UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
(Exact name of registrant as specified in charter)
103 Bellevue Parkway
Wilmington, DE 19809
(Address of principal executive offices) (Zip code)
Joel L. Weiss
JW Fund Management LLC
1636 N. Cedar Crest Blvd.
Suite #161
Allentown, PA 18104
(Name and address of agent for service)
Registrant's telephone number, including area code:
Date of reporting period:
Item 1. Report to Stockholders.
(a) The registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Polen Growth Fund
Institutional Class | POLIX
Semi-Annual Shareholder Report — October 31, 2024
This semi-annual shareholder report contains important information about the Polen Growth Fund for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.polencapital.com/strategies/growth‑fund. You can also request this information by contacting us at 1‑888‑678‑6024.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment* |
Polen Growth Fund
(Institutional Class / POLIX) | $51 | 0.97%* |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $6,728,786,036 |
| Total number of portfolio holdings | 25 |
| Total advisory fee paid, net | $31,115,686 |
| Portfolio turnover rate as of the end of the reporting period | 19% |
Portfolio Holdings Summary Table (as of October 31, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:
| Information Technology | 38.5% |
| Consumer Discretionary | 17.1% |
| Health Care | 16.5% |
| Financials | 14.0% |
| Communication Services | 10.3% |
| Industrials | 1.9% |
| Real Estate | 1.0% |
| Short-Term Investment | 0.5% |
| Other Assets in Excess of Liabilities | 0.2% |
| TOTAL | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/growth-fund.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Polen Growth Fund
Investor Class | POLRX
Semi-Annual Shareholder Report — October 31, 2024
This semi-annual shareholder report contains important information about the Polen Growth Fund for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.polencapital.com/strategies/growth‑fund. You can also request this information by contacting us at 1‑888‑678‑6024.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment* |
Polen Growth Fund
(Investor Class / POLRX) | $64 | 1.22%* |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $6,728,786,036 |
| Total number of portfolio holdings | 25 |
| Total advisory fee paid, net | $31,115,686 |
| Portfolio turnover rate as of the end of the reporting period | 19% |
Portfolio Holdings Summary Table (as of October 31, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:
| Information Technology | 38.5% |
| Consumer Discretionary | 17.1% |
| Health Care | 16.5% |
| Financials | 14.0% |
| Communication Services | 10.3% |
| Industrials | 1.9% |
| Real Estate | 1.0% |
| Short-Term Investment | 0.5% |
| Other Assets in Excess of Liabilities | 0.2% |
| TOTAL | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/growth-fund.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Polen Global Growth Fund
Institutional Class | PGIIX
Semi-Annual Shareholder Report — October 31, 2024
This semi-annual shareholder report contains important information about the Polen Global Growth Fund for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.polencapital.com/strategies/global‑growth‑fund. You can also request this information by contacting us at 1‑888‑678‑6024.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment* |
Polen Global Growth Fund
(Institutional Class / PGIIX) | $53 | 1.01%* |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $408,659,756 |
| Total number of portfolio holdings | 29 |
| Total advisory fee paid, net | $1,928,247 |
| Portfolio turnover rate as of the end of the reporting period | 11% |
Portfolio Holdings Summary Table (as of October 31, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:
| Information Technology | 34.2% |
| Health Care | 18.5% |
| Financials | 17.5% |
| Consumer Discretionary | 10.3% |
| Communication Services | 5.9% |
| Industrials | 5.4% |
| Consumer Staples | 2.3% |
| Real Estate | 1.5% |
| Short-Term Investment | 2.2% |
| Other Assets in Excess of Liabilities | 2.2% |
| TOTAL | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/global-growth-fund.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Polen Global Growth Fund
Investor Class | PGIRX
Semi-Annual Shareholder Report — October 31, 2024
This semi-annual shareholder report contains important information about the Polen Global Growth Fund for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.polencapital.com/strategies/global‑growth‑fund. You can also request this information by contacting us at 1‑888‑678‑6024.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment* |
Polen Global Growth Fund
(Investor Class / PGIRX) | $65 | 1.26%* |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $408,659,756 |
| Total number of portfolio holdings | 29 |
| Total advisory fee paid, net | $1,928,247 |
| Portfolio turnover rate as of the end of the reporting period | 11% |
Portfolio Holdings Summary Table (as of October 31, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:
| Information Technology | 34.2% |
| Health Care | 18.5% |
| Financials | 17.5% |
| Consumer Discretionary | 10.3% |
| Communication Services | 5.9% |
| Industrials | 5.4% |
| Consumer Staples | 2.3% |
| Real Estate | 1.5% |
| Short-Term Investment | 2.2% |
| Other Assets in Excess of Liabilities | 2.2% |
| TOTAL | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/global-growth-fund.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Polen International Growth Fund
Institutional Class | POIIX
Semi-Annual Shareholder Report — October 31, 2024
This semi-annual shareholder report contains important information about the Polen International Growth Fund for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.polencapital.com/strategies/international‑growth‑fund. You can also request this information by contacting us at 1‑888‑678‑6024.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment* |
Polen International Growth Fund
(Institutional Class / POIIX) | $54 | 1.07%* |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $204,137,191 |
| Total number of portfolio holdings | 27 |
| Total advisory fee paid, net | $980,036 |
| Portfolio turnover rate as of the end of the reporting period | 15% |
Portfolio Holdings Summary Table (as of October 31, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:
| Information Technology | 37.8% |
| Health Care | 21.8% |
| Financials | 13.1% |
| Consumer Discretionary | 12.6% |
| Industrials | 8.2% |
| Consumer Staples | 1.3% |
| Short-Term Investment | 5.2% |
| Other Assets in Excess of Liabilities | 0.0% |
| TOTAL | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/international-growth-fund.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Polen International Growth Fund
Investor Class | POIRX
Semi-Annual Shareholder Report — October 31, 2024
This semi-annual shareholder report contains important information about the Polen International Growth Fund for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.polencapital.com/strategies/international‑growth‑fund. You can also request this information by contacting us at 1‑888‑678‑6024.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment* |
Polen International Growth Fund
(Investor Class / POIRX) | $67 | 1.32%* |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $204,137,191 |
| Total number of portfolio holdings | 27 |
| Total advisory fee paid, net | $980,036 |
| Portfolio turnover rate as of the end of the reporting period | 15% |
Portfolio Holdings Summary Table (as of October 31, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:
| Information Technology | 37.8% |
| Health Care | 21.8% |
| Financials | 13.1% |
| Consumer Discretionary | 12.6% |
| Industrials | 8.2% |
| Consumer Staples | 1.3% |
| Short-Term Investment | 5.2% |
| Other Assets in Excess of Liabilities | 0.0% |
| TOTAL | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/international-growth-fund.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Polen U.S. Small Company Growth Fund
Institutional Class | PBSIX
Semi-Annual Shareholder Report — October 31, 2024
This semi-annual shareholder report contains important information about the Polen U.S. Small Company Growth Fund for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.polencapital.com/strategies/us‑small‑company‑growth‑fund. You can also request this information by contacting us at 1‑888‑678‑6024.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment* |
Polen U.S. Small Company Growth Fund
(Institutional Class / PBSIX) | $57 | 1.10%* |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $44,828,112 |
| Total number of portfolio holdings | 37 |
| Total advisory fee paid, net | $170,341 |
| Portfolio turnover rate as of the end of the reporting period | 27% |
Portfolio Holdings Summary Table (as of October 31, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:
| Information Technology | 29.8% |
| Industrials | 23.1% |
| Consumer Discretionary | 16.1% |
| Financials | 14.0% |
| Health Care | 7.2% |
| Real Estate | 3.7% |
| Consumer Staples | 2.6% |
| Short-Term Investment | 3.7% |
| Other Assets in Excess of Liabilities | (0.2)% |
| TOTAL | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/us-small-company-growth-fund.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Polen U.S. Small Company Growth Fund
Investor Class | PBSRX
Semi-Annual Shareholder Report — October 31, 2024
This semi-annual shareholder report contains important information about the Polen U.S. Small Company Growth Fund for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.polencapital.com/strategies/us‑small‑company‑growth‑fund. You can also request this information by contacting us at 1‑888‑678‑6024.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment* |
Polen U.S. Small Company Growth Fund
(Investor Class / PBSRX) | $70 | 1.35%* |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $44,828,112 |
| Total number of portfolio holdings | 37 |
| Total advisory fee paid, net | $170,341 |
| Portfolio turnover rate as of the end of the reporting period | 27% |
Portfolio Holdings Summary Table (as of October 31, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:
| Information Technology | 29.8% |
| Industrials | 23.1% |
| Consumer Discretionary | 16.1% |
| Financials | 14.0% |
| Health Care | 7.2% |
| Real Estate | 3.7% |
| Consumer Staples | 2.6% |
| Short-Term Investment | 3.7% |
| Other Assets in Excess of Liabilities | (0.2)% |
| TOTAL | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/us-small-company-growth-fund.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Polen U.S. Small Company Growth Fund
Class Y | PBSYX
Semi-Annual Shareholder Report — October 31, 2024
This semi-annual shareholder report contains important information about the Polen U.S. Small Company Growth Fund for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.polencapital.com/strategies/us‑small‑company‑growth‑fund. You can also request this information by contacting us at 1‑888‑678‑6024.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment* |
Polen U.S. Small Company Growth Fund
(Class Y / PBSYX) | $52 | 1.00%* |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $44,828,112 |
| Total number of portfolio holdings | 37 |
| Total advisory fee paid, net | $170,341 |
| Portfolio turnover rate as of the end of the reporting period | 27% |
Portfolio Holdings Summary Table (as of October 31, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:
| Information Technology | 29.8% |
| Industrials | 23.1% |
| Consumer Discretionary | 16.1% |
| Financials | 14.0% |
| Health Care | 7.2% |
| Real Estate | 3.7% |
| Consumer Staples | 2.6% |
| Short-Term Investment | 3.7% |
| Other Assets in Excess of Liabilities | (0.2)% |
| TOTAL | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/us-small-company-growth-fund.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Polen Emerging Markets Growth Fund
Institutional Class | PGEIX
Semi-Annual Shareholder Report — October 31, 2024
This semi-annual shareholder report contains important information about the Polen Emerging Markets Growth Fund for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.polencapital.com/strategies/emerging‑markets‑growth‑fund. You can also request this information by contacting us at 1‑888‑678‑6024.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment* |
Polen Emerging Markets Growth Fund
(Institutional Class / PGEIX) | $65 | 1.25%* |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $20,930,774 |
| Total number of portfolio holdings | 36 |
| Total advisory fee paid, net | $52,619 |
| Portfolio turnover rate as of the end of the reporting period | 21% |
Portfolio Holdings Summary Table (as of October 31, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:
| Consumer Discretionary | 29.5% |
| Information Technology | 25.0% |
| Financials | 15.4% |
| Communication Services | 10.3% |
| Industrials | 9.4% |
| Consumer Staples | 5.5% |
| Health Care | 2.2% |
| Energy | 1.4% |
| Short-Term Investment | 1.6% |
| Other Assets in Excess of Liabilities | (0.3)% |
| TOTAL | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/emerging-markets-growth-fund.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Polen U.S. SMID Company Growth Fund
Institutional Class | PBMIX
Semi-Annual Shareholder Report — October 31, 2024
This semi-annual shareholder report contains important information about the Polen U.S. SMID Company Growth Fund for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.polencapital.com/strategies/us‑smid‑company‑growth‑fund. You can also request this information by contacting us at 1‑888‑678‑6024.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment* |
Polen U.S. SMID Company Growth Fund
(Institutional Class / PBMIX) | $55 | 1.05%* |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $11,152,199 |
| Total number of portfolio holdings | 39 |
| Total advisory fee paid, net | $26,910 |
| Portfolio turnover rate as of the end of the reporting period | 25% |
Portfolio Holdings Summary Table (as of October 31, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:
| Information Technology | 25.1% |
| Industrials | 20.7% |
| Financials | 20.4% |
| Consumer Discretionary | 17.4% |
| Health Care | 12.6% |
| Consumer Staples | 2.6% |
| Short-Term Investment | 1.4% |
| Other Assets in Excess of Liabilities | (0.2)% |
| TOTAL | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/us-smid-company-growth-fund.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Polen Bank Loan Fund
Institutional Class | PBKIX
Semi-Annual Shareholder Report — October 31, 2024
This semi-annual shareholder report contains important information about the Polen Bank Loan Fund for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.polencapital.com/strategies/bank‑loan‑fund. You can also request this information by contacting us at 1‑888‑678‑6024.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment* |
Polen Bank Loan Fund
(Institutional Class / PBKIX) | $38 | 0.75%* |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $9,116,718 |
| Total number of portfolio holdings | 69 |
| Total advisory fee paid, net | $0 |
| Portfolio turnover rate as of the end of the reporting period | 39% |
Portfolio Holdings Summary Table (as of October 31, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:
| Consumer, Non-cyclical | 23.6% |
| Consumer, Cyclical | 17.3% |
| Industrials | 15.3% |
| Communication Services | 14.9% |
| Information Technology | 7.3% |
| Financials | 6.9% |
| Materials | 6.8% |
| Utilities | 0.9% |
| Other Assets in Excess of Liabilities | 7.0% |
| TOTAL | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/bank-loan-fund.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Polen U.S. High Yield Fund
Institutional Class | PBBIX
Semi-Annual Shareholder Report — October 31, 2024
This semi-annual shareholder report contains important information about the Polen U.S. High Yield Fund for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.polencapital.com/strategies/us‑high‑yield‑fund. You can also request this information by contacting us at 1‑888‑678‑6024.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment* |
Polen U.S. High Yield Fund
(Institutional Class / PBBIX) | $34 | 0.65%* |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $3,187,635 |
| Total number of portfolio holdings | 94 |
| Total advisory fee paid, net | $0 |
| Portfolio turnover rate as of the end of the reporting period | 28% |
Portfolio Holdings Summary Table (as of October 31, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:
| Consumer, Cyclical | 21.6% |
| Communication Services | 16.7% |
| Industrials | 14.8% |
| Financials | 12.6% |
| Consumer, Non-cyclical | 9.9% |
| Energy | 8.3% |
| Materials | 6.5% |
| Information Technology | 5.5% |
| Other Assets in Excess of Liabilities | 4.1% |
| TOTAL | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/us-high-yield-fund.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Polen Opportunistic High Yield Fund
Institutional Class | DDJCX
Semi-Annual Shareholder Report — October 31, 2024
This semi-annual shareholder report contains important information about the Polen Opportunistic High Yield Fund for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.polencapital.com/strategies/us‑opportunistic‑high‑yield‑fund. You can also request this information by contacting us at 1‑888‑678‑6024.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment* |
Polen Opportunistic High Yield Fund
(Institutional Class / DDJCX) | $46 | 0.89%* |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $305,159,833 |
| Total number of portfolio holdings | 98 |
| Total advisory fee paid, net | $1,060,337 |
| Portfolio turnover rate as of the end of the reporting period | 31% |
Portfolio Holdings Summary Table (as of October 31, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:
| Consumer, Non-cyclical | 21.6% |
| Industrials | 17.5% |
| Consumer, Cyclical | 14.3% |
| Communication Services | 13.6% |
| Materials | 13.1% |
| Financials | 10.4% |
| Information Technology | 5.9% |
| Energy | 0.4% |
| Consumer Discretionary | 0.2% |
| Warrants | 0.0% |
| Other Assets in Excess of Liabilities | 3.0% |
| TOTAL | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/us-opportunistic-high-yield-fund.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Polen Opportunistic High Yield Fund
Investor Class | DDJRX
Semi-Annual Shareholder Report — October 31, 2024
This semi-annual shareholder report contains important information about the Polen Opportunistic High Yield Fund for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.polencapital.com/strategies/us‑opportunistic‑high‑yield‑fund. You can also request this information by contacting us at 1‑888‑678‑6024.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment* |
Polen Opportunistic High Yield Fund
(Investor Class / DDJRX) | $59 | 1.14%* |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $305,159,833 |
| Total number of portfolio holdings | 98 |
| Total advisory fee paid, net | $1,060,337 |
| Portfolio turnover rate as of the end of the reporting period | 31% |
Portfolio Holdings Summary Table (as of October 31, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:
| Consumer, Non-cyclical | 21.6% |
| Industrials | 17.5% |
| Consumer, Cyclical | 14.3% |
| Communication Services | 13.6% |
| Materials | 13.1% |
| Financials | 10.4% |
| Information Technology | 5.9% |
| Energy | 0.4% |
| Consumer Discretionary | 0.2% |
| Warrants | 0.0% |
| Other Assets in Excess of Liabilities | 3.0% |
| TOTAL | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/us-opportunistic-high-yield-fund.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Polen Opportunistic High Yield Fund
Class Y | DDJIX
Semi-Annual Shareholder Report — October 31, 2024
This semi-annual shareholder report contains important information about the Polen Opportunistic High Yield Fund for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.polencapital.com/strategies/us‑opportunistic‑high‑yield‑fund. You can also request this information by contacting us at 1‑888‑678‑6024.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment* |
Polen Opportunistic High Yield Fund
(Class Y / DDJIX) | $41 | 0.79%* |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $305,159,833 |
| Total number of portfolio holdings | 98 |
| Total advisory fee paid, net | $1,060,337 |
| Portfolio turnover rate as of the end of the reporting period | 31% |
Portfolio Holdings Summary Table (as of October 31, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:
| Consumer, Non-cyclical | 21.6% |
| Industrials | 17.5% |
| Consumer, Cyclical | 14.3% |
| Communication Services | 13.6% |
| Materials | 13.1% |
| Financials | 10.4% |
| Information Technology | 5.9% |
| Energy | 0.4% |
| Consumer Discretionary | 0.2% |
| Warrants | 0.0% |
| Other Assets in Excess of Liabilities | 3.0% |
| TOTAL | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/us-opportunistic-high-yield-fund.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at 1-888-678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Polen Growth & Income Fund
Institutional Class | PCGIX
Semi-Annual Shareholder Report — October 31, 2024
This semi-annual shareholder report contains important information about the Polen Growth & Income Fund for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at https://www.polencapital.com/strategies/growth‑income‑fund. You can also request this information by contacting us at (888) 678‑6024.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment* |
Polen Growth & Income Fund
(Institutional Class / PCGIX) | $39 | 0.75%* |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $6,866,998 |
| Total number of portfolio holdings | 101 |
| Total advisory fee paid, net | $0 |
| Portfolio turnover rate as of the end of the reporting period | 20% |
Portfolio Holdings Summary Table (as of October 31, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:
| Information Technology | 22.2% |
| Financials | 14.5% |
| Health Care | 11.0% |
| Industrials | 10.7% |
| Consumer, Non-cyclical | 9.7% |
| Communication Services | 9.5% |
| Consumer Discretionary | 6.1% |
| Consumer, Cyclical | 5.0% |
| Materials | 3.9% |
| Consumer Staples | 1.4% |
| Real Estate | 0.9% |
| Energy | 0.8% |
| Other Assets in Excess of Liabilities | 4.3% |
| TOTAL | 100.0% |
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at https://www.polencapital.com/strategies/growth-income-fund.
Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at (888) 678-6024, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
(b) Not applicable.
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
| (a) | The Registrant’s “Schedule I – Investments in securities of unaffiliated issuers” as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
| Polen Growth Fund |
| Polen Global Growth Fund |
| Polen International Growth Fund |
| Polen U.S. Small Company Growth Fund |
| Polen Emerging Markets Growth Fund |
| Polen U.S. SMID Company Growth Fund |
of
FundVantage Trust
| Institutional Class |
| Investor Class |
| Class Y |
Semi-Annual Financials and Additional Information
October 31, 2024
(Unaudited)
This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.
POLEN GROWTH FUND
Portfolio of Investments
October 31, 2024
(Unaudited)
| | Number
of Shares | | Value |
| COMMON STOCKS† — 99.3% |
| Consumer Electronics — 4.5% |
| Apple, Inc. | 1,339,336 | | $ 302,569,396 |
| Credit Services — 10.5% |
| Mastercard, Inc., Class A | 672,648 | | 336,048,214 |
| Visa, Inc., Class A | 1,280,440 | | 371,135,534 |
| | | | 707,183,748 |
| Diagnostics & Research — 4.2% |
| Thermo Fisher Scientific, Inc. | 520,064 | | 284,121,365 |
| Drug Manufacturers - General — 3.2% |
| Eli Lilly & Co. | 97,784 | | 81,135,296 |
| Novo Nordisk A/S, SP ADR | 1,200,395 | | 134,384,220 |
| | | | 215,519,516 |
| Drug Manufacturers - Specialty & Generic — 3.0% |
| Zoetis, Inc. | 1,126,532 | | 201,401,391 |
| Entertainment — 4.2% |
| Netflix, Inc.* | 372,112 | | 281,327,835 |
| Financial Data & Stock Exchanges — 3.5% |
| MSCI, Inc. | 416,409 | | 237,852,821 |
| Healthcare Plans — 2.1% |
| UnitedHealth Group, Inc. | 243,538 | | 137,477,201 |
| Information Technology Services — 5.8% |
| Accenture PLC, Class A | 673,003 | | 232,064,895 |
| Gartner, Inc.* | 308,318 | | 154,929,795 |
| | | | 386,994,690 |
| Internet Content & Information — 6.1% |
| Alphabet, Inc., Class C | 2,365,762 | | 408,543,440 |
| Internet Retail — 13.7% |
| Amazon.com, Inc.* | 4,959,703 | | 924,488,639 |
| Medical Devices — 4.0% |
| Abbott Laboratories | 2,396,192 | | 271,656,287 |
| Real Estate Services — 1.0% |
| CoStar Group, Inc.* | 928,286 | | 67,569,938 |
| Software Application — 14.2% |
| Paycom Software, Inc. | 611,679 | | 127,859,261 |
| ServiceNow, Inc.* | 417,282 | | 389,319,933 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Software Application — (Continued) |
| Shopify, Inc., Class A* | 3,217,432 | | $ 251,635,357 |
| Workday, Inc., Class A* | 795,229 | | 185,964,302 |
| | | | 954,778,853 |
| Software Infrastructure — 15.9% |
| Adobe, Inc.* | 586,805 | | 280,539,734 |
| Microsoft Corp. | 1,264,439 | | 513,804,788 |
| Oracle Corp. | 1,656,581 | | 278,040,555 |
| | | | 1,072,385,077 |
| Travel Services — 3.4% |
| Airbnb, Inc., Class A* | 1,673,689 | | 225,596,540 |
TOTAL COMMON STOCKS
(Cost $3,666,448,230) | | | 6,679,466,737 |
| SHORT-TERM INVESTMENT — 0.5% |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%(a) | 38,108,924 | | 38,108,924 |
|
| |
TOTAL SHORT-TERM INVESTMENT
(Cost $38,108,924) | | | 38,108,924 |
|
| |
TOTAL INVESTMENTS - 99.8%
(Cost $3,704,557,154) | | | 6,717,575,661 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2% | | | 11,210,375 |
| NET ASSETS - 100.0% | | | $6,728,786,036 |
| (a) | Rate disclosed is the 7-day yield at October 31, 2024. |
| † | See Note 1. The industry designations set forth in the schedule above are those of the Morningstar Global Equity Classification System (“MGECS”). |
| * | Non-income producing. |
| PLC | Public Limited Company |
| SP ADR | Sponsored American Depository Receipt |
The accompanying notes are an integral part of the financial statements.
POLEN GLOBAL GROWTH FUND
Portfolio of Investments
October 31, 2024
(Unaudited)
| | Number
of Shares | | Value |
| COMMON STOCKS† — 95.6% |
| Australia — 1.9% |
| CSL Ltd. | 40,365 | | $ 7,578,744 |
| Canada — 3.8% |
| Shopify, Inc., Class A* | 199,770 | | 15,624,012 |
| Denmark — 2.5% |
| Novo Nordisk AS, Class B | 90,371 | | 10,136,464 |
| France — 2.3% |
| L'Oreal SA | 25,205 | | 9,456,171 |
| Germany — 8.4% |
| SAP SE | 104,640 | | 24,431,881 |
| Siemens Healthineers AG(a) | 191,677 | | 10,006,403 |
| | | | 34,438,284 |
| Ireland — 5.3% |
| Accenture PLC, Class A | 31,863 | | 10,987,000 |
| ICON PLC* | 48,038 | | 10,669,720 |
| | | | 21,656,720 |
| United Kingdom — 1.6% |
| Sage Group PLC (The) | 526,526 | | 6,580,401 |
| United States — 67.2% |
| Abbott Laboratories | 165,050 | | 18,711,718 |
| Adobe, Inc.* | 33,769 | | 16,144,283 |
| Airbnb, Inc., Class A* | 30,921 | | 4,167,842 |
| Alphabet, Inc., Class C | 138,882 | | 23,983,533 |
| Amazon.com, Inc.* | 204,047 | | 38,034,361 |
| Aon PLC, Class A | 48,043 | | 17,625,535 |
| Automatic Data Processing, Inc. | 21,881 | | 6,328,860 |
| CoStar Group, Inc.* | 83,232 | | 6,058,457 |
| Mastercard, Inc., Class A | 38,529 | | 19,248,703 |
| Microsoft Corp. | 57,077 | | 23,193,239 |
| MSCI, Inc. | 29,016 | | 16,573,939 |
| Oracle Corp. | 37,103 | | 6,227,368 |
| Paycom Software, Inc. | 75,625 | | 15,807,894 |
| ServiceNow, Inc.* | 10,459 | | 9,758,142 |
| Thermo Fisher Scientific, Inc. | 19,027 | | 10,394,831 |
| Visa, Inc., Class A | 62,779 | | 18,196,493 |
| Workday, Inc., Class A* | 69,442 | | 16,239,012 |
| Zoetis, Inc. | 45,189 | | 8,078,889 |
| | | | 274,773,099 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Uruguay — 2.6% |
| Globant SA* | 50,420 | | $ 10,582,654 |
TOTAL COMMON STOCKS
(Cost $263,949,231) | | | 390,826,549 |
| | | |
| SHORT-TERM INVESTMENT — 2.2% |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%(b) | 8,753,526 | 8,753,526 |
TOTAL SHORT-TERM INVESTMENT
(Cost $8,753,526) | | 8,753,526 |
|
| |
TOTAL INVESTMENTS - 97.8%
(Cost $272,702,757) | | 399,580,075 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 2.2% | | 9,079,681 |
| NET ASSETS - 100.0% | | $408,659,756 |
| (a) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security was 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 October 31, 2024, this security amounted to $10,006,403 or 2.45% of net assets. This security has been determined by the Fund's adviser to be a liquid security. |
| (b) | Rate disclosed is the 7-day yield at October 31, 2024. |
| † | See Note 1. The country designations set forth in the schedule above are those of the Global Industry Classification Standard (“GICS”). |
| * | Non-income producing. |
| PLC | Public Limited Company |
The accompanying notes are an integral part of the financial statements.
POLEN INTERNATIONAL GROWTH FUND
Portfolio of Investments
October 31, 2024
(Unaudited)
| | Number
of Shares | | Value |
| COMMON STOCKS† — 94.8% |
| Australia — 1.5% |
| CSL Ltd. | 16,137 | | $ 3,029,808 |
| Brazil — 1.2% |
| NU Holdings Ltd., Class A* | 159,121 | | 2,401,136 |
| Canada — 4.0% |
| Shopify, Inc., Class A* | 104,281 | | 8,155,817 |
| Denmark — 3.1% |
| Novo Nordisk AS, Class B | 56,712 | | 6,361,102 |
| France — 5.5% |
| Dassault Systemes SE | 140,582 | | 4,811,444 |
| Teleperformance SE | 60,861 | | 6,451,381 |
| | | | 11,262,825 |
| Germany — 19.7% |
| adidas AG | 33,658 | | 8,060,798 |
| SAP SE | 87,643 | | 20,463,334 |
| Siemens Healthineers AG(a) | 225,002 | | 11,746,119 |
| | | | 40,270,251 |
| India — 4.4% |
| HDFC Bank Ltd. | 440,322 | | 9,050,692 |
| Ireland — 15.0% |
| Accenture PLC, Class A | 5,068 | | 1,747,548 |
| Experian PLC | 112,962 | | 5,513,203 |
| ICON PLC* | 53,816 | | 11,953,072 |
| Medtronic PLC | 128,206 | | 11,442,385 |
| | | | 30,656,208 |
| Japan — 2.1% |
| Tokyo Electron Ltd. | 29,090 | | 4,280,682 |
| Netherlands — 3.8% |
| ASML Holding NV | 11,530 | | 7,761,207 |
| Spain — 2.9% |
| Amadeus IT Group SA | 82,532 | | 5,983,019 |
| Sweden — 3.2% |
| Evolution AB(a) | 67,744 | | 6,404,981 |
| Switzerland — 2.0% |
| On Holding AG, Class A* | 39,619 | | 1,878,733 |
| Temenos AG, Registered Shares | 30,892 | | 2,139,741 |
| | | | 4,018,474 |
| United Kingdom — 11.7% |
| Bunzl PLC | 105,523 | | 4,645,604 |
| Sage Group PLC (The) | 1,324,423 | | 16,552,334 |
| Unilever PLC | 43,354 | | 2,644,682 |
| | | | 23,842,620 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| United States — 7.5% |
| Aon PLC, Class A | 41,496 | | $ 15,223,637 |
| Uruguay — 7.2% |
| Globant SA* | 25,359 | | 5,322,601 |
| MercadoLibre, Inc.* | 4,613 | | 9,397,511 |
| | | | 14,720,112 |
TOTAL COMMON STOCKS
(Cost $152,053,684) | | | 193,422,571 |
| | | |
| SHORT-TERM INVESTMENT — 5.2% |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%(b) | 10,657,567 | 10,657,567 |
TOTAL SHORT-TERM INVESTMENT
(Cost $10,657,567) | | 10,657,567 |
|
| |
TOTAL INVESTMENTS - 100.0%
(Cost $162,711,251) | | 204,080,138 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0% | | 57,053 |
| NET ASSETS - 100.0% | | $204,137,191 |
| (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 October 31, 2024, these securities amounted to $18,151,100 or 8.89% of net assets. These securities have been determined by the Fund's adviser to be liquid securities, unless otherwise noted. |
| (b) | Rate disclosed is the 7-day yield at October 31, 2024. |
| † | See Note 1. The country designations set forth in the schedule above are those of the Global Industry Classification Standard (“GICS”). |
| * | Non-income producing. |
| PLC | Public Limited Company |
The accompanying notes are an integral part of the financial statements.
POLEN U.S. SMALL COMPANY GROWTH FUND
Portfolio of Investments
October 31, 2024
(Unaudited)
| | Number
of Shares | | Value |
| COMMON STOCKS† — 96.5% |
| Asset Management — 4.7% |
| Hamilton Lane, Inc., Class A | 11,725 | | $ 2,106,279 |
| Auto Parts — 1.3% |
| Fox Factory Holding Corp.* | 16,144 | | 581,023 |
| Building Products & Equipment — 2.2% |
| AAON, Inc. | 8,554 | | 977,038 |
| Capital Markets — 5.0% |
| Houlihan Lokey, Inc. | 12,856 | | 2,221,131 |
| Diagnostics & Research — 1.7% |
| Medpace Holdings, Inc.* | 2,472 | | 776,752 |
| Electronics & Computer Distribution — 2.1% |
| Insight Enterprises, Inc.* | 5,389 | | 942,644 |
| Engineering & Construction — 4.4% |
| Bowman Consulting Group Ltd.* | 13,746 | | 279,044 |
| Construction Partners, Inc., Class A* | 11,174 | | 879,729 |
| NV5 Global, Inc.* | 35,798 | | 817,984 |
| | | | 1,976,757 |
| Health Information Services — 2.2% |
| Progyny, Inc.* | 64,071 | | 964,269 |
| Household & Personal Products — 2.7% |
| elf Beauty, Inc.* | 11,241 | | 1,183,115 |
| Industrial Distribution — 6.5% |
| Applied Industrial Technologies, Inc. | 4,005 | | 927,518 |
| Core & Main, Inc., Class A* | 28,678 | | 1,269,862 |
| SiteOne Landscape Supply, Inc.* | 5,142 | | 718,543 |
| | | | 2,915,923 |
| Information Technology Services — 11.4% |
| ExlService Holdings, Inc.* | 69,164 | | 2,882,064 |
| Globant SA* | 10,631 | | 2,231,340 |
| | | | 5,113,404 |
| Insurance - Diversified — 4.3% |
| Goosehead Insurance, Inc., Class A* | 17,772 | | 1,935,371 |
| Internet Retail — 3.8% |
| Revolve Group, Inc.* | 68,876 | | 1,709,502 |
| Leisure — 2.8% |
| Topgolf Callaway Brands Corp.* | 31,694 | | 307,749 |
| YETI Holdings, Inc.* | 26,599 | | 936,551 |
| | | | 1,244,300 |
| Medical Care Facilities — 1.3% |
| AMN Healthcare Services, Inc.* | 14,987 | | 568,607 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Medical Instruments & Supplies — 5.3% |
| Repligen Corp.* | 6,873 | | $ 922,838 |
| Warby Parker, Inc., Class A* | 86,676 | | 1,467,424 |
| | | | 2,390,262 |
| Real Estate Services — 3.7% |
| FirstService Corp. | 8,893 | | 1,646,717 |
| Residential Construction — 3.4% |
| Installed Building Products, Inc. | 4,203 | | 911,631 |
| LGI Homes, Inc.* | 6,131 | | 622,664 |
| | | | 1,534,295 |
| Restaurants — 1.5% |
| Dutch Bros, Inc., Class A* | 20,572 | | 681,345 |
| Semiconductors — 2.0% |
| Rambus, Inc.* | 18,987 | | 907,958 |
| Software Application — 15.3% |
| Alarm.com Holdings, Inc.* | 25,612 | | 1,365,888 |
| BlackLine, Inc.* | 22,003 | | 1,218,306 |
| CCC Intelligent Solutions Holdings, Inc.* | 173,804 | | 1,809,300 |
| Clearwater Analytics Holdings, Inc., Class A* | 63,338 | | 1,653,755 |
| Paylocity Holding Corp.* | 4,450 | | 821,336 |
| | | | 6,868,585 |
| Software Infrastructure — 5.3% |
| Euronet Worldwide, Inc.* | 16,416 | | 1,616,483 |
| Qualys, Inc.* | 6,503 | | 775,418 |
| | | | 2,391,901 |
| Specialty Industrial Machinery — 3.6% |
| Generac Holdings, Inc.* | 9,839 | | 1,628,846 |
TOTAL COMMON STOCKS
(Cost $34,910,771) | | | 43,266,024 |
The accompanying notes are an integral part of the financial statements.
POLEN U.S. SMALL COMPANY GROWTH FUND
Portfolio of Investments (Concluded)
October 31, 2024
(Unaudited)
| | Number
of Shares | | Value |
| SHORT-TERM INVESTMENT — 3.7% |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%(a) | 1,630,648 | | $ 1,630,648 |
|
| |
TOTAL SHORT-TERM INVESTMENT
(Cost $1,630,648) | | | 1,630,648 |
|
| |
TOTAL INVESTMENTS - 100.2%
(Cost $36,541,419) | | | 44,896,672 |
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)% | | | (68,560) |
| NET ASSETS - 100.0% | | | $44,828,112 |
| (a) | Rate disclosed is the 7-day yield at October 31, 2024. |
| † | See Note 1. The industry designations set forth in the schedule above are those of the Morningstar Global Equity Classification System (“MGECS”). |
| * | Non-income producing. |
The accompanying notes are an integral part of the financial statements.
