# EDGAR Filing Document

**Accession Number:** 0001388485
**File Stem:** 0000940400-26-011366
**Filing Date:** 2026-3
**Character Count:** 138113
**Document Hash:** 32f4db95afda5d101623e5767345990a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-011366.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0000940400-26-011366

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260130

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**PERIOD START**: 20260430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22027
- **FILM NUMBER:** 26792072

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

POLEN FLOATING RATE INCOME ETF

#### Portfolio of Investments

#### January 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS† — 83.1%** | **SENIOR LOANS† — 83.1%** | **SENIOR LOANS† — 83.1%** |
| **Consumer Discretionary Products — 4.6%** | **Consumer Discretionary Products — 4.6%** | **Consumer Discretionary Products — 4.6%** |
| Autokiniton US Holdings, Inc., 2024 Replacement Term B Loan, 7.786% (SOFR +411 bps), 4/6/28<sup>(a)</sup> | $59695 | $59621 |
| Hunter Douglas Holding BV, Tranche B-1 Term Loan, 6.672% (SOFR +300 bps), 1/17/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 49749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49707 |
| International Entertainment JJCo.3 Ltd., New Facility B USD Loan, 6.667% (SOFR +300 bps), 4/29/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 49588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49402 |
| MajorDrive Holdings IV, LLC, Initial Term Loan, 7.934% (SOFR +426 bps), 6/1/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;109066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104158 |
| MajorDrive Holdings IV, LLC, 2022 Incremental Term Loan, 9.322% (SOFR +565 bps), 6/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 92212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88197 |
| Skechers U.S.A., Inc. (Beach Acquisition Bidco, LLC), Tranche B-1 Term Loan, 6.922% (SOFR +325 bps), 9/13/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25078 |
| WH Borrower, LLC, Term Loan B, 8.389% (SOFR +450 bps), 2/20/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 74625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74905 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451068 |
| **Consumer Discretionary Services — 3.6%** | **Consumer Discretionary Services — 3.6%** | **Consumer Discretionary Services — 3.6%** |
| Learning Care Group U.S. No.2, Inc., 2024 Refinancing Term Loans, 7.668% - 7.841% (SOFR +400 bps), 8/11/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;340668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258908 |
| Prometric Holdings, Inc., Term Loan B, 6/25/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20058 |
| SGH2, LLC, Initial Dollar Term Loan, 8.172% (SOFR +450 bps), 8/18/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 74813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75142 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354108 |
| **Consumer Staple Products — 1.5%** | **Consumer Staple Products — 1.5%** | **Consumer Staple Products — 1.5%** |
| Fiesta Purchaser, Inc., Second Refinancing Term Loan, 6.422% (SOFR +275 bps), 2/12/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24144 |
| KDC/ONE Development Corp, Inc., 2025 Refinancing Dollar Term Loan, 8/15/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38950 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Consumer Staple Products — (Continued)** | **Consumer Staple Products — (Continued)** | **Consumer Staple Products — (Continued)** |
| Lavender Dutch Borrowerco B.V., Term Loan, 6.935% (SOFR +325 bps), 12/30/32<sup>(a)</sup> | $55000 | $55252 |
| Snacking Investments Bidco Pty Ltd., Initial U.S. Term Loan, 6.667% (SOFR +300 bps), 10/29/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30142 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148488 |
| **Financial Services — 2.3%** | **Financial Services — 2.3%** | **Financial Services — 2.3%** |
| BCP VI Summit Holdings LP, Initial Term Loan, 6.671% (SOFR +300 bps), 1/30/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24958 |
| Dragon Buyer, Inc., Term Loan, 6.422% (SOFR +275 bps), 9/30/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 74748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73767 |
| First Eagle Holdings, Inc., Delayed Draw Term Loan, 8/16/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7245 |
| First Eagle Holdings, Inc., Initial Term Loan, 7.172% (SOFR +350 bps), 8/16/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 42708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42435 |
| Kestra Advisor Services Holdings A, Inc., A&R Amendment No.1 Replacement Term Loan, 6.672% (SOFR +300 bps), 3/22/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 49749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49662 |
| Nexus Buyer, LLC, Amendment No. 9 Refinancing Term Loan, 7.172% (SOFR +350 bps), 7/31/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24481 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222548 |
| **Health Care — 13.0%** | **Health Care — 13.0%** | **Health Care — 13.0%** |
| Aveanna Healthcare, LLC, 2025 Term Loan, 7.422% (SOFR +375 bps), 9/17/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 74813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74885 |
| Bausch & Lomb Corp., 2025-2 Refinancing Term Loan, 7.422% (SOFR +375 bps), 1/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 74650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75303 |
| CVET Midco 2 LP, Initial Term Loan, 8.672% (SOFR +500 bps), 10/13/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;314904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303714 |
| EyeCare Partners, LLC, Tranche B Term Loan, 8.34% (SOFR +471 bps), 11/30/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;392675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157561 |
| EyeCare Partners, LLC, Tranche C Term Loan, 10.48% (SOFR +685 bps), 11/30/28<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1608 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

POLEN FLOATING RATE INCOME ETF

#### Portfolio of Investments (Continued)

#### January 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Health Care — (Continued)** | **Health Care — (Continued)** | **Health Care — (Continued)** |
| EyeCare Partners, LLC, Second Lien Initial Term Loan, 10.678% (SOFR +701 bps), 11/15/29<sup>(a)</sup> | $20000 | $4000 |
| Genmab A/S, Initial Term B Loan, 6.733% (SOFR +300 bps), 12/12/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35172 |
| Heartland Dental, LLC, 2025 Replacement Term Loan, 7.422% (SOFR +375 bps), 8/25/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 97087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97229 |
| Medline Borrower LP, 2030 Refinancing Term Loan, 5.422% (SOFR +175 bps), 10/23/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 49750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49950 |
| National Mentor Holdings, Inc., Delayed Draw Term Loan, 12/5/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30069 |
| National Mentor Holdings, Inc., 2025 Refinancing Term B Loan, 12/12/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 70004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70174 |
| Performance Health Holdings, Inc., Initial Term Loan, 7.622% (SOFR +375 bps), 3/19/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;213775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207362 |
| Prism Bidco, Inc., Term Loan, 8.672% (SOFR +500 bps), 10/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82450 |
| US Fertility Enterprises, LLC, Delayed Draw Term Loan, 12/10/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9511 |
| US Fertility Enterprises, LLC, Initial Term Loan, 7.167% (SOFR +350 bps), 12/10/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 62369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62774 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1261762 |
| **Industrial Products — 2.8%** | **Industrial Products — 2.8%** | **Industrial Products — 2.8%** |
| EMRLD Borrower LP, Second Amendment Incremental Term Loans, 6.122% (SOFR +225 bps), 8/4/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24812 |
| Engineered Machinery Holdings, Inc., 2025 Refinancing USD Term Loan, 6.922% (SOFR +325 bps), 11/26/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 55228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55514 |
| Engineered Machinery Holdings, Inc., Second Lien Amendment No. 3 Incremental Term Loan, 9.934% (SOFR +626 bps), 5/21/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40400 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Industrial Products — (Continued)** | **Industrial Products — (Continued)** | **Industrial Products — (Continued)** |
| Hillenbrand, Inc., Term Loan B, 1/22/33<sup>(b)</sup> | $50000 | $49906 |
| Madison IAQ, LLC, 2025 Repriced Incremental Term Loan, 11/8/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25080 |
| Madison Safety & Flow, LLC, 2025 Incremental Term Loan B, 6.174% (SOFR +250 bps), 9/26/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25094 |
| TK Elevator Midco Gmbh, (USD) Term Loan B, 6.377% (SOFR +275 bps), 4/30/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 49750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270740 |
| **Industrial Services — 7.5%** | **Industrial Services — 7.5%** | **Industrial Services — 7.5%** |
| Apple Bidco, LLC, Term Loan, 6.172% (SOFR +250 bps), 9/23/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24918 |
| DG Investment Intermediate Holdings 2, Inc., 2025 Refinancing Term Loan, 9.172% (SOFR +550 bps), 7/29/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65325 |
| Gloves Buyer, Inc., Initial Term Loans, 7.672% (SOFR +400 bps), 5/21/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 99750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99397 |
| Heron Bidco, LLC, Term Loan B, 7.738% (SOFR +400 bps), 12/10/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174563 |
| Infinite Bidco, LLC, First Lien Term Loan, 7.678% (SOFR +401 bps), 3/2/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;196594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194300 |
| Infinite Bidco, LLC, Second Lien Initial Term Loan, 10.928% (SOFR +726 bps), 3/2/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100833 |
| Jetblue Airways Corp., Initial Term Loan, 8.445% (SOFR +475 bps), 8/27/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 44824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43115 |
| Verde Purchaser, LLC, Initial Term Loan, 7.672% (SOFR +400 bps), 11/29/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 726923 |
| **Insurance — 3.7%** | **Insurance — 3.7%** | **Insurance — 3.7%** |
| Alliant Holdings Intermediate, LLC, 2025 Replacement Term Loan, 6.172% (SOFR +250 bps), 9/19/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 74687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74559 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

