# EDGAR Filing Document

**Accession Number:** 0001388485
**File Stem:** 0001752724-23-038744
**Filing Date:** 2023-2
**Character Count:** 66816
**Document Hash:** 577e8fd298b2bf8234f16fddb413aad6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-038744.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-038744

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FundVantage Trust
- **CENTRAL INDEX KEY:** 0001388485
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22027
- **FILM NUMBER:** 23664759

**BUSINESS ADDRESS:**
- **BUSINESS PHONE:** 3027911906

**MAIL ADDRESS:**
- **STREET 1:** 301 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

## Series and Classes Contracts Data

### Sirios Focus Fund Series (Series ID: S000070369)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000223797 | Institutional Class | SFFIX           |

## Nport-Ex

SIRIOS LONG/SHORT FUND

#### Portfolio of Investments

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **LONG POSITIONS — 95.8%** | **LONG POSITIONS — 95.8%** | **LONG POSITIONS — 95.8%** |
| **COMMON STOCKS — 64.5%** | **COMMON STOCKS — 64.5%** | **COMMON STOCKS — 64.5%** |
| **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** |
| HEICO Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724 | $206621 |
| **Airlines — 2.9%** | **Airlines — 2.9%** | **Airlines — 2.9%** |
| Southwest Airlines Co.†\* | &nbsp;&nbsp;&nbsp;&nbsp;24331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 819225 |
| **Auto Manufacturers — 1.4%** | **Auto Manufacturers — 1.4%** | **Auto Manufacturers — 1.4%** |
| PACCAR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414190 |
| **Banks — 5.1%** | **Banks — 5.1%** | **Banks — 5.1%** |
| KeyCorp. | &nbsp;&nbsp;&nbsp;&nbsp;14704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256144 |
| Wells Fargo & Co.† | &nbsp;&nbsp;&nbsp;&nbsp;28781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1188367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1444511 |
| **Beverages — 1.9%** | **Beverages — 1.9%** | **Beverages — 1.9%** |
| Constellation Brands, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 543222 |
| **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
| Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137536 |
| **Commercial Services — 4.7%** | **Commercial Services — 4.7%** | **Commercial Services — 4.7%** |
| S&P Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1348468 |
| **Diversified Financial Services — 5.0%** | **Diversified Financial Services — 5.0%** | **Diversified Financial Services — 5.0%** |
| American Express Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850597 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591657 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1442254 |
| **Electronics — 1.0%** | **Electronics — 1.0%** | **Electronics — 1.0%** |
| Keysight Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295096 |
| **Environmental Control — 0.5%** | **Environmental Control — 0.5%** | **Environmental Control — 0.5%** |
| Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142104 |
| **Healthcare-Products — 12.8%** | **Healthcare-Products — 12.8%** | **Healthcare-Products — 12.8%** |
| Abbott Laboratories† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 913343 |
| Alcon, Inc. (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp;20990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1438865 |
| Boston Scientific Corp.†\* | &nbsp;&nbsp;&nbsp;&nbsp;19246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890512 |
| Danaher Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296209 |
| Lantheus Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105181 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3644110 |
| **Leisure Time — 1.6%** | **Leisure Time — 1.6%** | **Leisure Time — 1.6%** |
| Norwegian Cruise Line Holdings Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;36355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444985 |
| **Miscellaneous Manufacturing — 1.7%** | **Miscellaneous Manufacturing — 1.7%** | **Miscellaneous Manufacturing — 1.7%** |
| Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491881 |
| **Oil & Gas — 3.4%** | **Oil & Gas — 3.4%** | **Oil & Gas — 3.4%** |
| Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110194 |
| Nabors Industries Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611737 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126295 |
| Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 962536 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Common Stocks — (Continued)** | **Common Stocks — (Continued)** | **Common Stocks — (Continued)** |
| **Oil & Gas Services — 1.8%** | **Oil & Gas Services — 1.8%** | **Oil & Gas Services — 1.8%** |
| Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3101 | $122024 |
| Schlumberger Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404425 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526449 |
| **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** |
| Eli Lilly & Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540346 |
| Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318405 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 858751 |
| **Pipelines — 0.5%** | **Pipelines — 0.5%** | **Pipelines — 0.5%** |
| Golar LNG Ltd. (Bermuda)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136330 |
| **Semiconductors — 3.3%** | **Semiconductors — 3.3%** | **Semiconductors — 3.3%** |
| Analog Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653660 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280048 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 933708 |
| **Software — 12.7%** | **Software — 12.7%** | **Software — 12.7%** |
| Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436488 |
| Adobe, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 827191 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344142 |
| Roper Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1310961 |
| Splunk, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214622 |
| Workday, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3612302 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br> (Cost $16,951,335) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18404279 |
| **SHORT-TERM INVESTMENTS — 31.3%** | **SHORT-TERM INVESTMENTS — 31.3%** | **SHORT-TERM INVESTMENTS — 31.3%** |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 4.17%<sup>(a)</sup><br> (Cost $8,912,703) | 8912703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8912703 |
| TOTAL LONG POSITIONS - 95.8%<br> (Cost $25,864,038) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27316982 |
| **SHORT POSITIONS — (3.9)%** | **SHORT POSITIONS — (3.9)%** | **SHORT POSITIONS — (3.9)%** |
| **Common Stocks — (3.9)%** | **Common Stocks — (3.9)%** | **Common Stocks — (3.9)%** |
| **Aerospace & Defense — (1.5)%** | **Aerospace & Defense — (1.5)%** | **Aerospace & Defense — (1.5)%** |
| HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(1352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (207721) |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (222326) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (430047) |
| **Diversified Financial Services — (0.1)%** | **Diversified Financial Services — (0.1)%** | **Diversified Financial Services — (0.1)%** |
| Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39415) |
| **Environmental Control — (0.4)%** | **Environmental Control — (0.4)%** | **Environmental Control — (0.4)%** |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (104796) |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

