Our Firm abrdn Inc. is headquartered in Philadelphia, Pennsylvania, and is a wholly owned subsidiary of abrdn Holdings Limited. abrdn Holdings Limited is a wholly owned subsidiary of abrdn plc. The asset management business of abrdn plc operates under the name abrdn. In addition to abrdn Inc., abrdn Asia Limited and abrdn Investments Limited are wholly owned subsidiaries of abrdn Holdings Limited. Aberdeen Capital Management LLC and abrdn ETFs Advisors LLC are wholly owned subsidiaries of abrdn Inc. abrdn Alternative Funds Limited and abrdn Capital Partners LLP, both based in Edinburgh, Scotland, are also subsidiaries of abrdn plc. abrdn Inc., abrdn Asia Limited, abrdn Investments Limited, Aberdeen Capital Management LLC, abrdn ETFs Advisors LLC, abrdn Alternative Funds Limited, and abrdn Capital Partners LLP (collectively, “we”, “abrdn” or “the Advisers”) are registered as investment advisers with the Securities and Exchange Commission (the "SEC"). In rendering investment advisory services, the Advisers may share resources, including personnel and facilities, and research information. The Advisers may also use the resources of other subsidiaries of abrdn plc. The Advisers have entered into a Memorandum of Understanding (“MOU”) and have elected to appoint as access persons certain individuals who are employed by affiliated offshore unregistered advisers. These individuals render portfolio management, research and trading services to the Advisers' clients. abrdn Inc. has been registered with the SEC as an investment adviser since 1995 and has offices in: Philadelphia, PA; New York, NY; and Boston, MA. Advisory Services abrdn Inc. provides its clients with discretionary and non-discretionary asset management and related services across a broad range of investment strategies and asset classes. Our business is predominantly the active management of financial assets, using first-hand research to make our investment decisions. Managed asset classes include equities, fixed income securities, and real assets, as well as multi-manager research, selection and portfolio management for hedge funds strategies (“Hedge Funds” or “Alternative Investment Strategies”). abrdn Inc.’s subsidiary, Aberdeen Capital Management LLC, offers multi-manager research, selection and portfolio management for private equity and venture capital. abrdn Inc.’s subsidiary, abrdn ETFs Advisors LLC, is a specialist commodity exchange traded product provider, offering commodity ETFs. We may also serve as a manager of managers, in which circumstance we hire sub-advisers to provide day-to- day securities selection. We are responsible for selecting sub-advisers and determining the portion of a fund’s assets to be allocated to each sub-adviser. Additionally, we offer solutions that can blend our abilities across different asset classes to provide tailored investment outcomes to meet specific client needs. See Item 8 (Methods of Analysis, Investment Strategies and Risk of Loss) for additional information regarding our advisory services. Our investment expertise is delivered through both segregated and pooled products – allowing us to serve a range of clients from institutions to private investors. We offer investment advisory services with regard to investments in both domestic and global securities to a variety of clients, insurance products, and pooled funds, including investment companies registered under the Investment Company Act of 1940, as amended (“1940 Act”). We provide a variety of asset management capabilities, including:
• managing or sub-advising various open-end or closed-end investment companies registered under 1940 Act;
• offering professional money management services for separately managed accounts, which include providing continuous advice to clients based on individual needs concerning the investment of funds and related activities including, but not limited to trading, and cash management;
• providing investment services to international open-end and closed-end funds, collective investment trusts, and various private or institutional mandates sourced globally;
• offering investment services to certain limited partnerships and similar private funds;
• offering segregated and pooled vehicles focusing on European, or other global property mandates;
• offering global and regional fund of funds products (hedge fund, real assets and property);
• offering model investment portfolios that can be bought through sponsor firms; and
• customizing solutions for clients, including but not limited to those seeking specific exposure or risk/return characteristics within their alternative investment allocations. abrdn Inc. also creates seed or incubator accounts in order to develop performance track records in new investment strategies or products prior to offering them to outside investors. Tailoring Services to Client Needs We typically manage client accounts on a discretionary basis; however, we will manage client accounts on a non-discretionary basis subject to client instruction. We make investments for clients in accordance with mutually agreed upon written investment guidelines and provide continuous supervision of client portfolios. Investment services may be tailored for each client’s specific needs and objectives, and clients may impose reasonable restrictions on investing in certain securities or types of securities. We have established procedures and controls to help ensure compliance with each client’s specific investment guidelines and any client-imposed restrictions. Where we are the investment adviser to a pooled investment vehicle, investment objectives, guidelines and any investment restrictions are not typically tailored to the needs of individual investors in those vehicles, but rather are described in the prospectus or other relevant offering document for the vehicle The advisory or sub- advisory fee is subject to negotiation and is fully disclosed to clients. Upon request, clients may also receive investment advice on a more limited basis through advisory or consulting-like services, including advice on isolated areas of concern such as special projects or a specific topic. Clients wishing to engage abrdn Inc. for consulting services will be required to enter into a written agreement and may be subject to certain fees and conditions. We may, directly or indirectly, and without notice to other investors, enter into “side letter” agreements with certain prospective or existing investors (including investors affiliated with