POLEN FLOATING RATE INCOME ETF

#### Portfolio of Investments (Continued)

#### January 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Insurance — (Continued)** | **Insurance — (Continued)** | **Insurance — (Continued)** |
| Asurion, LLC, New B-4 Term Loan, 9.036% (SOFR +536 bps), 1/20/29<sup>(a)</sup> | $82430 | $82533 |
| HUB International Ltd., 2025 Incremental Term Loan, 5.92% (SOFR +225 bps), 6/20/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 99559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99686 |
| Jones DesLauriers Insurance Management, Inc., Term Loan, 2/2/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75105 |
| Sedgwick Claims Management Services, Inc., 2024 Term Loan, 6.172% (SOFR +250 bps), 7/31/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24815 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356698 |
| **Materials — 12.0%** | **Materials — 12.0%** | **Materials — 12.0%** |
| Arsenal Aic Parent, LLC, 2025 Term B Loan, 6.422% (SOFR +275 bps), 8/18/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29324 |
| Aruba Investments Holdings, LLC, First Lien Initial Dollar Term Loan, 7.772% (SOFR +410 bps), 11/24/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 46092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43022 |
| Aruba Investments Holdings, LLC, Second Lien Initial Term Loan, 11.522% (SOFR +785 bps), 11/24/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208150 |
| Clydesdale Acquisition Holdings, Inc., Term B Loan, 6.847% (SOFR +318 bps), 4/13/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;101154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100817 |
| Cp Iris Holdco I, Inc., Delayed Draw Commitment, 10/27/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13683 |
| Cp Iris Holdco I, Inc., 2025 First Lien Term B Loan (Strip), 7.672% (SOFR +400 bps), 10/27/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;111306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110836 |
| HP PHRG Borrower, LLC, Closing Date Term Loan, 7.672% (SOFR +400 bps), 2/20/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;184112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180660 |
| Iris Holding, Inc., Initial Term Loan, 8.517% (SOFR +485 bps), 6/28/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;184523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179046 |
| Olympus Water US Holding Corp., 2025 Incremental Term Loans, 6.922% (SOFR +325 bps), 11/3/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147969 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Materials — (Continued)** | **Materials — (Continued)** | **Materials — (Continued)** |
| Qnity Electronics, Inc., Term Loan B, 5.698% (SOFR +200 bps), 11/1/32<sup>(a)</sup> | $25000 | $25149 |
| SCIL USA Holdings, LLC, Facility B2 Loan, 7.788% (SOFR +400 bps), 11/8/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75188 |
| Sparta US HoldCo, LLC, Initial Term Loan, 8/2/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 54857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54563 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1168407 |
| **Media — 7.1%** | **Media — 7.1%** | **Media — 7.1%** |
| Auction.com, LLC, Term Loan, 10.044% (SOFR +600 bps), 5/26/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;345756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304265 |
| Cengage Learning, Inc., Term Loan, 6.669% - 6.674% (SOFR +300 bps), 3/24/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24945 |
| Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, 7.786% (SOFR +400 bps), 8/21/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 98790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99020 |
| McGraw-Hill Education, Inc., Term Loan B (2025), 6.422% (SOFR +275 bps), 8/6/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 18305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18416 |
| MH Sub I, LLC, Second Lien Term Loan, 9.922% (LIBOR +625 bps), 2/23/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208351 |
| Versant Media Group, Inc., Initial Term Loan, 7.161% (SOFR +350 bps), 1/30/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35044 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690041 |
| **Retail & Wholesale - Discretionary — 5.9%** | **Retail & Wholesale - Discretionary — 5.9%** | **Retail & Wholesale - Discretionary — 5.9%** |
| CWGS 05/24/28, Initial Term Loan, 6.286% (SOFR +261 bps), 6/3/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34654 |
| Great Outdoors Group, LLC, Term B-3 Loan, 6.922% (SOFR +325 bps), 1/23/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24971 |
| Mavis Tire Express Services Topco Corp., 2025 First Lien Incremental Term Loan, 6.672% (SOFR +300 bps), 5/4/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 78655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78768 |
| Restoration Hardware, Inc., 2022 Incremental Term Loan, 10/20/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;209459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209140 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

POLEN FLOATING RATE INCOME ETF

#### Portfolio of Investments (Continued)

#### January 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Retail & Wholesale - Discretionary — (Continued)** | **Retail & Wholesale - Discretionary — (Continued)** | **Retail & Wholesale - Discretionary — (Continued)** |
| Sweetwater Borrower, LLC, Initial Term Loan, 8.036% (SOFR +436 bps), 8/7/28<sup>(a)</sup> | $76520 | $76711 |
| Wand NewCo. 3, Inc., Tranche B-2 Term Loan, 6.172% (SOFR +250 bps), 1/30/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 78304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78355 |
| White Cap Supply Holdings, LLC, Tranche C Term Loan, 6.922% (SOFR +325 bps), 10/19/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 74410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74371 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576970 |
| **Software & Technology Services — 13.4%** | **Software & Technology Services — 13.4%** | **Software & Technology Services — 13.4%** |
| Access CIG, LLC, Term B Loan, 7.672% (SOFR +400 bps), 8/18/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;104737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99413 |
| AthenaHealth Group, Inc., Initial Term Loan, 6.422% (SOFR +275 bps), 2/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;129548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128105 |
| Azalea TopCo, Inc., 2025 Refinancing Term Loan, 6.672% (SOFR +300 bps), 4/30/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 49750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49819 |
| Clover Holdings 2, LLC, Initial Floating Rate Term Loans, 7.674% (SOFR +400 bps), 12/9/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 84363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83097 |
| Clover Holdings 2, LLC, Fixed Term Loan, 7.75%, 12/9/31 | &nbsp;&nbsp;&nbsp;&nbsp;149024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146509 |
| Cyberswift US Finco, LLC, Term Loan B, 7.646% (SOFR +400 bps), 10/8/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121563 |
| Dayforce, Inc., Initial Term Loans, 8/20/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24359 |
| Fortress Intermediate 3, Inc., 2025 Term B Loan, 6.675% (SOFR +300 bps), 6/27/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24532 |
| Kaseya, Inc., Initial Term Loan, 8.672% (SOFR +500 bps), 3/5/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245438 |
| Knowbe4, Inc., Term Loan, 7.417% (SOFR +375 bps), 7/23/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125450 |
| Mitchell International, Inc., A&R Amendment No.1 Term Loan, 6.672% (SOFR +300 bps), 6/17/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 39798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39027 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Software & Technology Services — (Continued)** | **Software & Technology Services — (Continued)** | **Software & Technology Services — (Continued)** |
| Project Alpha Intermediate Holding, Inc., First Lien Incremental Term Loan B, 6.922% (SOFR +325 bps), 10/28/30<sup>(a)</sup> | $24874 | $23195 |
| Red Planet Borrower, LLC, Initial Term Loan, 7.672% (SOFR +400 bps), 9/8/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49887 |
| Starlight Parent, LLC, Term Loan, 7.701% (SOFR +400 bps), 4/16/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;119700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111321 |
| Trio Bidco, Inc., Delayed Term Loan, 10/29/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3035 |
| Trio Bidco, Inc., Term Loan B, 7.672% (SOFR +400 bps), 10/29/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1303588 |
| **Technology Hardware & Semiconductors — 4.9%** | **Technology Hardware & Semiconductors — 4.9%** | **Technology Hardware & Semiconductors — 4.9%** |
| Altar Bidco, Inc., Initial Term Loan, 2/1/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49488 |
| Altar Bidco, Inc., Second Lien Initial Term Loan, 2/1/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270750 |
| Bingo Holdings I, LLC, Term Loan, 8.422% (SOFR +475 bps), 6/30/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;164588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162324 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 482562 |
| **Telecommunications — 0.3%** | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** |
| Crown Subsea Communications Holding, Inc., 2025 Term Loan, 7.172% (SOFR +350 bps), 1/30/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25109 |
| **Utilities — 0.5%** | **Utilities — 0.5%** | **Utilities — 0.5%** |
| Discovery Energy Holding Corp., Initial Dollar Term Loan, 7.422% (SOFR +375 bps), 5/1/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50086 |
| &nbsp;&nbsp;&nbsp;TOTAL SENIOR LOANS<br> (Cost $8,395,535) | &nbsp;&nbsp;&nbsp;TOTAL SENIOR LOANS<br> (Cost $8,395,535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8089098 |
| **CORPORATE BONDS† — 16.7%** | **CORPORATE BONDS† — 16.7%** | **CORPORATE BONDS† — 16.7%** |
| **Consumer Discretionary Products — 3.4%** | **Consumer Discretionary Products — 3.4%** | **Consumer Discretionary Products — 3.4%** |
| Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187234 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143279 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330513 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

POLEN FLOATING RATE INCOME ETF

#### Portfolio of Investments (Concluded)

#### January 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Consumer Discretionary Services — 2.3%** | **Consumer Discretionary Services — 2.3%** | **Consumer Discretionary Services — 2.3%** |
| Fertitta Entertainment, LLC, 6.75%, 1/15/30<sup>(e)</sup> | $50000 | $47420 |
| Scientific Games Holdings LP, 6.625%, 3/1/30<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173351 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220771 |
| **Consumer Staple Products — 0.7%** | **Consumer Staple Products — 0.7%** | **Consumer Staple Products — 0.7%** |
| Fiesta Purchaser, Inc., 9.625%, 9/15/32<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65876 |
| **Health Care — 1.1%** | **Health Care — 1.1%** | **Health Care — 1.1%** |
| National Mentor Holdings, Inc., 10.50%, 12/15/30<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103426 |
| **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
| Asurion, LLC and Asurion Co.-Issuer, Inc., 8.375%, 2/1/34<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60598 |
| **Materials — 5.3%** | **Materials — 5.3%** | **Materials — 5.3%** |
| Baffinland Iron Mines Corp., 8.75%, 7/15/26<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287587 |
| Oscar AcquisitionCo., LLC, 9.50%, 4/15/30<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515699 |
| **Software & Technology Services — 2.3%** | **Software & Technology Services — 2.3%** | **Software & Technology Services — 2.3%** |
| AthenaHealth Group, Inc., 6.50%, 2/15/30<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82522 |
| CoreWeave, Inc., 9.25%, 6/1/30<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93571 |
| CoreWeave, Inc., 9.00%, 2/1/31<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53351 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229444 |
| **Telecommunications — 1.0%** | **Telecommunications — 1.0%** | **Telecommunications — 1.0%** |
| APLD ComputeCo, LLC, 9.25%, 12/15/30<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98796 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> (Cost $1,905,606) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1625123 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **SHORT-TERM INVESTMENT — 7.7%** | **SHORT-TERM INVESTMENT — 7.7%** | **SHORT-TERM INVESTMENT — 7.7%** |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.58%<sup>(f)</sup> | 748681 | $748681 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $748,681) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 748681 |
| TOTAL INVESTMENTS - 107.5%<br> (Cost $11,049,822) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10462902 |
| LIABILITIES IN EXCESS OF OTHER ASSETS - (7.5)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (729429) |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9733473 |

---

------

(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) All or a portion of this Senior Loan will settle after January 31, 2026, at which time the interest rate will be determined. Rates shown, if any, are for the settled portion.

