NPORT-EX 2 MB48PolenUSSmCoGr.htm HTML

POLEN GROWTH FUND

Portfolio of Investments

January 31, 2021

(Unaudited)

 

     Number
   of Shares   		     Value  

COMMON STOCKS — 95.4%

 

  

Biotechnology — 1.7%

     

Regeneron Pharmaceuticals, Inc.*

      316,591     $ 159,511,209  
    

 

 

  

Credit Services — 13.2%

     

Mastercard, Inc., Class A

      1,312,539       415,142,960  

PayPal Holdings, Inc.*

      1,779,713       417,004,553  

Visa, Inc., Class A

      2,171,431       419,629,041  
    

 

 

  
       1,251,776,554  
    

 

 

  

Diagnostics & Research — 2.6%

 

  

Illumina, Inc.*

      581,777       248,092,984  
    

 

 

  

Discount Stores — 0.5%

 

  

Dollar General Corp.

      242,106       47,116,249  
    

 

 

  

Drug Manufacturers - Specialty & Generic — 4.2%

 

Zoetis, Inc.

      2,614,539       403,292,641  
    

 

 

  

Financial Data & Stock Exchanges — 1.3%

 

MSCI, Inc.

      307,250       121,455,925  
    

 

 

  

Footwear & Accessories — 2.2%

 

  

NIKE, Inc., Class B

      1,596,539       213,281,645  
    

 

 

  

Healthcare Plans — 2.9%

 

  

UnitedHealth Group, Inc.

      831,248       277,287,708  
    

 

 

  

Information Technology Services — 6.6%

 

Accenture PLC, Class A

      1,682,467       407,022,417  

Gartner, Inc.*

      1,461,214       221,973,019  
    

 

 

  
       628,995,436  
    

 

 

  

Internet Content & Information — 17.5%

 

Alphabet, Inc., Class A*

      119,887       219,076,708  

Alphabet, Inc., Class C*

      380,341       698,207,187  

Facebook, Inc., Class A*

      2,893,651       747,516,863  
    

 

 

  
       1,664,800,758  
    

 

 

  
     Number
   of Shares   		     Value  

COMMON STOCKS — (Continued)

 

  

Medical Devices — 9.2%

 

Abbott Laboratories

      4,710,560     $ 582,178,110  

Align Technology, Inc.*

      562,813       295,690,694  
    

 

 

  
       877,868,804  
    

 

 

  

Medical Instruments & Supplies — 2.0%

 

Intuitive Surgical, Inc.*

      248,105       185,493,222  
    

 

 

  

Restaurants — 3.2%

 

Starbucks Corp.

      3,152,371       305,181,037  
    

 

 

  

Software Application — 13.3%

 

Autodesk, Inc.*

      1,231,756       341,726,067  

salesforce.com, Inc.*

      2,201,882       496,656,504  

ServiceNow, Inc.*

      795,346       432,000,133  
    

 

 

  
       1,270,382,704  
    

 

 

  

Software Infrastructure — 15.0%

 

Adobe, Inc.*

      1,354,556       621,429,656  

Microsoft Corp.

      3,454,335       801,267,547  
    

 

 

  
       1,422,697,203  
    

 

 

  

TOTAL COMMON STOCKS
(Cost $5,502,614,838)

 

     9,077,234,079  
    

 

 

  

TOTAL INVESTMENTS - 95.4%
(Cost $5,502,614,838)

 

     9,077,234,079  

OTHER ASSETS IN EXCESS OF
LIABILITIES - 4.6%

 

     440,284,406  
    

 

 

  

NET ASSETS - 100.0%

      $ 9,517,518,485  
    

 

 

  

 

 

*

Non-income producing.

 

PLC

Public Limited Corporation

 

 

See accompanying Notes to the Quarterly Portfolio of Investments.

 

1

POLEN GLOBAL GROWTH FUND

Portfolio of Investments

January 31, 2021

(Unaudited)

 

     Number
   of Shares   		     Value  

COMMON STOCKS — 97.5%

 

  

Australia — 2.4%

     

CSL, Ltd.

