Schroder Investment Management North America Inc

Item 5: Fees and Compensation

The Adviser generally offers investment advisory services on a discretionary basis for institutions and pooled vehicles. It
occasionally offers services on a non-discretionary advisory basis for certain clients.

The prospectus of each registered fund advised or sub-advised by the Adviser sets forth the applicable fees and expenses. With
respect to unregistered private funds managed by the Adviser, the applicable fees and expenses are set forth in the relevant
offering or governing documents, or in certain cases, in a separate fee agreement between the Adviser and an investor in a
private fund.

The strategies available and the current standard fee structures for separate accounts are as follows:

U.S. EQUITIES

US Small Cap Core
Separate Account
Management fee – 0.65% on first $50 million and 0.60% thereafter
Minimum account size: $10 million

US Small/Mid Cap
Separate Account
Management fee – 0.65% on first $50 million, 0.60% on next $100 million, and
0.55% thereafter
Minimum account size: $10 million

US Mid Cap
Separate Account
Management fee – 0.60% on first $50 million, 0.55% on next $100 million, and
0.50% thereafter
Minimum account size: $10 million

US Large Cap Equity
Separate Account
Management fee – 0.50% on first $100 million, 0.40% on the next $100 million, and 0.35% thereafter
Minimum account size: $50 million

FIXED INCOME

US Core Aggregate
Separate Account
Management fee – 0.25% on first $100 million, 0.20% on the next $100 million, and 0.15% thereafter
Minimum account size: $40 million

                                                                                          Schroder Investment Management North America Inc.
                                                                                          Advisory Brochure

US Core Plus
Separate Account
Management fee – 0.30% on the first $100 million, 0.25% on the next $100 million, and 0.20% thereafter
Minimum account size: $40 million

Municipal Bonds: Intermediate & Short-Term
Separate Account
Management fee – 0.292575% on first $50 million, 0.225% on the next $50 million, 0.1125% on the next $400 million, 0.09% for
the next $500 million, and .072% thereafter
Minimum account size: $50 million

Global Credit (Corporate)
Separate Account
Management fee – 0.35% on first $100 million, 0.25% on the next $100 million, and 0.20% thereafter
Minimum account size: $100 million

US Credit (Corporate) and Sustainable US Corporate
Separate Account
Management fee – 0.30% on first $100 million, 0.25% on the next $100 million, and 0.20% thereafter
Minimum account size: $100 million

US Buy & Maintain Corporate
Separate Account
Management fee – 0.14% on first $100 million, 0.13% on the next $150 million, 0.12% on the next $250 million, 0.10% on the
next $500 million, 0.08% thereafter
Minimum account size: $100 million
High Yield: Global
Separate Account
Management fee – 0.50% on first $100 million, 0.45% on the next $100 million, and 0.40% thereafter
Minimum account size: $100 million

High Yield: US and Sustainable US High Yield
Separate Account
Management fee – 0.50% on first $100 million, 0.45% on the next $100 million, and 0.40% thereafter
Minimum account size: $100 million

Emerging Market Debt Multi-Sector (Relative Return)
Separate Account
Management fee – 0.60% on first $100 million, 0.50% on the next $100 million, 0.40% on the next $300 million, and 0.35%
thereafter
Minimum account size: $100 million

Emerging Market Debt Local Sector (Relative Return)
Separate Account
Management fee – 0.60% on first $100 million, 0.50% on the next $100 million, 0.40% on the next $300 million, and 0.35%
thereafter
Minimum account size: $100 million

Emerging Market Debt Hard Currency
Separate Account
Management fee – 0.40% on first $100 million, 0.30% on the next $100 million, 0.20% on the next $300 million, and 0.15%
thereafter
Minimum account size: $100 million

                                                                       Schroder Investment Management North America Inc.
                                                                       Advisory Brochure

Emerging Market Debt Hard Currency Sector (Relative Return)
Separate Account
Management fee – 0.60% on first $100 million, 0.50% on the next $100 million, 0.40% on the next $300 million, and 0.35%
thereafter
Minimum account size: $100 million

Emerging Market Debt (Total Return)
Separate Account
Management fee: 0.70% on the first $100 million; 0.60% on the next $100 million; and 0.50% thereafter.
Minimum account size: $100 million

Value Core, Value Core with Labor Aware Corporates, Value Short Duration, , Value Intermediate Duration, Value Long
Duration, Value Long Credit, Value Long Corporate, Value Opportunistic, Value Opportunistic Investment Grade,
Separate Account
Management fee – 0.325% on first $50 million, 0.25% on the next $50 million, 0.125% on the next $400 million, 0.1% for the
next $500 million, and .08% thereafter
Minimum account size: $50 million

Value Tax-Aware, Value Tax Aware Opportunistic
Separate Account
Management fee – 0.2925% on first $50 million, 0.225% on the next $50 million, 0.1125% on the next $400 million, 0.09% for
the next $500 million, and .072% thereafter
Minimum account size: $50 million

SECURITIZED PRODUCTS & ASSET-BASED FINANCE

Securitized Index IG
Separate Account
Management fee – 0.30% on first $250 million, 0.25% on the next $250 million, 0.175% on the next $500 million, and 0.15%
thereafter
Minimum account size: $250 million

Securitized Credit IG
Separate Account
Management fee – 0.375% on first $250 million, 0.325% on the next $250 million, 0.25% on the next $500 million, and 0.20%
thereafter
Minimum account size: $250 million

Securitized Credit Unconstrained
Separate Account
Management fee – 0.55% on first $250 million, 0.50% on the next $250 million, 0.45% on the next $500 million, and 0.40%
thereafter
Minimum account size: $250 million

Opportunistic Securitized
Separate Account
...

Item 7: Types of Clients

The Adviser provides investment management services predominantly to institutions, endowments, foundations, pension
funds, government retirement plans, and insurance companies and, as sub-adviser, to registered investment companies
sponsored by other advisers. These clients and prospects are usually sophisticated investors.

The Adviser does offer municipal bond strategies through separate accounts and markets to high net worth clients in addition
to institutions. The high net worth clientele generally consists of individuals, trusts, family offices, endowments, pension funds
and private investment funds. The Adviser also sub-advises mutual funds open to retail investors but the Adviser almost
exclusively markets to institutional clients and fund of funds products, who may have direct investments in the funds. As noted,
the Adviser provides model portfolios to wrap-fee program sponsors, whose clients typically are in the high net worth category.

                                                                           Schroder Investment Management North America Inc.
                                                                           Advisory Brochure

The Adviser manages private institutional vehicles including trusts and partnerships and offers those only on a private
placement basis. In order to invest in private vehicles, prospective clients generally must be “qualified purchasers” as defined
under Section 2(a) (51) of the Investment Company Act of 1940.

The Adviser reserves the right not to enter into an advisory agreement with any person or institution for any legally acceptable
reason.