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152893 115497 100000 10000 122169 13620 108550.1 119496.3 144492 1278083 413787 169222 1364785 100000 159178 10307 142147 280133 20190 234023 12217 16666 191292 173480 173141 113989 17348 109344 236320 714192 138693 271346 117406.9 102077.5 107567.6 23275.74 112749 265153 1000000 201895 18890.83 294084 242522 0001388485 false N-1A N-CSR FundVantage Trust 2026-04-30 Polen Growth Fund Institutional Class POLIX This annual shareholder report contains important information about the Polen Growth Fund (the “Fund”) for the period of May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; white-space: nowrap;">https://www.polencapital.com/strategies/growth‑fund</span>. You can also request this information by contacting us at 1‑888‑678‑6024. https://www.polencapital.com/strategies/growth‑fund 1‑888‑678‑6024 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Fund (Class)</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage<br/>of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Polen Growth Fund<br/>(Institutional Class / POLIX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;"><span style="float: none;">$</span>99</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.99<span>%</span></td> </tr> </table> 99 0.0099 <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 14pt;"> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; page-break-inside: avoid;"> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid-page; page-break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">For the 12 months ended April 30, 2026, the Polen Growth Fund (the “Fund”) underperformed the Russell 1000^® Growth Index and the S&amp;P 500^® Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">Stock selection in the Information Technology sector was the primary detractor from results (largely stemming from Software exposures) and Health Care also presented a headwind. By contrast, selection in Consumer Discretionary and Communication Services was positive.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">As for sector positioning (a residual of bottom-up stock selection), the overweights to Financials and Health Care represented meaningful headwinds to relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The top three relative stock detractors (vs. the Russell 1000^® Growth Index) were NVIDIA, ServiceNow, and CoStar Group. Positive relative contributors were Microsoft, Costco Wholesale (not owned), and Home Depot (not owned).</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following is a comparison of the change in value of a $100,000 investment in Polen Growth Fund’s Institutional Class vs. the S&amp;P 500^® Index and the Russell 1000^® Growth Index.</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt;"><b>Growth of $100,000</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">For the years April 30, 2016 through April 30, 2026</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g803721chartimages_11875555.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 410pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>10 Years</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Institutional Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">-0.14<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.94<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">11.37<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">S&amp;P 500^® Index*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">31.05<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">13.14<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">15.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Russell 1000^® Growth Index**</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">30.63<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">13.82<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">18.26<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The S&amp;P 500^® Index is a market capitalization weighted index that measures 500 common equities that are generally representative of the U.S. stock market. The index is maintained by S&amp;P Dow Jones Indices. The performance of an index does not reflect any transaction costs, management fees, or taxes.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^**</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The Russell 1000^® Growth Index is a market capitalization weighted index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The index is maintained by the FTSE Russell, a subsidiary of the London Stock Exchange Group.</div> </td> </tr> </table> Institutional Class -0.0014 0.0094 0.1137 S&P 500® Index 0.3105 0.1314 0.1526 Russell 1000® Growth Index 0.3063 0.1382 0.1826 The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit <span style="text-decoration-line: underline;">https://www.polencapital.com/strategies/growth-fund</span> for performance data current to the most recent month-end. <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of April 30, 2026)</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The following table outlines key Fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,164,743,098</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">27</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total advisory fee paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>39,354,982</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">49<span>%</span></td> </tr> </table> 2164743098 27 39354982 0.49 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Portfolio Holdings Summary Table (as of April 30, 2026)</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 0px 0px;"><b>Sector Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">35.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">15.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Health Care</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Communication Services</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">13.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Exchange-Traded Funds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Short-Term Investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Liabilities in Excess of Other Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">(0.4<span>)</span><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">TOTAL</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> 0.354 0.158 0.132 0.131 0.121 0.024 0.062 0.022 -0.004 1.000 <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">Material Fund Changes During the Period</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 7.5pt;">During the fiscal year ended<span style="white-space: nowrap;"> </span>April 30, 2026, there were no material changes to the Fund.</div> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">There were no changes in and/or disagreements with accountants.</div> Polen Growth Fund Investor Class POLRX This annual shareholder report contains important information about the Polen Growth Fund (the “Fund”) for the period of May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; white-space: nowrap;">https://www.polencapital.com/strategies/growth‑fund</span>. You can also request this information by contacting us at 1‑888‑678‑6024. https://www.polencapital.com/strategies/growth‑fund 1‑888‑678‑6024 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Fund (Class)</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage<br/>of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Polen Growth Fund<br/>(Investor Class / POLRX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;"><span style="float: none;">$</span>124</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">1.24<span>%</span></td> </tr> </table> 124 0.0124 <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 14pt;"> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; page-break-inside: avoid;"> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid-page; page-break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">For the 12 months ended April 30, 2026, the Polen Growth Fund (the “Fund”) underperformed the Russell 1000^® Growth Index and the S&amp;P 500^® Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">Stock selection in the Information Technology sector was the primary detractor from results (largely stemming from Software exposures) and Health Care also presented a headwind. By contrast, selection in Consumer Discretionary and Communication Services was positive.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">As for sector positioning (a residual of bottom-up stock selection), the overweights to Financials and Health Care represented meaningful headwinds to relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The top three relative stock detractors (vs. the Russell 1000^® Growth Index) were NVIDIA, ServiceNow, and CoStar Group. Positive relative contributors were Microsoft, Costco Wholesale (not owned), and Home Depot (not owned).</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following is a comparison of the change in value of a $10,000 investment in Polen Growth Fund’s Investor Class vs. the S&amp;P 500^® Index and the Russell 1000^® Growth Index.</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt;"><b>Growth of $</b> <b>10,000</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">For the years April 30, 2016 through April 30, 2026</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g803721chartimages_11875593.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 410pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>10 Years</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Investor Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">-0.39<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.69<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">11.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">S&amp;P 500^® Index*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">31.05<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">13.14<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">15.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Russell 1000^® Growth Index**</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">30.63<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">13.82<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">18.26<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The S&amp;P 500^® Index is a market capitalization weighted index that measures 500 common equities that are generally representative of the U.S. stock market. The index is maintained by S&amp;P Dow Jones Indices. The performance of an index does not reflect any transaction costs, management fees, or taxes.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^**</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The Russell 1000^® Growth Index is a market capitalization weighted index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The index is maintained by the FTSE Russell, a subsidiary of the London Stock Exchange Group.</div> </td> </tr> </table> Investor Class -0.0039 0.0069 0.1110 S&P 500® Index 0.3105 0.1314 0.1526 Russell 1000® Growth Index 0.3063 0.1382 0.1826 The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit <span style="text-decoration-line: underline;">https://www.polencapital.com/strategies/growth-fund</span> for performance data current to the most recent month-end. <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of April 30, 2026)</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The following table outlines key Fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,164,743,098</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">27</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total advisory fee paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>39,354,982</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">49<span>%</span></td> </tr> </table> 2164743098 27 39354982 0.49 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Portfolio Holdings Summary Table (as of April 30, 2026)</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 0px 0px;"><b>Sector Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">35.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">15.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Health Care</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">13.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Communication Services</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">13.