UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-22468
Ashmore Funds
(Exact name of registrant as specified in charter)
c/o Ashmore Investment Advisors Limited
61 Aldwych
London WC2B 4AE
England
(Address of principal executive offices) (Zip code)
Corporation Service Company
84 State Street
Boston, MA 20109
(Name and address of agent for service)
Registrant's telephone number, including area code:
011-44-20-3077-6000
Date of fiscal year end:
October 31
Date of reporting period:
April 30, 2025
Item 1. Reports to Stockholders.
(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1).
(b) Not Applicable.
Ashmore Emerging Markets Total Return Fund
Class A/EMKAX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Total Return Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Total Return Fund (Class A/EMKAX) $72 1.43%
Key Fund Statistics as of April 30, 2025
Fund net assets $76,897,017
Total number of portfolio holdings 427
Portfolio turnover rate 13%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2025.
ASSET TYPE ALLOCATION
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Total Return Fund
Class C/EMKCX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Total Return Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Total Return Fund (Class C/EMKCX) $109 2.18%
Key Fund Statistics as of April 30, 2025
Fund net assets $76,897,017
Total number of portfolio holdings 427
Portfolio turnover rate 13%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2025.
ASSET TYPE ALLOCATION
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Total Return Fund
Institutional Class/EMKIX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Total Return Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Total Return Fund (Institutional Class/EMKIX) $59 1.18%
Key Fund Statistics as of April 30, 2025
Fund net assets $76,897,017
Total number of portfolio holdings 427
Portfolio turnover rate 13%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2025.
ASSET TYPE ALLOCATION
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Local Currency Bond Fund
Class A/ELBAX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Local Currency Bond Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Local Currency Bond Fund (Class A/ELBAX) $54 1.06%
Key Fund Statistics as of April 30, 2025
Fund net assets $9,353,962
Total number of portfolio holdings 233
Portfolio turnover rate 19%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2025.
ASSET TYPE ALLOCATION
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Local Currency Bond Fund
Class C/ELBCX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Local Currency Bond Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Local Currency Bond Fund (Class C/ELBCX) $89 1.77%
Key Fund Statistics as of April 30, 2025
Fund net assets $9,353,962
Total number of portfolio holdings 233
Portfolio turnover rate 19%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2025.
ASSET TYPE ALLOCATION
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Local Currency Bond Fund
Institutional Class/ELBIX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Local Currency Bond Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Local Currency Bond Fund (Institutional Class/ELBIX) $41 0.81%
Key Fund Statistics as of April 30, 2025
Fund net assets $9,353,962
Total number of portfolio holdings 233
Portfolio turnover rate 19%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2025.
ASSET TYPE ALLOCATION
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Corporate Income Fund
Class A/ECDAX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Corporate Income Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Corporate Income Fund (Class A/ECDAX) $64 1.28%
Key Fund Statistics as of April 30, 2025
Fund net assets $21,073,929
Total number of portfolio holdings 134
Portfolio turnover rate 35%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
ASSET TYPE ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Corporate Income Fund
Class C/ECDCX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Corporate Income Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Corporate Income Fund (Class C/ECDCX) $101 2.03%
Key Fund Statistics as of April 30, 2025
Fund net assets $21,073,929
Total number of portfolio holdings 134
Portfolio turnover rate 35%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
ASSET TYPE ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Corporate Income Fund
Institutional Class/EMCIX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Corporate Income Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Corporate Income Fund (Institutional Class/EMCIX) $51 1.03%
Key Fund Statistics as of April 30, 2025
Fund net assets $21,073,929
Total number of portfolio holdings 134
Portfolio turnover rate 35%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
ASSET TYPE ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Short Duration Fund
Class A/ESFAX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Short Duration Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Short Duration Fund (Class A/ESFAX) $74 1.48%
Key Fund Statistics as of April 30, 2025
Fund net assets $32,730,462
Total number of portfolio holdings 83
Portfolio turnover rate 27%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
ASSET TYPE ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Short Duration Fund
Class C/ESFCX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Short Duration Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Short Duration Fund (Class C/ESFCX) $112 2.24%
Key Fund Statistics as of April 30, 2025
Fund net assets $32,730,462
Total number of portfolio holdings 83
Portfolio turnover rate 27%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
ASSET TYPE ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Short Duration Fund
Institutional Class/ESFIX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Short Duration Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Short Duration Fund (Institutional Class/ESFIX) $62 1.24%
Key Fund Statistics as of April 30, 2025
Fund net assets $32,730,462
Total number of portfolio holdings 83
Portfolio turnover rate 27%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
ASSET TYPE ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Active Equity Fund
Class A/EMQAX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Active Equity Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Active Equity Fund (Class A/EMQAX) $65 1.31%
Key Fund Statistics as of April 30, 2025
Fund net assets $22,501,599
Total number of portfolio holdings 53
Portfolio turnover rate 82%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
TOP TEN HOLDINGS
Taiwan Semiconductor Manufacturing Co. Ltd. 10.5%
Tencent Holdings Ltd. 5.0%
HDFC Bank Ltd. ADR 5.0%
ICICI Bank Ltd. ADR 4.8%
Alibaba Group Holding Ltd. 4.5%
Bank Central Asia Tbk PT 3.6%
MediaTek, Inc. 2.8%
SK Hynix, Inc. 2.4%
Al Rajhi Bank 2.2%
Reliance Industries Ltd. GDR 2.1%
INDUSTRY SECTOR ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Active Equity Fund
Class C/EMQCX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Active Equity Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Active Equity Fund (Class C/EMQCX) $100 2.02%
