Schroder Investment Management North America Ltd

ITEM 5: Fees and Compensation
The Adviser generally manages portfolios for SIMNA Inc. pursuant to delegation arrangements. SIMNA Inc. determines the fees for
prospective clients and consults with the Adviser concerning the fees for the strategies that the Adviser manages. SIMNA Inc. may
negotiate a different fee with its clients based on the circumstances, subject to the agreement of the Adviser. SIMNA Inc. and the
Adviser agree upon a split of the fee that SIMNA Inc. negotiates with a prospective client.
The prospectus of each registered fund sub-advised by the Adviser sets forth the applicable fees and expenses. With respect to
unregistered private funds managed by SIMNA Inc. and delegated to 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 SIMNA Inc. and an investor
in a private fund.

The standard fee structure that SIMNA Inc. and the Adviser have established for separate accounts in the strategies that the Adviser
sub- advises are set forth below.

Equities

Global/International Equity
Separate Account
Management fee: 0.50% on first $100 million; 0.40% on next $100 million; and 0.35% thereafter
Minimum account size: $50 million

Global/International Alpha
Separate Account
Management fee: 0.60% on first $100 million; 0.50% on next $100 million; and 0.45% thereafter
Minimum account size: $50 million

International Alpha ADR
Offered only through model delivery to wrap-fee program sponsors.

Global/International Small Cap
Separate Account
Management fee: 0.80% on first $100 million, 0.70% on next $100 million, and 0.60% thereafter
Minimum account size: $100 million

Emerging Market Equity
Separate Account
Management fee: .90% on first $100 million; 0.80% on the next $100 million; and 0.65% thereafter
Minimum account size: $175 million

Frontier Markets Equity
Separate Account
Management fee: 1.20% on first $100 million; and 1.0% thereafter
Minimum account size: $75 million

Emerging Markets Equity Alpha
Separate Account
Management fee: .90% on first $100 million; 0.80% on the next $100 million; and 0.65% thereafter
Minimum account size: $100 million

Global Emerging Markets Small Cap
Separate Account
Management fee: 1.20% on first $100 million; and 1.00% thereafter
Minimum account size: $75 million

Global Climate Change
Separate Account
Management fee: 0.65% on first $100 million; 0.60% on the next $100 million; and 0.55% thereafter
Minimum account size: $100 million

Global Climate Leaders

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Separate Account
Management fee: 0.65% on first $100 million; 0.55% on the next $100 million; and 0..50% thereafter
Minimum account size: $50 million

Global Sustainable Growth
Separate Account
Management fee: 0.65% on first $100 million; 0.55% on the next $100 million; and 0.50% thereafter
Minimum account size: $50 million

Global Innovation
Separate Account
Management fee: 0.70% on first $100 million; 0.60% on the next $100 million; and 0.55% thereafter
Minimum account size: $50 million

Global Energy Transition
Separate Account
Management fee: 0.65%% on first $100 million; 0.60% on the next $100 million; and 0.55% thereafter
Minimum account size: $100 million

Global Sustainable Food & Water
Separate Account
Management fee: 0.65% on first $100 million; 0.60% on the next $100 million; and0.55% thereafter
Minimum account size: $100 million

Healthcare Innovation
Separate Account
Management fee: 0.70% on first $100 million; 0.60% on the next $100 million; and 0.55% thereafter
Minimum account size: $50 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

Swiss Equities
This strategy is available only through a pooled investment vehicle.

Asian Equities
Separate Account
Management fee: 0.90% on first $100 million; 0.80% on the next $100 million; and 0.75% thereafter
Minimum account size: $100 million

Indian Equities
Separate Account
Management fee: 0.75% on first $100 million; 0.65% on the next $100 million; and 0.60% thereafter
Minimum account size: $50 million

Fixed Income

Global Strategic Bond
Separate Account
Management fee: 1.00% on all assets and performance fee Minimum fund size: $50 million

Global Unconstrained Fixed Income (Total Return)
Separate Account
Management Fee – 0.55% on first $100 million, 0.50% on the next $100 million, and 0.45% thereafter
Minimum account size: Typically $100 million

Global Unconstrained Fixed Income (Relative Return)
Separate Account
Management fee – 0.40% on first $100 million, 0.35% on the next $100 million, and 0.30% thereafter
Minimum account size: $50 million

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Quantitative Equity Products (QEP)

Global Core
Separate Account
Management fee: 0.27% on the first $50 million, 0.20% on the next $100 million, 0.15% on the next $100 million, 0.14% on the next
$250 million, and 0.13% thereafter
Minimum account size: Typically $200 million

International (ex-US) Value
Separate Account
Management fee: 0.65% on first $50 million, 0.55% on the next $100 million, 0.45% on the next $100 million and 0.40% thereafter
Minimum account size: Typically $100 million

Global Value
Separate Account
Management fee: 0.65% on first $50 million, 0.55% on the next $100 million, 0.45% on the next $100 million and 0.40% thereafter
Minimum account size: Typically $100 million

Global Quality
Separate Account
Management fee: 0.65% on first $50 million, 0.55% on the next $100 million, 0.45% on the next $100 million and 0.40% thereafter
...

ITEM 7: Types of Clients

SIMNA Inc. sometimes enters into agreements for performance-based fees with qualified clients relating to strategies that the
Adviser sub- advises. Some private funds also have fees calculated in part on performance. The Adviser receives a portion of the
performance fees that SIMNA Inc. collects. There sometimes are instances in which a portfolio manager is managing accounts in
the same strategy that have differences in the fee paid by difference accounts. This would include the management “side-by-side” of
accounts with performance based and non- performance based fees, including where the Adviser has made an investment in
certain funds that also include a performance fee. Managers have a potential conflict of interest arising from the fee difference
among accounts. The Adviser monitors for such conflicts by reviewing account performance.
Accounts in the same strategy are included in a single composite for the purposes of performance presentations for that strategy.
Trades for accounts in the same strategy are generally carried out as aggregated trades. In such trades, each account gets an
average price and shares pro rata in the transaction costs. Where trades are done in the aggregate, a portfolio manager cannot
favor one account over the other. In addition, where applicable, an investment risk committee which typically consists of investment
staff, product managers and investment risk team members oversees these composites including a review of any account that is an
“outlier.” An outlier would be any account that deviated significantly from the performance of the composite as a whole. Product
managers or portfolio managers are required to explain whenever account performance is significantly different than composite
results. The Adviser believes that the outlier review would identify accounts that needed further analysis if a manager unduly
favored one account in the same strategy.

The Adviser provides investment management services predominantly to its US affiliate, SIMNA Inc., by sub-advising on investment
management agreements that SIMNA Inc. has entered with institutions, endowments, foundations, pension funds, government
retirement plans, and insurance companies or as sub-adviser to registered investment companies sponsored by other advisers.
These clients and prospects are usually sophisticated investors. The Adviser also manages 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.

The Adviser sub-advises private institutional vehicles including trusts and partnerships that SIMNA Inc. offers 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.

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