POLEN GROWTH FUND
Portfolio of Investments
January 31, 2021
(Unaudited)
See accompanying Notes to the Quarterly Portfolio of Investments.
1
POLEN GLOBAL GROWTH FUND
Portfolio of Investments
January 31, 2021
(Unaudited)
See accompanying Notes to the Quarterly Portfolio of Investments.
2
POLEN INTERNATIONAL GROWTH FUND
Portfolio of Investments
January 31, 2021
(Unaudited)
See accompanying Notes to the Quarterly Portfolio of Investments.
3
POLEN U.S. SMALL COMPANY GROWTH FUND
Portfolio of Investments
January 31, 2021
(Unaudited)
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)
| * | 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)
See accompanying Notes to the Quarterly Portfolio of Investments.
6
POLEN GLOBAL EMERGING MARKETS GROWTH FUND
Portfolio of Investments
January 31, 2021
(Unaudited)
See accompanying Notes to the Quarterly Portfolio of Investments.
7
POLEN GLOBAL EMERGING MARKETS GROWTH FUND
Portfolio of Investments (Concluded)
January 31, 2021
(Unaudited)
| * | 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 |
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| Polen Growth Fund |
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| Investments in Securities* |
$ | 9,077,234,079 | $ | 9,077,234,079 | $ | — | $ | — | ||||||||
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| Polen Global Growth Fund |
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| 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 | — | — | ||||||||||||
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| Total |
$ | 533,897,237 | $ | 396,613,659 | $ | 137,283,578 | $ | — | ||||||||
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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 |
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| Polen International Growth Fund |
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| 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 | — | — | ||||||||||||
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| Total |
$ | 388,762,665 | $ | 159,043,929 | $ | 229,718,736 | $ | — | ||||||||
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| Polen U.S. Small Company Growth Fund |
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| Investments in Securities* |
$ | 105,487,794 | $ | 105,487,794 | $ | — | $ | — | ||||||||
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| Polen International Small Company Growth Fund |
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| 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 |
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| 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 | — | ||||||||||||
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| Total |
$ | 26,525,701 | $ | 8,389,440 | $ | 18,136,261 | $ | — | ||||||||
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| Polen Global Emerging Markets Growth Fund |
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| 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 | — | ||||||||||||
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| Total |
$ | 16,938,229 | $ | 4,363,629 | $ | 12,574,600 | $ | — | ||||||||
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| * | 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