POLEN EMERGING MARKETS GROWTH FUND
Portfolio of Investments
October 31, 2024
(Unaudited)
| | Number
of Shares | | Value |
| COMMON STOCKS† — 98.7% |
| Brazil — 2.5% |
| TOTVS SA | 102,055 | | $ 526,790 |
| China — 24.3% |
| ANTA Sports Products Ltd. | 60,427 | | 644,949 |
| Hefei Meiya Optoelectronic Technology, Inc., Class A | 160,915 | | 351,969 |
| Meituan, Class B(a)* | 29,600 | | 699,459 |
| NetEase, Inc. | 41,361 | | 665,449 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 53,600 | | 418,502 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 12,400 | | 464,577 |
| Tencent Music Entertainment Group, ADR | 95,303 | | 1,060,722 |
| Yum China Holdings, Inc. | 12,796 | | 564,431 |
| Yum China Holdings, Inc. | 4,600 | | 206,703 |
| | | | 5,076,761 |
| Hong Kong — 4.6% |
| AIA Group Ltd. | 58,000 | | 457,754 |
| Hong Kong Exchanges & Clearing Ltd. | 12,700 | | 508,513 |
| | | | 966,267 |
| Hungary — 2.8% |
| Wizz Air Holdings PLC(a)* | 33,253 | | 592,411 |
| India — 10.8% |
| HDFC Bank Ltd. | 44,480 | | 914,274 |
| Infosys Ltd. | 32,469 | | 677,454 |
| Kotak Mahindra Bank Ltd. | 18,231 | | 374,286 |
| Reliance Industries Ltd. | 18,828 | | 297,708 |
| | | | 2,263,722 |
| Indonesia — 4.6% |
| Bank Central Asia Tbk PT | 896,247 | | 585,316 |
| Bank Mandiri Persero Tbk PT | 887,100 | | 376,591 |
| | | | 961,907 |
| Ireland — 3.7% |
| PDD Holdings, Inc., ADR* | 6,430 | | 775,394 |
| Mexico — 2.8% |
| Fomento Economico Mexicano SAB de CV | 31,357 | | 303,783 |
| Wal-Mart de Mexico SAB de CV | 103,987 | | 287,128 |
| | | | 590,911 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Netherlands — 6.9% |
| Nebius Group NV, Class A(b)* | 20,190 | | $ 431,662 |
| Prosus NV | 23,929 | | 1,008,485 |
| | | | 1,440,147 |
| Poland — 5.6% |
| Dino Polska SA(a)* | 6,900 | | 571,789 |
| InPost SA* | 30,582 | | 596,597 |
| | | | 1,168,386 |
| Singapore — 2.8% |
| Genting Singapore Ltd. | 927,000 | | 583,833 |
| Taiwan — 11.3% |
| E Ink Holdings, Inc. | 87,287 | | 816,937 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 49,400 | | 1,549,159 |
| | | | 2,366,096 |
| United States — 4.8% |
| EPAM Systems, Inc.* | 1,576 | | 297,313 |
| Las Vegas Sands Corp. | 13,685 | | 709,567 |
| | | | 1,006,880 |
| Uruguay — 5.1% |
| Dlocal Ltd.* | 58,313 | | 510,239 |
| MercadoLibre, Inc.* | 275 | | 560,224 |
| | | | 1,070,463 |
| Vietnam — 6.1% |
| FPT Corp. | 158,604 | | 849,074 |
| Mobile World Investment Corp. | 162,700 | | 426,653 |
| | | | 1,275,727 |
TOTAL COMMON STOCKS
(Cost $19,877,604) | | | 20,665,695 |
| | | |
| SHORT-TERM INVESTMENT — 1.6% |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%(c) | 337,053 | 337,053 |
TOTAL SHORT-TERM INVESTMENT
(Cost $337,053) | | 337,053 |
|
| |
TOTAL INVESTMENTS - 100.3%
(Cost $20,214,657) | | 21,002,748 |
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)% | | (71,974) |
| NET ASSETS - 100.0% | | $20,930,774 |
The accompanying notes are an integral part of the financial statements.
POLEN EMERGING MARKETS GROWTH FUND
Portfolio of Investments (Concluded)
October 31, 2024
(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 October 31, 2024, these securities amounted to $1,863,659 or 8.90% of net assets. These securities have been determined by the Fund's adviser to be liquid securities, unless otherwise noted. |
| (b) | Security is fair valued by the Fund's adviser, in its role as valuation designee, in accordance with the policies established by the Board of Trustees. |
| (c) | Rate disclosed is the 7-day yield at October 31, 2024. |
| † | See Note 1. The country designations set forth in the schedule above are those of the Global Industry Classification Standard (“GICS”). |
| * | Non-income producing. |
| ADR | American Depositary Receipt |
| PLC | Public Limited Company |
The accompanying notes are an integral part of the financial statements.
POLEN U.S. SMID COMPANY GROWTH FUND
Portfolio of Investments
October 31, 2024
(Unaudited)
| | Number
of Shares | | Value |
| COMMON STOCKS† — 98.8% |
| Asset Management — 4.4% |
| Hamilton Lane, Inc., Class A | 2,726 | | $ 489,699 |
| Auto Parts — 1.3% |
| Fox Factory Holding Corp.* | 3,919 | | 141,045 |
| Biotechnology — 3.5% |
| Bio-Techne Corp. | 5,233 | | 385,934 |
| Building Products & Equipment — 2.2% |
| AAON, Inc. | 1,387 | | 158,423 |
| Trex Co., Inc.* | 1,217 | | 86,225 |
| | | | 244,648 |
| Capital Markets — 6.2% |
| Houlihan Lokey, Inc. | 2,434 | | 420,522 |
| MarketAxess Holdings, Inc. | 949 | | 274,660 |
| | | | 695,182 |
| Consulting Services — 1.8% |
| Booz Allen Hamilton Holding Corp. | 1,095 | | 198,918 |
| Diagnostics & Research — 4.1% |
| Charles River Laboratories International, Inc.* | 1,290 | | 230,368 |
| Medpace Holdings, Inc.* | 706 | | 221,840 |
| | | | 452,208 |
| Engineering & Construction — 3.8% |
| Tetra Tech, Inc. | 4,624 | | 226,021 |
| TopBuild Corp.* | 560 | | 197,893 |
| | | | 423,914 |
| Financial Data & Stock Exchanges — 3.4% |
| Morningstar, Inc. | 1,168 | | 383,162 |
| Health Information Services — 1.8% |
| Progyny, Inc.* | 13,508 | | 203,295 |
| Home Improvement Retail — 1.6% |
| Floor & Decor Holdings, Inc., Class A* | 1,704 | | 175,597 |
| Household & Personal Products — 2.6% |
| elf Beauty, Inc.* | 2,775 | | 292,069 |
| Industrial Distribution — 5.8% |
| Applied Industrial Technologies, Inc. | 852 | | 197,314 |
| Core & Main, Inc., Class A* | 4,478 | | 198,286 |
| Pool Corp. | 706 | | 255,318 |
| | | | 650,918 |
| Information Technology Services — 9.4% |
| ExlService Holdings, Inc.* | 11,196 | | 466,537 |
| Globant SA* | 2,799 | | 587,482 |
| | | | 1,054,019 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Insurance - Diversified — 4.2% |
| Goosehead Insurance, Inc., Class A* | 4,332 | | $ 471,755 |
| Insurance - Property & Casualty — 2.1% |
| Kinsale Capital Group, Inc. | 535 | | 229,039 |
| Internet Retail — 5.8% |
| Etsy, Inc.* | 4,576 | | 235,389 |
| Revolve Group, Inc.* | 16,380 | | 406,552 |
| | | | 641,941 |
| Leisure — 2.1% |
| YETI Holdings, Inc.* | 6,766 | | 238,231 |
| Medical Instruments & Supplies — 5.9% |
| Align Technology, Inc.* | 706 | | 144,751 |
| Repligen Corp.* | 1,655 | | 222,217 |
| Warby Parker, Inc., Class A* | 17,061 | | 288,843 |
| | | | 655,811 |
| Software Application — 21.7% |
| Alarm.com Holdings, Inc.* | 4,722 | | 251,824 |
| Aspen Technology, Inc.* | 1,387 | | 325,571 |
| CCC Intelligent Solutions Holdings, Inc.* | 28,768 | | 299,475 |
| Clearwater Analytics Holdings, Inc., Class A* | 15,528 | | 405,436 |
| Dynatrace, Inc.* | 7,229 | | 388,920 |
| Paycom Software, Inc. | 1,971 | | 411,998 |
| Tyler Technologies, Inc.* | 560 | | 339,130 |
| | | | 2,422,354 |
| Software Infrastructure — 1.8% |
| Euronet Worldwide, Inc.* | 2,020 | | 198,909 |
| Specialty Industrial Machinery — 3.3% |
| Generac Holdings, Inc.* | 2,215 | | 366,693 |
TOTAL COMMON STOCKS
(Cost $9,053,815) | | | 11,015,341 |
The accompanying notes are an integral part of the financial statements.
POLEN U.S. SMID COMPANY GROWTH FUND
Portfolio of Investments (Concluded)
October 31, 2024
(Unaudited)
| | Number
of Shares | | Value |
| SHORT-TERM INVESTMENT — 1.4% |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%(a) | 155,939 | | $ 155,939 |
|
| |
TOTAL SHORT-TERM INVESTMENT
(Cost $155,939) | | | 155,939 |
|
| |
TOTAL INVESTMENTS - 100.2%
(Cost $9,209,754) | | | 11,171,280 |
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)% | | | (19,081) |
| NET ASSETS - 100.0% | | | $11,152,199 |
| (a) | Rate disclosed is the 7-day yield at October 31, 2024. |
| † | See Note 1. The industry designations set forth in the schedule above are those of the Morningstar Global Equity Classification System (“MGECS”). |
| * | Non-income producing. |
The accompanying notes are an integral part of the financial statements.
POLEN EQUITY FUNDS
Statements of Assets and Liabilities
October 31, 2024
(Unaudited)
| | Polen Growth
Fund | | Polen Global
Growth Fund | | Polen
International
Growth Fund |
| Assets | | | | | |
| Investments, at value* | $6,717,575,661 | | $399,580,075 | | $204,080,138 |
| Foreign currency, at value (Cost $—, $157,662 and $107,821, respectively) | — | | 158,280 | | 107,821 |
| Receivables: | | | | | |
| Investments sold | 21,815,797 | | 8,477,823 | | 84,752 |
| Capital shares sold | 2,605,710 | | 53,450 | | 66,629 |
| Dividends and interest | 3,748,675 | | 998,692 | | 607,595 |
| Prepaid expenses and other assets | 127,433 | | 5,962 | | 5,986 |
| Total Assets | 6,745,873,276 | | 409,274,282 | | 204,952,921 |
| Liabilities | | | | | |
| Payables: | | | | | |
| Capital shares redeemed | 10,873,546 | | 200,152 | | 384,634 |
| Investment adviser | 5,013,089 | | 307,304 | | 156,460 |
| Transfer agent fees | 804,757 | | 52,794 | | 48,085 |
| Administration and accounting fees | 100,434 | | 10,779 | | 6,273 |
| Audit fees | 89,072 | | 11,791 | | 11,884 |
| Shareholder reporting fees | 86,466 | | 18,074 | | 10,417 |
| Custodian fees | 66,240 | | 8,867 | | 6,518 |
| Distribution fees (Investor Class Shares) | 52,697 | | 4,470 | | 601 |
| Deferred foreign capital gains tax | — | | — | | 188,967 |
| Accrued expenses | 939 | | 295 | | 1,891 |
| Total Liabilities | 17,087,240 | | 614,526 | | 815,730 |
| Contingencies and Commitments (Note 2) | N/A | | N/A | | N/A |
| Net Assets | $6,728,786,036 | | $408,659,756 | | $204,137,191 |
| Net Assets Consisted of: | | | | | |
| Capital stock, $0.01 par value | $1,445,789 | | $154,989 | | $128,667 |
| Paid-in capital | 3,422,836,148 | | 267,808,268 | | 192,173,026 |
| Total distributable earnings | 3,304,504,099 | | 140,696,499 | | 11,835,498 |
| Net Assets | $6,728,786,036 | | $408,659,756 | | $204,137,191 |
| Institutional Class: | | | | | |
| Net assets | $6,490,705,046 | | $388,074,517 | | $201,496,898 |
| Shares outstanding | 139,271,485 | | 14,699,729 | | 12,697,766 |
| Net asset value, offering and redemption price per share | $46.60 | | $26.40 | | $15.87 |
| Investor Class: | | | | | |
| Net assets | $238,080,990 | | $20,585,239 | | $2,640,293 |
| Shares outstanding | 5,307,382 | | 799,160 | | 168,896 |
| Net asset value, offering and redemption price per share | $44.86 | | $25.76 | | $15.63 |
| * Investments, at cost | $3,704,557,154 | | $272,702,757 | | $162,711,251 |
The accompanying notes are an integral part of the financial statements.
POLEN EQUITY FUNDS
Statements of Assets and Liabilities (Concluded)
October 31, 2024
(Unaudited)
| | Polen U.S. Small
Company Growth Fund | | Polen Emerging
Markets Growth Fund | | Polen
U.S. SMID
Company Growth
Fund |
| Assets | | | | | |
| Investments, at value* | $44,896,672 | | $21,002,748 | | $11,171,280 |
| Foreign currency, at value (Cost $—, $13 and $—, respectively) | — | | 14 | | — |
| Receivables: | | | | | |
| Capital shares sold | 11,031 | | 6,153 | | 4,253 |
| Dividends and interest | 2,664 | | 13,594 | | 311 |
| Investment adviser | 5,384 | | 3,553 | | 17,126 |
| Prepaid expenses and other assets | 7,951 | | 10,392 | | 305 |
| Total Assets | 44,923,702 | | 21,036,454 | | 11,193,275 |
| Liabilities | | | | | |
| Payables: | | | | | |
| Investment adviser | 26,582 | | 13,078 | | 17,170 |
| Transfer agent fees | 25,254 | | 5,373 | | 4,528 |
| Capital shares redeemed | 21,131 | | — | | — |
| Audit fees | 11,059 | | 2,523 | | 10,570 |
| Shareholder reporting fees | 5,789 | | 1,820 | | 3,656 |
| Administration and accounting fees | 2,747 | | 2,251 | | 1,849 |
| Distribution fees (Investor Class Shares) | 636 | | — | | — |
| Custodian fees | 589 | | 1,679 | | 1,865 |
| Deferred foreign capital gains tax | — | | 75,652 | | — |
| Accrued expenses | 1,803 | | 3,304 | | 1,438 |
| Total Liabilities | 95,590 | | 105,680 | | 41,076 |
| Contingencies and Commitments (Note 2) | — | | — | | — |
| Net Assets | $44,828,112 | | $20,930,774 | | $11,152,199 |
| Net Assets Consisted of: | | | | | |
| Capital stock, $0.01 par value | $31,533 | | $24,508 | | $13,995 |
| Paid-in capital | 87,639,368 | | 26,537,623 | | 17,517,156 |
| Total distributable loss | (42,842,789) | | (5,631,357) | | (6,378,952) |
| Net Assets | $44,828,112 | | $20,930,774 | | $11,152,199 |
| Institutional Class: | | | | | |
| Net assets | $37,922,378 | | $20,930,774 | | $11,152,199 |
| Shares outstanding | 2,665,844 | | 2,450,786 | | 1,399,545 |
| Net asset value, offering and redemption price per share | $14.23 | | $8.54 | | $7.97 |
| Investor Class: | | | | | |
| Net assets | $2,903,617 | | N/A | | N/A |
| Shares outstanding | 207,079 | | N/A | | N/A |
| Net asset value, offering and redemption price per share | $14.02 | | N/A | | N/A |
| Class Y: | | | | | |
| Net assets | $4,002,117 | | N/A | | N/A |
| Shares outstanding | 280,391 | | N/A | | N/A |
| Net asset value, offering and redemption price per share | $14.27 | | N/A | | N/A |
| * Investments, at cost | $36,541,419 | | $20,214,657 | | $9,209,754 |
The accompanying notes are an integral part of the financial statements.
POLEN EQUITY FUNDS
Statements of Operations
For the Six Months Ended October 31, 2024
(Unaudited)
| | Polen Growth
Fund | | Polen Global
Growth Fund | | Polen
International
Growth Fund |
| Investment income | | | | | |
| Dividends | $22,512,916 | | $1,830,537 | | $1,837,004 |
| Less: foreign taxes withheld | (99,676) | | (64,277) | | (180,665) |
| Total investment income | 22,413,240 | | 1,766,260 | | 1,656,339 |
| Expenses | | | | | |
| Advisory fees(Note 2) | 31,115,686 | | 1,928,247 | | 980,036 |
| Transfer agent fees(Note 2) | 2,898,259 | | 183,296 | | 120,785 |
| Trustees’ and officers’ fees(Note 2) | 516,397 | | 32,412 | | 16,826 |
| Distribution fees (Investor Class)(Note 2) | 333,280 | | 27,497 | | 3,644 |
| Legal fees | 221,774 | | 16,544 | | 10,613 |
| Administration and accounting fees(Note 2) | 206,371 | | 14,762 | | 7,562 |
| Shareholder reporting fees | 155,170 | | 27,118 | | 23,326 |
| Audit fees | 90,326 | | 15,432 | | 13,150 |
| Custodian fees(Note 2) | 82,426 | | 11,795 | | 13,035 |
| Registration and filing fees | 65,714 | | 21,328 | | 22,652 |
| Other expenses | 155,477 | | 30,283 | | 25,523 |
| Total expenses | 35,840,880 | | 2,308,714 | | 1,237,152 |
| Net investment income/(loss) | (13,427,640) | | (542,454) | | 419,187 |
| Net realized and unrealized gain/(loss) from investments: | | | | | |
| Net realized gain from investments(a) | 774,559,760 | | 41,330,872 | | 5,652,475 |
| Net realized gain/(loss) from foreign currency transactions | — | | (37,566) | | 10,289 |
| Net change in unrealized depreciation on investments(b) | (229,800,521) | | (12,355,787) | | (3,754,706) |
| Net change in unrealized appreciation on foreign currency translations | — | | 31,050 | | 12,219 |
| Net realized and unrealized gain on investments | 544,759,239 | | 28,968,569 | | 1,920,277 |
| Net increase in net assets resulting from operations | $531,331,599 | | $28,426,115 | | $2,339,464 |
| (a) | Net realized gain/(loss) on investments for the Polen International Growth Fund was net of foreign capital gains tax withheld of $17,129. |
| (b) | Net change in unrealized appreciation/(depreciation) on investments for the Polen International Growth Fund was net of an increase in deferred foreign capital gains tax of $188,967. |
The accompanying notes are an integral part of the financial statements.
POLEN EQUITY FUNDS
Statements of Operations (Concluded)
For the Six Months Ended October 31, 2024
(Unaudited)
| | Polen U.S. Small
Company Growth Fund | | Polen Emerging
Markets Growth Fund | | Polen
U.S. SMID
Company Growth
Fund |
| Investment income | | | | | |
| Dividends | $68,368 | | $208,660 | | $27,220 |
| Less: foreign taxes withheld | (1,307) | | (16,199) | | — |
| Total investment income | 67,061 | | 192,461 | | 27,220 |
| Expenses | | | | | |
| Advisory fees(Note 2) | 272,207 | | 100,903 | | 85,679 |
| Transfer agent fees(Note 2) | 56,514 | | 20,468 | | 16,072 |
| Registration and filing fees | 26,605 | | 12,373 | | 12,738 |
| Shareholder reporting fees | 14,137 | | 9,878 | | 11,217 |
| Audit fees | 11,292 | | 10,779 | | 10,778 |
| Trustees’ and officers’ fees(Note 2) | 5,638 | | 1,860 | | 1,818 |
| Distribution fees (Investor Class)(Note 2) | 4,129 | | — | | — |
| Legal fees | 3,515 | | 2,389 | | 3,247 |
| Custodian fees(Note 2) | 1,856 | | 4,651 | | 1,525 |
| Administration and accounting fees(Note 2) | 1,413 | | 3,787 | | 1,191 |
| Other expenses | 6,040 | | 7,325 | | 4,467 |
| Total expenses before waivers and/or reimbursements | 403,346 | | 174,413 | | 148,732 |
| Less: waivers and/or reimbursements(Note 2) | (101,866) | | (48,284) | | (58,769) |
| Net expenses after waivers and/or reimbursements | 301,480 | | 126,129 | | 89,963 |
| Net investment income/(loss) | (234,419) | | 66,332 | | (62,743) |
| Net realized and unrealized gain/(loss) from investments: | | | | | |
| Net realized gain/(loss) from investments(a) | 1,287,983 | | (1,150,957) | | 365,204 |
| Net realized gain from foreign currency transactions | — | | 2,435 | | — |
| Net change in unrealized appreciation on investments(b) | 2,280,494 | | 2,450,128 | | 1,221,885 |
| Net change in unrealized appreciation on foreign currency translations | — | | 55 | | — |
| Net realized and unrealized gain on investments | 3,568,477 | | 1,301,661 | | 1,587,089 |
| Net increase in net assets resulting from operations | $3,334,058 | | $1,367,993 | | $1,524,346 |
| (a) | Net realized gain/(loss) on investments for the Polen Emerging Markets Growth Fund was net of foreign capital gains tax withheld of $33,627. |
| (b) | Net change in unrealized appreciation/(depreciation) on investments for the Polen Emerging Markets Growth Fund was net of an increase in deferred foreign capital gains tax of $37,554. |
The accompanying notes are an integral part of the financial statements.
POLEN EQUITY FUNDS
Statements of Changes in Net Assets
| | Polen Growth Fund |
| | For the
Six Months Ended
October 31, 2024
(Unaudited) | | For the Year
Ended
April 30, 2024 |
| Net increase/(decrease) in net assets from operations: | | | |
| Net investment loss | $(13,427,640) | | $(38,861,302) |
| Net realized gains from investments | 774,559,760 | | 140,465,868 |
| Net change in unrealized appreciation/(depreciation) on investments | (229,800,521) | | 1,553,843,103 |
| Net increase in net assets resulting from operations | 531,331,599 | | 1,655,447,669 |
| Decrease in net assets derived from capital share transactions (Note 4) | (1,365,796,436) | | (1,123,990,236) |
| Total increase/(decrease) in net assets | (834,464,837) | | 531,457,433 |
| Net assets | | | |
| Beginning of period | 7,563,250,873 | | 7,031,793,440 |
| End of period | $6,728,786,036 | | $7,563,250,873 |
The accompanying notes are an integral part of the financial statements.
POLEN EQUITY FUNDS
Statements of Changes in Net Assets (Continued)
| | Polen Global Growth Fund |
| | For the
Six Months Ended
October 31, 2024
(Unaudited) | | For the Year
Ended
April 30, 2024 |
| Net increase/(decrease) in net assets from operations: | | | |
| Net investment loss | $(542,454) | | $(815,842) |
| Net realized gains from investments and foreign currency transactions | 41,293,306 | | 22,584,465 |
| Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | (12,324,737) | | 49,584,148 |
| Net increase in net assets resulting from operations | 28,426,115 | | 71,352,771 |
| Decrease in net assets derived from capital share transactions (Note 4) | (82,188,357) | | (52,651,729) |
| Total increase/(decrease) in net assets | (53,762,242) | | 18,701,042 |
| Net assets | | | |
| Beginning of period | 462,421,998 | | 443,720,956 |
| End of period | $408,659,756 | | $462,421,998 |
The accompanying notes are an integral part of the financial statements.
POLEN EQUITY FUNDS
Statements of Changes in Net Assets (Continued)
| | Polen International Growth Fund |
| | For the
Six Months Ended
October 31, 2024
(Unaudited) | | For the Year
Ended
April 30, 2024 |
| Net increase/(decrease) in net assets from operations: | | | |
| Net investment income | $419,187 | | $958,620 |
| Net realized gains from investments and foreign currency transactions | 5,662,764 | | 895,473 |
| Net change in unrealized appreciation/(depreciation) on investments and foreign currency translations | (3,742,487) | | 13,918,655 |
| Net increase in net assets resulting from operations | 2,339,464 | | 15,772,748 |
| Less dividends and distributions to shareholders from: | | | |
| Total distributable earnings: | | | |
| Institutional Class | — | | (779,523) |
| Investor Class | — | | (1,046) |
| Net decrease in net assets from dividends and distributions to shareholders | — | | (780,569) |
| Decrease in net assets derived from capital share transactions (Note 4) | (35,003,629) | | (8,172,137) |
| Total increase/(decrease) in net assets | (32,664,165) | | 6,820,042 |
| Net assets | | | |
| Beginning of period | 236,801,356 | | 229,981,314 |
| End of period | $204,137,191 | | $236,801,356 |
The accompanying notes are an integral part of the financial statements.
POLEN EQUITY FUNDS
Statements of Changes in Net Assets (Continued)
| | Polen U.S. Small Company Growth Fund |
| | For the
Six Months Ended
October 31, 2024
(Unaudited) | | For the Year
Ended
April 30, 2024 |
| Net increase/(decrease) in net assets from operations: | | | |
| Net investment loss | $(234,419) | | $(612,523) |
| Net realized gains/(losses) from investments | 1,287,983 | | (1,581,543) |
| Net change in unrealized appreciation on investments | 2,280,494 | | 5,916,363 |
| Net increase in net assets resulting from operations | 3,334,058 | | 3,722,297 |
| Decrease in net assets derived from capital share transactions (Note 4) | (22,612,066) | | (20,920,541) |
| Total decrease in net assets | (19,278,008) | | (17,198,244) |
| Net assets | | | |
| Beginning of period | 64,106,120 | | 81,304,364 |
| End of period | $44,828,112 | | $64,106,120 |
The accompanying notes are an integral part of the financial statements.
POLEN EQUITY FUNDS
Statements of Changes in Net Assets (Continued)
| | Polen Emerging Markets Growth Fund |
| | For the
Six Months Ended
October 31, 2024
(Unaudited) | | For the Year
Ended
April 30, 2024 |
| Net increase/(decrease) in net assets from operations: | | | |
| Net investment income | $66,332 | | $122,721 |
| Net realized losses from investments and foreign currency transactions | (1,148,522) | | (1,661,144) |
| Net change in unrealized appreciation on investments and foreign currency translations | 2,450,183 | | 1,845,632 |
| Net increase in net assets resulting from operations | 1,367,993 | | 307,209 |
| Less dividends and distributions to shareholders from: | | | |
| Total distributable earnings: | | | |
| Institutional Class | — | | (6,719) |
| Net decrease in net assets from dividends and distributions to shareholders | — | | (6,719) |
| Decrease in net assets derived from capital share transactions (Note 4) | (15,676) | | (25,014) |
| Total increase in net assets | 1,352,317 | | 275,476 |
| Net assets | | | |
| Beginning of period | 19,578,457 | | 19,302,981 |
| End of period | $20,930,774 | | $19,578,457 |
The accompanying notes are an integral part of the financial statements.
POLEN EQUITY FUNDS
Statements of Changes in Net Assets (Concluded)
| | Polen U.S. SMID Company Growth Fund |
| | For the
Six Months Ended
October 31, 2024
(Unaudited) | | For the Year
Ended
April 30, 2024 |
| Net increase/(decrease) in net assets from operations: | | | |
| Net investment loss | $(62,743) | | $(131,465) |
| Net realized gains/(losses) from investments | 365,204 | | (1,483,068) |
| Net change in unrealized appreciation on investments | 1,221,885 | | 2,694,722 |
| Net increase in net assets resulting from operations | 1,524,346 | | 1,080,189 |
| Decrease in net assets derived from capital share transactions (Note 4) | (7,866,305) | | (3,609,338) |
| Total decrease in net assets | (6,341,959) | | (2,529,149) |
| Net assets | | | |
| Beginning of period | 17,494,158 | | 20,023,307 |
| End of period | $11,152,199 | | $17,494,158 |
The accompanying notes are an integral part of the financial statements.
POLEN EQUITY FUNDS
POLEN GROWTH FUND Financial Highlights
Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.
| | Institutional Class |
| | For the
Six Months Ended
October 31,
2024
(Unaudited) | | For the
Year Ended
April 30,
2024 | | For the
Year Ended
April 30,
2023 | | For the
Year Ended
April 30,
2022 | | For the
Year Ended
April 30,
2021 | | For the
Year Ended
April 30,
2020 |
| Per Share Operating Performance | | | | | | | | | | | |
| Net asset value, beginning of period | $43.38 | | $34.76 | | $40.67 | | $50.14 | | $34.57 | | $31.20 |
| Net investment loss(1) | (0.08) | | (0.20) | | (0.21) | | (0.31) | | (0.22) | | (0.13) |
| Net realized and unrealized gain/(loss) on investments | 3.30 | | 8.82 | | (2.49) | | (6.99) | | 16.37 | | 3.50 |
| Total from investment operations | 3.22 | | 8.62 | | (2.70) | | (7.30) | | 16.15 | | 3.37 |
| Dividends and distributions to shareholders from: | | | | | | | | | | | |
| Net realized capital gains | — | | — | | (3.21) | | (2.17) | | (0.58) | | (0.00)(2) |
| Redemption fees | 0.00(2) | | 0.00(2) | | — | | — | | 0.00(2) | | 0.00(2) |
| Net asset value, end of period | $46.60 | | $43.38 | | $34.76 | | $40.67 | | $50.14 | | $34.57 |
| Total investment return(3) | 7.42% | | 24.80% | | (5.67)% | | (15.68)% | | 46.91% | | 10.80% |
| Ratios/Supplemental Data | | | | | | | | | | | |
| Net assets, end of period (in 000s) | $6,490,705 | | $7,293,884 | | $6,798,041 | | $9,466,044 | | $10,700,658 | | $5,771,940 |
| Ratio of expenses to average net assets | 0.97%(4) | | 0.96% | | 0.98% | | 0.96% | | 0.97% | | 0.98% |
| Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any | 0.97%(4) | | 0.96% | | 0.98% | | 0.96% | | 0.97% | | 0.98%(5) |
| Ratio of net investment loss to average net assets | (0.36)%(4) | | (0.50)% | | (0.58)% | | (0.60)% | | (0.50)% | | (0.40)% |
| Portfolio turnover rate | 19%(6) | | 18% | | 19% | | 24% | | 19% | | 23% |
| (1) | The selected per share data was calculated using the average shares outstanding method for the period. |
| (2) | Amount is less than $0.005 per share. |
| (3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
| (4) | Annualized. |
| (5) | During the period, certain fees were waived and/or reimbursed; or recouped, if any. If such fee waivers and/or reimbursements or recoupments had not occurred, the ratios would have been as indicated (See Note 2). |
| (6) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
POLEN EQUITY FUNDS
POLEN GROWTH FUND Financial Highlights (Continued)
Contained below is per share operating performance data for Investor Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.
| | Investor Class |
| | For the
Six Months Ended
October 31,
2024
(Unaudited) | | For the
Year Ended
April 30,
2024 | | For the
Year Ended
April 30,
2023 | | For the
Year Ended
April 30,
2022 | | For the
Year Ended
April 30,
2021 | | For the
Year Ended
April 30,
2020 |
| Per Share Operating Performance | | | | | | | | | | | |
| Net asset value, beginning of period | $41.81 | | $33.58 | | $39.52 | | $48.90 | | $33.81 | | $30.59 |
| Net investment loss(1) | (0.13) | | (0.29) | | (0.29) | | (0.43) | | (0.31) | | (0.21) |
| Net realized and unrealized gain/(loss) on investments | 3.18 | | 8.52 | | (2.44) | | (6.78) | | 15.98 | | 3.43 |
| Total from investment operations | 3.05 | | 8.23 | | (2.73) | | (7.21) | | 15.67 | | 3.22 |
| Dividends and distributions to shareholders from: | | | | | | | | | | | |
| Net realized capital gains | — | | — | | (3.21) | | (2.17) | | (0.58) | | (0.00)(2) |
| Redemption fees | 0.00(2) | | 0.00(2) | | — | | — | | 0.00(2) | | 0.00(2) |
| Net asset value, end of period | $44.86 | | $41.81 | | $33.58 | | $39.52 | | $48.90 | | $33.81 |
| Total investment return(3) | 7.30% | | 24.51% | | (5.92)% | | (15.90)% | | 46.54% | | 10.53% |
| Ratios/Supplemental Data | | | | | | | | | | | |
| Net assets, end of period (in 000s) | $238,081 | | $269,367 | | $233,752 | | $332,144 | | $417,735 | | $395,021 |
| Ratio of expenses to average net assets | 1.22%(4) | | 1.21% | | 1.23% | | 1.21% | | 1.21% | | 1.23% |
| Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any | 1.22%(4) | | 1.21% | | 1.23% | | 1.21% | | 1.21% | | 1.23%(5) |
| Ratio of net investment loss to average net assets | (0.61)%(4) | | (0.75)% | | (0.83)% | | (0.85)% | | (0.74)% | | (0.64)% |
| Portfolio turnover rate | 19%(6) | | 18% | | 19% | | 24% | | 19% | | 23% |
| (1) | The selected per share data was calculated using the average shares outstanding method for the period. |
| (2) | Amount is less than $0.005 per share. |
| (3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
| (4) | Annualized. |
| (5) | During the period, certain fees were waived and/or reimbursed; or recouped, if any. If such fee waivers and/or reimbursements or recoupments had not occurred, the ratios would have been as indicated (See Note 2). |
| (6) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
POLEN EQUITY FUNDS
POLEN GLOBAL GROWTH FUND Financial Highlights (Continued)
Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.
| | Institutional Class |
| | For the
Six Months Ended
October 31,
2024
(Unaudited) | | For the
Year Ended
April 30,
2024 | | For the
Year Ended
April 30,
2023 | | For the
Year Ended
April 30,
2022 | | For the
Year Ended
April 30,
2021 | | For the
Year Ended
April 30,
2020 |
| Per Share Operating Performance | | | | | | | | | | | |
| Net asset value, beginning of period | $24.84 | | $21.23 | | $21.09 | | $26.07 | | $18.47 | | $17.35 |
| Net investment loss(1) | (0.03) | | (0.04) | | (0.02) | | (0.09) | | (0.08) | | (0.04) |
| Net realized and unrealized gain/(loss) on investments | 1.59 | | 3.65 | | 0.37 | | (4.21) | | 7.68 | | 1.16 |
| Total from investment operations | 1.56 | | 3.61 | | 0.35 | | (4.30) | | 7.60 | | 1.12 |
| Dividends and distributions to shareholders from: | | | | | | | | | | | |
| Net realized capital gains | — | | — | | (0.21) | | (0.68) | | — | | (0.01) |
| Redemption fees | — | | — | | — | | — | | 0.00(2) | | 0.01 |
| Net asset value, end of period | $26.40 | | $24.84 | | $21.23 | | $21.09 | | $26.07 | | $18.47 |
| Total investment return(3) | 6.28% | | 17.00% | | 1.80% | | (17.08)% | | 41.15% | | 6.50% |
| Ratios/Supplemental Data | | | | | | | | | | | |
| Net assets, end of period (in 000s) | $388,075 | | $440,863 | | $422,798 | | $531,927 | | $587,255 | | $255,374 |
| Ratio of expenses to average net assets | 1.01%(4) | | 0.98% | | 1.01% | | 0.99% | | 1.06% | | 1.10% |
| Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any(5) | 1.01%(4) | | 0.98% | | 1.01% | | 0.99% | | 1.01% | | 1.12% |
| Ratio of net investment loss to average net assets | (0.23)%(4) | | (0.16)% | | (0.10)% | | (0.36)% | | (0.35)% | | (0.20)% |
| Portfolio turnover rate | 11%(6) | | 21% | | 21% | | 36% | | 12% | | 18% |
| (1) | The selected per share data was calculated using the average shares outstanding method for the period. |
| (2) | Amount is less than $0.005 per share. |
| (3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
| (4) | Annualized. |
| (5) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
| (6) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
POLEN EQUITY FUNDS
POLEN GLOBAL GROWTH FUND Financial Highlights (Continued)
Contained below is per share operating performance data for Investor Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.
