NPORT-EX 2 MB46FV013122.htm
POLEN GROWTH FUND
Portfolio of Investments
January 31, 2022
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS† — 97.8%
Credit Services — 13.5%
Mastercard, Inc., Class A 1,866,709   $   721,259,023
PayPal Holdings, Inc.* 1,584,020       272,356,399
Visa, Inc., Class A 2,920,015      660,419,793
       1,654,035,215
Diagnostics & Research — 1.8%
Illumina, Inc.*   646,759      225,602,474
Drug Manufacturers - Specialty & Generic — 3.9%
Zoetis, Inc. 2,417,964      483,085,027
Entertainment — 2.2%
Netflix, Inc.*   626,907      267,777,056
Financial Data & Stock Exchanges — 1.5%
MSCI, Inc.   354,238      189,914,077
Footwear & Accessories — 2.2%
NIKE, Inc., Class B 1,789,103      264,912,481
Healthcare Plans — 3.5%
UnitedHealth Group, Inc.   923,452      436,395,712
Information Technology Services — 7.1%
Accenture PLC, Class A 1,460,709       516,477,488
Gartner, Inc.* 1,214,000      356,782,460
         873,259,948
Internet Content & Information — 20.2%
Airbnb, Inc., Class A* 3,212,974       494,701,607
Alphabet, Inc., Class A*    72,382       195,870,759
Alphabet, Inc., Class C*   374,097    1,015,288,035
Meta Platforms, Inc., Class A* 2,482,985      777,819,881
       2,483,680,282
Internet Retail — 8.6%
Amazon.com, Inc.*   353,170    1,056,497,460
Medical Devices — 7.0%
Abbott Laboratories 5,254,943       669,795,035
Align Technology, Inc.*   376,160      186,184,153
         855,979,188
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Medical Instruments & Supplies — 1.9%
Intuitive Surgical, Inc.*   835,871   $   237,537,821
Software Application — 13.7%
Autodesk, Inc.* 1,943,850       485,554,292
DocuSign, Inc.* 1,322,955       166,388,050
salesforce.com, Inc.* 2,471,732       574,999,015
ServiceNow, Inc.*   774,146      453,479,244
       1,680,420,601
Software Infrastructure — 10.7%
Adobe, Inc.* 1,142,252       610,305,244
Microsoft Corp. 2,260,796      703,062,340
       1,313,367,584
TOTAL COMMON STOCKS
(Cost $7,690,319,074) 		    12,022,464,926
TOTAL INVESTMENTS - 97.8%
(Cost $7,690,319,074) 		    12,022,464,926
OTHER ASSETS IN EXCESS OF LIABILITIES - 2.2%        272,215,631
NET ASSETS - 100.0%     $12,294,680,557
† See Note A. The industry designations set forth in the schedule above are those of the Morningstar Global Equity Classification System ("MGECS").
* Non-income producing.
PLC Public Limited Company
 
See accompanying Notes to the Quarterly Portfolio of Investments.
1

 

