCIAL STATEMENTS** (Continued)

September 30, 2025 (Unaudited)

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the "Net realized gain (loss) on investments" and "Net change in unrealized appreciation (depreciation) of investments" on the Statements of Operations.

Net realized gains and losses from foreign currency transactions arise from sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation or depreciation on translation of assets and liabilities denominated in foreign currencies arise from changes in the value of assets and liabilities other than investments in securities at the period end, resulting from changes in the exchange rates.

Certain countries assess a capital gains tax on securities sold in their local markets. This tax is accrued as the securities in these foreign markets appreciate in value and is paid at the time of sale to the extent a capital gain is realized. Taxes accrued on securities in an unrealized appreciation position are included in "Net change in unrealized appreciation (depreciation) of Investments" on the Statement of Operations. The capital gains tax paid on securities sold, if any, is included in "Net realized gain (loss) on Investments" on the Statements of Operations and any amounts unpaid are accrued and included in "Foreign capital gains taxes payable" on the Statements of Assets and Liabilities.

C. Expense Allocations

Expenses directly attributable to a fund in the Trust are charged to that fund, while expenses that are attributable to more than one fund in the Trust are allocated among the applicable funds on a pro-rata basis to each adviser's series of funds based on relative net assets or another reasonable basis.

D. Use of Estimates

The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates.

**NOTE 3 — Principal Risks**

**It is possible to lose money on an investment in a Fund:** The Funds will be affected by the investment decisions, techniques and risk analyses of the Funds' Adviser and there is no guarantee that a Fund will achieve its investment objective. Any of the following risks, among others, could affect the performance of the Funds or cause the Funds to lose money or to underperform market averages of other funds. Each risk summarized below is considered to be a "principal risk" of investing in the Funds, regardless of the order in which it appears.

**Risks Associated with Investing in Equities:** The Funds may invest in equity and equity-related securities traded on recognized stock exchanges and over-the-counter markets. Equity securities will be subject to risks associated with such investments, including fluctuations in market prices, adverse issuer or market information and the fact that equity and equity-related interests are subordinate in the right of payment to other corporate securities, including debt securities. The value of these securities varies with the performance of the respective issuers and movements in the equity markets generally. As a result, the Funds may suffer losses if they invest in

------

**Polar Capital Funds** 

**NOTES TO FINANCIAL STATEMENTS** (Continued)

September 30, 2025 (Unaudited)

equity securities of issuers where performance falls below market expectations or if equity markets in general decline or the Funds have not hedged against such a general decline. Futures and options on futures on equity securities and indices are subject to all the foregoing risks, in addition to the risks particularly associated with futures and derivative contracts.

**Environmental, Social and/or Governance ("ESG") Investing Risk:** The Funds' consideration of ESG factors as part of their investment process may cause them to make different investments than funds that have a similar investment universe and/or investment style but that do not incorporate such factors in their strategy or investment processes. Additionally, the Funds may forgo opportunities to buy certain securities when it might otherwise be advantageous to do so, or sell securities when it might be otherwise disadvantageous for it to do so. Incorporating ESG factors into investment decision making is qualitative and subjective by nature, and there is no guarantee that the factors considered by the Adviser or any judgment exercised by the Adviser will reflect the beliefs or values of any particular investor. Socially responsible norms differ by region and industry, and a company's ESG practices or the Adviser's assessment of a company's ESG practices may change over time.

**Risks Associated with Investing in Emerging Markets:** The Funds' investments in non-U.S. issuers in developing or emerging market countries may involve increased exposure to changes in economic, social and political factors as compared to investments in more developed countries. The economies of most emerging market countries are in the early stage of capital market development and may be dependent on relatively fewer industries. As a result, their economic systems are still evolving. Their legal and political systems may also be less stable than those in developed economies. Securities markets in these countries can also be smaller, and there may be increased settlement risks. The Public Company Accounting Oversight Board, which regulates auditors of U.S. companies, is unable to inspect audit work papers in certain foreign countries. Investors in emerging markets often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. Emerging market countries often suffer from currency devaluation and higher rates of inflation. Due to these risks, securities issued in developing or emerging countries may be more volatile, less liquid, and harder to value than securities issued in more developed countries.

