Sun Life Capital Management US LLC

ITEM 5: FEES AND COMPENSATION

Fees

Generally, clients are charged an asset-based fee for Adviser’s investment advisory services.
Fees may be negotiable depending on the service being provided and are generally billed
directly to the client in arrears. For some of its advisory clients, Adviser bills on assets inclusive
of accrued interest, while other clients are billed on assets exclusive of accrued interest, which
is often dependent upon whether the client intends to reinvest or sweep out interest generated
within the account. In addition, clients will incur other types of fees and expenses related to
their accounts, each as described below.

Insurance Asset Management (“IAM”)

IAM negotiates fees with clients based on the scope and complexity of services provided. The
fees are generally calculated as a percentage of assets under management and are payable
monthly or quarterly in arrears, prorated for partial periods or may charge based on a tiered
fee schedule, typically 0.25% for the first $50 million, 0.20% for the next $200 million, 0.13%
for the next $250 million, and negotiable rates for assets exceeding $500 million—with fees
billed quarterly in advance based on prior quarter-end valuations. High net worth clients
typically pay fees of between 15 and 25 basis points per year with annual minimum fees of
$12,500 per year. Accounts initiated or terminated during a calendar quarter are charged a
pro-rated fee. IAM may also negotiate fixed fees or alternative arrangements, particularly for
clients with multiple accounts. In both cases, fees are exclusive of brokerage commissions,
transaction fees, custodial fees, and other related costs incurred by clients. These typically
include charges from custodians, brokers, and third parties such as deferred sales charges,
transfer taxes, wire transfer fees, and fund-level expenses disclosed in prospectuses. Private
placements may incur Securities Valuation Office filing and maintenance fees, as well as
restructuring or workout-related costs. For more information on brokerage services and fees,
please see Item 12 – Brokerage Practices below. IAM may impose additional fees for
customized reporting. IAM does not charge management fees on client assets invested in
affiliated private funds, instead invoicing investors directly, with all associated costs detailed in
the respective offering documents. IAM does not deduct fees from client assets unless
explicitly approved by the client, and in the event of termination, IAM will prorate fees through
the end of the notice period, as outlined in each client’s investment management agreement.
For clients who are billed in advance, if the account is terminated prior to the end of a billing
period fees will be refunded to the client on a pro-rata basis based on the account’s termination
date.

Total Return Fixed Income (“TRFI”)

For discretionary asset management, TRFI utilizes a standard asset-based fee schedule for
the products shown in this section. However, fees are negotiable at Adviser’s sole discretion.

TRFI’s fees exclude any brokerage commissions, transaction fees, custodial fees and other
related costs and expenses that are incurred by clients in connection with TRFI’s advisory
services. In certain circumstances, clients will incur charges imposed by custodians, brokers,
and/or other third parties, including fees charged by managers, 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.

Prospective clients should be aware that in addition to TRFI’s advisory fees for separate
account management, exchange-traded funds (ETFs) or mutual funds in which a client's
account is invested also charge advisory fees and clients invested in those funds will bear
each such fund’s advisory fees and other fund expenses. Fee schedules and information about
fund expenses for ETFs and mutual funds can be found in the relevant prospectus.

In addition, clients participating in TRFI derivatives strategies will pay execution commissions,
clearing fees, and exchange fees for commodity interests purchased and sold for their
accounts. For more information on brokerage services and fees, please see Item 12 –
Brokerage Practices below.

Collective Investment Trust (“CIT”) Management Fees

In return for managing CIT assets, TRFI receives investment advisory fees, which the CIT
Trustee accrues daily, charges the CIT investors quarterly in arrears, and remits such earned
advisory fees to TRFI on a quarterly basis. A separate fee class is available only for investment
by plans with direct relationships with TRFI for management fees.

Private Fund Management Fees

TRFI does not charge a fee on client assets invested in the private funds to which Adviser or
an affiliate act as manager because it receives a management fee directly from each fund as
described and disclosed, alongside all other costs and expenses, in the funds’ respective
offering documents. Additional costs and expenses borne by investors are detailed in the fund
offering documents.

Separately Managed Account Fees

Fee schedules for separately managed accounts are listed in the tables below. Fees are
payable quarterly in arrears unless otherwise agreed in the investment management contract.
Accounts initiated or terminated during a calendar quarter are charged a pro-rated fee. TRFI
billing is done in two ways depending on the type of account:

1) Direct billing for discretionary asset management quarterly in arrears;
2) Billing for accounts participating in certain consulting platforms quarterly via the custodian
   and can include the direct debiting of fees as further described in Item 15 - Custody.

Additional Compensation and Conflicts of Interest

Sale of Affiliated Funds to Clients

Certain supervised persons of Adviser are also registered representatives of Sun Life
...

ITEM 7: TYPES OF CLIENTS

We provide investment advisory services to a variety of affiliated and unaffiliated institutional
clients. Our clients include pension and profit-sharing plans, public employee retirement
systems, credit institutions, corporations, publicly offered investment funds and their
investment managers, insurance companies, commingled trust funds, Taft-Hartley plans,
charitable institutions, foundations, endowments, municipalities, family offices, high net worth
individuals, holding companies, and private investment funds and their investment managers.

Minimum account sizes vary by investment strategy. In certain circumstances, Adviser
exercises its discretion to waive these requirements.

To help fight the funding of terrorism and money laundering activities, U.S. federal law requires
financial institutions to obtain, verify and record information that identifies each person who
opens an account on behalf of an investor. This means that Adviser will request from the client
or its beneficial owners its name, address, government identification number and other
information that allows Adviser to identify the client. If the client refuses to provide the
information requested, Adviser will not be able to manage assets for the client.