POLEN GROWTH FUND
Portfolio of Investments
January 31, 2024
(Unaudited)
| Number of Shares | Value | ||
| COMMON STOCKS† — 99.1% | |||
| Biotechnology — 2.2% | |||
| Novo Nordisk A/S, SP ADR | 1,514,455 | $ 173,768,567 | |
| Credit Services — 12.6% | |||
| Mastercard, Inc., Class A | 854,348 | 383,798,752 | |
| PayPal Holdings, Inc.* | 4,232,589 | 259,669,335 | |
| Visa, Inc., Class A | 1,329,423 | 363,278,129 | |
| 1,006,746,216 | |||
| Diagnostics & Research — 2.5% | |||
| Thermo Fisher Scientific, Inc. | 371,433 | 200,194,958 | |
| Drug Manufacturers - General — 1.0% | |||
| Eli Lilly & Co. | 123,394 | 79,664,400 | |
| Drug Manufacturers - Specialty & Generic — 2.3% | |||
| Zoetis, Inc. | 988,207 | 185,595,157 | |
| Entertainment — 5.7% | |||
| Netflix, Inc.* | 799,842 | 451,198,871 | |
| Footwear & Accessories — 1.5% | |||
| NIKE, Inc., Class B | 1,179,803 | 119,785,399 | |
| Healthcare Plans — 3.1% | |||
| UnitedHealth Group, Inc. | 477,699 | 244,457,686 | |
| Information Technology Services — 6.1% | |||
| Accenture PLC, Class A | 849,073 | 308,960,683 | |
| Gartner, Inc.* | 388,423 | 177,680,217 | |
| 486,640,900 | |||
| Internet Content & Information — 6.7% | |||
| Alphabet, Inc., Class C* | 3,762,604 | 533,537,247 | |
| Internet Retail — 14.5% | |||
| Amazon.com, Inc.* | 7,455,897 | 1,157,155,214 | |
| Medical Devices — 4.1% | |||
| Abbott Laboratories | 2,308,449 | 261,201,005 | |
| Align Technology, Inc.* | 248,060 | 66,311,399 | |
| 327,512,404 | |||
| Software Application — 17.5% | |||
| Autodesk, Inc.* | 964,829 | 244,883,249 | |
| Salesforce, Inc.* | 1,392,626 | 391,453,242 | |
| Number of Shares | Value | ||
| COMMON STOCKS — (Continued) | |||
| Software Application — (Continued) | |||
| ServiceNow, Inc.* | 749,390 | $ 573,583,106 | |
| Workday, Inc., Class A* | 630,587 | 183,544,958 | |
| 1,393,464,555 | |||
| Software Infrastructure — 15.5% | |||
| Adobe, Inc.* | 779,575 | 481,605,844 | |
| Microsoft Corp. | 1,890,011 | 751,430,573 | |
| 1,233,036,417 | |||
| Travel Services — 3.8% | |||
| Airbnb, Inc., Class A* | 2,102,589 | 303,067,179 | |
| TOTAL COMMON STOCKS (Cost $4,354,643,372) | 7,895,825,170 | ||
| SHORT-TERM INVESTMENT — 0.8% | |||
| Dreyfus Government Cash Management Fund, Institutional Shares, 5.22%(a) | 65,843,192 | 65,843,192 | |
| TOTAL SHORT-TERM INVESTMENT (Cost $65,843,192) | 65,843,192 | ||
| TOTAL INVESTMENTS - 99.9% (Cost $4,420,486,564) | 7,961,668,362 | ||
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1% | 6,242,200 | ||
| NET ASSETS - 100.0% | $7,967,910,562 | ||
| (a) | Rate disclosed is the 7-day yield at January 31, 2024. |
| † | See Note A. 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 |
See accompanying Notes to the Quarterly Portfolio of Investments.
1
POLEN GLOBAL GROWTH FUND
Portfolio of Investments
January 31, 2024
(Unaudited)
| Number of Shares | Value | ||
| COMMON STOCKS† — 96.3% | |||
| Australia — 2.0% | |||
| CSL Ltd. | 49,177 | $ 9,657,258 | |
| Denmark — 2.7% | |||
| Novo Nordisk AS, Class B | 112,706 | 12,882,799 | |
| France — 6.0% | |||
| L'Oreal SA | 31,394 | 15,023,735 | |
| LVMH Moet Hennessy Louis Vuitton SE | 16,004 | 13,316,272 | |
| 28,340,007 | |||
| Germany — 9.4% | |||
| SAP SE | 163,103 | 28,257,031 | |
| Siemens Healthineers AG(a) | 300,052 | 16,698,260 | |
| 44,955,291 | |||
| Ireland — 7.8% | |||
| Accenture PLC, Class A | 46,987 | 17,097,630 | |
| ICON PLC* | 76,947 | 20,073,164 | |
| 37,170,794 | |||
| United Kingdom — 2.0% | |||
| Sage Group PLC (The) | 651,000 | 9,692,037 | |
| United States — 65.3% | |||
| Abbott Laboratories | 203,815 | 23,061,667 | |
| Adobe, Inc.* | 41,705 | 25,764,515 | |
| Alphabet, Inc., Class C* | 234,950 | 33,315,910 | |
| Amazon.com, Inc.* | 286,632 | 44,485,286 | |
| Aon PLC, Class A | 59,328 | 17,705,255 | |
| Autodesk, Inc.* | 39,937 | 10,136,410 | |
| Automatic Data Processing, Inc. | 61,088 | 15,014,209 | |
| Mastercard, Inc., Class A | 47,574 | 21,371,668 | |
| Microsoft Corp. | 92,807 | 36,898,207 | |
| MSCI, Inc. | 17,037 | 10,198,689 | |
| ServiceNow, Inc.* | 18,799 | 14,388,755 | |
| Thermo Fisher Scientific, Inc. | 23,495 | 12,663,335 | |
| Visa, Inc., Class A | 77,534 | 21,186,941 | |
| Workday, Inc., Class A* | 85,755 | 24,960,708 | |
| 311,151,555 | |||
| Number of Shares | Value | ||
| COMMON STOCKS — (Continued) | |||
| Uruguay — 1.1% | |||
| Globant SA* | 22,318 | $ 5,262,808 | |
| TOTAL COMMON STOCKS (Cost $301,922,895) | 459,112,549 | ||
| SHORT-TERM INVESTMENT — 3.7% | ||
| Dreyfus Government Cash Management Fund, Institutional Shares, 5.22%(b) | 17,680,371 | 17,680,371 |
| TOTAL SHORT-TERM INVESTMENT (Cost $17,680,371) | 17,680,371 | |
| TOTAL INVESTMENTS - 100.0% (Cost $319,603,266) | 476,792,920 | |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0% | 174,058 | |
| NET ASSETS - 100.0% | $476,966,978 | |
| (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 January 31, 2024, this security amounted to $16,698,260 or 3.50% of net assets. This security has been determined by the Adviser to be a liquid security. |
| (b) | Rate disclosed is the 7-day yield at January 31, 2024. |
| † | See Note A. The industry designations set forth in the schedule above are those of the Global Industry Classification Standard ("GICS"). |
| * | Non-income producing. |
| PLC | Public Limited Company |
See accompanying Notes to the Quarterly Portfolio of Investments.
2
POLEN INTERNATIONAL GROWTH FUND
Portfolio of Investments
January 31, 2024
(Unaudited)
| Number of Shares | Value | ||
| COMMON STOCKS† — 93.6% | |||
| Australia — 1.5% | |||
| CSL Ltd. | 19,534 | $ 3,836,039 | |
| Canada — 4.0% | |||
| Shopify, Inc., Class A* | 126,078 | 10,095,065 | |
| Denmark — 1.7% | |||
| Novo Nordisk AS, Class B | 36,818 | 4,208,462 | |
| France — 6.2% | |||
| Dassault Systemes SE | 49,090 | 2,544,741 | |
| Kering SA | 5,017 | 2,060,852 | |
| LVMH Moet Hennessy Louis Vuitton SE | 3,352 | 2,789,062 | |
| Teleperformance SE | 53,556 | 8,364,056 | |
| 15,758,711 | |||
| Germany — 15.7% | |||
| adidas AG | 40,721 | 7,687,635 | |
| SAP SE | 105,998 | 18,363,787 | |
| Siemens Healthineers AG(a) | 250,489 | 13,940,019 | |
| 39,991,441 | |||
| India — 2.8% | |||
| HDFC Bank Ltd. | 400,679 | 7,046,288 | |
| Ireland — 20.3% | |||
| Accenture PLC, Class A | 15,624 | 5,685,261 | |
| Experian PLC | 189,678 | 7,894,853 | |
| ICON PLC* | 93,725 | 24,450,041 | |
| Medtronic PLC | 155,088 | 13,576,403 | |
| 51,606,558 | |||
| Japan — 1.1% | |||
| Lasertec Corp. | 11,143 | 2,901,963 | |
| Netherlands — 3.6% | |||
| ASML Holding NV | 10,597 | 9,193,832 | |
| Spain — 2.7% | |||
| Amadeus IT Group SA | 99,857 | 6,998,016 | |
| Sweden — 5.2% | |||
| Evolution AB(a) | 112,691 | 13,158,208 | |
| Switzerland — 3.4% | |||
| Temenos AG, Registered Shares | 84,794 | 8,629,521 | |
| United Kingdom — 14.8% | |||
| Bunzl PLC | 231,514 | 9,408,678 | |
| Sage Group PLC (The) | 1,583,797 | 23,579,447 | |
| Unilever PLC | 98,181 | 4,777,511 | |
| 37,765,636 | |||
| Number of Shares | Value | ||
| COMMON STOCKS — (Continued) | |||
| United States — 5.9% | |||
| Aon PLC, Class A | 50,204 | $ 14,982,380 | |
| Uruguay — 4.7% | |||
| Globant SA* | 21,756 | 5,130,282 | |
| MercadoLibre, Inc.* | 3,932 | 6,730,837 | |
| 11,861,119 | |||
| TOTAL COMMON STOCKS (Cost $183,173,201) | 238,033,239 | ||
| SHORT-TERM INVESTMENT — 6.4% | ||
| Dreyfus Government Cash Management Fund, Institutional Shares, 5.22%(b) | 16,132,403 | 16,132,403 |
| TOTAL SHORT-TERM INVESTMENT (Cost $16,132,403) | 16,132,403 | |
| TOTAL INVESTMENTS - 100.0% (Cost $199,305,604) | 254,165,642 | |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0% | 120,409 | |
| NET ASSETS - 100.0% | $254,286,051 | |
| (a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund’s Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At January 31, 2024, these securities amounted to $27,098,227 or 10.66% of net assets. These securities have been determined by the Adviser to be liquid securities. |
| (b) | Rate disclosed is the 7-day yield at January 31, 2024. |
| † | See Note A. The industry designations set forth in the schedule above are those of the Global Industry Classification Standard ("GICS"). |
| * | Non-income producing. |
| PLC | Public Limited Company |
See accompanying Notes to the Quarterly Portfolio of Investments.
