Security Capital Research & Management Incorporated

Fees and Compensation

A. Advisory Fees and Compensation

Separately Managed Accounts

Clients generally pay an advisory fee based on a percentage of the market value of the assets managed by the
Adviser. Such fee is referred to as an asset-based fee. To the extent permitted under the Advisers Act, the
Adviser also charges performance-based compensation with respect to certain strategies and products or as
otherwise agreed with specific clients. For an additional discussion of performance-based compensation, please
refer to Item 6.A, Performance-Based Fees, which addresses how performance-based compensation is
calculated.

The Adviser’s fee schedule may vary depending on the type of managed account. The standard annual fee
schedule for the most often utilized investment strategies is set forth below.

Security Capital Research & Management Incorporated                                     Form ADV | March 23, 2026

                                          Assets Under Management                            Fee as a % of Assets

First                                              $ 10,000,000                                       1.10%
Next                                               $ 40,000,000                                       1.00%
Next                                               $ 50,000,000                                       0.75%
Over                                               $ 100,000,000                                      0.60%
Minimum investment: $10,000,000

Fee schedules are available upon request for other investment products, and strategies. Fees for products and
strategies may be higher or lower than the standard fee schedule.

In certain circumstances, fees may be negotiable. On occasion, the Adviser agrees to charge clients fees for
advisory services that are lower than those set forth above or other fee schedules. In certain circumstances in
which the Adviser or its "Affiliates" (as defined in Key Terms) provide customized investment advisory services or
other services in addition to investment advisory services, a higher fee schedule may apply. For certain
strategies, the Adviser may charge a minimum annual asset-based fee or require a minimum AUM for managing
an account. Accordingly, higher fees may also apply if an account’s assets are below the minimum investment
level indicated in the standard fee schedule. Variations in fees charged to clients can occur as a result of
numerous factors including, negotiations and/or discussions that may include the particular circumstances of the
investor, account size, investment strategy, account servicing requirements, the size and scope of the overall
relationship with the Adviser and its Affiliates or certain consultants, or as may be otherwise agreed with specific
clients on a case-by-case basis.

Investment Companies and Other Pooled Investment Vehicles

Investment Companies Sub-Advised by the Adviser

The prospectus of each investment company sub-advised by the Adviser sets forth the applicable fees and
expenses.

Other Pooled Investment Vehicles

With respect to private funds managed by the Adviser, the applicable fees and expenses are set forth in the
relevant offering or governing documents. In certain cases, the Adviser will waive or reduce fees and expenses
for certain investors, including Affiliates of the Adviser and/or employees of the Adviser or its Affiliates.

The private funds managed by the Adviser typically utilize an asset-based fee of 1.00% of the average invested
assets of each fund. They do not currently charge performance-based compensation or carried interest, though
they may in the future.

In certain cases, investors pay fees outside the fund. Such fees are based on a separate fee agreement between
the Adviser and/or its Affiliates and the applicable investor. Investors should refer to the offering documents of the
relevant private fund or applicable fee agreement for further information with respect to fees.

B. Payment of Fees

Separately Managed Accounts

For SMAs, clients may elect to have the Adviser bill the client for the advisory fees incurred, or the client may
instead agree to instruct its custodian to deduct advisory fees directly from the client’s SMA. The Adviser typically
charges fees after services have been rendered, at the end of each calendar quarter.

Security Capital Research & Management Incorporated                                      Form ADV | March 23, 2026

Investment Companies and Other Pooled Investment Vehicles

A description of the calculation and payment of fees payable to the Adviser is set forth in the applicable
prospectus, offering or governing document or fee agreement for the relevant fund. Clients should refer to such
documents for further information with respect to fees.

C. Additional Fees and Expenses

General

In addition to the advisory fees described above, clients may be subject to other fees and expenses in connection
with Security Capital's advisory services.

Transaction Charges

Clients generally pay brokerage commissions, taxes, charges and other costs related to the purchase and sale of
securities for a client’s account. See Item 12, Brokerage Practices for additional information regarding the
Adviser’s brokerage practices.

Custody and Other Fees

Clients typically establish a custody account under a separate agreement with a custodian bank, and the client
will incur a separate custody fee for the custodian’s services. The custodian may be an Affiliate of the Adviser. If
a client’s account is invested in mutual funds or other pooled investment vehicles, including private funds, the
client’s account generally will bear its pro rata share of the expenses of the fund, including custody fees.

Common Types of Expenses Related to Private Funds

Clients investing in private funds may either directly or through allocations by the Adviser, bear the following
expenses:
    (i)     All organizational and offering expenses;
...

Types of Clients

The Adviser primarily provides investment advisory services to institutional and retail clients, both U.S. and non-
U.S. clients, including:
    •   Charitable and/or religious organizations
    •   Corporations
    •   Defined contribution and defined benefit pension plans

Security Capital Research & Management Incorporated                                     Form ADV | March 23, 2026

    •   Endowments and foundations
    •   Financial institutions
    •   High net worth individuals
    •   Insurance companies
    •   Investment companies (including mutual funds and closed-end funds)
    •   Other pooled investment vehicles (including private funds)
    •   State and local governments
    •   Supranational organizations
    •   Trusts and estates

Account Requirements

The Adviser has established minimum account requirements for certain client accounts, which vary based on the
investment vehicle (SMA or fund), investment strategy, and asset class. In addition, a larger minimum account
balance may be required for certain types of accounts that require extensive administrative effort. Minimums are
subject to waiver in the Adviser's discretion. To open or maintain an account, clients are required to sign an
investment advisory agreement with Security Capital that stipulates the terms under which Security Capital is
authorized to act on behalf of the client to manage the assets listed in the agreement. In certain instances,
Security Capital may also manage the assets of an Affiliate’s clients and will receive from the Affiliate a portion of
the fee or other compensation paid by the end client for such services. Under these circumstances, the client
enters into an investment advisory agreement with the Affiliate and, in turn, the Affiliate delegates authority to
Security Capital.

For certain types of private investment funds offered or managed by the Adviser, U.S. investors must generally
satisfy certain investor sophistication requirements, including that the client qualifies as an “accredited investor”
under Rule 501(a) of Regulation D under the Securities Act of 1933, as amended and a “qualified purchaser”
within the meaning of section 2(a)(51) of the Investment Company Act of 1940, as amended (the “1940 Act”).
The Adviser may also permit investments by certain employees that qualify as "knowledgeable employees"
within the meaning of Rule 3c-5 of the 1940 Act in lieu of satisfying the client qualification requirements
associated with being a "qualified purchaser".