Spyglass Portfolio -- Megatrends

10 Portfolio Overview Portfolio Details Strategy Inception Date Number of Holdings Strategy AUM Active Share Portfolio Turnover (3-year) $ 1.3 billion October 1, 2015 25 Top 5 Holdings(3) AppLovin Corporation Nutanix, Inc. Spotify Technology S.A. 94.7% Pure Storage, Inc. 47.5% Affirm Holdings, Inc. Russell Russell Spyglass Characteristics (1) Midcap 2500 S&P Capital (3) Growth Growth 500 Weighted Market Cap (Billions) 15.9 24.6 5.8 630.7 Median Market Cap (Billions) 9.1 10.9 1.4 30.0 Number of Holdings 25 335 1,278 503 2023-25 Annualized Growth Rate 29% 11% 17% 12% 15 10 5 Portfolio Companies Grouped by Market Cap(3) <$6B $6-12B $12-18B $18B+ As of September 30, 2023 Weighting Portfolio Sector Weightings(2) Retail-Restaurants 2.74% Resorts/Theme Parks 2.86% Diagnostic Kits 2.91% Medical Labs&Testing Srv 2.99% Commercial Services 2.94% Retail-Misc/Diversified 3.29% Invest Mgmnt/Advis Serv 3.72% Aerospace/Defense 4.02% Internet Security 4.10% Web Hosting/Design 4.21% Medical-Drugs 4.46% Rental Auto / Equipment 4.87% Computers-Memory Devices 5.00% 5.8% 5.3% 5.2% 5.0% 4.9% Cash 0.99% Computer Software 13.20% Internet Content-Entmnt 9.91% Commercial Serv-Finance 8.39% Applications Software 7.23% E-Commerce / Services 6.31% Entertainment Software 5.83% (1) The 2023-2025 Annualized Growth Rate is a Spyglass research estimate for the portfolio, and based on the Bloomberg Estimated Long-Term Growth (LTG) Earnings per Share (EPS), which is the estimated Compounded Annual Growth Rate (CAGR) of the operating EPS over a company's next full business cycle, for the Russell Midcap Growth Index, Russell 2500 Growth Index, and S&P 500 Index. Market Cap and number of holdings sourced from FTSE Russell for the Russell Midcap Growth Index and Russell 2500 Growth Index, and S&P for the S&P 500 Index. (2) Portfolio sector weightings are determined by the Legacy Bloomberg Industry Classification System (BICS) Level III (Industry Subgroup). (3) Holdings, Characteristics and Market Cap information are based on a Spyglass representative portfolio. From time to time the number of holdings may deviate from 25 portfolio holdings due to trading activity. 16

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