**Investment in China** *(principal risk for the Emerging Market Stars Fund)***:**The Chinese economy is generally considered an emerging and volatile market. Although China has experienced a relatively stable political environment in recent years, there is no guarantee that such stability will be maintained in the future. Political, regulatory and diplomatic events, such as the U.S.-China "trade war" that intensified in 2018, could have an adverse effect on the Chinese or Hong Kong economies and on investments made through Stock Connect program. Investing in securities of Chinese issuers, including by investing in A Shares, involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, (i) more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in a lack of liquidity and in price volatility, (ii) currency revaluations and other currency exchange rate fluctuations or blockage, (iii) the nature and extent of intervention by the Chinese government in the Chinese securities markets, whether such intervention will continue and the impact of such intervention or its discontinuation, (iv) the risk of nationalization or expropriation of assets, (v) the risk that the Chinese government

------

**Polar Capital Funds** 

**NOTES TO FINANCIAL STATEMENTS** (Continued)

September 30, 2025 (Unaudited)

may decide not to continue to support economic reform programs, (vi) potentially higher rates of inflation, (vii) the unavailability of consistently-reliable economic data, (viii) the relatively small size and absence of operating history of many Chinese companies, (ix) accounting, auditing and financial reporting standards in China are different from U.S. standards and, therefore, disclosure of certain material information may not be available, the quality of financial information may vary and the Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries, including China, (x) greater political, economic, social, legal and tax-related uncertainty, (xi) higher market volatility caused by any potential regional territorial conflicts or natural disasters, (xii) higher dependence on exports and international trade, (xiii) the risk of increased trade tariffs, embargoes and other trade limitations, (xiv) restrictions on foreign ownership, and (xv) custody risks associated with investing through programs to access Chinese securities. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

**Stock Connect Investing Risk** *(principal risk for the Emerging Market Stars Fund)***:** China "A Shares" are equity securities of issuers incorporated in mainland China that are denominated and currently traded in Renminbi ("RMB") on the Shanghai or Shenzhen Stock Exchanges. Subject to minor exceptions, under current regulations in China, foreign investors, such as the Emerging Market Stars Fund, can invest in A Shares only (i) through certain institutional investors that have obtained a license and quota from the Chinese regulators or (ii) through the Hong Kong-Shanghai Stock Connect or Shenzhen-Hong Kong Stock Connect programs. The Emerging Market Stars Fund will invest in A Shares listed and traded on the Shanghai Stock Exchange ("SSE") or Shenzhen Stock Exchange ("SZSE") through the Stock Connect program, or on such other stock exchanges in China which participate in the Stock Connect program from time to time. The Emerging Market Stars Fund's investments in Stock Connect A Shares are generally subject to Chinese securities regulations and listing rules, among other restrictions that may affect the Emerging Market Stars Fund's investments and returns, including daily limits on net purchases and transfer restrictions. In addition, the Stock Connect program's trading, clearance and settlement procedures are relatively untested in China, which could pose risks to the Emerging Market Stars Fund. While overseas investors currently are exempt from paying capital gains or value added taxes on income and gains from investments in Stock Connect A Shares, these Chinese tax rules could be changed, which could result in unexpected tax liabilities for the Emerging Market Stars Fund.

The Stock Connect program will only operate on days when both the Chinese and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. There may be occasions when the Emerging Market Stars Fund may be subject to the risk of price fluctuations of A Shares during the time when the Stock Connect program is not trading. Because of the way in which China A shares are held in Stock Connect, the Emerging Market Stars Fund may not be able to exercise the rights of a shareholder and may be limited in its ability to pursue claims against the issuer of a security, and may suffer losses in the event the depository of the SSE or the SZSE becomes insolvent. Only certain China A shares are eligible to be accessed through the Stock Connect program. Such securities may lose their eligibility at any time, in which case they presumably could be sold but could no longer be purchased through the Stock Connect program. The Stock

------

**Polar Capital Funds** 

**NOTES TO FINANCIAL STATEMENTS** (Continued)

September 30, 2025 (Unaudited)

Connect program is a relatively new program. Further developments are likely and there can be no assurance as to the program's continued existence or whether future developments regarding the program may restrict or adversely affect the Emerging Market Stars Fund's investments or returns. In addition, the application and interpretation of the laws and regulations of Hong Kong and China, and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of the Stock Connect program are uncertain, and they may have a detrimental effect on the Emerging Market Stars Fund's investments and returns.

**Small Companies Investing Risk** *(principal risk for the International Small Company Fund)***:** Investing in the securities of small companies generally involves greater risk than investing in larger, more established companies. Although investing in securities of small companies offers potential above average returns if the companies are successful, the risk exists that the companies will not succeed, and the prices of the companies' shares could significantly decline in value. The earnings and prospects of smaller companies are more volatile than larger companies, and smaller companies may experience higher failure rates than do larger companies. The trading volume of securities of smaller companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make prices fall more in response to selling pressure than is the case with larger companies. Smaller companies may also have limited markets, product lines, or financial resources, and may lack management experience.

**Derivatives Risk:** The use of derivatives involves the risk that their value may not move as expected relative to the value of the relevant underlying assets, rates, or indices. Derivatives also present other risks, including market risk, liquidity risk, and counterparty risk.

**Market Risk:** The value of securities and instruments owned by the Funds may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas.