POLEN GLOBAL GROWTH FUND
Portfolio of Investments
January 31, 2022
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS† — 94.5%
Australia — 1.9%
CSL Ltd.  70,787   $ 13,112,776
France — 2.8%
LVMH Moet Hennessy Louis Vuitton SE  23,044    18,927,822
Germany — 10.3%
adidas AG  77,662    21,311,798
SAP SE 185,158    23,230,138
Siemens Healthineers AG 392,593    25,228,917
       69,770,853
Ireland — 9.8%
Accenture PLC, Class A  68,223    24,122,288
ICON PLC* 157,845    41,942,574
       66,064,862
Switzerland — 3.4%
Nestle SA, Registered Shares 180,021    23,247,619
United States — 66.3%
Abbott Laboratories 255,180    32,525,243
Adobe, Inc.*  87,061    46,516,692
Align Technology, Inc.*  46,907    23,217,089
Alphabet, Inc., Class C*  21,302    57,812,989
Amazon.com, Inc.*   8,521    25,490,316
Aon PLC, Class A  86,191    23,826,640
Autodesk, Inc.* 119,505    29,851,154
Automatic Data Processing, Inc.  54,620    11,261,005
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
United States — (Continued)
Mastercard, Inc., Class A  94,708   $ 36,593,277
Meta Platforms, Inc., Class A*  64,011    20,052,086
Microsoft Corp. 131,405    40,864,327
NIKE, Inc., Class B 104,980    15,544,389
PayPal Holdings, Inc.* 135,675    23,327,960
Starbucks Corp. 156,979    15,434,175
Visa, Inc., Class A 201,426    45,556,518
      447,873,860
TOTAL COMMON STOCKS
(Cost $492,862,357) 		    638,997,792
TOTAL INVESTMENTS - 94.5%
(Cost $492,862,357) 		    638,997,792
OTHER ASSETS IN EXCESS OF LIABILITIES - 5.5%      36,883,774
NET ASSETS - 100.0%     $675,881,566
† See Note A. The industry designations set forth in the schedule above are those of the Global Industry Classification Standard ("GICS").
* Non-income producing.
PLC Public Limited Company
 
See accompanying Notes to the Quarterly Portfolio of Investments.
2

 

POLEN INTERNATIONAL GROWTH FUND
Portfolio of Investments
January 31, 2022
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS† — 95.7%
Argentina — 2.5%
MercadoLibre, Inc.*     9,267   $ 10,490,800
Australia — 2.9%
CSL Ltd.    65,185    12,075,046
Canada — 0.9%
Shopify, Inc., Class A*     3,749     3,614,936
China — 6.9%
JD.com, Inc., Class A*    14,715        557,719
Shenzhou International Group Holdings Ltd.   478,843      8,884,909
Tencent Holdings Ltd.   309,020    19,363,898
       28,806,526
France — 7.4%
Dassault Systemes SE   169,394      8,191,618
Kering SA    12,097      9,033,617
LVMH Moet Hennessy Louis Vuitton SE    16,786    13,787,642
       31,012,877
Germany — 15.6%
adidas AG    75,374    20,683,931
SAP SE   139,598    17,514,128
Siemens Healthineers AG   417,916    26,856,230
       65,054,289
Ireland — 24.2%
Accenture PLC, Class A    60,500    21,391,590
Experian PLC   431,867    18,038,178
ICON PLC*   156,319    41,537,085
Medtronic PLC   193,194    19,993,647
      100,960,500
Mexico — 1.2%
Wal-Mart de Mexico SAB de CV 1,434,161     4,864,662
Netherlands — 3.6%
ASML Holding NV    22,340    15,130,756
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Spain — 2.8%
Amadeus IT Group SA*   166,562   $ 11,452,841
Sweden — 5.4%
Evolution AB   180,509    22,458,423
Switzerland — 3.3%
Temenos AG, Registered Shares   114,451    13,718,650
United Kingdom — 10.3%
Bunzl PLC   246,671      9,239,559
Sage Group PLC (The) 2,642,184    25,819,366
Unilever PLC   153,581     7,875,924
       42,934,849
United States — 7.8%
Aon PLC, Class A   117,290    32,423,648
Uruguay — 0.9%
Globant SA*    14,934     3,810,858
TOTAL COMMON STOCKS
(Cost $333,948,674) 		    398,809,661
TOTAL INVESTMENTS - 95.7%
(Cost $333,948,674) 		    398,809,661
OTHER ASSETS IN EXCESS OF LIABILITIES - 4.3%      18,103,918
NET ASSETS - 100.0%     $416,913,579
† See Note A. The industry designations set forth in the schedule above are those of the Global Industry Classification Standard ("GICS").
* Non-income producing.
PLC Public Limited Company
 
See accompanying Notes to the Quarterly Portfolio of Investments.
3

 