Key Fund Statistics as of April 30, 2025
Fund net assets $22,501,599
Total number of portfolio holdings 53
Portfolio turnover rate 82%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
TOP TEN HOLDINGS
Taiwan Semiconductor Manufacturing Co. Ltd. 10.5%
Tencent Holdings Ltd. 5.0%
HDFC Bank Ltd. ADR 5.0%
ICICI Bank Ltd. ADR 4.8%
Alibaba Group Holding Ltd. 4.5%
Bank Central Asia Tbk PT 3.6%
MediaTek, Inc. 2.8%
SK Hynix, Inc. 2.4%
Al Rajhi Bank 2.2%
Reliance Industries Ltd. GDR 2.1%
INDUSTRY SECTOR ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Active Equity Fund
Institutional Class/EMQIX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Active Equity Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Active Equity Fund (Institutional Class/EMQIX) $53 1.06%
Key Fund Statistics as of April 30, 2025
Fund net assets $22,501,599
Total number of portfolio holdings 53
Portfolio turnover rate 82%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
TOP TEN HOLDINGS
Taiwan Semiconductor Manufacturing Co. Ltd. 10.5%
Tencent Holdings Ltd. 5.0%
HDFC Bank Ltd. ADR 5.0%
ICICI Bank Ltd. ADR 4.8%
Alibaba Group Holding Ltd. 4.5%
Bank Central Asia Tbk PT 3.6%
MediaTek, Inc. 2.8%
SK Hynix, Inc. 2.4%
Al Rajhi Bank 2.2%
Reliance Industries Ltd. GDR 2.1%
INDUSTRY SECTOR ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Small-Cap Equity Fund
Class A/ESSAX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Small-Cap Equity Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Small-Cap Equity Fund (Class A/ESSAX) $76 1.56%
Key Fund Statistics as of April 30, 2025
Fund net assets $4,958,199
Total number of portfolio holdings 49
Portfolio turnover rate 32%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
TOP TEN HOLDINGS
My EG Services Bhd. 5.7%
Gudeng Precision Industrial Co. Ltd. 3.9%
Benefit Systems S.A. 3.6%
WinWay Technology Co. Ltd. 3.2%
International Gemmological Institute India Ltd. 3.1%
Kinik Co. 2.9%
Krishna Institute of Medical Sciences Ltd. 2.8%
Eris Lifesciences Ltd. 2.7%
Hansol Chemical Co. Ltd. 2.7%
Alchip Technologies Ltd. 2.7%
INDUSTRY SECTOR ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Small-Cap Equity Fund
Class C/ESSCX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Small-Cap Equity Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Small-Cap Equity Fund (Class C/ESSCX) $113 2.31%
Key Fund Statistics as of April 30, 2025
Fund net assets $4,958,199
Total number of portfolio holdings 49
Portfolio turnover rate 32%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
TOP TEN HOLDINGS
My EG Services Bhd. 5.7%
Gudeng Precision Industrial Co. Ltd. 3.9%
Benefit Systems S.A. 3.6%
WinWay Technology Co. Ltd. 3.2%
International Gemmological Institute India Ltd. 3.1%
Kinik Co. 2.9%
Krishna Institute of Medical Sciences Ltd. 2.8%
Eris Lifesciences Ltd. 2.7%
Hansol Chemical Co. Ltd. 2.7%
Alchip Technologies Ltd. 2.7%
INDUSTRY SECTOR ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Small-Cap Equity Fund
Institutional Class/ESCIX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Small-Cap Equity Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Small-Cap Equity Fund (Institutional Class/ESCIX) $64 1.31%
Key Fund Statistics as of April 30, 2025
Fund net assets $4,958,199
Total number of portfolio holdings 49
Portfolio turnover rate 32%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
TOP TEN HOLDINGS
My EG Services Bhd. 5.7%
Gudeng Precision Industrial Co. Ltd. 3.9%
Benefit Systems S.A. 3.6%
WinWay Technology Co. Ltd. 3.2%
International Gemmological Institute India Ltd. 3.1%
Kinik Co. 2.9%
Krishna Institute of Medical Sciences Ltd. 2.8%
Eris Lifesciences Ltd. 2.7%
Hansol Chemical Co. Ltd. 2.7%
Alchip Technologies Ltd. 2.7%
INDUSTRY SECTOR ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Frontier Equity Fund
Class A/EFEAX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Frontier Equity Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Frontier Equity Fund (Class A/EFEAX) $91 1.81%
Key Fund Statistics as of April 30, 2025
Fund net assets $91,182,524
Total number of portfolio holdings 55
Portfolio turnover rate 44%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
TOP TEN HOLDINGS
Kaspi.KZ JSC ADR (Registered) 5.7%
Banca Transilvania S.A. 4.7%
National Bank of Kuwait S.A.K.P. 4.6%
FPT Corp. 3.9%
Qatar National Bank QPSC 3.7%
Emaar Properties PJSC 3.6%
Doha Bank QPSC 3.4%
Attijariwafa Bank 3.4%
BDO Unibank, Inc. 3.2%
Halyk Savings Bank of Kazakhstan JSC GDR (Registered) 3.0%
INDUSTRY SECTOR ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Frontier Equity Fund
Class C/EFECX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Frontier Equity Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Frontier Equity Fund (Class C/EFECX) $128 2.56%
Key Fund Statistics as of April 30, 2025
Fund net assets $91,182,524
Total number of portfolio holdings 55
Portfolio turnover rate 44%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
TOP TEN HOLDINGS
Kaspi.KZ JSC ADR (Registered) 5.7%
Banca Transilvania S.A. 4.7%
National Bank of Kuwait S.A.K.P. 4.6%
FPT Corp. 3.9%
Qatar National Bank QPSC 3.7%
Emaar Properties PJSC 3.6%
Doha Bank QPSC 3.4%
Attijariwafa Bank 3.4%
BDO Unibank, Inc. 3.2%
Halyk Savings Bank of Kazakhstan JSC GDR (Registered) 3.0%
INDUSTRY SECTOR ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Frontier Equity Fund
Institutional Class/EFEIX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Frontier Equity Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Frontier Equity Fund (Institutional Class/EFEIX) $78 1.56%
Key Fund Statistics as of April 30, 2025
Fund net assets $91,182,524
Total number of portfolio holdings 55
Portfolio turnover rate 44%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
TOP TEN HOLDINGS
Kaspi.KZ JSC ADR (Registered) 5.7%
Banca Transilvania S.A. 4.7%
National Bank of Kuwait S.A.K.P. 4.6%
FPT Corp. 3.9%
Qatar National Bank QPSC 3.7%
Emaar Properties PJSC 3.6%
Doha Bank QPSC 3.4%
Attijariwafa Bank 3.4%
BDO Unibank, Inc. 3.2%
Halyk Savings Bank of Kazakhstan JSC GDR (Registered) 3.0%
INDUSTRY SECTOR ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Equity Fund
Class A/EMEAX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Equity Fund (Class A/EMEAX) $64 1.31%
Key Fund Statistics as of April 30, 2025
Fund net assets $164,310,137
Total number of portfolio holdings 61
Portfolio turnover rate 33%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
TOP TEN HOLDINGS
Taiwan Semiconductor Manufacturing Co. Ltd. 10.8%
Tencent Holdings Ltd. 8.4%
HDFC Bank Ltd. ADR 4.4%
Meituan, Class B 3.4%
ANTA Sports Products Ltd. 3.0%
MercadoLibre, Inc. 2.6%
SK Hynix, Inc. 2.3%
AIA Group Ltd. 2.2%
Kaspi.KZ JSC ADR (Registered) 2.2%
Bank Mandiri Persero Tbk PT 2.1%
INDUSTRY SECTOR ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Equity Fund
Class C/EMECX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Equity Fund (Class C/EMECX) $101 2.06%
Key Fund Statistics as of April 30, 2025
Fund net assets $164,310,137
Total number of portfolio holdings 61
Portfolio turnover rate 33%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
TOP TEN HOLDINGS
Taiwan Semiconductor Manufacturing Co. Ltd. 10.8%