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">12.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Exchange-Traded Funds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">6.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Short-Term Investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Liabilities in Excess of Other Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">(0.4<span>)</span><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">TOTAL</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> 0.354 0.158 0.132 0.131 0.121 0.024 0.062 0.022 -0.004 1.000 <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">Material Fund Changes During the Period</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 7.5pt;">During the fiscal year ended<span style="white-space: nowrap;"> </span>April 30, 2026, there were no material changes to the Fund.</div> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">There were no changes in and/or disagreements with accountants.</div> Polen Global Growth Fund Institutional Class PGIIX This annual shareholder report contains important information about the Polen Global Growth Fund (the “Fund”) for the period of May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; white-space: nowrap;">https://www.polencapital.com/strategies/global‑growth‑fund</span>. You can also request this information by contacting us at 1‑888‑678‑6024. https://www.polencapital.com/strategies/global‑growth‑fund 1‑888‑678‑6024 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Fund (Class)</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage<br/>of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Polen Global Growth Fund<br/>(Institutional Class / PGIIX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;"><span style="float: none;">$</span>103</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">1.03<span>%</span></td> </tr> </table> 103 0.0103 <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 14pt;"> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; page-break-inside: avoid;"> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid-page; page-break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">For the 12 months ended April 30, 2026, the Polen Global Growth Fund (the “Fund”) underperformed the MSCI All Country World^® Index (“ACWI”)^® Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">Stock selection in the Information Technology sector was the primary detractor from results (largely stemming from Software exposures), though Financials, Health Care, and Industrials also represented notable headwinds.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">As for sector positioning (a residual of bottom-up stock selection), the overweight to Health Care and underweight to Energy represented meaningful headwinds to relative performance. This was in part offset by the positive impact of being overweight Information Technology and underweight Consumer Staples.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The top three relative stock detractors (vs. the MSCI ACWI Index) were Paycom Software, CoStar Group, and ServiceNow. Positive relative contributors were Taiwan Semiconductor, Alphabet, and Oracle.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following is a comparison of the change in value of a $100,000 investment in Polen Global Growth Fund’s Institutional Class vs. the MSCI All Country World^® Index (“ACWI”) (Net Dividend).</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt;"><b>Growth of $</b> <b>100,000</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">For the years April 30, 2016 through April 30, 2026</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g803721chartimages_11875631.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 410pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>10 Years</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Institutional Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">-0.34<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.52<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">9.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">MSCI All Country World^® Index (“ACWI”) (Net Dividend)*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">31.00<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">10.68<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">12.25<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The MSCI ACWI Index is a market capitalization weighted equity index that measures the performance of large and mid-cap segments across developed and emerging market countries. The index is maintained by Morgan Stanley Capital International. The performance of an index does not reflect any transaction costs, management fees, or taxes.</div> </td> </tr> </table> Institutional Class -0.0034 0.0052 0.0984 MSCI All Country World® Index (“ACWI”) (Net Dividend) 0.3100 0.1068 0.1225 The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit <span style="text-decoration-line: underline;">https://www.polencapital.com/strategies/global-growth-fund</span> for performance data current to the most recent month-end. <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of April 30, 2026)</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The following table outlines key Fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>142,170,501</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">31</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total advisory fee paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,427,653</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">55<span>%</span></td> </tr> </table> 142170501 31 2427653 0.55 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Portfolio Holdings Summary Table (as of April 30, 2026)</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 0px 0px;"><b>Sector Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">31.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Communication Services</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">19.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">15.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">9.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Health Care</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer, Non-cyclical</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Exchange-Traded Funds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Short-Term Investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Other Assets in Excess of Liabilities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">TOTAL</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> 0.319 0.195 0.156 0.099 0.079 0.067 0.045 0.034 0.003 0.003 1.000 <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">Material Fund Changes During the Period</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 7.5pt;">During the fiscal year ended<span style="white-space: nowrap;"> </span>April 30, 2026, there were no material changes to the Fund.</div> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">There were no changes in and/or disagreements with accountants.</div> Polen Global Growth Fund Investor Class PGIRX This annual shareholder report contains important information about the Polen Global Growth Fund (the “Fund”) for the period of May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; white-space: nowrap;">https://www.polencapital.com/strategies/global‑growth‑fund</span>. You can also request this information by contacting us at 1‑888‑678‑6024. https://www.polencapital.com/strategies/global‑growth‑fund 1‑888‑678‑6024 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Fund (Class)</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage<br/>of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Polen Global Growth Fund<br/>(Investor Class / PGIRX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;"><span style="float: none;">$</span>128</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">1.28<span>%</span></td> </tr> </table> 128 0.0128 <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 14pt;"> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; page-break-inside: avoid;"> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid-page; page-break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">For the 12 months ended April 30, 2026, the Polen Global Growth Fund (the “Fund”) underperformed the MSCI All Country World^® Index (“ACWI”)^® Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">Stock selection in the Information Technology sector was the primary detractor from results (largely stemming from Software exposures), though Financials, Health Care, and Industrials also represented notable headwinds.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">As for sector positioning (a residual of bottom-up stock selection), the overweight to Health Care and underweight to Energy represented meaningful headwinds to relative performance. This was in part offset by the positive impact of being overweight Information Technology and underweight Consumer Staples.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The top three relative stock detractors (vs. the MSCI ACWI Index) were Paycom Software, CoStar Group, and ServiceNow. Positive relative contributors were Taiwan Semiconductor, Alphabet, and Oracle.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following is a comparison of the change in value of a $10,000 investment in Polen Global Growth Fund’s Investor Class vs. the MSCI All Country World^® Index (“ACWI”) (Net Dividend).</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt;"><b>Growth of $</b> <b>10,000</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">For the years April 30, 2016 through April 30, 2026</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g803721chartimages_11875669.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 410pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>10 Years</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Investor Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">-0.62<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.26<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">9.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">MSCI All Country World^® Index (“ACWI”) (Net Dividend)*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">31.00<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">10.68<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">12.25<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The MSCI ACWI Index is a market capitalization weighted equity index that measures the performance of large and mid-cap segments across developed and emerging market countries. The index is maintained by Morgan Stanley Capital International. The performance of an index does not reflect any transaction costs, management fees, or taxes.</div> </td> </tr> </table> Investor Class -0.0062 0.0026 0.0957 MSCI All Country World® Index (“ACWI”) (Net Dividend) 0.3100 0.1068 0.1225 The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit <span style="text-decoration-line: underline;">https://www.polencapital.com/strategies/global-growth-fund</span> for performance data current to the most recent month-end. <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of April 30, 2026)</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The following table outlines key Fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>142,170,501</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">31</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total advisory fee paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,427,653</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">55<span>%</span></td> </tr> </table> 142170501 31 2427653 0.55 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Portfolio Holdings Summary Table (as of April 30, 2026)</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 0px 0px;"><b>Sector Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">31.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Communication Services</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">19.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">15.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">9.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Health Care</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">7.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">6.