Ashmore Investment Advisors Limited

Item 5 – Fees and Compensation
1940 Act Funds and Private Pooled Investment Funds                                 A description of
                                                                                   AIAL’s fees
Shareholders of 1940 Act Funds and/or in private pooled investment funds are
responsible for evaluating the associated fees paid to the investment adviser as
disclosed in the relevant offering documents, including but not limited to the
published prospectus.

Fee structure
1940 Act Funds and Private Pooled Investment Funds

For Funds, fees are disclosed in the relevant offering documents, including but
not limited to the published prospectus.

In addition to AIAL’s advisory fee, Clients will incur other fees and expenses     Other fees and
charged by third parties in connection with a fund, including custodian fees,      expenses
brokerage fees, foreign currency exchange fees and other transaction fees.
See Item 12 “Brokerage Practices” section of the Brochure. If a fund is
structured as an investment fund, the fund likely will incur the fees referenced
above, as well as administration, transfer agency, reporting, audit, legal, and
setup fees.

                                        ADV Part 2A BROCHURE – AIAL

Item 7 – Types of Clients
As previously referenced, AIAL manages both public pooled investment funds   AIAL Clients are
including 1940 Act Funds and private investment funds, including but not     institutional
limted to the below investor types:                                          investors

   ▪   Public and corporate pension plans
   ▪   Insurance companies
   ▪   Governments, sovereign wealth funds, government-owned
       institutions
   ▪   Financial services institutions
   ▪   Foundations, endowments
   ▪   Family offices
   ▪   Pooled investment vehicles (including some “investment
       companies” as defined in Section 3 of the U.S. Investment
       Company Act of 1940 which may include retail share classes)

The minimum investment amounts for pooled funds are set out in the           Requirements for
respective offering documents.                                               opening and
                                                                             maintaining a fund

                                     ADV Part 2A BROCHURE – AIAL