3
POLEN U.S. SMALL COMPANY GROWTH FUND
Portfolio of Investments
January 31, 2024
(Unaudited)
| Number of Shares | Value | ||
| COMMON STOCKS† — 99.2% | |||
| Asset Management — 5.1% | |||
| Hamilton Lane, Inc., Class A | 30,496 | $ 3,535,706 | |
| Auto Parts — 3.8% | |||
| Fox Factory Holding Corp.* | 25,531 | 1,609,474 | |
| XPEL, Inc.* | 20,096 | 1,074,131 | |
| 2,683,605 | |||
| Capital Markets — 6.2% | |||
| Houlihan Lokey, Inc. | 36,126 | 4,327,172 | |
| Diagnostics & Research — 1.6% | |||
| Medpace Holdings, Inc.* | 3,910 | 1,140,078 | |
| Engineering & Construction — 1.0% | |||
| Bowman Consulting Group Ltd.* | 21,738 | 682,791 | |
| Health Information Services — 6.4% | |||
| Doximity, Inc., Class A* | 52,435 | 1,413,123 | |
| Progyny, Inc.* | 79,837 | 3,040,992 | |
| 4,454,115 | |||
| Household & Personal Products — 1.3% | |||
| Helen of Troy Ltd.* | 7,741 | 886,345 | |
| Industrial Distribution — 4.5% | |||
| Core & Main, Inc., Class A* | 45,353 | 1,873,532 | |
| SiteOne Landscape Supply, Inc.* | 8,132 | 1,256,801 | |
| 3,130,333 | |||
| Information Technology Services — 7.2% | |||
| ExlService Holdings, Inc.* | 33,780 | 1,056,638 | |
| Globant SA* | 16,890 | 3,982,831 | |
| 5,039,469 | |||
| Insurance - Diversified — 3.9% | |||
| Goosehead Insurance, Inc., Class A* | 35,221 | 2,719,061 | |
| Internet Retail — 2.6% | |||
| Revolve Group, Inc.* | 127,770 | 1,841,166 | |
| Leisure — 3.6% | |||
| Topgolf Callaway Brands Corp.* | 50,123 | 660,120 | |
| YETI Holdings, Inc.* | 42,065 | 1,849,598 | |
| 2,509,718 | |||
| Medical Care Facilities — 2.5% | |||
| AMN Healthcare Services, Inc.* | 23,694 | 1,753,593 | |
| Medical Instruments & Supplies — 2.5% | |||
| Warby Parker, Inc., Class A* | 137,075 | 1,747,706 | |
| Real Estate Services — 3.4% | |||
| FirstService Corp. | 14,064 | 2,357,548 | |
| Residential Construction — 1.6% | |||
| LGI Homes, Inc.* | 9,696 | 1,144,225 | |
| Number of Shares | Value | ||
| COMMON STOCKS — (Continued) | |||
| Restaurants — 3.7% | |||
| Wingstop, Inc. | 9,213 | $ 2,589,866 | |
| Semiconductors — 1.9% | |||
| SiTime Corp.* | 12,355 | 1,316,672 | |
| Software Application — 20.6% | |||
| Alarm.com Holdings, Inc.* | 40,505 | 2,463,514 | |
| Alight, Inc., Class A* | 375,532 | 3,349,745 | |
| Appfolio, Inc., Class A* | 10,268 | 2,251,362 | |
| BlackLine, Inc.* | 42,538 | 2,496,130 | |
| Bumble, Inc., Class A* | 162,733 | 2,232,697 | |
| Clearwater Analytics Holdings, Inc., Class A* | 82,182 | 1,549,131 | |
| 14,342,579 | |||
| Software Infrastructure — 12.0% | |||
| CCC Intelligent Solutions Holdings, Inc.* | 220,597 | 2,424,361 | |
| Endava PLC, SP ADR* | 15,561 | 1,101,252 | |
| Euronet Worldwide, Inc.* | 25,961 | 2,587,013 | |
| Qualys, Inc.* | 12,004 | 2,270,797 | |
| 8,383,423 | |||
| Specialty Industrial Machinery — 2.0% | |||
| Generac Holdings, Inc.* | 12,355 | 1,404,393 | |
| Specialty Retail — 1.8% | |||
| RH* | 4,839 | 1,226,590 | |
| TOTAL COMMON STOCKS (Cost $58,533,997) | 69,216,154 | ||
| TOTAL INVESTMENTS - 99.2% (Cost $58,533,997) | 69,216,154 | ||
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8% | 568,039 | ||
| NET ASSETS - 100.0% | $69,784,193 | ||
| † | See Note A. 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 |
See accompanying Notes to the Quarterly Portfolio of Investments.
4
POLEN EMERGING MARKETS GROWTH FUND
Portfolio of Investments
January 31, 2024
(Unaudited)
| Number of Shares | Value | ||
| COMMON STOCKS† — 97.6% | |||
| Brazil — 2.4% | |||
| Raia Drogasil SA | 87,760 | $ 448,153 | |
| China — 22.0% | |||
| Alibaba Group Holding Ltd. | 36,100 | 323,780 | |
| ANTA Sports Products Ltd. | 48,000 | 405,142 | |
| Autohome, Inc., Class A | 56,180 | 342,533 | |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 128,274 | 484,460 | |
| Meituan, Class B(a)* | 17,100 | 137,539 | |
| NetEase, Inc. | 45,161 | 877,844 | |
| Tencent Music Entertainment Group, ADR* | 123,503 | 1,160,928 | |
| Yum China Holdings, Inc. | 12,796 | 442,614 | |
| 4,174,840 | |||
| Hong Kong — 1.9% | |||
| AIA Group Ltd. | 45,200 | 354,477 | |
| Hungary — 4.4% | |||
| Wizz Air Holdings PLC(a)* | 33,253 | 831,274 | |
| India — 16.2% | |||
| HDFC Bank Ltd. | 46,262 | 813,557 | |
| Infosys Ltd. | 39,205 | 781,598 | |
| Kotak Mahindra Bank Ltd. | 18,231 | 400,696 | |
| Nestle India Ltd. | 12,710 | 383,392 | |
| Reliance Industries Ltd. | 20,438 | 702,179 | |
| 3,081,422 | |||
| Indonesia — 3.8% | |||
| Bank Central Asia Tbk PT | 1,198,500 | 725,124 | |
| Mexico — 8.9% | |||
| Fomento Economico Mexicano SAB de CV | 61,675 | 835,174 | |
| Wal-Mart de Mexico SAB de CV | 205,165 | 847,409 | |
| 1,682,583 | |||
| Netherlands — 4.1% | |||
| Prosus NV | 26,094 | 776,340 | |
| Poland — 3.9% | |||
| Dino Polska SA(a)* | 6,900 | 744,701 | |
| Russia — 0.0% | |||
| VK Co. Ltd., GDR(b)(c)(d)* | 34,180 | 342 | |
| Yandex NV, Class A(b)(c)(d)* | 26,923 | 269 | |
| 611 | |||
| Taiwan — 10.1% | |||
| E Ink Holdings, Inc. | 68,500 | 454,272 | |
| Number of Shares | Value | ||
| COMMON STOCKS — (Continued) | |||
| Taiwan — (Continued) | |||
| momo.com, Inc. | 23,980 | $ 332,866 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 56,000 | 1,121,036 | |
| 1,908,174 | |||
| United States — 5.6% | |||
| EPAM Systems, Inc.* | 1,786 | 496,704 | |
| Las Vegas Sands Corp. | 11,527 | 563,901 | |
| 1,060,605 | |||
| Uruguay — 8.3% | |||
| Dlocal Ltd.* | 55,993 | 902,047 | |
| MercadoLibre, Inc.* | 388 | 664,183 | |
| 1,566,230 | |||
| Vietnam — 6.0% | |||
| FPT Corp. | 162,265 | 634,246 | |
| Mobile World Investment Corp. | 274,500 | 503,590 | |
| 1,137,836 | |||
| TOTAL COMMON STOCKS (Cost $21,571,899) | 18,492,370 | ||
| SHORT-TERM INVESTMENT — 2.9% | ||
| Dreyfus Government Cash Management Fund, Institutional Shares, 5.22%(e) | 546,225 | 546,225 |
| TOTAL SHORT-TERM INVESTMENT (Cost $546,225) | 546,225 | |
| TOTAL INVESTMENTS - 100.5% (Cost $22,118,124) | 19,038,595 | |
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)% | (87,913) | |
| NET ASSETS - 100.0% | $18,950,682 | |
| (a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund’s Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At January 31, 2024, these securities amounted to $1,713,514 or 9.04% of net assets. These securities have been determined by the Adviser to be liquid securities. |
| (b) | Security is deemed illiquid at January 31, 2024. |
See accompanying Notes to the Quarterly Portfolio of Investments.