POLEN U.S. SMALL COMPANY GROWTH FUND
Portfolio of Investments
January 31, 2022
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS† — 98.5%
Capital Markets — 4.5%
Houlihan Lokey, Inc.  85,809   $  9,119,781
Consulting Services — 4.4%
Exponent, Inc.  94,724     8,996,886
Diagnostics & Research — 5.0%
Medpace Holdings, Inc.*  56,835    10,085,939
Health Information Services — 3.8%
Progyny, Inc.* 189,634     7,680,177
Household & Personal Products — 2.8%
Helen of Troy Ltd.*  27,489     5,754,272
Insurance - Diversified — 4.3%
Goosehead Insurance, Inc., Class A  89,709     8,843,513
Insurance - Specialty — 4.8%
Trupanion, Inc.* 102,525     9,765,506
Internet Retail — 4.8%
Revolve Group, Inc.* 196,321     9,682,552
Leisure — 3.7%
YETI Holdings, Inc.* 114,041     7,478,809
Medical Care Facilities — 4.2%
AMN Healthcare Services, Inc.*  85,066     8,620,588
Medical Instruments & Supplies — 3.4%
Warby Parker, Inc., Class A* 188,891     7,021,078
Recreational Vehicles — 8.1%
Fox Factory Holding Corp.*  85,623    11,393,853
Malibu Boats, Inc., Class A*  78,194     5,134,218
       16,528,071
Restaurants — 5.2%
Wingstop, Inc.  69,279    10,617,007
Software Application — 24.3%
Alarm.com Holdings, Inc.*  96,210      7,174,380
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Software Application — (Continued)
Appfolio, Inc., Class A*  62,778   $  7,235,792
BigCommerce Holdings, Inc.* 176,633      5,774,133
Duck Creek Technologies, Inc.* 263,185      6,724,377
Globant SA*  44,948    11,469,831
Olo, Inc., Class A* 348,622      6,118,316
Paylocity Holding Corp.*  24,331     4,963,037
       49,459,866
Software Infrastructure — 15.2%
Altair Engineering, Inc., Class A*  89,152      5,609,444
Blackline, Inc.*  91,010      8,361,088
Endava PLC, SP ADR*  78,008      9,487,333
Qualys, Inc.*  57,949     7,425,585
       30,883,450
TOTAL COMMON STOCKS
(Cost $196,961,732) 		    200,537,495
TOTAL INVESTMENTS - 98.5%
(Cost $196,961,732) 		    200,537,495
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.5%       2,951,079
NET ASSETS - 100.0%     $203,488,574
† See Note A. The industry designations set forth in the schedule above are those of the Morningstar Global Equity Classification System ("MGECS").
* Non-income producing.
PLC Public Limited Company
SP ADR Sponsored American Depository Receipt
 
See accompanying Notes to the Quarterly Portfolio of Investments.
4

 

POLEN INTERNATIONAL SMALL COMPANY GROWTH FUND
Portfolio of Investments
January 31, 2022
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS† — 95.8%
Australia — 11.2%
Cochlear Ltd.   6,670   $   914,677
Pro Medicus Ltd.  20,406       658,990
Technology One Ltd. 123,046       920,508
Temple & Webster Group Ltd.* 183,530    1,114,706
       3,608,881
Canada — 10.6%
Altus Group Ltd.  27,648    1,326,991
Kinaxis, Inc.*   8,720    1,131,065
TMX Group Ltd.   9,393      955,520
       3,413,576
Denmark — 4.0%
Netcompany Group A/S  17,555    1,289,666
Finland — 5.2%
Musti Group Oyj  55,752    1,666,233
Germany — 11.8%
CompuGroup Medical SE & Co. KGaA  19,786    1,311,465
CTS Eventim AG & Co. KGaA*  19,970    1,419,614
MYT Netherlands Parent BV, ADR*  62,371    1,068,415
       3,799,494
Italy — 2.1%
Amplifon SpA  15,707      667,643
Japan — 9.8%
Benefit One, Inc.  20,500       623,474
Cybozu, Inc.  63,600       788,955
Kakaku.com, Inc.  59,500    1,232,339
Smaregi, Inc.*  32,930      511,355
       3,156,123
South Korea — 5.4%
Douzone Bizon Co. Ltd.  15,700       695,904
Koh Young Technology, Inc.  60,555    1,042,833
       1,738,737
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Sweden — 8.0%
Cellavision AB  18,070   $   589,741
Thule Group AB (The)  28,325    1,367,147
Vitrolife AB  14,580      599,565
       2,556,453
United Kingdom — 22.0%
Auto Trader Group PLC 152,530    1,382,173
Endava PLC, SP ADR*  16,878    2,052,702
Fevertree Drinks PLC  52,962    1,519,306
GB Group PLC 103,668       925,628
Kin & Carta PLC* 379,288    1,183,442
       7,063,251
Uruguay — 5.7%
Globant SA*   7,142    1,822,496
TOTAL COMMON STOCKS
(Cost $30,522,655) 		    30,782,553
TOTAL INVESTMENTS - 95.8%
(Cost $30,522,655) 		    30,782,553
OTHER ASSETS IN EXCESS OF LIABILITIES - 4.2%      1,365,012
NET ASSETS - 100.0%     $32,147,565
† See Note A. The industry designations set forth in the schedule above are those of the Global Industry Classification Standard ("GICS").
* Non-income producing.
ADR American Depositary Receipt
PLC Public Limited Company
SP ADR Sponsored American Depository Receipt
 
