2024. The Micro Cap Growth Fund incurred $1,535,020 for investment advisory fees during the six months ended June 30, 2024, of which $273,321 was payable to DCM at June 30, 2024. The Small Cap Growth Fund incurred $2,094,395 for investment advisory fees during the six months ended June 30, 2024, of which $380,863 was payable to DCM at June 30, 2024. The Small/Mid Cap Growth Fund incurred $135,111 for investment advisory fees during the six months ended June 30, 2024, of which $25,746 was payable to DCM at June 30, 2024. The Event Driven Fund incurred $1,057,250 for investment advisory fees during the six months ended June 30, 2024, of which $170,006 was payable to DCM at June 30, 2024.
The Funds direct certain portfolio trades, subject to obtaining the best price and execution, to brokers who have agreed to pay a portion of the Funds’ operating expenses using part of the commissions generated. For the period ended June 30, 2024, these arrangements reduced the expenses of Emerging Markets Growth Fund, Emerging Markets Small Cap Growth Fund, Global Fund, International Small Cap Growth Fund, International Developed Equity Fund, Micro Cap Growth Fund, Small Cap Growth Fund, Small/Mid Cap Growth Fund and Event Driven Fund by $128,944 (0.9%), $2,130 (0.3%), $1,602 (0.6%), $7,866 (0.6%), $0 (0.0%), $52,586 (3.1%), $82,250 (3.2%), $2,353 (1.2%) and $13,260 (0.9%) respectively.
The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to minimize trading costs, where permissible. For the six months ended June 30, 2024, the Funds did not engage in any purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act.
The Adviser is a party to a Fee Reimbursement Agreement (“Agreement”) with the Emerging Markets Growth Fund, the Small Cap Growth Fund, and the Event Driven Fund. Under the Agreement, the Funds reimburse the Adviser for certain fees paid to intermediaries who provide shareholder administrative and/or sub-transfer agency services to the Funds. The amount to be reimbursed will not exceed 0.25% of the average daily net assets held by such intermediaries. The amounts incurred and payable to the Adviser during the period January 1, 2024, through June 30, 2024, are as follows:
| Fund | | Shareholder
services
plan fees | | Accrued
shareholder
services
plan fees |
| Emerging Markets Growth Fund | | $ 686,001 | | $ 115,873 |
| Small Cap Growth Fund | | 106,244 | | 23,380 |
| Event Driven Fund | | 209,069 | | 49,013 |
Certain officers of the Trust are also officers of DCM. The Funds pay a portion of the Chief Compliance Officer’s salary. No other officers received compensation from the Funds during the period January 1, 2024, through June 30, 2024. The Independent Trustees are compensated for their services to the Trust and such compensation is reflected as Trustees’ fees in the Statements of Operations.
The Northern Trust Company (“Northern”) serves as fund accounting and administration services provider and transfer agent for the Funds. Under the terms of the Fund Administration and Accounting Services Agreement, Northern is entitled to receive fees, computed daily and payable monthly, based upon the average daily net assets of each Fund. The fees, excluding out of pocket expenses, range between 0.0175% and 0.045% of average daily net assets. For its services as Transfer Agent, Northern receives a fee, computed daily and payable monthly, based upon the average daily net assets of each Fund. The fees, excluding out of pocket expenses, range between 0.002% and 0.0175% of average daily net assets of each Fund.