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer, Non-cyclical</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Exchange-Traded Funds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Short-Term Investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Other Assets in Excess of Liabilities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">TOTAL</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> 0.319 0.195 0.156 0.099 0.079 0.067 0.045 0.034 0.003 0.003 1.000 <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">Material Fund Changes During the Period</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 7.5pt;">During the fiscal year ended<span style="white-space: nowrap;"> </span>April 30, 2026, there were no material changes to the Fund.</div> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">There were no changes in and/or disagreements with accountants.</div> Polen International Growth Fund Institutional Class POIIX This annual shareholder report contains important information about the Polen International Growth Fund (the “Fund”) for the period of May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; white-space: nowrap;">https://www.polencapital.com/strategies/international‑growth‑fund</span>. You can also request this information by contacting us at 1‑888‑678‑6024. https://www.polencapital.com/strategies/international‑growth‑fund 1‑888‑678‑6024 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Fund (Class)</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage<br/>of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Polen International Growth Fund<br/>(Institutional Class / POIIX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;"><span style="float: none;">$</span>104</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">1.10<span>%</span></td> </tr> </table> 104 0.0110 <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 14pt;"> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; page-break-inside: avoid;"> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid-page; page-break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">For the 12 months ended April 30, 2026, the Polen International Growth Fund (the “Fund”) underperformed the MSCI All Country World^® Index (“ACWI”)^®ex US Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">Stock selection in the Information Technology sector was the primary detractor from results (largely stemming from Software exposures), though Financials, Consumer Discretionary, Health Care, and Industrials also represented notable headwinds.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">As for sector positioning (a residual of bottom-up stock selection), the overweight to Information Technology and to a lesser extent, Consumer Staples, were notable tailwinds for performance. This was modestly offset by the zero exposure to Energy and the overweights to Consumer Discretionary and Health Care.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The top three relative stock detractors (vs. the MSCI ACWI ex US Index) were SAP, Sage Group, and Monday.com. Positive relative contributors were ASML Holding NV, Tokyo Electron, and ASM International.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following is a comparison of the change in value of a $100,000 investment in Polen International Growth Fund’s Institutional Class vs. the MSCI All Country World^® Index (“ACWI”) (ex-USA) (Net Dividend).</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt;"><b>Growth of $</b> <b>100,000</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">For the period December 30, 2016* through April 30, 2026</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g803721chartimages_11875707.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 410pt;"/> </div> *The Polen International Growth Fund — Institutional Class commenced operations on December 30, 2016. <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>Since inception</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Institutional Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">-11.44<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">-4.81<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">3.93<span>%</span><span>*</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">MSCI All Country World^® Index (“ACWI”) (ex-USA) (Net Dividend)**</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">32.20<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">8.38<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">9.53<span>%</span>^***</td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The Polen International Growth Fund — Institutional Class commenced operations on December 30, 2016.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^**</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The MSCI ACWI ex USA Index is a market capitalization weighted equity index that measures the performance of large and mid-cap segments across developed and emerging market countries (excluding the U.S.). The index is maintained by Morgan Stanley Capital International. The performance of an index does not reflect any transaction costs, management fees, or taxes.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^***</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself.</div> </td> </tr> </table> Institutional Class -0.1144 -0.0481 0.0393 MSCI All Country World® Index (“ACWI”) (ex-USA) (Net Dividend) 0.3220 0.0838 0.0953 2016-12-30 The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit <span style="text-decoration-line: underline;">https://www.polencapital.com/strategies/international-growth-fund</span> for performance data current to the most recent month-end. <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of April 30, 2026)</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The following table outlines key Fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28,950,544</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">29</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total advisory fee paid, net</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>972,490</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">59<span>%</span></td> </tr> </table> 28950544 29 972490 0.59 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Portfolio Holdings Summary Table (as of April 30, 2026)</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 0px 0px;"><b>Sector Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">35.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">14.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Communication Services</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">13.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">12.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Health Care</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer, Non-cyclical</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Short-Term Investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Other Assets in Excess of Liabilities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">TOTAL</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> 0.354 0.148 0.138 0.120 0.077 0.075 0.033 0.024 0.031 1.000 <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">Material Fund Changes During the Period</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 7.5pt;">During the fiscal year ended<span style="white-space: nowrap;"> </span>April 30, 2026, there were no material changes to the Fund.</div> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">There were no changes in and/or disagreements with accountants.</div> Polen International Growth Fund Investor Class POIRX This annual shareholder report contains important information about the Polen International Growth Fund (the “Fund”) for the period of May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; white-space: nowrap;">https://www.polencapital.com/strategies/international‑growth‑fund</span>. You can also request this information by contacting us at 1‑888‑678‑6024. https://www.polencapital.com/strategies/international‑growth‑fund 1‑888‑678‑6024 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Fund (Class)</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage<br/>of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Polen International Growth Fund<br/>(Investor Class / POIRX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;"><span style="float: none;">$</span>127</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> 127 0.0135 <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 14pt;"> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; page-break-inside: avoid;"> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid-page; page-break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">For the 12 months ended April 30, 2026, the Polen International Growth Fund (the “Fund”) underperformed the MSCI All Country World^® Index (“ACWI”)^®ex US Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">Stock selection in the Information Technology sector was the primary detractor from results (largely stemming from Software exposures), though Financials, Consumer Discretionary, Health Care, and Industrials also represented notable headwinds.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">As for sector positioning (a residual of bottom-up stock selection), the overweight to Information Technology and to a lesser extent, Consumer Staples, were notable tailwinds for performance. This was modestly offset by the zero exposure to Energy and the overweights to Consumer Discretionary and Health Care.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The top three relative stock detractors (vs. the MSCI ACWI ex US Index) were SAP, Sage Group, and Monday.com. Positive relative contributors were ASML Holding NV, Tokyo Electron, and ASM International.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following is a comparison of the change in value of a $10,000 investment in Polen International Growth Fund’s Investor Class vs. the MSCI All Country World^® Index (“ACWI”) (ex-USA) (Net Dividend).</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt;"><b>Growth of $</b> <b>10,000</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">For the period March 15, 2017* through April 30, 2026</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g803721chartimages_11875745.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 410pt;"/> </div> *The Polen International Growth Fund — Investor Class commenced operations on March 15, 2017. <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>Since inception</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Investor Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">-11.64<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">-5.05<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">2.78<span>%</span><span>*</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">MSCI All Country World^® Index (“ACWI”) (ex-USA) (Net Dividend)**</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">32.20<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">8.38<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">9.04<span>%</span>^***</td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The Polen International Growth Fund — Investor Class commenced operations on March 15, 2017.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^**</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The MSCI ACWI ex USA Index is a market capitalization weighted equity index that measures the performance of large and mid-cap segments across developed and emerging market countries (excluding the U.S.). The index is maintained by Morgan Stanley Capital International. The performance of an index does not reflect any transaction costs, management fees, or taxes.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^***</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself.</div> </td> </tr> </table> Investor Class -0.1164 -0.0505 0.0278 MSCI All Country World® Index (“ACWI”) (ex-USA) (Net Dividend) 0.3220 0.0838 0.0904 2017-03-15 The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit <span style="text-decoration-line: underline;">https://www.polencapital.com/strategies/international-growth-fund</span> for performance data current to the most recent month-end. <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of April 30, 2026)</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The following table outlines key Fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>28,950,544</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">29</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total advisory fee paid, net</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>972,490</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">59<span>%</span></td> </tr> </table> 28950544 29 972490 0.59 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Portfolio Holdings Summary Table (as of April 30, 2026)</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 0px 0px;"><b>Sector Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">35.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">14.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Communication Services</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">13.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">12.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">7.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Health Care</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">7.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer, Non-cyclical</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Short-Term Investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Other Assets in Excess of Liabilities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">TOTAL</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> 0.354 0.148 0.138 0.120 0.077 0.075 0.033 0.024 0.031 1.000 <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">Material Fund Changes During the Period</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 7.5pt;">During the fiscal year ended<span style="white-space: nowrap;"> </span>April 30, 2026, there were no material changes to the Fund.</div> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">There were no changes in and/or disagreements with accountants.</div> Polen 5Perspectives Small Growth Fund Institutional Class PBSIX This annual shareholder report contains important information about the Polen 5Perspectives Small Growth Fund (formerly, the Polen U.S. Small Company Growth Fund) (the “Fund”) for the period of May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; white-space: nowrap;">https://www.polencapital.com/strategies/5perspectives‑small‑growth‑fund</span>. You can also request this information by contacting us at 1‑888‑678‑6024. https://www.polencapital.com/strategies/5perspectives‑small‑growth‑fund 1‑888‑678‑6024 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Fund (Class)</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage<br/>of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Polen 5Perspectives Small Growth Fund<br/>(Institutional Class / PBSIX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;"><span style="float: none;">$</span>140</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">1.10<span>%</span></td> </tr> </table> 140 0.0110 <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 14pt;"> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; page-break-inside: avoid;"> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid-page; page-break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">For the 12 months ended April 30, 2026, the Polen 5Perspectives Small Growth Fund (the “Fund”) outperformed the Russell 2000^® Growth Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">Stock selection in the Industrials sector was the primary contributor to relative performance, though to a lesser extent Communication Services and Consumer Staples also contributed. By contrast, selection in Financials, Health Care, Consumer Discretionary, and Materials weighed on results.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">As for sector positioning (a residual of bottom-up stock selection), the overweights to Industrials and the underweights to Information Technology, Health Care, and Financials benefitted relative results. The underweight to Energy represented a modest headwind to relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The top three relative stock contributors (vs. the Russell 2000^® Growth Index) were Bloom Energy, Powell Industries, and Argan. The bottom three relative stock detractors were Figure Technology, Stride, and EXLService Holdings.</div> </li> </ul> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 10pt;"> </div> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div><div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following is a comparison of the change in value of a $100,000 investment in Polen 5Perspectives Small Growth Fund’s Institutional Class vs. the Russell 3000^® Index and the Russell 2000^® Growth Index.</div><div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt;"><b>Growth of $</b> <b>100,000</b></div><div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">For the period November 1, 2017* through April 30, 2026</div><div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g803721chartimages_11875783.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 410pt;"/> </div>*The Polen 5Perspectives Small Growth Fund — Institutional Class commenced operations on November 1, 2017. <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>Since inception</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Institutional Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">54.12<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">1.39<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">9.28<span>%</span><span>*</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Russell 3000^® Index**</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">31.01<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">11.91<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">14.09<span>%</span>^***</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Russell 2000^® Growth Index****</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">42.64<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">4.00<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">9.16<span>%</span>^***</td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The Polen 5Perspectives Small Growth Fund — Institutional Class commenced operations on November 1, 2017.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^**</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on market capitalization, which represents approximately 98% of the investable U.S. equity market.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^***</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^****</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The Russell 2000^® Growth Index is a market capitalization weighted index that measures the performance of the small-cap growth segment of the U.S. equity universe. It includes Russell 2000^® Index companies with higher price/book ratios and higher forecasted growth values. The index is maintained by the FTSE Russell, a subsidiary of the London Stock Exchange Group. The performance of an index does not reflect any transaction costs, management fees, or taxes.</div> </td> </tr> </table> Institutional Class 0.5412 0.0139 0.0928 Russell 3000® Index 0.3101 0.1191 0.1409 Russell 2000® Growth Index 0.4264 0.0400 0.0916 2017-11-01 The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit <span style="text-decoration-line: underline;">https://www.polencapital.com/strategies/5perspectives-small-growth-fund</span> for performance data current to the most recent month-end. <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of April 30, 2026)</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The following table outlines key Fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>61,358,067</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">86</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total advisory fee paid, net</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>163,235</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">232<span>%</span></td> </tr> </table> 61358067 86 163235 2.32 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Portfolio Holdings Summary Table (as of April 30, 2026)</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 0px 0px;"><b>Sector Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">38.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">24.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Health Care</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">15.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Communication Services</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Real Estate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Short-Term Investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Liabilities in Excess of Other Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">(0.5<span>)</span><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">TOTAL</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> 0.381 0.240 0.159 0.090 0.042 0.037 0.030 0.008 0.007 0.011 -0.005 1.000 <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">Material Fund Changes During the Period</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 7.5pt;">During the fiscal year ended<span style="white-space: nowrap;"> </span>April 30, 2026, there were no material changes to the Fund.</div> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">There were no changes in and/or disagreements with accountants.</div> Polen 5Perspectives Small Growth Fund Investor Class PBSRX This annual shareholder report contains important information about the Polen 5Perspectives Small Growth Fund (formerly, the Polen U.S. Small Company Growth Fund) (the “Fund”) for the period of May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; white-space: nowrap;">https://www.polencapital.com/strategies/5perspectives‑small‑growth‑fund</span>. You can also request this information by contacting us at 1‑888‑678‑6024. https://www.polencapital.com/strategies/5perspectives‑small‑growth‑fund 1‑888‑678‑6024 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Fund (Class)</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage<br/>of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Polen 5Perspectives Small Growth Fund<br/>(Investor Class / PBSRX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;"><span style="float: none;">$</span>171</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">1.35<span>%</span></td> </tr> </table> 171 0.0135 <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 14pt;"> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; page-break-inside: avoid;"> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid-page; page-break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">For the 12 months ended April 30, 2026, the Polen 5Perspectives Small Growth Fund (the “Fund”) outperformed the Russell 2000^® Growth Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">Stock selection in the Industrials sector was the primary contributor to relative performance, though to a lesser extent Communication Services and Consumer Staples also contributed. By contrast, selection in Financials, Health Care, Consumer Discretionary, and Materials weighed on results.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">As for sector positioning (a residual of bottom-up stock selection), the overweights to Industrials and the underweights to Information Technology, Health Care, and Financials benefitted relative results. The underweight to Energy represented a modest headwind to relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The top three relative stock contributors (vs. the Russell 2000^® Growth Index) were Bloom Energy, Powell Industries, and Argan. The bottom three relative stock detractors were Figure Technology, Stride, and EXLService Holdings.</div> </li> </ul> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 10pt;"> </div> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following is a comparison of the change in value of a $10,000 investment in Polen 5Perspectives Small Growth Fund’s Investor Class vs. the Russell 3000^® Index and the Russell 2000^® Growth Index.</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt;"><b>Growth of $</b> <b>10,000</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">For the period February 8, 2019* through April 30, 2026</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g803721chartimages_11875821.