5
POLEN EMERGING MARKETS GROWTH FUND
Portfolio of Investments (Concluded)
January 31, 2024
(Unaudited)
| (c) | Security is fair valued by the Adviser in accordance with the policies established by the Board of Trustees. |
| (d) | The Fund is unable to receive and repatriate proceeds due to U.S. sanctions. |
| (e) | Rate disclosed is the 7-day yield at January 31, 2024. |
| † | See Note A. The industry designations set forth in the schedule above are those of the Global Industry Classification Standard ("GICS"). |
| * | Non-income producing. |
| ADR | American Depositary Receipt |
| GDR | Global Depository Receipt |
| PLC | Public Limited Company |
See accompanying Notes to the Quarterly Portfolio of Investments.
6
POLEN U.S. SMID COMPANY GROWTH FUND
Portfolio of Investments
January 31, 2024
(Unaudited)
| Number of Shares | Value | ||
| COMMON STOCKS† — 100.9% | |||
| Asset Management — 3.5% | |||
| Hamilton Lane, Inc., Class A | 5,929 | $ 687,408 | |
| Auto Parts — 2.4% | |||
| Fox Factory Holding Corp.* | 7,457 | 470,089 | |
| Biotechnology — 1.6% | |||
| Bio-Techne Corp. | 4,533 | 318,760 | |
| Building Products & Equipment — 4.3% | |||
| Trex Co., Inc.* | 10,329 | 841,607 | |
| Capital Markets — 6.4% | |||
| Houlihan Lokey, Inc. | 8,473 | 1,014,896 | |
| MarketAxess Holdings, Inc. | 1,122 | 253,022 | |
| 1,267,918 | |||
| Diagnostics & Research — 4.7% | |||
| Charles River Laboratories International, Inc.* | 2,455 | 530,967 | |
| Medpace Holdings, Inc.* | 1,343 | 391,592 | |
| 922,559 | |||
| Financial Data & Stock Exchanges — 3.2% | |||
| Morningstar, Inc. | 2,223 | 620,884 | |
| Health Information Services — 4.9% | |||
| Doximity, Inc., Class A* | 13,849 | 373,231 | |
| Progyny, Inc.* | 15,702 | 598,089 | |
| 971,320 | |||
| Home Improvement Retail — 3.2% | |||
| Floor & Decor Holdings, Inc., Class A* | 6,346 | 638,154 | |
| Industrial Distribution — 2.8% | |||
| Core & Main, Inc., Class A* | 8,523 | 352,085 | |
| Pool Corp. | 514 | 190,823 | |
| 542,908 | |||
| Information Technology Services — 6.4% | |||
| Globant SA* | 5,327 | 1,256,160 | |
| Insurance - Diversified — 4.4% | |||
| Goosehead Insurance, Inc., Class A* | 11,348 | 876,066 | |
| Internet Retail — 4.9% | |||
| Etsy, Inc.* | 7,643 | 508,718 | |
| Revolve Group, Inc.* | 31,172 | 449,189 | |
| 957,907 | |||
| Leisure — 2.9% | |||
| YETI Holdings, Inc.* | 12,876 | 566,158 | |
| Medical Devices — 1.8% | |||
| Align Technology, Inc.* | 1,343 | 359,011 | |
| Number of Shares | Value | ||
| COMMON STOCKS — (Continued) | |||
| Medical Instruments & Supplies — 2.1% | |||
| Warby Parker, Inc., Class A* | 32,469 | $ 413,980 | |
| Restaurants — 3.6% | |||
| Wingstop, Inc. | 2,501 | 703,056 | |
| Semiconductors — 3.2% | |||
| Monolithic Power Systems, Inc. | 888 | 535,215 | |
| SiTime Corp.* | 981 | 104,545 | |
| 639,760 | |||
| Software Application — 22.9% | |||
| Alarm.com Holdings, Inc.* | 8,986 | 546,528 | |
| Alight, Inc., Class A* | 50,163 | 447,454 | |
| Aspen Technology, Inc.* | 2,640 | 506,854 | |
| Bumble, Inc., Class A* | 24,349 | 334,068 | |
| Clearwater Analytics Holdings, Inc., Class A* | 23,761 | 447,895 | |
| Dynatrace, Inc.* | 19,824 | 1,129,968 | |
| Paycom Software, Inc. | 2,733 | 519,926 | |
| Tyler Technologies, Inc.* | 1,343 | 567,753 | |
| 4,500,446 | |||
| Software Infrastructure — 4.0% | |||
| Endava PLC, SP ADR* | 5,651 | 399,921 | |
| Euronet Worldwide, Inc.* | 3,844 | 383,055 | |
| 782,976 | |||
| Specialty Industrial Machinery — 1.5% | |||
| Generac Holdings, Inc.* | 2,524 | 286,903 | |
| Specialty Retail — 6.2% | |||
| Five Below, Inc.* | 4,539 | 814,569 | |
| RH* | 1,621 | 410,891 | |
| 1,225,460 | |||
| TOTAL COMMON STOCKS (Cost $17,962,608) | 19,849,490 | ||
See accompanying Notes to the Quarterly Portfolio of Investments.
7
POLEN U.S. SMID COMPANY GROWTH FUND
Portfolio of Investments (Concluded)
January 31, 2024
(Unaudited)
| Number of Shares | Value | ||
| SHORT-TERM INVESTMENT — 0.5% | |||
| Dreyfus Government Cash Management Fund, Institutional Shares, 5.22%(a) | 96,873 | $ 96,873 | |
| TOTAL SHORT-TERM INVESTMENT (Cost $96,873) | 96,873 | ||
| TOTAL INVESTMENTS - 101.4% (Cost $18,059,481) | 19,946,363 | ||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (1.4)% | (276,147) | ||
| NET ASSETS - 100.0% | $19,670,216 | ||
| (a) | Rate disclosed is the 7-day yield at January 31, 2024. |
| † | See Note A. 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 |
See accompanying Notes to the Quarterly Portfolio of Investments.
8
POLEN GLOBAL SMID COMPANY GROWTH FUND
Portfolio of Investments
January 31, 2024
(Unaudited)
| Number of Shares | Value | ||
| COMMON STOCKS† — 98.1% | |||
| Australia — 1.6% | |||
| Pro Medicus Ltd. | 2,689 | $ 177,149 | |
| China — 5.6% | |||
| Tencent Music Entertainment Group, ADR* | 45,100 | 423,940 | |
| Yum China Holdings, Inc. | 5,436 | 188,031 | |
| 611,971 | |||
| Germany — 3.7% | |||
| CTS Eventim AG & Co. KGaA | 5,928 | 401,190 | |
| Hungary — 1.1% | |||
| Wizz Air Holdings PLC(a)* | 4,748 | 118,693 | |
| Japan — 2.2% | |||
| SHIFT, Inc.* | 1,350 | 243,369 | |
| Luxembourg — 3.2% | |||
| Eurofins Scientific SE | 5,853 | 352,449 | |
| Netherlands — 6.6% | |||
| Euronext NV(a) | 2,331 | 205,028 | |
| Topicus.com, Inc., sub-voting shares* | 6,640 | 513,638 | |
| 718,666 | |||
| Taiwan — 3.3% | |||
| E Ink Holdings, Inc. | 55,000 | 364,744 | |
| United Kingdom — 9.2% | |||
| Endava PLC, SP ADR* | 4,484 | 317,333 | |
| Fevertree Drinks PLC | 34,194 | 437,674 | |
| Judges Scientific PLC | 2,128 | 248,107 | |
| 1,003,114 | |||
| United States — 54.8% | |||
| Alight, Inc., Class A* | 47,772 | 426,126 | |
| Align Technology, Inc.* | 919 | 245,667 | |
| Aspen Technology, Inc.* | 1,139 | 218,677 | |
| Bio-Techne Corp. | 2,853 | 200,623 | |
| Bumble, Inc., Class A* | 12,766 | 175,150 | |
| Clearwater Analytics Holdings, Inc., Class A* | 11,347 | 213,891 | |
| Core & Main, Inc., Class A* | 5,487 | 226,668 | |
| Dynatrace, Inc.* | 5,774 | 329,118 | |
| Etsy, Inc.* | 3,892 | 259,052 | |
| Five Below, Inc.* | 1,357 | 243,527 | |
| Fox Factory Holding Corp.* | 2,803 | 176,701 | |
| Generac Holdings, Inc.* | 1,712 | 194,603 | |
| Goosehead Insurance, Inc., Class A* | 5,337 | 412,016 | |
| Houlihan Lokey, Inc. | 4,191 | 501,998 | |
| MarketAxess Holdings, Inc. | 641 | 144,552 | |
| Number of Shares | Value | ||
| COMMON STOCKS — (Continued) | |||
| United States — (Continued) | |||
| Medpace Holdings, Inc.* | 820 | $ 239,096 | |
| Monolithic Power Systems, Inc. | 404 | 243,499 | |
| Morningstar, Inc. | 894 | 249,694 | |
| Paycom Software, Inc. | 1,280 | 243,507 | |
| Pool Corp. | 473 | 175,601 | |
| Progyny, Inc.* | 12,890 | 490,980 | |
| Revolve Group, Inc.* | 14,464 | 208,426 | |
| Warby Parker, Inc., Class A* | 13,311 | 169,715 | |
| 5,988,887 | |||
| Uruguay — 6.8% | |||
| Dlocal Ltd.* | 19,419 | 312,840 | |
| Globant SA* | 1,845 | 435,069 | |
| 747,909 | |||
| TOTAL COMMON STOCKS (Cost $10,363,700) | 10,728,141 | ||
| SHORT-TERM INVESTMENT — 1.5% | ||
| Dreyfus Government Cash Management Fund, Institutional Shares, 5.22%(b) | 157,763 | 157,763 |
| TOTAL SHORT-TERM INVESTMENT (Cost $157,763) | 157,763 | |
| TOTAL INVESTMENTS - 99.6% (Cost $10,521,463) | 10,885,904 | |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4% | 46,541 | |
| NET ASSETS - 100.0% | $10,932,445 | |
| (a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund’s Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At January 31, 2024, these securities amounted to $323,721 or 2.96% of net assets. These securities have been determined by the Adviser to be liquid securities. |
| (b) | Rate disclosed is the 7-day yield at January 31, 2024. |
| † | See Note A. The industry designations set forth in the schedule above are those of the Global Industry Classification Standard ("GICS"). |
| * | Non-income producing. |
See accompanying Notes to the Quarterly Portfolio of Investments.