SIRIOS LONG/SHORT FUND

#### Portfolio of Investments (Continued)

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Common Stocks — (Continued)** | **Common Stocks — (Continued)** | **Common Stocks — (Continued)** |
| **Internet — (0.4)%** | **Internet — (0.4)%** | **Internet — (0.4)%** |
| Meta Platforms, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(866) | &nbsp;&nbsp;$(104214) |
| **Media — (0.1)%** | **Media — (0.1)%** | **Media — (0.1)%** |
| Comcast Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;(1146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40076) |
| **Pharmaceuticals — (0.5)%** | **Pharmaceuticals — (0.5)%** | **Pharmaceuticals — (0.5)%** |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;(1835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (132028) |
| **Retail — (0.5)%** | **Retail — (0.5)%** | **Retail — (0.5)%** |
| Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (143401) |
| **Transportation — (0.4)%** | **Transportation — (0.4)%** | **Transportation — (0.4)%** |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (111714) |
| &nbsp;&nbsp;&nbsp;Total Common Stocks<br> (Proceeds $1,220,580) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1105691) |

---

---

| | |
|:---|:---|
|  | **Value** |
| TOTAL SHORT POSITIONS - (3.9)%<br> (Proceeds $1,220,580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1105691) |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 8.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2322149 |
| NET ASSETS - 100.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28533440 |

---

------

---

| | |
|:---|:---|
| <sup>†</sup> | Security position is either entirely or partially held in a segregated account as collateral for swap agreements and forward foreign currency contracts or securities sold short. |
| <sup>\*</sup> | Non-income producing. |
| <sup>(a)</sup> | Rate disclosed is the 7-day yield at December 31, 2022. |

---

Forward foreign currency contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2194) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7847) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2372000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23229 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4737000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2278 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15466 |

