at 1.20% of average daily net assets for the Investor Class and 0.95% of average daily net assets for the Institutional Class until April 30, 2023. DCM was entitled to recoupment for previously waived fees and reimbursed expenses to the extent that the Fund’s expense ratio remained below the operating expense cap in place at the time of the waiver and the current operating expense cap for a period not to exceed three years from the date on which the waiver or reimbursement was made. For the period January 1, 2026 through June 30, 2026, DCM did not reimburse or recoup any fees for the Investor or Institutional Class shares of the Small Cap Growth Fund under this agreement.
DCM entered into a contractual agreement to cap Small/Mid Cap Growth Fund’s annual operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales and other portfolio transaction expenses and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund’s business) at 0.80% of average daily net assets until April 30, 2027. Prior to September 6, 2023, the cap was 0.95%. DCM is entitled to recoupment of previously waived fees and reimbursed expenses to the extent that the expense ratio remains below the operating expense cap in place at the time of the waiver and the current operating expense cap for a period not to exceed three years from the date on which the waiver or reimbursement was made. For the period January 1, 2026 through June 30, 2026, DCM recouped previously waived fees for Small/Mid Cap Growth Fund totaling $26,973 under this agreement.
The table below indicates the amount of fees available for recoupment by DCM in future periods:
| Emerging Markets Small Cap Growth Fund | | International Developed Equity Fund | Small/Mid Cap Growth Fund |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
The Emerging Markets Growth Fund incurred $16,847,993 for investment advisory fees during the six months ended June 30, 2026, of which $2,937,932 was payable to DCM at June 30, 2026. The Emerging Markets Small Cap Growth Fund incurred $872,086 for investment advisory fees during the six months ended June 30, 2026, of which $148,226 was payable to DCM at June 30, 2026. The Global Fund incurred $254,584 for investment advisory fees during the six months ended June 30, 2026, of which $42,316 was payable to DCM at June 30, 2026. The International Small Cap Growth Fund incurred $1,732,107 for investment advisory fees during the six months ended June 30, 2026, of which $257,244 was payable to DCM at June 30, 2026. The International Developed Equity Fund incurred $12,605 for investment advisory fees during the year ended June 30, 2026, of which $0 was payable to DCM at June 30, 2026. The Micro Cap Growth Fund incurred $3,125,241 for investment advisory fees during the six months ended June 30, 2026, of which $569,728 was payable to DCM at June 30, 2026. The Small Cap Growth Fund incurred $3,892,030 for investment advisory fees during the six months ended June 30, 2026, of which $747,746 was payable to DCM at June 30, 2026. The Small/Mid Cap Growth Fund incurred $298,761 for investment advisory fees during the six months ended June 30, 2026, of which $54,692 was payable to DCM at June 30, 2026.
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, 2026, 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 and Small/Mid Cap Growth Fund by $129,262 (0.7%), $20,810 (2.1%), $3,816 (1.2%), $16,023 (0.8%), $0 (0.0%), $68,705 (2.1%), $97,799 (2.2%) and $7,524 (2.0%), 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