9
POLEN GLOBAL SMID COMPANY GROWTH FUND
Portfolio of Investments (Concluded)
January 31, 2024
(Unaudited)
| ADR | American Depositary Receipt |
| PLC | Public Limited Company |
| SP ADR | Sponsored American Depository Receipt |
See accompanying Notes to the Quarterly Portfolio of Investments.
10
POLEN EMERGING MARKETS EX CHINA GROWTH FUND
Portfolio of Investments
January 31, 2024
(Unaudited)
| Number of Shares | Value | ||
| COMMON STOCKS† — 98.4% | |||
| Brazil — 5.9% | |||
| Raia Drogasil SA | 8,528 | $ 43,549 | |
| WEG SA | 7,824 | 51,008 | |
| 94,557 | |||
| Cambodia — 2.4% | |||
| NagaCorp Ltd.* | 115,062 | 38,748 | |
| Hungary — 4.9% | |||
| Wizz Air Holdings PLC(a)* | 3,114 | 77,845 | |
| India — 18.9% | |||
| Bajaj Auto Ltd. | 567 | 52,415 | |
| HDFC Bank Ltd. | 6,130 | 107,802 | |
| Infosys Ltd. | 3,313 | 66,049 | |
| Titan Co. Ltd. | 830 | 36,933 | |
| United Spirits Ltd. | 3,100 | 40,648 | |
| 303,847 | |||
| Indonesia — 3.6% | |||
| Bank Central Asia Tbk PT | 95,900 | 58,022 | |
| Mexico — 9.4% | |||
| Fomento Economico Mexicano SAB de CV | 7,339 | 99,381 | |
| Wal-Mart de Mexico SAB de CV | 12,300 | 50,804 | |
| 150,185 | |||
| Philippines — 1.6% | |||
| Universal Robina Corp. | 13,000 | 25,782 | |
| Poland — 4.4% | |||
| Dino Polska SA(a)* | 650 | 70,153 | |
| Singapore — 4.1% | |||
| Karooooo Ltd. | 2,600 | 64,974 | |
| South Africa — 5.9% | |||
| Discovery Ltd. | 6,300 | 46,615 | |
| Mr Price Group Ltd. | 5,300 | 48,503 | |
| 95,118 | |||
| Taiwan — 11.7% | |||
| E Ink Holdings, Inc. | 9,199 | 61,005 | |
| momo.com, Inc. | 2,509 | 34,827 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4,581 | 91,705 | |
| 187,537 | |||
| Thailand — 1.6% | |||
| Home Product Center PCL | 89,200 | 26,381 | |
| Uruguay — 12.2% | |||
| Dlocal Ltd.* | 4,314 | 69,499 | |
| Number of Shares | Value | ||
| COMMON STOCKS — (Continued) | |||
| Uruguay — (Continued) | |||
| Globant SA* | 267 | $ 62,961 | |
| MercadoLibre, Inc.* | 37 | 63,337 | |
| 195,797 | |||
| Vietnam — 11.8% | |||
| Mobile World Investment Corp. | 50,000 | 91,729 | |
| Phu Nhuan Jewelry JSC | 26,000 | 97,245 | |
| 188,974 | |||
| TOTAL COMMON STOCKS (Cost $1,516,489) | 1,577,920 | ||
| SHORT-TERM INVESTMENT — 3.7% | ||
| Dreyfus Government Cash Management Fund, Institutional Shares, 5.22%(b) | 59,425 | 59,424 |
| TOTAL SHORT-TERM INVESTMENT (Cost $59,424) | 59,424 | |
| TOTAL INVESTMENTS - 102.1% (Cost $1,575,913) | 1,637,344 | |
| LIABILITIES IN EXCESS OF OTHER ASSETS - (2.1)% | (33,650) | |
| NET ASSETS - 100.0% | $1,603,694 | |
| (a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund’s Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At January 31, 2024, these securities amounted to $147,998 or 9.23% of net assets. These securities have been determined by the Adviser to be liquid securities. |
| (b) | Rate disclosed is the 7-day yield at January 31, 2024. |
| † | See Note A. The industry designations set forth in the schedule above are those of the Global Industry Classification Standard ("GICS"). |
| * | Non-income producing. |
| JSC | Joint Stock Company |
| PCL | Public Company Limited |
| PLC | Public Limited Company |
See accompanying Notes to the Quarterly Portfolio of Investments.
11
POLEN BANK LOAN FUND
Portfolio of Investments
January 31, 2024
(Unaudited)
| Par Value | Value | ||
| SENIOR LOANS†(a) — 87.1% | |||
| Consumer Discretionary Products — 5.7% | |||
| DexKo Global, Inc., First Lien Closing Date Dollar Term Loan, 9.36% (SOFR +401 bps), 10/4/28 | $118,257 | $ 117,851 | |
| DexKo Global, Inc., 2023 Incremental Term Loans, 9.598% (SOFR +425 bps), 10/4/28 | 75,000 | 75,070 | |
| Osmosis Buyer Ltd., 2023 Incremental Term B Commitment, 9.572% - 9.587% (SOFR +425 bps), 7/31/28(b) | 129,130 | 129,252 | |
| RealTruck Group, Inc., Second Amendment Incremental Term Loan, 10.447% (SOFR +500 bps), 1/31/28 | 165,000 | 165,000 | |
| 487,173 | |||
| Consumer Discretionary Services — 4.8% | |||
| Kuehg Corp., Initial Term Loan, 10.348% (SOFR +500 bps), 6/12/30 | 199,500 | 199,962 | |
| Learning Care Group U.S. No.2, Inc., Initial Term Loans, 10.070% - 10.138% (SOFR +475 bps), 8/11/28 | 204,488 | 204,973 | |
| 404,935 | |||
| Consumer Staple Products — 5.2% | |||
| Fiesta Purchaser, Inc., Term Loan B, 1/31/31(c) | 170,000 | 169,681 | |
| Kronos Acquisition Holdings, Inc., Tranche B-1 Term Loan, 9.36% (SOFR +401 bps), 12/22/26 | 163,522 | 163,779 | |
| VC GB Holdings I Corp., Second Lien Initial Term Loan, 12.36% (SOFR +701 bps), 7/23/29 | 110,000 | 107,305 | |
| 440,765 | |||
| Financial Services — 2.5% | |||
| Nexus Buyer, LLC, Amendment No. 5 Term Loans, 9.833% (SOFR +450 bps), 12/11/28 | 190,000 | 186,913 | |
| Nexus Buyer, LLC, Second Lien Term Loan, 11.683% (SOFR +635 bps), 11/5/29 | 25,000 | 24,703 | |
| 211,616 | |||
| Par Value | Value | ||
| SENIOR LOANS — (Continued) | |||
| Health Care — 16.0% | |||
| Aveanna Healthcare, LLC, First Lien 2021 Extended Term Loan, 9.238% (SOFR +385 bps), 7/17/28 | $125,405 | $ 117,907 | |
| Aveanna Healthcare, LLC, Initial Term Loan, 12.538% (SOFR +715 bps), 12/10/29 | 85,000 | 67,150 | |
| CVET Midco 2 LP, Initial Term Loan, 10.348% (SOFR +500 bps), 10/13/29 | 109,175 | 109,213 | |
| EyeCare Partners, LLC, Amendment No. 1 Term Loan, 9.324% (SOFR +375 bps), 11/15/28 | 68,985 | 37,252 | |
| EyeCare Partners, LLC, First Lien Amendment No. 2 Term Loans, 9.913% (SOFR +450 bps), 11/15/28 | 34,650 | 18,711 | |
| EyeCare Partners, LLC, Second Lien Initial Term Loan, 12.324% (SOFR +675 bps), 11/15/29(c) | 110,000 | 36,162 | |
| Packaging Coordinators Midco, Inc., First Lien Term B Loan, 9.11% (SOFR +376 bps), 11/30/27 | 142,313 | 142,046 | |
| RXB Holdings, Inc., First Lien Initial Term Loan, 9.946% (SOFR +461 bps), 12/20/27 | 138,016 | 137,672 | |
| Sharp Services, LLC, First Lien Initial Term Loan, 9.448% (SOFR +410 bps), 12/29/28 | 138,044 | 138,216 | |
| Sharp Services, LLC, Tranche B Term Loan, 9.848% (SOFR +450 bps), 12/31/28 | 10,000 | 10,019 | |
| SM Wellness Holdings, Inc., First Lien Initial Term Loan, 4/17/28(c) | 169,566 | 163,984 | |
| Summit Behavioral Healthcare, LLC, Initial Term Loan, 10.40% (SOFR +501 bps), 11/24/28 | 187,941 | 187,912 | |
| Surgery Center Holdings, Inc., New First Lien Term Loan, 8.835% (SOFR +350 bps), 12/19/30 | 196,643 | 197,258 | |
| 1,363,502 | |||
| Industrial Products — 4.3% | |||
| CPM Holdings, Inc., Initial Term Loan, 9.828% (SOFR +450 bps), 9/28/28 | 65,000 | 65,108 | |
See accompanying Notes to the Quarterly Portfolio of Investments.