| | Investor Class |
| | For the
Six Months Ended
October 31,
2024
(Unaudited) | | For the
Year Ended
April 30,
2024 | | For the
Year Ended
April 30,
2023 | | For the
Year Ended
April 30,
2022 | | For the
Year Ended
April 30,
2021 | | For the
Year Ended
April 30,
2020 |
| Per Share Operating Performance | | | | | | | | | | | |
| Net asset value, beginning of period | $24.27 | | $20.80 | | $20.71 | | $25.68 | | $18.24 | | $17.17 |
| Net investment loss(1) | (0.06) | | (0.10) | | (0.07) | | (0.16) | | (0.13) | | (0.08) |
| Net realized and unrealized gain/(loss) on investments | 1.55 | | 3.57 | | 0.37 | | (4.13) | | 7.57 | | 1.15 |
| Total from investment operations | 1.49 | | 3.47 | | 0.30 | | (4.29) | | 7.44 | | 1.07 |
| Dividends and distributions to shareholders from: | | | | | | | | | | | |
| Net realized capital gains | — | | — | | (0.21) | | (0.68) | | — | | (0.01) |
| Redemption fees | — | | — | | — | | — | | 0.00(2) | | 0.01 |
| Net asset value, end of period | $25.76 | | $24.27 | | $20.80 | | $20.71 | | $25.68 | | $18.24 |
| Total investment return(3) | 6.14% | | 16.68% | | 1.59% | | (17.30)% | | 40.79% | | 6.28% |
| Ratios/Supplemental Data | | | | | | | | | | | |
| Net assets, end of period (in 000s) | $20,585 | | $21,559 | | $20,923 | | $27,111 | | $45,081 | | $17,552 |
| Ratio of expenses to average net assets | 1.26%(4) | | 1.23% | | 1.26% | | 1.24% | | 1.31% | | 1.35% |
| Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any(5) | 1.26%(4) | | 1.23% | | 1.26% | | 1.24% | | 1.26% | | 1.37% |
| Ratio of net investment loss to average net assets | (0.48)%(4) | | (0.41)% | | (0.35)% | | (0.61)% | | (0.60)% | | (0.45)% |
| Portfolio turnover rate | 11%(6) | | 21% | | 21% | | 36% | | 12% | | 18% |
| (1) | The selected per share data was calculated using the average shares outstanding method for the period. |
| (2) | Amount is less than $0.005 per share. |
| (3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
| (4) | Annualized. |
| (5) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
| (6) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
POLEN EQUITY FUNDS
POLEN INTERNATIONAL GROWTH FUND Financial Highlights (Continued)
Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.
| | Institutional Class |
| | For the
Six Months Ended
October 31,
2024
(Unaudited) | | For the
Year Ended
April 30,
2024 | | For the
Year Ended
April 30,
2023 | | For the
Year Ended
April 30,
2022 | | For the
Year Ended
April 30,
2021 | | For the
Year Ended
April 30,
2020 |
| Per Share Operating Performance | | | | | | | | | | | |
| Net asset value, beginning of period | $15.80 | | $14.81 | | $14.27 | | $18.20 | | $13.93 | | $14.35 |
| Net investment income/(loss)(1) | 0.03 | | 0.06 | | 0.04 | | 0.00(2) | | (0.02) | | 0.03 |
| Net realized and unrealized gain/(loss) on investments | 0.04 | | 0.98 | | 0.50 | | (3.93) | | 4.29 | | (0.45) |
| Total from investment operations | 0.07 | | 1.04 | | 0.54 | | (3.93) | | 4.27 | | (0.42) |
| Dividends and distributions to shareholders from: | | | | | | | | | | | |
| Net investment income | — | | (0.05) | | — | | — | | — | | (0.00)(2) |
| Redemption fees | — | | — | | — | | — | | 0.00(2) | | 0.00(2) |
| Net asset value, end of period | $15.87 | | $15.80 | | $14.81 | | $14.27 | | $18.20 | | $13.93 |
| Total investment return(3) | 0.44% | | 7.04% | | 3.78% | | (21.59)% | | 30.65% | | (2.92)% |
| Ratios/Supplemental Data | | | | | | | | | | | |
| Net assets, end of period (in 000s) | $201,497 | | $234,106 | | $227,176 | | $278,801 | | $461,059 | | $196,960 |
| Ratio of expenses to average net assets | 1.07%(4) | | 1.04% | | 1.08% | | 1.04% | | 1.10% | | 1.10% |
| Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any(5) | 1.07%(4) | | 1.04% | | 1.08% | | 1.03% | | 1.03% | | 1.17% |
| Ratio of net investment income/(loss) to average net assets | 0.37%(4) | | 0.41% | | 0.26% | | 0.02% | | (0.09)% | | 0.18% |
| Portfolio turnover rate | 15%(6) | | 15% | | 20% | | 35% | | 33% | | 11% |
| (1) | The selected per share data was calculated using the average shares outstanding method for the period. |
| (2) | Amount is less than $0.005 per share. |
| (3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
| (4) | Annualized. |
| (5) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
| (6) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
POLEN EQUITY FUNDS
POLEN INTERNATIONAL GROWTH FUND Financial Highlights (Continued)
Contained below is per share operating performance data for Investor Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.
| | Investor Class |
| | For the
Six Months Ended
October 31,
2024
(Unaudited) | | For the
Year Ended
April 30,
2024 | | For the
Year Ended
April 30,
2023 | | For the
Year Ended
April 30,
2022 | | For the
Year Ended
April 30,
2021 | | For the
Year Ended
April 30,
2020 |
| Per Share Operating Performance | | | | | | | | | | | |
| Net asset value, beginning of period | $15.58 | | $14.60 | | $14.10 | | $18.04 | | $13.84 | | $14.29 |
| Net investment income/(loss)(1) | 0.01 | | 0.02 | | 0.01 | | (0.04) | | (0.06) | | (0.01) |
| Net realized and unrealized gain/(loss) on investments | 0.04 | | 0.97 | | 0.49 | | (3.90) | | 4.26 | | (0.44) |
| Total from investment operations | 0.05 | | 0.99 | | 0.50 | | (3.94) | | 4.20 | | (0.45) |
| Dividends and distributions to shareholders from: | | | | | | | | | | | |
| Net investment income | — | | (0.01) | | — | | — | | — | | — |
| Redemption fees | — | | — | | — | | — | | 0.00(2) | | 0.00(2) |
| Net asset value, end of period | $15.63 | | $15.58 | | $14.60 | | $14.10 | | $18.04 | | $13.84 |
| Total investment return(3) | 0.32% | | 6.76% | | 3.55% | | (21.84)% | | 30.35% | | (3.15)% |
| Ratios/Supplemental Data | | | | | | | | | | | |
| Net assets, end of period (in 000s) | $2,640 | | $2,696 | | $2,805 | | $3,976 | | $5,394 | | $1,551 |
| Ratio of expenses to average net assets | 1.32%(4) | | 1.29% | | 1.33% | | 1.29% | | 1.35% | | 1.35% |
| Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any(5) | 1.32%(4) | | 1.29% | | 1.33% | | 1.28% | | 1.29% | | 1.41% |
| Ratio of net investment income/(loss) to average net assets | 0.12%(4) | | 0.16% | | 0.08% | | (0.23)% | | (0.34)% | | (0.07)% |
| Portfolio turnover rate | 15%(6) | | 15% | | 20% | | 35% | | 33% | | 11% |
| (1) | The selected per share data was calculated using the average shares outstanding method for the period. |
| (2) | Amount is less than $0.005 per share. |
| (3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
| (4) | Annualized. |
| (5) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
| (6) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
POLEN EQUITY FUNDS
POLEN U.S. SMALL COMPANY GROWTH FUND Financial Highlights (Continued)
Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.
| | Institutional Class |
| | For the
Six Months Ended
October 31,
2024
(Unaudited) | | For the
Year Ended
April 30,
2024 | | For the
Year Ended
April 30,
2023 | | For the
Year Ended
April 30,
2022 | | For the
Year Ended
April 30,
2021 | | For the
Year Ended
April 30,
2020 |
| Per Share Operating Performance | | | | | | | | | | | |
| Net asset value, beginning of period | $13.34 | | $12.81 | | $13.49 | | $19.69 | | $11.17 | | $12.43 |
| Net investment loss(1) | (0.06) | | (0.11) | | (0.11) | | (0.16) | | (0.18) | | (0.11) |
| Net realized and unrealized gain/(loss) on investments | 0.95 | | 0.64 | | (0.57) | | (5.29) | | 8.72 | | (1.09) |
| Total from investment operations | 0.89 | | 0.53 | | (0.68) | | (5.45) | | 8.54 | | (1.20) |
| Dividends and distributions to shareholders from: | | | | | | | | | | | |
| Net realized capital gains | — | | — | | — | | (0.75) | | (0.02) | | (0.06) |
| Redemption fees | — | | — | | — | | — | | 0.00(2) | | 0.00(2) |
| Net asset value, end of period | $14.23 | | $13.34 | | $12.81 | | $13.49 | | $19.69 | | $11.17 |
| Total investment return(3) | 6.67% | | 4.14% | | (5.04)% | | (29.11)% | | 76.49% | | (9.70)% |
| Ratios/Supplemental Data | | | | | | | | | | | |
| Net assets, end of period (in 000s) | $37,922 | | $55,154 | | $71,304 | | $122,352 | | $118,390 | | $32,051 |
| Ratio of expenses to average net assets | 1.10%(4) | | 1.10% | | 1.10% | | 1.10% | | 1.25% | | 1.25% |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any(5) | 1.47%(4) | | 1.33% | | 1.40% | | 1.26% | | 1.34% | | 2.16% |
| Ratio of net investment loss to average net assets | (0.85)%(4) | | (0.80)% | | (0.83)% | | (0.81)% | | (1.06)% | | (0.92)% |
| Portfolio turnover rate | 27%(6) | | 37% | | 45% | | 58% | | 40% | | 68% |
| (1) | The selected per share data was calculated using the average shares outstanding method for the period. |
| (2) | Amount is less than $0.005 per share. |
| (3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
| (4) | Annualized. |
| (5) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
| (6) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
POLEN EQUITY FUNDS
POLEN U.S. SMALL COMPANY GROWTH FUND Financial Highlights (Continued)
Contained below is per share operating performance data for Investor Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.
| | Investor Class |
| | For the
Six Months Ended
October 31,
2024
(Unaudited) | | For the
Year Ended
April 30,
2024 | | For the
Year Ended
April 30,
2023 | | For the
Year Ended
April 30,
2022 | | For the
Year Ended
April 30,
2021 | | For the
Year Ended
April 30,
2020 |
| Per Share Operating Performance | | | | | | | | | | | |
| Net asset value, beginning of period | $13.17 | | $12.67 | | $13.38 | | $19.59 | | $11.14 | | $12.42 |
| Net investment loss(1) | (0.08) | | (0.14) | | (0.14) | | (0.20) | | (0.22) | | (0.13) |
| Net realized and unrealized gain/(loss) on investments | 0.93 | | 0.64 | | (0.57) | | (5.26) | | 8.69 | | (1.09) |
| Total from investment operations | 0.85 | | 0.50 | | (0.71) | | (5.46) | | 8.47 | | (1.22) |
| Dividends and distributions to shareholders from: | | | | | | | | | | | |
| Net realized capital gains | — | | — | | — | | (0.75) | | (0.02) | | (0.06) |
| Redemption fees | — | | — | | — | | — | | 0.00(2) | | 0.00(2) |
| Net asset value, end of period | $14.02 | | $13.17 | | $12.67 | | $13.38 | | $19.59 | | $11.14 |
| Total investment return(3) | 6.45% | | 3.95% | | (5.31)% | | (29.31)% | | 76.07% | | (9.87)% |
| Ratios/Supplemental Data | | | | | | | | | | | |
| Net assets, end of period (in 000s) | $2,904 | | $4,417 | | $5,389 | | $8,270 | | $11,364 | | $1,272 |
| Ratio of expenses to average net assets | 1.35%(4) | | 1.35% | | 1.35% | | 1.35% | | 1.50% | | 1.50% |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any(5) | 1.73%(4) | | 1.59% | | 1.65% | | 1.52% | | 1.58% | | 2.34% |
| Ratio of net investment loss to average net assets | (1.10)%(4) | | (1.05)% | | (1.08)% | | (1.06)% | | (1.31)% | | (1.18)% |
| Portfolio turnover rate | 27%(6) | | 37% | | 45% | | 58% | | 40% | | 68% |
| (1) | The selected per share data was calculated using the average shares outstanding method for the period. |
| (2) | Amount is less than $0.005 per share. |
| (3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
| (4) | Annualized. |
| (5) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
| (6) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
POLEN EQUITY FUNDS
POLEN U.S. SMALL COMPANY GROWTH FUND Financial Highlights (Continued)
Contained below is per share operating performance data for Class Y shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.
| | Class Y |
| | For the
Six Months Ended
October 31,
2024
(Unaudited) | | For the
Year Ended
April 30,
2024 | | For the
Year Ended
April 30,
2023 | | For the
Period Ended
April 30,
2022* |
| Per Share Operating Performance | | | | | | | |
| Net asset value, beginning of period | $13.38 | | $12.83 | | $13.50 | | $19.24 |
| Net investment loss(1) | (0.05) | | (0.09) | | (0.09) | | (0.12) |
| Net realized and unrealized gain/(loss) on investments | 0.94 | | 0.64 | | (0.58) | | (4.87) |
| Total from investment operations | 0.89 | | 0.55 | | (0.67) | | (4.99) |
| Dividends and distributions to shareholders from: | | | | | | | |
| Net realized capital gains | — | | — | | — | | (0.75) |
| Redemption fees | — | | — | | — | | — |
| Net asset value, end of period | $14.27 | | $13.38 | | $12.83 | | $13.50 |
| Total investment return(2) | 6.65% | | 4.29% | | (4.96)% | | (27.40)% |
| Ratios/Supplemental Data | | | | | | | |
| Net assets, end of period (in 000s) | $4,002 | | $4,535 | | $4,612 | | $4,924 |
| Ratio of expenses to average net assets | 1.00%(3) | | 1.00% | | 1.00% | | 1.00%(3) |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any(4) | 1.37%(3) | | 1.25% | | 1.30% | | 1.15%(3) |
| Ratio of net investment loss to average net assets | (0.75)%(3) | | (0.70)% | | (0.73)% | | (0.68)%(3) |
| Portfolio turnover rate | 27%(5) | | 37% | | 45% | | 58%(5) |
| * | Commencement of operations on June 1, 2021. |
| (1) | The selected per share data was calculated using the average shares outstanding method for the period. |
| (2) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
| (3) | Annualized. |
| (4) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
| (5) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
POLEN EQUITY FUNDS
POLEN EMERGING MARKETS GROWTH FUND Financial Highlights (Continued)
Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.
| | Institutional Class |
| | For the
Six Months Ended
October 31,
2024
(Unaudited) | | For the
Year Ended
April 30,
2024 | | For the
Year Ended
April 30,
2023 | | For the
Year Ended
April 30,
2022 | | For the
Period Ended
April 30,
2021* |
| Per Share Operating Performance | | | | | | | | | |
| Net asset value, beginning of period | $7.98 | | $7.86 | | $7.67 | | $10.78 | | $10.00 |
| Net investment income/(loss)(1) | 0.03 | | 0.05 | | 0.02 | | (0.00)(2) | | (0.04) |
| Net realized and unrealized gain/(loss) on investments | 0.53 | | 0.07 | | 0.18 | | (3.11) | | 0.82 |
| Total from investment operations | 0.56 | | 0.12 | | 0.20 | | (3.11) | | 0.78 |
| Dividends and distributions to shareholders from: | | | | | | | | | |
| Net investment income | — | | (0.00)(2) | | (0.01) | | — | | — |
| Net asset value, end of period | $8.54 | | $7.98 | | $7.86 | | $7.67 | | $10.78 |
| Total investment return(3) | 7.02% | | 1.56% | | 2.57% | | (28.85)% | | 7.80% |
| Ratios/Supplemental Data | | | | | | | | | |
| Net assets, end of period (in 000s) | $20,931 | | $19,578 | | $19,303 | | $18,666 | | $25,981 |
| Ratio of expenses to average net assets | 1.25%(4) | | 1.25% | | 1.25% | | 1.25% | | 1.25%(4) |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any(5) | 1.73%(4) | | 1.78% | | 1.96% | | 1.74% | | 2.51%(4) |
| Ratio of net investment income/(loss) to average net assets | 0.66%(4) | | 0.64% | | 0.28% | | (0.02)% | | (0.65)%(4) |
| Portfolio turnover rate | 21%(6) | | 23% | | 49% | | 28% | | 16%(6) |
| * | Commencement of operations on October 16, 2020. |
| (1) | The selected per share data was calculated using the average shares outstanding method for the period. |
| (2) | Amount is less than $(0.005) per share. |
| (3) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
| (4) | Annualized. |
| (5) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
| (6) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
POLEN EQUITY FUNDS
POLEN U.S. SMID COMPANY GROWTH FUND Financial Highlights (Concluded)
Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.
| | Institutional Class |
| | For the
Six Months Ended
October 31,
2024
(Unaudited) | | For the
Year Ended
April 30,
2024 | | For the
Year Ended
April 30,
2023 | | For the
Year Ended
April 30,
2022 | | For the
Period Ended
April 30,
2021* |
| Per Share Operating Performance | | | | | | | | | |
| Net asset value, beginning of period | $7.29 | | $6.90 | | $7.36 | | $10.61 | | $10.00 |
| Net investment loss(1) | (0.03) | | (0.06) | | (0.06) | | (0.09) | | (0.01) |
| Net realized and unrealized gain/(loss) on investments | 0.71 | | 0.45 | | (0.40) | | (3.05) | | 0.62 |
| Total from investment operations | 0.68 | | 0.39 | | (0.46) | | (3.14) | | 0.61 |
| Dividends and distributions to shareholders from: | | | | | | | | | |
| Net realized capital gains | — | | — | | — | | (0.11) | | 0.00 |
| Net asset value, end of period | $7.97 | | $7.29 | | $6.90 | | $7.36 | | $10.61 |
| Total investment return(2) | 9.33% | | 5.65% | | (6.25)% | | (30.00)% | | 6.10% |
| Ratios/Supplemental Data | | | | | | | | | |
| Net assets, end of period (in 000s) | $11,152 | | $17,494 | | $20,023 | | $20,290 | | $11,583 |
| Ratio of expenses to average net assets | 1.05%(3) | | 1.05% | | 1.05% | | 1.05% | | 1.05%(3) |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any(4) | 1.74%(3) | | 1.70% | | 1.71% | | 1.71% | | 4.58%(3) |
| Ratio of net investment loss to average net assets | (0.73)%(3) | | (0.76)% | | (0.86)% | | (0.82)% | | (1.05)%(3) |
| Portfolio turnover rate | 25%(5) | | 61% | | 61% | | 43% | | 0% |
| * | Commencement of operations on April 1, 2021. |
| (1) | The selected per share data was calculated using the average shares outstanding method for the period. |
| (2) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
| (3) | Annualized. |
| (4) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
| (5) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
POLEN EQUITY FUNDS
Notes to Financial Statements
October 31, 2024
(Unaudited)
1. Organization and Significant Accounting Policies
The Polen Growth Fund, Polen Global Growth Fund, Polen International Growth Fund, Polen U.S. Small Company Growth Fund, Polen Emerging Markets Growth Fund and Polen U.S. SMID Company Growth Fund (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 September 15, 2010, December 30, 2014, December 30, 2016, November 1, 2017, October 16, 2020 and April 1, 2021, 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. Two separate classes of shares, Investor Class and Institutional Class, are offered for the Polen Growth Fund, Polen Global Growth Fund, Polen International Growth Fund, Polen Emerging Markets Growth Fund and Polen U.S. SMID Company Growth Fund. The Polen U.S. Small Company Growth Fund offers three separate classes of shares, Investor Class, Institutional Class and Class Y. As of October 31, 2024, Investor Class shares had not been issued on the Polen Emerging Markets Growth Fund and Polen U.S. SMID Company Growth Fund. Polen Capital Management, LLC (“PCM” or the “Adviser”) serves as investment adviser to the Polen Growth Fund, Polen Global Growth Fund, Polen International Growth Fund, Polen U.S. Small Company Growth Fund, Polen Emerging Markets Growth Fund and Polen U.S. SMID Company Growth Fund 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.
Portfolio Valuation — The Funds net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by 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 or GICS, as applicable, for purposes other than compliance monitoring.
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:
• Level 1 — quoted prices in active markets for identical securities;
• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and
• Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).
POLEN EQUITY FUNDS
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
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) that 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 following is a summary of the inputs used, as of October 31, 2024, in valuing each Fund's investments carried at fair value:
| Funds | | Total
Value at
10/31/24 | | Level 1
Quoted
Price | | Level 2
Other
Significant
Observable
Inputs | | Level 3
Significant
Unobservable
Inputs |
| Polen Growth Fund | | | | | | |
| Assets | | | | | | | | |
| Common Stocks* | | $6,679,466,737 | | $6,679,466,737 | | $— | | $— |
| Short-Term Investment | | 38,108,924 | | 38,108,924 | | — | | — |
| Total Assets | | $6,717,575,661 | | $6,717,575,661 | | $— | | $— |
| Polen Global Growth Fund | | | | | | |
| Assets | | | | | | | | |
| Common Stocks | | | | | | | | |
| Australia | | $7,578,744 | | $— | | $7,578,744 | | $— |
| Canada | | 15,624,012 | | 15,624,012 | | — | | — |
| Denmark | | 10,136,464 | | — | | 10,136,464 | | — |
| France | | 9,456,171 | | — | | 9,456,171 | | — |
| Germany | | 34,438,284 | | — | | 34,438,284 | | — |
| Ireland | | 21,656,720 | | 21,656,720 | | — | | — |
| United Kingdom | | 6,580,401 | | — | | 6,580,401 | | — |
| United States | | 274,773,099 | | 274,773,099 | | — | | — |
| Uruguay | | 10,582,654 | | 10,582,654 | | — | | — |
| Short-Term Investment | | 8,753,526 | | 8,753,526 | | — | | — |
| Total Assets | | $399,580,075 | | $331,390,011 | | $68,190,064 | | $— |
POLEN EQUITY FUNDS
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
| Funds | | Total
Value at
10/31/24 | | Level 1
Quoted
Price | | Level 2
Other
Significant
Observable
Inputs | | Level 3
Significant
Unobservable
Inputs |
| Polen International Growth Fund | | | | | | |
| Assets | | | | | | | | |
| Common Stocks | | | | | | | | |
| Australia | | $3,029,808 | | $— | | $3,029,808 | | $— |
| Brazil | | 2,401,136 | | 2,401,136 | | — | | — |
| Canada | | 8,155,817 | | 8,155,817 | | — | | — |
| Denmark | | 6,361,102 | | — | | 6,361,102 | | — |
| France | | 11,262,825 | | — | | 11,262,825 | | — |
| Germany | | 40,270,251 | | — | | 40,270,251 | | — |
| India | | 9,050,692 | | — | | 9,050,692 | | — |
| Ireland | | 30,656,208 | | 25,143,005 | | 5,513,203 | | — |
| Japan | | 4,280,682 | | — | | 4,280,682 | | — |
| Netherlands | | 7,761,207 | | — | | 7,761,207 | | — |
| Spain | | 5,983,019 | | — | | 5,983,019 | | — |
| Sweden | | 6,404,981 | | — | | 6,404,981 | | — |
| Switzerland | | 4,018,474 | | 1,878,733 | | 2,139,741 | | — |
| United Kingdom | | 23,842,620 | | — | | 23,842,620 | | — |
| United States | | 15,223,637 | | 15,223,637 | | — | | — |
| Uruguay | | 14,720,112 | | 14,720,112 | | — | | — |
| Short-Term Investment | | 10,657,567 | | 10,657,567 | | — | | — |
| Total Assets | | $204,080,138 | | $78,180,007 | | $125,900,131 | | $— |
| Polen U.S. Small Company Growth Fund | | | | | | |
| Assets | | | | | | | | |
| Common Stocks* | | $43,266,024 | | $43,266,024 | | $— | | $— |
| Short-Term Investment | | 1,630,648 | | 1,630,648 | | — | | — |
| Total Assets | | $44,896,672 | | $44,896,672 | | $— | | $— |
POLEN EQUITY FUNDS
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
| Funds | | Total
Value at
10/31/24 | | Level 1
Quoted
Price | | Level 2
Other
Significant
Observable
Inputs | | Level 3
Significant
Unobservable
Inputs |
| Polen Emerging Markets Growth Fund | | | | | | |
| Assets | | | | | | | | |
| Common Stocks | | | | | | | | |
| Brazil | | $526,790 | | $526,790 | | $— | | $— |
| China | | 5,076,761 | | 1,625,153 | | 3,451,608 | | — |
| Hong Kong | | 966,267 | | — | | 966,267 | | — |
| Hungary | | 592,411 | | — | | 592,411 | | — |
| India | | 2,263,722 | | — | | 2,263,722 | | — |
| Indonesia | | 961,907 | | 585,316 | | 376,591 | | — |
| Ireland | | 775,394 | | 775,394 | | — | | — |
| Mexico | | 590,911 | | 590,911 | | — | | — |
| Netherlands | | 1,440,147 | | 1,008,485 | | — | | 431,662 |
| Poland | | 1,168,386 | | 571,789 | | 596,597 | | — |
| Singapore | | 583,833 | | — | | 583,833 | | — |
| Taiwan | | 2,366,096 | | — | | 2,366,096 | | — |
| United States | | 1,006,880 | | 1,006,880 | | — | | — |
| Uruguay | | 1,070,463 | | 1,070,463 | | — | | — |
| Vietnam | | 1,275,727 | | — | | 1,275,727 | | — |
| Short-Term Investment | | 337,053 | | 337,053 | | — | | — |
| Total Assets | | $21,002,748 | | $8,098,234 | | $12,472,852 | | $431,662 |
| Polen U.S. SMID Company Growth Fund | | | | | | |
| Assets | | | | | | | | |
| Common Stocks* | | $11,015,341 | | $11,015,341 | | $— | | $— |
| Short-Term Investment | | 155,939 | | 155,939 | | — | | — |
| Total Assets | | $11,171,280 | | $11,171,280 | | $— | | $— |
| * | Please refer to Portfolio of Investments for further details on portfolio holdings. |
The following is a reconciliation of assets in which Level 3 inputs were used in determining value on the Polen Emerging Markets Growth Fund:
| Asset Type | | Common
Stocks |
| Balance as of April 30, 2024 | | $611* |
| Sales | | (229,190) |
| Realized gain (loss) | | (1,168,271) |
| Changed in unrealized appreciation (depreciation) | | 1,828,512 |
| Balance as of October 31, 2024 | | $431,662 |
Net change in unrealized appreciation/(depreciation) on
investments held at October 31, 2024 | | $902,147 |
* Nebius Group NV was formerly know as Yandex NV on April 30, 2024.
POLEN EQUITY FUNDS
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
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 (“U.S. GAAP”) require the Funds to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when the Funds have an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to their 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 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 October 31, 2024, there were no transfers in or out of Level 3.
Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.
Investment Transactions, Investment Income and Expenses — Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. The Funds may be subject to foreign taxes on income, a portion of which may be recoverable. The Funds apply for refunds where available. Distribution (12b-1) fees relating to a specific class are charged directly to that class. Fund level expenses common to all classes, investment income and realized and unrealized gains and losses on investments are generally allocated to each class of each Fund based upon the relative daily net assets of each class of each Fund. The Funds may be subject to foreign taxes on unrealized and realized gains on certain foreign investments. The Funds may also be subject to foreign taxes on income, a portion of which may be recoverable. The Funds apply for refunds where available. The Funds will accrue such taxes and reclaims, as applicable, based upon the current interpretation of tax rules and regulations that exist in the market in which the Fund invests. General expenses of the Trust are generally allocated to each Fund under methodologies approved by the Board of Trustees. Expenses directly attributable to a particular Fund in the Trust are charged directly to that Fund. The Funds’ investment income, expenses (other than class-specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day.
Foreign Currency Translation — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date. The Funds do not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and
POLEN EQUITY FUNDS
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
change in unrealized appreciation or depreciation on investments in the Statements of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currency transactions in the Statements of Operations.
Cash and Cash Equivalents — Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. Each Fund maintains deposits with a high quality financial institution in an amount that is in excess of federally insured limits.
Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid to shareholders and are recorded on ex-date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
U.S. Tax Status — No provision is made for U.S. income taxes as it is each Fund's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (“Internal Revenue Code”), and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.
Other — In the normal course of business, the Funds may enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.
Currency Risk — Each Fund invests in securities of foreign issuers, including American Depositary Receipts. These markets are subject to special risks associated with foreign investments not typically associated with investing in U.S. markets. Because the foreign securities in which each Fund may invest generally trade in currencies other than the U.S. dollar, changes in currency exchange rates will affect each Fund's NAV, the value of dividends and interest earned and gains and losses realized on the sale of securities. Because the NAV for each Fund is determined on the basis of U.S. dollars, each Fund may lose money by investing in a foreign security if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of each Fund's holdings goes up. Generally, a strong U.S. dollar relative to these other currencies will adversely affect the value of each Fund's holdings in foreign securities.
Foreign Securities Market Risk — Securities of many non-U.S. companies may be less liquid and their prices more volatile than securities of comparable U.S. companies. Securities of companies traded in many countries outside the U.S., particularly emerging markets countries, may be subject to further risks due to the inexperience of local investment professionals and financial institutions, the possibility of permanent or temporary termination of trading and greater spreads between bid and asked prices of securities. In addition, non-U.S. stock exchanges and investment professionals are subject to less governmental regulation, and commissions may be higher than in the United States. Also, there may be delays in the settlement of non-U.S. stock exchange transactions.
Emerging Markets Risk — The securities of issuers located or doing substantial business in emerging market countries tend to be more volatile and less liquid than the securities of issuers located in countries with more mature economies. Emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investments in these countries may be subject to political, economic, legal, market and currency risks. The risks may include less protection of property rights and uncertain political and economic policies, the imposition of capital controls and/or foreign investment limitations by a country, nationalization of businesses and the imposition of sanctions by other countries, such as the United States. Recent statements by U.S. securities and accounting regulatory agencies have expressed concern regarding information access and audit quality regarding issuers in China and other emerging market countries, which could present heightened risks associated with investments in these markets.
Equity Securities Risk — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition, historical and prospective earnings of the company, interest rates, investor perceptions and overall market and economic conditions. The prices of securities change in response to many factors including the value of its assets.
POLEN EQUITY FUNDS
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
Growth Style Risk — Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market movements. In addition, growth stocks as a group may be out of favor at times and underperform the overall equity market for long periods while the market concentrates on other types of stocks, such as “value” stocks.
Recent Accounting Pronouncement — In November 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. In addition, the ASU clarifies that a public entity with a single reportable segment provide all disclosures required by the ASU and all existing segment disclosures in Topic 280. The amendments under this ASU are effective for fiscal years beginning after December 15, 2023. Management expects that adoption of the guidance will not have a material impact on the Funds’ financial statements.
2. Transactions with Related Parties and Other Service Providers
For its services, PCM is paid a monthly fee at the annual rate based on average daily net assets of each Fund as shown in the table below:
| Polen Growth Fund | 0.85% |
| Polen Global Growth Fund | 0.85% |
| Polen International Growth Fund | 0.85% |
| Polen U.S. Small Company Growth Fund | 1.00% |
| Polen Emerging Markets Growth Fund | 1.00% |
| Polen U.S. SMID Company Growth Fund | 1.00% |
The Adviser has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Funds to the extent necessary to ensure that the Funds’ total operating expenses (excluding taxes, fees and expenses attributable to a distribution or service plan adopted by the Trust, interest, extraordinary items, “Acquired Fund Fees and Expenses” and brokerage commissions) do not exceed (on an annual basis) the percentages set forth in the table below of each Fund's average daily net assets (the “Expense Limitations”). The Expense Limitations will remain in place until the termination date set forth below, unless the Board of Trustees approves their earlier termination. The table below reflects the Expense Limitation amounts, as a percentage of average daily net assets, in effect during the six months ended October 31, 2024.
| | Institutional
Class | | Investor
Class | | Class Y | | Termination Date |
| Polen Growth Fund | 1.00% | | 1.25% | | N/A | | August 31, 2025 |
| Polen Global Growth Fund | 1.10% | | 1.35% | | N/A | | August 31, 2025 |
| Polen International Growth Fund | 1.10% | | 1.35% | | N/A | | August 31, 2025 |
| Polen U.S. Small Company Growth Fund | 1.10% | | 1.35% | | 1.00% | | August 31, 2025 |
| Polen Emerging Markets Growth Fund | 1.25% | | N/A | | N/A | | August 31, 2025 |
| Polen U.S. SMID Company Growth Fund | 1.05% | | N/A | | N/A | | August 31, 2025 |
The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which each Adviser reduced its compensation and/or assumed expenses for such Fund. The Adviser is permitted to seek reimbursement from a Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund's expenses are below the Expense Limitation amount.
POLEN EQUITY FUNDS
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
For the six months ended October 31, 2024, the amount of advisory fees earned and waived and/or reimbursed was as follows:
| | Gross
Advisory Fee | | Waiver/
Reimbursements | | Net Advisory Fee/
(Reimbursement) |
| Polen Growth Fund | $31,115,686 | | $— | | $31,115,686 |
| Polen Global Growth Fund | 1,928,247 | | — | | 1,928,247 |
| Polen International Growth Fund | 980,036 | | — | | 980,036 |
| Polen U.S. Small Company Growth Fund | 272,207 | | (101,866) | | 170,341 |
| Polen Emerging Markets Growth Fund | 100,903 | | (48,284) | | 52,619 |
| Polen U.S. SMID Company Growth Fund | 85,679 | | (58,769) | | 26,910 |
No Funds recouped any fees for the period ended October 31, 2024.
As of October 31, 2024, the Polen Growth Fund, Polen Global Growth Fund and Polen International Growth Fund have no additional funds available to be recouped.
As of October 31, 2024, the amount of potential recovery was as follows:
| | Expiration |
| | 04/30/2025 | | 04/30/2026 | | 04/30/2027 | | 10/31/2027 | | Total |
| Polen U.S. Small Company Growth Fund | $124,637 | | $297,730 | | $174,781 | | $101,866 | | $699,014 |
| Polen Emerging Markets Growth Fund | 29,704 | | 125,725 | | 101,892 | | 48,284 | | 305,605 |
| Polen U.S. SMID Company Growth Fund | 25,429 | | 130,457 | | 113,466 | | 58,769 | | 328,121 |
Other Service Providers
The Bank of New York Mellon (“BNY Mellon”) serves as administrator and custodian for the Funds. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Funds’ average daily net assets and is subject to certain minimum monthly fees. For providing certain custodial services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.
BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”) provides transfer agent services to the Funds. The Transfer Agent is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.
The Trust, on behalf of the Funds, has entered into agreements with financial intermediaries to provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries investing in the Funds and has agreed to compensate the intermediaries for providing those services. The fees incurred by the Funds for these services are included in Transfer agent fees in the Statements of Operations.
Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Funds pursuant to an underwriting agreement between the Trust and the Underwriter.
The Trust and the Underwriter are parties to an underwriting agreement. The Trust has adopted a distribution plan for the Investor Class shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the Investor Class shares plan, the Funds compensate the Underwriter for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.25% on an annualized basis of the average daily net assets of the Funds' Investor Class shares.
POLEN EQUITY FUNDS
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
Trustees and Officers
The Trust is governed by its Board of Trustees. The Trustees receive compensation in the form of an annual retainer and per meeting fees for their services to the Trust. An employee of BNY Mellon serves as the Secretary of the Trust and is not compensated by the Funds or the Trust.
JW Fund Management LLC (“JWFM”) provides a Principal Executive Officer and Principal Financial Officer to the Trust. Chenery Compliance Group, LLC (“Chenery”) provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and Chenery are compensated for their services provided to the Trust.