(c) All or a portion of this senior loan position is unfunded as of January 31, 2026. The Fund had approximately $63,543 in unfunded commitments pursuant to Delayed Draw Term Loan facilities.

(d) Security is deemed illiquid at January 31, 2026.

(e) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund's Board of
Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At January 31, 2026, these securities amounted to $1,625,123 or 16.70% of net assets. These securities have been
determined by the Fund's adviser to be liquid securities, unless otherwise noted.

(f) Rate disclosed is the 7-day yield at January 31, 2026.

† See Note A. The industry designations set forth in the schedule above are those of the Bloomberg Industry Classification System ("BICS").

---

| | |
|:---|:---|
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

POLEN HIGH INCOME ETF

#### Portfolio of Investments

#### January 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS† — 85.1%** | **CORPORATE BONDS† — 85.1%** | **CORPORATE BONDS† — 85.1%** |
| **Consumer Discretionary Products — 6.5%** | **Consumer Discretionary Products — 6.5%** | **Consumer Discretionary Products — 6.5%** |
| Adient Global Holdings Ltd., 8.25%, 4/15/31<sup>(a)</sup> | &nbsp;&nbsp;$135000 | $141525 |
| Amer Sports Co., 6.75%, 2/16/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244969 |
| Beach Acquisition Bidco, LLC, 10.00% (10% Cash / 10.75% PIK), 7/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;258241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284612 |
| Champ Acquisition Corp., 8.375%, 12/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112208 |
| Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276393 |
| Masterbrand, Inc., 7.00%, 7/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119353 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140809 |
| Thor Industries, Inc., 4.00%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115497 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1435366 |
| **Consumer Discretionary Services — 8.3%** | **Consumer Discretionary Services — 8.3%** | **Consumer Discretionary Services — 8.3%** |
| 1011778 BC ULC, 4.375%, 1/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49731 |
| 1011778 BC ULC, 4.00%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81016 |
| Caesars Entertainment, Inc., 6.50%, 2/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393860 |
| Fertitta Entertainment, LLC, 6.75%, 1/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109065 |
| Jacobs Entertainment, Inc., 6.75%, 2/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54339 |
| Light & Wonder International, Inc., 6.25%, 10/1/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167140 |
| Scientific Games Holdings LP, 6.625%, 3/1/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383197 |
| Six Flags Entertainment Corp., 5.25%, 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100877 |
| Six Flags Entertainment Corp., 7.25%, 5/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59252 |
| Six Flags Entertainment Corp., 6.625%, 5/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51119 |
| Station Casinos, LLC, 4.625%, 12/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105694 |
| Station Casinos, LLC, 6.625%, 3/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148414 |
| Yum! Brands, Inc., 5.375%, 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136815 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1840519 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Consumer Staple Products — 3.4%** | **Consumer Staple Products — 3.4%** | **Consumer Staple Products — 3.4%** |
| Fiesta Purchaser, Inc., 7.875%, 3/1/31<sup>(a)</sup> | &nbsp;&nbsp;$110000 | $113212 |
| Fiesta Purchaser, Inc., 9.625%, 9/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253370 |
| Post Holdings, Inc., 6.25%, 10/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196526 |
| Simmons Foods, Inc., 4.625%, 3/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751161 |
| **Financial Services — 4.0%** | **Financial Services — 4.0%** | **Financial Services — 4.0%** |
| EZCORP, Inc., 7.375%, 4/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80080 |
| Focus Financial Partners, LLC, 6.75%, 9/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343183 |
| JSG Finance, Inc., 7.125%, 4/30/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147241 |
| VFH Parent, LLC, 7.50%, 6/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120533 |
| WEX, Inc., 6.50%, 3/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900404 |
| **Health Care — 9.1%** | **Health Care — 9.1%** | **Health Care — 9.1%** |
| Acadia Healthcare Co., Inc., 7.375%, 3/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311532 |
| Global Medical Response, Inc., 7.375%, 10/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284367 |
| Insulet Corp., 6.50%, 4/1/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171804 |
| Molina Healthcare, Inc., 6.50%, 2/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25648 |
| Molina Healthcare, Inc., 6.25%, 1/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136021 |
| National Mentor Holdings, Inc., 10.50%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186167 |
| Option Care Health, Inc., 4.375%, 10/31/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166470 |
| Pediatrix Medical Group, Inc., 5.375%, 2/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140511 |
| Select Medical Corp., 6.25%, 12/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141138 |
| Sotera Health Holdings, LLC, 7.375%, 6/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163269 |
| Surgery Center Holdings, Inc., 7.25%, 4/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206201 |
| Tenet Healthcare Corp., 6.125%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84133 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2017261 |
| **Industrial Products — 6.5%** | **Industrial Products — 6.5%** | **Industrial Products — 6.5%** |
| ATS Corp., 4.125%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107436 |

---

------

POLEN HIGH INCOME ETF

#### Portfolio of Investments (Continued)

#### January 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Industrial Products — (Continued)** | **Industrial Products — (Continued)** | **Industrial Products — (Continued)** |
| Axon Enterprise, Inc., 6.25%, 3/15/33<sup>(a)</sup> | &nbsp;&nbsp;$115000 | $119219 |
| EMRLD Borrower LP, 6.625%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103629 |
| EMRLD Borrower LP, 6.75%, 7/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105084 |
| Esab Corp., 6.25%, 4/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107992 |
| Goat Holdco, LLC, 6.75%, 2/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297941 |
| LSF12 Helix Parent, LLC, 7.125%, 2/1/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40271 |
| Madison IAQ, LLC, 5.875%, 6/30/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219875 |
| TransDigm, Inc., 6.375%, 5/31/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173184 |
| TransDigm, Inc., 6.75%, 1/31/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170863 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1445494 |
| **Industrial Services — 3.4%** | **Industrial Services — 3.4%** | **Industrial Services — 3.4%** |
| AMN Healthcare, Inc., 4.00%, 4/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100462 |
| AMN Healthcare, Inc., 6.50%, 1/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172382 |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 2/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307157 |
| JetBlue Airways Corp., 9.875%, 9/20/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60379 |
| Raven Acquisition Holdings, LLC, 6.875%, 11/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115306 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755686 |
| **Insurance — 4.0%** | **Insurance — 4.0%** | **Insurance — 4.0%** |
| Alliant Holdings Intermediate, LLC, 6.50%, 10/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138823 |
| Asurion, LLC and Asurion Co.-Issuer, Inc., 8.375%, 2/1/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136345 |
| HUB International Ltd., 7.375%, 1/31/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220119 |
| Jones Deslauriers Insurance Management, Inc., 6.875%, 10/1/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273130 |
| Panther Escrow Issuer, LLC, 7.125%, 6/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118520 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886937 |
| **Materials — 17.2%** | **Materials — 17.2%** | **Materials — 17.2%** |
| AmeriTex HoldCo Intermediate, LLC, 7.625%, 8/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131530 |
| Arsenal AIC Parent, LLC, 8.00%, 10/1/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212055 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Materials — (Continued)** | **Materials — (Continued)** | **Materials — (Continued)** |
| Avient Corp., 6.25%, 11/1/31<sup>(a)</sup> | &nbsp;&nbsp;$245000 | $252132 |
| Baffinland Iron Mines Corp., 8.75%, 7/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610033 |
| Celanese US Holdings, LLC, 6.75%, 4/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111486 |
| Century Aluminum Co., 6.875%, 8/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103746 |
| Cleveland-Cliffs, Inc., 7.00%, 3/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164393 |
| Cleveland-Cliffs, Inc., 7.375%, 5/1/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161869 |
| Clydesdale Acquisition Holdings, Inc., 6.875%, 1/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161881 |
| Clydesdale Acquisition Holdings, Inc., 6.75%, 4/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145956 |
| Compass Minerals International, Inc., 8.00%, 7/1/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317934 |
| Huntsman International, LLC, 5.70%, 10/15/34 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46776 |
| Ingevity Corp., 3.875%, 11/1/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145998 |
| Olympus Water US Holding Corp., 7.25%, 2/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213834 |
| Oscar AcquisitionCo., LLC, 9.50%, 4/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234037 |
| Quikrete Holdings, Inc., 6.75%, 3/1/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197487 |
| SCIH Salt Holdings, Inc., 6.625%, 5/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395153 |
| Toucan FinCo Ltd., 9.50%, 5/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164221 |
| TriMas Corp., 4.125%, 4/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63389 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3833910 |
| **Media — 6.9%** | **Media — 6.9%** | **Media — 6.9%** |
| CCO Holdings, LLC, 4.50%, 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76409 |
| CCO Holdings, LLC , 4.50%, 6/1/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196368 |
| CCO Holdings, LLC , 4.25%, 1/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194715 |
| Clear Channel Outdoor Holdings, Inc., 7.50%, 3/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111635 |
| Lamar Media Corp., 5.375%, 11/1/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284500 |
| McGraw-Hill Education, Inc., 8.00%, 8/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197288 |
| McGraw-Hill Education, Inc., 7.375%, 9/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147272 |