Tencent Holdings Ltd. 8.4%
HDFC Bank Ltd. ADR 4.4%
Meituan, Class B 3.4%
ANTA Sports Products Ltd. 3.0%
MercadoLibre, Inc. 2.6%
SK Hynix, Inc. 2.3%
AIA Group Ltd. 2.2%
Kaspi.KZ JSC ADR (Registered) 2.2%
Bank Mandiri Persero Tbk PT 2.1%
INDUSTRY SECTOR ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Equity Fund
Institutional Class/EMFIX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Equity Fund (Institutional Class/EMFIX) $52 1.06%
Key Fund Statistics as of April 30, 2025
Fund net assets $164,310,137
Total number of portfolio holdings 61
Portfolio turnover rate 33%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
TOP TEN HOLDINGS
Taiwan Semiconductor Manufacturing Co. Ltd. 10.8%
Tencent Holdings Ltd. 8.4%
HDFC Bank Ltd. ADR 4.4%
Meituan, Class B 3.4%
ANTA Sports Products Ltd. 3.0%
MercadoLibre, Inc. 2.6%
SK Hynix, Inc. 2.3%
AIA Group Ltd. 2.2%
Kaspi.KZ JSC ADR (Registered) 2.2%
Bank Mandiri Persero Tbk PT 2.1%
INDUSTRY SECTOR ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Equity ESG Fund
Class A/ESAGX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ESG Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Equity ESG Fund (Class A/ESAGX) $62 1.27%
Key Fund Statistics as of April 30, 2025
Fund net assets $12,515,977
Total number of portfolio holdings 45
Portfolio turnover rate 23%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
TOP TEN HOLDINGS
Taiwan Semiconductor Manufacturing Co. Ltd. 11.6%
Tencent Holdings Ltd. 9.1%
HDFC Bank Ltd. ADR 4.8%
MercadoLibre, Inc. 3.7%
Meituan, Class B 3.5%
ANTA Sports Products Ltd. 3.4%
E Ink Holdings, Inc. 3.4%
Proya Cosmetics Co. Ltd., Class A 2.8%
MediaTek, Inc. 2.7%
SK Hynix, Inc. 2.7%
INDUSTRY SECTOR ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Equity ESG Fund
Class C/ESCGX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ESG Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Equity ESG Fund (Class C/ESCGX) $99 2.02%
Key Fund Statistics as of April 30, 2025
Fund net assets $12,515,977
Total number of portfolio holdings 45
Portfolio turnover rate 23%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
TOP TEN HOLDINGS
Taiwan Semiconductor Manufacturing Co. Ltd. 11.6%
Tencent Holdings Ltd. 9.1%
HDFC Bank Ltd. ADR 4.8%
MercadoLibre, Inc. 3.7%
Meituan, Class B 3.5%
ANTA Sports Products Ltd. 3.4%
E Ink Holdings, Inc. 3.4%
Proya Cosmetics Co. Ltd., Class A 2.8%
MediaTek, Inc. 2.7%
SK Hynix, Inc. 2.7%
INDUSTRY SECTOR ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Equity ESG Fund
Institutional Class/ESIGX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ESG Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Equity ESG Fund (Institutional Class/ESIGX) $52 1.06%
Key Fund Statistics as of April 30, 2025
Fund net assets $12,515,977
Total number of portfolio holdings 45
Portfolio turnover rate 23%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
TOP TEN HOLDINGS
Taiwan Semiconductor Manufacturing Co. Ltd. 11.6%
Tencent Holdings Ltd. 9.1%
HDFC Bank Ltd. ADR 4.8%
MercadoLibre, Inc. 3.7%
Meituan, Class B 3.5%
ANTA Sports Products Ltd. 3.4%
E Ink Holdings, Inc. 3.4%
Proya Cosmetics Co. Ltd., Class A 2.8%
MediaTek, Inc. 2.7%
SK Hynix, Inc. 2.7%
INDUSTRY SECTOR ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Debt Fund
Class A/IGAEX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Debt Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Debt Fund (Class A/IGAEX) $46 0.92%
Key Fund Statistics as of April 30, 2025
Fund net assets $19,382,859
Total number of portfolio holdings 137
Portfolio turnover rate 7%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2025.
ASSET TYPE ALLOCATION
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Debt Fund
Class C/IGCEX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Debt Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Debt Fund (Class C/IGCEX) $83 1.67%
Key Fund Statistics as of April 30, 2025
Fund net assets $19,382,859
Total number of portfolio holdings 137
Portfolio turnover rate 7%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2025.
ASSET TYPE ALLOCATION
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Debt Fund
Institutional Class/IGIEX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Debt Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Debt Fund (Institutional Class/IGIEX) $37 0.74%
Key Fund Statistics as of April 30, 2025
Fund net assets $19,382,859
Total number of portfolio holdings 137
Portfolio turnover rate 7%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2025.
ASSET TYPE ALLOCATION
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Equity ex China Fund
Class A/EMXAX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ex China Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Equity ex China Fund (Class A/EMXAX) $62 1.27%
Key Fund Statistics as of April 30, 2025
Fund net assets $7,212,335
Total number of portfolio holdings 48
Portfolio turnover rate 33%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
TOP TEN HOLDINGS
Taiwan Semiconductor Manufacturing Co. Ltd. 13.4%
HDFC Bank Ltd. ADR 5.3%
MercadoLibre, Inc. 3.2%
Kaspi.KZ JSC ADR (Registered) 3.2%
Bank Mandiri Persero Tbk PT 3.1%
E Ink Holdings, Inc. 3.1%
Axis Bank Ltd. GDR (Registered) 3.0%
Apollo Hospitals Enterprise Ltd. 2.7%
SK Hynix, Inc. 2.5%
SK Square Co. Ltd. 2.5%
INDUSTRY SECTOR ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Equity ex China Fund
Class C/EMXCX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ex China Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Equity ex China Fund (Class C/EMXCX) $98 2.02%
Key Fund Statistics as of April 30, 2025
Fund net assets $7,212,335
Total number of portfolio holdings 48
Portfolio turnover rate 33%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
TOP TEN HOLDINGS
Taiwan Semiconductor Manufacturing Co. Ltd. 13.4%
HDFC Bank Ltd. ADR 5.3%
MercadoLibre, Inc. 3.2%
Kaspi.KZ JSC ADR (Registered) 3.2%
Bank Mandiri Persero Tbk PT 3.1%
E Ink Holdings, Inc. 3.1%
Axis Bank Ltd. GDR (Registered) 3.0%
Apollo Hospitals Enterprise Ltd. 2.7%
SK Hynix, Inc. 2.5%
SK Square Co. Ltd. 2.5%
INDUSTRY SECTOR ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds
Ashmore Emerging Markets Equity ex China Fund
Institutional Class/EMXIX
TSR - Logo
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ex China Fund (“Fund”) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 Investment Costs paid as a percentage of a $10,000 investment
Ashmore Emerging Markets Equity ex China Fund (Institutional Class/EMXIX) $52 1.06%
Key Fund Statistics as of April 30, 2025
Fund net assets $7,212,335
Total number of portfolio holdings 48
Portfolio turnover rate 33%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2025.
TOP TEN HOLDINGS
Taiwan Semiconductor Manufacturing Co. Ltd. 13.4%
HDFC Bank Ltd. ADR 5.3%
MercadoLibre, Inc. 3.2%
Kaspi.KZ JSC ADR (Registered) 3.2%
Bank Mandiri Persero Tbk PT 3.1%
E Ink Holdings, Inc. 3.1%
Axis Bank Ltd. GDR (Registered) 3.0%
Apollo Hospitals Enterprise Ltd. 2.7%
SK Hynix, Inc. 2.5%
SK Square Co. Ltd. 2.5%
INDUSTRY SECTOR ALLOCATION
Graphical Representation - Allocation 1 Chart
GEOGRAPHICAL ALLOCATION
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.
Ashmore Funds

