# EDGAR Filing Document

**Accession Number:** 0001388485
**File Stem:** 0000940400-25-001991
**Filing Date:** 2025-9
**Character Count:** 128130
**Document Hash:** b3e90e5660ffd28cc053b69cba1c2aae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-001991.hdr.sgml**: 20250923

**ACCESSION NUMBER**: 0000940400-25-001991

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250923

**DATE AS OF CHANGE**: 20250923

**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:** 251334213

**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 High Income ETF (Series ID: S000090827)

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

## Nport-Ex

POLEN FLOATING RATE INCOME ETF

#### Portfolio of Investments

#### July 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS† — 83.7%** | **SENIOR LOANS† — 83.7%** | **SENIOR LOANS† — 83.7%** |
| **Consumer Discretionary Products — 6.9%** | **Consumer Discretionary Products — 6.9%** | **Consumer Discretionary Products — 6.9%** |
| DexKo Global, Inc., First Lien Closing Date Dollar Term Loan, 8.221% (SOFR +386 bps), 10/4/28<sup>(a)</sup> | &nbsp;&nbsp;$126324 | $120755 |
| DexKo Global, Inc., 2023 Incremental Term Loans, 8.606% (SOFR +425 bps), 10/4/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 44251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42636 |
| MajorDrive Holdings IV, LLC, Initial Term Loan, 8.557% (SOFR +426 bps), 6/1/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 69637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68604 |
| MajorDrive Holdings IV, LLC, 2022 Incremental Term Loan, 9.946% (SOFR +565 bps), 6/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 92691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92053 |
| RealTruck Group, Inc., Second Amendment Incremental Term Loan, 9.471% (SOFR +511 bps), 1/31/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;162938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152469 |
| Varsity Brands, Inc., 2025 Term Loan, 7.83% (SOFR +350 bps), 8/26/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;119488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119950 |
| WH Borrower, LLC, Initial Term Loan, 9.072% (SOFR +475 bps), 2/12/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55073 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651540 |
| **Consumer Discretionary Services — 4.7%** | **Consumer Discretionary Services — 4.7%** | **Consumer Discretionary Services — 4.7%** |
| Columbus Finance B.V., Term Loan B, 7/16/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50125 |
| International Entertainment JJCo3 Ltd., Facility B (USD) Loan, 8.058% (SOFR +375 bps), 4/19/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116078 |
| Learning Care Group U.S. No.2, Inc., 2024 Refinancing Term Loans 8.296% - 8.322% (SOFR +400 bps), 8/11/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;222097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222560 |
| Prometric Holdings, Inc., Term Loan B, 8.106% (SOFR +375 bps), 6/18/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 439170 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Consumer Staple Products — 1.9%** | **Consumer Staple Products — 1.9%** | **Consumer Staple Products — 1.9%** |
| Fiesta Purchaser, Inc., Term Loan B (2024), 7.606% (SOFR +325 bps), 2/12/31<sup>(a)</sup> | $88853 | $89131 |
| VC GB Holdings I Corp., First Lien Initial Term Loan, 7/21/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 94755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94678 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183809 |
| **Financial Services — 1.2%** | **Financial Services — 1.2%** | **Financial Services — 1.2%** |
| Nexus Buyer, LLC, Amendment No. 9 Refinancing Term Loan, 7.856% (SOFR +350 bps), 7/31/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 83866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84123 |
| Nexus Buyer, LLC, Second Lien Term Loan, 10.706% (SOFR +635 bps), 11/5/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24915 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109038 |
| **Health Care — 14.6%** | **Health Care — 14.6%** | **Health Care — 14.6%** |
| Aveanna Healthcare, LLC, First Lien 2021 Extended Term Loan, 8.183% (SOFR +385 bps), 7/17/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;222378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219876 |
| Aveanna Healthcare, LLC, Initial Term Loan, 11.483% (SOFR +715 bps), 12/10/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119625 |
| Bausch & Lomb Corp., Third Amendment Term Loans, 8.606% (SOFR +425 bps), 1/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65357 |
| CVET Midco 2 LP, Initial Term Loan, 9.296% (SOFR +500 bps), 10/13/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;271523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248445 |
| EyeCare Partners, LLC, Tranche B Term Loan, 5.227% (SOFR +110 bps), 11/30/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;301306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239350 |
| EyeCare Partners, LLC, Tranche C Term Loan, 10.977% (SOFR +685 bps), 11/30/28<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2407 |
| EyeCare Partners, LLC, Second Lien Initial Term Loan, 11.458% (SOFR +718 bps), 11/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5500 |
| Heartland Dental, LLC, 2024 New Term Loans, 8.858% (SOFR +450 bps), 4/28/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;167751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168307 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

POLEN FLOATING RATE INCOME ETF

#### Portfolio of Investments (Continued)

#### July 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Health Care — (Continued)** | **Health Care — (Continued)** | **Health Care — (Continued)** |
| Performance Health Holdings, Inc., Initial Term Loan, 7.95% (SOFR +375 bps), 3/19/32<sup>(a)</sup> | &nbsp;&nbsp;$245000 | $238875 |
| Sharp Services, LLC, Tranche D Term Loan, 7.546% (SOFR +325 bps), 12/31/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 61886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62311 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370053 |
| **Industrial Products — 4.6%** | **Industrial Products — 4.6%** | **Industrial Products — 4.6%** |
| Engineered Machinery Holdings, Inc., Incremental USD First Lien Term Loan, 8.057% (SOFR +376 bps), 5/19/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 63479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63893 |
| Engineered Machinery Holdings, Inc., Second Lien Amendment No. 3 Incremental Term Loan, 10.557% (SOFR +626 bps), 5/21/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40216 |
| Engineered Machinery Holdings, Inc., Second Lien Incremental Amendment No. 2 Term Loan, 11.057% (SOFR +676 bps), 5/21/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186041 |
| LSF12 Crown US Commercial Bidco, LLC, 2025 Refinancing Term Loan, 7.856% (SOFR +350 bps), 12/2/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141021 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431171 |
| **Industrial Services — 10.9%** | **Industrial Services — 10.9%** | **Industrial Services — 10.9%** |
| DG Investment Intermediate Holdings 2, Inc., 2025 Refinancing Term Loan, 3/30/29<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64838 |
| DG Investment Intermediate Holdings 2, Inc., Term Loan, 8.088% (SOFR +375 bps), 7/2/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;174096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174803 |
| Gloves Buyer, Inc., Initial Term Loans, 8.356% (SOFR +400 bps), 5/21/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171763 |
| Infinite Bidco, LLC, First Lien Term Loan, 8.32% (SOFR +401 bps), 3/2/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;172607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162682 |
| Infinite Bidco, LLC, Second Lien Initial Term Loan, 11.57% (SOFR +726 bps), 3/2/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92794 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Industrial Services — (Continued)** | **Industrial Services — (Continued)** | **Industrial Services — (Continued)** |
| Radar Bidco S.a.r.l., Facility B2 (USD) Loan, 4/4/31<sup>(b)</sup> | $85000 | $85319 |
| RLG Holdings, LLC, First Lien Closing Date Initial Term Loan, 8.721% (SOFR +436 bps), 7/7/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;211615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182518 |
| Vista Management Holding, Inc., Initial Term Loan, 8.041% (SOFR +375 bps), 3/18/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025204 |
| **Insurance — 2.8%** | **Insurance — 2.8%** | **Insurance — 2.8%** |
| Asurion, LLC, New B-4 Term Loan, 9.721% (SOFR +536 bps), 1/20/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259274 |
| **Materials — 7.6%** | **Materials — 7.6%** | **Materials — 7.6%** |
| Aruba Investments Holdings, LLC, First Lien Initial Dollar Term Loan, 8.456% (SOFR +410 bps), 11/24/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 46333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44668 |
| Aruba Investments Holdings, LLC, Second Lien Initial Term Loan, 12.206% (SOFR +785 bps), 11/24/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198345 |
| Clydesdale Acquisition Holdings, Inc., Term B Loan, 7.531% (SOFR +318 bps), 4/13/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 36154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36181 |
| HP PHRG Borrower, LLC, Closing Date Term Loan, 8.333% (SOFR +400 bps), 2/20/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180150 |
| LABL, Inc., Initial Dollar Term Loan, 9.456% (SOFR +510 bps), 10/29/28<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;157662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143275 |
| Oscar AcquisitionCo, LLC, Term B Loan, 8.546% (SOFR +425 bps), 4/29/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;126881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115881 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 718500 |
| **Media — 7.5%** | **Media — 7.5%** | **Media — 7.5%** |
| Auction.com, LLC, Term Loan, 10.252% (SOFR +600 bps), 5/26/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;347635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316782 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

