# EDGAR Filing Document

**Accession Number:** 0001965985
**File Stem:** 0000940400-25-002081
**Filing Date:** 2025-9
**Character Count:** 62325
**Document Hash:** 9927844bee3e873c6ab0ac9e16902717
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002081.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0000940400-25-002081

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Polen Credit Opportunities Fund
- **CENTRAL INDEX KEY:** 0001965985

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23860
- **FILM NUMBER:** 251336124

**BUSINESS ADDRESS:**
- **STREET 1:** 103 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 856-528-3500

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

## Nport-Ex

POLEN CREDIT OPPORTUNITIES FUND

#### Portfolio of Investments

#### July 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS† — 44.5%** | **SENIOR LOANS† — 44.5%** | **SENIOR LOANS† — 44.5%** |
| **Consumer Discretionary Products — 2.0%** | **Consumer Discretionary Products — 2.0%** | **Consumer Discretionary Products — 2.0%** |
| MajorDrive Holdings IV, LLC, Initial Term Loan, 8.557% (SOFR +426 bps), 6/1/28<sup>(a)</sup> | $874952 | $858818 |
| **Financial Services — 3.7%** | **Financial Services — 3.7%** | **Financial Services — 3.7%** |
| Nexus Buyer, LLC, Second Lien Term Loan, 10.706% (SOFR +635 bps), 11/5/29<sup>(a)</sup> | &nbsp;&nbsp; 652161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647035 |
| Saothair T Bailey Acquisition, LLC, Term Loan A, 11.319% (SOFR +700 bps), 12/16/29<sup>(a)(b)(c)(d)</sup> | &nbsp;&nbsp; 907513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 907513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1554548 |
| **Health Care — 8.4%** | **Health Care — 8.4%** | **Health Care — 8.4%** |
| Aveanna Healthcare, LLC, Initial Term Loan, 11.483% (SOFR +715 bps), 12/10/29<sup>(a)</sup> | &nbsp;&nbsp;1716122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1696815 |
| CVET Midco 2 LP, Initial Term Loan, 9.296% (SOFR +500 bps), 10/13/29<sup>(a)</sup> | &nbsp;&nbsp;1647744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500485 |
| EyeCare Partners, LLC, Tranche B Term Loan, 5.227% (SOFR +110 bps), 11/30/28<sup>(a)</sup> | &nbsp;&nbsp; 396332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311782 |
| EyeCare Partners, LLC, Tranche C Term Loan, 10.977% (SOFR +685 bps), 11/30/28<sup>(a)(d)</sup> | &nbsp;&nbsp; 62543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15636 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3524718 |
| **Industrial Products — 2.3%** | **Industrial Products — 2.3%** | **Industrial Products — 2.3%** |
| Engineered Machinery Holdings, Inc., Second Lien Amendment No. 3 Incremental Term Loan, 10.557% (SOFR +626 bps), 5/21/29<sup>(a)</sup> | &nbsp;&nbsp; 558175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558638 |
| Engineered Machinery Holdings, Inc., Second Lien Incremental Amendment No. 2 Term Loan, 11.057% (SOFR +676 bps), 5/21/29<sup>(a)</sup> | &nbsp;&nbsp; 428099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428634 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 987272 |
| **Industrial Services — 5.1%** | **Industrial Services — 5.1%** | **Industrial Services — 5.1%** |
| DG Investment Intermediate Holdings 2, Inc., 2025 Refinancing Term Loan, 3/30/29<sup>(a)(e)</sup> | &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587050 |
| Infinite Bidco, LLC, Second Lien Initial Term Loan, 11.57% (SOFR +726 bps), 3/2/29<sup>(a)</sup> | &nbsp;&nbsp; 474202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412854 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Industrial Services — (Continued)** | **Industrial Services — (Continued)** | **Industrial Services — (Continued)** |
| LaserShip, Inc., Tranche E Term Loan, 6.057% (SOFR +176 bps), 8/10/29<sup>(a)</sup> | &nbsp;&nbsp;$696314 | $211944 |
| RLG Holdings, LLC, First Lien Closing Date Initial Term Loan, 8.721% (SOFR +436 bps), 7/7/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;873213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 744904 |
| RLG Holdings, LLC, Second Lien Closing Date Initial Term Loan, 11.971% (SOFR +761 bps), 7/6/29<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;454443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164736 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2121488 |
| **Insurance — 4.6%** | **Insurance — 4.6%** | **Insurance — 4.6%** |
| Asurion, LLC, New B-4 Term Loan, 9.721% (SOFR +536 bps), 1/20/29<sup>(a)</sup> | &nbsp;&nbsp;2056592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1929021 |
| **Materials — 7.4%** | **Materials — 7.4%** | **Materials — 7.4%** |
| Arctic Canadian Diamond Company Ltd., Second Lien Term Loan, 10.00%, 12/31/27<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64503 |
| Aruba Investments Holdings, LLC, Second Lien Initial Term Loan, 12.206% (SOFR +785 bps), 11/24/28<sup>(a)</sup> | &nbsp;&nbsp;1290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1204860 |
| LABL, Inc., Initial Dollar Term Loan, 9.456% (SOFR +510 bps), 10/29/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;562711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508100 |
| Plastic Partitions Buyer, First Lien Term Loan, 12.00%, 12/20/30<sup>(b)(d)</sup> | &nbsp;&nbsp;1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1330000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3107463 |
| **Media — 9.3%** | **Media — 9.3%** | **Media — 9.3%** |
| Auction.com, LLC, Term Loan, 10.252% (SOFR +600 bps), 5/26/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;696880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630676 |
| Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, 8.471% (SOFR +400 bps), 8/21/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 916219 |
| MH Sub I, LLC, Second Lien Term Loan, 10.606% (SOFR +625 bps), 2/23/29<sup>(a)</sup> | &nbsp;&nbsp;1609974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1404702 |
| Sterling Entertainment Enterprises, LLC, 2025 Notes, Second Lien, 17.75%, 4/10/26<sup>(b)(d)(f)</sup> | &nbsp;&nbsp;1225303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 962231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3913828 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