      62,637     $       12,986,001  
    

 

 

  

China — 12.8%

 

Alibaba Group Holding, Ltd., SP ADR*

      138,819       35,236,427  

Tencent Holdings, Ltd.

      392,420       34,965,920  
    

 

 

  
       70,202,347  
    

 

 

  

Denmark — 1.1%

     

Coloplast A/S, Class B

      41,511       6,196,261  
    

 

 

  

France — 2.3%

     

LVMH Moet Hennessy Louis Vuitton SE

      20,374       12,318,029  
    

 

 

  

Germany — 7.9%

     

adidas AG*

      30,939       9,810,107  

SAP SE

      163,768       20,780,206  

Siemens Healthineers AG

      230,180       12,908,831  
    

 

 

  
       43,499,144  
    

 

 

  

Ireland — 3.6%

     

Accenture PLC, Class A

      81,506       19,717,932  
    

 

 

  

Spain — 1.7%

     

Industria De Diseno Textil SA

      319,232       9,467,851  
    

 

 

  

Switzerland — 3.3%

     

Nestle SA, Registered Shares

      159,241       17,850,372  
    

 

 

  

United States — 62.4%

     

Abbott Laboratories

      276,972       34,230,969  

Adobe, Inc.*

      66,416       30,469,668  

Align Technology, Inc.*

      35,475       18,637,856  

Alphabet, Inc., Class C*

      18,872       34,644,085  
     Number
   of Shares   		     Value  

COMMON STOCKS — (Continued)

 

  

United States — (Continued)

 

Autodesk, Inc.*

      83,773     $ 23,241,143  

Automatic Data Processing, Inc.

      48,530       8,013,274  

Estee Lauder Cos, Inc. (The), Class A

      34,715       8,215,305  

Facebook, Inc., Class A*

      89,808       23,200,101  

Mastercard, Inc., Class A

      70,937       22,436,664  

Microsoft Corp.

      198,485       46,040,581  

NIKE, Inc., Class B

      92,830       12,401,160  

PayPal Holdings, Inc.*

      115,466       27,054,838  

Starbucks Corp.

      186,408       18,046,158  

Visa, Inc., Class A

      104,149       20,126,794  

Zoetis, Inc.

      96,601       14,900,704  
    

 

 

  
       341,659,300  
    

 

 

  

TOTAL COMMON STOCKS
(Cost $406,318,001)

 

     533,897,237  
    

 

 

  

TOTAL INVESTMENTS - 97.5%
(Cost $406,318,001)

 

     533,897,237  

OTHER ASSETS IN EXCESS OF
LIABILITIES - 2.5%

 

     13,792,547  
    

 

 

  

NET ASSETS - 100.0%

      $     547,689,784  
    

 

 

  

 

 

*

Non-income producing.

 

PLC

     

Public Limited Corporation

SP ADR

     

Sponsored American Depository Receipt

 

 

See accompanying Notes to the Quarterly Portfolio of Investments.

 

2

POLEN INTERNATIONAL GROWTH FUND

 

Portfolio of Investments

January 31, 2021

(Unaudited)

 

     Number
   of Shares   		     Value  

COMMON STOCKS — 94.5%

 

  

Australia — 4.6%

     

CSL, Ltd.

      91,882     $      19,049,120  
    

 

 

  

China — 22.1%

 

Alibaba Group Holding, Ltd., SP ADR*

      135,169       34,309,947  

New Oriental Education & Technology Group, Inc., SP ADR*

      123,685       20,717,238  

Tencent Holdings, Ltd.