Item 2. Code of Ethics.

Not applicable for this reporting period.


Item 3. Audit Committee Financial Expert.

Not applicable for this reporting period.


Item 4. Principal Accountant Fees and Services.

Not applicable for this reporting period.


Item 5. Audit Committee of Listed Registrants.

Not applicable.


Item 6. Investments.

(a) The registrant has elected to include the schedule of investments in securities of unaffiliated issuers as part of the Financial Statements filed under Item 7 of this report on Form N-CSR.

(b) Not applicable.


Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a) The Financial Statements are filed herewith.

(b) The Financial Highlights are filed herewith.


ASHMORE FUNDS
SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
April 30, 2025
ASHMORE FUNDS
TABLE OF CONTENTS
  Page
FINANCIAL STATEMENTS:  
Statements of Assets and Liabilities 2
Statements of Operations 4
Statements of Changes in Net Assets 6
Financial Highlights 10
Schedules of Investments 43
Ashmore Emerging Markets Total Return Fund 43
Ashmore Emerging Markets Local Currency Bond Fund 60
Ashmore Emerging Markets Corporate Income Fund 70
Ashmore Emerging Markets Short Duration Fund 80
Ashmore Emerging Markets Active Equity Fund 85
Ashmore Emerging Markets Small-Cap Equity Fund 89
Ashmore Emerging Markets Frontier Equity Fund 94
Ashmore Emerging Markets Equity Fund 98
Ashmore Emerging Markets Equity ESG Fund 102
Ashmore Emerging Markets Debt Fund 106
Ashmore Emerging Markets Equity ex China Fund 114
Notes to Financial Statements 118
Supplementary Information 143
Changes in and Disagreements with Accountants for Open-End Management Investment Companies 145
Proxy Disclosures for Open-End Management Investment Companies 146
Statement Regarding Basis for Approval of Investment Advisory Contract 147
Other Information 151
Table of Contents
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1
Table of Contents
ASHMORE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
As of April 30, 2025 (Unaudited)
  Ashmore
Emerging
Markets
Total Return
Fund 		Ashmore
Emerging
Markets
Local Currency
Bond Fund 		Ashmore
Emerging Markets
Corporate Income Fund 		Ashmore
Emerging Markets
Short Duration Fund
ASSETS:        
Investments in securities, at value $75,906,587 $9,018,050 $20,353,001 $32,877,834
Deposits with broker for forward foreign currency exchange contracts 1,238,691 — — —
Deposits with broker for futures contracts — — 112,621 —
Cash — 174,341 20,737 320,390
Foreign currency, at value 99,685 24,094 61 5
Unrealized appreciation on forward foreign currency exchange contracts 444,820 65,449 — —
Variation margin receivable on centrally cleared swap contracts — 264 — —
Variation margin receivable on futures contracts — — 844 —
Unrealized appreciation on interest rate swap contracts — 4,157 — —
Due from broker 86,036 32,629 — —
Receivable for securities and currencies sold 149,281 1,665 402,750 —
Receivable for fund shares sold — — — —
Receivable from Investment Manager 30,983 14,413 13,278 15,156
Interest and dividends receivable 1,031,790 143,455 279,844 243,790
Other assets 20,496 19,877 20,056 —
Total Assets 79,008,369 9,498,394 21,203,192 33,457,175
LIABILITIES:        
Cash overdraft 1,190,709 — — —
Unrealized depreciation on forward foreign currency exchange contracts 262,862 53,878 11,750 —
Variation margin payable on centrally cleared swap contracts 2,462 — — —
Payable for securities and currencies purchased 265,543 35,214 — 594,144
Payable for fund shares redeemed 32,345 — — 97
Distributions payable 86,058 — 27,237 27,639
Due to broker 24,077 5,992 — —
Investment Manager fee payable 63,559 5,649 14,838 16,977
Trustees’ fees payable 9,272 919 4,302 3,042
Deferred foreign capital gains taxes payable — — — —
Administration fees payable 2,410 286 487 1,012
Custody fees payable 28,977 17,213 6,680 2,839
Professional fees payable 135,607 21,938 53,257 70,828
Regulatory fees payable 2,553 1,332 1,943 1,468
Other liabilities 4,918 2,011 8,769 8,667
Total Liabilities 2,111,352 144,432 129,263 726,713
Net Assets $76,897,017 $9,353,962 $21,073,929 $32,730,462
NET ASSETS:        
Paid in capital $550,994,034 $10,469,445 $186,015,461 $442,380,338
Distributable earnings/(Accumulated loss) (474,097,017) (1,115,483) (164,941,532) (409,649,876)
Net Assets $76,897,017 $9,353,962 $21,073,929 $32,730,462
Net Assets:        
Class A $1,332,717 $253,855 $2,630,681 $1,497,123
Class C 401,610 4,853 899,046 119,774
Institutional Class 75,162,690 9,095,254 17,544,202 31,113,565
Shares Issued and Outstanding (no par value, unlimited shares authorized):        
Class A 273,252 39,939 485,851 305,708
Class C 82,678 794 166,547 25,622
Institutional Class 15,179,854 1,351,507 3,108,268 6,469,339
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding):        
Class A $4.88 $6.36 $5.41 $4.90
Class C 4.86 6.11 5.40 4.67
Institutional Class 4.95 6.73 5.64 4.81
Cost of Investments in securities $103,890,346 $9,120,221 $41,067,157 $56,507,402
Cost of foreign currency held $(95,943) $24,049 $63 $5
See accompanying notes to the financial statements.
2
Table of Contents
Ashmore
Emerging Markets
Active Equity Fund 		Ashmore
Emerging Markets
Small-Cap
Equity Fund 		Ashmore
Emerging Markets
Frontier Equity Fund 		Ashmore
Emerging Markets
Equity Fund 		Ashmore
Emerging Markets
Equity ESG Fund 		Ashmore
Emerging Markets
Debt Fund 		Ashmore
Emerging Markets
Equity ex China Fund
             
