Polen Capital is a limited liability company and is organized under the laws of the State of Delaware. Polen Capital is employee controlled. Polen Capital is controlled by Stanley C. Moss, Chief Executive Officer; Daniel Davidowitz, Portfolio Manager and Analyst; and Damon Ficklin, Head of Team, Portfolio Manager, and Analyst. Polen Capital is registered as an Investment Adviser with the United States Securities and Exchange Commission in order to provide the investment advisory products and services described within this document. We have been registered since April 1980. As of December 31, 2023, our assets consisted of: Amount of Assets Discretionary1 $43,238,955,480 Non-Discretionary $0 Assets under Advisement2 $14,837,283,888 Total3 $58,076,239,369 We have a subsidiary, Polen Capital UK LLP (“Polen Capital UK”), with its principal place of business in London, primarily in order to employ individuals residing in the UK who are members of our Emerging Markets Growth Team or who are involved with the distribution of Polen Capital products outside of the Americas. As disclosed in this Brochure, Polen Capital UK subadvises funds invested in the Emerging Markets Growth Strategy, in which case Polen Capital UK provides portfolio management services and we, as investment manager, provide other services, such as trading. Polen Capital HK Limited (“Polen Capital HK”), with its principal place of business in Hong Kong, is a wholly-owned 1 This is equivalent to the regulatory assets under management disclosed in Item 5.F of Adviser’s Form ADV Part 1A. 2 Assets under advisement represent our UMA or Model assets, for which we have neither discretionary authority nor responsibility for arranging or effecting the purchase or sale of recommendations provided to and accepted by the ultimate client. Inclusion of these assets will make our total assets number different from regulatory assets under management disclosed in Item 5.F of Adviser’s Form ADV Part 1A due to specific calculation instructions for Regulatory Assets Under Management. Please note that based on certain contractual provisions, our “discretionary” assets include one UMA. 3 Assets in this table do not include any assets in accounts solely managed or advised by Polen Capital Credit, Polen Capital UK or Polen Capital HK. Information regarding Polen Capital Credit’s assets may be found in the Part 2A of Polen Capital Credit’s Form ADV. subsidiary of Polen Capital UK and employs members of our Emerging Markets Growth Team who manage assets for a China Growth strategy. We also have a subsidiary, Polen Capital Credit, LLC (“Polen Capital Credit”), which is based in Waltham, Massachusetts. Polen Capital Credit offers investment advisory services that specialize in identifying investment opportunities among high yield and financially stressed companies operating primarily in the United States and, to a much lesser extent, Canada. Polen Capital Credit has been registered with the SEC since 1997 and continues to maintain its own registration with the SEC. Additional information about Polen Capital Credit is available on the SEC’s website at www.adviserinfo.sec.gov (go to the link, select “Investment Adviser Search” and type in Polen Capital Credit). Results will provide you with both Parts 1A and 2A of Polen Capital Credit’s Form ADV. Please contact Polen Capital at 1 (561) 241-2425; facsimile 1 (561) 241-2710; or [email protected] if you have any questions about this Brochure. This Disclosure Brochure provides you with information regarding our qualifications, business practices, and the nature of advisory services that should be considered before becoming our advisory client. Below is a description of the investment advisory services we offer. For more detail on any product or service please reference the advisory agreement or contact Polen at 1 (561) 241-2425; facsimile 1 (561) 241-2710; or [email protected]. DESCRIPTION OF SERVICES PROVIDED We are a disciplined, bottom-up, concentrated equity investment manager. Our sole focus has been high quality growth investments since 1989. Clients may impose reasonable restrictions on investing in certain securities, types of securities, or industry sectors. Our investment team maintains our model portfolios based on preferred weights or other guidelines. Investment guidelines that differ significantly from our preferred guidelines may result in exclusions or variances in holdings from our model portfolios that may take additional time for the team to determine alternative holdings or weights for more restricted accounts. As a result, trades for accounts with materially different restrictions could experience different execution prices and different performance than less restricted accounts based on the exclusions and time delay in trade placement. Such restricted accounts also may be placed in a performance composite separate from less restricted accounts in our strategies. We manage separately managed and wrap accounts for various client types including high net worth individuals and family offices, endowments and foundations, corporations, Taft Hartley accounts, sovereign nations, and public funds.