abrdn Inc.) granting them, among other things, fee waivers or reductions, future capacity rights in a fund, interests or shares having different voting rights or restrictions, reduced minimum subscription amounts, additional rights to reports and other information and other more favorable terms than the terms that are described in the relevant offering memorandum. The funds that enter into these arrangements have no obligation to offer such differing or additional rights, terms or conditions to all interest holders, and abrdn may or may not offer similar differing or additional rights, terms or conditions to other clients in customized discretionary accounts it manages or to non-discretionary accounts to which it provides investment advice. In rare instances where abrdn is provided with enhanced portfolio disclosure from other managers (including potentially material non-public information concerning the portfolio holdings of an underlying fund pursuant to a confidentiality agreement with the underlying fund or its manager), abrdn will not be able to share information concerning such holdings or information or the fact of the existence of such a confidentiality agreement with advisory clients unless specifically authorized to do so by the underlying fund or its manager. The relevant markets, risks, strategy, benchmarks, fees, expenses and other investment details will be detailed in the offering memorandum of the vehicle. Model Delivery/SMA abrdn Inc. participates as an investment manager in Separately Managed Account programs (“SMAs”) sponsored by third-party firms (the “Sponsor”), including single and dual contract SMAs. The investor contracts with the Sponsor in a single contract SMA. In dual contract SMAs, the investor contracts with the Sponsor and abrdn Inc. SMAs are offered by non-affiliated Sponsor entities and may involve strategies of other outside managers in addition to our own. In these arrangements, abrdn provides investment management services on a discretionary basis to that client in accordance with one or more model strategies selected by the client. The Sponsor would typically perform the trades for Sponsor clients in SMAs, but the investment manager may do so based on investment strategy or in order to seek best execution, which may result in additional fees to clients. The Sponsor typically has primary responsibility for client communications and service, but we are available to the client for consultation. Additionally, abrdn Inc. provides non-discretionary investment advice whereby abrdn Inc. provides investment recommendations in the form of a model portfolio to a Sponsor or overlay manager which then utilizes all or part of the model in managing its clients’ accounts. Model delivery programs are often referred to as Unified Managed Accounts (“UMAs”). In these arrangements, abrdn Inc. does not place trades or exercise trading discretion for the client accounts. In such programs, the sponsor typically charges the client a comprehensive fee, inclusive of the advisory fee charged by abrdn Inc. together with the fee for all other services being provided by the Sponsor. The Sponsor generally executes client portfolio transactions on behalf of abrdn Inc. and provides custodial services for the client’s assets. Except for execution charges for certain transactions executed away from the sponsor, clients pay a single, all-inclusive (“wrap” or “Wrap Program”) fee charged by the sponsor based on the value of the client’s account assets for asset management, trade execution, custody, performance monitoring and reporting through the Sponsor. The wrap fee often, but not always, includes the advisory fees charged by abrdn Inc. and other participating managers through the program. The Sponsor typically assists the client in defining the client’s investment objectives based on information provided by the client, aids in the selection of one or more investment managers to manage the client’s account, and periodically contacts the client to ascertain whether there have been any changes in the client’s financial circumstances or objectives that warrant a change in the management of the client’s assets. In certain Wrap Programs, the Sponsor contracts with other investment advisers to perform these services. In a Wrap Program, the Sponsor pays the investment advisers, such as abrdn Inc., a fee based on the assets of clients invested in the applicable strategy in the Wrap Program. In certain cases, abrdn Inc. may instead be paid fees based on the size of the total Wrap Program assets under management. abrdn Inc. may retain a portion of the wrap program fee when it participates as manager in wrap program arrangements. Wrap fee accounts and other client accounts following a strategy with the same name managed by the same portfolio management team may be managed differently. For example, the Sponsor or client may impose investment restrictions or administrative requirements upon us in managing accounts that could cause those accounts to be managed differently from other client accounts in the same strategy managed by the same portfolio management team that were not subject to those restrictions or requirements. For example, if a Wrap Program sponsor or client imposes investment restrictions on an account which prohibits investment in a security that is held in the selected strategy, the security may not be replaced with a comparable security and the client’s account may be overweight other positions or hold a larger cash position than other clients in that strategy. Not all strategies managed by abrdn Inc. are available in such programs. A portfolio constructed for a model delivery or SMA account may differ from how the same strategy is constructed for our other accounts. For example, we may use an affiliated registered investment company to purchase locally traded securities, where ADRs are not available (known as a “Completion Fund”). ADRs are generally used in model delivery/SMA programs as local lines generally cannot be traded in those programs. Please also see the “Fees and Compensation” and “Brokerage Practices” items of this Brochure for more information on differences between wrap program arrangements and other types of client accounts. Assets under Management As of December 31, 2022, abrdn Inc. had approximately $50,869,296,000in assets under management (AUM) on a discretionary basis, and approximately $1,227,631,000in assets under advisement on a non-discretionary basis, and total assets under management/advisement of approximately $52,096,927,000.