3. Investment in Securities
For the six months ended October 31, 2024, aggregated purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:
| | Purchases | | Sales |
| Polen Growth Fund | $1,360,542,262 | | $2,572,196,241 |
| Polen Global Growth Fund | 46,190,477 | | 138,024,285 |
| Polen International Growth Fund | 32,813,199 | | 63,532,819 |
| Polen U.S. Small Company Growth Fund | 14,351,729 | | 38,192,183 |
| Polen Emerging Markets Growth Fund | 4,437,125 | | 4,028,307 |
| Polen U.S. SMID Company Growth Fund | 4,116,964 | | 11,645,167 |
4. Capital Share Transactions
For six months ended October 31, 2024 and the year ended April 30, 2024, transactions in capital shares (authorized shares unlimited) were as follows:
| | For the Six Months Ended
October 31, 2024
(Unaudited) | | For the Year Ended
April 30, 2024 |
| | Shares | | Amount | | Shares | | Amount |
| Polen Growth Fund: | | | | | | | |
| Institutional Class | | | | | | | |
| Sales | 5,945,972 | | $269,676,559 | | 27,679,788 | | $1,110,002,990 |
| Reinvestments | — | | — | | — | | — |
| Redemption Fees | — | | 20 | | — | | 1,011 |
| Redemptions | (34,817,326) | | (1,585,257,244) | | (55,100,848) | | (2,213,308,918) |
| Net decrease | (28,871,354) | | $(1,315,580,665) | | (27,421,060) | | $(1,103,304,917) |
| Investor Class | | | | | | | |
| Sales | 806,368 | | $35,709,763 | | 1,893,764 | | $74,381,194 |
| Reinvestments | — | | — | | — | | — |
| Redemption Fees | — | | 1 | | — | | 37 |
| Redemptions | (1,942,195) | | (85,925,535) | | (2,410,628) | | (95,066,550) |
| Net decrease | (1,135,827) | | $(50,215,771) | | (516,864) | | $(20,685,319) |
| Total net decrease | (30,007,181) | | $(1,365,796,436) | | (27,937,924) | | $(1,123,990,236) |
POLEN EQUITY FUNDS
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
| | For the Six Months Ended
October 31, 2024
(Unaudited) | | For the Year Ended
April 30, 2024 |
| | Shares | | Amount | | Shares | | Amount |
| | | | | | | | |
| Polen Global Growth Fund: | | | | | | | |
| Institutional Class | | | | | | | |
| Sales | 588,983 | | $15,285,760 | | 2,886,946 | | $68,127,136 |
| Reinvestments | — | | — | | — | | — |
| Redemptions | (3,637,555) | | (95,180,035) | | (5,050,706) | | (118,020,862) |
| Net decrease | (3,048,572) | | $(79,894,275) | | (2,163,760) | | $(49,893,726) |
| Investor Class | | | | | | | |
| Sales | 46,268 | | $1,162,808 | | 167,208 | | $3,813,564 |
| Reinvestments | — | | — | | — | | — |
| Redemptions | (135,526) | | (3,456,890) | | (284,905) | | (6,571,567) |
| Net decrease | (89,258) | | $(2,294,082) | | (117,697) | | $(2,758,003) |
| Total net decrease | (3,137,830) | | $(82,188,357) | | (2,281,457) | | $(52,651,729) |
| | | | | | | | |
| Polen International Growth Fund: | | | | | | | |
| Institutional Class | | | | | | | |
| Sales | 732,120 | | $12,074,228 | | 5,317,620 | | $82,616,045 |
| Reinvestments | — | | — | | 47,013 | | 739,038 |
| Redemptions | (2,855,525) | | (47,009,067) | | (5,880,839) | | (91,269,291) |
| Net decrease | (2,123,405) | | $(34,934,839) | | (516,206) | | $(7,914,208) |
| Investor Class | | | | | | | |
| Sales | 30,815 | | $500,367 | | 109,240 | | $1,616,198 |
| Reinvestments | — | | — | | 62 | | 965 |
| Redemptions | (34,943) | | (569,157) | | (128,342) | | (1,875,092) |
| Net decrease | (4,128) | | $(68,790) | | (19,040) | | $(257,929) |
| Total net decrease | (2,127,533) | | $(35,003,629) | | (535,246) | | $(8,172,137) |
| | | | | | | | |
| Polen U.S. Small Company Growth Fund: | | | | | | | |
| Institutional Class | | | | | | | |
| Sales | 382,644 | | $5,353,084 | | 944,305 | | $12,861,188 |
| Reinvestments | — | | — | | — | | — |
| Redemptions | (1,850,828) | | (25,442,559) | | (2,376,948) | | (32,300,917) |
| Net decrease | (1,468,184) | | $(20,089,475) | | (1,432,643) | | $(19,439,729) |
| Investor Class | | | | | | | |
| Sales | 11,272 | | $150,321 | | 64,823 | | $859,142 |
| Reinvestments | — | | — | | — | | — |
| Redemptions | (139,659) | | (1,878,560) | | (154,530) | | (2,061,547) |
| Net decrease | (128,387) | | $(1,728,239) | | (89,707) | | $(1,202,405) |
| Class Y | | | | | | | |
| Sales | 10,600 | | $148,781 | | 36,536 | | $506,036 |
| Reinvestments | — | | — | | — | | — |
| Redemptions | (69,105) | | (943,133) | | (56,983) | | (784,443) |
| Net decrease | (58,505) | | $(794,352) | | (20,447) | | $(278,407) |
| Total net decrease | (1,655,076) | | $(22,612,066) | | (1,542,797) | | $(20,920,541) |
POLEN EQUITY FUNDS
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
| | For the Six Months Ended
October 31, 2024
(Unaudited) | | For the Year Ended
April 30, 2024 |
| | Shares | | Amount | | Shares | | Amount |
| | | | | | | | |
| Polen Emerging Markets Growth Fund: | | | | | | | |
| Institutional Class | | | | | | | |
| Sales | 17,583 | | $144,343 | | 49,546 | | $390,847 |
| Reinvestments | — | | — | | 875 | | 6,719 |
| Redemptions | (19,644) | | (160,019) | | (53,766) | | (422,580) |
| Net decrease | (2,061) | | $(15,676) | | (3,345) | | $(25,014) |
| | | | | | | | |
| Polen U.S. SMID Company Growth Fund: | | | | | | | |
| Institutional Class | | | | | | | |
| Sales | 22,434 | | $171,530 | | 804,403 | | $5,691,485 |
| Reinvestments | — | | — | | — | | — |
| Redemptions | (1,023,555) | | (8,037,835) | | (1,306,727) | | (9,300,823) |
| Net decrease | (1,001,121) | | $(7,866,305) | | (502,324) | | $(3,609,338) |
| | | | | | | | |
5. Federal Tax Information
The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as tax benefit or expense in the current year. Each Fund have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.
The tax character of distributions paid by the Funds during the year ended April 30, 2024, were as follows:
| | Ordinary
Income
Dividend | | Long-Term
Capital Gain
Dividend | | Total
Distributions
Paid* |
| Polen International Growth Fund | $780,569 | | $— | | $780,569 |
| Polen Emerging Markets Growth Fund | 6,719 | | — | | 6,719 |
| * | Distributions will not tie to Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes. |
As of April 30, 2024, the components of distributable earnings on a tax basis were as follows:
| | Capital Loss
Carryforward | | Undistributed
Ordinary
Income | | Unrealized
Appreciation/
(Depreciation) | | Qualified
Late-Year
Losses |
| Polen Growth Fund | $(408,212,350) | | $— | | $3,192,266,139 | | $(10,881,289) |
| Polen Global Growth Fund | (24,134,559) | | — | | 136,411,300 | | (6,357) |
| Polen International Growth Fund | (28,153,138) | | 601,582 | | 37,047,590 | | — |
| Polen U.S. Small Company Growth Fund | (46,269,747) | | — | | 317,071 | | (224,171) |
| Polen Emerging Markets Growth Fund | (5,266,756) | | 5,488 | | (1,738,082) | | — |
| Polen U.S. SMID Company Growth Fund | (6,755,907) | | — | | (1,096,147) | | (51,244) |
POLEN EQUITY FUNDS
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes. Foreign currency and short-term capital gains are reported as ordinary income for federal income tax purposes.
As of October 31, 2024, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund were as follows:
| | | Federal
Tax Cost* | | Unrealized
Appreciation | | Unrealized
(Depreciation) | | Net Unrealized
Appreciation |
| Polen Growth Fund | | $3,704,557,154 | | $3,047,862,402 | | $(34,843,895) | | $3,013,018,507 |
| Polen Global Growth Fund | | 272,702,757 | | 129,913,827 | | (3,036,509) | | 126,877,318 |
| Polen International Growth Fund | | 162,711,251 | | 51,821,930 | | (10,453,043) | | 41,368,887 |
| Polen U.S. Small Company Growth Fund | | 36,541,419 | | 11,377,481 | | (3,022,228) | | 8,355,253 |
| Polen Emerging Markets Growth Fund | | 20,214,657 | | 3,276,895 | | (2,488,804) | | 788,091 |
| Polen U.S. SMID Company Growth Fund | | 9,209,754 | | 2,608,703 | | (647,177) | | 1,961,526 |
| * | Because tax adjustments are calculated annually at the end of each Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. For the previous year’s federal income tax information, please refer to the Notes to Financial Statements section in each Fund’s most recent annual report. |
Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and April 30 and late year ordinary losses ((i) ordinary losses between January 1 and April 30, and (ii) specified ordinary and currency losses between November 1 and April 30) as occurring on the first day of the following tax year. For the year ended April 30, 2024, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until May 1, 2024. For the year ended April 30, 2024, the Funds deferred to May 1, 2024 the following losses:
| | Late-Year Ordinary
Losses Deferral | | Short-Term Capital
Loss Deferral | | Long-Term Capital
Loss Deferral |
| Polen Growth Fund | $10,881,289 | | $— | | $— |
| Polen Global Growth Fund | 6,357 | | — | | — |
| Polen U.S. Small Company Growth Fund | 224,171 | | — | | — |
| Polen U.S. SMID Company Growth Fund | 51,244 | | — | | — |
Accumulated capital losses represent net capital loss carryforwards as of April 30, 2024 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of April 30, 2024, the Funds’ capital loss carryforward, which were comprised of both short-term losses and long-term losses, and had an unlimited period of capital loss carryover were as follows:
| | Capital Loss Carryforward |
| | Short-Term | | Long-Term |
| Polen Growth Fund | $408,212,350 | | $— |
| Polen Global Growth Fund | 10,483,595 | | 13,650,964 |
| Polen International Growth Fund | 27,081,081 | | 1,072,057 |
| Polen U.S. Small Company Growth Fund | 28,792,785 | | 17,476,962 |
| Polen Emerging Markets Growth Fund | 1,611,348 | | 3,655,408 |
| Polen U.S. SMID Company Growth Fund | 1,989,978 | | 4,765,929 |
POLEN EQUITY FUNDS
Notes to Financial Statements (Concluded)
October 31, 2024
(Unaudited)
For the year ended April 30, 2024, the following Funds utilized capital losses as follows:
| | Capital Losses
Utilized |
| Polen Growth Fund | $125,296,232 |
| Polen Global Growth Fund | 15,558,094 |
| Polen International Growth Fund | 1,677,120 |
6. Subsequent Events
Management has evaluated the impact of all subsequent events on each Fund through the date the financial statements were issued, and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.
POLEN EQUITY FUNDS
Other Information
(Unaudited)
Proxy Voting
Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (888) 678-6024 and on the Securities and Exchange Commission's (“SEC”) website at http://www.sec.gov.
Quarterly Portfolio Schedules
Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended July 31 and January 31) as an exhibit to its reports on Form N-PORT. The Funds' portfolio holdings on Form N-PORT are available on the SEC's website at http://www.sec.gov.
Board Considerations with Respect to the Approval of the Continuation of the Investment Advisory Agreement with Polen Capital Management, LLC (“Polen”) with respect to Polen Growth Fund, Polen Global Growth Fund, Polen International Growth Fund, Polen U.S. Small Company Growth Fund, Polen Emerging Markets Growth Fund and Polen U.S. SMID Company Growth Fund
At an in-person meeting held on September 16-17, 2024 (the “Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of FundVantage Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), unanimously approved the continuation of the Investment Advisory Agreement between Polen Capital Management, LLC (“Polen” or the “Adviser”) and the Trust (the “Polen Agreement”) on behalf of the Polen Growth Fund, Polen Global Growth Fund, Polen International Growth Fund, Polen U.S. Small Company Growth Fund, Polen Emerging Markets Growth Fund and Polen U.S. SMID Company Growth Fund (together, the “Polen Funds”). At the Meeting, the Board considered the continuation of the Polen Agreement with respect to the Polen Funds for an additional one-year period.
In determining whether to continue the Polen Agreement for an additional one year period, the Trustees, including the Independent Trustees, considered information provided by the Adviser in response to a request for information in accordance with Section 15(c) of the 1940 Act (the “Polen 15(c) Response”) regarding (i) services performed by Polen for the Polen Funds, (ii) the size and qualifications of Polen’s portfolio management staff, (iii) any potential or actual material conflicts of interest which may arise in connection with the portfolio managers’ management of the Polen Funds, (iv) investment performance of the Polen Funds, (v) Polen’s financial condition, (vi) brokerage selection procedures (including soft dollar arrangements, if any), (vii) the procedures for allocating investment opportunities between the Polen Funds and other clients, (viii) results of any independent audit or regulatory examination, including any recommendations or deficiencies noted, (ix) any litigation, investigation or administrative proceeding which may have a material impact on Polen’s ability to service the Polen Funds, and (x) compliance with the Polen Funds’ investment objectives, policies and practices (including codes of ethics and proxy voting policies), federal securities laws and other regulatory requirements. In addition to the information in the Polen 15(c) Response, the Trustees received additional information at Board meetings throughout the year covering matters such as the performance of each Polen Fund compared to its Lipper Classification and its benchmark; compliance with the Polen Funds’ investment objectives, policies, strategies and limitations; the compliance of portfolio management personnel with applicable codes of ethics; and the adherence to pricing procedures as established by the Board.
The Board noted that representatives of Polen joined the Meeting via videoconference and discussed Polen’s history, performance, investment strategy, and compliance program. Representatives of Polen responded to questions from the Board. In addition to the Polen 15(c) Response, the Trustees also considered other factors they believed to be relevant to considering the continuation of the Polen Agreement, including the matters discussed below. In their deliberations, the Trustees did not identify any particular information as controlling, and different Trustees may have attributed different weights to the various factors. After deliberating, the Trustees determined that the overall arrangement between the Polen Funds and Polen, as provided by the terms of the Polen Agreement, including the advisory fees under the Polen Agreement, was fair and reasonable in light of the services provided, expenses incurred and such other matters as the Trustees considered relevant.
POLEN EQUITY FUNDS
Other Information (Continued)
(Unaudited)
Based on the Polen 15(c) Response, the Trustees concluded that (i) the nature, extent and quality of the services provided by Polen are appropriate and consistent with the terms of the Polen Agreement, (ii) that the quality of those services has been, and continues to be, consistent with industry norms, (iii) the Polen Funds are likely to benefit from the continued provision of those services, (iv) Polen has sufficient personnel, with the appropriate skills and experience, to serve the Polen Funds effectively and has demonstrated its continuing ability to attract and retain qualified personnel, and (v) the satisfactory nature, extent, and quality of services currently provided to the Polen Funds is likely to continue under the Polen Agreement.
The Trustees considered the investment performance for the Polen Funds and Polen. The Trustees reviewed historical performance charts which showed the performance of the Polen Funds as compared to their respective benchmark indices and Lipper categories for the year-to-date, one-year, two-year, three-year, five-year, ten-year and since inception periods ended June 30, 2024, as applicable. The Trustees considered the short-term and long-term performance of the Polen Funds, as applicable. The Trustees noted that they considered performance reports provided at Board meetings throughout the year.
Polen Growth Fund. The Trustees noted that the Polen Growth Fund’s Institutional Class shares underperformed the Lipper Large-Cap Growth Classification and the Russel 1000 Total Return Index for the year-to-date, one-year, three-year, five-year and ten-year periods ended June 30, 2024. The Trustees further noted that the Polen Growth Fund’s Institutional Class shares outperformed the S&P 500 Total Return Index for the ten-year period ended June 30, 2024, and underperformed for the year-to-date, one-year, three-year and five-year periods ended June 30, 2024.
Polen Global Growth Fund. The Trustees noted that the Polen Global Growth Fund’s Institutional Class shares outperformed the Lipper Global Large-Cap Growth Classification and the MSCI All Country World Index (Net Returns) for the since inception (December 30, 2014) period ended June 30, 2024, and underperformed each of the Lipper Global Large-Cap Growth Classification and the MSCI All Country World Index (Net Returns) for the year-to-date, one-year, three-year and five-year periods ended June 30, 2024.
Polen International Growth Fund. The Trustees noted that the Polen International Growth Fund’s Institutional Class shares underperformed the Lipper International Large-Cap Growth Classification for the year-to-date, one-year, three-year, five-year, ten-year and since inception (December 30, 2016) periods ended June 30, 2024. The Trustees further noted that the Polen International Growth Fund’s Institutional Class shares outperformed the MSCI All Country World ex USA Index (Net Returns) for since inception period ended June 30, 2024, and underperformed for the year-to-date, one-year, three-year and five-year periods ended June 30, 2024.
Polen U.S. Small Company Growth Fund. The Trustees noted that the Polen U.S. Small Company Growth Fund’s Institutional Class shares underperformed the Lipper Small-Cap Growth Classification and the Russell 2000 Growth Total Return Index for the year-to-date, one-year, three-year, five-year and since exception (October 31, 2017) periods ended June 30, 2024.
Polen Emerging Markets Growth Fund. The Trustees noted that the Polen Emerging Markets Growth Fund’s Institutional Class shares underperformed the Lipper Emerging Markets Classification and the MSCI Emerging Markets Index (Net Returns) for the for the year-to-date, one-year, three-year and since inception (October 16, 2020) periods ended June 30, 2024.
Polen U.S. SMID Company Growth Fund. The Trustees noted that the Polen U.S. SMID Company Growth Fund’s Institutional Class shares underperformed the Lipper Mid-Cap Growth Classification and the Russell 2500 Growth Total Return Index for the year-to-date, one-year, three-year and since inception (March 31, 2021) periods ended June 30, 2024.
The Trustees concluded noted that the short- and medium-term performance of each of the Polen Funds had underperformed its applicable Lipper Classification and benchmark index and that the long-term performance was generally in-line with the performance relative to other mutual funds with similar investment objectives, strategies and policies (i.e., mutual funds in each Polen Fund’s Lipper Classification) based on the information provided at the Meeting.
The Trustees noted that the representatives of Polen had provided information regarding its advisory fees and an analysis of these fees in relation to the services provided to the Polen Funds and any other ancillary benefit resulting from Polen’s relationship with the Polen Funds.
POLEN EQUITY FUNDS
Other Information (Continued)
(Unaudited)
The Trustees also reviewed information regarding the fees Polen charges to certain other clients and evaluated explanations provided by Polen as to differences in fees charged to the Polen Funds and other similarly managed accounts, where applicable. The Trustees also reviewed a peer comparison of advisory fees and total expenses for each Polen Fund versus those funds in the Polen Fund’s applicable Lipper category (the “Peer Group”), regardless of asset size. The Trustees concluded that the advisory fees and services provided by Polen are consistent with those of other advisers that manage mutual funds with investment objectives, strategies and policies similar to those of the Polen Funds as measured by the information provided by Polen.
The Board considered, among other date, the specific factors and related conclusions set forth below with respect to each Fund:
Polen Growth Fund. The contractual advisory fee and net total expense ratio for the Polen Growth Fund’s Institutional Class shares were higher than the median of the contractual advisory fee and net total expense ratio for those funds in the Polen Growth Fund’s Peer Group but generally within the range of contractual fees and net expense ratios of the funds in the Peer Group.
Polen Global Growth Fund. The contractual advisory fee and net total expense ratio for the Polen Global Growth Fund’s Institutional Class shares were higher than the median of the contractual advisory fee and net total expense ratio for those funds in the Polen Global Growth Fund’s Peer Group but generally within the range of contractual fees and net expense ratios of the funds in the Peer Group.
Polen International Growth Fund. The contractual advisory fee and net total expense ratio for the Polen International Growth Fund’s Institutional Class shares were higher than the median of the contractual advisory fee and net total expense ratio for those funds in the Polen International Growth Fund’s Peer Group but generally within the range of contractual fees and net expense ratios of the funds in the Peer Group.
Polen U.S. Small Company Growth Fund. The contractual advisory fee and net total expense ratio for the Polen U.S. Small Company Growth Fund’s Institutional Class shares were higher than the median of the contractual advisory fee and net total expense ratio for those funds in the Polen U.S. Small Company Growth Fund’s Peer Group but generally within the range of contractual fees and net expense ratios of the funds in the Peer Group.
Polen Emerging Markets Growth Fund. The contractual advisory fee and net total expense ratio for the Polen Emerging Markets Growth Fund’s Institutional Class shares were higher than the median of the contractual advisory fee and net total expense ratio for those funds in the Polen Emerging Markets Growth Fund’s Peer Group but generally within the range of contractual fees and net expense ratios of the funds in the Peer Group.
Polen U.S. SMID Company Growth Fund. The contractual advisory fee and net total expense ratio for the Polen U.S. SMID Company Growth Fund’s Institutional Class shares were higher than the median of the contractual advisory fee and net total expense ratio for those funds in the Polen U.S. SMID Company Growth Fund’s Peer Group but generally within the range of contractual fees and net expense ratios of the funds in the Peer Group.
The Trustees considered the costs of the services provided by Polen, the compensation and benefits received by Polen in providing services to the Polen Funds, Polen’s profitability and certain additional information related to Polen’s financial condition. In addition, the Trustee’s considered any direct or indirect revenues received by affiliates of Polen.
The Trustees considered the extent to which economies of scale would be realized relative to fee levels as the Polen Funds grow, and whether the advisory fee levels reflect those economics of scale for the benefit of shareholders. The Trustees considered and determined that economics of scale for the benefit of shareholders should be achieved if assets of the Polen Funds increase because fixed expenses will be spread across a larger asset base. The Trustees also noted that the Polen Funds’ advisory fees do not include “breakpoint” reductions in the advisory fee rates at specified asset levels but that Polen has contractually agreed to waive fees and/or reimburse certain expenses of the Polen Funds for the benefit of shareholders. With respect to the Polen Growth Fund, the Trustees noted that on January 1, 2017, the Fund’s advisory fee was reduced from 1.00% to 0.85%. The Trustees also noted that the contractual advisory fee reduction across all assets of the Polen Growth Fund rather than the implementation of breakpoint reductions at specified asset levels allowed shareholders to benefit from economies of scale sooner than through the implementation of breakpoint reductions.
POLEN EQUITY FUNDS
Other Information (Concluded)
(Unaudited)
At the Meeting, after consideration of all the factors and taking into consideration the information presented, the Board, including the Independent Trustees, unanimously approved the continuation of the Polen Agreement for an additional one-year period. In arriving at their decision, the Trustees did not identify any single matter as controlling, but made their determination in light of all the circumstances.
Investment Adviser
Polen Capital Management, LLC
1825 NW Corporate Blvd.
Suite 300
Boca Raton, FL 33431
Administrator
The Bank of New York Mellon
103 Bellevue Parkway
Wilmington, DE 19809
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Principal Underwriter
Foreside Funds Distributors LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1800
2001 Market Street
Philadelphia, PA 19103-7042
Legal Counsel
Troutman Pepper Hamilton Sanders LLP
3000 Two Logan Square
18th and Arch Streets
Philadelphia, PA 19103
| Polen Bank Loan Fund |
| Polen U.S. High Yield Fund |
| Polen Opportunistic High Yield Fund |
of
FundVantage Trust
| Institutional Class |
| Investor Class |
| Class Y |
Semi-Annual Financials and Additional Information
October 31, 2024
(Unaudited)
This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.
POLEN BANK LOAN FUND
Portfolio of Investments
October 31, 2024
(Unaudited)
| | Par
Value | | Value |
| SENIOR LOANS†(a) — 83.6% |
| Consumer Discretionary Products — 9.0% |
| DexKo Global, Inc., First Lien Closing Date Dollar Term Loan, 8.615% (SOFR +401 bps), 10/4/28 | $127,304 | | $ 122,225 |
| DexKo Global, Inc., 2023 Incremental Term Loans, 8.854% (SOFR +425 bps), 10/4/28 | 44,588 | | 43,272 |
| MajorDrive Holdings IV, LLC, 2022 Incremental Term Loan, 10.254% (SOFR +565 bps), 6/1/29 | 218,409 | | 219,957 |
| RealTruck Group, Inc., Second Amendment Incremental Term Loan, 9.80% (SOFR +511 bps), 1/31/28 | 164,175 | | 163,594 |
| Recess Holdings, Inc., Initial Term Loans, 9.085% (SOFR +450 bps), 2/21/30 | 89,774 | | 90,328 |
| Varsity Brands, Inc., Initial Term Loan, 8.821% (SOFR +375 bps), 8/26/31 | 185,000 | | 184,500 |
| | | | 823,876 |
| Consumer Discretionary Services — 1.3% |
| Learning Care Group U.S. No.2, Inc., 2024 Refinancing Term Loans, 9.113% (SOFR +400 bps), 8/11/28 | 118,380 | | 118,957 |
| Consumer Staple Products — 1.5% |
| Fiesta Purchaser, Inc., Initial Term Loan, 8.685% (SOFR +400 bps), 2/12/31 | 139,650 | | 140,210 |
| Financial Services — 2.7% |
| Kestra Advisor Services Holdings A, Inc., Initial Term Loan, 9.057% (SOFR +400 bps), 3/19/31 | 44,888 | | 45,098 |
| Nexus Buyer, LLC, Refinancing Term Loan, 8.685% (SOFR +400 bps), 7/31/31 | 179,550 | | 179,261 |
| Nexus Buyer, LLC, Second Lien Term Loan, 11.035% (SOFR +635 bps), 11/5/29 | 25,000 | | 24,955 |
| | | | 249,314 |
| | Par
Value | | Value |
| SENIOR LOANS — (Continued) |
| Health Care — 15.0% |
| Aveanna Healthcare, LLC, First Lien 2021 Extended Term Loan, 8.907% (SOFR +385 bps), 7/17/28 | $189,110 | | $ 185,257 |
| Aveanna Healthcare, LLC, Initial Term Loan, 12.207% (SOFR +715 bps), 12/10/29 | 85,000 | | 80,564 |
| Charlotte Buyer, Inc., First Refinancing Term Loan, 2/11/28(b) | 125,000 | | 126,203 |
| CVET Midco 2 LP, Initial Term Loan, 9.604% (SOFR +500 bps), 10/13/29(b) | 163,249 | | 155,227 |
| EyeCare Partners, LLC, Tranche B Term Loan, 5.717% (SOFR +110 bps), 11/30/28 | 142,372 | | 105,498 |
| EyeCare Partners, LLC, Tranche C Term Loan, 11.467% (SOFR +685 bps), 11/30/28(c)(d) | 7,178 | | 1,220 |
| EyeCare Partners, LLC, Second Lien Initial Term Loan, 11.597% (SOFR +701 bps), 11/15/29 | 20,000 | | 5,900 |
| Heartland Dental, LLC, 2024 New Term Loans, 9.185% (SOFR +450 bps), 4/28/28 | 209,025 | | 208,942 |
| Medical Solutions Holdings, Inc., Initial Term Loan, 8.185% (SOFR +360 bps), 11/1/28 | 201,951 | | 152,243 |
| Packaging Coordinators Midco, Inc., 2024 Replacement Term Loan, 7.835% (SOFR +325 bps), 11/30/27 | 86,948 | | 87,159 |
| Sharp Services LLC, Tranche D Term Loan, 7.876% (SOFR +325 bps), 12/31/28 | 62,353 | | 62,354 |
| SM Wellness Holdings, Inc., First Lien Initial Term Loan, 9.347% (SOFR +476 bps), 4/17/28 | 203,086 | | 200,547 |
| | | | 1,371,114 |
| Industrial Products — 6.1% |
| Dynamo US Bidco, Inc., Facility B (USD) Loan, 8.245% (SOFR +400 bps), 9/25/31 | 20,000 | | 20,063 |
| Engineered Machinery Holdings, Inc., Incremental USD First Lien Term Loan, 8.615% (SOFR +401 bps), 5/19/28 | 63,973 | | 64,262 |
The accompanying notes are an integral part of the financial statements.
POLEN BANK LOAN FUND
Portfolio of Investments (Continued)
October 31, 2024
(Unaudited)
| | Par
Value | | Value |
| SENIOR LOANS — (Continued) |
| Industrial Products — (Continued) |
| Engineered Machinery Holdings, Inc., Second Lien Amendment No. 3 Incremental Term Loan, 10.865% (SOFR +626 bps), 5/21/29 | $ 40,000 | | $ 40,110 |
| Engineered Machinery Holdings, Inc., Second Lien Incremental Amendment No. 2 Term Loan, 11.365% (SOFR +650 bps), 5/21/29 | 185,000 | | 185,926 |
| LMSF12 Crown US Commercial Bidco, LLC, Term Loan B, 10/14/31(b) | 185,000 | | 185,231 |
| Nvent Electric Public Ltd. Co., Term Loan B, 9/12/31(b) | 60,000 | | 60,131 |
| | | | 555,723 |
| Industrial Services — 7.6% |
| Golden State Foods, LLC, Term Loan B, 10/7/31(b) | 160,000 | | 160,300 |
| Infinite Bidco, LLC, First Lien Term Loan, 8.597% (SOFR +401 bps), 3/2/28 | 68,564 | | 67,651 |
| Infinite Bidco, LLC, Second Lien Initial Term Loan, 11.847% (SOFR +726 bps), 3/2/29 | 105,000 | | 90,431 |
| LaserShip, Inc., First Lien Initial Term Loan, 9.365% (SOFR +476 bps), 5/7/28(d) | 166,782 | | 72,133 |
| RLG Holdings, LLC, First Lien Closing Date Initial Term Loan, 9.05% (SOFR +436 bps), 7/7/28 | 188,066 | | 185,749 |
| Viad Corp., Initial Term Loan, 8.935% (SOFR +425 bps), 7/30/28 | 114,281 | | 114,746 |
| | | | 691,010 |
| Insurance — 4.2% |
| AssuredPartners, Inc., 2024 Term Loan, 8.185% (SOFR +350 bps), 2/14/31 | 245,000 | | 245,630 |
| Asurion, LLC, New B-4 Term Loan, 10.05% (SOFR +536 bps), 1/20/29 | 140,000 | | 134,025 |
| | | | 379,655 |
| | Par
Value | | Value |
| SENIOR LOANS — (Continued) |
| Materials — 9.1% |
| Aruba Investments Holdings, LLC, First Lien Initial Dollar Term Loan, 8.785% (SOFR +410 bps), 11/24/27 | $131,913 | | $ 132,012 |
| Aruba Investments Holdings, LLC, Second Lien Initial Term Loan, 12.535% (SOFR +785 bps), 11/24/28(b) | 100,000 | | 95,715 |
| Clydesdale Acquisition Holdings, Inc., Term B Loan, 7.86% (SOFR +318 bps), 4/13/29 | 36,154 | | 36,106 |
| CP Iris Holdco I, Inc., First Lien Initial Term Loan, 8.185% (SOFR +350 bps), 10/2/28 | 179,787 | | 179,405 |
| LABL, Inc., Initial Dollar Term Loan, 9.785% (SOFR +510 bps), 10/29/28 | 183,952 | | 180,320 |
| Oscar AcquisitionCo, LLC, Term B Loan, 8.854% (SOFR +425 bps), 4/29/29 | 127,859 | | 127,000 |
| SCIH Salt Holdings, Inc., First Lien Incremental Term B-1 Loan, 8.085% (SOFR +350 bps), 3/16/27 | 78,518 | | 78,808 |
| | | | 829,366 |
| Media — 11.2% |
| Arches Buyer, Inc., Refinancing Term Loan, 8.035% (SOFR +335 bps), 12/6/27 | 231,913 | | 222,680 |
| Auction.com, LLC, Term Loan, 10.274% (SOFR +600 bps), 5/26/28 | 350,453 | | 325,375 |
| Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, 8.80% (SOFR +411 bps), 8/21/28 | 118,790 | | 118,536 |
| McGraw-Hill Education, Inc., 2024 Term Loan, 8.604% (SOFR +400 bps), 8/1/31 | 43,292 | | 43,541 |
| MH Sub I, LLC, Second Lien Term Loan, 10.935% (SOFR +625 bps), 2/23/29 | 315,000 | | 309,587 |
| | | | 1,019,719 |
The accompanying notes are an integral part of the financial statements.
POLEN BANK LOAN FUND
Portfolio of Investments (Continued)
October 31, 2024
(Unaudited)
| | Par
Value | | Value |
| SENIOR LOANS — (Continued) |
| Retail & Wholesale - Discretionary — 5.9% |
| Foundation Building Materials, Inc., 2024 Incremental Term Loan, 8.585% (SOFR +400 bps), 1/29/31 | $163,937 | | $ 161,767 |
| Mavis Tire Express Services Topco Corp., Term Loan, 8.185% (SOFR +350 bps), 5/4/28 | 14,159 | | 14,212 |
| Sweetwater Borrower, LLC, Initial Term Loan, 9.05% (SOFR +436 bps), 8/7/28 | 46,066 | | 46,182 |
| Touchtunes Music Group, LLC, Tranche B-1 Term Loans, 9.354% (SOFR +475 bps), 4/2/29 | 179,007 | | 179,399 |
| Wand NewCo 3, Inc., Initial Term Loan, 7.854% (SOFR +325 bps), 1/30/31 | 134,550 | | 134,718 |
| | | | 536,278 |
| Software & Technology Services — 4.8% |
| Azalea TopCo, Inc., Initial Term Loan, 8.185% (SOFR +350 bps), 4/30/31 | 125,000 | | 125,056 |
| Cloudera, Inc., Second Lien Term Loan, 10.785% (SOFR + 610 bps), 10/8/29 | 75,000 | | 72,000 |
| Connectwise, LLC, Initial Term Loan, 8.365% (SOFR +376 bps), 9/29/28 | 89,654 | | 89,750 |
| Skopima Consilio, First Lien Initial Term Loan, 8.80% (SOFR +411 bps), 5/12/28 | 147,365 | | 147,540 |
| | | | 434,346 |
| Technology Hardware & Semiconductors — 2.6% |
| Altar Bidco, Inc., Second Lien Initial Term Loan, 9.747% (SOFR +560 bps), 2/1/30 | 240,000 | | 235,387 |
| Telecommunications — 1.7% |
| CCI Buyer, Inc., First Lien Initial Term Loan, 8.604% (SOFR +400 bps), 12/17/27 | 158,372 | | 158,642 |
| Utilities — 0.9% |
| Discovery Energy Holding Corp., Initial Dollar Term Loan, 9.354% (SOFR +475 bps), 5/1/31 | 79,800 | | 80,299 |
TOTAL SENIOR LOANS
(Cost $7,644,325) | | 7,623,896 |
| | Par
Value | | Value |
| CORPORATE BONDS† — 9.4% |
| Consumer Discretionary Products — 1.7% |
| Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29(e) | $ 90,000 | | $ 76,142 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29(e) | 95,000 | | 83,054 |
| | | | 159,196 |
| Consumer Discretionary Services — 0.8% |
| Scientific Games Holdings LP, 6.625%, 3/1/30(e) | 70,000 | | 68,242 |
| Consumer Staple Products — 0.8% |
| Fiesta Purchaser, Inc., 9.625%, 9/15/32(e) | 65,000 | | 68,105 |
| Industrial Products — 0.5% |
| Madison IAQ, LLC, 5.875%, 6/30/29(e) | 50,000 | | 47,473 |
| Materials — 5.6% |
| Baffinland Iron Mines Corp., 8.75%, 7/15/26(e) | 295,000 | | 267,262 |
| Oscar AcquisitionCo., LLC, 9.50%, 4/15/30(e) | 200,000 | | 195,569 |
| SCIH Salt Holdings, Inc., 6.625%, 5/1/29(e) | 50,000 | | 48,705 |
| | | | 511,536 |
TOTAL CORPORATE BONDS
(Cost $856,729) | | | 854,552 |
|
| |
TOTAL INVESTMENTS - 93.0%
(Cost $8,501,054) | | | 8,478,448 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 7.0% | | | 638,270 |
| NET ASSETS - 100.0% | | | $9,116,718 |
| (a) | Floating rate note. Coupon rate, reference index and spread shown at October 31, 2024. |
| (b) | All or a portion of this Senior Loan will settle after October 31, 2024, at which time the interest rate will be determined. Rates shown, if any, are for the settled portion. |
| (c) | Security is fair valued by the Adviser in accordance with the policies established by the Board of Trustees. |
| (d) | Security is deemed illiquid at October 31, 2024. |
The accompanying notes are an integral part of the financial statements.