**Liquidity Risk:** In some circumstances, investments may be relatively illiquid making it difficult to acquire or dispose of them at the prices quoted on the various exchanges. Accordingly, the Funds' ability to respond to market movements may be impaired and the Funds may experience adverse price movements upon liquidation of their investments. Settlement of transactions may be subject to delay and administrative uncertainties.

**Counterparty and Third Party Risk:** Transactions involving a counterparty (including a clearing member or clearing house through which the Funds hold a derivative position) to a derivative contract, repurchase agreement, reverse repurchase agreement, or other financial instrument, or a third party responsible for servicing the instrument, are subject to the credit risk of the counterparty or third party, and to the counterparty's or third party's ability to perform in accordance with the terms of the transaction.

**Large Investor Risk:** Ownership of shares of the Funds may be concentrated in one or a few large investors. Such investors may redeem shares in large quantities or on a frequent basis. Redemptions by a large investor may affect the performance of the Funds, may increase realized capital gains, may accelerate the realization of taxable income or gains for shareholders and may increase transaction costs. These transactions potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any). Such transactions may also increase the Funds' expenses. In addition, the Funds may be delayed in investing new cash after a large shareholder purchase, and under such circumstances may be required to maintain a larger cash position than they ordinarily would.

------

**Polar Capital Funds** 

**NOTES TO FINANCIAL STATEMENTS** (Continued)

September 30, 2025 (Unaudited)

**Management Risk:** The Funds are subject to management risk as an actively managed investment portfolio. The portfolio managers will apply investment techniques and risk analyses in making investment decisions for the Funds, but there can be no guarantee that these will produce the desired results. The portfolio managers' opinion about the intrinsic worth or creditworthiness of a company or security may be incorrect, the portfolio managers may not make timely purchases or sales of securities for the Funds, the Funds' investment objective may not be achieved, or the market may continue to undervalue the Funds' securities. In addition, the Funds may not be able to quickly dispose of certain securities holdings. Moreover, there can be no assurance that the personnel of the Adviser will continue to be associated with the Adviser for any length of time, and the loss of services of one or more key employees of the Adviser, including the portfolio managers, could have an adverse impact on the Funds' ability to achieve their investment objective. Certain securities or other instruments in which the Funds seek to invest may not be available in the quantities desired. In such circumstances, the portfolio managers may determine to purchase other securities or instruments as substitutes. Such substitute securities or instruments may not perform as intended, which could result in losses to the Funds.

**Risks Associated with Non-Diversification:** The Funds are non-diversified, which generally means that they may invest a greater percentage of their total assets in the securities of fewer issuers than a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Funds could affect the overall value of the Funds more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Funds' value will likely be more volatile than the value of a more diversified fund. In addition, due to its relatively low number of holdings, the Funds will be more susceptible to company-specific events and risks impacting the particular securities held by the Funds than a fund with a greater number of holdings.

**Risks Associated with Changes to Non-U.S. Tax Laws:** Fund investors should also consider the possibility of changes to non-U.S. tax laws and regulations (including potential retroactive changes) which may adversely affect certain investments made by the Funds, including as a result of the Action Plan on Base Erosion and Profit Shifting ("BEPS"), which has been developed with the aim of securing revenue by realigning taxation with economic activities and value creation by creating a single set of consensus based international tax rules. As part of the BEPS project, it is anticipated that new rules dealing with the operation of double tax treaties, the definition of permanent establishments, interest deductibility and how hybrid instruments and hybrid entities are taxed will have been and continue to be introduced. To facilitate implementation of the BEPS project, the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting has modified, and continues to modify, a wide range of double tax treaty provisions. In addition, the European Council's Anti-Tax Avoidance Directive addresses many of the same issues. These initiatives could adversely affect the Funds or certain or all Fund investors, including but not limited to causing additional reporting and disclosure obligations for Fund investors. In addition, there may be changes in the tax laws or interpretations of tax laws in jurisdictions in which the Funds, and/or any entity owned directly or indirectly by the Funds, are established, are operating, are managed, are advised, are promoted or are investing, or in which Fund investors are resident, that are adverse to the Funds, and/or any entities owned directly or indirectly by the Funds and/or the Fund investors. Changes to taxation treaties or interpretations of taxation treaties between one or more such jurisdictions and the countries through which the Funds and/or any entities owned directly or indirectly by the Funds hold investments or in which a Fund investor is resident or the introduction of, or change to, EU Directives (including but not limited to the Anti-Tax Avoidance Directives) may adversely affect the ability of the Funds and/or any entities owned

------

**Polar Capital Funds** 

**NOTES TO FINANCIAL STATEMENTS** (Continued)

September 30, 2025 (Unaudited)

directly or indirectly by the Funds to efficiently realize income or capital gains. Consequently, it is possible that the Funds and/or any entities owned directly or indirectly by the Funds may face unfavorable tax treatment in such jurisdictions that may materially adversely affect the value of the investments held by the Funds and/ or any entities owned directly or indirectly by the Funds or the feasibility of making investments in certain countries.

