Polen Capital Focus U.S. Growth Fund

A summary of information about investors’ rights and collective redress mechanisms can be found in English on the Materials tab of this website.

Holdings are subject to change. The top holdings, as well as other data, are as of the period indicated and should not be considered a recommendation to purchase, hold, or sell any particular security. There is no assurance that any of the securities noted will remain in a portfolio at the time you view this webpage. It should not be assumed that any of the holdings discussed were or will prove to be profitable or that the investment recommendations or decisions we make in the future will be profitable. For a complete list of all securities held in this Fund in the prior year, please contact [email protected].

All performance is calculated in U.S. Dollars. ⁺Past performance is no indication of current or future performance. The performance data does not take account of the commissions and costs incurred on the issue and redemption of units.

The Russell 1000® Growth Index is a market capitalization weighted index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. The index is maintained by the FTSE Russell, a subsidiary of the London Stock Exchange Group. The S&P 500® Index is a market capitalization weighted index that measures 500 common equities that are generally representative of the U.S. stock market. The index is maintained by S&P Dow Jones Indices. It is impossible to invest directly in an index. The performance of an index does not reflect any transaction costs, management fees, or taxes.

Neither past experience nor the current situation are necessarily accurate guides to future growth in value or rate of return.

Active Share: a measure of the percentage of stock holdings in a manager’s portfolio that differ from the benchmark index. Alpha: the excess return of an investment relative to the return of the benchmark. Annual Turnover: percentage of the portfolio holdings that have been replaced in a given year. Beta: the measure of systemic risk of a portfolio in comparison to the market as a whole. Downside Capture: a statistical measure of overall performance relative to a benchmark during declining markets. Polen Long Term EPS Growth Estimate: a Polen Capital estimate of projected long-term earnings growth rates (Earnings Growth is not a measure of future performance). GICS Sectors: The Global Industry Classification Standard (GICS) is a system for categorizing every public company by economic sector and industry group. Information Ratio: a measurement of portfolio returns relative to a given benchmark. Net Debt / FCF ex lease: a measure of a company’s ability to pay its obligations with free cash flow excluding leases. P/E Forward: denotes the weighted harmonic average of all the P/E’s of the securities in the fund’s portfolio. Risk-Adjusted Return: a calculation of the profit or potential profit from an investment that considers the degree of risk that must be accepted in order to achieve it. Sharpe Ratio: a ratio of the return on an investment relative to its risk. Standard Deviation: measurement of the dispersion or volatility of investment returns relative to its mean or average. Upside Capture: a statistical measure of overall performance relative to a benchmark during rising markets. Weighted Average Market Cap: a weighted average of the price of each security multiplied by the number of shares outstanding for all the securities in the portfolio. ESG: ESG refers to Environmental, Social, and Governance criteria. The strategy integrates material environmental, social, and governance (ESG) factors into research analysis as part of a comprehensive evaluation of a company’s long-term financial sustainability. There is a risk that the investment techniques and risk analyses applied, including but not limited to the integration of ESG factors into the research analysis, will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available. There is no guarantee that the investment objective will be achieved. Return on Invested Capital ex Cash: assesses an investee company’s efficiency at allocating the capital and is measured by operating profit after taxes divided by investment capital excluding cash.

The management company of Polen Capital Focus U.S. Growth Fund is Amundi Ireland Limited, 1 George’s Quay Plaza, George’s Quay, Dublin 2, Ireland. Amundi Ireland Limited is authorised and regulated by the Central Bank of Ireland. Please note that the management company may decide to terminate the arrangements made for the marketing of its collective investment undertakings in a Member State of the EU in respect of which it has made a notification.

Risk factors you should consider before investing: The value of investments and any income will fluctuate and investors may not get back the full amount invested. Where the Fund’s Investment Manager has expressed views and opinions in this fact sheet, these may change. The Fund’s investments are concentrated in the U.S. This means the Fund may become more susceptible to fluctuations in value resulting from adverse economic or business conditions in the U.S., including legal, regulatory, and taxation changes. All performance data on this fact sheet are in USD currency. Changes in exchange rates may have an adverse effect on the value, price, or income of the product. Whilst the Company aims to ensure the accuracy of the data contained in the factsheet, it is provided for information purposes only. It should not be relied on as the basis for making an investment decision. Investors should consider the investment objectives, risks and expenses of any investment carefully before investing as described in the Company’s Prospectus.