POLEN FLOATING RATE INCOME ETF

#### Portfolio of Investments (Continued)

#### July 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Media — (Continued)** | **Media — (Continued)** | **Media — (Continued)** |
| Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, 8.471% (SOFR +400 bps), 8/21/28<sup>(a)</sup> | &nbsp;&nbsp;$173790 | $173774 |
| MH Sub I, LLC, Second Lien Term Loan, 10.606% (SOFR +625 bps), 2/23/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701881 |
| **Retail & Wholesale - Discretionary — 3.5%** | **Retail & Wholesale - Discretionary — 3.5%** | **Retail & Wholesale - Discretionary — 3.5%** |
| Mavis Tire Express Services Topco Corp., 2025 First Lien Incremental TL, 7.333% (SOFR +300 bps), 5/4/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 53988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54117 |
| Sweetwater Borrower, LLC, Initial Term Loan, 8.721% (SOFR +436 bps), 8/7/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;135347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135348 |
| Wand NewCo. 3, Inc., Tranche B-2 Term Loan, 6.856% (SOFR +250 bps), 1/30/31<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 95583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95493 |
| White Cap Buyer, LLC, Tranche C Term Loan, 7.604% (SOFR +325 bps), 10/19/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 44900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44891 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329849 |
| **Software & Technology Services — 11.4%** | **Software & Technology Services — 11.4%** | **Software & Technology Services — 11.4%** |
| Ascend Learning, LLC, Second Lien Initial Term Loan, 10.206% (SOFR +585 bps), 12/10/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140262 |
| Clover Holdings 2, LLC, Fixed Term Loan, 7.75%, 12/9/31 | &nbsp;&nbsp;&nbsp;&nbsp; 89775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89887 |
| Clover Holdings 2, LLC, Initial Floating Rate Term Loans, 8.057% (SOFR +375 bps), 12/9/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 84788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84805 |
| DTI Holdco, Inc., 2025 Refinancing Term Loan, 8.356% (SOFR +400 bps), 4/26/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 69825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69025 |
| Kaseya, Inc., Initial Term Loan, 9.356% (SOFR +500 bps), 3/5/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256635 |
| Knowbe4, Inc., Term Loan, 8.068% (SOFR +375 bps), 7/21/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55103 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Software & Technology Services — (Continued)** | **Software & Technology Services — (Continued)** | **Software & Technology Services — (Continued)** |
| Skopima Consilio Parent, LLC, Amendment No. 5 Term Loans, 8.106% (SOFR +375 bps), 5/12/28<sup>(a)</sup> | &nbsp;&nbsp;$166628 | $164884 |
| Starlight Parent, LLC, Term Loan, 8.34% (SOFR +400 bps), 4/16/32<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073451 |
| **Technology Hardware & Semiconductors — 4.2%** | **Technology Hardware & Semiconductors — 4.2%** | **Technology Hardware & Semiconductors — 4.2%** |
| Altar Bidco, Inc., Second Lien Initial Term Loan, 9.747% (SOFR +560 bps), 2/1/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231000 |
| Bingo Holdings I, LLC, Term Loan, 9.046% (SOFR +475 bps), 6/14/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396619 |
| **Utilities — 1.9%** | **Utilities — 1.9%** | **Utilities — 1.9%** |
| Discovery Energy Holding Corp., Initial Dollar Term Loan, 8.046% (SOFR +375 bps), 5/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181097 |
| &nbsp;&nbsp;&nbsp;TOTAL SENIOR LOANS<br> (Cost $7,919,609) | &nbsp;&nbsp;&nbsp;TOTAL SENIOR LOANS<br> (Cost $7,919,609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7870656 |
| **CORPORATE BONDS† — 14.3%** | **CORPORATE BONDS† — 14.3%** | **CORPORATE BONDS† — 14.3%** |
| **Consumer Discretionary Products — 2.2%** | **Consumer Discretionary Products — 2.2%** | **Consumer Discretionary Products — 2.2%** |
| Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114621 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89449 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204070 |
| **Consumer Discretionary Services — 1.7%** | **Consumer Discretionary Services — 1.7%** | **Consumer Discretionary Services — 1.7%** |
| Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 1/15/30<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47086 |
| Scientific Games Holdings LP, 6.625%, 3/1/30<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162786 |
| **Consumer Staple Products — 0.7%** | **Consumer Staple Products — 0.7%** | **Consumer Staple Products — 0.7%** |
| Fiesta Purchaser, Inc., 9.625%, 9/15/32<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68854 |
| **Health Care — 2.3%** | **Health Care — 2.3%** | **Health Care — 2.3%** |
| Surgery Center Holdings, Inc., 7.25%, 4/15/32<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216206 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

POLEN FLOATING RATE INCOME ETF

#### Portfolio of Investments (Concluded)

#### July 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Materials — 5.9%** | **Materials — 5.9%** | **Materials — 5.9%** |
| AmeriTex HoldCo Intermediate, LLC, 7.625%, 8/15/33<sup>(d)</sup> | $55000 | $56080 |
| Baffinland Iron Mines Corp., 8.75%, 7/15/26<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273856 |
| Oscar AcquisitionCo., LLC, 9.50%, 4/15/30<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152597 |
| SCIH Salt Holdings, Inc., 6.625%, 5/1/29<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551792 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| CCO Holdings, LLC , 4.25%, 1/15/34<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47405 |
| **Software & Technology Services — 1.0%** | **Software & Technology Services — 1.0%** | **Software & Technology Services — 1.0%** |
| AthenaHealth Group, Inc., 6.50%, 2/15/30<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93469 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> (Cost $1,424,213) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344582 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **SHORT-TERM INVESTMENT — 7.0%** | **SHORT-TERM INVESTMENT — 7.0%** | **SHORT-TERM INVESTMENT — 7.0%** |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 4.19%<sup>(e)</sup> | 659555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 659555 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $659,555) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 659555 |
| TOTAL INVESTMENTS - 105.0%<br> (Cost $10,003,377) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9874793 |
| LIABILITIES IN EXCESS OF OTHER ASSETS - (5.0)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (473538) |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9401255 |

---

------

(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 July 31, 2025, at which time the interest rate will be determined. Rates shown, if any, are for the settled portion.