POLEN CREDIT OPPORTUNITIES FUND

#### Portfolio of Investments (Continued)

#### July 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Technology Hardware & Semiconductors — 1.7%** | **Technology Hardware & Semiconductors — 1.7%** | **Technology Hardware & Semiconductors — 1.7%** |
| Altar Bidco, Inc., Second Lien Initial Term Loan, 9.747% (SOFR +560 bps), 2/1/30<sup>(a)</sup> | &nbsp;&nbsp;$730000 | $695325 |
| &nbsp;&nbsp;&nbsp;TOTAL SENIOR LOANS<br> (Cost $20,166,790) | &nbsp;&nbsp;&nbsp;TOTAL SENIOR LOANS<br> (Cost $20,166,790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18692481 |
| **CORPORATE BONDS† — 42.3%** | **CORPORATE BONDS† — 42.3%** | **CORPORATE BONDS† — 42.3%** |
| **Consumer Discretionary Products — 7.5%** | **Consumer Discretionary Products — 7.5%** | **Consumer Discretionary Products — 7.5%** |
| Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29<sup>(g)</sup> | &nbsp;&nbsp;2055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1621891 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29<sup>(g)</sup> | &nbsp;&nbsp;2231000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1533169 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3155060 |
| **Consumer Discretionary Services — 4.0%** | **Consumer Discretionary Services — 4.0%** | **Consumer Discretionary Services — 4.0%** |
| Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 1/15/30<sup>(g)</sup> | &nbsp;&nbsp;1170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100909 |
| Scientific Games Holdings LP, 6.625%, 3/1/30<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578085 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1678994 |
| **Financial Services — 0.5%** | **Financial Services — 0.5%** | **Financial Services — 0.5%** |
| EZCORP, Inc., 7.375%, 4/1/32<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208264 |
| **Health Care Services — 1.8%** | **Health Care Services — 1.8%** | **Health Care Services — 1.8%** |
| WestStar Tranche A, 4.425%, 7/25/30<sup>(b)(d)(f)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;601000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601000 |
| WestStar Tranche B, 13.00%, 7/25/30<sup>(b)(d)(f)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765000 |
| **Industrial Products — 3.1%** | **Industrial Products — 3.1%** | **Industrial Products — 3.1%** |
| Madison IAQ, LLC, 5.875%, 6/30/29<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;663000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645588 |
| SPX Flow, Inc., 8.75%, 4/1/30<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640340 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1285928 |
| **Industrial Services — 2.0%** | **Industrial Services — 2.0%** | **Industrial Services — 2.0%** |
| Colca Capital, 15.50%, 5/23/30<sup>(b)(d)(f)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840000 |
| **Insurance — 1.5%** | **Insurance — 1.5%** | **Insurance — 1.5%** |
| AssuredPartners, Inc., 7.50%, 2/15/32<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213548 |
| HUB International Ltd., 7.375%, 1/31/32<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 427603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 641151 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Materials — 18.6%** | **Materials — 18.6%** | **Materials — 18.6%** |
| Baffinland Iron Mines Corp., 8.75%, 7/15/26<sup>(g)</sup> | $3189000 | $3008408 |
| Century Aluminum Co., 7.50%, 4/1/28<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;776000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 790382 |
| Northwest Acquisitions ULC, 7.125%, 11/1/22<sup>(b)(d)(f)(g)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;402000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Oscar AcquisitionCo., LLC, 9.50%, 4/15/30<sup>(g)</sup> | &nbsp;&nbsp;1524000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1161272 |
| Polished Metals Limited LLC, 15.396% (SOFR+430 bps), 4/14/27<sup>(a)(b)(d)</sup> | &nbsp;&nbsp;1198274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1198274 |
