This Brochure provides an overview of the investment management services of a “Separately Identifiable Department” (the “Adviser”) of Brown Brothers Harriman & Co. (“BBH”). The Adviser, also known as the “Brown Brothers Harriman Mutual Fund Advisory Department,” is an SEC registered investment adviser that is an adviser or sub-adviser to mutual funds that are registered under the Investment Company Act of 1940, as amended (“Mutual Funds”), to an Exchange Traded Fund that is registered under the Investment Company Act of 1940, as amended (“ETF”), and to collective investment funds organized as Undertakings for Collective Investments in Transferable Securities (“UCITS Funds”). In this Brochure, we refer to Mutual Funds, ETFs and UCITS Funds together as “Funds.” The Adviser first registered with the SEC in 2001. BBH is a bank, organized as a New York limited partnership. As a bank, BBH is excepted from registration with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). This Brochure is not intended to state or imply that BBH is a registered investment adviser or that it is subject to the requirements of the Advisers Act, other than as identified below. This Brochure is not an offering document for the Funds, and all descriptions of the Funds and their objectives, strategies, and risks are set forth in their entirety in the Prospectus and Statement of Additional Information for the Mutual Funds and the Prospectus, the Packaged Retail and Insurance-based Investment

Product Key Information Document, and the Key Investor Information Document for the UCITS Funds. BBH was founded in 1818 and remains one of the oldest continuously operated partnership banks in the United States. In addition to offering a range of investment management services for individuals, families and institutions, BBH participates in businesses, including, but not limited to global custody, foreign exchange, lending, private equity investing, and personal trust & estate administration. Licensed by the New York State Department of Financial Services (“NYSDFS”) as a Private Banker, BBH is authorized to accept deposits, grant loans, and generally conduct a banking business including acting as a custodian of funds and securities. Assets held at BBH are not Federal Deposit Insurance Corporation ( “ FDIC”) insured and are subject to investment risks, including possible loss of principal invested. The Adviser has hired third-party investment advisers to provide sub-advisory and other investment-related services to certain Funds. These sub-advisers may themselves be advisers to other investment advisers or vehicles, including their own proprietary products. The Adviser reviews each sub-advised portfolio’s compliance with the applicable Fund’s portfolio investment guidelines. As of December 31, 2023, the Adviser had $20,611,552,769 in discretionary assets under management (net assets in the Funds). The Adviser does not manage any assets on a non-discretionary basis. P a g e | 4