12
POLEN BANK LOAN FUND
Portfolio of Investments (Continued)
January 31, 2024
(Unaudited)
| Par Value | Value | ||
| SENIOR LOANS — (Continued) | |||
| Industrial Products — (Continued) | |||
| Engineered Machinery Holdings, Inc., Incremental USD First Lien Term Loan, 9.11% (SOFR +376 bps), 5/19/28 | $ 39,645 | $ 39,397 | |
| Engineered Machinery Holdings, Inc., Second Lien Incremental Amendment No. 2 Term Loan, 12.11% (SOFR +676 bps), 5/21/29 | 125,000 | 120,000 | |
| Indicor, Tranche B Dollar Term Loan, 9.348% (SOFR +400 bps), 11/22/29 | 79,800 | 79,943 | |
| SPX Flow, Inc., Term Loan, 9.933% (SOFR +460 bps), 4/5/29 | 57,928 | 57,984 | |
| 362,432 | |||
| Industrial Services — 5.3% | |||
| Brown Group Holding, LLC, Incremental Term B-2 Facility, 8.388% (SOFR +375 bps), 7/2/29 | 18,956 | 18,920 | |
| Brown Group Holding, LLC, Incremental Term B-2 Facility, 8.313% - 8.333% (SOFR +300 bps), 7/2/29 | 56,044 | 55,939 | |
| CHG Healthcare Services, Inc., 2023 Incremental Term Loans, 9.083% (SOFR +375 bps), 9/29/28 | 60,000 | 59,992 | |
| Infinite Bidco, LLC, First Lien Term Loan, 9.324% (SOFR +375 bps), 3/2/28 | 64,075 | 62,233 | |
| Infinite Bidco, LLC, Second Lien Initial Term Loan, 12.574% (SOFR +700 bps), 3/2/29 | 85,000 | 72,250 | |
| LaserShip, Inc., First Lien Initial Term Loan, 10.396% (SOFR +493 bps), 5/7/28 | 143,008 | 130,751 | |
| RLG Holdings, LLC, First Lien Closing Date Initial Term Loan, 9.697% (SOFR +436 bps), 7/7/28 | 54,171 | 52,162 | |
| 452,247 | |||
| Insurance — 1.2% | |||
| Asurion, LLC, New B-4 Term Loan, 10.697% (SOFR +536 bps), 1/20/29 | 105,000 | 99,840 | |
| Par Value | Value | ||
| SENIOR LOANS — (Continued) | |||
| Materials — 11.2% | |||
| Arsenal Aic Parent, LLC, Term B Loans, 9.833% (SOFR +450 bps), 8/19/30 | $ 79,800 | $ 79,914 | |
| Aruba Investments Holdings, LLC, First Lien Initial Dollar Term Loan, 9.433% (SOFR +410 bps), 11/24/27(c) | 233,563 | 231,344 | |
| Clydesdale Acquisition Holdings, Inc., Term B Loan, 9.108% (SOFR +368 bps), 4/13/29 | 98,785 | 98,275 | |
| CP Iris Holdco I, Inc., First Lien Initial Term Loan, 9.183% (SOFR +375 bps), 10/2/28 | 100,979 | 100,932 | |
| Mauser Packaging Solutions Holding Co., Initial Term Loan, 9.328% (SOFR +400 bps), 8/14/26 | 59,550 | 59,724 | |
| Oscar AcquisitionCo., LLC, Term B Loan, 9.948% (SOFR +460 bps), 4/29/29 | 103,774 | 103,140 | |
| SCIH Salt Holdings, Inc., First Lien Incremental Term B-1 Loan, 9.447% - 9.451% (SOFR +411 bps), 3/16/27 | 79,120 | 79,026 | |
| Trident TPI Holdings, Inc., Tranche B-5 Initial Term Loan, 9.848% (SOFR +450 bps), 9/15/28 | 74,650 | 74,666 | |
| Trident TPI Holdings, Inc., Tranche B-4 Initial Term Loans, 10.598% (SOFR +525 bps), 9/15/28 | 128,700 | 129,290 | |
| 956,311 | |||
| Media — 10.8% | |||
| Arches Buyer, Inc., Refinancing Term Loan, 8.683% (SOFR +325 bps), 12/6/27 | 98,980 | 96,814 | |
| Auction.com, LLC, Term Loan, 11.333% (SOFR +600 bps), 5/26/28 | 298,125 | 287,691 | |
| Clear Channel Outdoor Holdings, Inc., Term B Loan, 9.074% (SOFR +350 bps), 8/21/26 | 233,790 | 231,473 | |
See accompanying Notes to the Quarterly Portfolio of Investments.
13
POLEN BANK LOAN FUND
Portfolio of Investments (Continued)
January 31, 2024
(Unaudited)
| Par Value | Value | ||
| SENIOR LOANS — (Continued) | |||
| Media — (Continued) | |||
| MH Sub I, LLC, 2023 May New Term Loans, 9.583% (SOFR +425 bps), 5/3/28 | $104,169 | $ 102,191 | |
| MH Sub I, LLC, Second Lien Term Loan, 11.583% (SOFR + 625 bps), 2/23/29 | 205,000 | 197,270 | |
| 915,439 | |||
| Retail & Wholesale - Discretionary — 7.0% | |||
| Foundation Building Materials, Inc., Incremental Term Loan, 1/24/31(c) | 110,000 | 109,639 | |
| Mavis Tire Express Services Topco Corp., First Lien Initial Term Loan, 9.083% (SOFR +375 bps), 5/4/28 | 59,266 | 59,361 | |
| Medical Solutions Holdings, Inc., Initial Term Loan, 8.683% (SOFR +335 bps), 11/1/28 | 148,357 | 134,357 | |
| SRS Distribution, Inc., 2021 Refinancing Term Loan, 8.947% (SOFR +361 bps), 6/2/28 | 79,204 | 78,890 | |
| TA TT Buyer, LLC, Initial Term Loan, 10.348% (SOFR +500 bps), 4/2/29 | 129,672 | 130,077 | |
| Wand NewCo 3, Inc., Term Loan, 1/31/31(c) | 85,000 | 85,146 | |
| 597,470 | |||
| Retail & Wholesale - Staples — 0.6% | |||
| Quirch Foods Holdings, LLC, Term Loan, 10.387% (SOFR +501 bps), 10/27/27 | 49,616 | 49,585 | |
| Software & Technology Services — 7.1% | |||
| Ahead DB Holdings, LLC, 2024 Incremental Term Loan, 2/1/31(c) | 100,000 | 99,875 | |
| AthenaHealth Group, Inc., Initial Term Loan, 8.583% (SOFR +325 bps), 2/15/29 | 11,986 | 11,844 | |
| Cloudera, Inc., Second Lien Term Loan, 11.433% (SOFR +610 bps), 10/8/29 | 85,000 | 82,486 | |
| Mitchell International, Inc., Initial Term Loan-Second Lien, 12.15% (SOFR +676 bps), 10/15/29 | 55,000 | 54,945 | |
| Project Alpha Intermediate Holding, Inc., Initial Term Loan, 10.063% (SOFR +475 bps), 10/28/30 | 45,000 | 45,150 | |
| Par Value | Value | ||
| SENIOR LOANS — (Continued) | |||
| Software & Technology Services — (Continued) | |||
| Skopima Consilio, First Lien Initial Term Loan, 9.447% (SOFR +400 bps), 5/12/28 | $ 98,376 | $ 98,061 | |
| UKG, Inc., 2023 Incremental Term Loan, 9.988% (SOFR +460 bps), 5/4/26 | 64,675 | 64,860 | |
| UKG, Inc., Second Lien 2021 Incremental Term Loan, 10.68% (SOFR +535 bps), 5/3/27 | 50,000 | 50,137 | |
| Ultimate Software Group, Inc. (The), First Lien Initial Term Loan, 9.163% (SOFR +375 bps), 5/4/26 | 93,611 | 93,764 | |
| 601,122 | |||
| Technology Hardware & Semiconductors — 2.2% | |||
| Altar Bidco, Inc., Second Lien Initial Term Loan, 10.399% (SOFR +560 bps), 2/1/30 | 190,000 | 189,287 | |
| Telecommunications — 3.2% | |||
| CCI Buyer, Inc., First Lien Initial Term Loan, 9.348% (SOFR +400 bps), 12/17/27 | 184,526 | 184,312 | |
| Crown Subsea Communications Holding, Inc., Initial Term Loans, 10.067% (SOFR +475 bps), 1/26/31(c) | 85,000 | 85,212 | |
| 269,524 | |||
| TOTAL SENIOR LOANS (Cost $7,316,087) | 7,401,248 | ||
| CORPORATE BONDS† — 14.6% | |||
| Consumer Discretionary Products — 1.9% | |||
| Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29(d) | 90,000 | 82,315 | |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29(d) | 95,000 | 82,051 | |
| 164,366 | |||
| Financial Services — 2.1% | |||
| NFP Corp., 6.875%, 8/15/28(d) | 180,000 | 180,600 | |
| Health Care — 2.3% | |||
| Tenet Healthcare Corp., 6.75%, 5/15/31(d) | 165,000 | 196,299 | |
| Industrial Products — 0.8% | |||
| Titan Acquisition Ltd., 7.75%, 4/15/26(d) | 70,000 | 70,248 | |
See accompanying Notes to the Quarterly Portfolio of Investments.