| SCIH Salt Holdings, Inc., 6.625%, 5/1/29<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 652462 |
| Specialty Steel Holdings, Inc., 14.252%, 11/15/26<sup>(a)(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7800798 |
| **Media — 3.3%** | **Media — 3.3%** | **Media — 3.3%** |
| GrubHub Holdings, Inc., 5.50%, 7/1/27<sup>(g)</sup> | &nbsp;&nbsp;1390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1361996 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> (Cost $18,449,190) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17737191 |
| **ASSET-BACKED SECURITIES — 4.8%** | **ASSET-BACKED SECURITIES — 4.8%** | **ASSET-BACKED SECURITIES — 4.8%** |
| Balboa Bay Loan Funding Ltd., 2023-1A, ERR, 9.725% (SOFR + 540 bps), 4/20/36<sup>(a)(g)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1003774 |
| RR 26 Ltd., 2023-26A, DR, 8.718% (SOFR + 440 bps), 4/15/38<sup>(a)(g)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999877 |
| &nbsp;&nbsp;&nbsp;TOTAL ASSET-BACKED SECURITIES<br> (Cost $1,992,629) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2003651 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **COMMON STOCKS† — 2.2%** | **COMMON STOCKS† — 2.2%** | **COMMON STOCKS† — 2.2%** |
| **Industrial Products — 0.4%** | **Industrial Products — 0.4%** | **Industrial Products — 0.4%** |
| Utex Industries, Inc.<sup>(b)(d)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153322 |
| **Materials — 1.8%** | **Materials — 1.8%** | **Materials — 1.8%** |
| Arctic Canadian Diamond Co. Ltd.<sup>(b)(d)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10050 |
| Burgundy Diamond Mines Ltd.<sup>(d)\*</sup> | 242800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4993 |
| Specialty Steel Holdings, Inc.<sup>(b)(d)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766535 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781578 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br> (Cost $1,137,115) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934900 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

POLEN CREDIT OPPORTUNITIES FUND

#### Portfolio of Investments (Concluded)

#### July 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **PREFERRED STOCKS† — 1.8%** | **PREFERRED STOCKS† — 1.8%** | **PREFERRED STOCKS† — 1.8%** |
| **Consumer Discretionary Services — 1.8%** | **Consumer Discretionary Services — 1.8%** | **Consumer Discretionary Services — 1.8%** |
| Learning Care Group P/S<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 397 | $751124 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCKS<br> (Cost $435,930) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751124 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** |  |
| **WARRANTS† — 0.0%** | **WARRANTS† — 0.0%** | **WARRANTS† — 0.0%** |
| **Consumer Discretionary Services — 0.0%** | **Consumer Discretionary Services — 0.0%** | **Consumer Discretionary Services — 0.0%** |
| Learning Care Group Warrant, Strike Price: $0.00, 3/13/30<sup>(b)(d)\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Industrial Products — 0.0%** | **Industrial Products — 0.0%** | **Industrial Products — 0.0%** |
| Utex Industries Holdings, LLC, Strike Price: $114.76, 12/3/25<sup>(b)(d)\*</sup> | &nbsp;&nbsp;2840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;TOTAL WARRANTS<br> (Cost $—) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| TOTAL INVESTMENTS - 95.6%<br> (Cost $42,181,654) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40119347 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 4.4% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1845734 |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41965081 |

---

------

(a) Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by
the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

(b) Security is fair valued by the Adviser, in its role as valuation designee, in accordance with the policies established by the Board of Trustees.