---

------

POLEN HIGH INCOME ETF

#### Portfolio of Investments (Continued)

#### January 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Media — (Continued)** | **Media — (Continued)** | **Media — (Continued)** |
| Outfront Media Capital, LLC, 4.625%, 3/15/30<sup>(a)</sup> | &nbsp;&nbsp;$175000 | $170934 |
| Outfront Media Capital, LLC, 7.375%, 2/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94838 |
| Warnermedia Holdings, Inc., 5.05%, 3/15/42 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67331 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1541290 |
| **Oil & Gas — 2.6%** | **Oil & Gas — 2.6%** | **Oil & Gas — 2.6%** |
| Archrock Partners LP, 6.625%, 9/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119290 |
| Harvest Midstream I LP, 7.50%, 9/1/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116641 |
| Sunoco LP, 4.625%, 5/1/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63420 |
| Teine Energy Ltd., 6.875%, 4/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196051 |
| Venture Global LNG, Inc., 9.875%, 2/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47608 |
| Venture Global Plaquemines LNG, LLC, 6.75%, 1/15/36<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41920 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584930 |
| **Retail & Wholesale - Discretionary — 2.8%** | **Retail & Wholesale - Discretionary — 2.8%** | **Retail & Wholesale - Discretionary — 2.8%** |
| Avis Budget Car Rental, LLC, 8.25%, 1/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46608 |
| Avis Budget Car Rental, LLC, 8.375%, 6/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46298 |
| Builders FirstSource, Inc., 4.25%, 2/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114443 |
| Mavis Tire Express Services Topco Corp., 6.50%, 5/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149805 |
| Patrick Industries, Inc., 6.375%, 11/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40970 |
| Wand NewCo 3, Inc., 7.625%, 1/30/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163142 |
| Wayfair, LLC, 6.75%, 11/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67230 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 628496 |
| **Software & Technology Services — 4.9%** | **Software & Technology Services — 4.9%** | **Software & Technology Services — 4.9%** |
| AthenaHealth Group, Inc., 6.50%, 2/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402905 |
| CoreWeave, Inc., 9.00%, 2/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373454 |
| Ellucian Holdings, Inc., 6.50%, 12/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197314 |
| Insight Enterprises, Inc., 6.625%, 5/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117820 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1091493 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Technology Hardware & Semiconductors — 1.0%** | **Technology Hardware & Semiconductors — 1.0%** | **Technology Hardware & Semiconductors — 1.0%** |
| Coherent Corp., 5.00%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp;$120000 | $119597 |
| Zebra Technologies Corp., 6.50%, 6/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227828 |
| **Telecommunications — 4.5%** | **Telecommunications — 4.5%** | **Telecommunications — 4.5%** |
| APLD ComputeCo, LLC, 9.25%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228791 |
| Cipher Compute, LLC, 7.125%, 11/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221820 |
| Telecom Italia Capital SA, 7.721%, 6/4/38 | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212488 |
| WULF Compute, LLC, 7.75%, 10/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328791 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 991890 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> (Cost $19,084,569) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18932665 |
| **SENIOR LOANS† — 10.5%** | **SENIOR LOANS† — 10.5%** | **SENIOR LOANS† — 10.5%** |
| **Consumer Discretionary Products — 0.8%** | **Consumer Discretionary Products — 0.8%** | **Consumer Discretionary Products — 0.8%** |
| MajorDrive Holdings IV, LLC, Initial Term Loan, 7.934% (SOFR +426 bps), 6/1/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;153960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147032 |
| WH Borrower, LLC, Term Loan B, 8.389% (SOFR +450 bps), 2/20/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29962 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176994 |
| **Consumer Discretionary Services — 0.1%** | **Consumer Discretionary Services — 0.1%** | **Consumer Discretionary Services — 0.1%** |
| SGH2, LLC, Initial Dollar Term Loan, 8.172% (SOFR +450 bps), 8/18/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25047 |
| **Health Care — 2.6%** | **Health Care — 2.6%** | **Health Care — 2.6%** |
| CVET Midco 2 LP, Initial Term Loan, 8.672% (SOFR +500 bps), 10/13/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;491619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474149 |
| Heartland Dental, LLC, 2025 Replacement Term Loan, 7.422% (SOFR +375 bps), 8/25/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;104111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104263 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578412 |

---

------

POLEN HIGH INCOME ETF

#### Portfolio of Investments (Continued)

#### January 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Industrial Services — 1.3%** | **Industrial Services — 1.3%** | **Industrial Services — 1.3%** |
| Gloves Buyer, Inc., Initial Term Loans, 7.672% (SOFR +400 bps), 5/21/32<sup>(b)</sup> | $74813 | $74548 |
| Infinite Bidco, LLC, First Lien Term Loan, 7.678% (SOFR +401 bps), 3/2/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;218274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290276 |
| **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
| Asurion, LLC, New B-4 Term Loan, 9.036% (SOFR +536 bps), 1/20/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;131495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131660 |
| **Materials — 1.3%** | **Materials — 1.3%** | **Materials — 1.3%** |
| Aruba Investments Holdings, LLC, First Lien Initial Dollar Term Loan, 7.772% (SOFR +410 bps), 11/24/27<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;114378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106760 |
| HP PHRG Borrower, LLC, Closing Date Term Loan, 7.672% (SOFR +400 bps), 2/20/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 74736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73335 |
| Iris Holding, Inc., Initial Term Loan, 8.517% (SOFR +485 bps), 6/28/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;104729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101621 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281716 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, 7.786% (SOFR +400 bps), 8/21/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195453 |
| MH Sub I, LLC, Second Lien Term Loan, 9.922% (LIBOR +625 bps), 2/23/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78132 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273585 |
| **Retail & Wholesale - Discretionary — 0.2%** | **Retail & Wholesale - Discretionary — 0.2%** | **Retail & Wholesale - Discretionary — 0.2%** |
| White Cap Supply Holdings, LLC, Tranche C Term Loan, 6.922% (SOFR +325 bps), 10/19/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 49499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49472 |
| **Software & Technology Services — 2.4%** | **Software & Technology Services — 2.4%** | **Software & Technology Services — 2.4%** |
| Clover Holdings 2, LLC, Initial Floating Rate Term Loans, 7.674% (SOFR +400 bps), 12/9/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 39700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39104 |
| Clover Holdings 2, LLC, Fixed Term Loan, 7.75%, 12/9/31 | &nbsp;&nbsp;&nbsp;&nbsp;168725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165878 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Software & Technology Services — (Continued)** | **Software & Technology Services — (Continued)** | **Software & Technology Services — (Continued)** |
| Kaseya, Inc., Initial Term Loan, 8.672% (SOFR +500 bps), 3/5/33<sup>(b)</sup> | &nbsp;&nbsp;$280000 | $269500 |
| Starlight Parent, LLC, Term Loan, 7.701% (SOFR +400 bps), 4/16/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 54863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525504 |
| **Technology Hardware & Semiconductors — 0.0%** | **Technology Hardware & Semiconductors — 0.0%** | **Technology Hardware & Semiconductors — 0.0%** |
| Altar Bidco, Inc., Second Lien Initial Term Loan, 2/1/30<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9500 |
| &nbsp;&nbsp;&nbsp;TOTAL SENIOR LOANS<br> (Cost $2,325,336) | &nbsp;&nbsp;&nbsp;TOTAL SENIOR LOANS<br> (Cost $2,325,336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2342166 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **SHORT-TERM INVESTMENT — 1.2%** | **SHORT-TERM INVESTMENT — 1.2%** | **SHORT-TERM INVESTMENT — 1.2%** |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.58%<sup>(d)</sup> | 261924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261924 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $261,924) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261924 |
| TOTAL INVESTMENTS - 96.8%<br> (Cost $21,671,829) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21536755 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 3.2% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 718230 |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22254985 |

---

------

(a) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund's Board of
Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At January 31, 2026, these securities amounted to $18,096,350 or 81.31% of net assets. These securities have
been determined by the Fund's adviser to be liquid securities.

(b) 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.

------

POLEN HIGH INCOME ETF

#### Portfolio of Investments (Concluded)

#### January 31, 2026
(Unaudited)

(c) All or a portion of this Senior Loan will settle after January 31, 2026, at which time the interest rate will be determined. Rates shown, if any, are for the settled portion.

(d) Rate disclosed is the 7-day yield at January 31, 2026.

† See Note A. The industry designations set forth in the schedule above are those of the Bloomberg Industry Classification System ("BICS").

---

| | |
|:---|:---|
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| PIK | Payment In Kind |
| SOFR | Secured Overnight Financing Rate |