14
POLEN BANK LOAN FUND
Portfolio of Investments (Concluded)
January 31, 2024
(Unaudited)
| Par Value | Value | ||
| CORPORATE BONDS — (Continued) | |||
| Insurance — 1.7% | |||
| GTCR AP Finance, Inc., 8.00%, 5/15/27(d) | $140,000 | $ 140,202 | |
| Materials — 5.8% | |||
| Baffinland Iron Mines Corp., 8.75%, 7/15/26(d) | 200,000 | 183,223 | |
| Century Aluminum Co., 7.50%, 4/1/28(d) | 315,000 | 304,851 | |
| 488,074 | |||
| TOTAL CORPORATE BONDS (Cost $1,156,092) | 1,239,789 | ||
| TOTAL INVESTMENTS - 101.7% (Cost $8,472,179) | 8,641,037 | ||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (1.7)% | (144,890) | ||
| NET ASSETS - 100.0% | $8,496,147 | ||
| (a) | Floating rate note. Coupon rate, reference index and spread shown at January 31, 2024. |
| (b) | All or a portion of this senior loan position is unfunded as of January 31, 2024. The Fund had approximately $11,287 in unfunded commitments pursuant to Delayed Draw Term Loan facilities. The Portfolio of Investments records each of these investments as fully funded and accordingly, a corresponding payable for investments purchased has also been recorded, which represents the actual unfunded amount on the balance sheet date. |
| (c) | All or a portion of this Senior Loan will settle after January 31, 2024, at which time the interest rate will be determined. Rates shown, if any, are for the settled portion. |
| (d) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund’s Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At January 31, 2024, these securities amounted to $1,239,789 or 14.59% of net assets. These securities have been determined by the Adviser to be liquid securities. |
| † | See Note A. The industry designations set forth in the schedule above are those of the Bloomberg Industry Classification System ("BICS"). |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| SOFR | Secured Overnight Funding Rate |
| USD | United States Dollar |
See accompanying Notes to the Quarterly Portfolio of Investments.
15
POLEN U.S. HIGH YIELD FUND (formerly, Polen Upper Tier High Yield Fund)
Portfolio of Investments
January 31, 2024
(Unaudited)
| Par Value | Value | ||
| CORPORATE BONDS† — 82.6% | |||
| Consumer Discretionary Products — 6.8% | |||
| Clarios Global LP, 6.25%, 5/15/26(a) | $25,000 | $ 24,974 | |
| Dornoch Debt Merger Sub, Inc., 6.625%, 10/15/29(a) | 64,000 | 58,535 | |
| PGT Innovations, Inc., 4.375%, 10/1/29(a) | 20,000 | 20,120 | |
| Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29(a) | 68,000 | 58,732 | |
| Thor Industries, Inc., 4.00%, 10/15/29(a) | 40,000 | 35,464 | |
| 197,825 | |||
| Consumer Discretionary Services — 8.5% | |||
| 1011778 BC ULC, 4.00%, 10/15/30(a) | 25,000 | 22,355 | |
| Boyd Gaming Corp., 4.75%, 12/1/27 | 20,000 | 19,357 | |
| Boyd Gaming Corp., 4.75%, 6/15/31(a) | 10,000 | 9,223 | |
| Cedar Fair LP, 5.25%, 7/15/29 | 15,000 | 14,351 | |
| Hilton Domestic Operating Co., Inc., 4.00%, 5/1/31(a) | 20,000 | 17,995 | |
| Penn Entertainment, Inc., 4.125%, 7/1/29(a) | 40,000 | 34,246 | |
| Royal Caribbean Cruises Ltd., 3.70%, 3/15/28 | 30,000 | 27,681 | |
| Scientific Games Holdings LP, 6.625%, 3/1/30(a) | 94,000 | 88,426 | |
| Six Flags Entertainment Corp., 7.25%, 5/15/31(a) | 15,000 | 15,310 | |
| 248,944 | |||
| Consumer Staple Products — 3.9% | |||
| Energizer Holdings, Inc., 4.75%, 6/15/28(a) | 15,000 | 13,972 | |
| Kronos Acquisition Holdings, Inc., 7.00%, 12/31/27(a) | 38,000 | 36,796 | |
| Pilgrim's Pride Corp., 4.25%, 4/15/31 | 10,000 | 9,014 | |
| Post Holdings, Inc., 5.50%, 12/15/29(a) | 25,000 | 24,188 | |
| Simmons Foods, Inc., 4.625%, 3/1/29(a) | 33,000 | 28,402 | |
| 112,372 | |||
| Health Care — 6.9% | |||
| Fortrea Holdings, Inc., 7.50%, 7/1/30(a) | 12,000 | 12,255 | |
| Medline Borrower LP, 3.875%, 4/1/29(a) | 25,000 | 22,626 | |
| Par Value | Value | ||
| CORPORATE BONDS — (Continued) | |||
| Health Care — (Continued) | |||
| ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29(a) | $73,000 | $ 59,195 | |
| Molina Healthcare, Inc., 4.375%, 6/15/28(a) | 15,000 | 14,071 | |
| Option Care Health, Inc., 4.375%, 10/31/29(a) | 20,000 | 18,371 | |
| Pediatrix Medical Group, Inc., 5.375%, 2/15/30(a) | 50,000 | 45,084 | |
| Select Medical Corp., 6.25%, 8/15/26(a) | 10,000 | 10,005 | |
| Tenet Healthcare Corp., 5.125%, 11/1/27 | 20,000 | 19,543 | |
| 201,150 | |||
| Industrial Products — 5.8% | |||
| ATS Corp., 4.125%, 12/15/28(a) | 25,000 | 22,722 | |
| Chart Industries, Inc., 9.50%, 1/1/31(a) | 15,000 | 16,105 | |
| Madison IAQ, LLC, 5.875%, 6/30/29(a) | 22,000 | 19,603 | |
| SPX Flow, Inc., 8.75%, 4/1/30(a) | 49,000 | 48,298 | |
| Titan Acquisition Ltd., 7.75%, 4/15/26(a) | 15,000 | 15,053 | |
| TransDigm, Inc., 4.625%, 1/15/29 | 50,000 | 46,762 | |
| 168,543 | |||
| Industrial Services — 8.4% | |||
| AMN Healthcare, Inc., 4.625%, 10/1/27(a) | 23,000 | 21,944 | |
| Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 2/1/26(a) | 75,000 | 74,017 | |
| Dycom Industries, Inc., 4.50%, 4/15/29(a) | 15,000 | 13,938 | |
| H&E Equipment Services, Inc., 3.875%, 12/15/28(a) | 30,000 | 27,285 | |
| IEA Energy Services, LLC, 6.625%, 8/15/29(a) | 77,000 | 72,597 | |
| Korn Ferry, 4.625%, 12/15/27(a) | 10,000 | 9,560 | |
| TopBuild Corp., 3.625%, 3/15/29(a) | 20,000 | 18,127 | |
| TriNet Group, Inc., 3.50%, 3/1/29(a) | 10,000 | 8,835 | |
| 246,303 | |||
| Materials — 7.4% | |||
| ATI, Inc., 5.125%, 10/1/31 | 20,000 | 18,276 | |
| Baffinland Iron Mines Corp., 8.75%, 7/15/26(a) | 10,000 | 9,161 | |
| Ball Corp., 6.00%, 6/15/29 | 5,000 | 5,056 | |
See accompanying Notes to the Quarterly Portfolio of Investments.