---

| | |
|:---|:---|
| (c) | As of July 31, 2025, the Fund had an unfunded loan commitment of $141,000 with this borrower, which could be extended at the option of the borrower. The unfunded loan commitment, which is not included in the Schedule of Investments, had a market value and unrealized gain of $141,000 and $0, respectively. |
| (d) | Security is deemed illiquid at July 31, 2025. |
| (e) | All or a portion of this Senior Loan will settle after July 31, 2025, at which time the interest rate will be determined. Rates shown, if any, are for the settled portion. |
| (f) | Security deemed to be restricted as of July 31, 2025. As of July 31, 2025, the fair value of restricted securities in the aggregate was $2,567,231, representing 6.12% of the Fund's net assets. Additional information on restricted securities can be found in Note A. |
| (g) | Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold, in transactions exempt from registration, to qualified institutional buyers. At July 31, 2025, these securities amounted to $17,552,568 or 41.83% of net assets. |
| (h) | Security is currently in default. |
| † | See Note A. The industry designations set forth in the schedule above are those of the Bloomberg Industry Classification System. |
| \* | Non-income producing. |

---

LLC Limited Liability Company <br> LP Limited Partnership <br> SOFR Secured Overnight Funding Rate

See accompanying Notes to the Quarterly Portfolio of Investments.

------

POLEN CREDIT OPPORTUNITIES FUND

#### Notes to the Quarterly Portfolio of Investments

#### July 31, 2025
(Unaudited)

A. Portfolio Valuation:

The Polen Credit Opportunities Fund's net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (typically 4:00 p.m. Eastern time) on each day the NYSE is open. The Fund's fixed income securities and floating rate loans are valued based on market quotations, which are furnished by an independent pricing service. Fixed income securities having remaining maturities of 60 days or less are valued at amortized cost, which approximates market value.

Securities that do not have a readily available current market value are valued by the Fund's investment adviser, Polen Capital Credit, LLC ("Polen Credit" or the "Adviser"), as "valuation designee" under the oversight of the Board of Trustees. The Adviser has adopted policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Fund's Board of Trustees. The Adviser's policy is intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing. However, fair values determined pursuant to the Adviser's procedures may not accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of the NYSE, that materially affect the values of the Fund's securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, an exchange or market on which a security trades does not open for trading for the entire day and no other market prices are available. The Adviser as valuation designee will monitor for significant events that may materially affect the values of the Fund's securities or assets and determine whether the value of the applicable securities or assets should be re-evaluated in light of such significant events.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund had the ability to access. Valuation adjustments and block discounts are not applied to Level 1 securities. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment;

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

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

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

The valuations for corporate bonds and senior loans are typically the prices supplied by independent third-party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third-party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. To the extent that these inputs are observable, the fair value of fixed income securities would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

------

POLEN CREDIT OPPORTUNITIES FUND

#### Notes to the Quarterly Portfolio of Investments (Continued)

#### July 31, 2025
(Unaudited)

The following is a summary of the inputs used, as of July 31, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Total<br> Value at<br> 07/31/25** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| **Assets** |  |  |  |  |
| Senior Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary Products | &nbsp;&nbsp;&nbsp;&nbsp;$858818 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$858818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1554548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;3524718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3524718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Services | &nbsp;&nbsp;&nbsp;&nbsp;2121488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;1929021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;3107463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712960 | &nbsp;&nbsp;&nbsp;&nbsp;1394503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;3913828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2951597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology Hardware & Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary Products | &nbsp;&nbsp;&nbsp;&nbsp;3155060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3155060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary Services | &nbsp;&nbsp;&nbsp;&nbsp;1678994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Products | &nbsp;&nbsp;&nbsp;&nbsp;1285928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;7800798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5612524 | &nbsp;&nbsp;&nbsp;&nbsp;2188274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;1361996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781578 | &nbsp;&nbsp;&nbsp;&nbsp;4993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776585 |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751124 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;2003651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>\*</sup> |
| Total Assets | $40119347 | &nbsp;&nbsp;$4993 | &nbsp;&nbsp;$31375802 | &nbsp;&nbsp;&nbsp;$8738552 |

---

------

\* Current value is $0.