---

------

POLEN FOCUS GROWTH ETF

#### Portfolio of Investments

#### January 31, 2026
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS† — 96.7%** | **COMMON STOCKS† — 96.7%** | **COMMON STOCKS† — 96.7%** |
| **Credit Services — 9.9%** | **Credit Services — 9.9%** | **Credit Services — 9.9%** |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9869 | $5317319 |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;15493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4986112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10303431 |
| **Diagnostics & Research — 3.1%** | **Diagnostics & Research — 3.1%** | **Diagnostics & Research — 3.1%** |
| IDEXX Laboratories, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3192060 |
| **Drug Manufacturers - General — 6.0%** | **Drug Manufacturers - General — 6.0%** | **Drug Manufacturers - General — 6.0%** |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6248829 |
| **Drug Manufacturers - Specialty & Generic — 3.4%** | **Drug Manufacturers - Specialty & Generic — 3.4%** | **Drug Manufacturers - Specialty & Generic — 3.4%** |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3510188 |
| **Financial Data & Stock Exchanges — 3.5%** | **Financial Data & Stock Exchanges — 3.5%** | **Financial Data & Stock Exchanges — 3.5%** |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3671769 |
| **Information Technology Services — 2.5%** | **Information Technology Services — 2.5%** | **Information Technology Services — 2.5%** |
| Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2568908 |
| **Insurance Brokers — 2.7%** | **Insurance Brokers — 2.7%** | **Insurance Brokers — 2.7%** |
| Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2810406 |
| **Internet Content & Information — 6.0%** | **Internet Content & Information — 6.0%** | **Internet Content & Information — 6.0%** |
| Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;18300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6195099 |
| **Internet Retail — 9.5%** | **Internet Retail — 9.5%** | **Internet Retail — 9.5%** |
| Amazon.com, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9801010 |
| **Medical Devices — 1.9%** | **Medical Devices — 1.9%** | **Medical Devices — 1.9%** |
| Boston Scientific Corp.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1922883 |
| **Medical Instruments & Supplies — 2.2%** | **Medical Instruments & Supplies — 2.2%** | **Medical Instruments & Supplies — 2.2%** |
| Intuitive Surgical, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2298739 |
| **Real Estate Services — 3.1%** | **Real Estate Services — 3.1%** | **Real Estate Services — 3.1%** |
| CoStar Group, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3192465 |
| **Restaurants — 2.9%** | **Restaurants — 2.9%** | **Restaurants — 2.9%** |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2992329 |
| **Semiconductors — 10.0%** | **Semiconductors — 10.0%** | **Semiconductors — 10.0%** |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5770915 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4632226 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10403141 |
| **Software Application — 12.9%** | **Software Application — 12.9%** | **Software Application — 12.9%** |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3005494 |
| Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1193750 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Software Application — (Continued)** | **Software Application — (Continued)** | **Software Application — (Continued)** |
| ServiceNow, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28244 | $3304830 |
| Shopify, Inc., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;33224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4359986 |
| Uber Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1473080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13337140 |
| **Software Infrastructure — 15.1%** | **Software Infrastructure — 15.1%** | **Software Infrastructure — 15.1%** |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7878610 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5525774 |
| Synopsys, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2278133 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15682517 |
| **Travel Services — 2.0%** | **Travel Services — 2.0%** | **Travel Services — 2.0%** |
| Airbnb, Inc., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2035896 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br> (Cost $78,992,456) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100166810 |
| **SHORT-TERM INVESTMENT — 3.3%** | **SHORT-TERM INVESTMENT — 3.3%** | **SHORT-TERM INVESTMENT — 3.3%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 3.58%<sup>(a)</sup> | 3457966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3457966 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $3,457,966) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3457966 |
| TOTAL INVESTMENTS - 100.0%<br> (Cost $82,450,422) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103624776 |
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17885) |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;$103606891 |

---

------

(a) Rate disclosed is the 7-day yield at January 31, 2026. <br> † See Note A. The industry designations set forth in the schedule above are those of the Global Industry Classification Standard ("GICS"). <br> \* Non-income producing.

PLC Public Limited Company

------

POLEN ETF FUNDS

#### Notes to the Quarterly Portfolio of Investments

#### January 31, 2026
(Unaudited)

A. Portfolio Valuation:

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

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

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

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

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

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

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

Significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that foreign markets close (where the security is principally traded) and the time that each Fund calculates its NAV (generally, the close of the NYSE) which may impact the value of securities traded in these foreign markets. As a result, each Fund fair values foreign securities using an independent pricing service which considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange traded funds and certain indexes as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy.

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

------

POLEN ETF FUNDS

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

#### January 31, 2026
(Unaudited)

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

Floating rate senior loan notes ("Senior Loans") are fair valued based on a quoted price received from a single broker-dealer or an average of quoted prices received from multiple broker-dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable, the fair values of Senior Loans would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

The following is a summary of the inputs used, as of January 31, 2026, in valuing each Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;**Total<br> Value at<br> 01/31/26** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| **Polen Floating Rate Income ETF** | **Polen Floating Rate Income ETF** |  |  |  |
| **Assets** |  |  |  |  |
| Senior Loans\* | &nbsp;&nbsp;&nbsp;&nbsp;$8089098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$8089098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Corporate Bonds\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$10462902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$748681 | &nbsp;&nbsp;$9714221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Polen High Income ETF** | **Polen High Income ETF** |  |  |  |
| **Assets** |  |  |  |  |
| Corporate Bonds\* | &nbsp;&nbsp;$18932665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$18932665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Senior Loans\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$21536755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$261924 | &nbsp;&nbsp;$21274831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Polen Focus Growth ETF** | **Polen Focus Growth ETF** |  |  |  |
| **Assets** |  |  |  |  |
| Common Stocks\* | &nbsp;&nbsp;$100166810 | $100166810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3457966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3457966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$103624776 | $103624776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

------

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

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

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

------

POLEN ETF FUNDS

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

#### January 31, 2026
(Unaudited)

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles require the Funds 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 Funds have an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to their respective net assets. The amounts and reasons for all transfers in and out of Level 3 are disclosed when the Funds had an amount of transfers during the reporting period that was meaningful in relation to their respective net assets as of the end of the reporting period.

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

For the period ended January 31, 2026, there were no transfers in or out of Level 3.

For more information with regard to significant accounting policies, see each Fund's most recent 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:** FundVantage Trust

- **b. Investment Company Act file number:** 811-22027

- **c. CIK number of Registrant:** 0001388485

- **d. LEI of Registrant:** 549300C6U7XKIL1IY249

- **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 Floating Rate Income ETF