$21,323,800 $4,929,508 $87,857,899 $162,530,423 $12,396,710 $19,125,481 $6,982,077
— — — — — — —
— — — — — — —
1,740,490 114,829 3,570,324 1,708,253 132,640 37,992 258,058
23,012 — 138,347 68,856 139 1,191 1,918
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
— — — — — — —
350 23,477 1,183,318 205 — — 13
— — 28,857 196,448 — — —
13,528 11,140 38,852 47,072 9,487 11,077 21,107
14,037 204 22,861 26,785 3,583 275,664 3,199
— — 5,327 11,719 30,475 — 10,291
23,115,217 5,079,158 92,845,785 164,589,761 12,573,034 19,451,405 7,276,663
             
— — — — — — —
— — — — — 207 —
— — — — — — —
499,977 67,898 1,372,626 — — — 24,852
— — 31,820 4,807 — — —
— — — — — 21,405 —
— — — — — — —
17,737 4,875 107,217 129,453 9,804 10,288 5,616
2,082 872 8,397 14,361 1,190 1,817 721
32,094 4,213 63,143 1,758 12,811 — 1,970
733 105 3,050 5,657 407 631 230
14,616 5,243 21,451 27,531 4,730 3,429 2,667
37,416 29,795 48,013 92,398 24,923 22,980 14,836
1,068 886 1,084 2,085 857 1,304 509
7,895 7,072 6,460 1,574 2,335 6,485 12,927
613,618 120,959 1,663,261 279,624 57,057 68,546 64,328
$22,501,599 $4,958,199 $91,182,524 $164,310,137 $12,515,977 $19,382,859 $7,212,335
             
$42,441,598 $8,064,551 $79,128,979 $167,818,361 $11,980,686 $23,046,302 $7,526,093
(19,939,999) (3,106,352) 12,053,545 (3,508,224) 535,291 (3,663,443) (313,758)
$22,501,599 $4,958,199 $91,182,524 $164,310,137 $12,515,977 $19,382,859 $7,212,335
             
$39,946 $341,800 $2,550,151 $32,860,445 $1,237 $963 $716
1,417 16,692 324,117 65,435 1,196 938 698
22,460,236 4,599,707 88,308,256 131,384,257 12,513,544 19,380,958 7,210,921
             
4,981 25,539 234,503 2,874,561 117 118 75
183 1,225 31,281 6,225 116 115 73
2,766,463 262,296 6,906,794 11,929,365 1,172,319 2,365,341 752,630
             
$8.02 $13.38 $10.87 $11.43 $10.59 $8.18 $9.57
7.76 13.62 10.36 10.51 10.29 8.18 9.52
8.12 17.54 12.79 11.01 10.67 8.19 9.58
$20,516,236 $4,828,728 $79,395,339 $151,025,061 $10,744,946 $19,394,929 $6,981,610
$22,898 $— $138,666 $68,484 $139 $1,191 $1,918
See accompanying notes to the financial statements.
3
Table of Contents
ASHMORE FUNDS
STATEMENTS OF OPERATIONS
For the Six Month Period Ended April 30, 2025 (Unaudited)
  Ashmore
Emerging
Markets
Total Return
Fund 		Ashmore
Emerging
Markets
Local Currency
Bond Fund 		Ashmore
Emerging Markets
Corporate Income Fund 		Ashmore
Emerging Markets
Short Duration Fund
INVESTMENT INCOME:        
Interest, net of foreign tax withholdings* $3,132,885 $344,806 $889,387 $718,581
Dividends, net of foreign tax withholdings* — — — —
Total Income 3,132,885 344,806 889,387 718,581
EXPENSES:        
Investment Manager fees 433,812 33,852 101,472 102,296
Administration fees 8,677 903 2,387 3,147
Custody fees 38,229 25,490 8,665 6,061
Professional fees 162,172 24,610 60,103 128,688
Trustees’ fees 24,263 2,421 7,756 8,483
Offering expenses and registration fees 24,357 22,726 22,947 22,842
Insurance fees 6,050 1,000 5,232 2,899
Printing fees 5,684 4,360 5,699 4,605
Distribution and servicing fees - Class A 1,683 303 3,520 1,974
Distribution and servicing fees - Class C 2,380 23 5,008 589
Regulatory fees 13,741 9,461 10,294 10,111
Total Expenses 721,048 125,149 233,083 291,695
Less expenses reimbursed by the Investment Manager (204,257) (88,385) (101,907) (94,456)
Net Expenses 516,791 36,764 131,176 197,239
Net Investment Income (Loss) 2,616,094 308,042 758,211 521,342
NET REALIZED AND UNREALIZED GAINS (LOSSES):        
NET REALIZED GAIN (LOSS) ON:        
Investments in securities (net of increase (decrease) in deferred foreign taxes of $10,115, $(334), $-, $-, $(89), $50,819, $(23,444), $(281), $(1), $-, and $-, respectively) 464,381 (21,014) (647,730) 203,811
Futures contracts — — (22,689) —
Forward foreign currency exchange contracts (199,277) 4,432 (4,535) (1,581)
Interest rate swap contracts 95,121 4,407 — —
Foreign exchange transactions (529,260) (108,108) (7,121) 244
Net Realized Gain (Loss) (169,035) (120,283) (682,075) 202,474
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:        
Investments in securities (net of increase (decrease) in deferred foreign taxes of $-, $-, $-, $-, $12,969, $21,795, $(38,531), $(1,758), $(1,333), $-, and $(1,970), respectively) (293,184) 168,613 246,504 71,569
Futures contracts — — 28,669 —
Forward foreign currency exchange contracts 132,818 (12,971) 3,267 1,587
Interest rate swap contracts 39,179 32,113 — —
Foreign exchange translations 15,141 3,944 105 (11)
Change in Net Unrealized Appreciation (Depreciation) (106,046) 191,699 278,545 73,145
Net Realized and Unrealized Gains (Losses) (275,081) 71,416 (403,530) 275,619
Net Increase (Decrease) in Net Assets Resulting from Operations $2,341,013 $379,458 $354,681 $796,961
* Foreign Tax Withholdings $15,655 $6,782 $2,712 $4,089
See accompanying notes to the financial statements.
4
Table of Contents
Ashmore
Emerging Markets
Active Equity Fund 		Ashmore
Emerging Markets
Small-Cap
Equity Fund 		Ashmore
Emerging Markets
Frontier Equity Fund 		Ashmore
Emerging Markets
Equity Fund 		Ashmore
Emerging Markets
Equity ESG Fund 		Ashmore
Emerging Markets
Debt Fund 		Ashmore
Emerging Markets
Equity ex China Fund
             
$23,858 $784 $74,413 $46,629 $4,862 $648,152 $3,647
222,037 36,033 1,656,936 1,455,664 99,890 — 81,515
245,895 36,817 1,731,349 1,502,293 104,752 648,152 85,162
             
