Nomura Corporate Research and Asset Management Inc

ITEM 5: FEES AND COMPENSATION

A. Advisory Fees and Compensation

NCRAM’s investment management fees generally depend on the services provided, may be subject to
negotiation, 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, NCRAM may also charge a
performance fee.

NCRAM’s fee schedule is omitted because this brochure is delivered only to qualified purchasers as defined in
the Investment Company Act of 1940, as amended (the “1940 Act”).

B. Payment of Fees

The specific manner in which NCRAM charges fees is established in the client’s written agreement with
NCRAM. NCRAM 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.

Separately Managed Accounts

We generally charge asset-based management fees for all our clients. All management fees are subject to
negotiation. Fee structures may be modified in circumstances which may include, but are not limited to the
following: where a new account is expected to grow rapidly, where a relationship already exists with a
current client or where the client retains NCRAM 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 service provided, and
the types of investment guidelines and restrictions imposed upon the management of the accounts. In
addition, there are specialized investment strategies with individualized fee arrangements in place as well as
historical fee schedules with long-standing clients that 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.

Accounts initiated or terminated during a billing period will be charged a prorated fee. Our services may be
terminated pursuant to the provisions of each advisory agreement. The termination provisions of any
particular advisory agreement 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.

NCRAM also manages accounts that provide for additional compensation on the basis of a share of the capital
gains upon, or the capital appreciation of, the client’s assets (a “performance fee.”). Performance fees may be
billed quarterly, semi-annually or annually. Please see Item 6 below for further discussion on performance
fees.

                                                             Nomura Corporate Research and Asset Management Inc.
                                                                                 Form ADV Part 2A –June 24, 2026
                                                                SEC File Number 801-38965 – CRD Number 110411

Pooled Investment Vehicle Fees

NCRAM acts as investment adviser, investment manager or sub-adviser to pooled investment vehicles such as
U.S. registered investment companies and offshore pooled investment vehicles. Our fees for such services are
based on each investment vehicle’s particular circumstances. NCRAM receives a management fee from all
pooled investment vehicles. Some vehicles also pay NCRAM a performance fee. The amount of the
management fee and performance fee varies from vehicle to vehicle and is set forth in the prospectus or other
relevant offering document for each fund. Each fund also ordinarily bears additional expenses (including
organizational and operating expenses). NCRAM’s affiliates receive additional compensation for
administrative, custodial, accounting or other services provided to some of these pooled investment vehicles.

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 offering memorandum, prospectus, statement of additional information (SAI),
subscription agreements 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 shall be 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 on brokerage accounts and securities transactions.
Item 12 describes the factors that NCRAM considers in selecting or recommending broker-dealers for client
transactions and determining the reasonableness of their compensation (e.g., commissions).

D. Prepayment of Fees

Clients may pre-pay fees if permitted by their investment management agreement. If a client does pre-pay
fees and an advisory contract is terminated prior to the end of the billing period, NCRAM will refund any fees
paid in advance on a pro rata basis.

E. Additional Compensation and Conflicts of Interest

Underlying Fund Fees

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.

We may invest client assets in money market funds, exchange-traded funds or other types of fund vehicles
managed by a third party, usually at the request of clients. In addition to NCRAM’s management fee and any
performance fee paid, clients will also incur, relative to investments in such funds, normal expenses and
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ITEM 7: TYPES OF CLIENTS

NCRAM’s clients include corporate pension plans, public retirement plans, sovereign wealth funds,
foundations, corporations, U.S. mutual funds, U.S. exchange-traded funds, collective investment trusts and
non-U.S. pooled investment vehicles such as Japanese investment trusts, EU alternative investment funds, and
Undertakings for Collective Investment in Transferable Securities (“UCITS”) vehicles.

NCRAM generally accepts new client accounts with assets of $50 million or more. In some instances, we may
waive or negotiate the minimum based on a variety of factors, including investment style and the nature of
the client relationship. Pooled investment vehicles sub-advised by us impose their own minimum investment
amount and other investor qualifications.

                                                          Nomura Corporate Research and Asset Management Inc.
                                                                              Form ADV Part 2A –June 24, 2026
                                                             SEC File Number 801-38965 – CRD Number 110411