      401,250       35,752,703  
    

 

 

  
       90,779,888  
    

 

 

  

Denmark — 0.9%

     

Coloplast A/S, Class B

      23,850       3,560,040  
    

 

 

  

France — 5.3%

     

Dassault Systemes SE

      44,178       8,818,968  

LVMH Moet Hennessy Louis Vuitton SE

      21,207       12,821,657  
    

 

 

  
       21,640,625  
    

 

 

  

Germany — 13.6%

     

adidas AG*

      57,428       18,209,212  

SAP SE

      157,257       19,954,038  

Siemens Healthineers AG

     318,932       17,886,171  
    

 

 

  
       56,049,421  
    

 

 

  

Ireland — 20.3%

     

Accenture PLC, Class A

      78,630       19,022,170  

Experian PLC

      409,927       14,328,026  

ICON PLC*

      144,002       29,349,048  

Medtronic PLC

      187,294       20,851,441  
    

 

 

  
       83,550,685  
    

 

 

  

Israel — 2.4%

     

Check Point Software Technologies, Ltd.*

      78,628       10,043,941  
    

 

 

  

Mexico — 1.7%

     

Wal-Mart de Mexico SAB de CV

      2,516,472       7,165,543  
    

 

 

  
     Number
   of Shares   		     Value  

COMMON STOCKS — (Continued)

 

  

Spain — 4.1%

 

Amadeus IT Group SA

      96,295     $ 6,147,790  

Industria De Diseno Textil SA

      363,107       10,769,106  
    

 

 

  
       16,916,896  
    

 

 

  

Switzerland — 5.2%

     

Nestle SA, Registered Shares

      90,994       10,200,117  

Temenos AG, Registered Shares

      88,343       11,155,247  
    

 

 

  
       21,355,364  
    

 

 

  

United Kingdom — 10.0%

     

Bunzl PLC

      385,189       12,364,450  

Sage Group PLC (The)

      1,992,214       16,041,376  

Unilever PLC

      217,332       12,660,715  
    

 

 

  
       41,066,541  
    

 

 

  

United States — 4.3%

     

Aon PLC, Class A

      86,581       17,584,601  
    

 

 

  

TOTAL COMMON STOCKS
(Cost $325,428,016)

 

     388,762,665  
    

 

 

  

TOTAL INVESTMENTS - 94.5%
(Cost $325,428,016)

 

     388,762,665  

OTHER ASSETS IN EXCESS OF
LIABILITIES - 5.5%

 

     22,587,277  
    

 

 

  

NET ASSETS - 100.0%

      $     411,349,942  
    

 

 

  

 

 

*

Non-income producing.

 

PLC

     

Public Limited Corporation

SP ADR

     

Sponsored American Depository Receipt

 

 

See accompanying Notes to the Quarterly Portfolio of Investments.

 

3

POLEN U.S. SMALL COMPANY GROWTH FUND

Portfolio of Investments

January 31, 2021

(Unaudited)

 

     Number
of Shares		      Value  

COMMON STOCKS — 96.7%

      

Building Products & Equipment — 3.7%

 

   

Trex Co., Inc.*

      43,482      $         3,990,343  
     

 

 

  

Capital Markets — 2.6%

 

   

Houlihan Lokey, Inc.

      44,044        2,856,254  
     

 

 

  

Consulting Services — 3.7%

 

   

Exponent, Inc.

      48,659        4,018,260  
     

 

 

  

Diagnostics & Research — 3.6%

 

   

Medpace Holdings, Inc.*

      29,175        3,874,148  
     

 

 

  

Health Information Services — 3.6%

 

   

Simulations Plus, Inc.

      49,885        3,947,899  
     

 

 

  

Home Improvement Retail — 4.5%

 

   

Floor & Decor Holdings, Inc., Class A*

      52,990        4,878,789  
     

 

 

  

Household & Personal Products — 3.2%

 

   

Helen of Troy Ltd.*

      14,113        3,447,100  
     

 

 

  

Insurance - Diversified — 3.9%

 

   

Goosehead Insurance, Inc., Class A

      32,189        4,300,451  
     

 

 

  

Internet Retail — 10.1%

 

   

Etsy, Inc.*

      27,204        5,416,044  

Revolve Group, Inc.*

      150,208        5,581,729  
     

 

 

  
        10,997,773  
     

 

 

  

Leisure — 3.5%

 

   

YETI Holdings, Inc.*

      58,545        3,853,432  
     

 

 

  

Medical Care Facilities — 2.9%

 

   

AMN Healthcare Services, Inc.*

      43,666        3,149,192  
     

 

 

  

Mortgage Finance — 1.8%

 

   

LendingTree, Inc.*

      6,117        1,991,206  
     

 

 

  

Recreational Vehicles — 7.4%

 

   

Fox Factory Holding Corp.*

      43,952        5,258,417  
     Number
of Shares		      Value  

COMMON STOCKS — (Continued)

 

Recreational Vehicles — (Continued)

 

   

Malibu Boats, Inc., Class A*

      40,093      $ 2,810,920  
     

 

 

  
                8,069,337  
     

 

 

  

Restaurants — 4.5%

 

   

Wingstop, Inc.

