Polen U.S. High Yield

Polen Capital Credit, LLC, a wholly-owned subsidiary of Polen Capital Management, LLC, is an investment adviser registered with the SEC. Please find Polen Capital Credit, LLC‘s Form ADV linked here.

Polen Capital Credit, LLC claims compliance with the Global Investment Performance Standards (GIPS). This presentation is supplemental information to the fully compliant GIPS Composite Report performance disclosure on the Materials tab.

All performance is calculated in US Dollars. Past performance is not indicative of future results.

The benchmark, the ICE BofA U.S. High Yield Index, tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market  The ICE BofA U.S. High Yield Index data referenced herein is in the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its Third Party Suppliers and has been licensed for use by Polen Capital. ICE Data and its Third Party Suppliers accept no liability in connection with its use. Please contact Polen Capital for a full copy of the Disclaimer. The index does not bear any fees and expenses, nor does it reflect the Composite’s specific investment restrictions and guidelines; accordingly, investments made by Polen Capital on behalf of the portfolios within the Composite will differ from those of the benchmark and will not have the same investment strategy. An investor can not directly invest in such index, and therefore the index returns are comparable to Composite returns calculated on a fully gross, and not net, basis; however, investment results will differ from those of this index. The benchmark data is used for comparative purposes only. The index does not bear any fees and expenses, nor does it reflect the U.S. High Yield Composite’s specific investment restrictions and guidelines; accordingly, investments made by Polen Capital on behalf of the portfolios within the U.S. High Yield Composite will differ from those of the benchmark and will not have the same investment strategy. An investor can not directly invest in such index, and therefore the index returns are comparable to U.S. High Yield Composite returns calculated on a fully gross, and not net, basis; however, investment results will differ from those of this index. The benchmark data is used for comparative purposes only.

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.

All portfolio characteristics set forth above are based on a representative account within the Polen Credit U.S. High Yield Composite that Polen Credit has deemed the most representative of the accounts managed by Polen Credit pursuing the U.S. High Yield Composite investment strategy. Contractual investment guidelines and length of track record are the most important factors in determining a representative account for the Polen Credit U.S. High Yield Composite strategy. The characteristics are included as supplemental information and complement a GIPS Composite Report.

Portfolio characteristics are shown as of the stated date. There can be no guarantee that the portfolio will exhibit identical or similar characteristics to those shown at any future time of investment. Investments are subject to risks, including the possibility that the value of any investment (and income derived thereof (if any)) can increase, decrease, or in some cases, be entirely lost and investors may not get back the amount originally invested. This document does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. The views and strategies described may not be suitable for all clients.

Alpha: the excess return of an investment relative to the return of the benchmark. 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. Information Ratio: a measurement of portfolio returns relative to a given benchmark. 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.

Average Rating: The average rating characteristic is calculated Polen Credit. It is not an S&P credit rating or a rating issued from a ratings agency, and is not a credit opinion. Average Blended Yield: is a market value-weighted average of (i) for securities trading at or above par, yield to worst for bonds, and yield to three-year take out for loans, and (ii) for bonds and loans trading at a discount, yield to maturity. With respect to the benchmark, yield is shown as yield to worst. Average Price: a market value weighted average price which is calculated only for the fixed income portion of the account. Adjusted Effective Duration: statistic provided is calculated by taking a weighted average of (i) modified duration to next reset date for all floating rate instruments, and (ii) effective duration for all fixed coupon instruments. With respect to the benchmark, duration is shown as effective duration. Loan-to-Value (LTV): is defined as the market value of the reference class of debt in which a portfolio has invested at time of purchase, divided by the intrinsic value of the issuer.