**Participatory Notes Risk** *(principal risk for the Polar Capital Emerging Market Stars Fund and Polar Capital Emerging Market ex-China Stars Fund)***:** An investment in participatory notes is subject to market risk. The performance results of participatory notes may not exactly replicate the performance of the underlying securities. An investment in participatory notes is also subject to counterparty risk, relating to the non-U.S. bank or broker-dealer that issues the participatory notes, and may be subject to liquidity risk.

**Currency Risk:** The currencies in which investments are denominated may be unstable, may be subject to significant depreciation and may not be freely convertible.

**Micro-Cap Companies Risk** *(principal risk for the International Small Company Fund)***:** Micro-cap stocks may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of micro-cap companies may therefore be more volatile and the ability to sell them at a desirable time or price may be more limited.

**Custody Risk:** In a limited number of markets, particularly in emerging economies, where a no failed trade policy is standard market practice, assets may be assigned, transferred, exchanged or delivered without the prior approval of the Depositary or its agent. Once a sale order is placed in relation to assets of the Funds, by virtue of the operation of the settlement system within those markets, those assets will automatically move from custody of the Depositary without the need for the prior approval of the Depositary. Where this occurs the consideration for those assets is remitted to the entity releasing the assets.

**Unconstrained Sector Risk** *(principal risk for the Polar Capital Emerging Market Stars Fund and Polar Capital Emerging Market ex-China Stars Fund)***:** The Funds may focus their investments in securities of one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the Fund's net asset value to fluctuate more than that of a fund that does not focus in a particular sector or industry.

**Cyber Security Risk:** The Funds and their service providers are susceptible to operational and information security and related risks of cyber security incidents. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber security attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cyber-attacks also may be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make services unavailable to intended users). Cyber security incidents affecting the Funds, Adviser, Custodian or Administrator or other service providers such as financial intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, including by interference with the Funds' ability to calculate its NAV; impediments to trading for the Funds' portfolio; the inability of Shareholders to transact business with the Funds; violations of applicable privacy, data security or other laws;

------

**Polar Capital Funds** 

**NOTES TO FINANCIAL STATEMENTS** (Continued)

September 30, 2025 (Unaudited)

regulatory fines and penalties; reputational damage; reimbursement or other compensation or remediation costs; legal fees; or additional compliance costs. Similar adverse consequences could result from cyber security incidents affecting issuers of securities in which the Funds invest, counterparties with which the Funds engage in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions and other parties. While information risk management systems and business continuity plans have been developed which are designed to reduce the risks associated with cyber security, there are inherent limitations in any cyber security risk management systems or business continuity plans, including the possibility that certain risks have not been identified.

**Non-U.S. Securities Risk:** Investing in non-U.S. securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers. In addition, issuers or non-U.S. securities often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Investments in non-U.S. securities may also be subject to greater environmental, credit and information risks. The Funds' investments in non-U.S. securities also are subject to non-U.S. currency fluctuations and other non-U.S. currency-related risks. Non-U.S. securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.

Because of these and other risks, you could lose money by investing in the Funds.

**An investment in a Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.**

**NOTE 4 — Purchases and Sales of Investment Securities**

For the period ended September 30, 2025 the aggregate costs of purchases and proceeds from sales of securities (excluding short-term investments) for the Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | Cost of <br> Purchases of <br> Investment securities<br>| Proceeds of <br> Investment securities <br> sold <br>|
| **Emerging Market Stars Fund** | &nbsp;&nbsp; $42029461 | &nbsp;&nbsp; $47633705 |
| **Emerging Market ex-China Stars Fund** | &nbsp;&nbsp; 371320 | &nbsp;&nbsp; 370797 |
| **International Small Company Fund** | &nbsp;&nbsp; 50494250 | &nbsp;&nbsp; 17936070 |

---

**NOTE 5 — Federal Income Tax** 

No provision for federal income tax is required because each of the Funds has elected to be taxed as a "regulated investment company" under the Internal Revenue Code (the "Code") and intends to maintain this qualification and to distribute each year to its shareholders, in accordance with the minimum distribution requirements of the Code, its taxable net investment income and taxable net realized gains on investments.

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**Polar Capital Funds** 

**NOTES TO FINANCIAL STATEMENTS** (Continued)

September 30, 2025 (Unaudited)

As of and for the fiscal year ended March 31, 2025, the Funds did not have any liability for unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. For the year ended March 31, 2025, the Funds did not incur any interest or penalties. The statute of limitations remains open for 3 years, once a return is filed. No examinations are in progress at this time.

