A. The Firm Ninety One UK Limited (“Ninety One UK”) is a limited company organized under the laws of England and Wales and registered with the Financial Conduct Authority (“FCA”), as well as with the SEC. Ninety One UK, founded in 1991, is a wholly-owned subsidiary of Ninety One UK Holdings Limited (“Ninety One UK Holdings”), a company formed under the laws of England and Wales. Ninety One UK Holdings is a wholly- owned subsidiary of Ninety One Global Limited (“Ninety One Global”), a company formed under the laws of England and Wales. Ninety One Global is a wholly-owned subsidiary of Ninety One Plc (“Ninety One Plc”), a company formed under the laws of England and Wales. Ninety One Plc is listed on both the London Stock Exchange and the Johannesburg Stock Exchange. Ninety One Plc is affiliated with Ninety One Limited (“Ninety One Ltd” and together with Ninety One Plc, “Ninety One”), a company incorporated in South Africa and listed on the Johannesburg Stock Exchange. Ninety One Plc and Ninety One Ltd are separate legal entities with separate listings that are bound together under a Dual Listed Company structure, governed through contractual agreements and legal mechanisms. Ninety One Ltd wholly (indirectly) owns Ninety One SA (Pty) Ltd (“Ninety One SA”). Ninety One SA’s principal office is located in Cape Town, South Africa and is regulated by the South African Financial Sector Conduct Authority (“FSCA”). Ninety One UK is also an affiliate of Ninety One North America, Inc. (“Ninety One NA”), a Delaware corporation formed in 2012 that is registered with the SEC. Ninety One NA is a wholly-owned subsidiary of Ninety One International Limited (“Ninety One International”), a company formed under the laws of England and Wales. Ninety One International is a wholly-owned subsidiary of Ninety One Global. Ninety One UK has entered into a dual-hatting agreement (“Dual-Hatting Agreement”) with Ninety One NA. Ninety One UK is the investment adviser of the Ninety One Global Strategy Fund (“GSF”). The GSF is authorized under Part I of the Luxembourg law of 17 December 2010 (“2010 Law”) relating to collective investment undertakings. The GSF qualifies as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) under Article 1 paragraph 2, points a) and b) of the Directive 2009/65/EC of 13 July 2009 of the European Parliament and the Council. The GSF has appointed Ninety One Luxembourg S.A. (the “Management Company”), with effect from 30 November 2014, to serve as its designated management company in accordance with the 2010 Law. The Management Company is a public limited company that has been authorized by the Commission de Surveillance du Secteur Financier to manage the business and affairs of the pooled funds (each, a “Fund”, and together, the “Funds”) pursuant to Chapter 15 of the 2010 Law. The Management Company has delegated the investment advisory services to Ninety One UK. This

brochure focuses on the investment advisory services Ninety One UK provides to U.S. resident clients and non-U.S. pooled investment vehicles that are marketed to U.S. investors. For the purpose of the brochure, Ninety One’s direct or indirect subsidiaries are each deemed to be an affiliate (“Ninety One UK Affiliate”). As of 31 March 2022, Ninety One UK had $108,032,762,458 in regulatory assets under management, calculated on a gross basis and all managed on a discretionary basis. Ninety One UK does not manage assets on a non-discretionary basis. B. The Services Discretionary Services Ninety One UK provides discretionary investment management services to public and private pension plans, other institutional investors and the Funds. Ninety One UK manages separate accounts (“Separate Accounts”) for institutional investors. Ninety One UK may tailor its advisory services to these investors as they may impose restrictions or limitations on how Ninety One UK manages their accounts according to their investment strategies. The restrictions or limitations generally appear either in the client’s investment management agreement (“IMA”) or in the investment guidelines adopted for the Separate Account. In addition, Ninety One UK serves as sub-adviser to two U.S. investment companies (“Registered Funds”) registered under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”). The Registered Funds pursue the Emerging Markets Local Currency Debt Strategy. In addition, Ninety One UK is the investment adviser for the Funds. For the purpose of the brochure, the Funds and Separate Accounts are deemed “Clients”. Investment Strategies of Discretionary Services Ninety One UK investments are directed by specific processes developed by each of Ninety One UK’s specialist investment teams. In addition to research analysts, each team has portfolio managers who have authority to manage portfolios within pre-agreed risk parameters. Within this structure, the process used to allocate assets varies by investment strategy (“Strategy”, or “Strategies”) and investment team. With the assistance of the Head of Investment Risk, the Co-Chief Investment Officers oversee each Strategy. On behalf of certain Clients and across certain Strategies, Ninety One UK may trade certain swaps, futures and derivatives under the jurisdiction of the Commodity Futures Trading Commission. Ninety One UK relies on an exemption from commodity pool operator and commodity trading advisor registrations in respect of such activities. Ninety One UK provides discretionary investment management services to its Clients under the following Strategies: - 4Factor - Emerging Markets Fixed Income - Quality - Multi-Asset - Sustainable Equity - Value - Alternative Credit Please refer to the Investment Strategies section in Item 8, Methods of Analysis, Investment Strategies and Risk of Loss for additional information related to our investment strategies.