---

The following table represents Total Return Swaps - Long positions and their related values as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> Entity/Index (Receive)** | **Pay** | **Payment<br> Frequency** | **Counterparty** | **Expiration<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Airbus SE | U.S. Fed Funds +0.550% | Maturity | MS | 01/22/25 | &nbsp;&nbsp;&nbsp;$487231 | &nbsp;&nbsp;&nbsp;$92241 |
| BAE Systems PLC | U.S. Fed Funds +0.550% | Maturity | MS | 01/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767206 | &nbsp;&nbsp;&nbsp;&nbsp;136333 |
| London Stock Exchange Group PLC | U.S. Fed Funds +0.550% | Maturity | MS | 01/22/25 | &nbsp;&nbsp;&nbsp;2076999 | &nbsp;&nbsp;&nbsp;(164124) |
| Pernod Ricard SA | U.S. Fed Funds +0.550% | Maturity | MS | 01/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73270 |
| Telefonaktiebolaget LM Ericsson | U.S. Fed Funds +0.550% | Maturity | MS | 01/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326137 | &nbsp;&nbsp;&nbsp;&nbsp;(35613) |
| Telefonaktiebolaget LM Ericsson | U.S. Fed Funds +0.550% | Maturity | MS | 01/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100753 | &nbsp;&nbsp;&nbsp;&nbsp;(10389) |
| Telefonaktiebolaget LM Ericsson | U.S. Fed Funds +0.550% | Maturity | MS | 01/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926 |
| Canadian Pacific Railway Ltd. | U.S. Fed Funds +0.550% | Maturity | MS | 06/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20848 |
|  |  |  |  |  |  | $113492 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

SIRIOS LONG/SHORT FUND

#### Portfolio of Investments (Concluded)

#### December 31, 2022
(Unaudited)

The following table represents Total Return Swaps - Short positions and their related values as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> Entity/Index (Pay)** | **Receive** | **Payment<br> Frequency** | **Counterparty** | **Expiration<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)<sup>\*</sup>** |
| S&P 500 Index Pharmaceuticals Select Sector | U.S. Fed Funds -0.350% | Maturity | MS | 12/07/23 | &nbsp;&nbsp;&nbsp;$782983 | &nbsp;&nbsp;&nbsp;&nbsp;$89940 |
| S&P 500 Index Transportation Select Sector | U.S. Fed Funds -0.700% | Maturity | MS | 12/07/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27198 |
| S&P 500 Index Semiconductor Select Industry | U.S. Fed Funds -0.070% | Maturity | MS | 04/11/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100243 |
| S&P 500 Index Retail Select Industry | U.S. Fed Funds -1.270% | Maturity | MS | 07/24/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160120 |
| S&P 500 Equal Weight Financial | U.S. Fed Funds -0.350% | Maturity | MS | 07/31/24 | &nbsp;&nbsp;&nbsp;1321186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52583 |
| Industrial Select Sector | U.S. Fed Funds -0.350% | Maturity | MS | 12/03/24 | &nbsp;&nbsp;&nbsp;1545054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940 |
| S&P 500 Index | U.S. Fed Funds -0.250% | Maturity | MS | 12/05/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149576 |
| Moody's Corporation | U.S. Fed Funds -0.300% | Maturity | MS | 12/06/24 | &nbsp;&nbsp;&nbsp;1241323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176410 |
| Technology Select Sector | U.S. Fed Funds -0.100% | Maturity | MS | 01/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219856 |
| Health Care Select Sector | U.S. Fed Funds -0.250% | Maturity | MS | 01/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5666 |
| S&P 500 Equal Weight Energy | U.S. Fed Funds -0.350% | Maturity | MS | 09/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5848) |
| S&P 500 Equal Weight Energy | U.S. Fed Funds -1.380% | Maturity | MS | 09/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3827 |
| Dow Jones U.S. Real Estate Index | U.S. Fed Funds -0.200% | Maturity | MS | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545 |
| S&P 500 Equal Weight Financial | U.S. Fed Funds -0.350% | Maturity | MS | 12/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28183 |
|  |  |  |  |  |  | $1013239 |
| Total Swap Contracts |  |  |  |  |  | **$1126731** |

---

------

\* Includes $(61835) related to open trades, dividends receivables/payables and swap receivables/payables activities.

---

| | |
|:---|:---|
| USD | United States Dollar |
| CAD | Canada Dollar |
| GBP | British Pound |
| EUR | Euro |
| SEK | Sweden Krona |
| MS | Morgan Stanley |
| PLC | Public Limited Company |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