At March 31, 2025, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Undistributed <br> Ordinary <br> Income<br>| Undistributed <br> Long Term <br> Capital <br> Gains<br>| Accumulated <br> Capital <br> and Other <br> Losses<br>| Unrealized <br> Appreciation / <br> (Depreciation)<br>|
| **Emerging Market Stars Fund** | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8518308)<br>| &nbsp;&nbsp; $21895864 |
| **Emerging Market ex-China Stars Fund** | &nbsp;&nbsp; 1492 | &nbsp;&nbsp; — | &nbsp;&nbsp; (12922)<br>| &nbsp;&nbsp; 28230 |
| **International Small Company Fund** | &nbsp;&nbsp; 236475 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3381011)<br>|

---

Income dividends and capital gains distributions are determined in accordance with federal income tax regulations. The timing and character of distributions determined in accordance with federal income tax regulations may differ from financial statement amounts determined in accordance with U.S. GAAP. Accordingly, the Funds may periodically make reclassifications among the capital accounts to reflect differences between financial reporting and federal income tax basis distributions. The reclassifications are reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and U.S. GAAP. These reclassifications primarily relate to non-deductible expenses and distributions in excess of the Subchapter M requirement. These reclassifications have no impact on the net assets or the NAV per share of each of the Funds.

At March 31, 2025, the following reclassifications were recorded:

---

| | | |
|:---|:---|:---|
|  | Distributable Earnings | Paid-in Capital |
| **Emerging Market Stars Fund** | &nbsp;&nbsp; $126119 | &nbsp;&nbsp; $(126119)<br>|
| **Emerging Market ex-China Stars Fund** | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **International Small Company Fund** | &nbsp;&nbsp; 370 | &nbsp;&nbsp; (370)<br>|

---

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**Polar Capital Funds** 

**NOTES TO FINANCIAL STATEMENTS** (Continued)

September 30, 2025 (Unaudited)

The tax status of distributions paid during the fiscal years ended March 31, 2025 and March 31, 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Dividends <br> from <br> Ordinary <br> Income <br> 2025<br>| Dividends <br> from <br> Long-term <br> Capital Gains <br> 2025<br>| Total <br> Distributions <br> 2025<br>| Dividends <br> from <br> Ordinary <br> Income <br> 2024<br>| Dividends <br> from <br> Long-term <br> Capital Gains <br> 2024<br>| Total <br> Distributions <br> 2024<br>|
| **Emerging Market Stars Fund** | $560722 | $— | $560722 | $581602 | $— | $581602 |
| **Emerging Market ex-China** <br> **Stars Fund**<br>| 15192 |  | 15192 | 5521 |  | 5521 |
| **International Small Company** <br> **Fund\***<br>|  |  |  | N/A | N/A | N/A |

---

\* For the period from September 30, 2024 (Commencement of Operations) to March 31, 2025.

As of September 30, 2025, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for Federal income tax purposes, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax Cost | Tax Unrealized <br> Appreciation<br>| Tax Unrealized <br> (Depreciation)<br>| Net Unrealized <br> Appreciation <br> (Depreciation)<br>|
| **Emerging Market Stars Fund** | &nbsp;&nbsp; $127106941 | &nbsp;&nbsp; $59207409 | &nbsp;&nbsp; $(4273498)<br>| &nbsp;&nbsp; $54933911 |
| **Emerging Market ex-China** <br> **Stars Fund**<br>| &nbsp;&nbsp; 1011899 | &nbsp;&nbsp; 317484 | &nbsp;&nbsp; (60025)<br>| &nbsp;&nbsp; 257459 |
| **International Small Company Fund** | &nbsp;&nbsp; 124245546 | &nbsp;&nbsp; 19516883 | &nbsp;&nbsp; (5406560)<br>| &nbsp;&nbsp; 14110323 |

---

As of March 31, 2025, the net capital losses and late year ordinary losses which the Funds intends to treat as having been incurred in the following fiscal year, were as follows:

---

| | | |
|:---|:---|:---|
|  | Net Capital Losses | Late Year Ordinary <br> Losses<br>|
| **Emerging Market Stars Fund** | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17889 |
| **Emerging Market ex-China Stars Fund** | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **International Small Company Fund** | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

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**Polar Capital Funds** 

**NOTES TO FINANCIAL STATEMENTS** (Continued)

September 30, 2025 (Unaudited)

As of March 31, 2025, the short-term and long-term capital loss carryforwards were as follows:

---

| | | |
|:---|:---|:---|
|  | Short-Term Capital Loss <br> Carryforward<br>| Long-Term Capital Loss <br> Carryforward<br>|
| **Emerging Market Stars Fund** | &nbsp;&nbsp; $8363624<br>| &nbsp;&nbsp; $136795<br>|
| **Emerging Market ex-China Stars Fund** | &nbsp;&nbsp; 12922<br>| &nbsp;&nbsp; —<br>|
| **International Small Company Fund** | &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|