See accompanying Notes to the Quarterly Portfolio of Investments.
5

 

POLEN GLOBAL EMERGING MARKETS GROWTH FUND
Portfolio of Investments
January 31, 2022
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS† — 98.5%
Argentina — 1.8%
MercadoLibre, Inc.*       347   $   392,825
Brazil — 3.2%
Raia Drogasil SA   154,700      677,637
Cambodia — 4.8%
NagaCorp Ltd. 1,284,000    1,022,406
China — 24.6%
Alibaba Group Holding Ltd.*    38,200       598,730
ANTA Sports Products Ltd.    48,000       720,733
Autohome, Inc., ADR    20,520       683,726
Inner Mongolia Yili Industrial Group Co. Ltd., Class A    96,274       580,788
NetEase, Inc.    27,700       578,362
Tencent Music Entertainment Group, ADR*   125,196       773,711
Tingyi Cayman Islands Holding Corp.   458,000       948,878
Zhejiang Supor Co. Ltd., Class A    42,605      348,621
       5,233,549
India — 21.2%
Bajaj Auto Ltd.    11,770       564,555
Britannia Industries Ltd.     8,840       420,329
Colgate-Palmolive India Ltd.    58,700    1,123,877
HDFC Bank Ltd.    40,050       805,450
Titan Co. Ltd.    24,580       783,762
United Spirits Ltd.*    69,470      811,403
       4,509,376
Mexico — 2.5%
Fomento Economico Mexicano SAB de CV    69,500      523,339
Netherlands — 3.8%
Prosus NV     9,580      797,016
Russia — 7.2%
VK Co. Ltd., GDR*    34,180       275,830
Yandex NV, Class A*    26,113    1,254,991
       1,530,821
Singapore — 5.3%
Karooooo Ltd.*    31,836    1,126,676
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
South Africa — 4.8%
Discovery Ltd.*    41,850   $   422,922
Mr Price Group Ltd.    44,740      593,380
       1,016,302
Taiwan — 4.2%
momo.com, Inc.     6,000       245,177
President Chain Store Corp.    22,000       210,125
Taiwan Semiconductor Manufacturing Co. Ltd.    19,000      439,318
         894,620
Thailand — 1.1%
Home Product Center PCL   533,500      227,680
Vietnam — 14.0%
Mobile World Investment Corp.   262,500    1,547,332
Phu Nhuan Jewelry JSC   217,300    1,008,049
Vietnam Dairy Products JSC   116,400      428,881
       2,984,262
TOTAL COMMON STOCKS
(Cost $23,457,644) 		    20,936,509
TOTAL INVESTMENTS - 98.5%
(Cost $23,457,644) 		    20,936,509
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.5%        309,434
NET ASSETS - 100.0%     $21,245,943
† See Note A. The industry designations set forth in the schedule above are those of the Global Industry Classification Standard ("GICS").
* Non-income producing.
ADR American Depositary Receipt
GDR Global Depository Receipt
JSC Joint Stock Company
PCL Public Company Limited
 