SIRIOS FOCUS FUND

#### Portfolio of Investments

#### December 31, 2022
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS — 73.0%** | **COMMON STOCKS — 73.0%** | **COMMON STOCKS — 73.0%** |
| **Airlines — 3.4%** | **Airlines — 3.4%** | **Airlines — 3.4%** |
| Southwest Airlines Co.\* | 10660 | $358922 |
| **Auto Manufacturers — 1.5%** | **Auto Manufacturers — 1.5%** | **Auto Manufacturers — 1.5%** |
| PACCAR, Inc. | 1603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158649 |
| **Banks — 5.1%** | **Banks — 5.1%** | **Banks — 5.1%** |
| KeyCorp. | 5596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97483 |
| Wells Fargo & Co. | 10670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538047 |
| **Beverages — 2.0%** | **Beverages — 2.0%** | **Beverages — 2.0%** |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211819 |
| **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
| Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52224 |
| **Commercial Services — 7.2%** | **Commercial Services — 7.2%** | **Commercial Services — 7.2%** |
| S&P Global, Inc. | 2302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 771032 |
| **Diversified Financial Services — 5.0%** | **Diversified Financial Services — 5.0%** | **Diversified Financial Services — 5.0%** |
| American Express Co.† | 2110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311753 |
| LPL Financial Holdings, Inc. | 1013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218980 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530733 |
| **Electronics — 1.0%** | **Electronics — 1.0%** | **Electronics — 1.0%** |
| Keysight Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109314 |
| **Environmental Control — 0.5%** | **Environmental Control — 0.5%** | **Environmental Control — 0.5%** |
| Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51698 |
| **Healthcare-Products — 14.5%** | **Healthcare-Products — 14.5%** | **Healthcare-Products — 14.5%** |
| Abbott Laboratories† | 3123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342874 |
| Alcon, Inc. (Switzerland) | 9790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 671105 |
| Boston Scientific Corp.†\* | 8338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385799 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108291 |
| Lantheus Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38271 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1546340 |
| **Leisure Time — 2.6%** | **Leisure Time — 2.6%** | **Leisure Time — 2.6%** |
| Norwegian Cruise Line Holdings Ltd.\* | 22818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279292 |
| **Miscellaneous Manufacturing — 1.8%** | **Miscellaneous Manufacturing — 1.8%** | **Miscellaneous Manufacturing — 1.8%** |
| Eaton Corp. PLC | 1220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191479 |
| **Oil & Gas — 3.4%** | **Oil & Gas — 3.4%** | **Oil & Gas — 3.4%** |
| Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41837 |
| Nabors Industries Ltd.\* | 1498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231995 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48061 |
| Patterson-UTI Energy, Inc. | 2534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42673 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364566 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Common Stocks — (Continued)** | **Common Stocks — (Continued)** | **Common Stocks — (Continued)** |
| **Oil & Gas Services — 1.9%** | **Oil & Gas Services — 1.9%** | **Oil & Gas Services — 1.9%** |
| Halliburton Co. | 1178 | $46354 |
| Schlumberger Ltd. | 2873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153591 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199945 |
| **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198285 |
| Pfizer, Inc.† | 2416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322081 |
| **Pipelines — 0.5%** | **Pipelines — 0.5%** | **Pipelines — 0.5%** |
| Golar LNG Ltd. (Bermuda)\* | 2178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49637 |
| **Semiconductors — 3.3%** | **Semiconductors — 3.3%** | **Semiconductors — 3.3%** |
| Analog Devices, Inc.† | 1472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241452 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105411 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346863 |
| **Software — 15.8%** | **Software — 15.8%** | **Software — 15.8%** |
| Activision Blizzard, Inc. | 2128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162898 |
| Adobe, Inc.\* | 1237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416288 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128544 |
| Roper Technologies, Inc. | 1649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712516 |
| Splunk, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82646 |
| Workday, Inc., Class A\* | 1068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1681601 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br> (Cost $7,215,998) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7764242 |
| TOTAL INVESTMENTS - 73.0%<br> (Cost $7,215,998) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7764242 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 27.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2875469 |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10639711 |

---

------

<sup>†</sup> Security position is either entirely or partially held in a segregated account as collateral for swap agreements and forward foreign currency contracts. <br> <sup>\*</sup> Non-income producing.

See accompanying Notes to the Quarterly Portfolio of Investments.

