A. Firm Description Nomura Corporate Research and Asset Management Inc. ("NCRAM", “firm”, “we”, “us” or “our”) is an analyst-driven investment boutique management firm that specializes in below investment-grade credit. NCRAM provides both discretionary and non-discretionary investment management services to institutional investors in the US and globally. NCRAM is primarily engaged in managing assets consisting of high yield corporate bonds but also invests in emerging market bonds, leveraged loans and derivatives instruments. Our “Strong Horse” Approach NCRAM believes a total return approach driven by credit research is the best way to generate alpha in high yield. We describe our investment approach as the “Strong Horse” philosophy. Strong Horse companies can carry their debt load through good times and bad. These companies generally have a positive ability to de-lever their balance sheet by generating strong, positive cash flows that are sustainable. The creditworthiness of these companies tends to increase over time, as will their credit ratings. NCRAM (a Delaware corporation) was founded in March of 1991 as a subsidiary of Nomura Holding America Inc. (“NHA”). NHA owns 99% of NCRAM. The ultimate parent company, Tokyo-based Nomura Holdings, Inc. (“NHI”), owns the remaining 1%. The stock of NHI trades publicly on the Tokyo and New York Stock Exchanges. NHI, together with its affiliates, is known as “Nomura.” NCRAM is registered as an investment adviser with the United States Securities and Exchange Commission (“SEC”) and is also registered as a third country investment adviser in the Netherlands with the Netherlands Authority for the Financial Markets. B. Description of Advisory Services NCRAM’s advisory services are offered through a variety of investment products and arrangements, depending on the strategy. These include separately managed accounts for well-known U.S. and non-U.S. institutional clients and U.S. and non- U.S. pooled investment vehicles. Although most services are provided on a discretionary basis, NCRAM also provides certain services on a non-discretionary basis. NCRAM provides investment advisory services to offshore funds through arrangements with third- parties and our affiliates, Global Funds Management S.A., Global Fund Trust Company, Nomura Asset Management U.K. Limited, Nomura Asset Management Co., Ltd., Nomura Asset Management Taiwan Ltd. and Nomura Asset Management Europe KVG mbH. The funds are offered to offshore investors and, under such arrangements, we serve as the adviser or sub-adviser. NCRAM serves as a non-discretionary sub-adviser to a U.S. exchange-traded fund where we provide a model portfolio to the fund’s investment adviser, who determines its use. Although we specialize in investing in high yield fixed income instruments, NCRAM also invests in, receives and/or holds investment grade debt instruments

and equity securities. For our high yield strategies we also trade currency forwards at the request of clients, generally for hedging purposes only. Our Multi-Credit Strategy invests in derivatives, as well as fixed income instruments. Fixed Income Instruments Fixed income instruments include, but are not limited to, the following: debt securities of U.S. and non- U.S. issuers, including zero coupon bonds and payment-in-kind securities, Rule 144A securities, hybrid securities, structured notes, including “indexed” securities and event-linked bonds, corporate loans, loan participations and assignments, obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises, including Brady bonds, Eurobonds, Yankee Bonds and Global Bonds, and obligations of international agencies or supranational entities. Equity Instruments Equity instruments include, but are not limited to, common stock, preferred stock, warrants, rights, depository receipts, real estate investment trusts, limited partnership interests, membership interests in limited liability companies, and shares of pooled investment vehicles. At the request of clients, we will also invest in exchange-traded funds. Derivative Instruments Derivative instruments include, but are not limited, to currency forwards, futures, and credit derivatives such as credit default swap indices (“CDX”). C. Availability of Customized Services to Individual Clients We tailor our advisory services to the individual needs of our clients. Clients generally impose restrictions on investing in certain securities or types of securities, depending on their investment objectives, risk tolerance and other various suitability requirements. These restrictions must be in writing and must accompany the investment management agreement. Clients should be aware, however, that certain restrictions can limit our ability to act and as a result, an account’s performance may differ from and may be less successful than other accounts that have not limited our discretion in the same manner. Where NCRAM is the investment adviser/sub-adviser to a pooled investment vehicle, the investment objectives, guidelines and any investment restrictions followed are those of the vehicle (as described in its prospectus or other relevant offering documents) and are not tailored to the needs of individual investors in those vehicles. D. Wrap Fee Programs NCRAM does not provide portfolio management services in connection with any wrap fee programs. E. Assets Under Management As of March 31, 2023 USD Assets Under Management USD Regulatory Assets Under Management Assets Managed on a Discretionary Basis $27.223.499,330 $30,357,086,553 Assets Managed on a Non-Discretionary Basis $ 297,965,444 $ $ 297,965,444 Total Assets $ 27,521,464,774 $ 30,355,051,997