POLEN BANK LOAN FUND
Portfolio of Investments (Concluded)
October 31, 2024
(Unaudited)
| (e) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund’s Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At October 31, 2024, these securities amounted to $854,552 or 9.37% of net assets. These securities have been determined by the Fund's adviser to be liquid securities, unless otherwise noted. |
| † | See Note 1. 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 |
The accompanying notes are an integral part of the financial statements.
POLEN U.S. HIGH YIELD FUND
Portfolio of Investments
October 31, 2024
(Unaudited)
| | Par
Value | | Value |
| CORPORATE BONDS† — 86.1% |
| Consumer Discretionary Products — 5.8% |
| Adient Global Holdings Ltd., 8.25%, 4/15/31(a) | $ 20,000 | | $ 20,725 |
| Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29(a) | 74,000 | | 62,605 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29(a) | 76,000 | | 66,443 |
| Thor Industries, Inc., 4.00%, 10/15/29(a) | 40,000 | | 36,546 |
| | | | 186,319 |
| Consumer Discretionary Services — 7.3% |
| 1011778 BC ULC, 4.00%, 10/15/30(a) | 25,000 | | 22,583 |
| Cedar Fair LP, 5.25%, 7/15/29 | 15,000 | | 14,459 |
| Hilton Domestic Operating Co., Inc., 4.00%, 5/1/31(a) | 20,000 | | 18,235 |
| Penn Entertainment, Inc., 4.125%, 7/1/29(a) | 26,000 | | 23,364 |
| Scientific Games Holdings LP, 6.625%, 3/1/30(a) | 94,000 | | 91,639 |
| Six Flags Entertainment Corp., 7.25%, 5/15/31(a) | 31,000 | | 31,801 |
| Station Casinos, LLC, 4.625%, 12/1/31(a) | 26,000 | | 23,648 |
| Yum! Brands, Inc., 5.375%, 4/1/32 | 8,000 | | 7,802 |
| | | | 233,531 |
| Consumer Staple Products — 2.5% |
| Energizer Holdings, Inc., 4.75%, 6/15/28(a) | 15,000 | | 14,416 |
| Fiesta Purchaser, Inc., 9.625%, 9/15/32(a) | 10,000 | | 10,478 |
| Post Holdings, Inc., 5.50%, 12/15/29(a) | 25,000 | | 24,412 |
| Simmons Foods, Inc., 4.625%, 3/1/29(a) | 33,000 | | 30,654 |
| | | | 79,960 |
| Financial Services — 4.0% |
| Focus Financial Partners, LLC, 6.75%, 9/15/31(a) | 32,000 | | 31,912 |
| Jane Street Group, Inc., 6.125%, 11/1/32(a) | 64,000 | | 64,072 |
| VFH Parent, LLC, 7.50%, 6/15/31(a) | 32,000 | | 32,883 |
| | | | 128,867 |
| | Par
Value | | Value |
| CORPORATE BONDS — (Continued) |
| Health Care — 4.6% |
| ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29(a) | $111,000 | | $ 75,663 |
| Molina Healthcare, Inc., 3.875%, 5/15/32(a) | 26,000 | | 23,075 |
| Pediatrix Medical Group, Inc., 5.375%, 2/15/30(a) | 50,000 | | 47,817 |
| | | | 146,555 |
| Industrial Products — 6.1% |
| ATS Corp., 4.125%, 12/15/28(a) | 25,000 | | 23,529 |
| Chart Industries, Inc., 7.50%, 1/1/30(a) | 16,000 | | 16,663 |
| Madison IAQ, LLC, 5.875%, 6/30/29(a) | 34,000 | | 32,282 |
| SPX Flow, Inc., 8.75%, 4/1/30(a) | 49,000 | | 50,994 |
| TransDigm, Inc., 4.625%, 1/15/29 | 50,000 | | 47,532 |
| Wabash National Corp., 4.50%, 10/15/28(a) | 26,000 | | 23,710 |
| | | | 194,710 |
| Industrial Services — 3.0% |
| AMN Healthcare, Inc., 4.625%, 10/1/27(a) | 23,000 | | 22,199 |
| Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 2/1/26(a) | 31,000 | | 30,875 |
| Dycom Industries, Inc., 4.50%, 4/15/29(a) | 15,000 | | 14,185 |
| H&E Equipment Services, Inc., 3.875%, 12/15/28(a) | 30,000 | | 27,735 |
| | | | 94,994 |
| Insurance — 1.5% |
| Alliant Holdings Intermediate, LLC, 7.375%, 10/1/32(a) | 22,000 | | 21,836 |
| HUB International Ltd., 7.25%, 6/15/30(a) | 24,000 | | 24,819 |
| | | | 46,655 |
| Materials — 11.0% |
| AmeriTex HoldCo Intermediate, LLC, 10.25%, 10/15/28(a) | 46,000 | | 48,463 |
| ATI, Inc., 5.125%, 10/1/31 | 20,000 | | 18,902 |
| Avient Corp., 6.25%, 11/1/31(a) | 8,000 | | 8,026 |
| Baffinland Iron Mines Corp., 8.75%, 7/15/26(a) | 10,000 | | 9,060 |
| Century Aluminum Co., 7.50%, 4/1/28(a) | 45,000 | | 45,684 |
| Ingevity Corp., 3.875%, 11/1/28(a) | 45,000 | | 41,461 |
The accompanying notes are an integral part of the financial statements.
POLEN U.S. HIGH YIELD FUND
Portfolio of Investments (Continued)
October 31, 2024
(Unaudited)
| | Par
Value | | Value |
| CORPORATE BONDS — (Continued) |
| Materials — (Continued) |
| Intelligent Packaging Ltd. Finco, Inc., 6.00%, 9/15/28(a) | $ 32,000 | | $ 31,628 |
| Kaiser Aluminum Corp., 4.50%, 6/1/31(a) | 20,000 | | 17,872 |
| Oscar AcquisitionCo., LLC, 9.50%, 4/15/30(a) | 66,000 | | 64,538 |
| SCIH Salt Holdings, Inc., 6.625%, 5/1/29(a) | 68,000 | | 66,239 |
| | | | 351,873 |
| Media — 11.5% |
| Advantage Sales & Marketing, Inc., 6.50%, 11/15/28(a) | 85,000 | | 79,599 |
| CCO Holdings, LLC, 4.75%, 3/1/30(a) | 16,000 | | 14,570 |
| CCO Holdings, LLC, 7.375%, 3/1/31(a) | 22,000 | | 22,372 |
| Clear Channel Outdoor Holdings, Inc., 9.00%, 9/15/28(a) | 20,000 | | 21,028 |
| GrubHub Holdings, Inc., 5.50%, 7/1/27(a) | 103,000 | | 96,214 |
| McGraw-Hill Education, Inc., 5.75%, 8/1/28(a) | 32,000 | | 31,320 |
| McGraw-Hill Education, Inc., 8.00%, 8/1/29(a) | 20,000 | | 20,158 |
| Outfront Media Capital, LLC, 4.625%, 3/15/30(a) | 60,000 | | 55,856 |
| Scripps Escrow, Inc., 5.875%, 7/15/27(a) | 27,000 | | 24,042 |
| | | | 365,159 |
| Oil & Gas — 8.4% |
| Antero Midstream Partners LP, 5.75%, 1/15/28(a) | 35,000 | | 34,845 |
| Archrock Partners LP, 6.25%, 4/1/28(a) | 20,000 | | 20,064 |
| Archrock Partners LP, 6.625%, 9/1/32(a) | 20,000 | | 20,105 |
| DT Midstream, Inc., 4.375%, 6/15/31(a) | 30,000 | | 27,623 |
| Harvest Midstream I LP, 7.50%, 9/1/28(a) | 50,000 | | 50,548 |
| Parkland Corp., 4.625%, 5/1/30(a) | 25,000 | | 22,991 |
| Teine Energy Ltd., 6.875%, 4/15/29(a) | 91,000 | | 89,940 |
| | | | 266,116 |
| | Par
Value | | Value |
| CORPORATE BONDS — (Continued) |
| Real Estate — 4.6% |
| Howard Hughes Corp. (The), 4.375%, 2/1/31(a) | $ 46,000 | | $ 41,269 |
| Kennedy-Wilson, Inc., 5.00%, 3/1/31 | 118,000 | | 104,331 |
| | | | 145,600 |
| Retail & Wholesale - Discretionary — 6.8% |
| Builders FirstSource, Inc., 4.25%, 2/1/32(a) | 15,000 | | 13,422 |
| Dealer Tire, LLC, 8.00%, 2/1/28(a) | 64,000 | | 63,313 |
| GYP Holdings III Corp., 4.625%, 5/1/29(a) | 30,000 | | 28,352 |
| Mavis Tire Express Services Topco Corp., 6.50%, 5/15/29(a) | 34,000 | | 32,604 |
| Patrick Industries, Inc., 4.75%, 5/1/29(a) | 40,000 | | 37,854 |
| Patrick Industries, Inc., 6.375%, 11/1/32(a) | 26,000 | | 25,745 |
| Wayfair, LLC, 7.25%, 10/31/29(a) | 16,000 | | 16,192 |
| | | | 217,482 |
| Software & Technology Services — 4.5% |
| Dun & Bradstreet Corp. (The), 5.00%, 12/15/29(a) | 35,000 | | 34,230 |
| Insight Enterprises, Inc., 6.625%, 5/15/32(a) | 32,000 | | 32,740 |
| Open Text Holdings, Inc., 4.125%, 12/1/31(a) | 16,000 | | 14,383 |
| Twilio, Inc., 3.625%, 3/15/29 | 30,000 | | 27,651 |
| UKG, Inc., 6.875%, 2/1/31(a) | 32,000 | | 32,818 |
| | | | 141,822 |
| Technology Hardware & Semiconductors — 4.2% |
| Ciena Corp., 4.00%, 1/31/30(a) | 5,000 | | 4,619 |
| Imola Merger Corp., 4.75%, 5/15/29(a) | 30,000 | | 28,715 |
| TTM Technologies, Inc., 4.00%, 3/1/29(a) | 25,000 | | 23,396 |
| Viasat, Inc., 5.625%, 9/15/25(a) | 10,000 | | 9,878 |
| Viasat, Inc., 6.50%, 7/15/28(a) | 46,000 | | 34,622 |
| Zebra Technologies Corp., 6.50%, 6/1/32(a) | 32,000 | | 32,763 |
| | | | 133,993 |
The accompanying notes are an integral part of the financial statements.
POLEN U.S. HIGH YIELD FUND
Portfolio of Investments (Concluded)
October 31, 2024
(Unaudited)
| | Par
Value | | Value |
| CORPORATE BONDS — (Continued) |
| Telecommunications — 0.3% |
| Telesat Canada, 5.625%, 12/6/26(a) | $ 15,000 | | $ 6,658 |
| Telesat Canada, 6.50%, 10/15/27(a)(b) | 10,000 | | 3,157 |
| | | | 9,815 |
TOTAL CORPORATE BONDS
(Cost $2,661,554) | | | 2,743,451 |
| SENIOR LOANS†(c) — 9.8% |
| Consumer Discretionary Products — 1.9% |
| DexKo Global, Inc., First Lien Closing Date Dollar Term Loan, 8.615% (SOFR +401 bps), 10/4/28 | 9,774 | | 9,385 |
| RealTruck Goup, Inc., Initial Term Loan, 8.30% (SOFR +350 bps), 1/31/28 | 9,772 | | 9,657 |
| Varsity Brands, Inc., Initial Term Loan, 8.821% (SOFR +375 bps), 8/26/31 | 42,000 | | 41,886 |
| | | | 60,928 |
| Consumer Discretionary Services — 1.0% |
| Kuehg Corp., Term Loan, 7.839% (SOFR +325 bps), 6/12/30 | 30,942 | | 31,054 |
| Health Care — 0.6% |
| CVET Midco 2 LP, Initial Term Loan, 9.604% (SOFR +500 bps), 10/13/29 | 19,700 | | 18,732 |
| Insurance — 2.5% |
| Asurion, LLC, New B-4 Term Loan, 10.05% (SOFR +536 bps), 1/20/29 | 85,000 | | 81,373 |
| Materials — 1.0% |
| LABL, Inc., Initial Dollar Term Loan, 9.785% (SOFR +510 bps), 10/29/28 | 21,887 | | 21,456 |
| Oscar AcquisitionCo, LLC, Term B Loan, 8.854% (SOFR +425 bps), 4/29/29 | 9,800 | | 9,734 |
| | | | 31,190 |
| Media — 2.8% |
| Arches Buyer, Inc., Refinancing Term Loan, 8.035% (SOFR +335 bps), 12/6/27 | 9,796 | | 9,406 |
| | Par
Value | | Value |
| SENIOR LOANS — (Continued) |
| Media — (Continued) |
| Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, 8.80% (SOFR +411 bps), 8/21/28 | $ 24,846 | | $ 24,793 |
| MH Sub I, LLC, 2023 May New Term Loans, 8.935% (SOFR +425 bps), 5/3/28 | 9,799 | | 9,749 |
| MH Sub I, LLC, Second Lien Term Loan, 10.935% (SOFR +625 bps), 2/23/29 | 48,000 | | 47,175 |
| | | | 91,123 |
TOTAL SENIOR LOANS
(Cost $304,152) | | 314,400 |
|
| |
TOTAL INVESTMENTS - 95.9%
(Cost $2,965,706) | | | 3,057,851 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 4.1% | | | 129,784 |
| NET ASSETS - 100.0% | | | $3,187,635 |
| (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 October 31, 2024, these securities amounted to $2,522,774 or 79.14% of net assets. These securities have been determined by the Fund's adviser to be liquid securities, unless otherwise noted. |
| (b) | Security is deemed illiquid at October 31, 2024. |
| (c) | Floating rate note. Coupon rate, reference index and spread shown at October 31, 2024. |
| † | See Note 1. 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 |
The accompanying notes are an integral part of the financial statements.
POLEN OPPORTUNISTIC HIGH YIELD FUND
Portfolio of Investments
October 31, 2024
(Unaudited)
| | Par
Value | | Value |
| CORPORATE BONDS† — 65.7% |
| Consumer Discretionary Products — 4.1% |
| Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29(a) | $ 9,290,000 | | $ 7,859,512 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29(a) | 5,270,000 | | 4,607,327 |
| | | | 12,466,839 |
| Consumer Discretionary Services — 5.2% |
| Boyd Gaming Corp., 4.75%, 6/15/31(a) | 1,610,000 | | 1,503,444 |
| Raising Cane's Restaurants, LLC, 9.375%, 5/1/29(a) | 7,140,000 | | 7,683,718 |
| Scientific Games Holdings LP, 6.625%, 3/1/30(a) | 5,450,000 | | 5,313,115 |
| Six Flags Entertainment Corp., 6.625%, 5/1/32(a) | 1,430,000 | | 1,458,175 |
| | | | 15,958,452 |
| Consumer Staple Products — 5.5% |
| Fiesta Purchaser, Inc., 7.875%, 3/1/31(a) | 5,030,000 | | 5,279,272 |
| Fiesta Purchaser, Inc., 9.625%, 9/15/32(a) | 2,210,000 | | 2,315,569 |
| Post Holdings, Inc., 6.25%, 10/15/34(a) | 1,590,000 | | 1,573,806 |
| Simmons Foods, Inc., 4.625%, 3/1/29(a) | 8,040,000 | | 7,468,485 |
| | | | 16,637,132 |
| Financial Services — 1.5% |
| Focus Financial Partners, LLC, 6.75%, 9/15/31(a) | 4,590,000 | | 4,577,416 |
| Health Care — 6.7% |
| Concentra Escrow Issuer Corp., 6.875%, 7/15/32(a) | 2,215,000 | | 2,276,227 |
| Option Care Health, Inc., 4.375%, 10/31/29(a) | 1,590,000 | | 1,464,763 |
| Sotera Health Holdings, LLC, 7.375%, 6/1/31(a) | 4,890,000 | | 5,014,548 |
| Surgery Center Holdings, Inc., 7.25%, 4/15/32(a) | 10,710,000 | | 11,006,956 |
| Tenet Healthcare Corp., 6.125%, 10/1/28 | 760,000 | | 761,211 |
| | | | 20,523,705 |
| Industrial Products — 9.8% |
| Chart Industries, Inc., 9.50%, 1/1/31(a) | 4,150,000 | | 4,465,055 |
| | Par
Value | | Value |
| CORPORATE BONDS — (Continued) |
| Industrial Products — (Continued) |
| EMRLD Borrower LP, 6.625%, 12/15/30(a) | $2,230,000 | | $ 2,270,615 |
| F-Brasile SpA, Series XR, 7.375%, 8/15/26(a) | 4,690,000 | | 4,705,477 |
| Madison IAQ, LLC, 5.875%, 6/30/29(a) | 8,510,000 | | 8,080,012 |
| Material Sciences Corp., 12.329%, 7/9/26(b)(c) | 112,646 | | 112,646 |
| SPX Flow, Inc., 8.75%, 4/1/30(a) | 6,025,000 | | 6,270,254 |
| TK Elevator Holdco GmbH, 7.625%, 7/15/28(a) | 1,660,000 | | 1,674,922 |
| TransDigm, Inc., 4.875%, 5/1/29 | 1,660,000 | | 1,587,166 |
| TransDigm, Inc., 6.625%, 3/1/32(a) | 850,000 | | 866,582 |
| | | | 30,032,729 |
| Insurance — 6.6% |
| AssuredPartners, Inc., 7.50%, 2/15/32(a) | 6,520,000 | | 6,571,489 |
| HUB International Ltd., 7.375%, 1/31/32(a) | 10,970,000 | | 11,199,854 |
| Jones Deslauriers Insurance Management, Inc., 8.50%, 3/15/30(a) | 2,090,000 | | 2,215,793 |
| | | | 19,987,136 |
| Materials — 14.0% |
| AmeriTex HoldCo Intermediate, LLC, 10.25%, 10/15/28(a) | 1,350,000 | | 1,422,273 |
| Baffinland Iron Mines Corp., 8.75%, 7/15/26(a) | 12,480,000 | | 11,306,557 |
| Century Aluminum Co., 7.50%, 4/1/28(a) | 12,415,000 | | 12,603,795 |
| Constellium SE, 6.375%, 8/15/32(a) | 1,650,000 | | 1,626,010 |
| Intelligent Packaging Ltd. Finco, Inc., 6.00%, 9/15/28(a) | 2,300,000 | | 2,273,282 |
| Northwest Acquisitions ULC, 7.125%, 11/1/22(a)(c)(d) | 1,650,000 | | 1,997 |
| Oscar AcquisitionCo., LLC, 9.50%, 4/15/30(a) | 7,040,000 | | 6,884,011 |
| SCIH Salt Holdings, Inc., 6.625%, 5/1/29(a) | 6,663,000 | | 6,490,427 |
| Specialty Steel Holdings, Inc., 15.289%, 11/15/26(b)(c) | 195,000 | | 195,000 |
| | | | 42,803,352 |
| Media — 5.0% |
| CCO Holdings, LLC, 4.50%, 5/1/32 | 1,840,000 | | 1,567,228 |
The accompanying notes are an integral part of the financial statements.
POLEN OPPORTUNISTIC HIGH YIELD FUND
Portfolio of Investments (Continued)
October 31, 2024
(Unaudited)
| | Par
Value | | Value |
| CORPORATE BONDS — (Continued) |
| Media — (Continued) |
| CCO Holdings, LLC , 4.50%, 6/1/33(a) | $1,890,000 | | $ 1,574,010 |
| CCO Holdings, LLC , 4.25%, 1/15/34(a) | 2,930,000 | | 2,343,981 |
| Clear Channel Outdoor Holdings, Inc., 9.00%, 9/15/28(a) | 920,000 | | 967,274 |
| Clear Channel Outdoor Holdings, Inc., 7.875%, 4/1/30(a) | 5,420,000 | | 5,530,133 |
| McGraw-Hill Education, Inc., 8.00%, 8/1/29(a) | 2,700,000 | | 2,721,365 |
| McGraw-Hill Education, Inc., 7.375%, 9/1/31(a) | 540,000 | | 553,579 |
| Sterling Entertainment Enterprises, LLC, 10.25%, 1/15/25(b)(c)(e) | 100,000 | | 94,180 |
| | | | 15,351,750 |
| Oil & Gas — 0.4% |
| Teine Energy Ltd., 6.875%, 4/15/29(a) | 1,150,000 | | 1,136,603 |
| Retail & Wholesale - Discretionary — 3.0% |
| High Ridge Brands Escrow, 8.875%, 3/15/25(b)(c) | 125,000 | | — |
| Patrick Industries, Inc., 6.375%, 11/1/32(a) | 4,904,000 | | 4,855,855 |
| Wand NewCo 3, Inc., 7.625%, 1/30/32(a) | 4,150,000 | | 4,294,756 |
| | | | 9,150,611 |
| Retail & Wholesale - Staples — 0.4% |
| US Foods, Inc., 4.625%, 6/1/30(a) | 1,250,000 | | 1,187,164 |
| Software & Technology Services — 3.5% |
| AthenaHealth Group, Inc., 6.50%, 2/15/30(a) | 6,440,000 | | 6,094,607 |
| UKG, Inc., 6.875%, 2/1/31(a) | 4,420,000 | | 4,532,936 |
| | | | 10,627,543 |
TOTAL CORPORATE BONDS
(Cost $199,363,404) | | | 200,440,432 |
| SENIOR LOANS†(f) — 30.9% |
| Consumer Discretionary Products — 1.9% |
| DexKo Global, Inc., 2023 Incremental Term Loans, 8.854% (SOFR +425 bps), 10/4/28 | 774,150 | | 751,313 |
| | Par
Value | | Value |
| SENIOR LOANS — (Continued) |
| Consumer Discretionary Products — (Continued) |
| RealTruck Goup, Inc., Initial Term Loan, 8.30% (SOFR +350 bps), 1/31/28 | $2,240,972 | | $ 2,214,674 |
| Varsity Brands, Inc., Initial Term Loan, 8.821% (SOFR +375 bps), 8/26/31 | 2,710,000 | | 2,702,669 |
| | | | 5,668,656 |
| Consumer Discretionary Services — 1.4% |
| Learning Care Group U.S. No.2, Inc., 2024 Refinancing Term Loans, 8.603% - 9.113% (SOFR +400 bps), 8/11/28 | 4,187,806 | | 4,208,221 |
| Financial Services — 0.8% |
| Nexus Buyer, LLC, Refinancing Term Loan, 8.685% (SOFR +400 bps), 7/31/31 | 1,487,273 | | 1,484,878 |
| Nexus Buyer, LLC, Second Lien Term Loan, 11.035% (SOFR +635 bps), 11/5/29 | 920,000 | | 918,349 |
| | | | 2,403,227 |
| Health Care — 6.2% |
| Aveanna Healthcare, LLC, First Lien 2021 Extended Term Loan, 8.907% (SOFR +385 bps), 7/17/28 | 2,898,069 | | 2,839,021 |
| Aveanna Healthcare, LLC, Initial Term Loan, 12.207% (SOFR +715 bps), 12/10/29 | 4,000,000 | | 3,791,260 |
| CVET Midco 2 LP, Initial Term Loan, 9.604% (SOFR +500 bps), 10/13/29(g) | 3,166,329 | | 3,010,736 |
| EyeCare Partners, LLC, Tranche B Term Loan, 5.717% (SOFR +110 bps), 11/30/28 | 2,995,678 | | 2,219,798 |
| EyeCare Partners, LLC, Tranche C Term Loan, 11.467% (SOFR +685 bps), 11/30/28(b)(c) | 273,566 | | 46,506 |
| Medical Solutions Holdings, Inc., Second Lien Term Loan, 11.685% (SOFR +710 bps), 11/1/29(c) | 1,770,000 | | 1,185,900 |
| Packaging Coordinators Midco, Inc., 2024 Replacement Term Loan, 7.835% (SOFR +325 bps), 11/30/27 | 4,503,766 | | 4,514,733 |
The accompanying notes are an integral part of the financial statements.
POLEN OPPORTUNISTIC HIGH YIELD FUND
Portfolio of Investments (Continued)
October 31, 2024
(Unaudited)
| | Par
Value | | Value |
| SENIOR LOANS — (Continued) |
| Health Care — (Continued) |
| Sharp Services LLC, Tranche D Term Loan, 7.876% (SOFR +325 bps), 12/31/28 | $408,972 | | $ 408,972 |
| SM Wellness Holdings, Inc., Second Lien Initial Term Loan, 12.847% (SOFR +826 bps), 4/16/29(c) | 1,030,000 | | 1,004,250 |
| | | | 19,021,176 |
| Industrial Products — 3.2% |
| Dynamo US Bidco, Inc., Facility B (USD) Loan, 8.245% (SOFR +400 bps), 9/25/31 | 270,000 | | 270,844 |
| Engineered Machinery Holdings, Inc., Incremental USD First Lien Term Loan, 8.615% (SOFR +401 bps), 5/19/28 | 1,107,197 | | 1,112,196 |
| Engineered Machinery Holdings, Inc., Second Lien Amendment No. 3 Incremental Term Loan, 10.865% (SOFR +626 bps), 5/21/29 | 2,705,812 | | 2,713,253 |
| Engineered Machinery Holdings, Inc., Second Lien Incremental Amendment No. 2 Term Loan, 11.365% (SOFR +650 bps), 5/21/29 | 3,456,499 | | 3,473,799 |
| LMSF12 Crown US Commercial Bidco, LLC, Term Loan B, 10/14/31(g) | 1,550,000 | | 1,551,937 |
| Madison Safety & Flow, LLC, Initial Term Loan, 7.968% (SOFR +325 bps), 9/26/31 | 704,000 | | 707,668 |
| | | | 9,829,697 |
| Industrial Services — 1.7% |
| Golden State Foods, LLC, Term Loan B, 10/7/31(g) | 1,050,000 | | 1,051,969 |
| Infinite Bidco, LLC, Second Lien Initial Term Loan, 11.847% (SOFR +726 bps), 3/2/29 | 4,245,740 | | 3,656,644 |
| LaserShip, Inc., Second Lien Initial Loan, 12.365% (SOFR +750 bps), 5/7/29(c) | 3,280,000 | | 628,677 |
| | | | 5,337,290 |
| | Par
Value | | Value |
| SENIOR LOANS — (Continued) |
| Insurance — 1.5% |
| Asurion, LLC, New B-4 Term Loan, 10.05% (SOFR +536 bps), 1/20/29(g) | $4,890,000 | | $ 4,681,319 |
| Materials — 3.4% |
| Arctic Canadian Diamond Company Ltd., Second Lien Term Loan, 10.00%, 12/31/27(b)(c)(e) | 370,501 | | 370,500 |
| Aruba Investments Holdings, LLC, First Lien Initial Dollar Term Loan, 8.785% (SOFR +410 bps), 11/24/27 | 1,670,287 | | 1,671,540 |
| Aruba Investments Holdings, LLC, Second Lien Initial Term Loan, 12.535% (SOFR +785 bps), 11/24/28(g) | 6,260,000 | | 5,991,728 |
| LABL, Inc., Initial Dollar Term Loan, 9.785% (SOFR +510 bps), 10/29/28 | 2,345,888 | | 2,299,568 |
| | | | 10,333,336 |
| Media — 7.0% |
| Arches Buyer, Inc., Refinancing Term Loan, 8.035% (SOFR +335 bps), 12/6/27 | 4,884,316 | | 4,689,871 |
| Auction.com, LLC, Term Loan, 10.274% (SOFR +600 bps), 5/26/28 | 6,521,150 | | 6,054,496 |
| Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, 8.80% (SOFR +411 bps), 8/21/28 | 1,410,000 | | 1,406,983 |
| MH Sub I, LLC, Second Lien Term Loan, 10.935% (SOFR +625 bps), 2/23/29(g) | 9,350,000 | | 9,189,320 |
| | | | 21,340,670 |
| Retail & Wholesale - Discretionary — 1.5% |
| Touchtunes Music Group, LLC, Tranche B-1 Term Loans, 9.354% (SOFR +475 bps), 4/2/29 | 4,475,387 | | 4,485,189 |
| Software & Technology Services — 0.9% |
| Cloudera, Inc., Second Lien Term Loan, 10.785% (SOFR + 610 bps), 10/8/29 | 770,000 | | 739,200 |
| Skopima Consilio, Second Lien Initial Term Loan, 12.30% (SOFR +761 bps), 5/14/29 | 2,050,000 | | 2,026,938 |
| | | | 2,766,138 |
The accompanying notes are an integral part of the financial statements.
POLEN OPPORTUNISTIC HIGH YIELD FUND
Portfolio of Investments (Concluded)
October 31, 2024
(Unaudited)
| | Par
Value | | Value |
| SENIOR LOANS — (Continued) |
| Technology Hardware & Semiconductors — 1.2% |
| Altar Bidco, Inc., Second Lien Initial Term Loan, 9.747% (SOFR +560 bps), 2/1/30 | $3,794,939 | | $ 3,722,000 |
| Telecommunications — 0.2% |
| CCI Buyer, Inc., First Lien Initial Term Loan, 8.604% (SOFR +400 bps), 12/17/27 | 588,475 | | 589,476 |
TOTAL SENIOR LOANS
(Cost $98,177,054) | | 94,386,395 |
| | Number
of Shares | |
| COMMON STOCKS† — 0.4% |
| Industrial Products — 0.2% |
| Utex Industries, Inc.(b)(c)* | 7,506 | 517,539 |
| Materials — 0.2% |
| Arctic Canadian Diamond Co. Ltd.(b)(c)(e)* | 541 | 84,937 |
| Burgundy Diamond Mines Ltd.(c)(e)* | 983,076 | 71,166 |
| Real Alloy Holding, Inc.(b)(c)* | 3 | 238,216 |
| Specialty Steel Holdings, Inc.(b)(c)* | 1 | 150,342 |
| | | 544,661 |
| Retail & Wholesale - Discretionary — 0.0% |
| ATD New Holdings, Inc.(b)(c)* | 2,940 | 29 |
| Software & Technology Services — 0.0% |
| Skillsoft Corp.* | 1,638 | 25,012 |
TOTAL COMMON STOCKS
(Cost $1,139,177) | | 1,087,241 |
| | Par
Value | |
| WARRANTS† — 0.0% |
| Industrial Products — 0.0% |
| Utex Industries Holdings, LLC, Strike Price: $114.76, 12/3/25(b)(c)* | $1,150 | — |
TOTAL WARRANTS
(Cost $—) | | — |
|
| |
TOTAL INVESTMENTS - 97.0%
(Cost $298,679,635) | | 295,914,068 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 3.0% | | 9,245,765 |
| NET ASSETS - 100.0% | | $305,159,833 |
| (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 October 31, 2024, these securities amounted to $196,123,001 or 64.27% of net assets. These securities have been determined by the Fund's adviser to be liquid securities, unless otherwise noted. |
| (b) | Security is fair valued by the Adviser in accordance with the policies established by the Board of Trustees. |
| (c) | Security is deemed illiquid at October 31, 2024. |
| (d) | Security is currently in default. |
| (e) | Security deemed to be restricted as of October 31, 2024. As of October 31, 2024, the fair value of restricted securities in the aggregate was $620,783, representing 0.20% of the Fund’s net assets. Additional information on restricted securities can be found in Note 1. |
| (f) | Floating rate note. Coupon rate, reference index and spread shown at October 31, 2024. |
| (g) | All or a portion of this Senior Loan will settle after October 31, 2024, at which time the interest rate will be determined. Rates shown, if any, are for the settled portion. |
| † | See Note 1. The industry designations set forth in the schedule above are those of the Bloomberg Industry Classification System (“BICS”). |
| * | Non-income producing. |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| SOFR | Secured Overnight Funding Rate |
| USD | United States Dollar |
The accompanying notes are an integral part of the financial statements.
POLEN FIXED INCOME FUNDS
Statements of Assets and Liabilities
October 31, 2024
(Unaudited)
| | Polen Bank
Loan Fund | | Polen U.S. High
Yield Fund | | Polen
Opportunistic
High Yield
Fund |
| Assets | | | | | |
| Investments, at value* | $8,478,448 | | $3,057,851 | | $295,914,068 |
| Cash and cash equivalents | 929,016 | | 85,067 | | 12,253,544 |
| Receivables: | | | | | |
| Investments sold | 253,121 | | 15,941 | | 2,615,521 |
| Interest | 51,663 | | 40,947 | | 3,663,246 |
| Investment adviser | 4,820 | | 7,394 | | — |
| Prepaid expenses and other assets | 11,309 | | 11,950 | | 58,565 |
| Total Assets | 9,728,377 | | 3,219,150 | | 314,504,944 |
| Liabilities | | | | | |
| Payables: | | | | | |
| Investments purchased | 572,050 | | 6,172 | | 8,777,238 |
| Distributions to shareholders | 18,194 | | — | | 304,029 |
| Audit fees | 9,188 | | 10,230 | | — |
| Shareholder reporting fees | 5,350 | | 5,493 | | 409 |
| Transfer agent fees | 3,414 | | 3,131 | | 11,756 |
| Legal fees | 288 | | 1,160 | | 5,459 |
| Administration and accounting fees | 79 | | 51 | | 12,625 |
| Capital shares redeemed | — | | 3,857 | | 48,365 |
| Investment adviser | — | | — | | 175,773 |
| Distribution fees (Investor Class Shares) | — | | — | | 382 |
| Shareholder servicing fees | — | | — | | 859 |
| Accrued expenses | 3,096 | | 1,421 | | 8,216 |
| Total Liabilities | 611,659 | | 31,515 | | 9,345,111 |
| Contingencies and Commitments (Notes 2 and 6) | — | | — | | — |
| Net Assets | $9,116,718 | | $3,187,635 | | $305,159,833 |
| Net Assets Consisted of: | | | | | |
| Capital stock, $0.01 par value | $9,024 | | $3,100 | | $421,652 |
| Paid-in capital | 9,030,709 | | 3,107,075 | | 345,490,504 |
| Total distributable earnings/(loss) | 76,985 | | 77,460 | | (40,752,323) |
| Net Assets | $9,116,718 | | $3,187,635 | | $305,159,833 |
| Institutional Class: | | | | | |
| Net assets | $9,116,718 | | $3,187,635 | | $4,635,945 |
| Shares outstanding | 902,440 | | 309,996 | | 637,740 |
| Net asset value, offering and redemption price per share | $10.10 | | $10.28 | | $7.27 |
| Investor Class: | | | | | |
| Net assets | N/A | | N/A | | $1,783,921 |
| Shares outstanding | N/A | | N/A | | 246,599 |
| Net asset value, offering and redemption price per share | N/A | | N/A | | $7.23 |
| Class Y: | | | | | |
| Net assets | N/A | | N/A | | $298,739,967 |
| Shares outstanding | N/A | | N/A | | 41,280,885 |
| Net asset value, offering and redemption price per share | N/A | | N/A | | $7.24 |
| * Investments, at cost | $8,501,054 | | $2,965,706 | | $298,679,635 |
The accompanying notes are an integral part of the financial statements.
POLEN FIXED INCOME FUNDS
Statements of Operations
For the Six Months Ended October 31, 2024
(Unaudited)
| | Polen Bank
Loan Fund | | Polen U.S. High
Yield Fund | | Polen
Opportunistic
High Yield
Fund |
| Investment income | | | | | |
| Interest | $471,773 | | $131,193 | | $13,292,683 |
| Dividends | — | | — | | 3,750 |
| Total investment income | 471,773 | | 131,193 | | 13,296,433 |
| Expenses | | | | | |
| Advisory fees(Note 2) | 29,451 | | 8,594 | | 1,079,382 |
| Transfer agent fees(Note 2) | 10,697 | | 10,660 | | 32,259 |
| Audit fees | 10,668 | | 10,738 | | 13,585 |
| Registration and filing fees | 10,652 | | 10,652 | | 27,142 |
| Shareholder reporting fees | 10,035 | | 10,017 | | 21,097 |
| Legal fees | 3,437 | | 3,805 | | 8,686 |
| Custodian fees(Note 2) | 2,635 | | 759 | | 4,398 |
| Trustees’ and officers’ fees(Note 2) | 1,430 | | 806 | | 26,466 |
| Administration and accounting fees(Note 2) | 1,005 | | 866 | | 19,735 |
| Distribution fees (Investor Class)(Note 2) | — | | — | | 2,197 |
| Other expenses | 3,741 | | 3,697 | | 7,414 |
| Total expenses before waivers and reimbursements | 83,751 | | 60,594 | | 1,242,361 |
| Less: waivers and reimbursements(Note 2) | (49,770) | | (50,437) | | (19,045) |
| Net expenses after waivers and reimbursements | 33,981 | | 10,157 | | 1,223,316 |
| Net investment income | 437,792 | | 121,036 | | 12,073,117 |
| Net realized and unrealized gain/(loss) from investments: | | | | | |
| Net realized gain/(loss) from investments | 54,130 | | 24,888 | | (17,145) |
| Net change in unrealized appreciation/(depreciation) on investments | (185,464) | | 27,800 | | 1,876,035 |
| Net realized and unrealized gain/(loss) on investments | (131,334) | | 52,688 | | 1,858,890 |
| Net increase in net assets resulting from operations | $306,458 | | $173,724 | | $13,932,007 |
The accompanying notes are an integral part of the financial statements.