(c) Security is deemed illiquid at July 31, 2025.

(d) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund's Board of
Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At July 31, 2025, these securities amounted to $1,344,582 or 14.30% of net assets. These securities have been
determined by the Fund's adviser to be liquid securities, unless otherwise noted.

(e) Rate disclosed is the 7-day yield at July 31, 2025.

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

---

| | |
|:---|:---|
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| SOFR | Secured Overnight Funding Rate |
| USD | United States Dollar |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

POLEN HIGH INCOME ETF

#### Portfolio of Investments

#### July 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS† — 86.4%** | **CORPORATE BONDS† — 86.4%** | **CORPORATE BONDS† — 86.4%** |
| **Consumer Discretionary Products — 5.4%** | **Consumer Discretionary Products — 5.4%** | **Consumer Discretionary Products — 5.4%** |
| Adient Global Holdings Ltd., 8.25%, 4/15/31<sup>(a)</sup> | &nbsp;&nbsp;$135000 | $141242 |
| 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; 244687 |
| Beach Acquisition Bidco, LLC, 10.00%, 7/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255675 |
| Champ Acquisition Corp., 8.375%, 12/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95440 |
| Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83002 |
| Masterbrand, Inc., 7.00%, 7/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96668 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141054 |
| Thor Industries, Inc., 4.00%, 10/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28184 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1085952 |
| **Consumer Discretionary Services — 10.3%** | **Consumer Discretionary Services — 10.3%** | **Consumer Discretionary Services — 10.3%** |
| 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; 48919 |
| 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; 78855 |
| Boyd Gaming Corp., 4.75%, 6/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290738 |
| Caesars Entertainment, Inc., 6.50%, 2/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244840 |
| Penn Entertainment, Inc., 4.125%, 7/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199201 |
| Raising Cane's Restaurants, LLC, 9.375%, 5/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121475 |
| 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; 404949 |
| Six Flags Entertainment Corp., 5.25%, 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102108 |
| Six Flags Entertainment Corp., 7.25%, 5/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96898 |
| Six Flags Entertainment Corp., 6.625%, 5/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96818 |
| 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; 103005 |
| 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; 147967 |
| Yum! Brands, Inc., 5.375%, 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2070263 |
| **Consumer Staple Products — 4.4%** | **Consumer Staple Products — 4.4%** | **Consumer Staple Products — 4.4%** |
| Fiesta Purchaser, Inc., 7.875%, 3/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142844 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Consumer Staple Products — (Continued)** | **Consumer Staple Products — (Continued)** | **Consumer Staple Products — (Continued)** |
| Fiesta Purchaser, Inc., 9.625%, 9/15/32<sup>(a)</sup> | &nbsp;&nbsp;$185000 | $195968 |
| 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; 195738 |
| Simmons Foods, Inc., 4.625%, 3/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890364 |
| **Financial Services — 4.3%** | **Financial Services — 4.3%** | **Financial Services — 4.3%** |
| 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; 78287 |
| 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; 342617 |
| 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; 144694 |
| VFH Parent, LLC, 7.50%, 6/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98929 |
| WEX, Inc., 6.50%, 3/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207866 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872393 |
| **Health Care — 10.2%** | **Health Care — 10.2%** | **Health Care — 10.2%** |
| Acadia Healthcare Co., Inc., 7.375%, 3/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340210 |
| Concentra Health Services, Inc., 6.875%, 7/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287823 |
| Molina Healthcare, Inc., 6.25%, 1/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93848 |
| Option Care Health, Inc., 4.375%, 10/31/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291653 |
| 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; 137222 |
| 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; 144839 |
| Sotera Health Holdings, LLC, 7.375%, 6/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196760 |
| Surgery Center Holdings, Inc., 7.25%, 4/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344900 |
| Tenet Healthcare Corp., 6.125%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2052409 |
| **Industrial Products — 9.0%** | **Industrial Products — 9.0%** | **Industrial Products — 9.0%** |
| ATS Corp., 4.125%, 12/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47767 |
| Axon Enterprise, Inc., 6.25%, 3/15/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97562 |
| Chart Industries, Inc., 7.50%, 1/1/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68170 |
| Chart Industries, Inc., 9.50%, 1/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171156 |

---

------

POLEN HIGH INCOME ETF

#### Portfolio of Investments (Continued)

#### July 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Industrial Products — (Continued)** | **Industrial Products — (Continued)** | **Industrial Products — (Continued)** |
| EMRLD Borrower LP, 6.625%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp;$145000 | $148022 |
| EMRLD Borrower LP, 6.75%, 7/15/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195857 |
| Esab Corp., 6.25%, 4/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40963 |
| 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; 292587 |
| Madison IAQ, LLC, 5.875%, 6/30/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292402 |
| SPX Flow, Inc., 8.75%, 4/1/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62025 |
| TransDigm, Inc., 6.75%, 8/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61309 |
| TransDigm, Inc., 6.875%, 12/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98534 |
| TransDigm, Inc., 6.625%, 3/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128686 |
| Wabash National Corp., 4.50%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1821590 |
| **Industrial Services — 2.3%** | **Industrial Services — 2.3%** | **Industrial Services — 2.3%** |
| AMN Healthcare, Inc., 4.625%, 10/1/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68604 |
| 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; 96528 |
| 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; 303750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468882 |
| **Insurance — 4.2%** | **Insurance — 4.2%** | **Insurance — 4.2%** |
| Alliant Holdings Intermediate, LLC, 7.375%, 10/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303652 |
| HUB International Ltd., 7.375%, 1/31/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339156 |
| Jones Deslauriers Insurance Management, Inc., 8.50%, 3/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95355 |
| Panther Escrow Issuer, LLC, 7.125%, 6/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98297 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 836460 |
| **Materials — 19.1%** | **Materials — 19.1%** | **Materials — 19.1%** |
| AmeriTex HoldCo Intermediate, LLC, 10.25%, 10/15/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138040 |
| 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; 127456 |
| Arsenal AIC Parent, LLC, 8.00%, 10/1/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291760 |
| ATI, Inc., 5.125%, 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276995 |
| Avient Corp., 6.25%, 11/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246255 |
| Baffinland Iron Mines Corp., 8.75%, 7/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363567 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Materials — (Continued)** | **Materials — (Continued)** | **Materials — (Continued)** |
| Century Aluminum Co., 7.50%, 4/1/28<sup>(a)</sup> | &nbsp;&nbsp;$130000 | $132491 |
| Century Aluminum Co., 6.875%, 8/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116473 |
| Cleveland-Cliffs, Inc., 7.00%, 3/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102580 |
| Cleveland-Cliffs, Inc., 7.375%, 5/1/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58515 |
| 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; 163821 |
| 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; 148624 |
| 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; 310704 |
| 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; 142657 |
| Oscar AcquisitionCo., LLC, 9.50%, 4/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183116 |
| Quikrete Holdings, Inc., 6.375%, 3/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97503 |
| 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; 194921 |
| SCIH Salt Holdings, Inc., 6.625%, 5/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356191 |
| Toucan FinCo Ltd., 9.50%, 5/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327878 |
| TriMas Corp., 4.125%, 4/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62411 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3841958 |
| **Media — 4.6%** | **Media — 4.6%** | **Media — 4.6%** |
| CCO Holdings, LLC, 4.75%, 3/1/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95350 |
| CCO Holdings, LLC, 4.50%, 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77133 |
| CCO Holdings, LLC , 4.50%, 6/1/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75560 |
| CCO Holdings, LLC , 4.25%, 1/15/34<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142215 |
| 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; 198373 |
| 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; 145622 |
| Outfront Media Capital, LLC, 4.625%, 3/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99793 |
| 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; 94583 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 928629 |
| **Oil & Gas — 2.3%** | **Oil & Gas — 2.3%** | **Oil & Gas — 2.3%** |
| Archrock Partners LP, 6.625%, 9/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96499 |