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 410pt;"/> </div> *The Polen 5Perspectives Small Growth Fund — Investor Class commenced operations on February 8, 2019. <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>Since inception</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Investor Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">53.84<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">1.14<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">8.54<span>%</span><span>*</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Russell 3000^® Index**</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">31.01<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">11.91<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">15.63<span>%</span>^***</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Russell 2000^® Growth Index****</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">42.64<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">4.00<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">10.19<span>%</span>^***</td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The Polen 5Perspectives Small Growth Fund — Investor Class commenced operations on February 8, 2019.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^**</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on market capitalization, which represents approximately 98% of the investable U.S. equity market.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^***</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^****</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The Russell 2000^® Growth Index is a market capitalization weighted index that measures the performance of the small-cap growth segment of the U.S. equity universe. It includes Russell 2000^® Index companies with higher price/book ratios and higher forecasted growth values. The index is maintained by the FTSE Russell, a subsidiary of the London Stock Exchange Group. The performance of an index does not reflect any transaction costs, management fees, or taxes.</div> </td> </tr> </table> Investor Class 0.5384 0.0114 0.0854 Russell 3000® Index 0.3101 0.1191 0.1563 Russell 2000® Growth Index 0.4264 0.0400 0.1019 2019-02-08 The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit <span style="text-decoration-line: underline;">https://www.polencapital.com/strategies/5perspectives-small-growth-fund</span> for performance data current to the most recent month-end. <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of April 30, 2026)</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The following table outlines key Fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>61,358,067</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">86</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total advisory fee paid, net</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>163,235</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">232<span>%</span></td> </tr> </table> 61358067 86 163235 2.32 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Portfolio Holdings Summary Table (as of April 30, 2026)</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 0px 0px;"><b>Sector Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">38.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">24.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Health Care</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">15.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Communication Services</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Real Estate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Short-Term Investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Liabilities in Excess of Other Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">(0.5<span>)</span><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">TOTAL</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> 0.381 0.240 0.159 0.090 0.042 0.037 0.030 0.008 0.007 0.011 -0.005 1.000 <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">Material Fund Changes During the Period</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 7.5pt;">During the fiscal year ended<span style="white-space: nowrap;"> </span>April 30, 2026, there were no material changes to the Fund.</div> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">There were no changes in and/or disagreements with accountants.</div> Polen 5Perspectives Small Growth Fund Class Y PBSYX This annual shareholder report contains important information about the Polen 5Perspectives Small Growth Fund (formerly, the Polen U.S. Small Company Growth Fund) (the “Fund”) for the period of May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; white-space: nowrap;">https://www.polencapital.com/strategies/5perspectives‑small‑growth‑fund</span>. You can also request this information by contacting us at 1‑888‑678‑6024. https://www.polencapital.com/strategies/5perspectives‑small‑growth‑fund 1‑888‑678‑6024 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Fund (Class)</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage<br/>of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Polen 5Perspectives Small Growth Fund<br/>(Class Y / PBSYX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;"><span style="float: none;">$</span>127</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">1.00<span>%</span></td> </tr> </table> 127 0.0100 <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 14pt;"> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; page-break-inside: avoid;"> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid-page; page-break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">For the 12 months ended April 30, 2026, the Polen 5Perspectives Small Growth Fund (the “Fund”) outperformed the Russell 2000^® Growth Index.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">Stock selection in the Industrials sector was the primary contributor to relative performance, though to a lesser extent Communication Services and Consumer Staples also contributed. By contrast, selection in Financials, Health Care, Consumer Discretionary, and Materials weighed on results.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">As for sector positioning (a residual of bottom-up stock selection), the overweights to Industrials and the underweights to Information Technology, Health Care, and Financials benefitted relative results. The underweight to Energy represented a modest headwind to relative performance.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The top three relative stock contributors (vs. the Russell 2000^® Growth Index) were Bloom Energy, Powell Industries, and Argan. The bottom three relative stock detractors were Figure Technology, Stride, and EXLService Holdings.</div> </li> </ul> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 10pt;"> </div> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following is a comparison of the change in value of a $1,000,000 investment in Polen 5Perspectives Small Growth Fund’s Class Y vs. the Russell 3000^® Index and the Russell 2000^® Growth Index.</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt;"><b>Growth of $</b> <b>1,000,000</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">For the period June 1, 2021* through April 30, 2026</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g803721chartimages_11875859.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 410pt;"/> </div>*The Polen 5Perspectives Small Growth Fund — Class Y commenced operations on June 1, 2021. <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>Since inception</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Class Y</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">54.29<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">1.99<span>%</span><span>*</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Russell 3000^® Index**</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">31.01<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">12.02<span>%</span>^***</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Russell 2000^® Growth Index****</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">42.64<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">4.62<span>%</span>^***</td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The Polen 5Perspectives Small Growth Fund — Class Y commenced operations on June 1, 2021.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^**</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on market capitalization, which represents approximately 98% of the investable U.S. equity market.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^***</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^****</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The Russell 2000^® Growth Index is a market capitalization weighted index that measures the performance of the small-cap growth segment of the U.S. equity universe. It includes Russell 2000^® Index companies with higher price/book ratios and higher forecasted growth values. The index is maintained by the FTSE Russell, a subsidiary of the London Stock Exchange Group. The performance of an index does not reflect any transaction costs, management fees, or taxes.</div> </td> </tr> </table> Class Y 0.5429 0.0199 Russell 3000® Index 0.3101 0.1202 Russell 2000® Growth Index 0.4264 0.0462 2021-06-01 The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit <span style="text-decoration-line: underline;">https://www.polencapital.com/strategies/5perspectives-small-growth-fund</span> for performance data current to the most recent month-end. <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of April 30, 2026)</div><div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The following table outlines key Fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>61,358,067</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">86</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total advisory fee paid, net</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>163,235</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">232<span>%</span></td> </tr> </table> 61358067 86 163235 2.32 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Portfolio Holdings Summary Table (as of April 30, 2026)</div><div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:</div><div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 0px 0px;"><b>Sector Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">38.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">24.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Health Care</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">15.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">9.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Communication Services</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">3.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Real Estate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Short-Term Investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">1.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Liabilities in Excess of Other Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">(0.5<span>)</span><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">TOTAL</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> 0.381 0.240 0.159 0.090 0.042 0.037 0.030 0.008 0.007 0.011 -0.005 1.000 <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">Material Fund Changes During the Period</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 7.5pt;">During the fiscal year ended<span style="white-space: nowrap;"> </span>April 30, 2026, there were no material changes to the Fund.</div> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">There were no changes in and/or disagreements with accountants.</div> Polen Emerging Markets Growth Fund Institutional Class PGEIX This annual shareholder report contains important information about the Polen Emerging Markets Growth Fund (the “Fund”) for the period of May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; white-space: nowrap;">https://www.polencapital.com/strategies/emerging‑markets‑growth‑fund</span>. You can also request this information by contacting us at 1‑888‑678‑6024. https://www.polencapital.com/strategies/emerging‑markets‑growth‑fund 1‑888‑678‑6024 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;"><b>This report describes changes to the Fund that occurred during the reporting period.