      32,751        4,914,288  
     

 

 

  

Software Application — 16.7%

 

   

Alarm.com Holdings, Inc.*

     49,415        4,591,642  

Appfolio, Inc., Class A*

      27,766        4,242,923  

Envestnet, Inc.*

      26,642        2,044,241  

Globant SA*

      23,059        4,427,328  

Paylocity Holding Corp.*

      15,808        2,963,368  
     

 

 

  
        18,269,502  
     

 

 

  

Software Infrastructure — 16.6%

 

   

Altair Engineering, Inc., Class A*

      45,740        2,558,238  

Blackline, Inc.*

      46,679        6,050,532  

Endava PLC, SP ADR*

      38,591        3,051,004  

Euronet Worldwide, Inc.*

      18,728        2,340,251  

Qualys, Inc.*

      29,737        4,117,682  
     

 

 

  
        18,117,707  
     

 

 

  

Specialty Chemicals — 4.4%

 

   

WD-40 Co.

      15,808        4,812,113  
     

 

 

  

TOTAL COMMON STOCKS
(Cost $74,691,236)

 

      105,487,794  
     

 

 

  
 

 

See accompanying Notes to the Quarterly Portfolio of Investments.

4

POLEN U.S. SMALL COMPANY GROWTH FUND

Portfolio of Investments (Concluded)

January 31, 2021

(Unaudited)

 

 

     Value  

TOTAL INVESTMENTS - 96.7%
(Cost $74,691,236)

    $ 105,487,794  
  

 

 

  

OTHER ASSETS IN EXCESS OF
LIABILITIES - 3.3%

      3,636,118  
  

 

 

  

NET ASSETS - 100.0%

    $     109,123,912  
  

 

 

  
 

 

*

Non-income producing.

PLC

   

Public Limited Corporation

SP ADR

   

Sponsored American Depository Receipt

 

See accompanying Notes to the Quarterly Portfolio of Investments.

5

POLEN INTERNATIONAL SMALL COMPANY GROWTH FUND

Portfolio of Investments

January 31, 2021

(Unaudited)

 

     Number
    of Shares    		      Value  

COMMON STOCKS — 97.4%

 

   

Argentina — 4.0%

      

Globant SA*

      5,642      $ 1,083,264  
     

 

 

  

Australia — 6.5%

      

Cochlear, Ltd.

      5,270        792,393  

Technology One, Ltd.

      147,632        969,514  
     

 

 

  
                1,761,907  
     

 

 

  

Canada — 9.0%

      

Altus Group, Ltd.

      21,838        835,949  

Kinaxis, Inc.*

      6,890        956,437  

TMX Group, Ltd.

      6,869        662,539  
     

 

 

  
        2,454,925  
     

 

 

  

Denmark — 8.2%

      

Netcompany Group A/S*

      17,990        1,678,270  

SimCorp A/S

      4,219        546,083  
     

 

 

  
        2,224,353  
     

 

 

  

Germany — 13.6%

      

CompuGroup Medical SE & Co. KGaA

      17,505        1,726,988  

CTS Eventim AG & Co. KGaA*

      21,560        1,272,021  

Scout24 AG

      9,078        700,928  
     

 

 

  
        3,699,937  
     

 

 

  

Italy — 3.3%

      

Amplifon SpA*

      22,617        896,506  
     

 

 

  

Japan — 10.7%

      

Benefit One, Inc.

      16,200        459,196  

Kakaku.com, Inc.