110,092 43,707 681,042 794,670 62,231 62,727 35,793
2,202 699 9,080 15,892 1,245 1,930 716
17,560 7,483 75,874 48,982 7,352 4,548 4,925
32,411 23,970 81,337 132,643 24,645 32,401 20,903
5,968 2,284 24,111 41,686 3,389 5,123 1,957
24,038 23,147 23,506 31,180 14,768 10,477 82,436
2,355 951 6,991 12,626 1,085 1,725 769
4,117 4,327 6,418 15,361 4,016 4,016 4,015
50 496 3,157 42,007 2 2 1
7 84 1,548 324 6 5 4
8,375 7,984 10,135 13,332 8,045 9,768 8,041
207,175 115,132 923,199 1,148,703 126,784 132,722 159,560
(90,683) (68,763) (211,281) (266,285) (60,958) (61,655) (121,694)
116,492 46,369 711,918 882,418 65,826 71,067 37,866
129,403 (9,552) 1,019,431 619,875 38,926 577,085 47,296
             
             
1,070,999 (357,893) 4,320,912 (1,522,177) (247,516) 54,852 (251,926)
— — — — — — —
69 348 — (2,546) (248) (2,237) (163)
— — — — — — —
(17,132) (6,243) (37,898) (94,490) (4,261) (5,301) (8,457)
1,053,936 (363,788) 4,283,014 (1,619,213) (252,025) 47,314 (260,546)
             
(1,221,051) 101,392 (3,125,383) (1,825,957) (90,772) (490,528) (5,430)
— — — — — — —
— — — — — 5,280 —
— — — — — — —
1,313 229 (6,852) 3,258 56 (44) 210
(1,219,738) 101,621 (3,132,235) (1,822,699) (90,716) (485,292) (5,220)
(165,802) (262,167) 1,150,779 (3,441,912) (342,741) (437,978) (265,766)
$(36,399) $(271,719) $2,170,210 $(2,822,037) $(303,815) $139,107 $(218,470)
$24,609 $6,045 $81,267 $209,097 $17,723 $1,768 $13,138
See accompanying notes to the financial statements.
5
Table of Contents
ASHMORE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
For the Six Month Period Ended April 30, 2025 (Unaudited) and the Fiscal Year Ended October 31, 2024
    Ashmore
Emerging Markets
Total Return
Fund 		  Ashmore
Emerging Markets
Local Currency
Bond Fund 		  Ashmore
Emerging Markets
Corporate Income Fund 		 
    2025   2024   2025   2024   2025   2024
OPERATIONS:                        
Net investment income (loss)   $2,616,094   $10,454,500   $308,042   $686,203   $758,211   $3,066,045
Net realized gain (loss)   (169,035)   (111,501,905)   (120,283)   (108,910)   (682,075)   (18,184,448)
Net change in unrealized appreciation (depreciation)   (106,046)   146,123,079   191,699   253,174   278,545   22,801,689
Net Increase (Decrease) in Net Assets Resulting from Operations   2,341,013   45,075,674   379,458   830,467   354,681   7,683,286
DISTRIBUTIONS TO SHAREHOLDERS:                        
Class A   (37,420)   (34,240)   (6,015)   (48,297)   (86,209)   (186,248)
Class C   (11,369)   (16,404)   (114)   (197)   (26,628)   (63,203)
Institutional Class   (2,471,926)   (7,221,276)   (207,931)   (536,052)   (642,865)   (2,847,338)
Total Distributions to Shareholders   (2,520,715)   (7,271,920)   (214,060)   (584,546)   (755,702)   (3,096,789)
TAX RETURN OF CAPITAL DISTRIBUTIONS TO SHAREHOLDERS:                        
Class A   —   (42,965)   —   —   —   —
Class C   —   (18,196)   —   —   —   —
Institutional Class   —   (3,034,604)   —   —   —   —
Total Tax Return of Capital Distributions to Shareholders   —   (3,095,765)   —   —   —   —
FUND SHARE TRANSACTIONS:                        
Net increase (decrease) in net assets resulting from Class A share transactions   (132,529)   (87,850)   3,422   (967,955)   (344,415)   (1,016,606)
Net increase (decrease) in net assets resulting from Class C share transactions   (188,579)   (281,388)   107   3,858   (279,513)   (397,672)
Net increase (decrease) in net assets resulting from Institutional Class share transactions   (16,052,051)   (393,489,305)   (164,105)   (239,135)   (5,148,496)   (48,885,035)
Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions   (16,373,159)   (393,858,543)   (160,576)   (1,203,232)   (5,772,424)   (50,299,313)
Total Increase (Decrease) in Net Assets   (16,552,861)   (359,150,554)   4,822   (957,311)   (6,173,445)   (45,712,816)
NET ASSETS:                        
Net Assets at the Beginning of period   93,449,878   452,600,432   9,349,140   10,306,451   27,247,374   72,960,190
Net Assets at the End of period   $76,897,017   $93,449,878   $9,353,962   $9,349,140   $21,073,929   $27,247,374
See accompanying notes to the financial statements.
6
Table of Contents
Ashmore
Emerging Markets
Short Duration Fund 		  Ashmore
Emerging Markets
Active Equity Fund 		  Ashmore
Emerging Markets
Small-Cap
Equity Fund
2025   2024   2025   2024   2025   2024
                     
$521,342   $1,875,316   $129,403   $312,397   $(9,552)   $17,776
202,474   (35,105,134)   1,053,936   (642,879)   (363,788)   1,462,582
73,145   35,737,512   (1,219,738)   6,046,575   101,621   789,817
796,961   2,507,694   (36,399)   5,716,093   (271,719)   2,270,175
                     
(31,194)   (356,213)   (634)   (362)   (2,604)   (3,193)
(1,864)   (8,799)   (21)   (6)   (87)   —
(617,782)   (1,964,405)   (349,675)   (238,520)   (26,214)   (52,905)
(650,840)   (2,329,417)   (350,330)   (238,888)   (28,905)   (56,098)
                     
—   —   —   —   —   —
—   —   —   —   —   —
—   —   —   —   —   —
—   —   —   —   —   —
                     
(237,252)   (6,708,051)   (100)   (8,505)   (65,775)   (125,014)
1,807   (56,205)   15   4   87   —
672,902   (21,659,966)   249,856   (5,719,882)   (4,885,585)   (377,141)
437,457   (28,424,222)   249,771   (5,728,383)   (4,951,273)   (502,155)
583,578   (28,245,945)   (136,958)   (251,178)   (5,251,897)   1,711,922
                     
