Rothschild & Co Asset Management US Inc

Item 5: Fees and Compensation

The fees charged by R&Co vary for its clients depending on the type and size of the account and
other conditions. We primarily manage accounts from which we receive asset-based management
fees. However, we also manage accounts that have an asset-based fee component and a
performance fee component. (Please see “Performance-Based Fees and Side-By-Side
Management” for more information.)
The specific manner in which fees are charged by R&Co is established in a client’s written agreement
with R&Co, the prospectus or offering documents of the U.S. Equity Mutual Funds and Canadian
Equity Mutual Funds, CITs or commingled funds, or pursuant to the terms of R&Co’s agreement with
a wrap sponsor or platform provider, as the case may be.

Institutional and High Net Worth Clients in U.S. Equity Strategies
The timing of the fee payment and basis for such fee depends on R&Co’s agreement with the client.
Typically, R&Co bills fees on a quarterly basis, although clients may also elect to be billed monthly.
Clients may elect to be billed in advance or in arrears each billing period. Fees are generally based
on the asset value of the account as of the last business day of each quarter or month, as applicable.
For certain accounts, the fee is based on the average assets in the account during such quarter or
month. SS&C Technologies, Inc., R&Co’s third party back–office service provider (“SS&C”),
calculates the advisory fees in separately managed institutional accounts and R&Co reviews SS&C’s
calculations. To calculate advisory fees, R&Co and SS&C generally rely on prices provided by third-
party pricing services, custodians, broker-dealers, or platform sponsors for purposes of valuing
portfolio securities held in client accounts. Because R&Co relies on these third parties to value
securities, valuations for the same security may be different between client accounts, potentially
resulting in different management fees for accounts holding the same securities and having the same
management fee arrangement. Additionally, R&Co may use a “fair value price” for a security when a
market price is not readily available or when R&Co has reason to believe the market price is
unreliable.
Management fees are normally prorated for capital contributions and withdrawals during the
applicable billing period. Accounts initiated or terminated during a billing period are charged a
prorated fee. Upon termination of any account, 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.
Clients may choose to be billed directly or to have R&Co bill the custodian bank, with a copy of the
invoice sent to the client.
R&Co’s fees are exclusive of brokerage commissions, transaction fees, custody fees, and other
related costs and expenses that are incurred by the client. The section under the heading “Brokerage
Practices” further describes the factors that R&Co considers in selecting or recommending broker-
dealers for client transactions and determining the reasonableness of their compensation, including
their commission rates.

                                                                                Our Business and Practices
                                                                                           March 29, 2023

R&Co’s standard per annum investment management fee schedules by product type are listed below.
Fee schedules differing from these standard schedules may be negotiated on a client-by-client basis.
The minimum account sizes are provided in the charts below, although we may accept smaller
investments at our discretion.
Certain institutional separate account clients have negotiated “most favored nation” clauses in their
investment advisory agreements with R&Co. These clauses may require R&Co to decrease the fees
charged to the “most favored nation” client whenever R&Co enters into an advisory agreement at a
lower fee rate with another institutional separate account client. The applicability of a “most favored
nation” clause may depend on the degree of similarity between the clients, including the type of client,
advisor servicing and reporting requirements, investment restrictions, the amount of assets under
management and the particular investment strategy selected by each client.
Performance fees for certain accounts are also available, subject to applicable law, and are
negotiable. (See “Performance-Based Fees and Side-By-Side Management” for more information.)

  Institutional Separate Account Fee Schedule – US Equity

  Investment Strategy       Account Size               Annual Fee Rate              Minimum

  Rothschild & Co U.S.      First $25 million                0.60%                  $10 million
  Large-Cap Core            Next $25 million                 0.50%
                            Balance                          0.40%

  Rothschild & Co U.S.      First $25 million                0.60%                  $10 million
  Large-Cap Value           Next $25 million                 0.50%
                            Balance                          0.40%

  Rothschild & Co U.S.      First $25 million                0.85%                  $10 million
  Small/Mid-Cap Core        Next $25 million                 0.75%
                            Balance                          0.65%

  Rothschild & Co U.S.      First $25 million                0.85%                  $10 million
  Small-Cap Core            Next $25 million                 0.75%
                            Balance                          0.65%

  Rothschild & Co U.S.      First $25 million                0.85%                  $10 million
  Small-Cap Value           Next $25 million                 0.75%
                            Balance                          0.65%

Pilot Strategies
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Item 7: Types of Clients

R&Co provides investment advisory and sub-advisory services to a broad range of clients, including,
but not limited to, corporate pension plans and profit-sharing plans, defined contribution plans, public
pension funds (e.g., state and municipal government entities), Taft-Hartley plans, endowments,
foundations, high-net-worth investors, sub-advised accounts, mutual funds, pooled investment
vehicles, and retail investors in various wrap fee programs. From time to time, we also provide non-
discretionary investment advice to various model delivery wrap account programs. R&Co also
licenses certain Smart Beta indices from RBI, an affiliated Rothschild & Co company, and provides
them as a non-discretionary index provider to third party Canadian mutual funds.
Our minimum investment size varies by investment strategy and investment vehicle. In determining
minimum investment sizes, we consider the minimum amount required to establish a diversified
portfolio. Please refer to account minimums described under “Fees and Compensation.” Fund
investment minimums are specified in the prospectus or offering documents of the respective fund.

                                                                                 Our Business and Practices
                                                                                            March 29, 2023