      47,000        1,361,238  

Smaregi, Inc.*

      24,215        1,109,666  
     

 

 

  
        2,930,100  
     

 

 

  

Jersey — 2.6%

      

Sanne Group PLC

      95,475        721,865  
     

 

 

  

Mexico — 3.6%

      

Bolsa Mexicana de Valores
SAB de CV

      441,558        990,431  
     

 

 

  
     Number
    of Shares    		      Value  

COMMON STOCKS — (Continued)

 

   

South Korea — 6.2%

      

Douzone Bizon Co. Ltd.

      12,400      $ 1,104,713  

Koh Young Technology, Inc.*

      6,155        589,349  
     

 

 

  
                1,694,062  
     

 

 

  

Sweden — 6.6%

      

Cellavision AB*

      14,260        505,806  

Thule Group AB (The)*

      22,365        829,337  

Vitrolife AB*

      17,180        454,057  
     

 

 

  
        1,789,200  
     

 

 

  

Switzerland — 3.2%

      

Tecan Group AG

      1,800        870,906  
     

 

 

  

Taiwan — 2.5%

      

Poya International Co., Ltd.

      32,900        679,803  
     

 

 

  

United Kingdom — 17.4%

      

Auto Trader Group PLC

      120,440        928,541  

Endava PLC, SP ADR*

      16,257        1,285,278  

GB Group PLC

      81,858        960,070  

HomeServe PLC

      74,704        1,064,960  

Rightmove PLC*

      59,810        489,593  
     

 

 

  
        4,728,442  
     

 

 

  

TOTAL COMMON STOCKS
(Cost $22,685,146)

 

      26,525,701  
     

 

 

  

TOTAL INVESTMENTS - 97.4%
(Cost $22,685,146)

 

      26,525,701  

OTHER ASSETS IN EXCESS OF
LIABILITIES - 2.6%

 

      709,849  
     

 

 

  

NET ASSETS - 100.0%

       $ 27,235,550  
     

 

 

  

 

*

Non-income producing.

 

PLC

   

Public Limited Corporation

SP ADR

   

Sponsored American Depository Receipt

 

 

See accompanying Notes to the Quarterly Portfolio of Investments.

6

POLEN GLOBAL EMERGING MARKETS GROWTH FUND

Portfolio of Investments

January 31, 2021

(Unaudited)

 

     Number
   of Shares   		      Value  

COMMON STOCKS — 87.9%

 

   

Argentina — 2.5%

      

MercadoLibre, Inc.*

      271      $           482,247  
     

 

 

  

Brazil — 3.9%

      

Raia Drogasil SA

      166,400        757,276  
     

 

 

  

Cambodia — 2.4%

      

NagaCorp, Ltd.

      400,000        454,141  
     

 

 

  

China — 29.9%

      

Alibaba Group Holding, Ltd.*

      31,400        996,464  

ANTA Sports Products, Ltd.

      25,000        411,713  

Autohome, Inc., ADR

      6,840        753,973  

Inner Mongolia Yili Industrial Group Co., Ltd., Class A

      57,574        392,884  

NetEase, Inc.

      44,600        1,016,170  

Ping An Healthcare and Technology Co., Ltd.*

      47,000        581,513  

Tencent Music Entertainment Group, ADR*

      21,754        578,657  

Tingyi Cayman Islands Holding Corp.

      350,000        695,465  

Zhejiang Supor Co., Ltd., Class A

      26,805        329,830  
     

 

 

  
        5,756,669  
     

 

 

  

Hong Kong — 2.3%

      

Vitasoy International Holdings, Ltd.

      100,000        435,208  
     

 

 

  

India — 13.5%

      

Bajaj Auto, Ltd.

      4,340        238,022  

Britannia Industries, Ltd.

      8,390        401,719  

Colgate-Palmolive India, Ltd.

      38,560        845,936  

HDFC Bank, Ltd.*

      21,510        410,488  
     Number
   of Shares   		      Value  

COMMON STOCKS — (Continued)

 

   

India — (Continued)

      

Titan Co., Ltd.