POLEN FIXED INCOME FUNDS
Statements of Changes in Net Assets
| | Polen Bank Loan Fund |
| | For the
Six Months Ended
October 31, 2024
(Unaudited) | | For the Year
Ended
April 30, 2024 |
| Net increase/(decrease) in net assets from operations: | | | |
| Net investment income | $437,792 | | $828,725 |
| Net realized gains from investments | 54,130 | | 40,885 |
| Net change in unrealized appreciation/(depreciation) on investments | (185,464) | | 144,792 |
| Net increase in net assets resulting from operations | 306,458 | | 1,014,402 |
| Less dividends and distributions to shareholders from: | | | |
| Total distributable earnings: | | | |
| Institutional Class | (437,727) | | (839,238) |
| Net decrease in net assets from dividends and distributions to shareholders | (437,727) | | (839,238) |
| Increase in net assets derived from capital share transactions (Note 4) | 69,676 | | 1,278,126 |
| Total increase/(decrease) in net assets | (61,593) | | 1,453,290 |
| Net assets | | | |
| Beginning of year/period | 9,178,311 | | 7,725,021 |
| End of year/period | $9,116,718 | | $9,178,311 |
The accompanying notes are an integral part of the financial statements.
POLEN FIXED INCOME FUNDS
Statements of Changes in Net Assets (Continued)
| | Polen U.S. High Yield Fund |
| | For the
Six Months Ended
October 31, 2024
(Unaudited) | | For the Year
Ended
April 30, 2024 |
| Net increase/(decrease) in net assets from operations: | | | |
| Net investment income | $121,036 | | $205,244 |
| Net realized gains/(losses) from investments | 24,888 | | (35,924) |
| Net change in unrealized appreciation on investments | 27,800 | | 49,117 |
| Net increase in net assets resulting from operations | 173,724 | | 218,437 |
| Less dividends and distributions to shareholders from: | | | |
| Total distributable earnings: | | | |
| Institutional Class | (120,909) | | (204,902) |
| Net decrease in net assets from dividends and distributions to shareholders | (120,909) | | (204,902) |
| Increase in net assets derived from capital share transactions (Note 4) | 143,502 | | 835,280 |
| Total increase in net assets | 196,317 | | 848,815 |
| Net assets | | | |
| Beginning of year/period | 2,991,318 | | 2,142,503 |
| End of year/period | $3,187,635 | | $2,991,318 |
The accompanying notes are an integral part of the financial statements.
POLEN FIXED INCOME FUNDS
Statements of Changes in Net Assets (Concluded)
| | Polen Opportunistic High Yield Fund |
| | For the
Six Months Ended
October 31, 2024
(Unaudited) | | For the Period
Ended
April 30, 2024* | | For the Year
Ended
September 30, 2023 |
| Net increase/(decrease) in net assets from operations: | | | | | |
| Net investment income | $12,073,117 | | $14,190,553 | | $24,557,149 |
| Net realized losses from investments | (17,145) | | (10,537,692) | | (17,865,163) |
| Net change in unrealized appreciation on investments | 1,876,035 | | 14,625,894 | | 19,392,245 |
| Net increase in net assets resulting from operations | 13,932,007 | | 18,278,755 | | 26,084,231 |
| Less dividends and distributions to shareholders from: | | | | | |
| Total distributable earnings: | | | | | |
| Institutional Class | (172,944) | | (116,000) | | (26,399) |
| Investor Class | (70,256) | | (77,354) | | (119,305) |
| Class Y | (12,281,656) | | (14,038,768) | | (24,452,801) |
| Net decrease in net assets from dividends and distributions to shareholders | (12,524,856) | | (14,232,122) | | (24,598,505) |
| Increase/(decrease) in net assets derived from capital share transactions (Note 4) | (9,126,903) | | 19,373,822 | | 29,534,571 |
| Total increase/(decrease) in net assets | (7,719,752) | | 23,420,455 | | 31,020,297 |
| Net assets | | | | | |
| Beginning of period/year | 312,879,585 | | 289,459,130 | | 258,438,833 |
| End of period/year | $305,159,833 | | $312,879,585 | | $289,459,130 |
| * | The Fund changed its fiscal year end from September 30 to April 30. See Note 1 in the Notes to Financial Statements. |
The accompanying notes are an integral part of the financial statements.
POLEN FIXED INCOME FUNDS
POLEN BANK LOAN FUND Financial Highlights
Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.
| | Institutional Class |
| | For the
Six Months Ended
October 31,
2024
(Unaudited) | | For the
Year Ended
April 30,
2024 | | For the Period Ended
April 30,
2023* |
| Per Share Operating Performance | | | | | |
| Net asset value, beginning of period | $10.25 | | $10.03 | | $10.00 |
| Net investment income(1) | 0.50 | | 1.01 | | 0.67 |
| Net realized and unrealized gain/(loss) on investments | (0.15) | | 0.24 | | 0.01 |
| Total from investment operations | 0.35 | | 1.25 | | 0.68 |
| Dividends and distributions to shareholders from: | | | | | |
| Net investment income | (0.50) | | (1.01) | | (0.64) |
| Net realized capital gains | — | | (0.02) | | (0.01) |
| Total dividends and distributions to shareholders | (0.50) | | (1.03) | | (0.65) |
| Net asset value, end of period | $10.10 | | $10.25 | | $10.03 |
| Total investment return(2) | 3.44% | | 13.09% | | 7.12% |
| Ratios/Supplemental Data | | | | | |
| Net assets, end of period (in 000s) | $9,117 | | $9,178 | | $7,725 |
| Ratio of expenses to average net assets | 0.75%(3) | | 0.75% | | 0.75%(3) |
| Ratio of expenses to average net assets without waivers(4) | 1.85%(3) | | 2.11% | | 3.19%(3) |
| Ratio of net investment income to average net assets | 9.66%(3) | | 10.00% | | 8.11%(3) |
| Portfolio turnover rate | 39%(5) | | 120% | | 22%(5) |
| * | Commencement of operations on June 30, 2022. |
| (1) | The selected per share data was calculated using the average shares outstanding method for the period. |
| (2) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
| (3) | Annualized. |
| (4) | During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated (See Note 2). |
| (5) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
POLEN FIXED INCOME FUNDS
POLEN U.S. HIGH YIELD FUND Financial Highlights (Continued)
Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.
| | Institutional Class |
| | For the
Six Months Ended
October 31,
2024
(Unaudited) | | For the
Year Ended
April 30,
2024 | | For the Period Ended
April 30,
2023* |
| Per Share Operating Performance | | | | | |
| Net asset value, beginning of period | $10.11 | | $10.06 | | $10.00 |
| Net investment income(1) | 0.40 | | 0.80 | | 0.65 |
| Net realized and unrealized gain on investments | 0.17 | | 0.05 | | 0.05 |
| Total from investment operations | 0.57 | | 0.85 | | 0.70 |
| Dividends and distributions to shareholders from: | | | | | |
| Net investment income | (0.40) | | (0.80) | | (0.64) |
| Net asset value, end of period | $10.28 | | $10.11 | | $10.06 |
| Total investment return(2) | 5.71% | | 8.79% | | 7.22% |
| Ratios/Supplemental Data | | | | | |
| Net assets, end of period (in 000s) | $3,188 | | $2,991 | | $2,143 |
| Ratio of expenses to average net assets | 0.65%(3) | | 0.65% | | 0.65%(3) |
| Ratio of expenses to average net assets without waivers(4) | 3.88%(3) | | 5.02% | | 7.22%(3) |
| Ratio of net investment income to average net assets | 7.75%(3) | | 7.96% | | 7.69%(3) |
| Portfolio turnover rate | 28%(5) | | 30% | | 12%(5) |
| * | Commencement of operations on June 30, 2022. |
| (1) | The selected per share data was calculated using the average shares outstanding method for the period. |
| (2) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
| (3) | Annualized. |
| (4) | During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated (See Note 2). |
| (5) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
POLEN FIXED INCOME FUNDS
POLEN OPPORTUNISTIC HIGH YIELD FUND Financial Highlights (Continued)
Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.
| | Institutional Class |
| | For the
Six Months Ended
October 31,
2024
(Unaudited) | | For the
Period Ended
April 30,
2024* | | For the
Year Ended
September 30,
2023 | | For the
Year Ended
September 30,
2022 | | For the
Year Ended
September 30,
2021 | | For the
Year Ended
September 30,
2020 | | For the
Year Ended
September 30,
2019 |
| Per Share Operating Performance | | | | | | | | | | | | | |
| Net asset value, beginning of period | $7.24 | | $7.16 | | $7.11 | | $8.58 | | $8.09 | | $8.72 | | $9.54 |
| Net investment income(1) | 0.29 | | 0.33 | | 0.63 | | 0.43 | | 0.52 | | 0.61(2) | | 0.84 |
| Net realized and unrealized gain/(loss) on investments | 0.04 | | 0.09 | | 0.05 | | (1.45) | | 0.48 | | (0.64) | | (0.83) |
| Total from investment operations | 0.33 | | 0.42 | | 0.68 | | (1.02) | | 1.00 | | (0.03) | | 0.01 |
| Dividends and distributions to shareholders from: | | | | | | | | | | | | | |
| Net investment income | (0.30) | | (0.34) | | (0.63) | | (0.45) | | (0.51) | | (0.60) | | (0.83) |
| Net realized capital gains | — | | — | | — | | (0.00)(3) | | — | | — | | — |
| Total dividends and distributions to shareholders | (0.30) | | (0.34) | | (0.63) | | (0.45) | | (0.51) | | (0.60) | | (0.83) |
| Redemption fees | 0.00(3) | | — | | 0.00(3) | | — | | — | | — | | — |
| Net asset value, end of period | $7.27 | | $7.24 | | $7.16 | | $7.11 | | $8.58 | | $8.09 | | $8.72 |
| Total investment return(4) | 4.63% | | 6.02% | | 9.97% | | (12.25)% | | 12.63% | | (0.11)% | | 0.16% |
| Ratios/Supplemental Data | | | | | | | | | | | | | |
| Net assets, end of period (in 000s) | $4,636 | | $3,609 | | $554 | | $12 | | $708 | | $668 | | $719 |
| Ratio of expenses to average net assets | 0.89%(5) | | 0.89%(5) | | 0.89% | | 0.79%(6) | | 0.79%(6) | | 0.79%(6) | | 0.79%(6) |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any(7) | 0.96%(5) | | 1.08%(5) | | 0.92% | | 0.90% | | 0.98% | | 1.32% | | 2.98% |
| Ratio of net investment income to average net assets | 7.73%(5) | | 7.90%(5) | | 8.96% | | 5.14% | | 6.11% | | 7.44% | | 9.20% |
| Portfolio turnover rate | 31%(8) | | 44%(8) | | 43% | | 36% | | 74% | | 66% | | 43% |
| * | The Fund changed its fiscal year end from September 30 to April 30. See Note 1 in the Notes to Financial Statements. |
| (1) | The selected per share data was calculated using the average shares outstanding method for the period. |
| (2) | The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and redemptions of Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund. |
| (3) | Amount is less than $0.005 per share. |
| (4) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
| (5) | Annualized. |
The accompanying notes are an integral part of the financial statements.
POLEN FIXED INCOME FUNDS
POLEN OPPORTUNISTIC HIGH YIELD FUND Financial Highlights (Continued)
| (6) | According to the Predecessor Fund’s shareholder services plan with respect to the Fund’s Institutional Class shares, any amount of such payment not paid during the Fund’s fiscal year for such services activities shall be reimbursed to the Fund as soon as practical after the end of the fiscal year. Fees were reimbursed to the Fund during the year ended September 30, 2019 in the amounts of 0.10% of average net assets of Institutional Class shares. For the years ended September 30, 2022, September 30, 2021 and September 30, 2020, no fees were accrued and thus no fees were reimbursed. |
| (7) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
| (8) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
POLEN FIXED INCOME FUNDS
POLEN OPPORTUNISTIC HIGH YIELD FUND Financial Highlights (Continued)
Contained below is per share operating performance data for Investor Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.
| | Investor Class |
| | For the
Six Months Ended
October 31,
2024
(Unaudited) | | For the
Period Ended
April 30,
2024* | | For the
Year Ended
September 30,
2023 | | For the
Year Ended
September 30,
2022 | | For the
Year Ended
September 30,
2021 | | For the
Year Ended
September 30,
2020 | | For the
Year Ended
September 30,
2019 |
| Per Share Operating Performance | | | | | | | | | | | | | |
| Net asset value, beginning of period | $7.21 | | $7.13 | | $7.09 | | $8.61 | | $8.12 | | $8.75 | | $9.55 |
| Net investment income(1) | 0.27 | | 0.32 | | 0.61 | | 0.45 | | 0.49 | | 0.59(2) | | 0.80 |
| Net realized and unrealized gain/(loss) on investments | 0.04 | | 0.09 | | 0.04 | | (1.49) | | 0.48 | | (0.65) | | (0.82) |
| Total from investment operations | 0.31 | | 0.41 | | 0.65 | | (1.04) | | 0.97 | | (0.06) | | (0.02) |
| Dividends and distributions to shareholders from: | | | | | | | | | | | | | |
| Net investment income | (0.29) | | (0.33) | | (0.61) | | (0.48) | | (0.48) | | (0.57) | | (0.79) |
| Net realized capital gains | — | | — | | — | | (0.00)(3) | | — | | — | | — |
| Total dividends and distributions to shareholders | (0.29) | | (0.33) | | (0.61) | | (0.48) | | (0.48) | | (0.57) | | (0.79) |
| Redemption fees | 0.00(3) | | — | | 0.00(3) | | — | | 0.00(3) | | 0.00(3) | | 0.01 |
| Net asset value, end of period | $7.23 | | $7.21 | | $7.13 | | $7.09 | | $8.61 | | $8.12 | | $8.75 |
| Total investment return(4) | 4.40% | | 5.92% | | 9.47% | | (12.51)% | | 12.20% | | (0.46)% | | (0.12)% |
| Ratios/Supplemental Data | | | | | | | | | | | | | |
| Net assets, end of period (in 000s) | $1,784 | | $1,725 | | $1,413 | | $1,384 | | $2,480 | | $2,579 | | $6,467 |
| Ratio of expenses to average net assets | 1.14%(5) | | 1.14%(5) | | 1.14% | | 1.14% | | 1.14% | | 1.14% | | 1.14% |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any(6) | 1.26%(5) | | 1.38%(5) | | 1.26% | | 1.24% | | 1.33% | | 1.71% | | 3.20% |
| Ratio of net investment income to average net assets | 7.48%(5) | | 7.65%(5) | | 8.47% | | 5.63% | | 5.75% | | 6.98% | | 8.74% |
| Portfolio turnover rate | 31%(7) | | 44%(7) | | 43% | | 36% | | 74% | | 66% | | 43% |
| * | The Fund changed its fiscal year end from September 30 to April 30. See Note 1 in the Notes to Financial Statements. |
| (1) | The selected per share data was calculated using the average shares outstanding method for the period. |
| (2) | The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and redemptions of Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund. |
| (3) | Amount is less than $0.005 per share. |
| (4) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
| (5) | Annualized. |
The accompanying notes are an integral part of the financial statements.
POLEN FIXED INCOME FUNDS
POLEN OPPORTUNISTIC HIGH YIELD FUND Financial Highlights (Continued)
| (6) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
| (7) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
POLEN FIXED INCOME FUNDS
POLEN OPPORTUNISTIC HIGH YIELD FUND Financial Highlights (Continued)
Contained below is per share operating performance data for Class Y shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.
| | Class Y |
| | For the
Six Months Ended
October 31,
2024
(Unaudited) | | For the
Period Ended
April 30,
2024* | | For the
Year Ended
September 30,
2023 | | For the
Year Ended
September 30,
2022 | | For the
Year Ended
September 30,
2021 | | For the
Year Ended
September 30,
2020 | | For the
Year Ended
September 30,
2019 |
| Per Share Operating Performance | | | | | | | | | | | | | |
| Net asset value, beginning of period | $7.20 | | $7.11 | | $7.07 | | $8.59 | | $8.10 | | $8.72 | | $9.53 |
| Net investment income(1) | 0.29 | | 0.33 | | 0.63 | | 0.49 | | 0.52 | | 0.60(2) | | 0.83 |
| Net realized and unrealized gain/(loss) on investments | 0.05 | | 0.10 | | 0.04 | | (1.50) | | 0.48 | | (0.63) | | (0.82) |
| Total from investment operations | 0.34 | | 0.43 | | 0.67 | | (1.01) | | 1.00 | | (0.03) | | 0.01 |
| Dividends and distributions to shareholders from: | | | | | | | | | | | | | |
| Net investment income | (0.30) | | (0.34) | | (0.63) | | (0.51) | | (0.51) | | (0.59) | | (0.82) |
| Net realized capital gains | — | | — | | — | | (0.00)(3) | | — | | — | | — |
| Total dividends and distributions to shareholders | (0.30) | | (0.34) | | (0.63) | | (0.51) | | (0.51) | | (0.59) | | (0.82) |
| Redemption fees | 0.00(3) | | 0.00(3) | | 0.00(3) | | 0.00(3) | | — | | — | | — |
| Net asset value, end of period | $7.24 | | $7.20 | | $7.11 | | $7.07 | | $8.59 | | $8.10 | | $8.72 |
| Total investment return(4) | 4.77% | | 6.12% | | 9.90% | | (12.23)% | | 12.61% | | (0.03)% | | 0.12% |
| Ratios/Supplemental Data | | | | | | | | | | | | | |
| Net assets, end of period (in 000s) | $298,748 | | $307,546 | | $287,492 | | $257,043 | | $243,732 | | $135,801 | | $20,367 |
| Ratio of expenses to average net assets | 0.79%(5) | | 0.79%(5) | | 0.79% | | 0.79% | | 0.79% | | 0.79% | | 0.79% |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any(6) | 0.80%(5) | | 0.83%(5) | | 0.91% | | 0.89% | | 0.99% | | 1.24% | | 3.01% |
| Ratio of net investment income to average net assets | 7.83%(5) | | 8.00%(5) | | 8.82% | | 6.12% | | 6.07% | | 7.36% | | 9.14% |
| Portfolio turnover rate | 31%(7) | | 44%(7) | | 43% | | 36% | | 74% | | 66% | | 43% |
| * | The Fund changed its fiscal year end from September 30 to April 30. See Note 1 in the Notes to Financial Statements. |
| (1) | The selected per share data was calculated using the average shares outstanding method for the period. |
| (2) | The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and redemptions of Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund. |
| (3) | Amount is less than $0.005 per share. |
| (4) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
| (5) | Annualized. |
The accompanying notes are an integral part of the financial statements.
POLEN FIXED INCOME FUNDS
POLEN OPPORTUNISTIC HIGH YIELD FUND Financial Highlights (Concluded)
| (6) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
| (7) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
POLEN FIXED INCOME FUNDS
Notes to Financial Statements
October 31, 2024
(Unaudited)
1. Organization and Significant Accounting Policies
The Polen Bank Loan Fund, Polen U.S. High Yield Fund and Polen Opportunistic High Yield Fund (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 June 30, 2022, June 30, 2022 and July 24, 2023, 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. Two separate classes of shares, Investor Class and Institutional Class, are offered for the Polen Bank Loan Fund and Polen U.S. High Yield Fund. The Polen Opportunistic High Yield Fund offers three separate classes of shares, Investor Class, Institutional Class and Class Y. As of October 31, 2024, Investor Class shares had not been issued on the Polen Bank Loan Fund and Polen U.S. High Yield Fund. 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.
The Polen Opportunistic High Yield Fund commenced investment operations on July 24, 2023. Prior to that date, this Fund acquired the assets and assumed the liabilities of the Polen DDJ Opportunistic High Yield Fund (the “Predecessor Fund”), a series of ALPS Series Trust (“ALPS”), in a tax-free reorganization as set out in an Agreement and Plan of Reorganization, dated as of April 17, 2023 (the “Plan”). The Predecessor Fund commenced investment operations on July 16, 2015. The Plan was approved by the Trust’s Board of Trustees on February 27, 2023, by the Board of Trustees of ALPS on February 16, 2023, and by the beneficial owners of the Predecessor Fund on July 5, 2023. The tax-free reorganization was accomplished on July 24, 2023. Financial information included for the dates prior to the reorganization is that of the Predecessor Fund. As a result of the reorganization, this Fund assumed the performance and accounting history of the Predecessor Fund listed in the table below:
Predecessor Fund
(series of ALPS Series Trust) | | Polen Opportunistic High Yield Fund
(series of FundVantage Trust) | | Net Assets | | Shares
Outstanding |
| Class I | | Institutional Class | | $ 554,159 | | 77,440 |
| Class II | | Investor Class | | 1,412,805 | | 198,233 |
| Institutional Class | | Class Y | | 287,492,166 | | 40,429,876 |
Portfolio Valuation — The Funds net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by 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. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are generally valued at amortized cost, provided such amount approximates fair value. Fixed income securities are valued on the basis of broker quotations or valuations provided by a pricing service, which utilizes information with respect to recent sales, market transactions in comparable securities, quotations from dealers, and various relationships between securities in determining value. Valuations developed through pricing techniques may materially vary from the actual amounts realized upon sale of the securities. 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.
POLEN FIXED INCOME FUNDS
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
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 or GICS, as applicable, for purposes other than compliance monitoring.
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:
• Level 1 — quoted prices in active markets for identical securities;
• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and
• 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) that 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, including corporate bonds and floating rate senior loans (“Senior Loans”), are typically the prices supplied by independent third-party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third-party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. 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 value of fixed income securities and Senior Loans would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
POLEN FIXED INCOME FUNDS
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
The following is a summary of the inputs used, as of October 31, 2024, in valuing each Fund's investments carried at fair value:
| Funds | | Total
Value at
10/31/24 | | Level 1
Quoted
Price | | Level 2
Other
Significant
Observable
Inputs | | Level 3
Significant
Unobservable
Inputs |
| Polen Bank Loan Fund | | | | | | |
| Assets | | | | | | | | |
| Senior Loans* | | $7,623,896 | | $— | | $7,622,676 | | $1,220 |
| Corporate Bonds* | | 854,552 | | — | | 854,552 | | — |
| Total Assets | | $8,478,448 | | $— | | $8,477,228 | | $1,220 |
| Polen U.S. High Yield Fund | | | | | | |
| Assets | | | | | | | | |
| Corporate Bonds* | | $2,743,451 | | $— | | $2,743,451 | | $— |
| Senior Loans* | | 314,400 | | — | | 314,400 | | — |
| Total Assets | | $3,057,851 | | $— | | $3,057,851 | | $— |
| Polen Opportunistic High Yield Fund | | | | | | |
| Assets | | | | | | | | |
| Corporate Bonds | | | | | | | | |
| Consumer Discretionary Products | | $12,466,839 | | $— | | $12,466,839 | | $— |
| Consumer Discretionary Services | | 15,958,452 | | — | | 15,958,452 | | — |
| Consumer Staple Products | | 16,637,132 | | — | | 16,637,132 | | — |
| Financial Services | | 4,577,416 | | — | | 4,577,416 | | — |
| Health Care | | 20,523,705 | | — | | 20,523,705 | | — |
| Industrial Products | | 30,032,729 | | — | | 29,920,083 | | 112,646 |
| Insurance | | 19,987,136 | | — | | 19,987,136 | | — |
| Materials | | 42,803,352 | | — | | 42,608,352 | | 195,000 |
| Media | | 15,351,750 | | — | | 15,257,570 | | 94,180 |
| Oil & Gas | | 1,136,603 | | — | | 1,136,603 | | — |
| Retail & Wholesale - Discretionary | | 9,150,611 | | — | | 9,150,611 | | — |
| Retail & Wholesale - Staples | | 1,187,164 | | — | | 1,187,164 | | — |
| Software & Technology Services | | 10,627,543 | | — | | 10,627,543 | | — |
| Senior Loans | | | | | | | | |
| Consumer Discretionary Products | | 5,668,656 | | — | | 5,668,656 | | — |
| Consumer Discretionary Services | | 4,208,221 | | — | | 4,208,221 | | — |
| Financial Services | | 2,403,227 | | — | | 2,403,227 | | — |
| Health Care | | 19,021,176 | | — | | 18,974,670 | | 46,506 |
| Industrial Products | | 9,829,697 | | — | | 9,829,697 | | — |
| Industrial Services | | 5,337,290 | | — | | 5,337,290 | | — |
| Insurance | | 4,681,319 | | — | | 4,681,319 | | — |
| Materials | | 10,333,336 | | — | | 9,962,836 | | 370,500 |
| Media | | 21,340,670 | | — | | 21,340,670 | | — |
| Retail & Wholesale - Discretionary | | 4,485,189 | | — | | 4,485,189 | | — |
| Software & Technology Services | | 2,766,138 | | — | | 2,766,138 | | — |
| Technology Hardware & Semiconductors | | 3,722,000 | | — | | 3,722,000 | | — |
| Telecommunications | | 589,476 | | — | | 589,476 | | — |
| Common Stocks | | | | | | | | |
| Industrial Products | | 517,539 | | — | | — | | 517,539 |
| Materials | | 544,661 | | 71,166 | | — | | 473,495 |
POLEN FIXED INCOME FUNDS
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
| Funds | | Total
Value at
10/31/24 | | Level 1
Quoted
Price | | Level 2
Other
Significant
Observable
Inputs | | Level 3
Significant
Unobservable
Inputs |
| Retail & Wholesale - Discretionary | | $29 | | $— | | $— | | $29 |
| Software & Technology Services | | 25,012 | | 25,012 | | — | | — |
| Warrants | | | | | | | | |
| Industrial Products | | — | | — | | — | | —** |
| Total Assets | | $295,914,068 | | $96,178 | | $294,007,995 | | $1,809,895 |
| * | Please refer to Portfolio of Investments for further details on portfolio holdings. |
| ** | Current value is $0. |
At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third-party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds’ investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Funds to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when the Funds have an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to their 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 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 six months ended October 31, 2024, the Funds had no transfers in or out of Level 3.
Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.
Investment Transactions, Investment Income and Expenses — Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. The Funds may be subject to foreign taxes on income, a portion of which may be recoverable. The Funds apply for refunds where available. Distribution (12b-1) fees relating to a specific class are charged directly to that class. Fund level expenses common to all classes, investment income and realized and unrealized gains and losses on investments are generally allocated to each class of each Fund based upon the relative daily net assets of each class of each Fund. The Funds may also be subject to foreign taxes on income, a portion of which may be
POLEN FIXED INCOME FUNDS
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
recoverable. The Funds apply for refunds where available. The Funds will accrue such taxes and reclaims, as applicable, based upon the current interpretation of tax rules and regulations that exist in the market in which the Fund invests. General expenses of the Trust are generally allocated to each Fund under methodologies approved by the Board of Trustees. Expenses directly attributable to a particular Fund in the Trust are charged directly to that Fund. The Funds’ investment income, expenses (other than class-specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day.
Cash and Cash Equivalents — Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. Each Fund maintains deposits with a high quality financial institution in an amount that is in excess of federally insured limits.
Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid to shareholders and are recorded on ex-date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
U.S. Tax Status — No provision is made for U.S. income taxes as it is each Fund's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.
Other — In the normal course of business, the Funds may enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.
Debt Investment Risk — Debt investments are affected primarily by the financial condition of the companies or other entities that have issued them and by changes in interest rates. There is a risk that an issuer of a Fund's debt investments may not be able to meet its financial obligations (e. g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or seek bankruptcy protection. Securities such as high-yield bonds, e.g., bonds with low credit ratings by Moody's (Ba or lower) or Standard & Poor's (BB and lower) or if unrated are of comparable quality as determined by the Adviser, are especially subject to credit risk during periods of economic uncertainty or during economic downturns and are more likely to default on their interest and/or principal payments than higher rated securities. Debt investments may be affected by changes in interest rates. Debt investments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt investments with shorter durations or floating or adjustable interest rates. The value of debt investments may fall when interest rates rise.
Senior Loans — Certain Funds invests primarily in senior loans and other floating rate investments. Senior loans typically are rated below investment grade. Below investment grade securities, including senior loans, involve greater risk of loss, are subject to greater price volatility, and may be less liquid and more difficult to value, especially during periods of economic uncertainty or change, than higher rated debt securities. Market quotations for these securities may be volatile and/or subject to large spreads between bid and ask prices. These securities once sold, may not settle for an extended period (for example, several weeks or even longer). A Fund will not receive its sale proceeds until that time, which may constrain a Fund’s ability to meet its obligations. A Fund may invest in securities of issuers that are in default or that are in bankruptcy. The value of collateral, if any, securing a senior loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate. No active trading market may exist for many senior loans, and many loans are subject to restrictions on resale. Any secondary market may be subject to irregular trading activity and extended settlement periods. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Loans may not be considered “securities,” and purchasers, such as a Fund, therefore may not be entitled to rely on the anti-fraud protections afforded by federal securities laws.
Unfunded Loan Commitments — Certain Funds may enter into unfunded loan commitments. Unfunded loan commitments may be partially or wholly unfunded. During the contractual period, the Fund is obliged to provide funding to the borrower upon demand. A fee is earned by a Fund on the unfunded loan commitment and is recorded as interest income on the Statement of Operations. Unfunded loan commitments on senior loan participations and assignments, if any, are marked to market daily and valued according to the Trust’s valuation policies and procedures. Any applicable net unrealized appreciation or depreciation at the end of the
POLEN FIXED INCOME FUNDS
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
reporting period is recorded as an asset and any change in net unrealized appreciation or depreciation for the reporting period is recorded within the change in net unrealized appreciation or depreciation on investments. Unfunded loan commitments are included in the Portfolio of Investments.
Restricted Securities — Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer's expense, either upon demand by a fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid. The Fund will not incur any registration costs upon such resale. The Fund's restricted securities are valued at the price provided by pricing services or dealers in the secondary market or, if no market prices are available, at the fair value price as determined by the Fund's adviser pursuant to the Fund's fair value policy, subject to oversight by the Board of Trustees. The Fund has acquired certain securities, the sale of which is restricted under applicable provisions of the Securities Act of 1933. It is possible that the fair value price may differ significantly from the amount that may ultimately be realized in the near term, and the difference could be material.
The below securities are restricted from resale as of October 31, 2024:
| Polen Opportunistic High Yield Fund | | Security Type | | Acquisition
Date | | Cost | | Value |
| Arctic Canadian Diamond Co. Ltd. | | Common Stocks | | 02/04/2021 | | $— | | $84,937 |
| Arctic Canadian Diamond Company Ltd. | | Senior Loans | | 02/03/2021 | | 370,501 | | 370,500 |
| Burgundy Diamond Mines Ltd. | | Common Stocks | | 07/03/2023 | | 164,739 | | 71,166 |
| Sterling Entertainment Enterprises, LLC | | Corporate Bonds | | 12/27/2017 | | 99,940 | | 94,180 |
| | | | | | | | | $620,783 |
Restricted securities under Rule 144A, including the aggregate value and percentage of net assets of the Polen Opportunistic High Yield Fund, have been identified in the Portfolio of Investments.
Recent Accounting Pronouncement— In November 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. In addition, the ASU clarifies that a public entity with a single reportable segment provide all disclosures required by the ASU and all existing segment disclosures in Topic 280. The amendments under this ASU are effective for fiscal years beginning after December 15, 2023. Management expects that adoption of the guidance will not have a material impact on the Funds’ financial statements.
2. Transactions with Related Parties and Other Service Providers
For its services, Polen Credit is paid a monthly fee at the annual rate based on average daily net assets of each Fund as shown in the table below:
| Polen Bank Loan Fund | 0.65% |
| Polen U.S. High Yield Fund | 0.55% |
| Polen Opportunistic High Yield Fund | 0.70% |
The Adviser has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Funds to the extent necessary to ensure that the Funds’ total operating expenses (excluding taxes, fees and expenses attributable to a distribution or service plan adopted by the Trust, interest, extraordinary items, “Acquired Fund Fees and Expenses” and brokerage commissions) do not exceed (on an annual basis) the percentages set forth in the table below of each Fund's average daily net assets (the “Expense Limitations”). The Expense Limitations will remain in place until the termination date set forth below, unless the Board of Trustees approves their earlier termination. The table below reflects the Expense Limitation amounts, as a percentage of average daily net assets, in effect during the six months ended October 31, 2024.
POLEN FIXED INCOME FUNDS
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
| | Institutional
Class | | Investor
Class | | Class Y | | Termination Date |
| Polen Bank Loan Fund | 0.75% | | N/A | | N/A | | August 31, 2025 |
| Polen U.S. High Yield Fund | 0.65% | | N/A | | N/A | | August 31, 2025 |
| Polen Opportunistic High Yield Fund | 0.89% | | 0.89% | | 0.79% | | August 31, 2025 |
The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for such Fund. The Adviser is permitted to seek reimbursement from a Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund's expenses are below the Expense Limitation amount. As of October 31, 2024, Investor Class shares had not been issued on the Polen Bank Loan Fund and Polen U.S. High Yield Fund.
For the six months ended October 31, 2024, the amount of advisory fees earned and waived and/or reimbursed was as follows:
| | Gross
Advisory Fee | | Waiver/
Reimbursements | | Net Advisory Fee/
(Reimbursement) |
| Polen Bank Loan Fund | $29,451 | | $(49,770) | | $(20,319) |
| Polen U.S. High Yield Fund | 8,594 | | (50,437) | | (41,843) |
| Polen Opportunistic High Yield Fund | 1,079,382 | | (19,045) | | 1,060,337 |
No Funds recouped any fees for the period ended October 31, 2024.
As of October 31, 2024, the amount of potential recovery was as follows:
| | Expiration |
| | 04/30/2026 | | 04/30/2027 | | 10/31/2027 | | Total |
| Polen Bank Loan Fund | $120,962 | | $112,820 | | $49,770 | | $283,552 |
| Polen U.S. High Yield Fund | 113,023 | | 112,555 | | 50,437 | | 276,015 |
| | Expiration |
| | 09/30/2025 | | 09/30/2026 | | 04/30/2027 | | 10/31/2027 | | Total |
| Polen Opportunistic High Yield Fund | $142,528 | | $334,289 | | $68,624 | | $19,045 | | $695,418 |
The Funds have not recorded a commitment or contingent liability at October 31, 2024.
Other Service Providers
The Bank of New York Mellon (“BNY Mellon”) serves as administrator and custodian for the Funds. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Funds’ average daily net assets and is subject to certain minimum monthly fees. For providing certain custodial services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.
BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”) provides transfer agent services to the Funds. The Transfer Agent is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.
The Trust, on behalf of the Funds, has entered into agreements with financial intermediaries to provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries investing in the Funds and has agreed to compensate the intermediaries for providing those services. The fees incurred by the Funds for these services are included in Transfer agent fees in the Statements of Operations.
POLEN FIXED INCOME FUNDS
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Funds pursuant to an underwriting agreement between the Trust and the Underwriter.
The Trust and the Underwriter are parties to an underwriting agreement. The Trust has adopted a distribution plan for the Investor Class shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the Investor Class shares plan, the Funds compensate the Underwriter for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.25% on an annualized basis of the average daily net assets of the Funds' Investor Class shares.