See accompanying Notes to the Quarterly Portfolio of Investments.
6

 

POLEN U.S. SMID COMPANY GROWTH FUND
Portfolio of Investments
January 31, 2022
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS† — 95.0%
Building Products & Equipment — 3.5%
Trex Co., Inc.*  9,685   $   885,887
Capital Markets — 3.9%
Houlihan Lokey, Inc.  9,201      977,882
Consulting Services — 2.6%
Exponent, Inc.  6,925      657,737
Diagnostics & Research — 3.9%
Medpace Holdings, Inc.*  5,569      988,275
Health Information Services — 2.6%
Progyny, Inc.* 16,416      664,848
Household & Personal Products — 2.3%
Helen of Troy Ltd.*  2,809      588,008
Information Technology Services — 4.9%
Globant SA*  4,891    1,248,085
Insurance - Diversified — 3.4%
Goosehead Insurance, Inc., Class A  8,716      859,223
Insurance - Specialty — 3.3%
Trupanion, Inc.*  8,765      834,866
Internet Retail — 9.9%
Etsy, Inc.*  7,506    1,179,042
Farfetch Ltd., Class A* 24,890       540,362
Revolve Group, Inc.* 16,125      795,285
       2,514,689
Leisure — 2.5%
YETI Holdings, Inc.*  9,543      625,830
Medical Instruments & Supplies — 3.2%
Warby Parker, Inc., Class A* 22,130      822,572
Recreational Vehicles — 3.7%
Fox Factory Holding Corp.*  7,118      947,192
Restaurants — 3.9%
Wingstop, Inc.  6,440      986,930
Software Application — 32.4%
Alarm.com Holdings, Inc.*  9,394       700,511
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
Software Application — (Continued)
Appfolio, Inc., Class A*  4,939   $   569,269
Aspen Technology, Inc.*  5,908       887,145
Duck Creek Technologies, Inc.* 24,599       628,504
Dynatrace, Inc.* 20,048    1,099,833
Fair Isaac Corp.*  1,840       910,782
Olo, Inc., Class A* 33,364       585,538
Paycom Software, Inc.*  3,293    1,104,143
Trade Desk, Inc. (The), Class A*  9,540       663,412
Tyler Technologies, Inc.*  2,276    1,078,369
       8,227,506
Software Infrastructure — 1.6%
Endava PLC, SP ADR*  3,270      397,698
Specialty Business Services — 3.1%
Copart, Inc.*  6,101      788,554
Specialty Retail — 4.3%
RH*  2,712    1,092,448
TOTAL COMMON STOCKS
(Cost $26,745,639) 		    24,108,230
TOTAL INVESTMENTS - 95.0%
(Cost $26,745,639) 		    24,108,230
OTHER ASSETS IN EXCESS OF LIABILITIES - 5.0%      1,260,286
NET ASSETS - 100.0%     $25,368,516
† See Note A. The industry designations set forth in the schedule above are those of the Morningstar Global Equity Classification System ("MGECS").
* Non-income producing.
PLC Public Limited Company
SP ADR Sponsored American Depository Receipt
 
See accompanying Notes to the Quarterly Portfolio of Investments.
7

 