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

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

------

POLEN CREDIT OPPORTUNITIES FUND

#### Notes to the Quarterly Portfolio of Investments (Concluded)

#### July 31, 2025
(Unaudited)

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles require the Fund to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when the Fund has an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to net assets. The amounts and reasons for all transfers in and out of Level 3 are disclosed when the Fund had an amount of transfers during the reporting period that was meaningful in relation to net assets as of the end of the reporting period.

For the period ended July 31, 2025, there were no transfers in or out of Level 3.

***Restricted Securities — Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer's expense, either upon demand by the fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid. The Fund will not incur any registration costs upon such resale. The Fund's restricted securities are valued at the price provided by pricing services or dealers in the secondary market or, if no market prices are available, at the fair value price as determined by the Fund's adviser pursuant to the Fund's fair value policy, subject to oversight by the Board of Trustees. The Fund has acquired certain securities, the sale of which is restricted under applicable provisions of the Securities Act . It is possible that the fair value price may differ significantly from the amount that may ultimately be realized in the near term, and the difference could be material.***

The below securities are restricted from resale as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Acquisition<br> Date** | &nbsp;&nbsp;**Cost** | &nbsp;&nbsp;**Value** |
| Colca Capital | &nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;5/23/2025 | &nbsp;&nbsp;&nbsp;$840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$840000 |
| Northwest Acquisitions ULC<sup>\*</sup> | &nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;09/26/2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Sterling Entertainment Enterprises, LLC<sup>\*</sup> | &nbsp;&nbsp;Senior Loans | &nbsp;&nbsp;12/27/2017 | &nbsp;&nbsp;&nbsp;&nbsp;1225303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962231 |
| WestStar Tranche A | &nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601000 |
| WestStar Tranche B | &nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164000 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;$2567231 |

---

------

<sup>\*</sup> The Fund commenced investment operations on August 28, 2023. Simultaneous with the commencement of the Fund's investment operations, Polen DDJ Strategic Income Plus Fund, L.P. (the "Predecessor Fund"), a Delaware limited partnership, reorganized with and transferred substantially all its assets and remaining liabilities into the Fund. The acquisition date listed is the original acquisition date by the Predecessor Fund.

Restricted securities under Rule 144A, including the aggregate value and percentage of net assets of the Fund, have been identified in the Portfolio of Investments.

For more information with regard to significant accounting policies, see the Fund's most recent semi-annual or annual report filed with the Securities and Exchange Commission.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Polen Credit Opportunities Fund

- **b. Investment Company Act file number:** 811-23860

- **c. CIK number of Registrant:** 0001965985

- **d. LEI of Registrant:** 5493000LTXEFG2UB7P54

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 103 Bellevue Parkway

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 856-528-3500

**Item A.2. Information about the Series.**

- **a. Name of Series:** Polen Credit Opportunities Fund

- **c. LEI of Series:** 5493000LTXEFG2UB7P54

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $42889671.43

**Total Liabilities:** $1263206.12

**Net Assets:** $41626465.31

**Cash Not Reported:** $846699.28

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 25.75419000 | **1-Year:** 3941.23439000 | **5-Year:** 3219.32503000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 2.43%                | 0.54%                | 0.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4588.30                 | $612169.65                                 |
| Month 2  | $81309.98                | $-214655.95                                |
| Month 3  | $-411609.11              | $309985.22                                 |

