Polen Bank Loan

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 Morningstar LSTA U.S. Leveraged Loan Index is used for comparative purposes only. The benchmark is a rules-based index composed of loans that meet the following inclusion rules; senior secured, minimum initial term of one year, initial minimum spread of LIBOR +125 basis points at inception, minimum size of $50 million, and U.S. dollar-denominated. The volatility and other material characteristics of the indices referenced may be materially different from the performance achieved. Holdings of portfolios pursuing the strategy may be materially different from those within the index. Indices are unmanaged.

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 Bank Loan Composite that Polen Credit has deemed the most representative of the accounts managed by Polen Credit pursuing the Bank Loan Composite investment strategy. Contractual investment guidelines and length of track record are the most important factors in determining a representative account for the Bank Loan 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: Jensen's Alpha measures the incremental return of a portfolio above the expected return, adjusted for market risk and using the return on a 3-month U.S. Treasury bill as the risk-free rate baseline. Alpha has been annualized for periods greater than one year. 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.

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