- **b. EDGAR series identifier (if any):** S000090826

- **c. LEI of Series:** 25490009ANM7JTSU7H28

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

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

- **b. Date as of which information is reported:** 2026-01-30

**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:** $12837874.73

**Total Liabilities:** $3104421.31

**Net Assets:** $9733453.42

**Cash Not Reported:** $119601.70

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.57338000 | **1-Year:** 16.25235000 | **5-Year:** 9.89959000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 12.41218000 | **1-Year:** 977.36243000 | **5-Year:** 744.02994000 | **10-Year:** 7.71934000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000258187 | -1.16%               | 0.84%                | 0.96%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-7187.07                | $-200016.90                                |
| Month 2  | $8776.95                 | $-14382.24                                 |
| Month 3  | $10439.36                | $-74340.15                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Versant Media Group Inc                   | Versant Media Gr 01/30/31                                          | CUSIP: 000000000<br>LEI: 254900D2Q5F5F229PU30 | Long             | LON              | CORP              | US        |     35000 | PA      | $35043.75     | 0.36%             | 2031-01-30      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| Discovery Energy Holding Corp             | DISCOVERY ENERGY 05/01/31                                          | CUSIP: 25472PAB6<br>LEI: 254900T31FAYMRQSAA12 | Long             | LON              | CORP              | US        |     50000 | PA      | $50086.00     | 0.51%             | 2031-05-01      | Floating      | 7.40%                 | No            |                  2 | On Loan: No      |
| Project Alpha Intermediate Holding Inc    | PROJECT ALPHA IN 10/26/30                                          | CUSIP: 74339DAN8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     24874 | PA      | $23195.19     | 0.24%             | 2030-10-28      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| APLD COMPUTECO LLC                        | APLD ComputeCo LLC                                                 | CUSIP: 00202DAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $98795.91     | 1.02%             | 2030-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Snacking Investments US LLC               | ARNOTT GROUP (SN 10/31/32                                          | CUSIP: 000000000<br>LEI: 549300W8K88D3SM86Y18 | Long             | LON              | CORP              | US        |     30000 | PA      | $30142.50     | 0.31%             | 2032-10-29      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Sedgwick Claims Management Services Inc   | SEDGWICK CLAIMS 07/31/31                                           | CUSIP: 81527CAP2<br>LEI: 549300BIN4DWJG5VWF64 | Long             | LON              | CORP              | US        |     24875 | PA      | $24814.80     | 0.25%             | 2031-07-31      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| McGraw-Hill Education Inc                 | MCGRAW-HILL EDUC 08/06/31                                          | CUSIP: 58063DAG8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | LON              | CORP              | US        |     18305 | PA      | $18416.66     | 0.19%             | 2031-08-06      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Autokiniton US Holdings Inc               | AUTOKINITON US H 04/06/28                                          | CUSIP: 05278HAC0<br>LEI: 254900EHNKMJ1OSEZL85 | Long             | LON              | CORP              | US        |     59695 | PA      | $59620.82     | 0.61%             | 2028-04-06      | Floating      | 7.79%                 | No            |                  2 | On Loan: No      |
| JetBlue Airways Corp                      | JETBLUE AIRWAYS 08/27/29                                           | CUSIP: 000000000<br>LEI: 54930070J9H97ZO93T57 | Long             | LON              | CORP              | US        |     40633 | PA      | $39083.91     | 0.40%             | 2029-08-27      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| LSF12 HELIX PARENT LLC                    | LSF12 HELIX PARENT LLC                                             | CUSIP: 000000000<br>LEI: 254900H70V4IL22BHL88 | Long             | LON              | CORP              | US        |     50000 | PA      | $49906.25     | 0.51%             | 2033-01-24      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| JetBlue Airways Corp                      | JETBLUE AIRWAYS 08/27/29                                           | CUSIP: 000000000<br>LEI: 54930070J9H97ZO93T57 | Long             | LON              | CORP              | US        |      4191 | PA      | $4030.98      | 0.04%             | 2029-08-27      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Dragon Buyer Inc                          | CANDESCENT TERM 09/30/31                                           | CUSIP: 26143FAB5<br>LEI: 2549006V6EIUFGF2Y127 | Long             | LON              | CORP              | US        |     74748 | PA      | $73767.74     | 0.76%             | 2031-09-30      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| Cyberswift BV                             | NORD SECURITY TE 09/23/32                                          | CUSIP: 000000000<br>LEI: 9845008473F79E3H9069 | Long             | LON              | CORP              | NL        |    125000 | PA      | $121562.50    | 1.25%             | 2032-10-08      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| NATIONAL MENTOR HOLDINGS                  | National Mentor Holdings Inc                                       | CUSIP: 63688RAF4<br>LEI: 5493004QULJVJP3CNZ62 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103426.24    | 1.06%             | 2030-12-15      | Fixed         | 10.50%                | No            |                  2 | 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        |    330000 | PA      | $287586.85    | 2.95%             | 2026-07-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                  | JONES DESLAURIERS INSURA                                           | CUSIP: 000000000<br>LEI: 549300JQIWNFU00E5424 | Long             | LON              | CORP              | CA        |     75000 | PA      | $75105.38     | 0.77%             | 2033-01-31      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| TK Elevator US Newco Inc                  | TK ELEVATOR US N 04/30/30                                          | CUSIP: 000000000<br>LEI: 549300C2AFWPAYWS5574 | Long             | LON              | CORP              | US        |     25796 | PA      | $25891.55     | 0.27%             | 2030-04-30      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| TK Elevator US Newco Inc                  | TK Elevator Midc 04/30/30                                          | CUSIP: 000000000<br>LEI: 549300C2AFWPAYWS5574 | Long             | LON              | CORP              | US        |     23954 | PA      | $24042.34     | 0.25%             | 2030-04-30      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Mavis Tire Express Services Topco Corp    | MAVIS TIRE EXPRE 05/04/28                                          | CUSIP: 57777YAG1<br>LEI: 254900NVDM4GTLBL9E56 | Long             | LON              | CORP              | US        |     78655 | PA      | $78767.60     | 0.81%             | 2028-05-04      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| International Entertainment JJCO US LLC   | INTL ENTMT JJCO 04/29/32                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     49588 | PA      | $49402.26     | 0.51%             | 2032-04-19      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Performance Health Holdings Inc           | PERFORMANCE HEAL 02/28/32                                          | CUSIP: 71377KAD3<br>LEI: 254900ZAQ0N9AHY1Q982 | Long             | LON              | CORP              | US        |    213775 | PA      | $207361.75    | 2.13%             | 2032-03-19      | Floating      | 7.60%                 | No            |                  2 | On Loan: No      |
| Crown Subsea Communications Holding Inc   | Crown Subsea Com 06/30/31                                          | CUSIP: 22860EAK8<br>LEI: 5493003AYLUE132FIO27 | Long             | LON              | CORP              | US        |     25000 | PA      | $25109.38     | 0.26%             | 2031-01-30      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                       | MEDLINE BORROW 10/23/30                                            | CUSIP: 58503UAJ2<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |     49750 | PA      | $49949.75     | 0.51%             | 2030-10-23      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| CP Iris Holdco I Inc                      | IPS DELAY-DRAW T 10/18/27                                          | CUSIP: 000000000<br>LEI: 25490024F0AS5UR7DB02 | Long             | LON              | CORP              | US        |      3161 | PA      | $3147.20      | 0.03%             | 2032-10-27      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| SPARTA US HOLDCO LLC                      | SPARTA US HOLDCO LLC                                               | CUSIP: 84673EAE9<br>LEI: 5493004EFF9NBQ1A8453 | Long             | LON              | CORP              | US        |     54857 | PA      | $54563.38     | 0.56%             | 2030-08-02      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| First Eagle Holdings Inc                  | GC FERRY ACQUISI 06/04/32                                          | CUSIP: 32009UAD9<br>LEI: 549300ZKYR56QRODD510 | Long             | LON              | CORP              | US        |     42708 | PA      | $42434.78     | 0.44%             | 2032-08-16      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| Access CIG LLC                            | ACCESS CI 08/19/30                                                 | CUSIP: 00435CAV0<br>LEI: 5493002EU9Z6IQMPAN35 | Long             | LON              | CORP              | US        |    104737 | PA      | $99413.07     | 1.02%             | 2030-08-19      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| BCP VI Summit Holdings LP                 | BCP VI SUMMIT HL 01/30/32                                          | CUSIP: 05614GAC5<br>LEI: 254900LK60A9DK5W5N81 | Long             | LON              | CORP              | US        |     24937 | PA      | $24958.16     | 0.26%             | 2032-01-30      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| PatientPoint Health Technologies LLC      | PATIENTPOINT TER 11/01/32                                          | CUSIP: 74277YAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     85000 | PA      | $82450.00     | 0.85%             | 2032-12-13      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| PROMETRIC HOLDINGS INC                    | PROMETRIC HOLDINGS INC                                             | CUSIP: 80358TAG1<br>LEI: 54930034OH1XQT27TX40 | Long             | LON              | CORP              | US        |     20000 | PA      | $20058.30     | 0.21%             | 2032-06-25      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Heron Bidco Llc                           | HEIDRICK & STRUG 11/24/32                                          | CUSIP: 42772CAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    175000 | PA      | $174562.50    | 1.79%             | 2032-12-10      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| AthenaHealth Group Inc                    | ATHENAHEALTH GRO 02/14/29                                          | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |    129548 | PA      | $128104.55    | 1.32%             | 2029-02-15      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc        | Clear Channel Ou 08/21/28                                          | CUSIP: 18452RAF2<br>LEI: 254900XBEE6V1ENYS150 | Long             | LON              | CORP              | US        |     98790 | PA      | $99019.85     | 1.02%             | 2028-08-23      | Floating      | 7.79%                 | No            |                  2 | On Loan: No      |
| White Cap Supply Holdings LLC             | WHIT 10/07/29                                                      | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |     74599 | PA      | $74558.90     | 0.77%             | 2029-10-29      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Eyecare Partners LLC                      | EyeCare Partner 11/30/28                                           | CUSIP: 30233PAR1<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |      8244 | PA      | $1607.54      | 0.02%             | 2028-11-30      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| EYECARE PARTNERS LLC                      | EYECARE PARTNERS LLC                                               | CUSIP: 30233PAT7<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |     85784 | PA      | $34420.90     | 0.35%             | 2028-11-30      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| CWGS Group LLC                            | CWGS 05/24/28                                                      | CUSIP: 12670UAE7<br>LEI: 254900FU20N3SJ8BIA66 | Long             | LON              | CORP              | US        |      1177 | PA      | $1165.38      | 0.01%             | 2028-06-05      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| CWGS Group LLC                            | CWGS 05/24/28                                                      | CUSIP: 12670UAE7<br>LEI: 254900FU20N3SJ8BIA66 | Long             | LON              | CORP              | US        |     33823 | PA      | $33488.29     | 0.34%             | 2028-06-05      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| Great Outdoors Group LLC                  | GREAT OUTDOORS G 01/16/32                                          | CUSIP: 07014QAP6<br>LEI: 549300IYLDI2E8I2AU46 | Long             | LON              | CORP              | US        |     24937 | PA      | $24971.32     | 0.26%             | 2032-01-23      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| CP Iris Holdco I Inc                      | IPS TERM 10/18/32                                                  | CUSIP: 000000000<br>LEI: 25490024F0AS5UR7DB02 | Long             | LON              | CORP              | US        |    111306 | PA      | $110836.24    | 1.14%             | 2032-10-27      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Advancion Holdings LLC                    | Aruba Investment 11/24/28                                          | CUSIP: 04317JAF5<br>LEI: 254900GMIYFF4FZ0A357 | Long             | LON              | CORP              | US        |    230000 | PA      | $208150.00    | 2.14%             | 2028-11-24      | Floating      | 11.52%                | No            |                  2 | On Loan: No      |