### Schedule of Portfolio Investments

| Name                                               | Title                                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Colca Capital Sr Sec 2028                          | Colca Capital Sr Sec 2028                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |    840000 | PA      | $840000.00    | 2.02%             | 2030-05-23      | Floating      | 15.50%                | No            |                  3 | On Loan: No      |
| Convergint (DG Investment Intermediate/Gopher Sub) | DG INVESTMENT INTERMEDI                                            | CUSIP: 23344MAN8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    590000 | PA      | $587050.00    | 1.41%             | 2033-07-23      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| SPX FLOW INC                                       | SPX FLOW Inc                                                       | CUSIP: 758071AA2<br>LEI: 5493003YXEKRBINIEM78 | Long             | DBT              | CORP              | US        |    620000 | PA      | $640339.72    | 1.54%             | 2030-04-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| NORTHWEST ACQ/DOMINION                             | Northwest Acquisitions ULC / Dominion Finco Inc                    | CUSIP: 66727WAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    402000 | PA      | $0.00         | 0.00%             | 2022-11-01      | Fixed         | 7.12%                 | No            |                  3 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                        | Balboa Bay Loan Funding 2023-1 Ltd                                 | CUSIP: 05766HAF2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003774.00   | 2.41%             | 2036-04-20      | Floating      | 9.73%                 | No            |                  2 | On Loan: No      |
| RLG Holdings LLC                                   | RLG HOLDINGS LLC                                                   | CUSIP: 74970AAF5<br>LEI: 254900Y6CDN3X5BPSO77 | Long             | LON              | CORP              | US        |    454443 | PA      | $164735.76    | 0.40%             | 2029-07-06      | Floating      | 11.97%                | No            |                  2 | On Loan: No      |
| Burgundy Diamond Mines Ltd                         | Burgundy Diamond Mines Ltd                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    242800 | NS      | $4993.13      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Aveanna Healthcare LLC                             | Aveanna Healthcare LLC                                             | CUSIP: 05355JAD0<br>LEI: 5493006D6JRLPIY8YV18 | Long             | LON              | CORP              | US        |   1716122 | PA      | $1696815.26   | 4.08%             | 2029-12-10      | Floating      | 11.48%                | No            |                  2 | On Loan: No      |
| Polished Metals Limited Note                       | Polished Metals Limited Note                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1198274 | PA      | $1198273.85   | 2.88%             | 2027-04-14      | Floating      | 14.43%                | No            |                  3 | On Loan: No      |
| Nexus Buyer LLC                                    | Nexus Buyer LLC                                                    | CUSIP: 65343UAE2<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |    652161 | PA      | $647035.35    | 1.55%             | 2029-11-05      | Floating      | 10.71%                | No            |                  2 | On Loan: No      |
| SC GAMES HOLDIN/US FINCO                           | Scientific Games Holdings LP/Scientific Games US FinCo Inc         | CUSIP: 80874DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $578085.24    | 1.39%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| RLG Holdings LLC                                   | RLG Holdings LLC                                                   | CUSIP: 74970AAB4<br>LEI: 254900Y6CDN3X5BPSO77 | Long             | LON              | CORP              | US        |    873213 | PA      | $744903.40    | 1.79%             | 2028-07-07      | Floating      | 8.72%                 | No            |                  2 | On Loan: No      |
| OSCAR ACQUISITIONCO LLC                            | Oscar AcquisitionCo LLC / Oscar Finance Inc                        | CUSIP: 687785AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1524000 | PA      | $1161272.21   | 2.79%             | 2030-04-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| EyeCare Partners LLC                               | EYECARE PARTNERS LLC                                               | CUSIP: 30233PAT7<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |    396332 | PA      | $311782.45    | 0.75%             | 2028-11-30      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Saothair T. Bailey Acquisition. LLC DD             | Saothair T. Bailey Acquisition. LLC DD                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    141000 | PA      | $141000.00    | 0.34%             | 2029-12-16      | Floating      | 0.01%                 | No            |                  3 | On Loan: No      |
| MADISON IAQ LLC                                    | Madison IAQ LLC                                                    | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    663000 | PA      | $645588.10    | 1.55%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CVET Midco 2 LP                                    | Covetrus Inc                                                       | CUSIP: 22304EAC0<br>LEI: 5493009S30DUFCF75V87 | Long             | LON              | CORP              | US        |   1647744 | PA      | $1500484.80   | 3.60%             | 2029-10-13      | Floating      | 9.30%                 | No            |                  2 | On Loan: No      |
