underlying investment companies) exceed certain annual rates of the average daily net assets of each Fund. The following annualized advisory fees and contractual expense limits were in effect for the fiscal period ended September 30, 2024.
| | |
Emerging Market Stars Fund | | |
Emerging Market ex-China Stars Fund | | |
International Small Company Fund | | |
| Effective through July 31, 2025. |
| Effective through June 25, 2026. |
Effective August 27, 2024, Polar Capital (America) Corporation (the “Sub-Adviser”) was appointed investment sub-adviser of the Polar Small Company Fund pursuant to an investment sub-advisory agreement between the Adviser and the Sub-Adviser. For its services to the Polar Small Company Fund, the Sub-Adviser receives a fee from the Adviser, computed and accrued daily and paid quarterly at an annual rate of 0.90% of the average daily net assets of the Polar Small Company Fund.
For the six months ended September 30, 2024, the Advisor waived and/or reimbursed the Emerging Market Stars Fund, the Emerging Market ex-China Stars Fund, and the International Small Company Fund $365,102, $69,028 and $0, respectively, which is reflected as “Waiver/Reimbursement from Adviser” on the Statement of Operations. The amounts eligible for recoupment by the Adviser as of September 30, 2024 are $559,630, $779,376 and $365,102, expiring March 31, 2026, March 31, 2027 and September 30, 2027, respectively for the Emerging Market Stars Fund, $91,270 and $69,028 expiring March 31, 2027 and September 30, 2027, respectively for the Emerging Market ex-China Stars Fund and $0 expiring September 30, 2027 for the International Small Company Fund.
Foreside Financial Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (doing business as ACA Group) (the “Distributor”), provides distribution services to the Funds pursuant to a Distribution Agreement with the Trust, on behalf of the Funds. Under its agreement with the Trust, the Distributor acts as an agent of the Trust in connection with the offering of the shares of the Funds on a continuous basis. No compensation is payable by the Trust to the Distributor for such distribution services. The Adviser, at its own expense, pays the Distributor an annual fee in consideration for certain distribution related services.
The Northern Trust Company (the “Administrator”) serves as the administrator, transfer agent, custodian and fund accounting agent for the Funds pursuant to written agreements with the Trust on behalf of the Funds. The Funds have agreed to pay the Administrator a tiered basis-point fee based on the Funds' net assets and certain per account and transaction charges. The total fee for each Fund is subject to a minimum annual fee of $150,000 relating to these services, and reimbursement for certain expenses incurred on behalf of the Funds, as well as other charges for additional service activities. The Administrator has agreed to voluntarily waive its minimum fee and certain other expenses for the Emerging Market ex-China Stars Fund. The waiver agreement may be terminated