</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Fund (Class)</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage<br/>of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Polen Emerging Markets Growth Fund<br/>(Institutional Class / PGEIX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;"><span style="float: none;">$</span>150</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">1.25<span>%</span></td> </tr> </table> 150 0.0125 <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 14pt;"> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; page-break-inside: avoid;"> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid-page; page-break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">For the 12 months ending April 30, 2026, the Polen Emerging Markets Growth Fund (the “Fund”) underperformed the MSCI Emerging Markets Index Net Dividends.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">Negative relative performance was driven by the Fund’s underweight and stock selection in Information Technology, which more than offset positive stock selection in Financials.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The reporting period reflected a rebound in Chinese equities, followed by challenges in the latter part of 2025 stemming from the Fund’s underweight exposure to AI-related companies. Performance strengthened notably at the start of 2026, supported by the closing of this underweight position alongside positive stock selection.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The top relative stock detractors were SK Hynix, Wizz Air, and TOTVS, while the top relative contributors were Accton Technology, SK Square, and Sanil Electric.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div><div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following is a comparison of the change in value of a $100,000 investment in Polen Emerging Markets Growth Fund’s Institutional Class vs. the MSCI Emerging Markets^® Index (Net Dividend).</div><div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt;"><b>Growth of $100,000</b></div><div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">For the period October 16, 2020* through April 30, 2026</div><div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g803721chartimages_11875897.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 410pt;"/> </div>*The Polen Emerging Markets Growth Fund — Institutional Class commenced operations on October 16, 2020. <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>Since inception</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Institutional Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">40.37<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">2.52<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">3.67<span>%</span><span>*</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">MSCI Emerging Markets^® Index (Net Dividend)**</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">46.68<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">6.05<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">9.10<span>%</span>^***</td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The Polen Emerging Markets Growth Fund — Institutional Class commenced operations on October 16, 2020.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^**</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The MSCI Emerging Markets Index is a market capitalization weighted equity index that measures the performance of the large and mid-cap segments across emerging market countries. The index is maintained by Morgan Stanley Capital International. The performance of an index does not reflect any transaction costs, management fees, or taxes.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^***</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself.</div> </td> </tr> </table> Institutional Class 0.4037 0.0252 0.0367 MSCI Emerging Markets® Index (Net Dividend) 0.4668 0.0605 0.0910 2020-10-16 The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit <span style="text-decoration-line: underline;">https://www.polencapital.com/strategies/emerging-markets-growth-fund</span> for performance data current to the most recent month-end. <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of April 30, 2026)</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The following table outlines key Fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,867,650</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">37</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total advisory fee paid, net</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">76<span>%</span></td> </tr> </table> 4867650 37 0 0.76 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Portfolio Holdings Summary Table (as of April 30, 2026)</div><div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:</div><div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 0px 0px;"><b>Sector Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">44.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">17.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">10.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">9.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Communication Services</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">6.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer Staples</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Health Care</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Short-Term Investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Liabilities in Excess of Other Assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">(3.9<span>)</span><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">TOTAL</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> 0.449 0.178 0.107 0.092 0.069 0.032 0.032 0.022 0.013 0.045 -0.039 1.000 <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">Material Fund Changes During the Period</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 7.5pt;">On June 16, 2026, the Fund’s Board of Trustee approved a plan to liquidate and terminate the Fund, which is expected to occur on or about July 31, 2026.</div> <div style="break-before: always; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">There were no changes in and/or disagreements with accountants.</div> Polen Opportunistic High Yield Fund Institutional Class DDJCX This annual shareholder report contains important information about the Polen Opportunistic High Yield Fund (the “Fund”) for the period of May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; white-space: nowrap;">https://www.polencapital.com/strategies/us‑opportunistic‑high‑yield‑fund</span>. You can also request this information by contacting us at 1‑888‑678‑6024. https://www.polencapital.com/strategies/us‑opportunistic‑high‑yield‑fund 1‑888‑678‑6024 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Fund (Class)</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage<br/>of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Polen Opportunistic High Yield Fund<br/>(Institutional Class / DDJCX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;"><span style="float: none;">$</span>91</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.89<span>%</span></td> </tr> </table> 91 0.0089 <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 14pt;"> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; page-break-inside: avoid;"> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> </div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; page-break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt;"><b>Summary of Results</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 10pt;">Over the trailing twelve-month period ending April 30, 2026, the Polen Opportunistic High Yield Fund’s Institutional share Class (DDJCX) returned 5.52% net of fees versus 7.66% for the ICE BofA U.S. High Yield Index (the “Index”).</div> </div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; page-break-inside: avoid;"> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-top: 15pt; margin-bottom: 3pt;"><b>Top Contributors to Performance</b></div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid-page; page-break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">Relative performance benefited from the fund’s income advantage and shorter duration amid rising U.S. Treasury yields.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The Fund’s holdings in the Telecommunications, Retail and Capital Goods sectors.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The three largest absolute contributors were Dexko Global, Infinite Electronics and Asurion.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The three largest relative contributors were Dexko Global, Skechers and Infinite Electronics.</div> </li> </ul> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; page-break-inside: avoid;"> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-top: 15pt; margin-bottom: 3pt;"><b>Top Detractors to Performance</b></div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid-page; page-break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The Fund’s overweight to CCC-rated credits and corresponding underweight to BB-rated credits.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">Holdings across the CCC-rated spectrum were the largest detractors.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The Fund’s underweight in the Energy sector and overweight to the Capital Goods and Technology &amp; Electronics sectors.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The Fund’s holdings in the Basic Industry, Healthcare, Automotive and Media sectors lagged.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The three largest absolute detractors were Oldcastle BuildingEnvelope, RealTruck Group and Eyecare Partners.</div> </li> </ul> </div> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following is a comparison of the change in value of a $100,000 investment in Polen Opportunistic High Yield Fund’s Institutional Class vs. the Bloomberg U.S. Universal Index and the ICE BofA U.S. High Yield Index.</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt;"><b>Growth of $</b> <b>100,000</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">For the years September 30, 2016 through April 30, 2026</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g803721chartimages_11875935.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 410pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>10 Years</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Institutional Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">5.52<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">3.24<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">4.82<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Bloomberg U.S. Universal Index*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">4.59<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.54<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">2.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">ICE BofA U.S. High Yield Index*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">7.66<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">7.80<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">7.28<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The ICE BofA U.S. High Yield Index is maintained by ICE Data Indices, LLC and comprised of U.S. dollar denominated, below investment grade corporate debt publicly issued in the U.S. domestic market. The Bloomberg U.S. Universal Index benchmark covers U.S.-dollar denominated, taxable bonds that are rated either investment grade or high-yield.</div> </td> </tr> </table> Institutional Class 0.0552 0.0324 0.0482 Bloomberg U.S. Universal Index 0.0459 0.0054 0.0207 ICE BofA U.S. High Yield Index 0.0766 0.0780 0.0728 The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit <span style="text-decoration-line: underline;">https://www.polencapital.com/strategies/us-opportunistic-high-yield-fund</span> for performance data current to the most recent month-end. <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of April 30, 2026)</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The following table outlines key Fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>297,721,322</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">135</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total advisory fee paid, net</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,053,616</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">74<span>%</span></td> </tr> </table> 297721322 135 2053616 0.74 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Portfolio Holdings Summary Table (as of April 30, 2026)</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 0px 0px;"><b>Sector Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer, Non-cyclical</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">21.