| DG Investment Intermediate Holdings 2 Inc          | DG Investment Intermediate Holdings 2 Inc                          | CUSIP: 23344MAF5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1310000 | PA      | $1303450.00   | 3.13%             | 2029-03-30      | Floating      | 11.19%                | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                             | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1100908.77   | 2.64%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MH Sub I LLC                                       | MH Sub I LLC                                                       | CUSIP: 55303BAD5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |   1609974 | PA      | $1404702.39   | 3.37%             | 2029-02-23      | Floating      | 10.61%                | No            |                  2 | On Loan: No      |
| Auction.com LLC (f/k/a Ten-X LLC)                  | TEN-X LLC                                                          | CUSIP: 05069PAJ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    696880 | PA      | $630676.38    | 1.52%             | 2028-05-26      | Floating      | 10.25%                | No            |                  2 | On Loan: No      |
| ARCTIC CMN                                         | ARCTIC CMN                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       134 | NS      | $10050.00     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| HUB INTERNATIONAL LTD                              | HUB International Ltd                                              | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    410000 | PA      | $427602.94    | 1.03%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ASSUREDPARTNERS INC                                | AssuredPartners Inc                                                | CUSIP: 04624VAC3<br>LEI: 549300HNDSDQWQ3L2P80 | Long             | DBT              | CORP              | US        |    200000 | PA      | $213548.11    | 0.51%             | 2032-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GRUBHUB HOLDINGS INC                               | GrubHub Holdings Inc                                               | CUSIP: 40010PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1390000 | PA      | $1361996.23   | 3.27%             | 2027-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC                             | SCIH Salt Holdings Inc                                             | CUSIP: 78433BAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    660000 | PA      | $652461.48    | 1.57%             | 2029-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Altar Bidco Inc                                    | Altar Bidco Inc                                                    | CUSIP: 02090CAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    730000 | PA      | $695325.00    | 1.67%             | 2030-02-01      | Floating      | 9.75%                 | No            |                  2 | On Loan: No      |
| Engineered Machinery Holdings Inc                  | Engineered Machinery Holdings Inc                                  | CUSIP: 26658NAQ2<br>LEI: 5493008AR0NPSLW8EW07 | Long             | LON              | CORP              | US        |    558175 | PA      | $558638.42    | 1.34%             | 2029-05-21      | Floating      | 10.56%                | No            |                  2 | On Loan: No      |
| DORNOCH DEBT MERGER SUB                            | Dornoch Debt Merger Sub Inc                                        | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2055000 | PA      | $1621890.46   | 3.90%             | 2029-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Learning Care Group P/S                            | Learning Care Group P/S                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       397 | NS      | $751124.00    | 1.80%             |  |  |  | No            |                  3 | On Loan: No      |
| WestStar Tranche B 13 PIK 2030                     | WestStar Tranche B 13 PIK 2030                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    164000 | PA      | $164000.00    | 0.39%             | 2030-07-25      | Fixed         | 13.00%                | No            |                  3 | On Loan: No      |
| EZCORP INC                                         | EZCORP Inc                                                         | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208264.20    | 0.50%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Engineered Machinery Holdings Inc                  | Engineered Machinery Holdings Inc                                  | CUSIP: 26658NAN9<br>LEI: 5493008AR0NPSLW8EW07 | Long             | LON              | CORP              | US        |    428099 | PA      | $428634.04    | 1.03%             | 2029-05-21      | Floating      | 11.06%                | No            |                  2 | On Loan: No      |
| Plastic Partitions Buyer 1st Lien T/L              | Plastic Partitions Buyer 1st Lien T/L                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1330000.00   | 3.20%             | 2030-12-20      | Fixed         | 12.00%                | No            |                  3 | On Loan: No      |
| BAFFINLAND IRON CORP/LP                            | Baffinland Iron Mines Corp / Baffinland Iron Mines LP              | CUSIP: 056623AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   3189000 | PA      | $3008407.89   | 7.23%             | 2026-07-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Specialty Steel Holdings Inc                       | Specialty Steel Holdings Inc                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    990000 | PA      | $990000.00    | 2.38%             | 2026-11-15      | Floating      | 15.39%                | No            |                  3 | On Loan: No      |
| Specialty Steel Holdings Inc                       | Specialty Steel Holdings Inc                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         6 | NS      | $766534.34    | 1.84%             |  |  |  | No            |                  3 | On Loan: No      |