---

**NOTE 6 — Advisory Fees and Other Affiliated Transactions** 

Pursuant to Investment Management Agreements (the "Agreements") between Datum One Series Trust (the "Trust") and Polar Capital, LLP (the "Adviser"), advisory fees are accrued daily and paid monthly to the Adviser based on the average daily net assets of each Fund. The Adviser has contractually agreed to waive advisory fees and reimburse other expenses to the extent total annual fund operating expenses (exclusive of brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies) exceed certain annual rates of the average daily net assets of each Fund. The following annualized advisory fees and contractual expense limits were in effect for the period ended September 30, 2025. Amounts waived or reimbursed in a particular contractual period may be recouped by the Adviser for 36 months following the waiver or reimbursement, however, such recoupment will be limited to the lesser of any expense limitation in place at the time of recoupment or the expense limitation in place at the time of waiver or reimbursement. This agreement may only be terminated earlier by the Funds' Board or upon termination of the Management Agreement.

---

| | |
|:---|:---|
|  | Advisory Fee |
| **Emerging Market Stars Fund** | 0.90 %<sup>(a)</sup><br>1.00 %<sup>(b)</sup><br>|
| **Emerging Market ex-China Stars Fund** | 0.90 %<sup>(a)</sup><br>1.00 %<sup>(b)</sup><br>|
| **International Small Company Fund** | 1.00<br> %<br>1.10 %<sup>(c)</sup><br>|

---

<sup>(a)</sup> Prior to July 29, 2025, the Advisory Fee was 1.00%.

<sup>(b)</sup> Effective through July 31, 2026.

<sup>(c)</sup> Effective through July 29, 2026.

Polar Capital (America) Corporation (the "Sub-Adviser") serves as investment sub-adviser of the International Small Company Fund pursuant to an investment sub-advisory agreement between the Adviser and the Sub-Adviser. For its services to the International Small Company Fund, the Sub-Adviser receives a fee from the Adviser, computed and accrued daily and paid quarterly at an annual rate of 0.90% of the average daily net assets of the International Small Company Fund.

For the period ended September 30, 2025, the Advisor waived and/or reimbursed the Emerging Market Stars Fund, the Emerging Market ex-China Stars Fund, and the International Small Company Fund $272,613, $62,305 and $97,943, respectively, which is reflected as "Waiver/Reimbursement from Adviser" on the Statement

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**Polar Capital Funds** 

**NOTES TO FINANCIAL STATEMENTS** (Continued)

September 30, 2025 (Unaudited)

of Operations. The amounts eligible for recoupment by the Adviser as of September 30, 2025 are $559,630, $779,376, $719,124 and $272,613, expiring March 31, 2026, March 31, 2027, March 31, 2028 and September 30, 2028, respectively for the Emerging Market Stars Fund, $91,270, $144,533 and $62,305 expiring March 31, 2027, March 31, 2028 and September 30, 2028, respectively for the Emerging Market ex-China Stars Fund and $72,997 and $97,943 expiring March 31, 2028 and September 30, 2028, respectively for the International Small Company Fund.

Foreside Financial Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (doing business as ACA Group) (the "Distributor"), provides distribution services to the Funds pursuant to a Distribution Agreement with the Trust, on behalf of the Funds. Under its agreement with the Trust, the Distributor acts as an agent of the Trust in connection with the offering of the shares of the Funds on a continuous basis. No compensation is payable by the Trust to the Distributor for such distribution services. The Adviser, at its own expense, pays the Distributor an annual fee in consideration for certain distribution related services.

The Northern Trust Company (the "Administrator") serves as the administrator, transfer agent, custodian and fund accounting agent for the Funds pursuant to written agreements with the Trust on behalf of the Funds. The Funds have agreed to pay the Administrator a tiered basis-point fee based on the Funds' net assets and certain per account and transaction charges. The total fee for each Fund is subject to a minimum annual fee of $150,000 relating to these services, and reimbursement for certain expenses incurred on behalf of the Funds, as well as other charges for additional service activities. The Administrator has agreed to voluntarily waive its minimum fee and certain other expenses for the Emerging Market ex-China Stars Fund and the International Small Company Fund until December 31, 2025 and September 30, 2026, respectively. The waiver agreement may be terminated at any time and the waivers are not subject to recoupment. The total fees paid to or waived by the Administrator for the period ended September 30, 2025 are disclosed on the Statement of Operations in the accounts disclosed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Transfer Agent <br> Fees and <br> Expenses<br>| Custodian Fees | Fund Accounting and <br> Administrative Services <br> and Fees<br>| Waiver from <br> Administrator<br>|
| Emerging Market Stars Fund | &nbsp;&nbsp; $19367 | &nbsp;&nbsp; $76321 | &nbsp;&nbsp; $69551 | &nbsp;&nbsp; $— |
| Emerging Market ex-China <br> Stars Fund<br>| &nbsp;&nbsp; $15062 | &nbsp;&nbsp; $8453 | &nbsp;&nbsp; $66182 | &nbsp;&nbsp; $(75000)<br>|
| International Small Company <br> Fund<br>| &nbsp;&nbsp; $17008 | &nbsp;&nbsp; $45046 | &nbsp;&nbsp; $66182 | &nbsp;&nbsp; $(75206)<br>|

