Polen Global SMID Company Growth – Institutional

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 receive this fact sheet. Actual holding and percentage allocation in individual client portfolios may vary and are subject to change. 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. A list of all securities held in this portfolio in the prior year is available upon request.

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. 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. EPS 5 Yr CAGR: 5 Year Compound Annual Growth Rate, or CAGR, of the company’s diluted earnings per share (EPS). Net Debt / EBITDA: is a measurement of leverage, calculated as a company’s interest-bearing liabilities minus cash or cash equivalents, divided by its EBITDA. P/E Forward: denotes the weighted harmonic average of all the P/E’s of the securities in the fund’s portfolio. Return on Equity: assesses a company’s net income divided by its shareholders’ equity. 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.

The MSCI ACWI SMID Cap is a market capitalization weighted equity index that measures the performance of the mid and small-cap segments across developed and emerging market countries. The index is maintained by Morgan Stanley Capital International. The volatility and other material characteristics of the indices referenced may be materially different from the performance achieved by an individual investor.  In addition, an investor’s holdings may be materially different from those within the index.  Indices are unmanaged and one cannot invest directly in an index.

ESG Risk: The Adviser 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. The risk that the investment techniques and risk analyses applied by the investment adviser, including but not limited to the Adviser’s integration of ESG factors into its research analysis, will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the investment adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved.

Mutual fund investing involves risk, including possible loss of principal. The Fund is non-diversified, which means that a large portion of the Fund’s assets may be invested in one or few companies or sectors. The Fund could fluctuate in value more than a diversified fund. Small- and mid-capitalization companies tend to have limited liquidity and greater price volatility than large capitalization companies. The Fund may invest a substantial amount of its assets in issuers located in a limited number of countries. If the Fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries will have a significant impact on its investment performance. The Fund’s investment performance may also be more volatile if it concentrates its investments in certain countries, especially emerging market countries.

Investors should consider the investment objectives, risks, charges and expenses of the Polen Global SMID Company Growth Fund carefully before investing. A prospectus with this and other information about the Fund may be obtained by calling 1-888-678-6024 or visiting the Materials tab. It should be read carefully before investing.

All performance is calculated in US Dollars. The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Returns are presented net of management fees and include the reinvestment of all income.

Polen Funds are distributed by Foreside Funds Distributors LLC., not affiliated with Polen Capital Management.