The Fund has not been registered under the U.S. Investment Company Act of 1940, as amended, nor the Securities Act of 1933, as amended (the “Securities Act”).

The Fund is considered to be actively managed in reference to the Russell 1000 Growth Index and the S&P 500 Index (the “Benchmarks”) by virtue of the fact that it uses the Benchmarks for performance comparison purposes. Certain of the Fund’s securities may be components of and may have similar weightings to the Benchmarks. However, the Benchmarks are not used to define the portfolio composition of the Fund or as a performance target and the Fund may be wholly invested in securities which are not constituents of the Benchmarks.

For more product-specific information, please refer to the Sustainable Investing section of the Prospectus available at PolenCapital.com. The Sub-Fund currently has no minimum commitment to sustainable investments with an environmental objective aligned with the EU Taxonomy. Please be aware that currently the funds have no commitment to sustainable investments with an environmental objective aligned with the EU Taxonomy. However, this might change in 2023.

None of the shares may be offered or sold in the U.S. or to any U.S. person (as such term is defined in Rule 902(k) under the Securities Act).

UK Investors: Investors should read the prospectus, key investor information document, the memorandum and articles of association as well as the annual and semi-annual reports of the Company before investing, copies of which are available free of charge from the fund’s UK Facilities Agent, Polen Capital UK LLP, 1st Floor, 15-18 Austin Friars, London EC2N 2HE, United Kingdom, Tel: 442080570457, email: [email protected].

Swiss Investors: This is an advertising document. The state of the origin of the fund is Ireland. In Switzerland, the representative is ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich, whilst the paying agent is NPB Neue Privat Bank AG, Limmatquai1 / am Bellevue, CH-8024 Zurich. The prospectus, the key information documents or the key investor information documents, the articles of association as well as the annual and semi-annual reports may be obtained free of charge from the representative.

A decision may be taken at any time to terminate the arrangements made for the marketing of the Company in any EEA Member State in which it is currently marketed. In such circumstances, Shareholders in the affected EEA Member State will be notified of this decision and will be provided with the opportunity to redeem their shareholding in the Company free of any charges or deductions for at least 30 working days from the date of such notification.

This webpage is a marketing communication. Please see the Prospectus for additional information on the investment policy, objectives, and strategy of the Fund.

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10- year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10- year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The Morningstar Rating is for the share class specified only; ratings for the other share classes will vary. Past performance does not guarantee future results.

The Morningstar Sustainability Rating calculation is a three-step process. First, each fund with at least 67% of assets covered by a company-level ESG score from Sustainalytics receives a Morningstar Portfolio Sustainability Score. The Morningstar Portfolio Sustainability Score is an asset-weighted average of normalized company-level ESG scores with deductions made for controversial incidents by the issuing companies, such as environmental accidents, fraud, or discriminatory behavior. The Portfolio Sustainability Score ranges between O to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies that score well after normalization and controversy-level deductions are applied. Second, the Historical Sustainability Score is an exponential weighted moving average of the Portfolio Sustainability Scores over the past 12 months. The process rescales the current Portfolio Sustainability Score to reflect the consistency of the scores. The Historical Sustainability Score ranges between O to 100, with a higher score indicating that a fund has, on average, more of its assets invested in companies that score well after normalization and controversy-level deductions are applied, on a consistent historical basis. Third, the Morningstar Sustainability Rating is then assigned to all scored funds within Morningstar Global Categories in which at least thirty (30) funds receive a Historical Sustainability Score and is determined by each fund’s Morningstar Sustainability Rating Score rank within the following distribution: High (highest 10%); Above Average (next 22.5%); Average (next 35%); Below Average (next 22.5%); and Low (lowest 10%). The Morningstar Sustainability Rating is depicted by global icons where High equals 5 globes and Low equals 1 globe. The Morningstar Sustainability Rating is depicted by globe icons where High equals 5 globes and Low equals 1 globe. Since a Sustainability Rating is assigned to all funds that meet the above criteria, the rating it is not limited to funds with explicit sustainable or responsible investment mandates. Morningstar updates its Sustainability Ratings monthly. Portfolios receive a Morningstar Portfolio Sustainability Score and Sustainability Rating one month and six business days after their reported as-of date based on the most recent portfolio. As part of the evaluation process, Morningstar uses Sustainalytics’ ESG scores from the same month as the portfolio as-of date. Sustainalytics is an independent ESG and corporate governance research, ratings, and analysis firm and is not an affiliated company of Morningstar, Inc. Past performance does not guarantee future results.

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