In addition to our separately managed and wrap accounts, our strategies are also available through registered investment companies, Undertaking for Collective Investment in Transferable Securities (“UCITS”) funds, private funds, and a collective investment trust. Separately Managed and Wrap Accounts Polen Capital offers clients the opportunity to open an individually managed account with investment management services provided by Polen Capital. Polen Capital also serves as a portfolio manager for certain clients of unaffiliated investment advisors in connection with wrap fee programs. After consulting with the unaffiliated investment advisors, some of those advisors’ clients select Polen Capital to manage equity accounts. The unaffiliated investment advisors serve as the primary client contact with regard to such clients, and work with their clients to develop, and keep current, investment guidelines and to determine the amount to be allocated to their clients’ account managed by Polen Capital. These clients pay a single fee covering the services rendered by both the unaffiliated investment advisor and Polen Capital, and Polen Capital receives a portion of this fee for its services. Investment management services provided to wrap fee clients are substantially the same as those provided to non-wrap fee clients. However, practical restraints to the management of wrap fee accounts may exist. Most notably, the smaller asset value of certain wrap fee accounts may result in slightly different returns due to investment limitations imposed by investment restrictions, administrative restrictions, and the wrap fees imposed by wrap fee sponsors. Polen Capital also participates in model delivery programs whereby Polen Capital will not place trades for clients’ accounts in connection with its investment recommendations. Rather, Polen Capital will provide its recommendations to the client’s adviser or broker and such adviser or broker will be responsible for implementing the recommendations. U.S. Mutual Funds Polen Capital is the Investment Adviser to FundVantage Trust’s Polen Growth Fund, Polen Global Growth Fund, Polen International Growth Fund, Polen U.S. Small Company Growth Fund, Polen U.S. SMID Company Growth Fund, Polen Global SMID Company Growth Fund, Polen Emerging Markets Growth Fund, and Polen Emerging Markets ex China Growth Fund, (each, a “Fund” and together, the “Funds”), each an open-ended investment company; and receives a fee for its services. Polen Capital UK provides services to the Polen Global Emerging Markets Growth Fund, the Polen Emerging Markets ex China Growth Fund, and the Polen Global SMID Company Growth Fund through a “participating affiliate” arrangement, under which Polen Capital uses portfolio management and research resources of Polen Capital UK. Refer to the relevant Fund’s prospectus for details of its fees and expenses. Polen Capital does not directly advise on or trade in any fixed-income securities; however, its subsidiary Polen Capital Credit, subadvises an account that invests in both global equities selected by Polen Capital and fixed-income instruments by Polen Capital Credit. Irish UCITS Funds Polen Capital is the investment manager and distributor of Polen Capital Investment Funds plc and Polen Capital Investment Funds II plc (each a “UCITS Fund” and together, the “UCITS Funds”), each a UCITS product for non-U.S. investors. Each UCITS Fund operates as an open-ended umbrella investment company incorporated with variable capital and segregated liability between funds incorporated with limited liability in the Republic of Ireland and authorized by the Central Bank of Ireland. Polen Capital entered into an Investment Management Agreement with each UCITS Fund and is responsible on a discretionary basis for managing the assets and the investments of each UCITS Fund in accordance with the investment objective and policies of each sub-fund of the UCITS Funds. Each UCITS Fund is structured as an umbrella fund and is comprised of several portfolios of assets divided into different classes of shares each representing a separate portfolio of assets. The sub-funds include Polen Capital Focus U.S. Growth Fund, Polen Capital International Growth Fund, Polen Capital U.S. Small Company Growth Fund, Polen Capital Global SMID Company Growth Fund, Polen Capital Emerging Markets Growth Fund, Polen Capital Emerging Markets ex China Growth Fund, and the Polen Capital China Growth Fund. Polen Capital UK is the sub-investment manager of the Polen Capital Emerging Markets Growth Fund and Polen Capital Emerging Markets ex China Growth Fund. Polen Capital HK, is the sub-investment manager of the Polen Capital China Growth Fund. Polen Capital Master Collective Investment Trust Polen Capital is the investment advisor for the Polen Focus Growth Collective Investment Trust and the Polen International Growth Collective Trust, each a collective investment fund under the Polen Capital Master Collective Investment Trust (the “Trust”). SEI Trust Company serves as Trustee of the Trust. The Trust is regulated by the Department of Banking and Securities for the Commonwealth of Pennsylvania and is available only to certain eligible plans.