Colchester Global Investors Ltd

Item 5 Fees and Compensation

 Colchester provides discretionary investment management services to its Clients, under the following
 fee schedules:

    I.   Separate Account Clients
            Colchester provides discretionary investment management services in global sovereign
            bonds on the following indicative fee scales:

            •     Global Bond and Alpha strategies:

                Amount:                    Fee Scale (% of funds under management per
                                           Separate Account Client per annum):

                First US$100 million       0.475%

                Next US$100 million        0.40%

                Thereafter                 0.30%

            Performance Fees:          Considered on a negotiated basis

            •     Inflation-linked strategies:

                Amount:                    Fee Scale (% of funds under management per
                                           Separate Account Client per annum):

                First US$100 million       0.35%

                Next US$100 million        0.30%

                Thereafter                 0.275%

            •     Emerging Markets Local Debt strategies:

                Amount:                    Fee Scale (% of funds under management per
                                           Separate Account Client per annum):

                First US$100 million       0.60%

                Next US$100 million        0.50%

                Thereafter                 0.40%

            Colchester may agree to fee rates different from those above depending on the size and
            nature of the mandate. Separate Account Client fees are generally payable quarterly in

                                                                      Colchester Global Investors Limited
                                                                             SEC File Number 801-57116
                                                                            Brochure Date: July 29, 2026

       arrears. Separate Account Clients are responsible for paying the fees and expenses of their
       custodian.

II. Funds
       Colchester provides discretionary investment management services to the Funds on the
       following fee scales:

       •   The Colchester Global Bond Fund, The Colchester International Bond Fund, The
           Colchester Global Bond (USD Hedged) Fund and The Colchester Global Bond Group
           Trust (collectively the “Trusts”):

            Amount:                      Annual Fee Scale

            First US$25 million          0.60%

            Next US$25 million           0.50%

            Next US$100 million          0.35%

            Thereafter                   0.30%

           Each investor in the Trusts pays a monthly fee based upon the aggregate market value
           of its units in the relevant Trust at each month end. Fees are not calculated based upon
           the value of the Trusts themselves.

       •   The Colchester Global Bond AI Fund (the “GBAIF”):

           Amount: Annual Fee of 0.60%

           Each investor in the GBAIF pays a monthly fee based upon the aggregate market value
           of its units in the GBAIF at each month end. Fees are not calculated based upon the
           value of the GBAIF itself.

       •   The Colchester Real Return Bond Fund (the “RRF”)

            Amount:                         Annual Fee Scale

            First US$25 million             0.45%

            Next US$25 million              0.35%

            Next US$100 million             0.30%

            Thereafter                      0.25%

           Each investor in the RRF pays a monthly fee based upon the aggregate market value of

                                                                            Colchester Global Investors Limited
                                                                                   SEC File Number 801-57116
                                                                                  Brochure Date: July 29, 2026

                its units in the RRF at each month end. Fees are not calculated based upon the value
                of the RRF itself.

            •   The Colchester Local Markets Debt Fund (the “LMDF”):

                 Amount:                        Annual Fee Scale

                 First US$25 million            0.75%

                 Next US$25 million             0.65%

                 Thereafter                     0.40%

                Each investor in the LMDF pays a monthly fee based upon the aggregate market value
                of its units in the LMDF at each month end. Fees are not determined based upon the
                value of the LMDF itself.

            •   The Colchester Combined Global and Local Markets (Unhedged) Bond Fund (the
                “CGLMBF”):

                 Amount:                        Annual Fee Scale

                 First US$25 million            0.65%

                 Next US$25 million             0.55%

                 Next US$100 million            0.40%

                 Thereafter                     0.35%

                Each investor in the CGLMBF pays a monthly fee based upon the aggregate market
                value of its units in the CGLMBF at each month end. Fees are not determined based
                upon the value of the CGLMBF itself.

Deductions and Expenses
With respect to the Funds, certain costs are paid by the relevant Funds including their own direct
trading expenses, clearing fees (if any) and other exchange fees and charges. Direct trading expenses
include “bid-ask” spreads, mark-ups, interest and other borrowing expenses, registration and transfer
fees, regulatory and governmental charges and duties, and other fees and expenses relating to the
Funds’ investments. The Funds are obligated to pay all income and other taxes related to their
...

Item 7     Types of Clients

 Colchester manages global fixed income investments for a range of Clients in the US and across the
 globe. Its client base includes endowments and foundations, public and sovereign wealth funds,
 pension plans, trusts and sub-advisory accounts (including pooled investment vehicles and registered
 investment companies) and, in its Funds, some high-net-worth individuals. Colchester serves as sub-
 adviser to U.S. investment companies registered under the U.S. Investment Company Act of 1940, as
 amended. The investment companies pursue the Global Bond and Emerging Markets Local Debt
 strategies. Separate account services are generally offered for a minimum investment of $50 million,
 while Colchester’s Funds require minimum initial investments ranging from $500,000 to $3,000,000.
 Colchester may increase and/or waive the minimum investment amounts in its sole discretion.

                                                                             Colchester Global Investors Limited
                                                                                    SEC File Number 801-57116
                                                                                   Brochure Date: July 29, 2026