32,146,884   60,392,829   22,638,557   22,889,735   10,210,096   8,498,174
$32,730,462   $32,146,884   $22,501,599   $22,638,557   $4,958,199   $10,210,096
See accompanying notes to the financial statements.
7
Table of Contents
ASHMORE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
For the Six Month Period Ended April 30, 2025 (Unaudited) and the Fiscal Year Ended October 31, 2024
    Ashmore
Emerging Markets
Frontier Equity Fund 		  Ashmore
Emerging Markets
Equity Fund 		  Ashmore
Emerging Markets
Equity ESG Fund 		 
    2025   2024   2025   2024   2025   2024
OPERATIONS:                        
Net investment income (loss)   $1,019,431   $1,711,291   $619,875   $942,011   $38,926   $45,032
Net realized gain (loss)   4,283,014   7,211,885   (1,619,213)   4,244,743   (252,025)   663,642
Net change in unrealized appreciation (depreciation)   (3,132,235)   12,760,508   (1,822,699)   21,491,245   (90,716)   1,980,497
Net Increase (Decrease) in Net Assets Resulting from Operations   2,170,210   21,683,684   (2,822,037)   26,677,999   (303,815)   2,689,171
DISTRIBUTIONS TO SHAREHOLDERS:                        
Class A   (7,877)   (57,618)   (139,970)   (11,979)   (4)   —
Class C   (332)   (5,909)   (165)   (21)   —   —
Institutional Class   (302,156)   (1,889,415)   (568,013)   (253,711)   (62,247)   (6,273)
Total Distributions to Shareholders   (310,365)   (1,952,942)   (708,148)   (265,711)   (62,251)   (6,273)
TAX RETURN OF CAPITAL DISTRIBUTIONS TO SHAREHOLDERS:                        
Class A   —   (2,502)   —   —   —   —
Class C   —   (164)   —   —   —   —
Institutional Class   —   (90,065)   —   —   —   —
Total Tax Return of Capital Distributions to Shareholders   —   (92,731)   —   —   —   —
FUND SHARE TRANSACTIONS:                        
Net increase (decrease) in net assets resulting from Class A share transactions   162,553   234,730   (2,581,716)   27,854,799   3   —
Net increase (decrease) in net assets resulting from Class C share transactions   51,049   3,656   165   (17,065)   —   —
Net increase (decrease) in net assets resulting from Institutional Class share transactions   96,199   6,309,158   7,865,827   15,723,050   43,573   4,411
Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions   309,801   6,547,544   5,284,276   43,560,784   43,576   4,411
Total Increase (Decrease) in Net Assets   2,169,646   26,185,555   1,754,091   69,973,072   (322,490)   2,687,309
NET ASSETS:                        
Net Assets at the Beginning of period   89,012,878   62,827,323   162,556,046   92,582,974   12,838,467   10,151,158
Net Assets at the End of period   $91,182,524   $89,012,878   $164,310,137   $162,556,046   $12,515,977   $12,838,467
See accompanying notes to the financial statements.
8
Table of Contents
Ashmore
Emerging Markets
Debt Fund 		  Ashmore
Emerging Markets
Equity ex China Fund1
2025   2024   2025   2024
             
$577,085   $1,137,411   $47,296   $24,667
47,314   203,083   (260,546)   (62,995)
(485,292)   2,057,205   (5,220)   3,739
139,107   3,397,699   (218,470)   (34,589)
             
(27)   (55)   (3)   (2)
(23)   (48)   (3)   (2)
(552,870)   (1,126,327)   (35,586)   (26,139)
(552,920)   (1,126,430)   (35,592)   (26,143)
             
—   —   —   —
—   —   —   —
—   —   —   —
—   —   —   —
             
19   39   2   747
16   33   2   731
380,931   795,345   24,910   7,500,737
380,966   795,417   24,914   7,502,215
(32,847)   3,066,686   (229,148)   7,441,483
             
19,415,706   16,349,020   7,441,483   —
$19,382,859   $19,415,706   $7,212,335   $7,441,483
    
   
1 The Fund commenced investment operations on June 11, 2024.
See accompanying notes to the financial statements.
9
Table of Contents
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Total Return Fund
  Class A
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $4.89 $4.55 $4.32 $6.60 $6.80 $7.54
Income (loss) from investment operations:            
Net investment income 0.141 0.271 0.271 0.321 0.331 0.34
Net realized and unrealized gain (loss) (0.02) 0.33 0.23 (2.30) (0.20) (0.74)
Total from investment operations 0.12 0.60 0.50 (1.98) 0.13 (0.40)
Less distributions:            
From net investment income (0.13) (0.11) (0.26) (0.05) (0.31) (0.12)
From net realized gain — — — — — —
Tax return of capital — (0.15) (0.01) (0.25) (0.02) (0.22)
Total distributions (0.13) (0.26) (0.27) (0.30) (0.33) (0.34)
Net asset value at end of period $4.88 $4.89 $4.55 $4.32 $6.60 $6.80
Total return2 2.57% 13.38% 11.65% (30.79)% 1.68% (5.31)%
Portfolio turnover rate3 13% 42% 56% 32% 54% 67%
Net assets, end of period (in thousands) $1,333 $1,467 $1,446 $1,920 $5,917 $10,377
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements 1.91%5 1.65%5 1.48%5 1.42% 1.37%5 1.42%5
Expenses after reimbursements 1.43%5 1.32%5 1.28%5 1.27% 1.28%5 1.32%5
Net investment income to average net assets:            
Net investment income before reimbursements 5.31%5 5.21%5 5.61%5 5.50% 4.53%5 4.72%5
Net investment income after reimbursements 5.79%5 5.54%5 5.81%5 5.65% 4.62%5 4.82%5
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Total Return Fund
  Class C
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $4.87 $4.54 $4.30 $6.58 $6.78 $7.53
Income (loss) from investment operations:            
Net investment income 0.121 0.231 0.241 0.271 0.271 0.30
Net realized and unrealized gain (loss) (0.02) 0.33 0.24 (2.29) (0.19) (0.76)
Total from investment operations 0.10 0.56 0.48 (2.02) 0.08 (0.46)
Less distributions:            
From net investment income (0.11) (0.10) (0.23) (0.04) (0.26) (0.11)
From net realized gain — — — — — —
Tax return of capital — (0.13) (0.01) (0.22) (0.02) (0.18)
Total distributions (0.11) (0.23) (0.24) (0.26) (0.28) (0.29)
Net asset value at end of period $4.86 $4.87 $4.54 $4.30 $6.58 $6.78
Total return2 2.18% 12.34% 11.14% (31.39)% 0.93% (6.09)%
Portfolio turnover rate3 13% 42% 56% 32% 54% 67%
Net assets, end of period (in thousands) $401 $593 $815 $1,080 $2,386 $3,905
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements 2.65%6 2.40%6 2.24%6 2.17% 2.12%6 2.17%6
Expenses after reimbursements 2.18%6 2.07%6 2.03%6 2.02% 2.03%6 2.06%6
Net investment income to average net assets:            
Net investment income before reimbursements 4.53%6 4.43%6 4.85%6 4.74% 3.76%6 4.01%6
Net investment income after reimbursements 5.00%6 4.76%6 5.06%6 4.89% 3.85%6 4.12%6
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Total Return Fund
  Institutional Class
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $4.96 $4.62 $4.38 $6.70 $6.90 $7.65
Income (loss) from investment operations:            
Net investment income 0.151 0.281 0.291 0.331 0.351 0.36
Net realized and unrealized gain (loss) (0.02) 0.34 0.24 (2.34) (0.20) (0.75)
Total from investment operations 0.13 0.62 0.53 (2.01) 0.15 (0.39)
Less distributions:            
From net investment income (0.14) (0.12) (0.28) (0.05) (0.33) (0.13)
From net realized gain — — — — — —
Tax return of capital — (0.16) (0.01) (0.26) (0.02) (0.23)
Total distributions (0.14) (0.28) (0.29) (0.31) (0.35) (0.36)
Net asset value at end of period $4.95 $4.96 $4.62 $4.38 $6.70 $6.90
Total return2 2.70% 13.52% 12.06% (30.74)% 1.94% (5.09)%
Portfolio turnover rate3 13% 42% 56% 32% 54% 67%
Net assets, end of period (in thousands) $75,163 $91,390 $450,339 $488,864 $1,216,666 $1,229,181
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements 1.65%7 1.34%7 1.24%7 1.17% 1.12%7 1.17%7
Expenses after reimbursements 1.18%7 1.06%7 1.03%7 1.02% 1.03%7 1.07%7
Net investment income to average net assets:            
Net investment income before reimbursements 5.57%7 5.49%7 5.84%7 5.79% 4.78%7 4.99%7
Net investment income after reimbursements 6.04%7 5.77%7 6.05%7 5.94% 4.87%7 5.09%7
    