---

------

POLEN HIGH INCOME ETF

#### Portfolio of Investments (Continued)

#### July 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** | **CORPORATE BONDS — (Continued)** |
| **Oil & Gas — (Continued)** | **Oil & Gas — (Continued)** | **Oil & Gas — (Continued)** |
| Harvest Midstream I LP, 7.50%, 9/1/28<sup>(a)</sup> | &nbsp;&nbsp;$115000 | $116497 |
| Parkland Corp., 4.625%, 5/1/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62394 |
| Teine Energy Ltd., 6.875%, 4/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191894 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467284 |
| **Retail & Wholesale - Discretionary — 3.5%** | **Retail & Wholesale - Discretionary — 3.5%** | **Retail & Wholesale - Discretionary — 3.5%** |
| Builders FirstSource, Inc., 4.25%, 2/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27709 |
| 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; 148463 |
| Patrick Industries, Inc., 6.375%, 11/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145214 |
| Wand NewCo 3, Inc., 7.625%, 1/30/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388807 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710193 |
| **Retail & Wholesale - Staples — 0.2%** | **Retail & Wholesale - Staples — 0.2%** | **Retail & Wholesale - Staples — 0.2%** |
| US Foods, Inc., 7.25%, 1/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36511 |
| **Software & Technology Services — 5.9%** | **Software & Technology Services — 5.9%** | **Software & Technology Services — 5.9%** |
| AthenaHealth Group, Inc., 6.50%, 2/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344360 |
| CoreWeave, Inc., 9.00%, 2/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249066 |
| 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; 203130 |
| Insight Enterprises, Inc., 6.625%, 5/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97597 |
| UKG, Inc., 6.875%, 2/1/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287642 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1181795 |
| **Technology Hardware & Semiconductors — 0.7%** | **Technology Hardware & Semiconductors — 0.7%** | **Technology Hardware & Semiconductors — 0.7%** |
| Coherent Corp., 5.00%, 12/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97952 |
| Zebra Technologies Corp., 6.50%, 6/1/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51298 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149250 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> (Cost $17,321,733) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17413933 |
| **SENIOR LOANS† — 13.2%** | **SENIOR LOANS† — 13.2%** | **SENIOR LOANS† — 13.2%** |
| **Consumer Discretionary Products — 1.7%** | **Consumer Discretionary Products — 1.7%** | **Consumer Discretionary Products — 1.7%** |
| DexKo Global, Inc., 2023 Incremental Term Loans, 8.606% (SOFR +425 bps), 10/4/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 99709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96070 |
| MajorDrive Holdings IV, LLC, Initial Term Loan, 8.557% (SOFR +426 bps), 6/1/28<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;154767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152469 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Consumer Discretionary Products — (Continued)** | **Consumer Discretionary Products — (Continued)** | **Consumer Discretionary Products — (Continued)** |
| RealTruck Goup, Inc., Initial Term Loan, 8.221% (SOFR +386 bps), 1/31/28<sup>(b)</sup> | $74701 | $69202 |
| WH Borrower, LLC, Initial Term Loan, 9.072% (SOFR +475 bps), 2/12/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347781 |
| **Consumer Discretionary Services — 0.1%** | **Consumer Discretionary Services — 0.1%** | **Consumer Discretionary Services — 0.1%** |
| Columbus Finance B.V., Term Loan B, 7/16/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25062 |
| **Health Care — 3.4%** | **Health Care — 3.4%** | **Health Care — 3.4%** |
| Aveanna Healthcare, LLC, First Lien 2021 Extended Term Loan, 8.183% (SOFR +385 bps), 7/17/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;134522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133008 |
| CVET Midco 2 LP, Initial Term Loan, 9.296% (SOFR +500 bps), 10/13/29<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;389069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356001 |
| Heartland Dental, LLC, 2024 New Term Loans, 8.858% (SOFR +450 bps), 4/28/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;104634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104981 |
| Sharp Services, LLC, Tranche D Term Loan, 7.546% (SOFR +325 bps), 12/31/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 94636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95287 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 689277 |
| **Industrial Products — 0.3%** | **Industrial Products — 0.3%** | **Industrial Products — 0.3%** |
| LSF12 Crown US Commercial Bidco, LLC, 2025 Refinancing Term Loan, 7.856% (SOFR +350 bps), 12/2/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50365 |
| **Industrial Services — 1.2%** | **Industrial Services — 1.2%** | **Industrial Services — 1.2%** |
| Gloves Buyer, Inc., Initial Term Loans, 8.356% (SOFR +400 bps), 5/21/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49075 |
| Infinite Bidco, LLC, First Lien Term Loan, 8.32% (SOFR +401 bps), 3/2/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;209399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197359 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246434 |
| **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
| Asurion, LLC, New B-4 Term Loan, 9.721% (SOFR +536 bps), 1/20/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344127 |

---

------

POLEN HIGH INCOME ETF

#### Portfolio of Investments (Continued)

#### July 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Materials — 1.1%** | **Materials — 1.1%** | **Materials — 1.1%** |
| Aruba Investments Holdings, LLC, First Lien Initial Dollar Term Loan, 8.456% (SOFR +410 bps), 11/24/27<sup>(b)</sup> | $49806 | $48016 |
| HP PHRG Borrower, LLC, Closing Date Term Loan, 8.333% (SOFR +400 bps), 2/20/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30025 |
| LABL, Inc., Initial Dollar Term Loan, 9.456% (SOFR +510 bps), 10/29/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;109768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99752 |
| Oscar AcquisitionCo, LLC, Term B Loan, 8.546% (SOFR +425 bps), 4/29/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 49808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223283 |
| **Media — 1.4%** | **Media — 1.4%** | **Media — 1.4%** |
| Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, 8.471% (SOFR +400 bps), 8/21/28<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194982 |
| MH Sub I, LLC, Second Lien Term Loan, 10.606% (SOFR +625 bps), 2/23/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274229 |
| **Retail & Wholesale - Discretionary — 0.2%** | **Retail & Wholesale - Discretionary — 0.2%** | **Retail & Wholesale - Discretionary — 0.2%** |
| White Cap Buyer, LLC, Tranche C Term Loan, 7.604% (SOFR +325 bps), 10/19/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 49875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49865 |
| **Software & Technology Services — 1.8%** | **Software & Technology Services — 1.8%** | **Software & Technology Services — 1.8%** |
| Clover Holdings 2, LLC, Fixed Term Loan, 7.75%, 12/9/31 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170213 |
| Clover Holdings 2, LLC, Initial Floating Rate Term Loans, 8.057% (SOFR +375 bps), 12/9/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 39900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39908 |
| Ellucian Holding, Inc., Second Lien Term Loan, 9.106% (SOFR +475 bps), 11/15/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30881 |
| Kaseya, Inc., Initial Term Loan, 9.356% (SOFR +500 bps), 3/5/33<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65417 |