| Infinite Bidco LLC                        | Infinite Bidc 03/02/29                                             | CUSIP: 45674KAF2<br>LEI: 549300GLV0VRADA9LI65 | Long             | LON              | CORP              | US        |    105000 | PA      | $100833.08    | 1.04%             | 2029-03-02      | Floating      | 11.05%                | No            |                  2 | On Loan: No      |
| MADISON SAFETY & FLOW                     | MADISON SAFETY & FLOW                                              | CUSIP: 55822DAN1<br>LEI: 5493007D2J7BBIFYBY65 | Long             | LON              | CORP              | US        |     25000 | PA      | $25093.75     | 0.26%             | 2031-09-26      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Trio Bidco LLC                            | TRACE3 DELAY-DRA 10/08/32                                          | CUSIP: 000000000<br>LEI: 254900K9XN994FY4HJ57 | Long             | LON              | CORP              | US        |      3062 | PA      | $3035.49      | 0.03%             | 2032-10-29      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| US Fertility Enterprises LLC              | US FERTILITY ENT 12/10/32                                          | CUSIP: 90356EAG5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     62369 | PA      | $62774.44     | 0.64%             | 2032-12-30      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| DORNOCH DEBT MERGER SUB                   | Dornoch Debt Merger Sub Inc                                        | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $187234.22    | 1.92%             | 2029-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Aveanna Healthcare LLC                    | AVEANNA HEALTHCA 09/10/32                                          | CUSIP: 05549DAN8<br>LEI: 5493006D6JRLPIY8YV18 | Long             | LON              | CORP              | US        |     74812 | PA      | $74885.07     | 0.77%             | 2032-09-17      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| MajorDrive Holdings IV LLC                | MAJORDRIVE HOLDI 06/01/28                                          | CUSIP: 56085UAB9<br>LEI: 25490044R1FR5N8FIT62 | Long             | LON              | CORP              | US        |    109066 | PA      | $104158.30    | 1.07%             | 2028-06-01      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| Starlight Parent LLC                      | STARLIGHT PAREN 03/15/32                                           | CUSIP: 85554UAB0<br>LEI: 254900ZM34IBOK68V949 | Long             | LON              | CORP              | US        |    119700 | PA      | $111321.00    | 1.14%             | 2032-04-16      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| HUNTER DOUGLA 01/31/32                    | HUNTER DOUGLA 01/31/32                                             | CUSIP: 000000000<br>LEI: 529900811T142NS3H544 | Long             | LON              | CORP              | US        |     49749 | PA      | $49707.20     | 0.51%             | 2032-01-20      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Beach Acquisition Bidco LLC               | BEACH ACQUISITIO 06/25/32                                          | CUSIP: 07337FAB1<br>LEI: 254900F2FNX3GBTB6202 | Long             | LON              | CORP              | US        |     25000 | PA      | $25078.13     | 0.26%             | 2032-09-13      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| Trio Bidco LLC                            | TRACE3 TERM L 10/08/32                                             | CUSIP: 000000000<br>LEI: 254900K9XN994FY4HJ57 | Long             | LON              | CORP              | US        |     29092 | PA      | $28837.49     | 0.30%             | 2032-10-29      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| SCIL IV LLC                               | SCIL IV LLC                                                        | CUSIP: 000000000<br>LEI: 984500E0P46NA78BDF93 | Long             | LON              | CORP              | US        |     75000 | PA      | $75187.50     | 0.77%             | 2032-10-29      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| OSCAR ACQUISITIONCO LLC                   | Oscar AcquisitionCo LLC / Oscar Finance Inc                        | CUSIP: 687785AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    385000 | PA      | $228112.50    | 2.34%             | 2030-04-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd                     | HUB INT 06/20/30                                                   | CUSIP: 44332EAZ9<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |       294 | PA      | $294.42       | 0.00%             | 2030-06-20      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Heartland Dental LLC                      | Heartland Denta 08/29/25                                           | CUSIP: 42236WAX5<br>LEI: 5493008FRC0GRKBN1075 | Long             | LON              | CORP              | US        |     97087 | PA      | $97229.18     | 1.00%             | 2032-08-25      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd                     | HUB INT 06/20/30                                                   | CUSIP: 44332EAZ9<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |     99265 | PA      | $99391.16     | 1.02%             | 2030-06-20      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Red Planet Borrower LLC                   | RED PLANET BORRO 08/07/25                                          | CUSIP: 57165KAE6<br>LEI: 254900LGTHBRY5NA0C90 | Long             | LON              | CORP              | US        |     50000 | PA      | $49886.75     | 0.51%             | 2032-09-08      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| First Eagle Holdings Inc                  | GC FERRY ACQUISI 06/04/32                                          | CUSIP: 32009UAE7<br>LEI: 549300ZKYR56QRODD510 | Long             | LON              | CORP              | US        |      7292 | PA      | $7244.97      | 0.07%             | 2032-08-16      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| Engineered Machinery Holdings Inc         | ENGINEERED MACHY 11/26/32                                          | CUSIP: 26658NAT6<br>LEI: 5493008AR0NPSLW8EW07 | Long             | LON              | CORP              | US        |     55228 | PA      | $55513.62     | 0.57%             | 2032-11-26      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| KDC/ONE Development Corp Inc              | KDC TERM 08/15/28                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |     40000 | PA      | $38950.00     | 0.40%             | 2028-08-15      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| MH Sub I LLC                              | MH Sub 02/23/29                                                    | CUSIP: 55303BAD5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |    240000 | PA      | $208351.20    | 2.14%             | 2029-02-23      | Floating      | 9.93%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                             | CoreWeave Inc                                                      | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     95000 | PA      | $93570.78     | 0.96%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                    | AthenaHealth Group Inc                                             | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |     85000 | PA      | $82522.63     | 0.85%             | 2030-02-15      | Fixed         | 6.50%                 | 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        |     50000 | PA      | $47419.84     | 0.49%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Genmab A/S                                | GENM 11/19/32                                                      | CUSIP: 37231EAB8<br>LEI: 529900MTJPDPE4MHJ122 | Long             | LON              | CORP              | DK        |     35000 | PA      | $35171.85     | 0.36%             | 2032-12-13      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Lavender US HoldCo 1 Inc                  | Lavender Dutch B 12/02/32                                          | CUSIP: 51944RAB8<br>LEI: 254900WC9QQXLKNE2931 | Long             | LON              | CORP              | US        |     12600 | PA      | $12657.35     | 0.13%             | 2032-12-31      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Lavender US HoldCo 1 Inc                  | Lavender Dutch B 12/02/32                                          | CUSIP: 51944RAB8<br>LEI: 254900WC9QQXLKNE2931 | Long             | LON              | CORP              | US        |     15794 | PA      | $15866.59     | 0.16%             | 2032-12-31      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Covetrus Inc                              | CVET Midco 10/13/29                                                | CUSIP: 22304EAC0<br>LEI: 5493009S30DUFCF75V87 | Long             | LON              | CORP              | US        |    314904 | PA      | $303713.90    | 3.12%             | 2029-10-15      | Floating      | 8.65%                 | No            |                  2 | On Loan: No      |
| Cengage Learning Inc                      | CENGAGE LEARNIN 03/24/31                                           | CUSIP: 15131YAR6<br>LEI: 549300BYGM0FWUSVXJ88 | Long             | LON              | CORP              | US        |      9234 | PA      | $9236.47      | 0.09%             | 2031-03-24      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Lavender US HoldCo 1 Inc                  | Lavender Dutch B 12/02/32                                          | CUSIP: 51944RAB8<br>LEI: 254900WC9QQXLKNE2931 | Long             | LON              | CORP              | US        |     26606 | PA      | $26728.24     | 0.27%             | 2032-12-31      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Infinite Bidco LLC                        | Infinite Bidc 03/02/28                                             | CUSIP: 45674KAB1<br>LEI: 549300GLV0VRADA9LI65 | Long             | LON              | CORP              | US        |    196594 | PA      | $194300.26    | 2.00%             | 2028-03-02      | Floating      | 7.54%                 | No            |                  2 | On Loan: No      |
| Iris Holding Inc                          | IRIS HLDG INC 06 06/28/28                                          | CUSIP: 46271BAB6<br>LEI: 54930013SPZ2NB3I3V40 | Long             | LON              | CORP              | US        |     95361 | PA      | $92530.05     | 0.95%             | 2028-06-28      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| Cengage Learning Inc                      | CENGAGE LEARNIN 03/24/31                                           | CUSIP: 15131YAR6<br>LEI: 549300BYGM0FWUSVXJ88 | Long             | LON              | CORP              | US        |     15703 | PA      | $15708.29     | 0.16%             | 2031-03-24      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Learning Care Group US No 2 Inc           | Learning Care Gr 08/11/28                                          | CUSIP: 52200MAL4<br>LEI: 5493000VMN44LK8QID23 | Long             | LON              | CORP              | US        |     96800 | PA      | $73567.63     | 0.76%             | 2028-08-11      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Eyecare Partners LLC                      | EyeCare Partner 11/30/28                                           | CUSIP: 30233PAT7<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |    306891 | PA      | $123139.89    | 1.27%             | 2028-11-30      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Iris Holding Inc                          | IRIS HLDG INC 06 06/28/28                                          | CUSIP: 46271BAB6<br>LEI: 54930013SPZ2NB3I3V40 | Long             | LON              | CORP              | US        |     89162 | PA      | $86515.57     | 0.89%             | 2028-06-28      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| Learning Care Group US No 2 Inc           | Learning Care Gr 08/11/28                                          | CUSIP: 52200MAL4<br>LEI: 5493000VMN44LK8QID23 | Long             | LON              | CORP              | US        |    174239 | PA      | $132421.71    | 1.36%             | 2028-08-11      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Learning Care Group US No 2 Inc           | Learning Care Gr 08/11/28                                          | CUSIP: 52200MAL4<br>LEI: 5493000VMN44LK8QID23 | Long             | LON              | CORP              | US        |     58080 | PA      | $44140.57     | 0.45%             | 2028-08-11      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Learning Care Group US No 2 Inc           | Learning Care G 08/11/28                                           | CUSIP: 52200MAL4<br>LEI: 5493000VMN44LK8QID23 | Long             | LON              | CORP              | US        |     11550 | PA      | $8777.71      | 0.09%             | 2028-08-11      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| WH Borrower LLC                           | WH Borrowe 02/12/32                                                | CUSIP: 92942LAG6<br>LEI: 2549009H920CQUE3R944 | Long             | LON              | CORP              | US        |     74625 | PA      | $74904.84     | 0.77%             | 2032-02-20      | Floating      | 8.39%                 | No            |                  2 | On Loan: No      |