      16,670      $           323,843  

United Spirits, Ltd.*

      46,960        371,709  
     

 

 

  
        2,591,717  
     

 

 

  

Mexico — 2.8%

      

Fomento Economico Mexicano SAB de CV

      79,900        544,126  
     

 

 

  

Netherlands — 7.1%

      

Prosus NV*

      11,700        1,366,921  
     

 

 

  

Philippines — 1.6%

      

Universal Robina Corp.

      111,100        311,751  
     

 

 

  

Russia — 10.0%

      

Mail.Ru Group, Ltd., GDR*

      26,280        684,623  

Yandex NV, Class A*

      19,913        1,247,350  
     

 

 

  
        1,931,973  
     

 

 

  

South Africa — 3.0%

      

Discovery, Ltd.

      22,550        191,148  

Mr Price Group, Ltd.

      33,740        383,382  
     

 

 

  
        574,530  
     

 

 

  

Taiwan — 3.0%

      

President Chain Store Corp.

      61,000        581,235  
     

 

 

  

Thailand — 1.2%

      

Home Product Center PCL

      521,000        237,582  
     

 

 

  

Vietnam — 4.7%

      

Phu Nhuan Jewelry JSC

      162,300        582,083  

Vietnam Dairy Products JSC

      74,400        330,770  
     

 

 

  
        912,853  
     

 

 

  

TOTAL COMMON STOCKS
(Cost $16,538,801)

 

      16,938,229  
     

 

 

  
 

 

See accompanying Notes to the Quarterly Portfolio of Investments.

7

POLEN GLOBAL EMERGING MARKETS GROWTH FUND

Portfolio of Investments (Concluded)

January 31, 2021

(Unaudited)

 

         
Value		  

TOTAL INVESTMENTS - 87.9%
(Cost $16,538,801)

    $ 16,938,229  

OTHER ASSETS IN EXCESS OF LIABILITIES - 12.1%

      2,335,637  
  

 

 

  

NET ASSETS - 100.0%

    $       19,273,866  
  

 

 

  

 

 

 

*

Non-income producing.

 

ADR

   

American Depository Receipt

GDR

   

Global Depository Receipt

JSC

   

Joint Stock Company

PCL

   

Public Company Limited

 

See accompanying Notes to the Quarterly Portfolio of Investments.

8

POLEN GROWTH FUNDS

Notes to the Quarterly Portfolio of Investments

January 31, 2021

(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 International Small Company Growth Fund and Polen Global Emerging Markets Growth 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 closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are generally valued at amortized cost, provided such amount approximates fair value. 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). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Trust’s Board of Trustees (“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. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

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 methodologies 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.

 

9

POLEN GROWTH FUNDS

Notes to the Quarterly Portfolio of Investments (Continued)

January 31, 2021

(Unaudited)

 

Significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that foreign markets close (where the security is principally traded) and the time that each Fund calculates its NAV (generally, the close of the NYSE) that may impact the value of securities traded in these foreign markets. As a result, each Fund fair values foreign securities using an independent pricing service which considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange traded funds and certain indexes as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy.

Securities listed on a non-U.S. exchange are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees and categorized as Level 2 investments within the hierarchy. The fair valuations for these securities may not be the same as quoted or published prices of the securities on their primary markets. Securities for which daily fair value prices from the independent fair value pricing service are not available are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of valuation time, as provided by an independent pricing service approved by the Board of Trustees.

The following is a summary of the inputs used, as of January 31, 2021, in valuing the Funds’ investments carried at fair value:

 

Funds

    Total Value
at
01/31/21		      Level 1
Quoted
Price		      Level 2
Other Significant
Observable
Inputs		      Level 3
Significant
Unobservable
Inputs		  

Polen Growth Fund

            

Investments in Securities*

    $ 9,077,234,079      $ 9,077,234,079      $ —      $                 —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Polen Global Growth Fund

            