------

SIRIOS FOCUS FUND

#### Portfolio of Investments (Concluded)

#### December 31, 2022
(Unaudited)

Forward foreign currency contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(834) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2922) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9851 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6954 |

---

The following table represents Total Return Swaps - Long positions and their related values as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> Entity/Index (Receive)** | **Pay** | **Payment<br> Frequency** | **Counterparty** | **Expiration<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)<sup>\*</sup>** |
| Airbus SE | U.S. Fed Funds +0.550% | Maturity | MS | 04/23/24 | $194071 | $26609 |
| BAE Systems PLC | U.S. Fed Funds +0.550% | Maturity | MS | 04/23/24 | &nbsp;&nbsp;&nbsp;286724 | &nbsp;&nbsp;&nbsp;&nbsp;49947 |
| London Stock Exchange Group PLC | U.S. Fed Funds +0.550% | Maturity | MS | 04/23/24 | &nbsp;&nbsp;&nbsp;936787 | &nbsp;&nbsp;&nbsp;(83602) |
| Pernod Ricard SA | U.S. Fed Funds +0.550% | Maturity | MS | 04/23/24 | &nbsp;&nbsp;&nbsp;151617 | &nbsp;&nbsp;&nbsp;&nbsp;26591 |
| Telefonaktiebolaget LM Ericsson | U.S. Fed Funds +0.550% | Maturity | MS | 04/23/24 | &nbsp;&nbsp;&nbsp;123146 | &nbsp;&nbsp;&nbsp;(13447) |
| Telefonaktiebolaget LM Ericsson | U.S. Fed Funds +0.550% | Maturity | MS | 04/23/24 | &nbsp;&nbsp;&nbsp;&nbsp;39827 | &nbsp;&nbsp;&nbsp;&nbsp;(4106) |
| Telefonaktiebolaget LM Ericsson | U.S. Fed Funds +0.550% | Maturity | MS | 04/23/24 | &nbsp;&nbsp;&nbsp;&nbsp;24076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 |
| Canadian Pacific Railway Ltd. | U.S. Fed Funds +0.400% | Maturity | MS | 06/30/25 | &nbsp;&nbsp;&nbsp;122305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7704 |
| Total Swap Contracts |  |  |  |  |  | $10018 |

---

------

\* Includes $(24473) related to open trades, dividends receivables/payables and swap receivables/payables activities.

---

| | |
|:---|:---|
| USD | United States Dollar |
| CAD | Canada Dollar |
| GBP | British Pound |
| EUR | Euro |
| SEK | Sweden Krona |
| MS | Morgan Stanley |
| PLC | Public Limited Company |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

SIRIOS FUNDS

#### Notes to the Quarterly Portfolio of Investments

#### December 31, 2022
(Unaudited)

A. Portfolio Valuation:

***Portfolio Valuation – The Sirios Long/Short Fund and Sirios Focus Fund (each a "Fund" and together the "Funds") net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by each Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System ("NASDAQ") market system where they are primarily traded. Each Fund's equity securities listed on any national or foreign exchange market system will be valued at the last sale price. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing price. If there were no transactions on that day, securities traded principally on an exchange will be valued at the mean of the last bid and ask prices prior to the market close. Prices for equity securities normally are supplied by an independent pricing service approved by the Trust's Board of Trustees ("Board of Trustees"). Fixed income securities are valued based on market quotations, which are furnished by an independent pricing service. Fixed income securities having remaining maturities of 60 days or less are generally valued at amortized cost, provided such amount approximates market value. Any assets held by the Funds that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that the Funds determines the daily NAV per share. Foreign securities may trade on weekends or other days when the Funds does not calculate NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of the Funds. Foreign securities are valued based on prices from the primary market in which they are traded and are translated from the local currency into U.S. dollars using current exchange rates. Forward foreign currency contracts are valued at the forward rate. Investments in any mutual fund are valued at their respective NAVs as determined by those mutual funds each business day (which may use fair value pricing as disclosed in their prospectuses). OTC investments (including swap contracts) are generally valued by approved pricing services that use evaluated prices from various observable market factors. Securities that do not have a readily available current market value are valued in good faith by the Adviser as "valuation designee" under the oversight of the Trust's Board of Trustees. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Trust's Board of Trustees.***

***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.

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.