---

---

| | | |
|:---|:---|:---|
|  | **Par<br> Value** | **Value** |
| **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** | **SENIOR LOANS — (Continued)** |
| **Software & Technology Services — (Continued)** | **Software & Technology Services — (Continued)** | **Software & Technology Services — (Continued)** |
| Skopima Consilio Parent, LLC, Amendment No. 5 Term Loans, 8.106% (SOFR +375 bps), 5/12/28<sup>(b)</sup> | $29887 | $29574 |
| Starlight Parent, LLC, Term Loan, 8.34% (SOFR +400 bps), 4/16/32<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365693 |
| **Utilities — 0.3%** | **Utilities — 0.3%** | **Utilities — 0.3%** |
| Discovery Energy Holding Corp., Initial Dollar Term Loan, 8.046% (SOFR +375 bps), 5/1/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50305 |
| &nbsp;&nbsp;&nbsp;TOTAL SENIOR LOANS<br> (Cost $2,658,713) | &nbsp;&nbsp;&nbsp;TOTAL SENIOR LOANS<br> (Cost $2,658,713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2666421 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **SHORT-TERM INVESTMENT — 1.4%** | **SHORT-TERM INVESTMENT — 1.4%** | **SHORT-TERM INVESTMENT — 1.4%** |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 4.19%<sup>(d)</sup> | 288721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288721 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $288,721) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288721 |
| TOTAL INVESTMENTS - 101.0%<br> (Cost $20,269,167) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20369075 |
| LIABILITIES IN EXCESS OF OTHER ASSETS - (1.0)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (209200) |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20159875 |

---

------

POLEN HIGH INCOME ETF

#### Portfolio of Investments (Concluded)

#### July 31, 2025
(Unaudited)

(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 July 31, 2025, these securities amounted to $16,608,053 or 82.38% 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.

(c) All or a portion of this Senior Loan will settle after July 31, 2025, at which time the interest rate will be determined. Rates shown, if any, are for the settled portion.

(d) Rate disclosed is the 7-day yield at July 31, 2025.

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

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

------

POLEN ETF FUNDS

#### Notes to the Quarterly Portfolio of Investments

#### July 31, 2025
(Unaudited)

A. Organization and Significant Accounting Policies

The Polen Floating Rate Income ETF and the Polen High Income ETF (each a "Fund" and together the "Funds") are non-diversified, open-end management investment companies registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), which commenced investment operations on March 24, 2025 and March 25, 2025, respectively. The Funds are separate series of FundVantage Trust (the "Trust") which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a "series trust" authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. Polen Capital Credit, LLC ("Polen Credit" or the "Adviser") serves as investment adviser to the Funds pursuant to an investment advisory agreement with the Trust.

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

Individual shares of each Fund are listed for trading on a national securities exchange during the trading day. The Funds' primary listing exchange is NYSE Arca, Inc. Shares can be bought and sold throughout the trading day like shares of other publicly traded companies, and when you buy or sell the Funds' shares in the secondary market, you will pay or receive the market price. However, there can be no guarantee that an active trading market will develop or be maintained, or that the Funds' shares listing will continue or remain unchanged.

Shares of the Funds may only be acquired through the Funds' distributor and redeemed directly with the Funds by or through Authorized Participants in large blocks called Creation Units or multiples thereof. Authorized Participants are registered clearing agents that enter into an agreement with the Funds' distributor to transact in Creation Units. Purchases and redemptions of Creation Units will take place in-kind and/or for cash at the discretion of the Funds. The determination of whether purchases and redemptions of Creation Units will be for cash or in-kind depends primarily on the regulatory requirements and settlement mechanisms relevant to the Funds' portfolio holdings and the Funds is not limited to engaging in in-kind transactions to any particular market circumstances.

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

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

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

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

------

POLEN ETF FUNDS

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

#### July 31, 2025
(Unaudited)

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

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

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

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

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

The valuations for fixed income securities 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 July 31, 2025, in valuing each Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;**Total<br> Value at<br> 07/31/25** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| **Polen Floating Rate Income ETF** | **Polen Floating Rate Income ETF** |  |  |  |
| **Assets** |  |  |  |  |
| Senior Loans\* | &nbsp;&nbsp;$7870656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$7870656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Corporate Bonds\* | &nbsp;&nbsp;&nbsp;&nbsp;1344582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344582 | &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;659555 | &nbsp;&nbsp;&nbsp;&nbsp;659555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;$9874793 | &nbsp;&nbsp;$659555 | &nbsp;&nbsp;$9215238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

------

POLEN ETF FUNDS

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

#### July 31, 2025
(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;**Total<br> Value at<br> 07/31/25** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| **Polen High Income ETF** | **Polen High Income ETF** |  |  |  |
| **Assets** |  |  |  |  |
| Corporate Bonds\* | $17413933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$17413933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Senior Loans\* | &nbsp;&nbsp;&nbsp;&nbsp;2666421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2666421 | &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;288721 | &nbsp;&nbsp;&nbsp;&nbsp;288721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | $20369075 | &nbsp;&nbsp;$288721 | &nbsp;&nbsp;$20080354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

------

\* 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.

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 July 31, 2025, 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 High Income ETF