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer, Cyclical</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">14.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">12.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Communication Services</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">11.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">10.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">7.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Asset Backed Securities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Health Care</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Other Assets in Excess of Liabilities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">TOTAL</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> 0.216 0.145 0.120 0.117 0.112 0.104 0.070 0.048 0.026 0.009 0.001 0.032 1.000 <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">Material Fund Changes During the Period</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 7.5pt;">During the fiscal year ended<span style="white-space: nowrap;"> </span>April 30, 2026, there were no material changes to the Fund.</div> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">There were no changes in and/or disagreements with accountants.</div> Polen Opportunistic High Yield Fund Investor Class DDJRX This annual shareholder report contains important information about the Polen Opportunistic High Yield Fund (the “Fund”) for the period of May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; white-space: nowrap;">https://www.polencapital.com/strategies/us‑opportunistic‑high‑yield‑fund</span>. You can also request this information by contacting us at 1‑888‑678‑6024. https://www.polencapital.com/strategies/us‑opportunistic‑high‑yield‑fund 1‑888‑678‑6024 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Fund (Class)</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage<br/>of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Polen Opportunistic High Yield Fund<br/>(Investor Class / DDJRX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;"><span style="float: none;">$</span>117</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">1.14<span>%</span></td> </tr> </table> 117 0.0114 <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 14pt;"> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; page-break-inside: avoid;"> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> </div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; page-break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt;"><b>Summary of Results</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 10pt;">Over the trailing twelve-month period ending April 30, 2026, the Polen Opportunistic High Yield Fund’s Investor share class (DDJRX) returned 5.16% net of fees versus 7.66% for the ICE BofA U.S. High Yield Index (the “Index”).</div> </div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; page-break-inside: avoid;"> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-top: 15pt; margin-bottom: 3pt;"><b>Top Contributors to Performance</b></div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid-page; page-break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">Relative performance benefited from the fund’s income advantage and shorter duration amid rising U.S. Treasury yields.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The Fund’s holdings in the Telecommunications, Retail and Capital Goods sectors.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The three largest absolute contributors were Dexko Global, Infinite Electronics and Asurion.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The three largest relative contributors were Dexko Global, Skechers and Infinite Electronics.</div> </li> </ul> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; page-break-inside: avoid;"> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-top: 15pt; margin-bottom: 3pt;"><b>Top Detractors to Performance</b></div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid-page; page-break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The Fund’s overweight to CCC-rated credits and corresponding underweight to BB-rated credits.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">Holdings across the CCC-rated spectrum were the largest detractors.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The Fund’s underweight in the Energy sector and overweight to the Capital Goods and Technology &amp; Electronics sectors.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The Fund’s holdings in the Basic Industry, Healthcare, Automotive and Media sectors lagged.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The three largest absolute detractors were Oldcastle BuildingEnvelope, RealTruck Group and Eyecare Partners.</div> </li> </ul> </div> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following is a comparison of the change in value of a $10,000 investment in Polen Opportunistic High Yield Fund’s Investor Class vs. the Bloomberg U.S. Universal Index and the ICE BofA U.S. High Yield Index.</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt;"><b>Growth of $</b> <b>10,000</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">For the years September 30, 2016 through April 30, 2026</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g803721chartimages_11875973.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 410pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>10 Years</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Investor Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">5.16<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">2.93<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">4.49<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Bloomberg U.S. Universal Index*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">4.59<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.54<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">2.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">ICE BofA U.S. High Yield Index*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">7.66<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">7.80<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">7.28<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The ICE BofA U.S. High Yield Index is maintained by ICE Data Indices, LLC and comprised of U.S. dollar denominated, below investment grade corporate debt publicly issued in the U.S. domestic market. The Bloomberg U.S. Universal Index benchmark covers U.S.-dollar denominated, taxable bonds that are rated either investment grade or high-yield.</div> </td> </tr> </table> Investor Class 0.0516 0.0293 0.0449 Bloomberg U.S. Universal Index 0.0459 0.0054 0.0207 ICE BofA U.S. High Yield Index 0.0766 0.0780 0.0728 The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit <span style="text-decoration-line: underline;">https://www.polencapital.com/strategies/us-opportunistic-high-yield-fund</span> for performance data current to the most recent month-end. <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of April 30, 2026)</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The following table outlines key Fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>297,721,322</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">135</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total advisory fee paid, net</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,053,616</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">74<span>%</span></td> </tr> </table> 297721322 135 2053616 0.74 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Portfolio Holdings Summary Table (as of April 30, 2026)</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 0px 0px;"><b>Sector Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer, Non-cyclical</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">21.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer, Cyclical</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">14.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">12.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Communication Services</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">11.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">10.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">7.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Asset Backed Securities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Health Care</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Other Assets in Excess of Liabilities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">TOTAL</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> 0.216 0.145 0.120 0.117 0.112 0.104 0.070 0.048 0.026 0.009 0.001 0.032 1.000 <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">Material Fund Changes During the Period</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 7.5pt;">During the fiscal year ended<span style="white-space: nowrap;"> </span>April 30, 2026, there were no material changes to the Fund.</div> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">There were no changes in and/or disagreements with accountants.</div> Polen Opportunistic High Yield Fund Class Y DDJIX This annual shareholder report contains important information about the Polen Opportunistic High Yield Fund (the “Fund”) for the period of May 1, 2025 to April 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; white-space: nowrap;">https://www.polencapital.com/strategies/us‑opportunistic‑high‑yield‑fund</span>. You can also request this information by contacting us at 1‑888‑678‑6024. https://www.polencapital.com/strategies/us‑opportunistic‑high‑yield‑fund 1‑888‑678‑6024 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Fund (Class)</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage<br/>of a $10,000 investment</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Polen Opportunistic High Yield Fund<br/>(Class Y / DDJIX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;"><span style="float: none;">$</span>81</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.79<span>%</span></td> </tr> </table> 81 0.0079 <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 14pt;"> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; page-break-inside: avoid;"> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> </div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; page-break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt;"><b>Summary of Results</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 10pt;">Over the trailing twelve-month period ending April 30, 2026, the Polen Opportunistic High Yield Fund’s Class Y share class (DDJIX) returned 5.52% net of fees versus 7.66% for the ICE BofA U.S. High Yield Index (the “Index”).</div> </div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; page-break-inside: avoid;"> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-top: 15pt; margin-bottom: 3pt;"><b>Top Contributors to Performance</b></div> </div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid-page; page-break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">Relative performance benefited from the fund’s income advantage and shorter duration amid rising U.S. Treasury yields.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The Fund’s holdings in the Telecommunications, Retail and Capital Goods sectors.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The three largest absolute contributors were Dexko Global, Infinite Electronics and Asurion.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The three largest relative contributors were Dexko Global, Skechers and Infinite Electronics.</div> </li> </ul> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; page-break-inside: avoid;"> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-top: 15pt; margin-bottom: 3pt;"><b>Top Detractors to Performance</b></div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid-page; page-break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The Fund’s overweight to CCC-rated credits and corresponding underweight to BB-rated credits.