---

Foreside Fund Officer Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (doing business as ACA Group) ("ACA Group") provides compliance and financial control services for the Funds pursuant to a written agreement with the Trust, on behalf of the Funds, including providing certain officers to the Funds. The Funds have agreed to pay ACA Group an annual base fee, and has agreed to reimburse ACA Group for certain expenses incurred on behalf of the Funds. Total fees paid to ACA Group pursuant to this agreement are reflected as "Fund Officer fees" on the Statement of Operations.

------

**Polar Capital Funds** 

**NOTES TO FINANCIAL STATEMENTS** (Continued)

September 30, 2025 (Unaudited)

Carne Global Financial Services (US) LLC ("Carne") provides risk management and oversight services for the International Small Company Fund pursuant to a written agreement between the Trust, on behalf of the Fund, and Carne, including providing the Risk Officer to the Fund to administer the Fund's risk program and oversee the analysis of investment performance and performance of service providers. The Fund has agreed to pay Carne an annual fee of $30,000 for these services, and reimburse for certain expenses incurred on behalf of the Fund. Total fees paid to Carne pursuant to this agreement are reflected as "Risk Officer fees" on the Statement of Operations.

Certain Officers and Trustees of the Trust are affiliated with ACA Group, the Administrator, or the Distributor and receive no compensation directly from the Funds for serving in their respective role. For the period ended September 30, 2025, the Emerging Market Stars Fund, the Emerging Market ex-China Stars Fund and the International Small Company Fund paid $33,708, $226 and $22,211, respectively, in Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust to the Funds, which is reflected as "Trustee fees and expenses" on the Statement of Operations.

**NOTE 7 — Disclosure of Fair Value Measurements** 

The Funds' Board of Trustees (the "Board") has designated the Adviser through its Fair Valuation Committee (the "Committee") as valuation designee, responsible for determining the fair value of the assets of the Funds for which market quotations are not readily available using valuation procedures approved by the Board. The Committee uses the following methods and inputs to establish the fair value of the Funds' assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities are generally valued each day at the official closing price of, or the last reported sale price on, the exchange or market on which such securities principally are traded, as of the close of business on that day. If there have been no sales that day, the Funds' equity securities are generally valued at the latest quotations available from the approved pricing service as of the closing of the primary exchange.

The Committee may use various inputs in order to make a good faith determination of a security's fair value. These inputs include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. Events occurring after the close of trading on non- U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the NYSE. The Funds may utilize an independent fair valuation service in adjusting the valuations of foreign securities.

The Funds' assets are classified on three hierarchical levels. Level 1 values are based on quoted market prices in active markets for identical assets. Level 2 values are based on significant observable market inputs, such as quoted prices for similar assets and quoted prices in inactive markets or other market observable inputs as noted above including spreads, cash flows, financial performance, prepayments, defaults, collateral, credit

------

**Polar Capital Funds** 

**NOTES TO FINANCIAL STATEMENTS** (Continued)

September 30, 2025 (Unaudited)

enhancements, and interest rate volatility. Level 3 values are based on significant unobservable inputs that reflect the Committee's determination of assumptions that market participants might reasonably use in valuing the assets. The valuation levels are not necessarily an indication of the risk associated with investing in those securities.

The following tables present the valuation levels of each Fund's investments as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Market Stars Fund** | Level 1 | Level 2 | Level 3 | Total |
| Investments |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $44667512 | &nbsp;&nbsp; $134476122 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $179143634 |
| Preferred Stocks | &nbsp;&nbsp; 2897218 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2897218 |
| Total Investments | &nbsp;&nbsp; $47564730 | &nbsp;&nbsp; $134476122 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $182040852 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Market ex-China** <br> **Stars Fund**<br>| Level 1 | Level 2 | Level 3 | Total |
| Investments |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $323776 | &nbsp;&nbsp; $911418 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1235194 |
| Preferred Stocks | &nbsp;&nbsp; 34164 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34164 |
| Total Investments | &nbsp;&nbsp; $357940 | &nbsp;&nbsp; $911418 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1269358 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Small Company** <br> **Fund**<br>| Level 1 | Level 2 | Level 3 | Total |
| Investments |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $47005257 | &nbsp;&nbsp; $91350612 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $138355869 |
| Total Investments | &nbsp;&nbsp; $47005257 | &nbsp;&nbsp; $91350612 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $138355869 |

---

As of September 30, 2025 there were no Level 3 securities held by the Funds. There were no purchases of or transfers to or from Level 3 for the period ended September 30, 2025.