| Clover Holdings 2 LLC                     | Clover Holdings 12/09/31                                           | CUSIP: 18914DAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    149024 | PA      | $146509.46    | 1.51%             | 2031-12-09      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Azalea Topco Inc                          | AZALEA TOPC 04/30/31                                               | CUSIP: 05477JAE1<br>LEI: 549300HC42NZULO53062 | Long             | LON              | CORP              | US        |     49750 | PA      | $49818.90     | 0.51%             | 2031-04-30      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| ALTAR BIDCO INC                           | Altar Bidco Inc                                                    | CUSIP: 02090CAE0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     50000 | PA      | $49487.50     | 0.51%             | 2029-02-01      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| DAYFORCE INC                              | DAYFORCE INC                                                       | CUSIP: 23923YAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     25000 | PA      | $24359.38     | 0.25%             | 2032-10-07      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                      | Fiesta Purchaser Inc                                               | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $65876.14     | 0.68%             | 2032-09-15      | Fixed         | 9.62%                 | 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        |    290000 | PA      | $143278.85    | 1.47%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                               | ASURION LLC 01/22/29                                               | CUSIP: 04649VBA7<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |     82430 | PA      | $82532.95     | 0.85%             | 2029-01-22      | Floating      | 9.04%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc       | CLYDESDALE ACQUI 04/13/29                                          | CUSIP: 18972FAC6<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |    101154 | PA      | $100816.88    | 1.04%             | 2029-04-13      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| Kaseya Inc                                | KASEY 03/05/33                                                     | CUSIP: 48578AAE8<br>LEI: 254900MISXMLRZ63NH46 | Long             | LON              | CORP              | US        |    255000 | PA      | $245437.50    | 2.52%             | 2033-03-21      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |
| Fiesta Purchaser Inc                      | SHEARER'S FOODS 02/12/31                                           | CUSIP: 31659LAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     13457 | PA      | $13094.20     | 0.13%             | 2031-02-12      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                           | MADISON IAQ LLC                                                    | CUSIP: 55759VAE8<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |     25000 | PA      | $25080.13     | 0.26%             | 2032-05-06      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| Fiesta Purchaser Inc                      | SHEARER'S FOODS 02/12/31                                           | CUSIP: 31659LAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     11356 | PA      | $11049.39     | 0.11%             | 2031-02-12      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Bausch + Lomb Corp                        | BAUSCH LOMB 01/15/31                                               | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |     74650 | PA      | $75303.13     | 0.77%             | 2031-01-15      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Apple Bidco LLC                           | ATLANTIC AVIATIO 09/23/31                                          | CUSIP: 48254EAG6<br>LEI: 2549001SCJD3WEYJFM53 | Long             | LON              | CORP              | US        |     24874 | PA      | $24918.16     | 0.26%             | 2031-09-23      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Nexus Buyer LLC                           | Nexus Buye 07/31/31                                                | CUSIP: 65343UAH5<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |     25000 | PA      | $24480.75     | 0.25%             | 2031-07-31      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| HP PHRG Borrower LLC                      | PHRG INTERMEDIAT 02/28/32                                          | CUSIP: 40445XAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    184112 | PA      | $180660.29    | 1.86%             | 2032-02-20      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Arsenal AIC Parent LLC                    | ARSENAL AIC PARE 08/18/30                                          | CUSIP: 04287KAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     29224 | PA      | $29324.17     | 0.30%             | 2030-08-19      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| ASURION LLC/ASURION CO                    | Asurion LLC and Asurion Co-Issuer Inc                              | CUSIP: 045941AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $60597.65     | 0.62%             | 2034-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| National Mentor Holdings Inc              | SEVITA TERM 12/12/30                                               | CUSIP: 63689EAX3<br>LEI: 5493004QULJVJP3CNZ62 | Long             | LON              | CORP              | US        |     70004 | PA      | $70174.43     | 0.72%             | 2030-12-12      | Floating      | 9.67%                 | 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        |    190000 | PA      | $173351.06    | 1.78%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CP Iris Holdco I Inc                      | IPS DELAY-DRAW T 10/18/27                                          | CUSIP: 000000000<br>LEI: 25490024F0AS5UR7DB02 | Long             | LON              | CORP              | US        |     10581 | PA      | $10536.29     | 0.11%             | 2032-10-27      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Eyecare Partners LLC                      | EyeCare Partner 11/15/29                                           | CUSIP: 30233PAK6<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |     20000 | PA      | $4000.00      | 0.04%             | 2029-11-15      | Floating      | 10.60%                | No            |                  2 | On Loan: No      |
| KnowBe4 Inc                               | KNOWBE 07/22/32                                                    | CUSIP: 49925TAD7<br>LEI: 64883ZJ0RS5039H4PN24 | Long             | LON              | CORP              | US        |    130000 | PA      | $125450.00    | 1.29%             | 2032-07-26      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Altar Bidco Inc                           | Altar Bidc 02/01/30                                                | CUSIP: 02090CAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    285000 | PA      | $270750.00    | 2.78%             | 2030-02-01      | Floating      | 9.28%                 | No            |                  2 | On Loan: No      |
| Fortress Intermediate 3 Inc               | FORTRESS INTER 06/27/31                                            | CUSIP: 34966LAD6<br>LEI: 254900NLAZ3JQJW5JP75 | Long             | LON              | CORP              | US        |     24938 | PA      | $24532.27     | 0.25%             | 2031-06-27      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Qnity Electronics Inc                     | QNITY ELECTR 11/01/32                                              | CUSIP: 74737SAB9<br>LEI: 254900RSUG4J9TFFZX53 | Long             | LON              | CORP              | US        |     25000 | PA      | $25148.50     | 0.26%             | 2032-11-01      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Ten-X LLC                                 | Auction.com LLC 05/26/28                                           | CUSIP: 05069PAJ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    345756 | PA      | $304264.84    | 3.13%             | 2028-05-26      | Floating      | 9.74%                 | No            |                  2 | On Loan: No      |
| Advancion Holdings LLC                    | Aruba Investment 11/24/27                                          | CUSIP: 04317JAB4<br>LEI: 254900GMIYFF4FZ0A357 | Long             | LON              | CORP              | US        |     46092 | PA      | $43022.01     | 0.44%             | 2027-11-24      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| Bingo Holdings I LLC                      | BINGO HOLDINGS I 07/31/32                                          | CUSIP: 09081AAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    145730 | PA      | $143726.57    | 1.48%             | 2032-06-30      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| Kestra Advisor Services Holdings A Inc    | Kestra Advisor S 03/22/31                                          | CUSIP: 49255BAK0<br>LEI: 254900WH55RU999OY504 | Long             | LON              | CORP              | US        |     49749 | PA      | $49661.93     | 0.51%             | 2031-03-24      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| Bingo Holdings I LLC                      | BINGO HOLDINGS I 07/31/32                                          | CUSIP: 09081AAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     18857 | PA      | $18597.85     | 0.19%             | 2032-06-30      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| Emrld Borrower LP                         | EMRLD BORROW 08/04/31                                              | CUSIP: 26872NAD1<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |     24813 | PA      | $24812.04     | 0.25%             | 2031-08-04      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| National Mentor Holdings Inc              | SEVITA DELAY-DRA 12/12/30                                          | CUSIP: 63689EAY1<br>LEI: 5493004QULJVJP3CNZ62 | Long             | LON              | CORP              | US        |     29996 | PA      | $30068.57     | 0.31%             | 2030-12-12      | Floating      | 9.67%                 | No            |                  2 | On Loan: No      |
| MajorDrive Holdings IV LLC                | MajorDrive Holdi 06/01/29                                          | CUSIP: 56085UAC7<br>LEI: 25490044R1FR5N8FIT62 | Long             | LON              | CORP              | US        |     92212 | PA      | $88196.72     | 0.91%             | 2029-06-01      | Floating      | 9.39%                 | No            |                  2 | On Loan: No      |
| US Fertility Enterprises LLC              | US FERTILITY DEL 12/10/32                                          | CUSIP: 90356EAH3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      9450 | PA      | $9511.27      | 0.10%             | 2032-12-30      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| Olympus Water US Holding Corp             | OLYMPUS WTR US H 07/31/32                                          | CUSIP: 68163YAK1<br>LEI: 549300YU2GGVCBN3MY89 | Long             | LON              | CORP              | US        |    150000 | PA      | $147969.00    | 1.52%             | 2032-11-03      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Mitchell International Inc                | Mitchell Int 06/17/31                                              | CUSIP: 60662WBB7<br>LEI: 5493002RDNIGEM7SSV41 | Long             | LON              | CORP              | US        |     39798 | PA      | $39027.38     | 0.40%             | 2031-06-17      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Clover Holdings 2 LLC                     | Clover Holdings 12/09/31                                           | CUSIP: 18914DAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     84362 | PA      | $83097.06     | 0.85%             | 2031-12-09      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Wand NewCo 3 Inc                          | Wand NewCo 01/30/31                                                | CUSIP: 93369PAM6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | LON              | CORP              | US        |     78304 | PA      | $78354.97     | 0.81%             | 2031-01-30      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Sweetwater Borrower LLC                   | Sweetwater Borro 08/07/28                                          | CUSIP: 87168EAB0<br>LEI: 254900JJU57789DC8283 | Long             | LON              | CORP              | US        |     76520 | PA      | $76711.07     | 0.79%             | 2028-08-07      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| SGH 09/30/32                              | SGH 09/30/32                                                       | CUSIP: 78424SAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     74812 | PA      | $75141.68     | 0.77%             | 2032-08-18      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                             | CoreWeave Inc                                                      | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     55000 | PA      | $53350.64     | 0.55%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| DREYFUS TRSY OBLIG CASH M                 | DREYFUS TRSY OBLIG CASH M                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    643281 | NS      | $643280.65    | 6.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Holdings Intermediate LLC         | ALLIANT HLDGS IN 09/19/31                                          | CUSIP: 01881UAN5<br>LEI: 5493006Q26653NF8SI73 | Long             | LON              | CORP              | US        |     74687 | PA      | $74558.89     | 0.77%             | 2031-09-19      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| DG Investment Intermediate Holdings 2 Inc | DG INVT INTER HL 07/22/33                                          | CUSIP: 23344MAN8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     65000 | PA      | $65325.00     | 0.67%             | 2033-07-29      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| Engineered Machinery Holdings Inc         | Engineered Machi 05/21/29                                          | CUSIP: 26658NAQ2<br>LEI: 5493008AR0NPSLW8EW07 | Long             | LON              | CORP              | US        |     40000 | PA      | $40400.00     | 0.42%             | 2029-05-21      | Floating      | 9.84%                 | No            |                  2 | On Loan: No      |
| Gloves Buyer Inc                          | GLOVES BUYE 01/17/32                                               | CUSIP: 37987UAG7<br>LEI: 54930015O0Y94T5H8Z18 | Long             | LON              | CORP              | US        |     99750 | PA      | $99396.89     | 1.02%             | 2032-05-24      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| RH                                        | RH                                                                 | CUSIP: 76133MAC5<br>LEI: 549300H9H1H3OC7C3H47 | Long             | LON              | CORP              | US        |    209459 | PA      | $209140.38    | 2.15%             | 2028-10-20      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| Veritiv Operating Co                      | VERDE PURC 11/30/30                                                | CUSIP: 92338TAB2<br>LEI: 5493004G8OK5L1UTIY12 | Long             | LON              | CORP              | US        |     24937 | PA      | $24472.42     | 0.25%             | 2030-11-29      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-25

**Name of Applicant:** FundVantage Trust

**Signature:** Christine S. Catanzaro

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

**Title:** Treasurer and Chief Financial Officer