Trustees and Officers
The Trust is governed by its Board of Trustees. The Trustees receive compensation in the form of an annual retainer and per meeting fees for their services to the Trust. An employee of BNY Mellon serves as the Secretary of the Trust and is not compensated by the Funds or the Trust.
JW Fund Management LLC (“JWFM”) provides a Principal Executive Officer and Principal Financial Officer to the Trust. Chenery Compliance Group, LLC (“Chenery”) provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and Chenery are compensated for their services provided to the Trust.
3. Investment in Securities
For the six months ended October 31, 2024, aggregated purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:
| | Purchases | | Sales |
| Polen Bank Loan Fund | $3,446,602 | | $3,750,053 |
| Polen U.S. High Yield Fund | 980,988 | | 844,000 |
| Polen Opportunistic High Yield Fund | 94,127,754 | | 91,292,422 |
4. Capital Share Transactions
For six months ended October 31, 2024 and the year/period ended April 30, 2024, transactions in capital shares (authorized shares unlimited) were as follows:
| | For the Six Months Ended
October 31, 2024
(Unaudited) | | For the Year Ended
April 30, 2024 |
| | Shares | | Amount | | Shares | | Amount |
| Polen Bank Loan Fund: | | | | | | | |
| Institutional Class | | | | | | | |
| Sales | 11,023 | | $112,301 | | 196,393 | | $2,013,945 |
| Reinvestments | 31,457 | | 320,127 | | 58,929 | | 597,775 |
| Redemptions | (35,447) | | (362,752) | | (130,115) | | (1,333,594) |
| Net increase | 7,033 | | $69,676 | | 125,207 | | $1,278,126 |
POLEN FIXED INCOME FUNDS
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
| | For the Six Months Ended
October 31, 2024
(Unaudited) | | For the Year Ended
April 30, 2024 |
| | Shares | | Amount | | Shares | | Amount |
| | | | | | | | |
| Polen U.S. High Yield Fund: | | | | | | | |
| Institutional Class | | | | | | | |
| Sales | 4,910 | | $49,981 | | 63,040 | | $635,927 |
| Reinvestments | 11,792 | | 120,909 | | 20,408 | | 204,902 |
| Redemptions | (2,674) | | (27,388) | | (542) | | (5,549) |
| Net increase | 14,028 | | $143,502 | | 82,906 | | $835,280 |
| | | | | | | | |
| | For the Six Months Ended
October 31, 2024
(Unaudited) | | For the Year/Period Ended
April 30, 2024 | | For the Year Ended
September 30, 2023 |
| | Shares | | Amount | | Shares | | Amount | | Shares | | Amount |
| Polen Opportunistic High Yield Fund*: | | | | | | | | | | | |
| Institutional Class | | | | | | | | | | | |
| Sales | 165,584 | | $1,212,945 | | 413,088 | | $2,967,067 | | 218,382 | | $1,588,492 |
| Reinvestments | 23,638 | | 172,448 | | 15,993 | | 115,438 | | 3,536 | | 25,357 |
| Redemption Fees** | — | | 20 | | — | | — | | — | | 67 |
| Redemptions | (49,872) | | (365,748) | | (8,131) | | (58,830) | | (146,128) | | (1,057,645) |
| Net increase | 139,350 | | $1,019,665 | | 420,950 | | $3,023,675 | | 75,790 | | $556,271 |
| |
| Investor Class | | | | | | | | | | | |
| Sales | 42,514 | | $310,238 | | 71,117 | | $507,198 | | 20,757 | | $149,027 |
| Reinvestments | 8,659 | | 62,886 | | 7,679 | | 54,951 | | 11,134 | | 79,285 |
| Redemption Fees** | — | | 8 | | — | | — | | — | | 53 |
| Redemptions | (43,877) | | (319,344) | | (37,726) | | (270,594) | | (28,927) | | (206,180) |
| Net increase | 7,296 | | $53,788 | | 41,070 | | $291,555 | | 2,964 | | $22,185 |
| |
| Class Y | | | | | | | | | | | |
| Sales | 598,474 | | $4,375,074 | | 2,605,837 | | $18,523,313 | | 3,053,375 | | $21,770,583 |
| Reinvestments | 1,432,137 | | 10,398,130 | | 1,634,719 | | 11,679,905 | | 2,912,183 | | 20,669,776 |
| Redemption Fees** | — | | 1,410 | | — | | 60 | | — | | 10,221 |
| Redemptions | (3,440,815) | | (24,974,970) | | (1,979,343) | | (14,144,686) | | (1,911,688) | | (13,494,465) |
| Net increase/(decrease) | (1,410,204) | | $(10,200,356) | | 2,261,213 | | $16,058,592 | | 4,053,870 | | $28,956,115 |
| |
| Total net increase/(decrease) | (1,263,558) | | $(9,126,903) | | 2,723,233 | | $19,373,822 | | 4,132,624 | | $29,534,571 |
| | | | | | | | | | | | |
| * | The Fund changed its fiscal year end from September 30 to April 30. See Note 1 in the Notes to Financial Statements. |
| ** | There is a 1.00% redemption fee that may be charged on shares redeemed which have been held 60 days or less. The redemption fees are retained by the Fund for the benefit of the remaining shareholders and recorded as paid-in capital. |
Significant Shareholders
As of October 31, 2024, the Funds below had shareholders that held 10% or more of the total outstanding shares of each respective Fund. Transactions by these shareholders may have a material impact on each respective Fund.
POLEN FIXED INCOME FUNDS
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
| Polen Bank Loan Fund | |
| Affiliated Shareholders | 57% |
| Polen U.S. High Yield Fund | |
| Affiliated Shareholders | 54% |
| Polen Opportunistic High Yield Fund | |
| Non-affiliated Shareholders | 24% |
5. Federal Tax Information
The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as tax benefit or expense in the current year. Each Fund have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.
The tax character of distributions paid by the Funds during the year ended April 30, 2024, were as follows:
| | Ordinary
Income
Dividend | | Long-Term
Capital Gain
Dividend | | Total
Distributions
Paid |
| Polen Bank Loan Fund | $844,305 | | $— | | $844,305 |
| Polen U.S. High Yield Fund | 205,853 | | — | | 205,853 |
| Polen Opportunistic High Yield Fund | 13,936,725 | | — | | 13,936,725 |
As of April 30, 2024, the components of distributable earnings on a tax basis were as follows:
| | Capital Loss
Carryforward | | Undistributed
Ordinary
Income | | Unrealized
Appreciation/
(Depreciation) | | Temporary
Differences |
| Polen Bank Loan Fund | $— | | $62,500 | | $162,770 | | $(17,016) |
| Polen U.S. High Yield Fund | (40,042) | | 342 | | 64,345 | | — |
| Polen Opportunistic High Yield Fund | (37,131,695) | | 392,514 | | (5,124,896) | | (295,397) |
The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes. Foreign currency and short-term capital gains are reported as ordinary income for federal income tax purposes.
As of October 31, 2024, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund were as follows:
| | | Federal
Tax Cost* | | Unrealized
Appreciation | | Unrealized
(Depreciation) | | Net Unrealized
Appreciation/
(Depreciation) |
| Polen Bank Loan Fund | | $8,501,054 | | $141,216 | | $(163,822) | | $(22,606) |
| Polen U.S. High Yield Fund | | 2,965,706 | | 120,715 | | (28,570) | | 92,145 |
| Polen Opportunistic High Yield Fund | | 298,679,635 | | 6,370,920 | | (9,136,487) | | (2,765,567) |
| * | Because tax adjustments are calculated annually at the end of each Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. For the previous year’s federal income tax information, please refer to the Notes to Financial Statements section in each Fund’s most recent annual report. |
POLEN FIXED INCOME FUNDS
Notes to Financial Statements (Concluded)
October 31, 2024
(Unaudited)
Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and April 30 and late year ordinary losses ((i) ordinary losses between January 1 and April 30, and (ii) specified ordinary and currency losses between November 1 and April 30) as occurring on the first day of the following tax year.
Accumulated capital losses represent net capital loss carryforwards as of April 30, 2024 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of April 30, 2024, the Funds’ capital loss carryforward, which were comprised of both short-term losses and long-term losses, and had an unlimited period of capital loss carryover were as follows:
| | Capital Loss Carryforward |
| | Short-Term | | Long-Term |
| Polen U.S. High Yield Fund | $10,980 | | $29,062 |
| Polen Opportunistic High Yield Fund | 6,077,221 | | 31,054,474 |
6. Commitments and Contingencies
Some Funds may make commitments pursuant to bridge loan facilities. Such commitments typically remain off balance sheet as it is more likely than not, based on the good faith judgement of the Adviser, that such bridge facilities will not ever fund. As of October 31, 2024, there were no outstanding bridge facility commitments.
7. Subsequent Events
Management has evaluated the impact of all subsequent events on each Fund through the date the financial statements were issued, and has determined that there was the following subsequent event:
Effective November 1, 2024, the Polen Bank Loan Fund implemented a 1.00% redemption fee that may be charged on shares redeemed which have been held 60 days or less.
Management has evaluated and has determined there are no additional subsequent events.
POLEN FIXED INCOME FUNDS
Other Information
(Unaudited)
Proxy Voting
Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (888) 678-6024 and on the Securities and Exchange Commission's (“SEC”) website at http://www.sec.gov.
Quarterly Portfolio Schedules
Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended July 31 and January 31) as an exhibit to its reports on Form N-PORT. The Funds' portfolio holdings on Form N-PORT are available on the SEC's website at http://www.sec.gov.
Board Considerations with Respect to the Approval of the Continuation of the Investment Advisory Agreement with Polen Capital Credit, LLC
At an in-person meeting held on June 17-18, 2024 (the “Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of FundVantage Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), unanimously approved the continuation of the Investment Advisory Agreement between Polen Capital Credit, LLC (“Polen Credit” or the “Adviser”) and the Trust (the “Agreement”) on behalf of the Polen U.S. High Yield Fund (“U.S. High Yield Fund”) and Polen Bank Loan Fund (“Bank Loan Fund,” and together with the U.S. High Yield Fund, the “Polen Credit Funds”). At the Meeting, the Board considered the continuation of the Agreement with respect to each Fund for an additional one year period.
In determining whether to approve the Agreement, the Trustees, including the Independent Trustees, considered information provided by Polen Credit in response to a request for information in accordance with Section 15(c) of the 1940 Act (the “Polen Credit 15(c) Response”) regarding (i) the services performed or to be performed by Polen Credit for the Polen Credit Funds, (ii) the composition and qualifications of Polen Credit’s portfolio management staff, (iii) any potential or actual material conflicts of interest which may arise in connection with the management of the Polen Credit Funds, (iv) investment performance, (v) the financial condition of Polen Credit, (vi) brokerage selection procedures (including soft dollar arrangements, if any), (vii) the procedures for allocating investment opportunities between the Polen Credit Funds and other clients, (viii) results of any independent audit or regulatory examination, including any recommendations or deficiencies noted, (ix) any litigation, investigation or administrative proceeding which may have a material impact on Polen Credit’s ability to service the Polen Credit Funds, and (x) compliance with the Polen Credit Funds’ investment objectives, policies and practices (including codes of ethics and proxy voting policies), federal securities laws and other regulatory requirements. In addition to the information in the Polen Credit 15(c) Response, the Trustees received additional information at Board meetings throughout the year covering matters such as the performance of each Polen Credit Fund compared against its Refinitiv Category and its benchmark; compliance with the Polen Credit Funds’ investment objectives, policies, strategy and limitations; the compliance of portfolio management personnel with applicable codes of ethics; and Polen Credit’s adherence to pricing procedures as the Polen Credit Funds’ Valuation Designee appointed by the Board.
The Board considered additional information provided by representatives from Polen Credit invited to participate in the Meeting regarding Polen Credit’s history, performance, investment strategy, and compliance program. Representatives of Polen Credit responded to questions from the Board. In addition to the foregoing information, the Trustees also considered other factors they believed to be relevant to considering the approval of the Agreement, including the specific matters discussed below. In their deliberations, the Trustees did not identify any particular information that was controlling, and different Trustees may have attributed different weights to the various factors. After deliberating, the Trustees determined that the overall arrangement between the Polen Credit Funds and Polen Credit, as provided by the terms of the Agreement, including the advisory fees under the Agreement, were fair and reasonable in light of the services provided, expenses incurred and such other matters as the Trustees considered relevant.
Based on the Polen Credit 15(c) Response, the Trustees concluded that (i) the nature, extent and quality of the services provided (or to be provided) by Polen Credit are appropriate and consistent with the terms of the Agreement, (ii) that the quality of those
POLEN FIXED INCOME FUNDS
Other Information (Continued)
(Unaudited)
services has been, and continues to be, consistent with industry norms, (iii) the Polen Credit Funds are likely to benefit from the provision of those services, (iv) Polen Credit has sufficient personnel, with the appropriate skills and experience, to serve the Polen Credit Funds effectively and has demonstrated its continuing ability to attract and retain qualified personnel, and (v) the satisfactory nature, extent, and quality of services currently provided to the Polen Credit Funds is likely to continue under the Agreement.
The Trustees considered the investment performance for the Polen Credit Funds (as applicable) and Polen Credit. The Trustees reviewed historical performance charts which showed the performance of the Polen Credit Funds as compared to their respective benchmark indices and Refinitiv categories for the year-to-date, one-year and since inception periods ended March 31, 2024, as applicable. The Trustees noted that they also considered performance reports provided at Board meetings throughout the year.
Polen Bank Loan Fund. The Trustees noted that the Bank Loan Fund’s Institutional Class shares outperformed the Morningstar LSTA U.S. Leveraged Loan Index for the year-to-date and one year periods ended March 31, 2024, and underperformed for the since inception period ended March 31, 2024. They further noted that the Bank Loan Fund’s Institutional Class shares outperformed the Refinitiv High Yield Funds Median for the year-to-date, one year and since inception periods ended March 31, 2024.
Polen U.S. High Yield Fund. The Trustees noted that the U.S. High Yield Fund’s Institutional Class shares outperformed the ICE BofA BB/B U.S. Non-Financial High Yield Constrained Index for the year-to-date and one year periods ended March 31, 2024, and underperformed for the since inception period ended March 31, 2024. They further noted that the U.S. High Yield Fund’s Institutional Class shares outperformed the Refinitiv High Yield Funds Median for the year-to-date, one year and since inception periods ended March 31, 2024.
The Trustees concluded that the performance of each of the Polen Credit Funds, as applicable, was within an acceptable range of performance relative to other mutual funds with similar investment objectives, strategies and policies based on the information provided at the Meeting.
The Trustees noted that the representatives of Polen Credit had provided information regarding its advisory fees and an analysis of these fees in relation to the services provided to the Polen Credit Funds and any other ancillary benefit resulting from Polen Credit’s relationship with the Polen Credit Funds. The Trustees also reviewed information regarding the fees Polen Credit charges to certain other clients and evaluated explanations provided by Polen Credit as to differences in fees charged to the Polen Credit Funds and other similarly managed accounts, where applicable. The Trustees also reviewed a peer comparison of advisory fees and total expenses for the Polen Credit Funds versus those funds in the Polen Credit Fund’s applicable Refinitiv category (the “Peer Group”). The Trustees concluded that the advisory fees and services provided by Polen Credit are consistent with those of other advisers that manage mutual funds with investment objectives, strategies and policies similar to those of the Polen Credit Funds as measured by the information provided by Polen Credit.
The Board considered, among other data, the specific factors and related conclusion set forth below with respect to the Polen Credit Funds:
Polen Bank Loan Fund. The Trustees noted that the contractual advisory fee and net total expense ratio for the Bank Loan Fund’s Institutional Class shares were higher and lower than the median of the contractual advisory fee and net total expense ratio for those funds in its Peer Group, respectively.
Polen U.S. High Yield Fund. The Trustees noted that the contractual advisory fee and net total expense ratio for the U.S. High Yield Fund’s Institutional Class shares were higher and lower than the median of the contractual advisory fee and net total expense ratio for those funds in its Peer Group, respectively.
The Trustees considered the costs of the services provided by Polen Credit, the compensation and benefits received by Polen Credit in providing services to the Polen Credit Funds, and the profitability and certain additional information related to the financial condition of Polen Credit. In addition, the Trustees considered any direct or indirect revenues received by affiliates of Polen Credit.
The Trustees considered the extent to which economies of scale would be realized relative to fee levels as the Polen Credit Funds grow, and whether the advisory fee levels reflect those economies of scale for the benefit of shareholders. The Trustees considered
POLEN FIXED INCOME FUNDS
Other Information (Concluded)
(Unaudited)
and determined that economies of scale for the benefit of shareholders should be achieved if assets of the Polen Credit Funds increase because fixed expenses will be spread across a larger asset base. The Trustees also noted that the Polen Credit Funds’ advisory fees do not include “breakpoint” reductions in the advisory fee rates at specific asset levels but that Polen Credit has contractually agreed to waive fees and/or reimburse certain expenses of the Polen Credit Funds for the benefit of shareholders.
At the Meeting, after consideration of all the factors and taking into consideration the information presented, the Board, including the Independent Trustees, unanimously approved the continuation of the Agreement for an additional one-year period. In arriving at their decision, the Trustees did not identify any single factor as controlling, but made their determination in light of the information presented to them.
Investment Adviser
Polen Capital Credit, LLC
1075 Main Street
Suite 320
Waltham, MA 02451
Administrator
The Bank of New York Mellon
103 Bellevue Parkway
Wilmington, DE 19809
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Principal Underwriter
Foreside Funds Distributors LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1800
2001 Market Street
Philadelphia, PA 19103-7042
Legal Counsel
Troutman Pepper Hamilton Sanders LLP
3000 Two Logan Square
18th and Arch Streets
Philadelphia, PA 19103
| Polen Growth & Income Fund |
of
FundVantage Trust
Semi-Annual Financials and Additional Information
October 31, 2024
(Unaudited)
This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.
POLEN GROWTH & INCOME FUND
Portfolio of Investments
October 31, 2024
(Unaudited)
| | Number
of Shares | | Value |
| COMMON STOCKS† — 57.0% |
| Biotechnology — 2.5% |
| CSL Ltd. | 399 | | $ 74,914 |
| Novo Nordisk AS, Class B | 890 | | 99,827 |
| | | | 174,741 |
| Credit Services — 5.5% |
| Mastercard, Inc., Class A | 386 | | 192,842 |
| Visa, Inc., Class A | 632 | | 183,185 |
| | | | 376,027 |
| Diagnostics & Research — 3.1% |
| ICON PLC* | 485 | | 107,723 |
| Thermo Fisher Scientific, Inc. | 190 | | 103,801 |
| | | | 211,524 |
| Drug Manufacturers - Specialty & Generic — 1.2% |
| Zoetis, Inc. | 453 | | 80,987 |
| Financial Data & Stock Exchanges — 2.4% |
| MSCI, Inc. | 290 | | 165,648 |
| Household & Personal Products — 1.4% |
| L'Oreal SA | 250 | | 93,793 |
| Information Technology Services — 3.2% |
| Accenture PLC, Class A | 332 | | 114,480 |
| Globant SA* | 508 | | 106,624 |
| | | | 221,104 |
| Insurance Brokers — 2.6% |
| Aon PLC, Class A | 483 | | 177,198 |
| Internet Content & Information — 3.5% |
| Alphabet, Inc., Class C | 1,381 | | 238,485 |
| Internet Retail — 5.5% |
| Amazon.com, Inc.* | 2,041 | | 380,443 |
| Medical Devices — 4.2% |
| Abbott Laboratories | 1,668 | | 189,101 |
| Siemens Healthineers AG(a) | 1,954 | | 102,008 |
| | | | 291,109 |
| Real Estate Services — 0.9% |
| CoStar Group, Inc.* | 828 | | 60,270 |
| Software Application — 13.7% |
| Automatic Data Processing, Inc. | 223 | | 64,501 |
| Paycom Software, Inc. | 756 | | 158,027 |
| Sage Group PLC (The) | 4,825 | | 60,302 |
| SAP SE | 1,022 | | 238,622 |
| ServiceNow, Inc.* | 106 | | 98,897 |
| Shopify, Inc., Class A* | 1,963 | | 153,526 |
| Workday, Inc., Class A* | 710 | | 166,033 |
| | | | 939,908 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Software Infrastructure — 6.7% |
| Adobe, Inc.* | 346 | | $ 165,416 |
| Microsoft Corp. | 571 | | 232,026 |
| Oracle Corp. | 372 | | 62,436 |
| | | | 459,878 |
| Travel Services — 0.6% |
| Airbnb, Inc., Class A* | 313 | | 42,189 |
TOTAL COMMON STOCKS
(Cost $3,347,964) | | | 3,913,304 |
| | Par
Value | |
| CORPORATE BONDS† — 24.4% |
| Consumer Discretionary Products — 1.7% |
| Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29(a) | $ 85,000 | 71,912 |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29(a) | 48,000 | 41,964 |
| | | 113,876 |
| Consumer Discretionary Services — 1.7% |
| Boyd Gaming Corp., 4.75%, 6/15/31(a) | 46,000 | 42,955 |
| Scientific Games Holdings LP, 6.625%, 3/1/30(a) | 50,000 | 48,744 |
| Six Flags Entertainment Corp., 7.25%, 5/15/31(a) | 22,000 | 22,569 |
| | | 114,268 |
| Consumer Staple Products — 1.7% |
| Fiesta Purchaser, Inc., 7.875%, 3/1/31(a) | 14,000 | 14,694 |
| Fiesta Purchaser, Inc., 9.625%, 9/15/32(a) | 20,000 | 20,955 |
| Post Holdings, Inc., 6.25%, 10/15/34(a) | 14,000 | 13,858 |
| Simmons Foods, Inc., 4.625%, 3/1/29(a) | 70,000 | 65,024 |
| | | 114,531 |
| Financial Services — 0.6% |
| Focus Financial Partners, LLC, 6.75%, 9/15/31(a) | 42,000 | 41,885 |
| Health Care — 2.3% |
| Option Care Health, Inc., 4.375%, 10/31/29(a) | 74,000 | 68,171 |
| Sotera Health Holdings, LLC, 7.375%, 6/1/31(a) | 40,000 | 41,019 |
The accompanying notes are an integral part of the financial statements.
POLEN GROWTH & INCOME FUND
Portfolio of Investments (Continued)
October 31, 2024
(Unaudited)
| | Par
Value | | Value |
| CORPORATE BONDS — (Continued) |
| Health Care — (Continued) |
| Surgery Center Holdings, Inc., 7.25%, 4/15/32(a) | $ 26,000 | | $ 26,721 |
| Tenet Healthcare Corp., 6.125%, 10/1/28 | 20,000 | | 20,032 |
| | | | 155,943 |
| Industrial Products — 4.1% |
| Chart Industries, Inc., 7.50%, 1/1/30(a) | 23,000 | | 23,953 |
| Chart Industries, Inc., 9.50%, 1/1/31(a) | 41,000 | | 44,113 |
| EMRLD Borrower LP, 6.625%, 12/15/30(a) | 26,000 | | 26,473 |
| Madison IAQ, LLC, 5.875%, 6/30/29(a) | 73,000 | | 69,311 |
| SPX Flow, Inc., 8.75%, 4/1/30(a) | 55,000 | | 57,239 |
| TransDigm, Inc., 6.875%, 12/15/30(a) | 60,000 | | 61,642 |
| | | | 282,731 |
| Insurance — 2.5% |
| AssuredPartners, Inc., 7.50%, 2/15/32(a) | 56,000 | | 56,442 |
| HUB International Ltd., 5.625%, 12/1/29(a) | 102,000 | | 98,883 |
| Jones Deslauriers Insurance Management, Inc., 8.50%, 3/15/30(a) | 18,000 | | 19,083 |
| | | | 174,408 |
| Materials — 4.3% |
| ATI, Inc., 5.875%, 12/1/27 | 32,000 | | 31,771 |
| Baffinland Iron Mines Corp., 8.75%, 7/15/26(a) | 109,000 | | 98,751 |
| Century Aluminum Co., 7.50%, 4/1/28(a) | 10,000 | | 10,152 |
| Intelligent Packaging Ltd. Finco, Inc., 6.00%, 9/15/28(a) | 32,000 | | 31,628 |
| Oscar AcquisitionCo., LLC, 9.50%, 4/15/30(a) | 64,000 | | 62,582 |
| SCIH Salt Holdings, Inc., 6.625%, 5/1/29(a) | 60,000 | | 58,446 |
| | | | 293,330 |
| Media — 2.3% |
| CCO Holdings, LLC, 4.50%, 5/1/32 | 26,000 | | 22,146 |
| CCO Holdings, LLC , 4.50%, 6/1/33(a) | 26,000 | | 21,653 |
| | Par
Value | | Value |
| CORPORATE BONDS — (Continued) |
| Media — (Continued) |
| CCO Holdings, LLC , 4.25%, 1/15/34(a) | $ 26,000 | | $ 20,800 |
| Clear Channel Outdoor Holdings, Inc., 9.00%, 9/15/28(a) | 56,000 | | 58,877 |
| McGraw-Hill Education, Inc., 5.75%, 8/1/28(a) | 10,000 | | 9,787 |
| McGraw-Hill Education, Inc., 8.00%, 8/1/29(a) | 24,000 | | 24,190 |
| | | | 157,453 |
| Oil & Gas — 0.8% |
| Harvest Midstream I LP, 7.50%, 9/1/28(a) | 33,000 | | 33,362 |
| Teine Energy Ltd., 6.875%, 4/15/29(a) | 22,000 | | 21,744 |
| | | | 55,106 |
| Retail & Wholesale - Discretionary — 0.6% |
| Patrick Industries, Inc., 6.375%, 11/1/32(a) | 44,000 | | 43,568 |
| Retail & Wholesale - Staples — 1.0% |
| US Foods, Inc., 4.625%, 6/1/30(a) | 73,000 | | 69,330 |
| Software & Technology Services — 0.8% |
| AthenaHealth Group, Inc., 6.50%, 2/15/30(a) | 58,000 | | 54,889 |
TOTAL CORPORATE BONDS
(Cost $1,634,349) | | | 1,671,318 |
| SENIOR LOANS†(b) — 14.3% |
| Consumer Discretionary Products — 0.4% |
| DexKo Global, Inc., First Lien Closing Date Dollar Term Loan, 8.615% (SOFR +401 bps), 10/4/28 | 5,985 | | 5,746 |
| RealTruck Group, Inc., Second Amendment Incremental Term Loan, 9.80% (SOFR +511 bps), 1/31/28 | 19,900 | | 19,829 |
| | | | 25,575 |
| Consumer Discretionary Services — 0.8% |
| Learning Care Group U.S. No.2, Inc., 2024 Refinancing Term Loans, 8.604% - 9.113% (SOFR +400 bps), 8/11/28 | 53,680 | | 53,942 |
The accompanying notes are an integral part of the financial statements.
POLEN GROWTH & INCOME FUND
Portfolio of Investments (Continued)
October 31, 2024
(Unaudited)
| | Par
Value | | Value |
| SENIOR LOANS — (Continued) |
| Financial Services — 0.2% |
| Nexus Buyer, LLC, Refinancing Term Loan, 8.685% (SOFR +400 bps), 7/31/31 | $ 8,978 | | $ 8,963 |
| Nexus Buyer, LLC, Second Lien Term Loan, 11.035% (SOFR +635 bps), 11/5/29 | 7,000 | | 6,987 |
| | | | 15,950 |
| Health Care — 3.3% |
| Aveanna Healthcare, LLC, First Lien 2021 Extended Term Loan, 8.907% (SOFR +385 bps), 7/17/28 | 55,566 | | 54,434 |
| CVET Midco 2 LP, Initial Term Loan, 9.604% (SOFR +500 bps), 10/13/29 | 28,739 | | 27,326 |
| Medical Solutions Holdings, Inc., Initial Term Loan, 8.185% (SOFR +360 bps), 11/1/28 | 39,631 | | 29,876 |
| Packaging Coordinators Midco, Inc., 2024 Replacement Term Loan, 7.835% (SOFR +325 bps), 11/30/27 | 54,769 | | 54,903 |
| Sharp Services LLC, Tranche D Term Loan, 7.876% (SOFR +325 bps), 12/31/28 | 21,794 | | 21,794 |
| SM Wellness Holdings, Inc., First Lien Initial Term Loan, 9.347% (SOFR +476 bps), 4/17/28 | 41,597 | | 41,077 |
| | | | 229,410 |
| Industrial Products — 1.3% |
| Dynamo US Bidco, Inc., Facility B (USD) Loan, 8.245% (SOFR +400 bps), 9/25/31 | 2,000 | | 2,006 |
| Engineered Machinery Holdings, Inc., Second Lien Amendment No. 3 Incremental Term Loan, 10.865% (SOFR +626 bps), 5/21/29 | 56,000 | | 56,154 |
| Engineered Machinery Holdings, Inc., Second Lien Incremental Amendment No. 2 Term Loan, 11.365% (SOFR +650 bps), 5/21/29 | 10,000 | | 10,050 |
| | Par
Value | | Value |
| SENIOR LOANS — (Continued) |
| Industrial Products — (Continued) |
| LMSF12 Crown US Commercial Bidco, LLC, Term Loan B, 10/14/31(c) | $ 14,000 | | $ 14,018 |
| Madison Safety & Flow, LLC, Initial Term Loan, 7.968% (SOFR +325 bps), 9/26/31 | 6,000 | | 6,031 |
| | | | 88,259 |
| Industrial Services — 0.8% |
| Golden State Foods, LLC, Term Loan B, 10/7/31(c) | 10,000 | | 10,019 |
| Infinite Bidco, LLC, First Lien Term Loan, 8.597% (SOFR +401 bps), 3/2/28 | 37,753 | | 37,250 |
| LaserShip, Inc., First Lien Initial Term Loan, 9.365% (SOFR +476 bps), 5/7/28(d) | 25,735 | | 11,130 |
| | | | 58,399 |
| Insurance — 0.6% |
| Asurion, LLC, New B-4 Term Loan, 10.05% (SOFR +536 bps), 1/20/29 | 45,000 | | 43,080 |
| Materials — 1.5% |
| Aruba Investments Holdings, LLC, Second Lien Initial Term Loan, 11/24/28(c) | 30,000 | | 28,714 |
| Aruba Investments Holdings, LLC, First Lien Initial Dollar Term Loan, 8.785% (SOFR +410 bps), 11/24/27 | 41,739 | | 41,771 |
| CP Iris Holdco I, Inc., First Lien Initial Term Loan, 8.185% (SOFR +350 bps), 10/2/28 | 20,787 | | 20,743 |
| LABL, Inc., Initial Dollar Term Loan, 9.785% (SOFR +510 bps), 10/29/28 | 13,944 | | 13,668 |
| | | | 104,896 |
| Media — 2.8% |
| Arches Buyer, Inc., Refinancing Term Loan, 8.035% (SOFR +335 bps), 12/6/27 | 55,510 | | 53,300 |
| Auction.com, LLC, Term Loan, 10.274% (SOFR +600 bps), 5/26/28(c) | 44,565 | | 41,376 |
The accompanying notes are an integral part of the financial statements.
POLEN GROWTH & INCOME FUND
Portfolio of Investments (Concluded)
October 31, 2024
(Unaudited)
| | Par
Value | | Value |
| SENIOR LOANS — (Continued) |
| Media — (Continued) |
| Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, 8.80% (SOFR +411 bps), 8/21/28 | $ 12,000 | | $ 11,974 |
| MH Sub I, LLC, Second Lien Term Loan, 10.935% (SOFR +625 bps), 2/23/29(c) | 86,000 | | 84,522 |
| | | | 191,172 |
| Retail & Wholesale - Discretionary — 1.2% |
| Touchtunes Music Group, LLC, Tranche B-1 Term Loans, 9.354% (SOFR +475 bps), 4/2/29 | 39,900 | | 39,987 |
| Wand NewCo 3, Inc., Initial Term Loan, 7.854% (SOFR +325 bps), 1/30/31 | 39,900 | | 39,950 |
| | | | 79,937 |
| Software & Technology Services — 0.6% |
| Skopima Consilio, First Lien Initial Term Loan, 8.80% (SOFR +411 bps), 5/12/28 | 41,658 | | 41,707 |
| Technology Hardware & Semiconductors — 0.4% |
| Altar Bidco, Inc., Second Lien Initial Term Loan, 9.747% (SOFR +560 bps), 2/1/30 | 28,000 | | 27,462 |
| Telecommunications — 0.4% |
| CCI Buyer, Inc., First Lien Initial Term Loan, 8.604% (SOFR +400 bps), 12/17/27 | 24,744 | | 24,786 |
TOTAL SENIOR LOANS
(Cost $996,914) | | 984,575 |
|
| |
TOTAL INVESTMENTS - 95.7%
(Cost $5,979,227) | | | 6,569,197 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 4.3% | | | 297,801 |
| NET ASSETS - 100.0% | | | $6,866,998 |
| (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 October 31, 2024, these securities amounted to $1,699,377 or 24.75% of net assets. These securities have been determined by the Adviser to be liquid securities, unless otherwise noted. |
| (b) | Floating rate note. Coupon rate, reference index and spread shown at October 31, 2024. |
| (c) | All or a portion of this Senior Loan will settle after October 31, 2024, at which time the interest rate will be determined. Rates shown, if any, are for the settled portion. |
| (d) | Security is deemed illiquid at October 31, 2024. |
| † | See Note 1. The industry designations set forth in the schedule above are those of the Bloomberg Industry Classification System (“BICS”). |
| * | Non-income producing. |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| PLC | Public Limited Company |
| SOFR | Secured Overnight Funding Rate |
| USD | United States Dollar |
The accompanying notes are an integral part of the financial statements.
POLEN GROWTH & INCOME FUND
Statement of Assets and Liabilities
October 31, 2024
(Unaudited)
| Assets | |
| Investments, at value (Cost $5,979,227) | $6,569,197 |
| Cash and cash equivalents | 301,076 |
| Foreign currency, at value (Cost $16) | 16 |
| Receivables: | |
| Investments sold | 43,520 |
| Dividends and interest | 32,789 |
| Investment adviser | 14,253 |
| Prepaid expenses and other assets | 202 |
| Total Assets | 6,961,053 |
| Liabilities | |
| Payables: | |
| Investments purchased | 76,331 |
| Audit fees | 10,330 |
| Administration and accounting fees | 132 |
| Accrued expenses | 7,262 |
| Total Liabilities | 94,055 |
| Contingencies and Commitments (Notes 2 and 6) | — |
| Net Assets | $6,866,998 |
| Net Assets Consisted of: | |
| Capital stock, $0.01 par value | $6,065 |
| Paid-in capital | 6,172,903 |
| Total distributable earnings | 688,030 |
| Net Assets | $6,866,998 |
| Institutional Class: | |
| Net assets | $6,866,998 |
| Shares outstanding | 606,496 |
| Net asset value, offering and redemption price per share | $11.32 |
The accompanying notes are an integral part of the financial statements.
POLEN GROWTH & INCOME FUND
Statement of Operations
For the Six Months Ended October 31, 2024
(Unaudited)
| Investment income | |
| Dividends | $12,667 |
| Interest | 116,946 |
| Less: foreign taxes withheld | (707) |
| Total investment income | 128,906 |
| Expenses | |
| Advisory fees(Note 2) | 20,473 |
| Shareholder reporting fees | 15,131 |
| Offering costs | 14,727 |
| Audit fees | 10,652 |
| Transfer agent fees(Note 2) | 10,606 |
| Legal fees | 8,035 |
| Custodian fees(Note 2) | 2,420 |
| Administration and accounting fees(Note 2) | 1,126 |
| Trustees’ and officers’ fees(Note 2) | 1,093 |
| Other expenses | 3,240 |
| Total expenses before waivers and reimbursements | 87,503 |
| Less: waivers and reimbursements(Note 2) | (61,916) |
| Net expenses after waivers and reimbursements | 25,587 |
| Net investment income | 103,319 |
| Net realized and unrealized gain/(loss) from investments: | |
| Net realized gain from investments | 67,614 |
| Net realized loss from foreign currency transactions | (71) |
| Net change in unrealized appreciation on investments | 188,467 |
| Net change in unrealized appreciation on foreign currency translations | 10 |
| Net realized and unrealized gain on investments | 256,020 |
| Net increase in net assets resulting from operations | $359,339 |
The accompanying notes are an integral part of the financial statements.