16
POLEN U.S. HIGH YIELD FUND (formerly, Polen Upper Tier High Yield Fund)
Portfolio of Investments (Continued)
January 31, 2024
(Unaudited)
| Par Value | Value | ||
| CORPORATE BONDS — (Continued) | |||
| Materials — (Continued) | |||
| Century Aluminum Co., 7.50%, 4/1/28(a) | $45,000 | $ 43,550 | |
| Cleveland-Cliffs, Inc., 5.875%, 6/1/27 | 15,000 | 14,908 | |
| Ingevity Corp., 3.875%, 11/1/28(a) | 45,000 | 39,722 | |
| Kaiser Aluminum Corp., 4.50%, 6/1/31(a) | 20,000 | 17,100 | |
| Oscar AcquisitionCo., LLC, 9.50%, 4/15/30(a) | 32,000 | 31,005 | |
| SCIH Salt Holdings, Inc., 6.625%, 5/1/29(a) | 40,000 | 36,296 | |
| 215,074 | |||
| Media — 7.9% | |||
| Advantage Sales & Marketing, Inc., 6.50%, 11/15/28(a) | 55,000 | 51,763 | |
| CCO Holdings, LLC, 4.75%, 3/1/30(a) | 4,000 | 3,553 | |
| GrubHub Holdings, Inc., 5.50%, 7/1/27(a) | 61,000 | 53,308 | |
| Outfront Media Capital, LLC, 4.625%, 3/15/30(a) | 30,000 | 26,518 | |
| Scripps Escrow, Inc., 5.875%, 7/15/27(a) | 59,000 | 53,249 | |
| TripAdvisor, Inc., 7.00%, 7/15/25(a) | 30,000 | 30,117 | |
| Uber Technologies, Inc., 7.50%, 9/15/27(a) | 11,000 | 11,249 | |
| 229,757 | |||
| Oil & Gas — 10.3% | |||
| Antero Midstream Partners LP, 5.75%, 1/15/28(a) | 35,000 | 34,392 | |
| Archrock Partners LP, 6.25%, 4/1/28(a) | 20,000 | 19,716 | |
| DT Midstream, Inc., 4.375%, 6/15/31(a) | 30,000 | 27,035 | |
| Harvest Midstream I LP, 7.50%, 9/1/28(a) | 50,000 | 50,542 | |
| Hilcorp Energy I LP, 6.25%, 11/1/28(a) | 15,000 | 14,957 | |
| Parkland Corp., 4.625%, 5/1/30(a) | 25,000 | 22,896 | |
| Teine Energy Ltd., 6.875%, 4/15/29(a) | 91,000 | 86,660 | |
| Transocean, Inc., 11.50%, 1/30/27(a) | 41,000 | 42,875 | |
| 299,073 | |||
| Par Value | Value | ||
| CORPORATE BONDS — (Continued) | |||
| Real Estate — 3.5% | |||
| Howard Hughes Corp. (The), 4.375%, 2/1/31(a) | $30,000 | $ 26,016 | |
| Kennedy-Wilson, Inc., 5.00%, 3/1/31 | 94,000 | 75,057 | |
| 101,073 | |||
| Retail & Wholesale - Discretionary — 5.0% | |||
| Builders FirstSource, Inc., 4.25%, 2/1/32(a) | 15,000 | 13,494 | |
| Dealer Tire, LLC, 8.00%, 2/1/28(a) | 14,000 | 13,882 | |
| GYP Holdings III Corp., 4.625%, 5/1/29(a) | 30,000 | 27,821 | |
| Mavis Tire Express Services Topco Corp., 6.50%, 5/15/29(a) | 16,000 | 14,733 | |
| Patrick Industries, Inc., 4.75%, 5/1/29(a) | 40,000 | 36,737 | |
| Specialty Building Products Holdings, LLC, 6.375%, 9/30/26(a) | 25,000 | 24,600 | |
| SRS Distribution, Inc., 6.125%, 7/1/29(a) | 16,000 | 15,083 | |
| 146,350 | |||
| Software & Technology Services — 3.5% | |||
| Dun & Bradstreet Corp. (The), 5.00%, 12/15/29(a) | 35,000 | 32,653 | |
| Open Text Holdings, Inc., 4.125%, 12/1/31(a) | 16,000 | 14,158 | |
| Presidio Holdings, Inc., 8.25%, 2/1/28(a) | 29,000 | 28,770 | |
| Twilio, Inc., 3.625%, 3/15/29 | 30,000 | 27,137 | |
| 102,718 | |||
| Technology Hardware & Semiconductors — 3.4% | |||
| Ciena Corp., 4.00%, 1/31/30(a) | 5,000 | 4,569 | |
| Imola Merger Corp., 4.75%, 5/15/29(a) | 30,000 | 27,869 | |
| TTM Technologies, Inc., 4.00%, 3/1/29(a) | 25,000 | 22,559 | |
| Viasat, Inc., 5.625%, 9/15/25(a) | 10,000 | 9,670 | |
| Viasat, Inc., 6.50%, 7/15/28(a) | 46,000 | 35,686 | |
| 100,353 | |||
| Telecommunications — 0.5% | |||
| Telesat Canada, 5.625%, 12/6/26(a) | 15,000 | 9,092 | |
| Telesat Canada, 6.50%, 10/15/27(a) | 10,000 | 4,550 | |
| 13,642 | |||
See accompanying Notes to the Quarterly Portfolio of Investments.
17
POLEN U.S. HIGH YIELD FUND (formerly, Polen Upper Tier High Yield Fund)
Portfolio of Investments (Continued)
January 31, 2024
(Unaudited)
| Par Value | Value | ||
| CORPORATE BONDS — (Continued) | |||
| Utilities — 0.8% | |||
| NextEra Energy Operating Partners LP, 4.25%, 7/15/24(a) | $25,000 | $ 24,762 | |
| TOTAL CORPORATE BONDS (Cost $2,306,456) | 2,407,939 | ||
| SENIOR LOANS†(b) — 13.6% | |||
| Consumer Discretionary Products — 0.7% | |||
| DexKo Global, Inc., First Lien Closing Date Dollar Term Loan, 9.36% (SOFR +401 bps), 10/4/28 | 9,850 | 9,816 | |
| RealTruck Goup, Inc., Initial Term Loan, 8.947% (SOFR +350 bps), 1/31/28 | 9,848 | 9,712 | |
| 19,528 | |||
| Consumer Discretionary Services — 1.7% | |||
| Kuehg Corp., Initial Term Loan, 10.348% (SOFR +500 bps), 6/12/30 | 49,875 | 49,990 | |
| Health Care — 0.7% | |||
| CVET Midco 2 LP, Initial Term Loan, 10.348% (SOFR +500 bps), 10/13/29 | 19,850 | 19,857 | |
| Industrial Products — 2.4% | |||
| CPM Holdings, Inc., Initial Term Loan, 9.828% (SOFR +450 bps), 9/28/28 | 50,000 | 50,083 | |
| SPX Flow, Inc., Term Loan, 9.933% (SOFR +460 bps), 4/5/29 | 8,714 | 8,723 | |
| Titan Acquisition Ltd., Initial Term Loan, 8.447% (SOFR +300 bps), 3/28/25 | 9,843 | 9,842 | |
| 68,648 | |||
| Industrial Services — 1.3% | |||
| Cimpress PLC, Tranche B-1 Term Loan, 8.947% (SOFR +361 bps), 5/17/28 | 39,519 | 39,458 | |
| Insurance — 1.8% | |||
| Asurion, LLC, New B-4 Term Loan, 10.697% (SOFR +536 bps), 1/20/29 | 55,000 | 52,297 | |
| Materials — 0.3% | |||
| Oscar AcquisitionCo., LLC, Term B Loan, 9.948% (SOFR +460 bps), 4/29/29 | 9,875 | 9,815 | |
| Par Value | Value | ||
| SENIOR LOANS — (Continued) | |||
| Media — 2.3% | |||
| Arches Buyer, Inc., Refinancing Term Loan, 8.683% (SOFR +325 bps), 12/6/27 | $ 9,898 | $ 9,682 | |
| Clear Channel Outdoor Holdings, Inc., Term B Loan, 9.074% (SOFR +350 bps), 8/21/26 | 24,846 | 24,600 | |
| MH Sub I, LLC, Second Lien Term Loan, 2/23/29(c) | 14,000 | 13,472 | |
| MH Sub I, LLC, 2023 May New Term Loans, 9.583% (SOFR +425 bps), 5/3/28 | 9,874 | 9,686 | |
| UPC Financing Partnership, Facility AX, 8.448% (SOFR +311 bps), 1/31/29 | 10,000 | 9,895 | |
| 67,335 | |||
| Retail & Wholesale - Discretionary — 0.3% | |||
| SRS Distribution, Inc., 2021 Refinancing Term Loan, 8.947% (SOFR +361 bps), 6/2/28 | 9,849 | 9,809 | |
| Software & Technology Services — 1.3% | |||
| Skopima Consilio, First Lien Initial Term Loan, 9.447% (SOFR +400 bps), 5/12/28 | 9,849 | 9,817 | |
| UKG, Inc., Second Lien 2021 Incremental Term Loan, 10.68% (SOFR +535 bps), 5/3/27(c) | 28,000 | 28,077 | |
| 37,894 | |||
| Telecommunications — 0.8% | |||
| Crown Subsea Communications Holding, Inc., Initial Term Loans, 1/26/31(c) | 22,000 | 22,055 | |
| TOTAL SENIOR LOANS (Cost $379,499) | 396,686 | ||
| TOTAL INVESTMENTS - 96.2% (Cost $2,685,955) | 2,804,625 | ||
| OTHER ASSETS IN EXCESS OF LIABILITIES - 3.8% | 112,081 | ||
| NET ASSETS - 100.0% | $2,916,706 | ||
See accompanying Notes to the Quarterly Portfolio of Investments.
18
POLEN U.S. HIGH YIELD FUND (formerly, Polen Upper Tier High Yield Fund)
Portfolio of Investments (Concluded)
January 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 January 31, 2024, these securities amounted to $2,130,797 or 73.05% of net assets. These securities have been determined by the Adviser to be liquid securities. |
| (b) | Floating rate note. Coupon rate, reference index and spread shown at January 31, 2024. |
| (c) | All or a portion of this Senior Loan will settle after January 31, 2024, at which time the interest rate will be determined. Rates shown, if any, are for the settled portion. |
| † | See Note A. The industry designations set forth in the schedule above are those of the Bloomberg Industry Classification System ("BICS"). |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| PLC | Public Limited Company |
| SOFR | Secured Overnight Funding Rate |
See accompanying Notes to the Quarterly Portfolio of Investments.