POLEN GLOBAL SMID COMPANY GROWTH FUND
Portfolio of Investments
January 31, 2022
(Unaudited)
  Number
of Shares 		  Value
COMMON STOCKS† — 83.3%
Australia — 3.7%
Cochlear Ltd.   730   $  100,107
Pro Medicus Ltd. 2,100      67,817
        167,924
Canada — 9.0%
Altus Group Ltd. 2,145      102,952
Kinaxis, Inc.* 1,386      179,777
TMX Group Ltd. 1,178     119,834
        402,563
Denmark — 2.0%
Netcompany Group A/S 1,210      88,892
Finland — 2.5%
Musti Group Oyj 3,690     110,281
Germany — 5.9%
CompuGroup Medical SE & Co. KGaA 1,740      115,331
CTS Eventim AG & Co. KGaA* 2,138     151,985
        267,316
Japan — 6.0%
Benefit One, Inc. 3,200       97,323
Cybozu, Inc. 6,400       79,392
Kakaku.com, Inc. 4,600      95,273
        271,988
South Korea — 3.5%
Douzone Bizon Co. Ltd. 1,360       60,282
Koh Young Technology, Inc. 5,560      95,750
        156,032
Sweden — 3.3%
Thule Group AB (The) 3,080     148,661
Switzerland — 3.4%
Temenos AG, Registered Shares 1,260     151,030
United Kingdom — 7.0%
Endava PLC, SP ADR* 1,400      170,268
Fevertree Drinks PLC 5,090     146,015
        316,283
  Number
of Shares 		  Value
COMMON STOCKS — (Continued)
United States — 32.1%
Blackline, Inc.* 1,028   $   94,442
Dynatrace, Inc.* 2,322      127,385
Etsy, Inc.*   777      122,051
Fair Isaac Corp.*   313      154,932
Floor & Decor Holdings, Inc., Class A* 1,655      179,932
Goosehead Insurance, Inc., Class A 1,074      105,875
Paycom Software, Inc.*   499      167,315
Revolve Group, Inc.* 2,284      112,647
RH*   309      124,471
Tyler Technologies, Inc.*   298      141,192
YETI Holdings, Inc.* 1,726     113,191
      1,443,433
Uruguay — 4.9%
Globant SA*   855     218,179
TOTAL COMMON STOCKS
(Cost $4,044,868) 		    3,742,582
TOTAL INVESTMENTS - 83.3%
(Cost $4,044,868) 		    3,742,582
OTHER ASSETS IN EXCESS OF LIABILITIES - 16.7%       749,379
NET ASSETS - 100.0%     $4,491,961
† See Note A. The industry designations set forth in the schedule above are those of the Global Industry Classification Standard ("GICS").
* Non-income producing.
PLC Public Limited Company
SP ADR Sponsored American Depository Receipt
 
See accompanying Notes to the Quarterly Portfolio of Investments.
8

 

POLEN GROWTH FUNDS
Notes to the Quarterly Portfolio of Investments January 31, 2022
(Unaudited)
A. Portfolio Valutation:
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, Polen Global Emerging Markets Growth Fund, Polen U.S. SMID Company Growth Fund and Polen Global SMID Company 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.
The Funds have a fundamental policy with respect to industry concentration that it will not invest 25% or more of the value of the Funds’ assets in securities of issuers in any one industry. Since its inception the Funds have utilized the Bloomberg Industry Classification System (“BICS”) at the sub-industry level for defining industries for purposes of monitoring compliance with its industry concentration policy. However, at times, the Fund may utilize other industry classification systems such as MGECS or GICS, as applicable, for purposes other than compliance monitoring.
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 methodology 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.
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
9

 

