– Advisory Business Overview Ashmore Investment Advisors Limited (“AIAL” or the “Adviser”) is an investment advisory firm focused on investing in Emerging Markets investments for institutional investors. AIAL is 100% owned by Ashmore Investments (UK) Limited. Ashmore Investments (UK) Limited is 100% owned by Ashmore Group plc (“Ashmore Group”). Ashmore Group is a public company domiciled in England and listed on the London Stock Exchange. Mark Coombs, is a director and Chief Executive Officer of AIAL, and Chief Executive Officer of Ashmore Group plc. Mr Coombs indirectly owns more than 25% of AIAL through his ownership interest in Ashmore Group plc. Ashmore Group is a manager of Emerging Markets assets. The firm was founded in 1992 as a division of the Australia and New Zealand Banking Group (“ANZ”), and subsequently incorporated by ANZ in 1997 under the name ANZ Emerging Markets Fund Management Limited (“EMFM”). A senior management buy-out of this business completed in February 1999 and EMFM was renamed Ashmore Investment Management Limited (“AIML”). See Item 10 “Other Financial Industry Activities and Affiliations” section of this Brochure. AIAL was established in 2014 and has been an SEC registered investment advisory firm since February 2014. As of June 30, 2023, AIAL had US$ 2.4 billion discretionary assets under management and Ashmore Group plc’s group wide assets were US$55.9 billion. In brief Who are AIAL’s principal owners? 3 AIAL specialises in Emerging Markets1 investment themes. It invests client assets across a universe of approximately 60 Emerging and Frontier2 Markets countries in both debt and equity instruments including, but not limited to the below: ▪ Sovereign/quasi-sovereign/corporate instruments ▪ US$/local currency denominated securities ▪ Publicly listed/private instruments ▪ Derivatives such as total return swaps, forwards etc. for hedging and efficient portfolio management Each strategy is implemented in-line with the established offering documents, investment guidelines and restrictions, and required regulatory limits as applicable for each respective fund and account. Adherence to relevant guidelines and restrictions is the responsilbity of the designated Ashmore Investment Personnel and is monitored by the Compliance Department. Where does AIAL invest client assets? 1 Emerging Market Country means

any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely- recognized index of emerging market securities (e.g., the relevant indices in the family of J.P. Morgan Corporate Emerging Markets Bond Index, J.P. Morgan Emerging Local Markets Index, J.P. Morgan Emerging Markets Bond Index, J.P. Morgan Government Bond Index – Emerging Markets and MSCI Emerging and Frontier Markets Index). 2 Frontier market countries are emerging market countries, but generally have smaller economies or less mature capital markets than more developed emerging markets, and, as a result, the risks of investing in emerging market countries are magnified in frontier countries. AIAL currently offers its services through private pooled investment vehicles (“Funds”), separately managed accounts (“SMAs”), and mutual funds registered under the U.S. Investment Company Act of 1940 (“1940 Act Funds”), collectively “Funds and Accounts”. Ashmore’s Funds and Accounts are collectively “Clients”. As it pertains to the management of private pooled investment funds, Ashmore invests certain client assets, where appropriate, to makes it easier to invest in certain Emerging Markets and market sectors where it can be difficult to get custody or liquidity. Why does AIAL invest client assets in private investment funds, and who manages those funds? Unless AIAL specifically agrees to the contrary with a particular client, AIAL will assume discretionary responsibility for the day-to-day investment of each client’s account. If a Client has an SMA with AIAL, the Adviser can help the Client define the investment objectives for the account by explaining risk and return parameters and, if requested, evaluate the propsoed account structure in relation to other, existing holdings. An SMA client may also impose restrictions on investing in certain securities or types of securities for their account. AIAL will then select the markets, sectors and individual securities that are believed to bemost consistent with your account’s investment objectives and restrictions. Private pooled investments funds are subject to the investment restrictions disclosed in the relevant offering document. Customized account services