| Learning Care Group Warrant                        | Learning Care Group Warrant                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       117 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CENTURY ALUMINUM COMPANY                           | Century Aluminum Co                                                | CUSIP: 156431AN8<br>LEI: 549300U5ODNGEYWKSW73 | Long             | DBT              | CORP              | US        |    776000 | PA      | $790382.38    | 1.90%             | 2028-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Saothair T. Bailey Acquisition. LLC                | Saothair T. Bailey Acquisition. LLC                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    907512 | PA      | $907512.50    | 2.18%             | 2029-12-16      | Floating      | 0.01%                 | No            |                  3 | On Loan: No      |
| RR Ltd                                             | RR 26 Ltd                                                          | CUSIP: 74989RAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999877.00    | 2.40%             | 2038-04-15      | Floating      | 8.72%                 | No            |                  2 | On Loan: No      |
| MajorDrive Holdings IV LLC                         | MajorDrive Holdings IV LLC                                         | CUSIP: 56085UAB9<br>LEI: 25490044R1FR5N8FIT62 | Long             | LON              | CORP              | US        |    874952 | PA      | $858817.89    | 2.06%             | 2028-06-01      | Floating      | 8.56%                 | No            |                  2 | On Loan: No      |
| Utex                                               | Utex                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2840 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Infinite Bidco LLC                                 | Infinite Bidco LLC                                                 | CUSIP: 45674KAF2<br>LEI: 549300GLV0VRADA9LI65 | Long             | LON              | CORP              | US        |    474202 | PA      | $412854.38    | 0.99%             | 2029-03-02      | Floating      | 11.57%                | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc                 | CLEAR CHANNEL OUTDOOR HO                                           | CUSIP: 18452RAF2<br>LEI: 254900XBEE6V1ENYS150 | Long             | LON              | CORP              | US        |    920000 | PA      | $916218.80    | 2.20%             | 2028-08-21      | Floating      | 8.47%                 | No            |                  2 | On Loan: No      |
| WestStar Tranche A FRN 2030                        | WestStar Tranche A FRN 2030                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    601000 | PA      | $601000.00    | 1.44%             | 2030-07-25      | Floating      | 10.80%                | No            |                  3 | On Loan: No      |
| Arctic Canadian Diamond Company Ltd                | ARCTIC CANADIAN DIAMOND 2nd Lien T/L                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     91506 | PA      | $64502.78     | 0.15%             | 2027-12-31      | Fixed         | 10.00%                | No            |                  3 | On Loan: No      |
| LaserShip Inc                                      | LASERSHIP INC                                                      | CUSIP: 51809EAQ8<br>LEI: 254900NGHREGOQUFUT53 | Long             | LON              | CORP              | US        |    696314 | PA      | $211944.15    | 0.51%             | 2029-08-10      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| Aruba Investments Holdings LLC                     | Aruba Investments Holdings LLC                                     | CUSIP: 04317JAF5<br>LEI: 254900GMIYFF4FZ0A357 | Long             | LON              | CORP              | US        |   1290000 | PA      | $1204860.00   | 2.89%             | 2028-11-24      | Floating      | 12.21%                | No            |                  2 | On Loan: No      |
| REAL HERO MERGER SUB 2                             | Real Hero Merger Sub 2 Inc                                         | CUSIP: 75602BAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2231000 | PA      | $1533169.08   | 3.68%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                        | Asurion LLC                                                        | CUSIP: 04649VBA7<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   2056592 | PA      | $1929021.46   | 4.63%             | 2029-01-20      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| Sterling Entertainment Enterprises, LLC            | Sterling Entertainment Enterprises, LLC                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1225303 | PA      | $962230.80    | 2.31%             | 2026-04-10      | Floating      | 17.75%                | Yes           |                  3 | On Loan: No      |
| LABL Inc                                           | LABL Inc                                                           | CUSIP: 50168EAN2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | LON              | CORP              | US        |    562711 | PA      | $508099.90    | 1.22%             | 2028-10-29      | Floating      | 9.46%                 | No            |                  2 | On Loan: No      |
| EyeCare Partners LLC                               | EYECARE PARTNERS LLC                                               | CUSIP: 30233PAR1<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |     62543 | PA      | $15635.71     | 0.04%             | 2028-11-30      | Floating      | 10.98%                | No            |                  2 | On Loan: No      |
| Utex                                               | Utex                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2718 | NS      | $153322.38    | 0.37%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-23

**Name of Applicant:** Polen Credit Opportunities Fund

**Signature:** Christine S. Catanzaro

**Name of Signer:** Christine S. Catanzaro

**Title:** Treasurer and Chief Financial Officer