19
POLEN FUNDS
Notes to the Quarterly Portfolio of Investments
January 31, 2024
(Unaudited)
A. Portfolio Valuation:
Portfolio Valuation – The 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, Polen Global SMID Company Growth Fund, Polen Emerging Markets ex China Growth Fund, Polen Bank Loan Fund and Polen U.S. High Yield Fund (formerly, Polen Upper Tier High Yield Fund) (each a “Fund” and together the “Funds”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using 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 sale or official closing price. 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). Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). Securities that do not have a readily available current market value are valued in good faith by each Adviser as "valuation designee" under the oversight of the Board of Trustees of the Trust ("Board of Trustees"). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Each Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by each Adviser pursuant to its policies and procedures. On a quarterly basis, each 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).
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
20
POLEN FUNDS
Notes to the Quarterly Portfolio of Investments (Continued)
January 31, 2024
(Unaudited)
security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange traded funds and certain indexes as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy.
Securities listed on a non-U.S. exchange are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees and categorized as Level 2 investments within the hierarchy. The fair valuations for these securities may not be the same as quoted or published prices of the securities on their primary markets. Securities for which daily fair value prices from the independent fair value pricing service are not available are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of valuation time, as provided by an independent pricing service approved by the Board of Trustees.
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. To the extent that these inputs are observable, the fair value of fixed income securities would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Senior Loans are fair valued based on a quoted price received from a single broker-dealer or an average of quoted prices received from multiple broker-dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable, the fair values of Senior Loans would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
The following is a summary of the inputs used, as of January 31, 2024, in valuing each Fund's investments carried at fair value:
| Funds | Total Value at 01/31/24 | Level 1 Quoted Price | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
| Polen Growth Fund | ||||||||
| Assets | ||||||||
| Common Stocks* | $7,895,825,170 | $7,895,825,170 | $— | $— | ||||
| Short-Term Investment | 65,843,192 | 65,843,192 | — | — | ||||
| Total Assets | $7,961,668,362 | $7,961,668,362 | $— | $— | ||||
| Polen Global Growth Fund | ||||||||
| Assets | ||||||||
| Common Stocks | ||||||||
| Australia | $9,657,258 | $9,657,258 | $— | $— | ||||
| Denmark | 12,882,799 | — | 12,882,799 | — | ||||
| France | 28,340,007 | — | 28,340,007 | — | ||||
| Germany | 44,955,291 | 44,955,291 | — | — | ||||
| Ireland | 37,170,794 | 37,170,794 | — | — | ||||
| United Kingdom | 9,692,037 | — | 9,692,037 | — | ||||
| United States | 311,151,555 | 311,151,555 | — | — | ||||
| Uruguay | 5,262,808 | 5,262,808 | — | — | ||||
| Short-Term Investment | 17,680,371 | 17,680,371 | — | — | ||||
| Total Assets | $476,792,920 | $425,878,077 | $50,914,843 | $— | ||||
21
POLEN FUNDS
Notes to the Quarterly Portfolio of Investments (Continued)
January 31, 2024
(Unaudited)
| Funds | Total Value at 01/31/24 | Level 1 Quoted Price | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
| Polen International Growth Fund | ||||||||
| Assets | ||||||||
| Common Stocks | ||||||||
| Australia | $3,836,039 | $3,836,039 | $— | $— | ||||
| Canada | 10,095,065 | 10,095,065 | — | — | ||||
| Denmark | 4,208,462 | — | 4,208,462 | — | ||||
| France | 15,758,711 | — | 15,758,711 | — | ||||
| Germany | 39,991,441 | 32,303,806 | 7,687,635 | — | ||||
| India | 7,046,288 | — | 7,046,288 | — | ||||
| Ireland | 51,606,558 | 43,711,705 | 7,894,853 | — | ||||
| Japan | 2,901,963 | — | 2,901,963 | — | ||||
| Netherlands | 9,193,832 | — | 9,193,832 | — | ||||
| Spain | 6,998,016 | — | 6,998,016 | — | ||||
| Sweden | 13,158,208 | — | 13,158,208 | — | ||||
| Switzerland | 8,629,521 | — | 8,629,521 | — | ||||
| United Kingdom | 37,765,636 | — | 37,765,636 | — | ||||
| United States | 14,982,380 | 14,982,380 | — | — | ||||
| Uruguay | 11,861,119 | 11,861,119 | — | — | ||||
| Short-Term Investment | 16,132,403 | 16,132,403 | — | — | ||||
| Total Assets | $254,165,642 | $132,922,517 | $121,243,125 | $— | ||||
| Polen U.S. Small Company Growth Fund | ||||||||
| Assets | ||||||||
| Investments in Securities* | $69,216,154 | $69,216,154 | $— | $— | ||||
22
POLEN FUNDS
Notes to the Quarterly Portfolio of Investments (Continued)
January 31, 2024
(Unaudited)
| Funds | Total Value at 01/31/24 | Level 1 Quoted Price | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
| Polen Emerging Markets Growth Fund | ||||||||
| Assets | ||||||||
| Common Stocks | ||||||||
| Brazil | $448,153 | $448,153 | $— | $— | ||||
| China | 4,174,840 | 1,603,542 | 2,571,298 | — | ||||
| Hong Kong | 354,477 | — | 354,477 | — | ||||
| Hungary | 831,274 | — | 831,274 | — | ||||
| India | 3,081,422 | — | 3,081,422 | — | ||||
| Indonesia | 725,124 | — | 725,124 | — | ||||
| Mexico | 1,682,583 | 1,682,583 | — | — | ||||
| Netherlands | 776,340 | 776,340 | — | — | ||||
| Poland | 744,701 | — | 744,701 | — | ||||
| Russia | 611 | — | — | 611 | ||||
| Taiwan | 1,908,174 | — | 1,908,174 | — | ||||
| United States | 1,060,605 | 1,060,605 | — | — | ||||
| Uruguay | 1,566,230 | 1,566,230 | — | — | ||||
| Vietnam | 1,137,836 | — | 1,137,836 | — | ||||
| Short-Term Investment | 546,225 | 546,225 | — | — | ||||
| Total Assets | $19,038,595 | $7,683,678 | $11,354,306 | $611 | ||||
| Polen U.S. SMID Company Growth Fund | ||||||||
| Assets | ||||||||
| Common Stocks* | $19,849,490 | $19,849,490 | $— | $— | ||||
| Short-Term Investment | 96,873 | 96,873 | — | — | ||||
| Total Assets | $19,946,363 | $19,946,363 | $— | $— | ||||
| Polen Global SMID Company Growth Fund | ||||||||
| Assets | ||||||||
| Common Stocks | ||||||||
| Australia | $177,149 | $— | $177,149 | $— | ||||
| China | 611,971 | 611,971 | — | — | ||||
| Germany | 401,190 | — | 401,190 | — | ||||
| Hungary | 118,693 | — | 118,693 | — | ||||
| Japan | 243,369 | — | 243,369 | — | ||||
| Luxembourg | 352,449 | — | 352,449 | — | ||||
| Netherlands | 718,666 | 513,638 | 205,028 | — | ||||
| Taiwan | 364,744 | — | 364,744 | — | ||||
| United Kingdom | 1,003,114 | 1,003,114 | — | — | ||||
| United States | 5,988,887 | 5,988,887 | — | — | ||||
| Uruguay | 747,909 | 747,909 | — | — | ||||
| Short-Term Investment | 157,763 | 157,763 | — | — | ||||
| Total Assets | $10,885,904 | $9,023,282 | $1,862,622 | $— | ||||
23
POLEN FUNDS
Notes to the Quarterly Portfolio of Investments (Continued)
January 31, 2024
(Unaudited)
| Funds | Total Value at 01/31/24 | Level 1 Quoted Price | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
| Polen Emerging Markets ex China Growth Fund | ||||||||
| Assets | ||||||||
| Common Stocks | ||||||||
| Brazil | $94,557 | $94,557 | $— | $— | ||||
| Cambodia | 38,748 | — | 38,748 | — | ||||
| Hungary | 77,845 | — | 77,845 | — | ||||
| India | 303,847 | — | 303,847 | — | ||||
| Indonesia | 58,022 | — | 58,022 | — | ||||
| Mexico | 150,185 | 150,185 | — | — | ||||
| Philippines | 25,782 | — | 25,782 | — | ||||
| Poland | 70,153 | — | 70,153 | — | ||||
| Singapore | 64,974 | 64,974 | — | — | ||||
| South Africa | 95,118 | 95,118 | — | — | ||||
| Taiwan | 187,537 | — | 187,537 | — | ||||
| Thailand | 26,381 | — | 26,381 | — | ||||
| Uruguay | 195,797 | 195,797 | — | — | ||||
| Vietnam | 188,974 | — | 188,974 | — | ||||
| Short-Term Investment | 59,424 | 59,424 | — | — | ||||
| Total Assets | $1,637,344 | $660,055 | $977,289 | $— | ||||
| Polen Bank Loan Fund | ||||||||
| Assets | ||||||||
| Senior Loans* | $7,401,248 | $— | $7,401,248 | $— | ||||
| Corporate Bonds* | 1,239,789 | — | 1,239,789 | — | ||||
| Total Assets | $8,641,037 | $— | $8,641,037 | $— | ||||
| Polen U.S. High Yield Fund | ||||||||
| Assets | ||||||||
| Corporate Bonds* | $2,407,939 | $— | $2,407,939 | $— | ||||
| Senior Loans* | 396,686 | — | 396,686 | — | ||||
| Total Assets | $2,804,625 | $— | $2,804,625 | $— | ||||
| * | Please refer to Portfolio of Investments for further details on portfolio holdings. |
At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third-party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds’ investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially
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POLEN FUNDS
Notes to the Quarterly Portfolio of Investments (Concluded)
January 31, 2024
(Unaudited)
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.
For the period ended January 31, 2024, there were no transfers in or out of Level 3.
For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.
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