Nomura Asset Management USA Inc

ITEM 5: FEES AND COMPENSATION

A. Advisory Fees and Compensation

NAM-USA’s investment management fees generally depend on the services provided and are typically
expressed as a percentage of net assets under management. Fee arrangements are based on a number of
different factors including, but not limited to: investment mandate, services performed, client relationship
and account size. To the extent permitted by law, NAM-USA may also charge a performance fee.

NAM-USA’s fee schedules are omitted because this brochure is delivered only to qualified purchasers as
defined in the Investment Company Act of 1940, as amended.

B. Payment of Fees

The specific manner in which NAM-USA charges fees is established in the client’s written agreement with
NAM-USA. NAM-USA generally bills its fees on a quarterly basis, although fees for various fund vehicles are
often paid monthly. Clients may elect to be billed in advance or in arrears. We do not directly debit fees from
client accounts.

Institutional Separate Accounts

We receive asset-based management fees from our clients. All management fees are subject to negotiation.
Fee structures may be modified where a new account is expected to grow rapidly, where a relationship
already exists with a current client or where the client retains NAM-USA to provide services with respect to
multiple investment mandates.

The differing levels of basic fees across investment types take into account such factors as the degree of
investment management activity, the nature of the discretionary or non-discretionary services provided, and
the types of investment guidelines and restrictions imposed upon the management of the accounts. In
addition, there may be specialized investment strategies with individualized fee arrangements in place as
well as historical fee schedules with long-standing clients that may differ from those applicable to new client
relationships. We may, in our sole discretion, reduce and/or waive management fees for a client at any time.

Our services may be terminated pursuant to the provisions of each advisory contract. The termination
provisions of any particular contract are subject to negotiation. If a client pays fees in advance, any prepaid,
unearned fees will be promptly refunded, and any earned, unpaid fees will be due and payable. The client has
the right to terminate an agreement without penalty within five business days after entering into the
agreement.

                                                                             Nomura Asset Management U.S.A. Inc.
                                                                                Form ADV Part 2A – June 24 , 2026
                                                                SEC File Number 801-12129 – CRD Number 108222

U.S. Registered Funds

NAM-USA receives asset-based management fees from its SEC-registered investment company clients as
described in the relevant fund’s shareholder report or other organizational documents.

NAM-USA also serves as investment adviser to an SEC-registered investment company that pays additional
compensation to NAM-USA on the basis of a share of the capital gains upon, and the capital appreciation of,
the fund’s assets (a “performance fee.”). The performance fee is paid annually. Please see Item 6 below for
further discussion on performance fees.

Other Pooled Investment Vehicles

NAM-USA has acted as sub-adviser to offshore collective investment vehicles. Our fees for such services are
based on each investment vehicle’s particular circumstances. NAM-USA will receive an asset-based
management fee from the vehicles as set forth in the prospectus or other relevant documentation for each
fund.

If you invest in a pooled investment vehicle that we manage under a direct or a sub-advisory arrangement,
please refer to the fund’s prospectus, offering memorandum, subscription agreement, shareholder report and
other offering documents for additional/supplementary information on the fund, including its fees and
expenses.

C. Additional Fees and Expenses

Our fees are exclusive of brokerage commissions, transaction fees, and other related costs and expenses
which are incurred by the client. Clients may incur certain charges imposed by custodians, brokers, and other
third parties, such as custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer
and electronic fund fees, and other fees and taxes. SEC registered investment companies and other collective
investment vehicles also charge internal operational fees, which are disclosed in a fund’s prospectus or
shareholder report.

D. Prepayment of Fees

Clients may pre-pay fees pursuant to their investment management agreement.

E. Additional Compensation and Conflicts of Interest

Underlying Fund Fees

NAM-USA may invest client assets in money market funds, exchange traded funds or other types of pooled
investment vehicles managed by our affiliates or by a third party. In addition to NAM-USA’s asset-based
management fee and any performance fee paid, clients will also incur, relative to investments in fund vehicles,
normal expenses and advisory fees imposed by the funds held in the account as well as other fees charged by
the vehicle, if any.

                                                                               Nomura Asset Management U.S.A. Inc.
                                                                                  Form ADV Part 2A – June 24 , 2026
                                                                  SEC File Number 801-12129 – CRD Number 108222

Compensation received by NAM-USA and our affiliates related to various services to pooled investment
vehicles generally will be retained by NAM-USA and its affiliates. Except to the extent required by applicable
law, we are not required to offset such compensation against fees and expenses the client may otherwise owe
to NAM-USA or its affiliates.
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ITEM 7: TYPES OF CLIENTS

NAM-USA generally offers investment management services to corporate and public pension plans, U.S.
registered investment companies, private funds and other U.S. and international institutions. NAM-USA has a
minimum initial account size of $10 million for institutional separate accounts. Fund vehicles managed or
sub-advised by NAM-USA impose their own minimums regarding investment size and subscription amounts.

                                                                           Nomura Asset Management U.S.A. Inc.
                                                                              Form ADV Part 2A – June 24 , 2026
                                                              SEC File Number 801-12129 – CRD Number 108222