NISA Investment Advisors LLC

Item 5—Fees and Compensation
As described above, NISA provides investment advisory services to separately managed accounts,
pooled investment funds including CIFs and Private Funds, and Managed Account Programs, as
well as providing model portfolios. The following provides information related to the fees and
compensation NISA receives for these services.

F EE S
Fee schedules and the manner in which fees are calculated are negotiable. All fees paid by a client
are set forth in the client’s Fee Schedule, which is part of the Investment Management Agreement
between NISA and the client. The client’s Investment Management Agreement also specifies the
payment frequency and timing and the party that provides the market value for billing purposes.

                      NISA INVESTMENT ADVISORS, LLC | PAGE 13

                             FORM ADV PART 2A | MARCH 2026

The following are NISA’s standard annual fee schedules for institutional separately managed
accounts.

                 Fixed Income—U.S. Government
                 0.10% on the first $500 million; negotiable on the balance

                 Fixed Income—Credit
                 0.225% on the first $100 million; negotiable on the balance

                 Completion—Treasury Beta
                 0.125% on the first $500 million; negotiable on the balance

                 Completion—Custom Credit
                 0.30% on the first $50 million; negotiable on the balance

                 Fixed Income—Aggregate Index
                 0.125% on the first $1.5 billion; negotiable on the balance

                 Equity – Direct Indexing
                 0.20% on the first $100 million; negotiable on the balance

                 Synthetic Beta Exposure
                 0.08% on the first $500 million; negotiable on the balance

                 Directed Systematic Strategies
                 0.25% on the first $500 million; negotiable on the balance

Certain instrument types and/or customized programs have additional fees or different fee
schedules.

For strategies we offer indirectly to high-net-worth investors through financial intermediaries, NISA
and the financial intermediary, including Sponsor(s) for Managed Account Programs, will negotiate
the percentage rate charged and other fee-related details such as payment frequency.

For an investment in a CIF, fees are generally charged an annual percentage rate on the average
daily net asset value of the participating plan’s investment in the CIF. For an investment in a Private
Fund sponsored by NISA, generally both a management fee, calculated as an annual percentage
of the value of the investment in the Private Fund, and a fee based on the performance of the fund,
are charged. With respect to the NISA-sponsored Private Funds, fees are not generally negotiable,
though, in accordance with the relevant fund documents, they may be waived, reduced, or
calculated differently. Detailed fee information for investments in a CIF or Private Fund are
described in the applicable fund documentation.

With respect to model portfolios, NISA and the Licensor agree on the fees NISA receives for each
model portfolio prior to the Licensor making available such model portfolio to Licensees. NISA is
compensated with a fixed percentage fee by the Licensor on the exposure obtained by Licensees
for NISA’s model delivery services.

For separately managed accounts, fees are typically based on the market value of the account as
determined by the client’s custodian. Fees for Synthetic Exposure and Systematic Strategies as

                      NISA INVESTMENT ADVISORS, LLC | PAGE 14

                             FORM ADV PART 2A | MARCH 2026

well as fees for certain other engagements are based on a measure other than market value, for
example, notional value or a directed level of exposure, to seek to fairly compensate NISA for our
services.

NISA’s fee arrangements typically specify an adjustment to market value or other measure to pro-
rate for contributions and withdrawals during the billing period. NISA frequently requires a minimum
quarterly or annual fee.

When negotiating fees, NISA takes into consideration asset levels, service requirements, special
circumstances and any other factors that we believe, in our sole discretion, are relevant. We have
the ability to offer some clients a lower fee schedule than that of other clients in the same investment
style. We have the option to waive all or a portion of our fees for a given period.

The Fee Schedule for an engagement that requires greater initial costs for NISA has the potential
to include a one-time set-up and/or start-up fee. These fees are not pre-paid fees. These fees are
non-refundable and are payable at the time the Investment Management Agreement is executed.

Clients have, from time to time, also agreed to pay NISA a retainer fee or other type of fee for
investment services. These types of fees are paid in arrears and are non-refundable.

In certain cases where the client has indicated that the engagement is of limited length, the client
may agree to pay a minimum total engagement fee. These types of fees are paid in arrears and are
non-refundable.

NISA, under certain circumstances, has agreed to a fee based on the performance of the client’s
account relative to a specified benchmark over a specified period. Performance fees are generally
in addition to a base fee also charged to the client. Account performance typically includes income
and realized and unrealized capital gains of the client’s account. The market value of an account
subject to a performance fee is provided by the client’s custodian, or another party independent of
NISA (except in certain circumstances where NISA reports a lower market value than the
independent source). In some cases, an unaffiliated third-party pricing source is applied to the
custodian’s reported portfolio holdings to calculate the market value. NISA and the client agree to
...

Item 7—Types of Clients
NISA provides investment advice primarily to institutional clients. Our clients include:

        •   Pension and profit-sharing plans and other post-retirement benefit programs
        •   Nuclear Decommissioning Trusts
        •   Not-for-profit entities such as charitable, educational, healthcare, religious
            organizations and endowments
        •   Insurance companies
        •   State and Government entities
        •   Corporations
        •   Investment vehicles
        •   Financial Institutions
        •   Other investment advisers

Additionally, NISA provides investment advice to high-net-worth investors through financial
intermediaries, including through Managed Account Programs. NISA does not offer services
directly to high-net-worth investors.

We also offer several of our strategies to eligible retirement plan clients through collective
investment funds (“CIFs”) under the NISA Collective Investment Trust. NISA provides investment
management services to the CIFs as sub-adviser, and Global Trust Company (“GTC”) serves as
the trustee. CIF investors should understand that if another investor in the fund represents 10% or
more of the individual CIF, all investors are subject to restrictions related to securities or services
provided by the 10% investor’s affiliates.

Finally, NISA serves as the investment adviser of one or more Private Funds. The opportunity to
invest in a Private Fund is generally restricted to non-U.S. persons in accordance with Regulation
S under the Securities Act of 1933 (the “Securities Act”) and to U.S. persons who are both
“accredited investors” as defined in Regulation D under the Securities Act, and “qualified
purchasers” as defined by Section 2(a)(51) of the Investment Company Act, and rules promulgated
thereunder. Investors in Private Funds should carefully review the offering documents of each
Private Fund for further information.

NISA does not generally require a specified minimum account size to open or maintain a separately
managed account, but frequently requires a minimum fee as referenced in Item 5—Fees and
Compensation. Minimum account sizes for investing in a CIF sub-advised by NISA or in a Private
Fund are described in the applicable fund offering documentation.

We also may establish minimum account sizes for Managed Account Programs. NISA may accept
smaller accounts under certain circumstances based on platform requirements, the strategy
offered, or its agreement with a particular Sponsor.

                      NISA INVESTMENT ADVISORS, LLC | PAGE 19

                             FORM ADV PART 2A | MARCH 2026