**NOTE 8 — Operating Segments**

FASB Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), requires incremental disclosures relate to a public entity's reportable segments. In connection with ASU 2023-07, the Chief Executive Officer, Chief Information Officer, Chief Financial Officer, Global Head of Distribution, Chief Operating Officer and the Chief Legal and Compliance Officer of the Adviser together with the Officers of the Trust act as the Funds' Chief Operating Decision Maker (CODM). Each individual Fund represents a single operating segment, as the CODM monitors the operating results of each Fund and each Fund's long-term strategic asset allocation is pre-determined in accordance with each Fund's investment objective which is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and

------

**Polar Capital Funds** 

**NOTES TO FINANCIAL STATEMENTS** (Continued)

September 30, 2025 (Unaudited)

changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements and financial highlights.

**NOTE 9 — Subsequent Events**

Management has evaluated subsequent events for the Funds occurring after September 30, 2025 through the date this report was issued and concluded that no subsequent events occurred which require recognition or disclosure.

------

**Polar Capital Funds**

**ADDITIONAL INFORMATION** 

September 30, 2025 (Unaudited)

**Other Information**

At polarcapitalfunds.com/us/individual/Our-Funds/Literature/, you can find additional information about each Fund, including each Fund's prospectus, financial information, fund holdings and proxy voting information. You can also request this information by contacting us at (800) 806-1112 (toll free) or (312) 557-3164.

------

**Polar Capital Funds**

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable

------

**Polar Capital Funds**

**Proxy Disclosure for Open-End management Investment Companies**

Not applicable

------

**Polar Capital Funds**

**Statement Regarding Basis for Approval of Investment Advisory Contract**

Not applicable

------

**Investment Adviser**

Polar Capital LLP

16 Palace Street

London, United Kingdom SW1E5JD

**Investment Subadviser** (of the Polar Capital International Small Company Fund)

Polar Capital (America) Corporation

2711 Centreville Road

Wilmington, Delaware, USA

**Custodian**

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP

111 South Wacker Drive

Chicago, Illinois 60606-4301

**Legal Counsel**

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

**Distributor**

Foreside Financial Services, LLC

190 Middle Street, Suite 301

Portland, Maine 04101

**For Additional Information, call**

(800) 806-1112 (toll free) or (312) 557-3164

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 16. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

------

**Item 19. Exhibits.**

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

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) are filed herewith.](Exhibit_a3.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) is filed herewith.](Exhibit_b.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.

Datum One Series Trust

---

| | |
|:---|:---|
| By:  | /s/ Tracy L. Dotolo  |
|  | Tracy L. Dotolo  |
|  | Treasurer, Principal Financial Officer, and Principal Accounting Officer  |
| Date:  | December 1, 2025  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By:  | /s/ Barbara J. Nelligan  |
|  | Barbara J. Nelligan  |
|  | President and Principal Executive Officer  |
| Date:  | December 1, 2025  |
| By:  | /s/ Tracy L. Dotolo  |
|  | Tracy L. Dotolo  |
|  | Treasurer, Principal Financial Officer, and Principal Accounting Officer  |
| Date:  | December 1, 2025  |

---

------

## Ex-99.Cert

#### Certification
I, Barbara J. Nelligan, certify that:

1. I have reviewed this report on Form N-CSR of the Datum One Series Trust (the "registrant");

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

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:

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

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

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

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

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

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

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

---

| | |
|:---|:---|
| Date: December 1, 2025  | /s/ Barbara J. Nelligan  |
|  | Barbara J. Nelligan  |
|  | President and Principal Executive Officer  |

---

------

I, Tracy L. Dotolo, certify that:

1. I have reviewed this report on Form N-CSR of the Datum One Series Trust (the "registrant");

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

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:

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

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

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

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

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

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

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

---

| | |
|:---|:---|
| Date: December 1, 2025  | /s/ Tracy L. Dotolo  |
|  | Tracy L. Dotolo  |
|  | Treasurer, Principal Financial Officer, and Principal Accounting Officer  |

---

------

## Exhibit 99.906

#### Certification
This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended September 30, 2025 of the Datum One Series Trust (the "registrant").

Barbara J. Nelligan, Principal Executive Officer, and Tracy L. Dotolo, Principal Financial Officer of registrant, each certify to the best of his or her knowledge that:

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

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

---

| | |
|:---|:---|
| December 1, 2025  | December 1, 2025  |
| Date  | Date  |
| /s/ Barbara J. Nelligan  | /s/ Tracy L. Dotolo  |
| Barbara J. Nelligan  | Tracy L. Dotolo  |
| President and Principal Executive Officer  | Treasurer, Principal Financial Officer, and Principal Accounting Officer  |

---

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

------