Australia

    $ 12,986,001      $ —      $ 12,986,001      $ —  

China

      70,202,347        35,236,427        34,965,920        —  

Denmark

      6,196,261        —        6,196,261        —  

France

      12,318,029        —        12,318,029        —  

Germany

      43,499,144        —        43,499,144        —  

Ireland

      19,717,932        19,717,932        —        —  

Spain

      9,467,851        —        9,467,851        —  

Switzerland

      17,850,372        —        17,850,372        —  

United States

      341,659,300        341,659,300        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 533,897,237      $ 396,613,659      $   137,283,578      $ —  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

10

POLEN GROWTH FUNDS

Notes to the Quarterly Portfolio of Investments (Continued)

January 31, 2021

(Unaudited)

 

Funds

    Total Value
at
01/31/21		      Level 1
Quoted
Price		      Level 2
Other
Significant
Observable
Inputs		      Level 3
Significant
Unobservable
Inputs		  

Polen International Growth Fund

            

Australia

    $ 19,049,120      $ —      $ 19,049,120      $ —  

China

      90,779,888        55,027,185        35,752,703        —  

Denmark

      3,560,040        —        3,560,040        —  

France

      21,640,625        —        21,640,625        —  

Germany

      56,049,421        —        56,049,421        —  

Ireland

      83,550,685        69,222,659        14,328,026        —  

Israel

      10,043,941        10,043,941        —        —  

Mexico

      7,165,543        7,165,543        —        —  

Spain

      16,916,896        —        16,916,896        —  

Switzerland

      21,355,364        —        21,355,364        —  

United Kingdom

      41,066,541        —        41,066,541        —  

United States

      17,584,601        17,584,601        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $   388,762,665      $   159,043,929      $   229,718,736      $                 —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Polen U.S. Small Company Growth Fund

            

Investments in Securities*

    $ 105,487,794      $ 105,487,794      $ —      $ —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Polen International Small Company Growth Fund

            

Argentina

    $ 1,083,264      $ 1,083,264      $ —      $ —  

Australia

      1,761,907        —        1,761,907        —  

Canada

      2,454,925        2,454,925        —        —  

Denmark

      2,224,353        —        2,224,353        —  

Germany

      3,699,937        —        3,699,937        —  

Italy

      896,506        —        896,506        —  

Japan

      2,930,100        1,109,666        1,820,434        —  

Jersey

      721,865        —        721,865        —  

Mexico

      990,431        990,431        —        —  

South Korea

      1,694,062        —        1,694,062        —  

 

11

POLEN GROWTH FUNDS

Notes to the Quarterly Portfolio of Investments (Continued)

January 31, 2021

(Unaudited)

 

Funds

    Total Value
at
01/31/21		      Level 1 Quoted
Price		      Level 2
Other
Significant
Observable
Inputs		      Level 3
Significant
Unobservable
Inputs		  

Sweden

    $ 1,789,200      $ 505,806      $ 1,283,394      $ —  

Switzerland

      870,906        —        870,906        —  

Taiwan

      679,803        —        679,803        —  

United Kingdom

      4,728,442        2,245,348        2,483,094        —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $   26,525,701      $   8,389,440      $   18,136,261      $                 —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Polen Global Emerging Markets Growth Fund

            

Argentina

    $ 482,247      $ 482,247      $ —      $ —  

Brazil

      757,276        757,276        —        —  

Cambodia

      454,141        —        454,141        —  

China

      5,756,669        1,332,630        4,424,039        —  

Hong Kong

      435,208        —        435,208        —  

India

      2,591,717        —        2,591,717        —  

Mexico

      544,126        544,126        —        —  

Netherlands

      1,366,921        —        1,366,921        —  

Philippines

      311,751        —        311,751        —  

Russia

      1,931,973        1,247,350        684,623        —  

South Africa

      574,530        —        574,530        —  

Taiwan

      581,235        —        581,235        —  

Thailand

      237,582        —        237,582        —  

Vietnam

      912,853        —        912,853        —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $       16,938,229      $         4,363,629      $ 12,574,600      $ —  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

*

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.

 

12

POLEN GROWTH FUNDS

Notes to the Quarterly Portfolio of Investments (Concluded)

January 31, 2021

(Unaudited)

 

Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Funds to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when the Funds had 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, 2021, 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.

 

13