POLEN GROWTH FUNDS
Notes to the Quarterly Portfolio of Investments (Continued)
January 31, 2022
(Unaudited)
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, 2022, in valuing each Fund's investments carried at fair value:
Funds   Total
Value at
01/31/22 		  Level 1
Quoted
Price 		  Level 2
Other
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Polen Growth Fund            
Assets                
Investments in Securities*   $12,022,464,926   $12,022,464,926   $—   $—
Polen Global Growth Fund            
Assets                
Common Stocks                
Australia   $13,112,776   $—   $13,112,776   $—
France   18,927,822   —   18,927,822   —
Germany   69,770,853   —   69,770,853   —
Ireland   66,064,862   66,064,862   —   —
Switzerland   23,247,619   —   23,247,619   —
United States   447,873,860   447,873,860   —   —
Total Assets   $638,997,792   $513,938,722   $125,059,070   $—
Polen International Growth Fund            
Assets                
Common Stocks                
Argentina   $10,490,800   $10,490,800   $—   $—
Australia   12,075,046   —   12,075,046   —
Canada   3,614,936   3,614,936   —   —
China   28,806,526   —   28,806,526   —
France   31,012,877   —   31,012,877   —
Germany   65,054,289   —   65,054,289   —
Ireland   100,960,500   82,922,322   18,038,178   —
Mexico   4,864,662   4,864,662   —   —
Netherlands   15,130,756   —   15,130,756   —
Spain   11,452,841   —   11,452,841   —
Sweden   22,458,423   —   22,458,423   —
Switzerland   13,718,650   —   13,718,650   —
United Kingdom   42,934,849   —   42,934,849   —
United States   32,423,648   32,423,648   —   —
Uruguay   3,810,858   3,810,858   —   —
Total Assets   $398,809,661   $138,127,226   $260,682,435   $—
10

 

POLEN GROWTH FUNDS
Notes to the Quarterly Portfolio of Investments (Continued)
January 31, 2022
(Unaudited)
Funds   Total
Value at
01/31/22 		  Level 1
Quoted
Price 		  Level 2
Other
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Polen U.S. Small Company Growth Fund            
Assets                
Investments in Securities*   $200,537,495   $200,537,495   $—   $—
Polen International Small Company Growth Fund            
Assets                
Common Stocks                
Australia   $3,608,881   $—   $3,608,881   $—
Canada   3,413,576   3,413,576   —   —
Denmark   1,289,666   —   1,289,666   —
Finland   1,666,233   —   1,666,233   —
Germany   3,799,494   1,068,415   2,731,079   —
Italy   667,643   —   667,643   —
Japan   3,156,123   —   3,156,123   —
South Korea   1,738,737   —   1,738,737   —
Sweden   2,556,453   —   2,556,453   —
United Kingdom   7,063,251   4,755,450   2,307,801   —
Uruguay   1,822,496   1,822,496   —   —
Total Assets   $30,782,553   $11,059,937   $19,722,616   $—
Polen Global Emerging Markets Growth Fund            
Assets                
Common Stocks                
Argentina   $392,825   $392,825   $—   $—
Brazil   677,637   677,637   —   —
Cambodia   1,022,406   —   1,022,406   —
China   5,233,549   1,457,437   3,776,112   —
India   4,509,376   —   4,509,376   —
Mexico   523,339   523,339   —   —
Netherlands   797,016   —   797,016   —
Russia   1,530,821   1,254,991   275,830   —
Singapore   1,126,676   1,126,676   —   —
South Africa   1,016,302   593,380   422,922   —
Taiwan   894,620   —   894,620   —
Thailand   227,680   —   227,680   —
Vietnam   2,984,262   —   2,984,262   —
Total Assets   $20,936,509   $6,026,285   $14,910,224   $—
Polen U.S. SMID Company Growth Fund            
Assets                
Investments in Securities*   $24,108,230   $24,108,230   $—   $—
11

 

POLEN GROWTH FUNDS
Notes to the Quarterly Portfolio of Investments (Concluded) January 31, 2022
(Unaudited)
Funds   Total
Value at
01/31/22 		  Level 1
Quoted
Price 		  Level 2
Other
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Polen Global SMID Company Growth Fund            
Assets                
Common Stocks                
Australia   $167,924   $—   $167,924   $—
Canada   402,563   402,563   —   —
Denmark   88,892   —   88,892   —
Finland   110,281   —   110,281   —
Germany   267,316   —   267,316   —
Japan   271,988   —   271,988   —
South Korea   156,032   —   156,032   —
Sweden   148,661   —   148,661   —
Switzerland   151,030   —   151,030   —
United Kingdom   316,283   316,283   —   —
United States   1,443,433   1,443,433   —   —
Uruguay   218,179   218,179   —   —
Total Assets   $3,742,582   $2,380,458   $1,362,124   $—
* 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. 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 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, 2022, 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.
12