Polen Capital Credit LLC

Item 5         Fees and Compensation
Compensation for Advisory Services and Expenses

Polen Credit’s compensation for its discretionary advisory services comprises either one or two
components. The first component is an asset-based (management) fee, which generally ranges from
approximately 0.20% to 1.00% of the market value of assets under management depending on the
specific investment strategy pursued. Typically, as the total amount of assets managed by Polen
Credit on behalf of a particular client increases in excess of certain standard or client-specific
breakpoints for a particular investment strategy, the marginal asset-based management fee rate, as
well as the average asset-based management fee rate, charged by Polen Credit declines. In all cases,
Polen Credit charges its clients such fee in arrears on a monthly or quarterly basis depending on the
terms of the specific client mandate. Depending on the underlying terms of a client arrangement,
Polen Credit may also aggregate the assets under management of related or otherwise affiliated client
accounts when determining the specific breakpoints and the applicable asset-based fees for such
clients. With respect to certain funds and accounts that are in their wind-down or termination stage
(and accordingly Polen Credit is no longer making any new investments on their behalf), the fee may
fall below the range set forth above depending on the scope of services still being provided by Polen
Credit. Finally, Polen Credit does not charge any management fees on a fund under management that
invests in products that are managed by its affiliate, Polen CLO Management, as fees are instead
charged at the underlying product level.

The second component of Polen Credit’s compensation, which is applicable only for certain
investment products managed or advised by Polen Credit, is a performance-based fee. Such
component may be structured on an absolute basis (and therefore tied to the overall profitability of
the particular client fund/account under management) or on a relative basis (and therefore tied to
investment outperformance with respect to a designated benchmark index). In each case, such
performance-based component may be subject to a cap and/or other limitations depending on
specific client arrangements.

Clients pay performance fees, in whole or in part, based on mark-to-market performance, including
unrealized appreciation on assets, at the end of a period (typically measured at year-end though in
some cases over a longer, multi-year period or a shorter interim period in connection with a partial
or full withdrawal of assets by a client or investor). The payment of such performance-based
amounts may be subject to a “high water mark” and/or a hurdle rate.

Any such performance fees will be computed and charged, to the extent applicable, by Polen Credit
in accordance with the terms of the applicable governing documents for such client, as well with
Section 205 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”) and Rule 205-
3 (including the client qualification provision) promulgated by the SEC thereunder.

With respect to Polen Credit’s single advisory engagement for which Polen Credit does not exercise
investment discretion, the client has agreed to compensate Polen Credit with a fixed annual fee
(payable on a quarterly basis in arrears), irrespective of the extent of any actual portfolio trading
executed by Polen Credit at the request of such client.

                                       Polen Capital Credit, LLC
                                    Part 2A of Form ADV: Brochure
                                            - Page 3 of 44 -

Given the investment vehicles presently under management, Polen Credit does not charge any of its
clients fees that are payable in advance. In one instance, Polen Credit manages a non-fee paying
investment vehicle in conjunction with certain investment products managed by an affiliate.

Advisory Fee Arrangements

With respect to clients that establish a separately managed account (as well as any investment fund
comprising either a single, dedicated third party investor or an affiliated group of investors), Polen
Credit typically negotiates its fees on an individual basis taking into account the particular
investment strategy to be pursued, the degree of management involved, the size of the account and
overall client relationship, the particular client type, the complexity of the investment guidelines, the
extent of the reporting requirements, and other relevant considerations. However, with respect to
certain of its significant investment strategies, Polen Credit has adopted a “standard” fee schedule
that is provided to prospective clients upon request. With respect to the payment of such fees, a
separate account client may either make payment to Polen Credit outside of the managed account or
instruct its custodian (which is selected by the client) to deduct such fees directly from the assets
held within the managed account. In most cases (except for when a third-party administrator
oversees the process), Polen Credit provides the client with a detailed invoice of the applicable fee
(including any performance-based component) for the advisory services rendered.

Notwithstanding the foregoing, Polen Credit may be limited in its ability to negotiate certain
separately managed account fee schedules for future clients (or otherwise revise fee schedules for
certain existing clients), in part due to the terms of its existing client contracts, some of which require
equivalent (“most favored nation”) pricing. Pursuant to those agreements, Polen Credit is generally
required to offer such client the same fee schedule that it offers to other similarly situated clients
(e.g., clients that have a similar or smaller account size, are pursuing the same or substantially the
same investment mandate and strategy, and/or are receiving from Polen Credit substantially the
...

Item 7          Types of Clients
As described above in Item 4 of this Brochure, Polen Credit provides discretionary investment advice
directly to various institutional clients, including corporate domestic and foreign pension plans,
public pension and retirement plans, and Taft-Hartley plans. In addition, Polen Credit also serves as
investment adviser to certain open- and closed-end registered investment companies (namely, U.S.
mutual funds, ETFs, and an interval fund) registered with the SEC pursuant to the 1940 Act, as well
as to various domestic and offshore pooled private investment vehicles that are exempt from
registration under the 1940 Act. Furthermore, Polen Credit acts as investment sub-adviser to certain
U.S. and non-U.S. investment advisers and asset managers. Finally, Polen Credit maintains a single
client account on behalf of a closely-held private family office for which Polen Credit does not exercise
any investment discretion.

The minimum size for opening and maintaining a separately managed account with Polen Credit is
$50,000,000; however, Polen Credit may waive such minimum amount in its sole discretion. The
minimum investment amount by an investor in its U.S. mutual funds, ETFs, and other pooled
investment vehicles varies, as set forth in their respective governing documents. In certain
circumstances, such minimum amount may also be waived by Polen Credit (or by the Polen Credit-
affiliated general partner of such investment vehicle, as applicable).