- **b. EDGAR series identifier (if any):** S000090827

- **c. LEI of Series:** 254900U0URG1LCJWZC55

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $21662776.78

**Total Liabilities:** $1502903.03

**Net Assets:** $20159873.75

**Delayed Delivery Securities:** $125412.50

**Cash Not Reported:** $23716.81

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 51.47243000 | **5-Year:** 45.14678000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 28.01442000 | **1-Year:** 2242.36193000 | **5-Year:** 3407.47987000 | **10-Year:** 62.17607000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000258188 | 1.36%                | 1.53%                | 0.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3845.43                 | $90517.53                                  |
| Month 2  | $1995.36                 | $116399.25                                 |
| Month 3  | $2282.17                 | $-77119.53                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PATRICK INDUSTRIES INC              | Patrick Industries Inc                                                          | CUSIP: 703343AH6<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |    145000 | PA      | $145214.24    | 0.72%             | 2032-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| YUM! BRANDS INC                     | Yum! Brands Inc                                                                 | CUSIP: 988498AR2<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |    135000 | PA      | $134489.88    | 0.67%             | 2032-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                | Cleveland-Cliffs Inc                                                            | CUSIP: 185899AR2<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58514.98     | 0.29%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Covetrus Inc                        | CVET Midco 10/13/29                                                             | CUSIP: 22304EAC0<br>LEI: 5493009S30DUFCF75V87 | Long             | LON              | CORP              | US        |    354159 | PA      | $324056.96    | 1.61%             | 2029-10-15      | Floating      | 9.24%                 | No            |                  2 | On Loan: No      |
| LABL Inc                            | MULTI-COLOR (LAB 10/27/28                                                       | CUSIP: 50168EAN2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | LON              | CORP              | US        |    109768 | PA      | $99751.52     | 0.49%             | 2028-10-30      | Floating      | 9.43%                 | 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      | $50304.75     | 0.25%             | 2031-05-02      | Floating      | 7.99%                 | No            |                  2 | On Loan: No      |
| WAND NEWCO 3 INC                    | Wand NewCo 3 Inc                                                                | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |    370000 | PA      | $388806.36    | 1.93%             | 2032-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Realtruck Group Inc                 | TRUCK HERO INC 01/31/28                                                         | CUSIP: 89778PAG2<br>LEI: 54930007KT5CX7XNSD31 | Long             | LON              | CORP              | US        |     74701 | PA      | $69202.31     | 0.34%             | 2028-01-31      | Floating      | 7.94%                 | 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        |    268295 | NS      | $268294.78    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM INC                       | TransDigm Inc                                                                   | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    125000 | PA      | $128686.38    | 0.64%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ESAB CORP                           | Esab Corp                                                                       | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40962.80     | 0.20%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE INC                  | AMN Healthcare Inc                                                              | CUSIP: 00175PAB9<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68603.86     | 0.34%             | 2027-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC               | Molina Healthcare Inc                                                           | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |     95000 | PA      | $93847.95     | 0.47%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ATS CORP                            | ATS Corp                                                                        | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $47767.11     | 0.24%             | 2028-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN            | Archrock Partners LP / Archrock Partners Finance Corp                           | CUSIP: 03959KAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $96498.91     | 0.48%             | 2032-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP              | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $95350.01     | 0.47%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER               | Panther Escrow Issuer LLC                                                       | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $98296.97     | 0.49%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Lsf12 Crown US Commercial Bidco LLC | LSF12 CROWN US C 12/02/31                                                       | CUSIP: 50221UAD3<br>LEI: 254900FI2OCFTJ9PAJ18 | Long             | LON              | CORP              | US        |     50000 | PA      | $50364.75     | 0.25%             | 2031-12-02      | Floating      | 7.84%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER            | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                  | CUSIP: 01883LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $303651.76    | 1.51%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Advancion Holdings LLC              | Aruba Investment 11/24/27                                                       | CUSIP: 04317JAB4<br>LEI: 254900GMIYFF4FZ0A357 | Long             | LON              | CORP              | US        |     49806 | PA      | $48016.25     | 0.24%             | 2027-11-24      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMED            | AmeriTex HoldCo Intermediate LLC                                                | CUSIP: 030727AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $138040.37    | 0.68%             | 2028-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| ELLUCIAN HOLDINGS INC               | Ellucian Holdings Inc                                                           | CUSIP: 289178AA3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203130.20    | 1.01%             | 2029-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ATI INC                             | ATI Inc                                                                         | CUSIP: 01741RAM4<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |    285000 | PA      | $276994.55    | 1.37%             | 2031-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS              | Adient Global Holdings Ltd                                                      | CUSIP: 00687YAC9<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    135000 | PA      | $141242.00    | 0.70%             | 2031-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Heartland Dental LLC                | Heartland Denta 04/28/28                                                        | CUSIP: 42236WAW7<br>LEI: 5493008FRC0GRKBN1075 | Long             | LON              | CORP              | US        |    104634 | PA      | $104981.20    | 0.52%             | 2028-04-28      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| WH Borrower LLC                     | WH Borrowe 02/12/32                                                             | CUSIP: 92942LAG6<br>LEI: 2549009H920CQUE3R944 | Long             | LON              | CORP              | US        |     30000 | PA      | $30039.90     | 0.15%             | 2032-02-20      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| Clover Holdings 2 LLC               | Clover Holdings 12/09/31                                                        | CUSIP: 18914DAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     39900 | PA      | $39908.18     | 0.20%             | 2031-12-09      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| CHAMP ACQUISITION CORP              | Champ Acquisition Corp                                                          | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $95440.05     | 0.47%             | 2031-12-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMED            | AmeriTex HoldCo Intermediate LLC                                                | CUSIP: 030727AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $127455.64    | 0.63%             | 2033-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| SELECT MEDICAL CORP                 | Select Medical Corp                                                             | CUSIP: 816196AV1<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |    145000 | PA      | $144839.15    | 0.72%             | 2032-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HOLDINGS INC  | CLEAR CHANNEL OUTDOOR HO                                                        | CUSIP: 18452RAF2<br>LEI: 254900XBEE6V1ENYS150 | Long             | LON              | CORP              | US        |    120000 | PA      | $119989.20    | 0.60%             | 2028-08-23      | Floating      | 8.44%                 | No            |                  2 | On Loan: No      |
| TEINE ENERGY LTD                    | Teine Energy Ltd                                                                | CUSIP: 879068AB0<br>LEI: 894500JBC83AX7PYEU16 | Long             | DBT              | CORP              | CA        |    195000 | PA      | $191893.75    | 0.95%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                       | CoreWeave Inc                                                                   | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249065.34    | 1.24%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CENTURY ALUMINUM COMPANY            | Century Aluminum Co                                                             | CUSIP: 156431AN8<br>LEI: 549300U5ODNGEYWKSW73 | Long             | DBT              | CORP              | US        |    130000 | PA      | $132490.67    | 0.66%             | 2028-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| INGEVITY CORP                       | Ingevity Corp                                                                   | CUSIP: 45688CAB3<br>LEI: 5493009UTFC4B5IMGF87 | Long             | DBT              | CORP              | US        |    150000 | PA      | $142657.34    | 0.71%             | 2028-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE              | Brundage-Bone Concrete Pumping Holdings Inc                                     | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    305000 | PA      | $303749.84    | 1.51%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MAVIS TIRE EXPRESS SERVI            | Mavis Tire Express Services Topco Corp                                          | CUSIP: 59155LAA0<br>LEI: 254900NVDM4GTLBL9E56 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148463.12    | 0.74%             | 2029-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                         | Avient Corp                                                                     | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |    245000 | PA      | $246254.65    | 1.22%             | 2031-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MH Sub I LLC                        | MH Sub 02/23/29                                                                 | CUSIP: 55303BAD5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |     90000 | PA      | $79246.80     | 0.39%             | 2029-02-23      | Floating      | 10.57%                | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION              | Clydesdale Acquisition Holdings Inc                                             | CUSIP: 18972EAC9<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    160000 | PA      | $163820.80    | 0.81%             | 2030-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA            | Jones Deslauriers Insurance Management Inc                                      | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |     90000 | PA      | $95354.74     | 0.47%             | 2030-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC            | Acadia Healthcare Co Inc                                                        | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    