POLEN GROWTH & INCOME FUND
Statements of Changes in Net Assets
| | For the
Six Months Ended
October 31, 2024
(Unaudited) | | For the Period from
October 2, 2023*
to April 30, 2024 |
| Net increase in net assets from operations: | | | |
| Net investment income | $103,319 | | $93,022 |
| Net realized gains from investments and foreign currency transactions | 67,543 | | 13,144 |
| Net change in unrealized appreciation on investments and foreign currency translations | 188,477 | | 401,493 |
| Net increase in net assets resulting from operations | 359,339 | | 507,659 |
| Less dividends and distributions to shareholders from: | | | |
| Total distributable earnings: | | | |
| Institutional Class | (106,875) | | (72,093) |
| Net decrease in net assets from dividends and distributions to shareholders | (106,875) | | (72,093) |
| Increase in net assets derived from capital share transactions (Note 4) | 106,875 | | 6,072,093 |
| Total increase in net assets | 359,339 | | 6,507,659 |
| Net assets | | | |
| Beginning of period | 6,507,659 | | — |
| End of period | $6,866,998 | | $6,507,659 |
| * | The Polen Growth & Income Fund commenced operations on October 2, 2023. |
The accompanying notes are an integral part of the financial statements.
POLEN GROWTH & INCOME FUND
Financial Highlights
Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.
| | Institutional Class |
| | For the
Six Months Ended
October 31,
2024
(Unaudited) | | For the Period from
October 2, 2023*
to April 30,
2024 |
| Per Share Operating Performance | | | |
| Net asset value, beginning of period | $10.90 | | $10.00 |
| Net investment income(1) | 0.17 | | 0.18 |
| Net realized and unrealized gain on investments | 0.43 | | 0.85 |
| Total from investment operations | 0.60 | | 1.03 |
| Dividends and distributions to shareholders from: | | | |
| Net investment income | (0.18) | | (0.13) |
| Net asset value, end of period | $11.32 | | $10.90 |
| Total investment return(2) | 5.50% | | 10.33% |
| Ratios/Supplemental Data | | | |
| Net assets, end of period (in 000s) | $6,867 | | $6,508 |
| Ratio of expenses to average net assets(3)(4) | 0.75% | | 0.75% |
| Ratio of expenses to average net assets without waivers and/or reimbursements(3)(4)(5) | 2.35% | | 2.90% |
| Ratio of net investment income to average net assets(3) | 3.03% | | 2.82% |
| Portfolio turnover rate(6) | 20% | | 22% |
| * | The Polen Growth & Income Fund commenced operations on October 2, 2023. |
| (1) | The selected per share data was calculated using the average shares outstanding method for the period. |
| (2) | Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. |
| (3) | Annualized. |
| (4) | Offering costs were not annualized in the calculation of the ratios. |
| (5) | During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). |
| (6) | Not annualized. |
The accompanying notes are an integral part of the financial statements.
POLEN GROWTH & INCOME FUND
Notes to Financial Statements
October 31, 2024
(Unaudited)
1. Organization and Significant Accounting Policies
The Polen Growth & Income Fund (the “Fund”) is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), which commenced investment operations on October 2, 2023. The Fund is a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. However, beneficial interests of the Fund are not registered under the Securities Act of 1933, as amended (the “1933 Act”) because such interests will be issued solely through private placement transactions that do not involve any “public offering” within the meaning of Section 4(a)(2) of the 1933 Act. 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. The Fund offers Institutional Class shares. Polen Capital Management, LLC (“Polen Capital” or the “Adviser”) serves as investment adviser to the Fund pursuant to an investment advisory agreement with the Trust. Polen Capital Credit, LLC (“Polen Credit” or the “Sub-Adviser”) serves as the investment sub-adviser to the Fund. In exchange for its services to the Fund, the Sub-Adviser is paid a fee by the Adviser.
The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.
Portfolio Valuation — The Fund's net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. 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. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are generally valued at amortized cost, provided such amount approximates fair value. Fixed income securities are valued on the basis of broker quotations or valuations provided by a pricing service, which utilizes information with respect to recent sales, market transactions in comparable securities, quotations from dealers, and various relationships between securities in determining value. Valuations developed through pricing techniques may materially vary from the actual amounts realized upon sale of the securities. 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 Fund has a fundamental policy with respect to industry concentration that it will not invest 25% or more of the value of the Fund’s assets in securities of issuers in any one industry. Since inception the Fund has utilized Bloomberg Industry Classification System (“BICS”) at the sub-industry level for defining industries for purposes of monitoring compliance with its industry concentration policy. However, at times, the Fund may utilize other industry classification systems such as Morningstar Global Equity Classification System (“MGECS”) or Global Industry Classification Standard (“GICS”), as applicable, for purposes other than compliance monitoring.
Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:
• Level 1 — quoted prices in active markets for identical securities;
• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and
POLEN GROWTH & INCOME FUND
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers in and out are recognized at the value at the end of the period.
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 the Fund calculates its NAV (generally, the close of the NYSE) that may impact the value of securities traded in these foreign markets. As a result, the 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, including corporate bonds and floating rate senior loans (“Senior Loans”), are typically the prices supplied by independent third-party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third-party pricing services use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. 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 value of fixed income securities and 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 October 31, 2024, in valuing the Fund's investments carried at fair value:
| | | Total
Value at
10/31/24 | | Level 1
Quoted
Price | | Level 2
Other
Significant
Observable
Inputs | | Level 3
Significant
Unobservable
Inputs |
| Assets | | | | | | | | |
| Common Stocks | | | | | | | | |
| Biotechnology | | $174,741 | | $— | | $174,741 | | $— |
| Credit Services | | 376,027 | | 376,027 | | — | | — |
| Diagnostics & Research | | 211,524 | | 211,524 | | — | | — |
| Drug Manufacturers - Specialty & Generic | | 80,987 | | 80,987 | | — | | — |
| Financial Data & Stock Exchanges | | 165,648 | | 165,648 | | — | | — |
| Household & Personal Products | | 93,793 | | — | | 93,793 | | — |
| Information Technology Services | | 221,104 | | 221,104 | | — | | — |
| Insurance Brokers | | 177,198 | | 177,198 | | — | | — |
| Internet Content & Information | | 238,485 | | 238,485 | | — | | — |
| Internet Retail | | 380,443 | | 380,443 | | — | | — |
| Medical Devices | | 291,109 | | 189,101 | | 102,008 | | — |
| Real Estate Services | | 60,270 | | 60,270 | | — | | — |
| Software Application | | 939,908 | | 640,984 | | 298,924 | | — |
POLEN GROWTH & INCOME FUND
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
| | | Total
Value at
10/31/24 | | Level 1
Quoted
Price | | Level 2
Other
Significant
Observable
Inputs | | Level 3
Significant
Unobservable
Inputs |
| Software Infrastructure | | $459,878 | | $459,878 | | $— | | $— |
| Travel Services | | 42,189 | | 42,189 | | — | | — |
| Corporate Bonds* | | 1,671,318 | | — | | 1,671,318 | | — |
| Senior Loans* | | 984,575 | | — | | 984,575 | | — |
| Total Assets | | $6,569,197 | | $3,243,838 | | $3,325,359 | | $— |
| * | 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 Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Fund to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when the Fund has an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to net assets. The amounts and reasons for all transfers in and out of Level 3 are disclosed when the Fund had an amount of transfers during the reporting period that was meaningful in relation to net assets as of the end of the reporting period.
For the six months ended October 31, 2024, there were no transfers in or out of Level 3.
Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.
Investment Transactions, Investment Income and Expenses — Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income, which includes accretion of discounts and amortization of premiums, is recorded on the accrual basis, using the effective yield method. Dividends are recorded on the ex-dividend date. The Fund may be subject to foreign taxes on income, a portion of which may be recoverable. The Fund applies for refunds where available. The Fund may be subject to foreign taxes on unrealized and realized gains on certain foreign investments. The Fund may also be subject to foreign taxes on income, a portion of which may be recoverable. The Fund applies for refunds where available. The Fund will accrue such taxes and reclaims, as applicable, based upon the current interpretation of tax rules and regulations that exist in the market in which the Fund invests. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized
POLEN GROWTH & INCOME FUND
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
gain/loss in the Statement of Operations. General expenses of the Trust are generally allocated to each fund under methodologies approved by the Board of Trustees. Expenses directly attributable to a particular fund in the Trust are charged directly to that fund.
Deferred Offering Costs — Offering costs, including costs of printing initial prospectus and legal fees, are amortized over twelve-months from inception of the Fund. As of October 31, 2024, offering cost have been fully amortized.
Cash and Cash Equivalents — Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. The Fund maintains deposits with a high quality financial institution in an amount that is in excess of federally insured limits.
Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid to shareholders and are recorded on ex-date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
U.S. Tax Status — No provision is made for U.S. income taxes as it is the Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (“Internal Revenue Code”), and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.
Other — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.
Debt Investment Risk — Debt investments are affected primarily by the financial condition of the companies or other entities that have issued them and by changes in interest rates. There is a risk that an issuer of a Fund's debt investments may not be able to meet its financial obligations (e. g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or seek bankruptcy protection. Securities such as high-yield bonds, e.g., bonds with low credit ratings by Moody's (Ba or lower) or Standard & Poor's (BB and lower) or if unrated are of comparable quality as determined by the Adviser, are especially subject to credit risk during periods of economic uncertainty or during economic downturns and are more likely to default on their interest and/or principal payments than higher rated securities. Debt investments may be affected by changes in interest rates. Debt investments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt investments with shorter durations or floating or adjustable interest rates. The value of debt investments may fall when interest rates rise.
Senior Loans — The Fund invests in senior loans and other floating rate investments. Senior loans typically are rated below investment grade. Below investment grade securities, including senior loans, involve greater risk of loss, are subject to greater price volatility, and may be less liquid and more difficult to value, especially during periods of economic uncertainty or change, than higher rated debt securities. Market quotations for these securities may be volatile and/or subject to large spreads between bid and ask prices. These securities once sold, may not settle for an extended period (for example, several weeks or even longer). The Fund will not receive its sale proceeds until that time, which may constrain the Fund’s ability to meet its obligations. The Fund may invest in securities of issuers that are in default or that are in bankruptcy. The value of collateral, if any, securing a senior loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate. No active trading market may exist for many senior loans, and many loans are subject to restrictions on resale. Any secondary market may be subject to irregular trading activity and extended settlement periods. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Loans may not be considered “securities,” and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections afforded by federal securities laws.
Equity Securities Risk — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company's financial condition, historical and prospective earnings of the company, interest rates, investor perceptions and overall market and economic conditions. The prices of securities change in response to many factors including the value of its assets.
POLEN GROWTH & INCOME FUND
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
Recent Accounting Pronouncement — In November 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. In addition, the ASU clarifies that a public entity with a single reportable segment provide all disclosures required by the ASU and all existing segment disclosures in Topic 280. The amendments under this ASU are effective for fiscal years beginning after December 15, 2023. Management expects that adoption of the guidance will not have a material impact on the Fund’s financial statements.
2. Transactions with Related Parties and Other Service Providers
The Adviser serves as investment adviser to the Fund pursuant to an investment advisory agreement with the Trust (the "Advisory Agreement"). For its services, the Adviser is paid a monthly fee at the annual rate of 0.60% of the Fund's average daily net assets. The Adviser has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund's total annual fund operating expenses (excluding taxes, fees and expenses attributable to a distribution or service plan adopted by the Trust, interest, extraordinary items, “Acquired Fund Fees and Expenses” and brokerage commissions) do not exceed 0.75% (on an annual basis) with respect to the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2025, unless the Board of Trustees of the Trust approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount.
As of October 31, 2024, the amount of potential recovery was as follows:
| | 04/30/2027 | | 10/31/2027 | | Total |
| | $79,433 | | $61,916 | | $141,349 |
For the period ended October 31, 2024, the Adviser earned advisory fees of $20,473 and waived and/or reimbursed fees of $61,916.
The Fund has not recorded a commitment or contingent liability at October 31, 2024.
Other Service Providers
The Bank of New York Mellon (“BNY Mellon”) serves as administrator and custodian for the Fund. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average daily net assets and is subject to certain minimum monthly fees. For providing certain custodial services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.
BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”) provides transfer agent services to the Fund. The Transfer Agent is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.
The Trust, on behalf of the Fund, has entered into agreements with financial intermediaries to provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries investing in the Fund and has agreed to compensate the intermediaries for providing those services. The fees incurred by the Fund for these services are included in Transfer agent fees in the Statement of Operations.
POLEN GROWTH & INCOME FUND
Notes to Financial Statements (Continued)
October 31, 2024
(Unaudited)
Trustees and Officers
The Trust is governed by its Board of Trustees. The Trustees receive compensation in the form of an annual retainer and per meeting fees for their services to the Trust. An employee of BNY Mellon serves as the Secretary of the Trust and is not compensated by the Fund or the Trust.
JW Fund Management LLC (“JWFM”) provides a Principal Executive Officer and Principal Financial Officer to the Trust. Chenery Compliance Group, LLC (“Chenery”) provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and Chenery are compensated for their services provided to the Trust.
3. Investment in Securities
For the six months ended October 31, 2024, aggregated purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:
| | Purchases | | Sales |
| Investment Securities | $1,348,085 | | $1,298,665 |
4. Capital Share Transactions
For six months ended October 31, 2024 and from October 2, 2023, commencement of operations, to April 30, 2024, transactions in capital shares (authorized shares unlimited) were as follows:
| | For the Six Months Ended
October 31, 2024
(Unaudited) | | For the Period Ended
April 30, 2024 |
| | Shares | | Amount | | Shares | | Amount |
| Institutional Class | | | | | | | |
| Sales | — | | $— | | 590,461 | | $6,000,000 |
| Reinvestments | 9,465 | | 106,875 | | 6,570 | | 72,093 |
| Redemptions | — | | — | | — | | — |
| Net increase | 9,465 | | $106,875 | | 597,031 | | $6,072,093 |
| | | | | | | | |
Significant Shareholders
As of October 31, 2024, the Fund had shareholders that held 10% or more of the total outstanding shares of the Fund. Transactions by these shareholders may have a material impact on the Fund.
| Affiliated Shareholders | 98% |
5. Federal Tax Information
The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as tax benefit or expense in the current year. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.
POLEN GROWTH & INCOME FUND
Notes to Financial Statements (Concluded)
October 31, 2024
(Unaudited)
For the period ended April 30, 2024, the tax character of distributions paid by the Fund was $72,093 of ordinary income dividends. Distributions from net investment income and short-term gains are treated as ordinary income for federal income tax purposes.
As of April 30, 2024, the components of distributable earnings on a tax basis were as follows:
| | Undistributed
Ordinary
Income | | Unrealized
Appreciation/
(Depreciation) |
| Polen Growth & Income Fund | $34,073 | | $401,493 |
| | | | |
The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes.
As of October 31, 2024, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund was as follows:
| | Federal
Tax Cost* | | Unrealized
Appreciation | | Unrealized
(Depreciation) | | Net Unrealized
Appreciation |
| | $5,979,227 | | $685,432 | | $(95,462) | | $589,970 |
| * | Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. |
6. Commitments and Contingencies
The Fund may make commitments pursuant to bridge loan facilities. Such commitments typically remain off balance sheet as it is more likely than not, based on the good faith judgement of the Adviser, that such bridge facilities will not ever fund. As of October 31, 2024, there were no outstanding bridge facility commitments.
7. Subsequent Events
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued, and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.
POLEN GROWTH & INCOME FUND
Other Information
(Unaudited)
Proxy Voting
Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (888) 678-6024 and on the Securities and Exchange Commission's (“SEC”) website at http://www.sec.gov.
Quarterly Portfolio Schedules
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended July 31 and January 31) as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at http://www.sec.gov.
Investment Adviser
Polen Capital Management, LLC
1825 NW Corporate Blvd.
Suite 300
Boca Raton, FL 33431
Investment Sub-Adviser
Polen Capital Credit, LLC
1075 Main Street
Suite 320
Waltham, MA 02451
Administrator
The Bank of New York Mellon
103 Bellevue Parkway
Wilmington, DE 19809
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1800
2001 Market Street
Philadelphia, PA 19103-7042
Legal Counsel
Troutman Pepper Hamilton Sanders LLP
3000 Two Logan Square
18th and Arch Streets
Philadelphia, PA 19103
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The Fund’s disclosure of remuneration items is included as part of the Semi-Annual Financials and Additional Information filed under Item 7 of this form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Polen Growth Fund, Polen Global Growth Fund, Polen International Growth Fund, Polen U.S. Small Company Growth Fund, Polen Emerging Markets Growth Fund and Polen U.S. SMID Company Growth Fund
At an in-person meeting held on September 16-17, 2024 (the “Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of FundVantage Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), unanimously approved the continuation of the Investment Advisory Agreement between Polen Capital Management, LLC (“Polen” or the “Adviser”) and the Trust (the “Polen Agreement”) on behalf of the Polen Growth Fund, Polen Global Growth Fund, Polen International Growth Fund, Polen U.S. Small Company Growth Fund, Polen Emerging Markets Growth Fund and Polen U.S. SMID Company Growth Fund (together, the “Polen Funds”). At the Meeting, the Board considered the continuation of the Polen Agreement with respect to the Polen Funds for an additional one-year period.
In determining whether to continue the Polen Agreement for an additional one year period, the Trustees, including the Independent Trustees, considered information provided by the Adviser in response to a request for information in accordance with Section 15(c) of the 1940 Act (the “Polen 15(c) Response”) regarding (i) services performed by Polen for the Polen Funds, (ii) the size and qualifications of Polen’s portfolio management staff, (iii) any potential or actual material conflicts of interest which may arise in connection with the portfolio managers’ management of the Polen Funds, (iv) investment performance of the Polen Funds, (v) Polen’s financial condition, (vi) brokerage selection procedures (including soft dollar arrangements, if any), (vii) the procedures for allocating investment opportunities between the Polen Funds and other clients, (viii) results of any independent audit or regulatory examination, including any recommendations or deficiencies noted, (ix) any litigation, investigation or administrative proceeding which may have a material impact on Polen’s ability to service the Polen Funds, and (x) compliance with the Polen Funds’ investment objectives, policies and practices (including codes of ethics and proxy voting policies), federal securities laws and other regulatory requirements. In addition to the information in the Polen 15(c) Response, the Trustees received additional information at Board meetings throughout the year covering matters such as the performance of each Polen Fund compared to its Lipper Classification and its benchmark; compliance with the Polen Funds’ investment objectives, policies, strategies and limitations; the compliance of portfolio management personnel with applicable codes of ethics; and the adherence to pricing procedures as established by the Board.
The Board noted that representatives of Polen joined the Meeting via videoconference and discussed Polen’s history, performance, investment strategy, and compliance program. Representatives of Polen responded to questions from the Board. In addition to the Polen 15(c) Response, the Trustees also considered other factors they believed to be relevant to considering the continuation of the Polen Agreement, including the matters discussed below. In their deliberations, the Trustees did not identify any particular information as controlling, and different Trustees may have attributed different weights to the various factors. After deliberating, the
Trustees determined that the overall arrangement between the Polen Funds and Polen, as provided by the terms of the Polen Agreement, including the advisory fees under the Polen Agreement, was fair and reasonable in light of the services provided, expenses incurred and such other matters as the Trustees considered relevant.
Based on the Polen 15(c) Response, the Trustees concluded that (i) the nature, extent and quality of the services provided by Polen are appropriate and consistent with the terms of the Polen Agreement, (ii) that the quality of those services has been, and continues to be, consistent with industry norms, (iii) the Polen Funds are likely to benefit from the continued provision of those services, (iv) Polen has sufficient personnel, with the appropriate skills and experience, to serve the Polen Funds effectively and has demonstrated its continuing ability to attract and retain qualified personnel, and (v) the satisfactory nature, extent, and quality of services currently provided to the Polen Funds is likely to continue under the Polen Agreement.
The Trustees considered the investment performance for the Polen Funds and Polen. The Trustees reviewed historical performance charts which showed the performance of the Polen Funds as compared to their respective benchmark indices and Lipper categories for the year-to-date, one-year, two-year, three-year, five-year, ten-year and since inception periods ended June 30, 2024, as applicable. The Trustees considered the short-term and long-term performance of the Polen Funds, as applicable. The Trustees noted that they considered performance reports provided at Board meetings throughout the year.
Polen Growth Fund. The Trustees noted that the Polen Growth Fund’s Institutional Class shares underperformed the Lipper Large-Cap Growth Classification and the Russel 1000 Total Return Index for the year-to-date, one-year, three-year, five-year and ten-year periods ended June 30, 2024. The Trustees further noted that the Polen Growth Fund’s Institutional Class shares outperformed the S&P 500 Total Return Index for the ten-year period ended June 30, 2024, and underperformed for the year-to-date, one-year, three-year and five-year periods ended June 30, 2024.
Polen Global Growth Fund. The Trustees noted that the Polen Global Growth Fund’s Institutional Class shares outperformed the Lipper Global Large-Cap Growth Classification and the MSCI All Country World Index (Net Returns) for the since inception (December 30, 2014) period ended June 30, 2024, and underperformed each of the Lipper Global Large-Cap Growth Classification and the MSCI All Country World Index (Net Returns) for the year-to-date, one-year, three-year and five-year periods ended June 30, 2024.
Polen International Growth Fund. The Trustees noted that the Polen International Growth Fund’s Institutional Class shares underperformed the Lipper International Large-Cap Growth Classification for the year-to-date, one-year, three-year, five-year, ten-year and since inception (December 30, 2016) periods ended June 30, 2024. The Trustees further noted that the Polen International Growth Fund’s Institutional Class shares outperformed the MSCI All Country World ex USA Index (Net Returns) for since inception period ended June 30, 2024, and underperformed for the year-to-date, one-year, three-year and five-year periods ended June 30, 2024.
Polen U.S. Small Company Growth Fund. The Trustees noted that the Polen U.S. Small Company Growth Fund’s Institutional Class shares underperformed the Lipper Small-Cap Growth
Classification and the Russell 2000 Growth Total Return Index for the year-to-date, one-year, three-year, five-year and since exception (October 31, 2017) periods ended June 30, 2024.
Polen Emerging Markets Growth Fund. The Trustees noted that the Polen Emerging Markets Growth Fund’s Institutional Class shares underperformed the Lipper Emerging Markets Classification and the MSCI Emerging Markets Index (Net Returns) for the for the year-to-date, one-year, three-year and since inception (October 16, 2020) periods ended June 30, 2024.
Polen U.S. SMID Company Growth Fund. The Trustees noted that the Polen U.S. SMID Company Growth Fund’s Institutional Class shares underperformed the Lipper Mid-Cap Growth Classification and the Russell 2500 Growth Total Return Index for the year-to-date, one-year, three-year and since inception (March 31, 2021) periods ended June 30, 2024.
The Trustees concluded noted that the short- and medium-term performance of each of the Polen Funds had underperformed its applicable Lipper Classification and benchmark index and that the long-term performance was generally in-line with the performance relative to other mutual funds with similar investment objectives, strategies and policies (i.e., mutual funds in each Polen Fund’s Lipper Classification) based on the information provided at the Meeting.
The Trustees noted that the representatives of Polen had provided information regarding its advisory fees and an analysis of these fees in relation to the services provided to the Polen Funds and any other ancillary benefit resulting from Polen’s relationship with the Polen Funds.
The Trustees also reviewed information regarding the fees Polen charges to certain other clients and evaluated explanations provided by Polen as to differences in fees charged to the Polen Funds and other similarly managed accounts, where applicable. The Trustees also reviewed a peer comparison of advisory fees and total expenses for each Polen Fund versus those funds in the Polen Fund’s applicable Lipper category (the “Peer Group”), regardless of asset size. The Trustees concluded that the advisory fees and services provided by Polen are consistent with those of other advisers that manage mutual funds with investment objectives, strategies and policies similar to those of the Polen Funds as measured by the information provided by Polen.
The Board considered, among other date, the specific factors and related conclusions set forth below with respect to each Fund:
Polen Growth Fund. The contractual advisory fee and net total expense ratio for the Polen Growth Fund’s Institutional Class shares were higher than the median of the contractual advisory fee and net total expense ratio for those funds in the Polen Growth Fund’s Peer Group but generally within the range of contractual fees and net expense ratios of the funds in the Peer Group.
Polen Global Growth Fund. The contractual advisory fee and net total expense ratio for the Polen Global Growth Fund’s Institutional Class shares were higher than the median of the contractual advisory fee and net total expense ratio for those funds in the Polen Global Growth Fund’s Peer Group but generally within the range of contractual fees and net expense ratios of the funds in the Peer Group.
Polen International Growth Fund. The contractual advisory fee and net total expense ratio for the Polen International Growth Fund’s Institutional Class shares were higher than the median
of the contractual advisory fee and net total expense ratio for those funds in the Polen International Growth Fund’s Peer Group but generally within the range of contractual fees and net expense ratios of the funds in the Peer Group.
Polen U.S. Small Company Growth Fund. The contractual advisory fee and net total expense ratio for the Polen U.S. Small Company Growth Fund’s Institutional Class shares were higher than the median of the contractual advisory fee and net total expense ratio for those funds in the Polen U.S. Small Company Growth Fund’s Peer Group but generally within the range of contractual fees and net expense ratios of the funds in the Peer Group.
Polen Emerging Markets Growth Fund. The contractual advisory fee and net total expense ratio for the Polen Emerging Markets Growth Fund’s Institutional Class shares were higher than the median of the contractual advisory fee and net total expense ratio for those funds in the Polen Emerging Markets Growth Fund’s Peer Group but generally within the range of contractual fees and net expense ratios of the funds in the Peer Group.
Polen U.S. SMID Company Growth Fund. The contractual advisory fee and net total expense ratio for the Polen U.S. SMID Company Growth Fund’s Institutional Class shares were higher than the median of the contractual advisory fee and net total expense ratio for those funds in the Polen U.S. SMID Company Growth Fund’s Peer Group but generally within the range of contractual fees and net expense ratios of the funds in the Peer Group.
The Trustees considered the costs of the services provided by Polen, the compensation and benefits received by Polen in providing services to the Polen Funds, Polen’s profitability and certain additional information related to Polen’s financial condition. In addition, the Trustee’s considered any direct or indirect revenues received by affiliates of Polen.
The Trustees considered the extent to which economies of scale would be realized relative to fee levels as the Polen Funds grow, and whether the advisory fee levels reflect those economics of scale for the benefit of shareholders. The Trustees considered and determined that economics of scale for the benefit of shareholders should be achieved if assets of the Polen Funds increase because fixed expenses will be spread across a larger asset base. The Trustees also noted that the Polen Funds’ advisory fees do not include “breakpoint” reductions in the advisory fee rates at specified asset levels but that Polen has contractually agreed to waive fees and/or reimburse certain expenses of the Polen Funds for the benefit of shareholders. With respect to the Polen Growth Fund, the Trustees noted that on January 1, 2017, the Fund’s advisory fee was reduced from 1.00% to 0.85%. The Trustees also noted that the contractual advisory fee reduction across all assets of the Polen Growth Fund rather than the implementation of breakpoint reductions at specified asset levels allowed shareholders to benefit from economies of scale sooner than through the implementation of breakpoint reductions.
At the Meeting, after consideration of all the factors and taking into consideration the information presented, the Board, including the Independent Trustees, unanimously approved the continuation of the Polen Agreement for an additional one-year period. In arriving at their decision, the Trustees did not identify any single matter as controlling, but made their determination in light of all the circumstances.
Polen Bank Loan Fund and Polen U.S. High Yield Fund
At an in-person meeting held on June 17-18, 2024 (the “Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of FundVantage Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), unanimously approved the continuation of the Investment Advisory Agreement between Polen Capital Credit, LLC (“Polen Credit” or the “Adviser”) and the Trust (the “Agreement”) on behalf of the Polen U.S. High Yield Fund (“U.S. High Yield Fund”) and Polen Bank Loan Fund (“Bank Loan Fund,” and together with the U.S. High Yield Fund, the “Polen Credit Funds”). At the Meeting, the Board considered the continuation of the Agreement with respect to each Fund for an additional one year period.
In determining whether to approve the Agreement, the Trustees, including the Independent Trustees, considered information provided by Polen Credit in response to a request for information in accordance with Section 15(c) of the 1940 Act (the “Polen Credit 15(c) Response”) regarding (i) the services performed or to be performed by Polen Credit for the Polen Credit Funds, (ii) the composition and qualifications of Polen Credit’s portfolio management staff, (iii) any potential or actual material conflicts of interest which may arise in connection with the management of the Polen Credit Funds, (iv) investment performance, (v) the financial condition of Polen Credit, (vi) brokerage selection procedures (including soft dollar arrangements, if any), (vii) the procedures for allocating investment opportunities between the Polen Credit Funds and other clients, (viii) results of any independent audit or regulatory examination, including any recommendations or deficiencies noted, (ix) any litigation, investigation or administrative proceeding which may have a material impact on Polen Credit’s ability to service the Polen Credit Funds, and (x) compliance with the Polen Credit Funds’ investment objectives, policies and practices (including codes of ethics and proxy voting policies), federal securities laws and other regulatory requirements. In addition to the information in the Polen Credit 15(c) Response, the Trustees received additional information at Board meetings throughout the year covering matters such as the performance of each Polen Credit Fund compared against its Refinitiv Category and its benchmark; compliance with the Polen Credit Funds’ investment objectives, policies, strategy and limitations; the compliance of portfolio management personnel with applicable codes of ethics; and Polen Credit’s adherence to pricing procedures as the Polen Credit Funds’ Valuation Designee appointed by the Board.
The Board considered additional information provided by representatives from Polen Credit invited to participate in the Meeting regarding Polen Credit’s history, performance, investment strategy, and compliance program. Representatives of Polen Credit responded to questions from the Board. In addition to the foregoing information, the Trustees also considered other factors they believed to be relevant to considering the approval of the Agreement, including the specific matters discussed below. In their deliberations, the Trustees did not identify any particular information that was controlling, and different Trustees may have attributed different weights to the various factors. After deliberating, the Trustees determined that the overall arrangement between the Polen Credit Funds and Polen Credit, as provided by the terms of the Agreement, including the advisory fees under the Agreement, were fair and reasonable in light of the services provided, expenses incurred and such other matters as the Trustees considered relevant.
Based on the Polen Credit 15(c) Response, the Trustees concluded that (i) the nature, extent and quality of the services provided (or to be provided) by Polen Credit are appropriate and consistent with the terms of the Agreement, (ii) that the quality of those services has been, and continues to be, consistent with industry norms, (iii) the Polen Credit Funds are likely to benefit from the provision of those services, (iv) Polen Credit has sufficient personnel, with the appropriate skills and experience, to serve the Polen Credit Funds effectively and has demonstrated its continuing ability to attract and retain qualified personnel, and (v) the satisfactory nature, extent, and quality of services currently provided to the Polen Credit Funds is likely to continue under the Agreement.
The Trustees considered the investment performance for the Polen Credit Funds (as applicable) and Polen Credit. The Trustees reviewed historical performance charts which showed the performance of the Polen Credit Funds as compared to their respective benchmark indices and Refinitiv categories for the year-to-date, one-year and since inception periods ended March 31, 2024, as applicable. The Trustees noted that they also considered performance reports provided at Board meetings throughout the year.
Polen Bank Loan Fund. The Trustees noted that the Bank Loan Fund’s Institutional Class shares outperformed the Morningstar LSTA U.S. Leveraged Loan Index for the year-to-date and one year periods ended March 31, 2024, and underperformed for the since inception period ended March 31, 2024. They further noted that the Bank Loan Fund’s Institutional Class shares outperformed the Refinitiv High Yield Funds Median for the year-to-date, one year and since inception periods ended March 31, 2024.
Polen U.S. High Yield Fund. The Trustees noted that the U.S. High Yield Fund’s Institutional Class shares outperformed the ICE BofA BB/B U.S. Non-Financial High Yield Constrained Index for the year-to-date and one year periods ended March 31, 2024, and underperformed for the since inception period ended March 31, 2024. They further noted that the U.S. High Yield Fund’s Institutional Class shares outperformed the Refinitiv High Yield Funds Median for the year-to-date, one year and since inception periods ended March 31, 2024.
The Trustees concluded that the performance of each of the Polen Credit Funds, as applicable, was within an acceptable range of performance relative to other mutual funds with similar investment objectives, strategies and policies based on the information provided at the Meeting.
The Trustees noted that the representatives of Polen Credit had provided information regarding its advisory fees and an analysis of these fees in relation to the services provided to the Polen Credit Funds and any other ancillary benefit resulting from Polen Credit’s relationship with the Polen Credit Funds. The Trustees also reviewed information regarding the fees Polen Credit charges to certain other clients and evaluated explanations provided by Polen Credit as to differences in fees charged to the Polen Credit Funds and other similarly managed accounts, where applicable. The Trustees also reviewed a peer comparison of advisory fees and total expenses for the Polen Credit Funds versus those funds in the Polen Credit Fund’s applicable Refinitiv category (the “Peer Group”). The Trustees concluded that the advisory fees and services provided by Polen Credit are consistent with those of other advisers that manage mutual funds with investment
objectives, strategies and policies similar to those of the Polen Credit Funds as measured by the information provided by Polen Credit. The Board considered, among other data, the specific factors and related conclusion set forth below with respect to the Polen Credit Funds:
Polen Bank Loan Fund. The Trustees noted that the contractual advisory fee and net total expense ratio for the Bank Loan Fund’s Institutional Class shares were higher and lower than the median of the contractual advisory fee and net total expense ratio for those funds in its Peer Group, respectively.
Polen U.S. High Yield Fund. The Trustees noted that the contractual advisory fee and net total expense ratio for the U.S. High Yield Fund’s Institutional Class shares were higher and lower than the median of the contractual advisory fee and net total expense ratio for those funds in its Peer Group, respectively.
The Trustees considered the costs of the services provided by Polen Credit, the compensation and benefits received by Polen Credit in providing services to the Polen Credit Funds, and the profitability and certain additional information related to the financial condition of Polen Credit. In addition, the Trustees considered any direct or indirect revenues received by affiliates of Polen Credit.
The Trustees considered the extent to which economies of scale would be realized relative to fee levels as the Polen Credit Funds grow, and whether the advisory fee levels reflect those economies of scale for the benefit of shareholders. The Trustees considered and determined that economies of scale for the benefit of shareholders should be achieved if assets of the Polen Credit Funds increase because fixed expenses will be spread across a larger asset base. The Trustees also noted that the Polen Credit Funds’ advisory fees do not include “breakpoint” reductions in the advisory fee rates at specific asset levels but that Polen Credit has contractually agreed to waive fees and/or reimburse certain expenses of the Polen Credit Funds for the benefit of shareholders.
At the Meeting, after consideration of all the factors and taking into consideration the information presented, the Board, including the Independent Trustees, unanimously approved the continuation of the Agreement for an additional one-year period. In arriving at their decision, the Trustees did not identify any single factor as controlling, but made their determination in light of the information presented to them.
| Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
| Item 13. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
| Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
| Item 15. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
| Item 16. | Controls and Procedures. |
| | (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| | (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| Item 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
| Item 18. | Recovery of Erroneously Awarded Compensation. |
Not Applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | | | |
| (Registrant) FundVantage Trust | | | | | | |
| | | |
| By (Signature and Title)* | | | | /s/ Joel L. Weiss | | |
| | | | Joel L. Weiss, President and | | |
| | | | Chief Executive Officer | | |
| | | | (principal executive officer) | | |
| | | |
| Date: December 30, 2024 | | | | | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | | | |
| By (Signature and Title)* | | | | /s/ Joel L. Weiss | | |
| | | | Joel L. Weiss, President and | | |
| | | | Chief Executive Officer | | |
| | | | (principal executive officer) | | |
| | | |
| Date: December 30, 2024 | | | | | | |
| | | |
| By (Signature and Title)* | | | | /s/ Christine S. Catanzaro | | |
| | | | Christine S. Catanzaro, Treasurer and | | |
| | | | Chief Financial Officer | | |
| | | | (principal financial officer) | | |
| | | |
| Date: December 30, 2024 | | | | | | |
* Print the name and title of each signing officer under his or her signature.