------

SIRIOS FUNDS

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

#### December 31, 2022
(Unaudited)

The following is a summary of the inputs used, as of December 31, 2022, in valuing each Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Total<br> Value at<br> 12/31/22** | &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** |
| **Sirios Long/Short Fund** | **Sirios Long/Short Fund** |  |  |  |
| **Assets** |  |  |  |  |
| **Long Positions:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$18404279 | $18404279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8912703 | &nbsp;&nbsp;&nbsp;&nbsp;8912703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1342705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$28685194 | $27316982 | &nbsp;&nbsp;$1368212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Liabilities** |  |  |  |  |
| **Short Positions** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$(1105691) | $(1105691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Liabilities | &nbsp;&nbsp;$(1331706) | $(1105691) | &nbsp;&nbsp;$(226015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Sirios Focus Fund** | **Sirios Focus Fund** |  |  |  |
| **Assets** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$7764242 | &nbsp;&nbsp;$7764242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$7886125 | &nbsp;&nbsp;$7764242 | &nbsp;&nbsp;&nbsp;$121883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Liabilities** |  |  |  |  |
| Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return Swap Contracts | &nbsp;&nbsp;$(101155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(101155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Foreign Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;$(104911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(104911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

------

SIRIOS FUNDS

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

#### December 31, 2022
(Unaudited)

in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

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

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

For the period ended December 31, 2022, there were no transfers in or out of Level 3.

***Short Sales — Each Fund may sell securities short. A short sale involves the sale by a Fund of a security that it does not own with the anticipation of purchasing the same security at a later date at a lower price. If the price of the security has increased during this time, then a Fund will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to a Fund. There can be no assurance that a Fund will be able to close out a short position at any particular time or at an acceptable price. Although a Fund's gain is limited to the amount at which it sold a security short, its potential loss is unlimited. The Funds comply with guidelines established by the Securities and Exchange Commission and other applicable regulatory bodies with respect to coverage of short sales.***

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

The Funds utilized Forward Contracts for hedging purposes to protect the Funds' returns against adverse currency movements.

***Purchased Options — The Funds may purchase option contracts. They are subject to interest rate and other risk exposure in the normal course of pursuing their investment objectives. The risk associated with purchasing an option is that the Funds pay a premium whether or not the option is exercised. Additionally, the Funds bear the risk of loss of premium and change in market value should the counterparty not perform under the contract. Put and call options are accounted for in the same manner as other securities owned. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.***

***Total Return Swaps — Total return swaps are contracts in which both parties agree to make payments of the total return from a reference instrument during a specified period. The total return includes appreciation or depreciation on the underlying asset, plus any interest or dividend payments. The unrealized appreciation or depreciation also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate, such as the U.S. effective federal funds rate ("EFFR"). Payments under the swap are based upon an agreed upon principal amount but, since the principal amount is not exchanged, it represents neither an asset nor a***

------

SIRIOS FUNDS

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

#### December 31, 2022
(Unaudited)

liability to either counterparty, and is referred to as notional. Total return swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation or depreciation related to the change in the valuation of the notional amount of the swap is combined with the amount due to the Fund at termination or settlement. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the swap or unfavorable changes occur to the underlying reference instrument).

The Funds used total return swaps to enhance returns, obtain short exposure as part of the Fund's strategy and for market exposure.

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** 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:** 301 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:** Sirios Focus Fund Series

- **b. EDGAR series identifier (if any):** S000070369

- **c. LEI of Series:** 549300BD0HO6DZJ91S54

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-30

**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:** $10786199.18

**Total Liabilities:** $146488.33

**Net Assets:** $10639710.85

**Cash Not Reported:** $2892507.66

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223797 | 10.30%               | 5.02%                | -5.57%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $13167.00                | $923708.30                                 |
| Month 2  | $84982.15                | $339422.51                                 |
| Month 3  | $-58653.03               | $-381828.98                                |