330000 | PA      | $340209.54    | 1.69%             | 2033-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                | Chart Industries Inc                                                            | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |     65000 | PA      | $68169.40     | 0.34%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS            | EMRLD Borrower LP / Emerald Co-Issuer Inc                                       | CUSIP: 26873CAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $195857.13    | 0.97%             | 2031-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                   | Post Holdings Inc                                                               | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    195000 | PA      | $195738.44    | 0.97%             | 2034-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION              | Clydesdale Acquisition Holdings Inc                                             | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    145000 | PA      | $148624.43    | 0.74%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AMER SPORTS COMPANY                 | Amer Sports Co                                                                  | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |    235000 | PA      | $244687.41    | 1.21%             | 2031-02-16      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC               | Quikrete Holdings Inc                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     95000 | PA      | $97503.25     | 0.48%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WABASH NATIONAL CORP                | Wabash National Corp                                                            | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |    130000 | PA      | $116549.90    | 0.58%             | 2028-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC              | Arsenal AIC Parent LLC                                                          | CUSIP: 04288BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $291759.88    | 1.45%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| THOR INDUSTRIES                     | Thor Industries Inc                                                             | CUSIP: 885160AA9<br>LEI: 254900XZO1228PDSG060 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28183.54     | 0.14%             | 2029-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OSCAR ACQUISITIONCO LLC             | Oscar AcquisitionCo LLC / Oscar Finance Inc                                     | CUSIP: 687785AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $183116.31    | 0.91%             | 2030-04-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| MAJORDRIVE HOLDINGS IV L            | MajorDrive Holdings IV LLC                                                      | CUSIP: 56085UAB9<br>LEI: 25490044R1FR5N8FIT62 | Long             | LON              | CORP              | US        |     99974 | PA      | $98489.92     | 0.49%             | 2028-06-01      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| WEX INC                             | WEX Inc                                                                         | CUSIP: 96208TAD6<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | DBT              | CORP              | US        |    205000 | PA      | $207866.31    | 1.03%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                 | Station Casinos LLC                                                             | CUSIP: 857691AJ8<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    145000 | PA      | $147966.56    | 0.73%             | 2032-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                | Cleveland-Cliffs Inc                                                            | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102580.45    | 0.51%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Starlight Parent LLC                | STARLIGHT PAREN 03/15/32                                                        | CUSIP: 000000000<br>LEI: 254900ZM34IBOK68V949 | Long             | LON              | CORP              | US        |     30000 | PA      | $29700.00     | 0.15%             | 2032-04-16      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD               | HUB International Ltd                                                           | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    325000 | PA      | $339156.68    | 1.68%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| COHERENT CORP                       | Coherent Corp                                                                   | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97952.04     | 0.49%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                        | US Foods Inc                                                                    | CUSIP: 90290MAH4<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36511.39     | 0.18%             | 2032-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC             | Sotera Health Holdings LLC                                                      | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |    190000 | PA      | $196760.41    | 0.98%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SIMMONS FOOD INC/SIMMONS            | Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed  | CUSIP: 82873MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    375000 | PA      | $355813.65    | 1.76%             | 2029-03-01      | Fixed         | 4.62%                 | 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        |    420000 | PA      | $404949.47    | 2.01%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC               | Caesars Entertainment Inc                                                       | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    240000 | PA      | $244840.08    | 1.21%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                 | Station Casinos LLC                                                             | CUSIP: 857691AH2<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    110000 | PA      | $103004.79    | 0.51%             | 2031-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C            | Outfront Media Capital LLC / Outfront Media Capital Corp                        | CUSIP: 69007TAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $94583.19     | 0.47%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| VFH PARENT / VALOR CO               | VFH Parent LLC / Valor Co-Issuer Inc                                            | CUSIP: 91824YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $98928.64     | 0.49%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Kaseya Inc                          | KASEY 03/05/33                                                                  | CUSIP: 000000000<br>LEI: 254900MISXMLRZ63NH46 | Long             | LON              | CORP              | US        |     65000 | PA      | $65416.65     | 0.32%             | 2033-03-21      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C            | Outfront Media Capital LLC / Outfront Media Capital Corp                        | CUSIP: 69007TAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $99793.35     | 0.50%             | 2030-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Dexko Global Inc                    | DEXKO G 10/04/28                                                                | CUSIP: 25213YBC8<br>LEI: 549300SMZ4OV1KBH1M19 | Long             | LON              | CORP              | US        |     99709 | PA      | $96069.67     | 0.48%             | 2028-10-04      | Floating      | 8.53%                 | No            |                  2 | On Loan: No      |
| Oscar Acquisitionco LLC             | Oscar Acquisitio 04/29/29                                                       | CUSIP: 68778DAB4<br>LEI: 254900RDCZK0Q19MEL65 | Long             | LON              | CORP              | US        |     49808 | PA      | $45489.91     | 0.23%             | 2029-04-30      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERPRS                    | Insight Enterprises Inc                                                         | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |     95000 | PA      | $97597.02     | 0.48%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENT/SIX FLAG              | Six Flags Entertainment Corp /Six Flags Theme Parks Inc/ Canada's Wonderland Co | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $96818.49     | 0.48%             | 2032-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                 | Axon Enterprise Inc                                                             | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     95000 | PA      | $97562.17     | 0.48%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PEDIATRIX MEDICAL GROUP             | Pediatrix Medical Group Inc                                                     | CUSIP: 58502BAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $137222.22    | 0.68%             | 2030-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                       | Parkland Corp                                                                   | CUSIP: 70137WAL2<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |     65000 | PA      | $62394.45     | 0.31%             | 2030-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC              | AthenaHealth Group Inc                                                          | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    350000 | PA      | $344360.04    | 1.71%             | 2030-02-15      | Fixed         | 6.50%                 | 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        |    205000 | PA      | $141053.65    | 0.70%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP              | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $142214.73    | 0.71%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC              | Penn Entertainment Inc                                                          | CUSIP: 707569AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $199200.81    | 0.99%             | 2029-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC            | Builders FirstSource Inc                                                        | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27709.00     | 0.14%             | 2032-02-01      | Fixed         | 4.25%                 | 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        |     75000 | PA      | $74993.25     | 0.37%             | 2028-08-23      | Floating      | 8.44%                 | No            |                  2 | On Loan: No      |
| HP PHRG Borrower LLC                | PHRG INTERMEDIAT 02/28/32                                                       | CUSIP: 40445XAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     30000 | PA      | $30025.05     | 0.15%             | 2032-02-20      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                          | EZCORP Inc                                                                      | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78286.58     | 0.39%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                | Fiesta Purchaser Inc                                                            | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $195967.81    | 0.97%             | 2032-09-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| SURGERY CENTER HOLDINGS             | Surgery Center Holdings Inc                                                     | CUSIP: 86881WAF9<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |    335000 | PA      | $344899.77    | 1.71%             | 2032-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS            | Focus Financial Partners LLC                                                    | CUSIP: 34417VAA5<br>LEI: 5493007L0E0VKRC2CP39 | Long             | DBT              | CORP              | US        |    335000 | PA      | $342617.50    | 1.70%             | 2031-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SGH2 LLC                            | SGH2 LLC                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     25000 | PA      | $25062.50     | 0.12%             | 2032-07-19      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| CENTURY ALUMINUM COMPANY            | Century Aluminum Co                                                             | CUSIP: 156431AS7<br>LEI: 549300U5ODNGEYWKSW73 | Long             | DBT              | CORP              | US        |    115000 | PA      | $116472.96    | 0.58%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| White Cap Supply Holdings LLC       | WHIT 10/07/29                                                                   | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |     49875 | PA      | $49864.95     | 0.25%             | 2029-10-19      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Ellucian Holdings Inc               | ELLUCIAN HOLDING 11/14/32                                                       | CUSIP: 28917XAE0<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |     30000 | PA      | $30881.25     | 0.15%             | 2032-11-22      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION               | McGraw-Hill Education Inc                                                       | CUSIP: 57767XAB6<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    195000 | PA      | $198372.92    | 0.98%             | 2029-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Clover Holdings 2 LLC               | Clover Holdings 12/09/31                                                        | CUSIP: 18914DAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    170000 | PA      | $170212.50    | 0.84%             | 2031-12-09      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| HARVEST MIDSTREAM I LP              | Harvest Midstream I LP                                                          | CUSIP: 417558AA1<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |    115000 | PA      | $116496.73    | 0.58%             | 2028-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Aveanna Healthcare LLC              | Aveanna Healthca 07/17/28                                                       | CUSIP: 05549DAJ7<br>LEI: 5493006D6JRLPIY8YV18 | Long             | LON              | CORP              | US        |    134522 | PA      | $133008.27    | 0.66%             | 2028-07-17      | Floating      | 8.15%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                       | TransDigm Inc                                                                   | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     95000 | PA      | $98534.19     | 0.49%             | 2030-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN             | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $144694.34    | 0.72%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP                    | Boyd Gaming Corp                                                                | CUSIP: 103304BV2<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |    305000 | PA      | $290737.64    | 1.44%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC              | SCIH Salt Holdings Inc                                                          | CUSIP: 78433BAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $356190.48    | 1.77%             | 2029-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                         | ASURION LLC 01/22/29                                                            | CUSIP: 04649VBA7<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    365000 | PA      | $344127.48    | 1.71%             | 2029-01-22      | Floating      | 9.69%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA            | Compass Minerals International Inc                                              | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    300000 | PA      | $310703.87    | 1.54%             | 2030-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN            | 1011778 BC ULC / New Red Finance Inc                                            | CUSIP: 68245XAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     50000 | PA      | $48919.26     | 0.24%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINME               | Six Flags Entertainment Corp                                                    | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |     95000 | PA      | $96897.73     | 0.48%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS            | EMRLD Borrower LP / Emerald Co-Issuer Inc                                       | CUSIP: 29103CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    145000 | PA      | $148021.51    | 0.73%             | 2030-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION               | McGraw-Hill Education Inc                                                       | CUSIP: 58064LAA2<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    140000 | PA      | $145621.84    | 0.72%             | 2031-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| GOAT HOLDCO LLC                     | Goat Holdco LLC                                                                 | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $292587.30    | 1.45%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP               | Tenet Healthcare Corp                                                           | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    215000 | PA      | $215153.94    | 1.07%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP              | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $75560.51     | 0.37%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SPX FLOW INC                        | SPX FLOW Inc                                                                    | CUSIP: 758071AA2<br>LEI: 5493003YXEKRBINIEM78 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62024.76     | 0.31%             | 2030-04-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN            | 1011778 BC ULC / New Red Finance Inc                                            | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     85000 | PA      | $78854.66     | 0.39%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RAISING CANE'S RESTAURAN            | Raising Cane's Restaurants LLC                                                  | CUSIP: 75103AAA3<br>LEI: 254900V6ADXFWHYOED66 | Long             | DBT              | CORP              | US        |    115000 | PA      | $121474.81    | 0.60%             | 2029-05-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CONCENTRA HEALTH SERVICE            | Concentra Health Services Inc                                                   | CUSIP: 20600DAA1<br>LEI: 984500GB84105F75DE32 | Long             | DBT              | CORP              | US        |    280000 | PA      | $287823.20    | 1.43%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MajorDrive Holdings IV LLC          | MAJORDRIVE HOLDI 06/01/28                                                       | CUSIP: 56085UAB9<br>LEI: 25490044R1FR5N8FIT62 | Long             | LON              | CORP              | US        |     54793 | PA      | $53979.14     | 0.27%             | 2028-06-01      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| Skopima Consilio Parent LLC         | Skopima Consilio 05/12/28                                                       | CUSIP: 36171NAG1<br>LEI: 254900K3R60UMIODZD21 | Long             | LON              | CORP              | US        |     29887 | PA      | $29574.49     | 0.15%             | 2028-05-17      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| Sharp Services LLC                  | SHARP SERVICE 12/31/28                                                          | CUSIP: 81989LAF5<br>LEI: 549300ZXMVUWBVXDAR03 | Long             | LON              | CORP              | US        |     94636 | PA      | $95286.93     | 0.47%             | 2028-12-29      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| Infinite Bidco LLC                  | Infinite Bidc 03/02/28                                                          | CUSIP: 45674KAB1<br>LEI: 549300GLV0VRADA9LI65 | Long             | LON              | CORP              | US        |    209399 | PA      | $197358.83    | 0.98%             | 2028-03-02      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                     | Madison IAQ LLC                                                                 | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    300000 | PA      | $292401.81    | 1.45%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                       | TransDigm Inc                                                                   | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61308.72     | 0.30%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO             | Beach Acquisition Bidco LLC                                                     | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |    245000 | PA      | $255675.42    | 1.27%             | 2033-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| TOUCAN FINCO LTD/CAN/US             | Toucan FinCo Ltd/Toucan FinCo Can Inc/Toucan FinCo US LLC                       | CUSIP: 89157UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    320000 | PA      | $327878.40    | 1.63%             | 2030-05-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP             | Zebra Technologies Corp                                                         | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51297.85     | 0.25%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TRIMAS CORP                         | TriMas Corp                                                                     | CUSIP: 896215AH3<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | DBT              | CORP              | US        |     65000 | PA      | $62410.77     | 0.31%             | 2029-04-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC               | Quikrete Holdings Inc                                                           | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    190000 | PA      | $194920.92    | 0.97%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UKG INC                             | UKG Inc                                                                         | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |    280000 | PA      | $287642.04    | 1.43%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COVETRUS INC                        | Covetrus Inc                                                                    | CUSIP: 22304EAC0<br>LEI: 5493009S30DUFCF75V87 | Long             | LON              | CORP              | US        |     34911 | PA      | $31943.47     | 0.16%             | 2029-10-15      | Floating      | 9.24%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP              | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $77132.73     | 0.38%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Gloves Buyer Inc                    | GLOVES BUYE 01/17/32                                                            | CUSIP: 37987UAG7<br>LEI: 54930015O0Y94T5H8Z18 | Long             | LON              | CORP              | US        |     50000 | PA      | $49075.00     | 0.24%             | 2032-05-24      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                | Fiesta Purchaser Inc                                                            | CUSIP: 31659AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $142844.58    | 0.71%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MASTERBRAND INC                     | Masterbrand Inc                                                                 | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |     95000 | PA      | $96668.20     | 0.48%             | 2032-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS/CANADA WON                | Six Flags Entertainment Corp / Canada's Wonderland Co / Magnum Management Corp  | CUSIP: 150190AE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $102108.49    | 0.51%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE INC                  | AMN Healthcare Inc                                                              | CUSIP: 00175PAC7<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |    105000 | PA      | $96528.45     | 0.48%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OPTION CARE HEALTH INC              | Option Care Health Inc                                                          | CUSIP: 68404LAA0<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | DBT              | CORP              | US        |    305000 | PA      | $291652.47    | 1.45%             | 2029-10-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DORNOCH DEBT MERGER SUB             | Dornoch Debt Merger Sub Inc                                                     | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $83001.57     | 0.41%             | 2029-10-15      | Fixed         | 6.62%                 | 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        |    385000 | PA      | $363567.17    | 1.80%             | 2026-07-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                | Chart Industries Inc                                                            | CUSIP: 16115QAG5<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    160000 | PA      | $171156.31    | 0.85%             | 2031-01-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** FundVantage Trust

**Signature:** Christine S. Catanzaro

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

**Title:** Treasurer and Chief Financial Officer