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">Holdings across the CCC-rated spectrum were the largest detractors.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The Fund’s underweight in the Energy sector and overweight to the Capital Goods and Technology &amp; Electronics sectors.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The Fund’s holdings in the Basic Industry, Healthcare, Automotive and Media sectors lagged.</div> </li> <li style="padding-left: 13.5pt; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-left: 30pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The three largest absolute detractors were Oldcastle BuildingEnvelope, RealTruck Group and Eyecare Partners.</div> </li> </ul> </div> </div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following is a comparison of the change in value of a $1,000,000 investment in Polen Opportunistic High Yield Fund’s Class Y vs. the Bloomberg U.S. Universal Index and the ICE BofA U.S. High Yield Index.</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt;"><b>Growth of $</b> <b>1,000,000</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">For the years September 30, 2016 through April 30, 2026</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g803721chartimages_11876011.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 410pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>1 Year</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>5 Years</strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>10 Years</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Class Y</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">5.52<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">3.29<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">4.84<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">Bloomberg U.S. Universal Index*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">4.59<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.54<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">2.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;">ICE BofA U.S. High Yield Index*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">7.66<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">7.80<span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">7.28<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; width: 2%; padding: 1pt 6pt 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">^*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: baseline; font-size: 7.5pt; font-style: italic; margin-bottom: 0; text-align: left; padding: 1pt 0 1pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: italic; text-align: left; margin-bottom: 0px; padding: 0px;">The ICE BofA U.S. High Yield Index is maintained by ICE Data Indices, LLC and comprised of U.S. dollar denominated, below investment grade corporate debt publicly issued in the U.S. domestic market. The Bloomberg U.S. Universal Index benchmark covers U.S.-dollar denominated, taxable bonds that are rated either investment grade or high-yield.</div> </td> </tr> </table> Class Y 0.0552 0.0329 0.0484 Bloomberg U.S. Universal Index 0.0459 0.0054 0.0207 ICE BofA U.S. High Yield Index 0.0766 0.0780 0.0728 The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Please visit <span style="text-decoration-line: underline;">https://www.polencapital.com/strategies/us-opportunistic-high-yield-fund</span> for performance data current to the most recent month-end. <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of April 30, 2026)</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The following table outlines key Fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>297,721,322</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">135</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total advisory fee paid, net</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,053,616</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">74<span>%</span></td> </tr> </table> 297721322 135 2053616 0.74 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Portfolio Holdings Summary Table (as of April 30, 2026)</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 0px 0px;"><b>Sector Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer, Non-cyclical</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">21.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer, Cyclical</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">14.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">12.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Communication Services</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">11.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Materials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">11.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Information Technology</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">10.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">7.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Asset Backed Securities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Health Care</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Other Assets in Excess of Liabilities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">TOTAL</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> 0.216 0.145 0.120 0.117 0.112 0.104 0.070 0.048 0.026 0.009 0.001 0.032 1.000 <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">Material Fund Changes During the Period</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 7.5pt;">During the fiscal year ended<span style="white-space: nowrap;"> </span>April 30, 2026, there were no material changes to the Fund.</div> <div style="font-family: 'times new roman'; color: rgb(0, 106, 198); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">There were no changes in and/or disagreements with accountants.</div> The Russell 1000® Growth Index is a market capitalization weighted index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. The index is maintained by the FTSE Russell, a subsidiary of the London Stock Exchange Group. The Polen International Growth Fund — Institutional Class commenced operations on December 30, 2016. The MSCI ACWI ex USA Index is a market capitalization weighted equity index that measures the performance of large and mid-cap segments across developed and emerging market countries (excluding the U.S.). The index is maintained by Morgan Stanley Capital International. The performance of an index does not reflect any transaction costs, management fees, or taxes. Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. The Polen International Growth Fund — Investor Class commenced operations on March 15, 2017. The MSCI ACWI ex USA Index is a market capitalization weighted equity index that measures the performance of large and mid-cap segments across developed and emerging market countries (excluding the U.S.). The index is maintained by Morgan Stanley Capital International. The performance of an index does not reflect any transaction costs, management fees, or taxes. Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. The Polen 5Perspectives Small Growth Fund — Institutional Class commenced operations on November 1, 2017. The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on market capitalization, which represents approximately 98% of the investable U.S. equity market. Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. The Russell 2000® Growth Index is a market capitalization weighted index that measures the performance of the small-cap growth segment of the U.S. equity universe. It includes Russell 2000® Index companies with higher price/book ratios and higher forecasted growth values. The index is maintained by the FTSE Russell, a subsidiary of the London Stock Exchange Group. The performance of an index does not reflect any transaction costs, management fees, or taxes. The Polen 5Perspectives Small Growth Fund — Investor Class commenced operations on February 8, 2019. The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on market capitalization, which represents approximately 98% of the investable U.S. equity market. Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. The Russell 2000® Growth Index is a market capitalization weighted index that measures the performance of the small-cap growth segment of the U.S. equity universe. It includes Russell 2000® Index companies with higher price/book ratios and higher forecasted growth values. The index is maintained by the FTSE Russell, a subsidiary of the London Stock Exchange Group. The performance of an index does not reflect any transaction costs, management fees, or taxes. The Polen 5Perspectives Small Growth Fund — Class Y commenced operations on June 1, 2021. The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on market capitalization, which represents approximately 98% of the investable U.S. equity market. Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. The Russell 2000® Growth Index is a market capitalization weighted index that measures the performance of the small-cap growth segment of the U.S. equity universe. It includes Russell 2000® Index companies with higher price/book ratios and higher forecasted growth values. The index is maintained by the FTSE Russell, a subsidiary of the London Stock Exchange Group. The performance of an index does not reflect any transaction costs, management fees, or taxes. The Polen Emerging Markets Growth Fund — Institutional Class commenced operations on October 16, 2020. The MSCI Emerging Markets Index is a market capitalization weighted equity index that measures the performance of the large and mid-cap segments across emerging market countries. The index is maintained by Morgan Stanley Capital International. The performance of an index does not reflect any transaction costs, management fees, or taxes. Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself. The ICE BofA U.S. High Yield Index is maintained by ICE Data Indices, LLC and comprised of U.S. dollar denominated, below investment grade corporate debt publicly issued in the U.S. domestic market. The Bloomberg U.S. Universal Index benchmark covers U.S.-dollar denominated, taxable bonds that are rated either investment grade or high-yield. The ICE BofA U.S. High Yield Index is maintained by ICE Data Indices, LLC and comprised of U.S. dollar denominated, below investment grade corporate debt publicly issued in the U.S. domestic market. The Bloomberg U.S. Universal Index benchmark covers U.S.-dollar denominated, taxable bonds that are rated either investment grade or high-yield. The ICE BofA U.S. High Yield Index is maintained by ICE Data Indices, LLC and comprised of U.S. dollar denominated, below investment grade corporate debt publicly issued in the U.S. domestic market. The Bloomberg U.S. Universal Index benchmark covers U.S.-dollar denominated, taxable bonds that are rated either investment grade or high-yield. The S&P 500® Index is a market capitalization weighted index that measures 500 common equities that are generally representative of the U.S. stock market. The index is maintained by S&P Dow Jones Indices. The performance of an index does not reflect any transaction costs, management fees, or taxes. The Russell 1000® Growth Index is a market capitalization weighted index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. The index is maintained by the FTSE Russell, a subsidiary of the London Stock Exchange Group. The MSCI ACWI Index is a market capitalization weighted equity index that measures the performance of large and mid-cap segments across developed and emerging market countries. The index is maintained by Morgan Stanley Capital International. The performance of an index does not reflect any transaction costs, management fees, or taxes. The S&P 500® Index is a market capitalization weighted index that measures 500 common equities that are generally representative of the U.S. stock market. The index is maintained by S&P Dow Jones Indices. The performance of an index does not reflect any transaction costs, management fees, or taxes. The MSCI ACWI Index is a market capitalization weighted equity index that measures the performance of large and mid-cap segments across developed and emerging market countries. The index is maintained by Morgan Stanley Capital International. The performance of an index does not reflect any transaction costs, management fees, or taxes.