**Designated Index Information**

- **Index Name:** S&P 500 INDEX

- **Index Identifier:** SPX Index

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Occidental Petroleum Corp           | Occidental Petroleum Corp           | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |       763 | NS      | $48061.37     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC            | TRS SWSERICBSS                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-13447.11    | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL SERVICES LLC | TRS SWSRIFP04232024                 | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DE               | CORP              | US        |         1 | NC      | $24192.24     | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Southwest Airlines Co               | Southwest Airlines Co               | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |     10660 | NS      | $358922.20    | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc               | Lantheus Holdings Inc               | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |       751 | NS      | $38270.96     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Nabors Industries Ltd               | Nabors Industries Ltd               | CUSIP: 000000000<br>LEI: 5493008TXYN3II3PU369 | Long             | EC               | CORP              | US        |      1498 | NS      | $231995.26    | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Activision Blizzard Inc             | Activision Blizzard Inc             | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |      2128 | NS      | $162898.40    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC            | TRS SWSBAES.L                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $46402.61     | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Splunk Inc                          | Splunk Inc                          | CUSIP: 848637104<br>LEI: 549300XGDSGBP6UEI867 | Long             | EC               | CORP              | US        |       960 | NS      | $82646.40     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                      | S&P Global Inc                      | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      2302 | NS      | $771031.88    | 7.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                          | Pfizer Inc                          | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      2416 | NS      | $123795.84    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                          | PACCAR Inc                          | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |      1603 | NS      | $158648.91    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc          | LPL Financial Holdings Inc          | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |      1013 | NS      | $218980.21    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc              | Roper Technologies Inc              | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |      1649 | NS      | $712516.41    | 6.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon Inc                           | Alcon Inc                           | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |      9790 | NS      | $671104.50    | 6.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                         | Workday Inc                         | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      1068 | NS      | $178708.44    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                             | KeyCorp                             | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |      5596 | NS      | $97482.32     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC            | USD/SEK FORWARD                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $858.74       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo & Co                    | Wells Fargo & Co                    | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     10670 | NS      | $440564.30    | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC            | USD/EUR FORWARD                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-2922.32     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC            | TRS LONDON STOCK EXCHANGE GROUP PLC | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-83601.77    | -0.79%            |  |  |  | No            |                  2 | On Loan: No      |
| Golar LNG Ltd                       | Golar LNG Ltd                       | CUSIP: 000000000<br>LEI: 213800C2VSFZG3EZLO34 | Long             | EC               | CORP              | BM        |      2178 | NS      | $49636.62     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC            | TRS SWSCPCN                         | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $7457.07      | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC            | TRS SWSERICBSS1                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $-4106.55     | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Halliburton Co                      | Halliburton Co                      | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |      1178 | NS      | $46354.30     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                 | American Express Co                 | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      2110 | NS      | $311752.50    | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp              | Boston Scientific Corp              | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      8338 | NS      | $385799.26    | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc                  | Analog Devices Inc                  | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      1472 | NS      | $241452.16    | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                           | Adobe Inc                           | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      1237 | NS      | $416287.61    | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                 | Abbott Laboratories                 | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      3123 | NS      | $342874.17    | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies Inc           | Keysight Technologies Inc           | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |       639 | NS      | $109313.73    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc            | Constellation Brands Inc            | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |       914 | NS      | $211819.50    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc               | Waste Connections Inc               | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | US        |       390 | NS      | $51698.40     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp                           | Hess Corp                           | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |       295 | NS      | $41836.90     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                      | Eli Lilly & Co                      | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       542 | NS      | $198285.28    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                      | Microsoft Corp                      | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       536 | NS      | $128543.52    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc            | Patterson-UTI Energy Inc            | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |      2534 | NS      | $42672.56     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                      | Eaton Corp PLC                      | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | US        |      1220 | NS      | $191479.00    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC            | TRS SWSERICBSS2                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $322.16       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC            | GBP/USD FORWARD                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $9851.71      | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Norwegian Cruise Line Holdings      | Norwegian Cruise Line Holdings Ltd  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22818 | NS      | $279292.32    | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC            | USD/CAD FORWARD                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-833.48      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Schlumberger Ltd                    | Schlumberger Ltd                    | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |      2873 | NS      | $153590.58    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International      | Johnson Controls International plc  | CUSIP: 000000000<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |       816 | NS      | $52224.00     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc               | Texas Instruments Inc               | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |       638 | NS      | $105410.36    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC            | TRS AIRBUS SE                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |         1 | NC      | $26609.26     | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Danaher Corp                        | Danaher Corp                        | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |       408 | NS      | $108291.36    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** FundVantage Trust

**Signature:** T. Richard Keyes

**Name of Signer:** T. Richard Keyes

**Title:** Treasurer and Chief Financial Officer