1 Per share amounts are based on average number of shares outstanding during the period.
2 Assumes investment at net asset value at the beginning of the period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year.
3 The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.
4 Annualized for periods less than one year.
5 Ratios include legal expenses of $1,107, $740, $229, $3,181 and $5,146 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025 and the years ended October 31, 2024, 2023, 2021 and 2020, respectively. Expense ratios would have been lower by 0.16%, 0.05%, 0.01%, 0.01% and 0.05% and Net investment income ratios would have been higher by 0.16% 0.05%, 0.01%, 0.01% and 0.05% excluding these expenses.
6 Ratios include legal expenses of $377, $357, $111, $1,113 and $1,990 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025 and the years ended October 31, 2024, 2023, 2021 and 2020, respectively. Expense ratios would have been lower by 0.16%, 0.05%, 0.01%, 0.01% and 0.04% and Net investment income ratios would have been higher by 0.16%, 0.05%, 0.01%, 0.01% and 0.04% excluding these expenses.
7 Ratios include legal expenses of $68,755, $64,931, $59,051, $433,533 and  $640,665 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025 and the years ended October 31, 2024, 2023, 2021 and 2020, respectively. Expense ratios would have been lower by 0.16%, 0.04%, 0.01%, 0.01% and 0.05% and Net investment income ratios would have been higher by 0.16%, 0.04%, 0.01%, 0.01% and 0.05% excluding these expenses.
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Local Currency Bond Fund
  Class A
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $6.26 $6.12 $5.62 $6.92 $6.86 $7.35
Income (loss) from investment operations:            
Net investment income1 0.20 0.40 0.38 0.32 0.28 0.35
Net realized and unrealized gain (loss) 0.05 0.10 0.30 (1.53) (0.22) (0.75)
Total from investment operations 0.25 0.50 0.68 (1.21) 0.06 (0.40)
Less distributions:            
From net investment income (0.15) (0.36) (0.18) — — —
From net realized gain — — — — — —
Tax return of capital — — — (0.09) — (0.09)
Total distributions (0.15) (0.36) (0.18) (0.09) — (0.09)
Net asset value at end of period $6.36 $6.26 $6.12 $5.62 $6.92 $6.86
Total return2 4.17% 8.31% 12.11% (17.75)% 0.87% (5.51)%
Portfolio turnover rate3 19% 59% 79% 53% 34% 47%
Net assets, end of period (in thousands) $254 $246 $1,197 $1,248 $1,592 $1,755
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements 3.02%5 2.62% 2.89% 3.10% 2.97% 1.75%
Expenses after reimbursements 1.06%5 1.02% 1.07% 1.22% 1.22% 1.22%
Net investment income to average net assets:            
Net investment income before reimbursements 4.62%5 4.57% 4.23% 3.16% 2.11% 4.45%
Net investment income after reimbursements 6.58%5 6.17% 6.05% 5.04% 3.86% 4.98%
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Local Currency Bond Fund
  Class C
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $6.04 $5.95 $5.44 $6.75 $6.74 $7.27
Income (loss) from investment operations:            
Net investment income1 0.17 0.34 0.32 0.30 0.22 0.29
Net realized and unrealized gain (loss) 0.05 0.10 0.30 (1.53) (0.21) (0.74)
Total from investment operations 0.22 0.44 0.62 (1.23) 0.01 (0.45)
Less distributions:            
From net investment income (0.15) (0.35) (0.11) — — —
From net realized gain — — — — — —
Tax return of capital — — — (0.08) — (0.08)
Total distributions (0.15) (0.35) (0.11) (0.08) — (0.08)
Net asset value at end of period $6.11 $6.04 $5.95 $5.44 $6.75 $6.74
Total return2 3.73% 7.36% 11.41% (18.30)% 0.15% (6.25)%
Portfolio turnover rate3 19% 59% 79% 53% 34% 47%
Net assets, end of period (in thousands) $5 $5 $1 $2 $25 $30
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements 3.77% 3.57% 3.59% 3.74% 3.75% 2.50%
Expenses after reimbursements 1.77% 1.77% 1.82% 1.97% 1.97% 1.97%
Net investment income to average net assets:            
Net investment income before reimbursements 3.87% 3.72% 3.52% 2.85% 1.35% 3.77%
Net investment income after reimbursements 5.87% 5.52% 5.29% 4.62% 3.13% 4.30%
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Local Currency Bond Fund
  Institutional Class
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $6.61 $6.44 $5.90 $7.24 $7.16 $7.66
Income (loss) from investment operations:            
Net investment income1 0.22 0.44 0.43 0.35 0.31 0.38
Net realized and unrealized gain (loss) 0.05 0.10 0.30 (1.60) (0.23) (0.78)
Total from investment operations 0.27 0.54 0.73 (1.25) 0.08 (0.40)
Less distributions:            
From net investment income (0.15) (0.37) (0.19) — — —
From net realized gain — — — — — —
Tax return of capital — — — (0.09) — (0.10)
Total distributions (0.15) (0.37) (0.19) (0.09) — (0.10)
Net asset value at end of period $6.73 $6.61 $6.44 $5.90 $7.24 $7.16
Total return2 4.27% 8.51% 12.33% (17.49)% 1.12% (5.38)%
Portfolio turnover rate3 19% 59% 79% 53% 34% 47%
Net assets, end of period (in thousands) $9,095 $9,098 $9,108 $4,131 $6,310 $28,257
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements 2.77%6 2.53% 2.57% 2.83% 2.61% 1.50%
Expenses after reimbursements 0.81%6 0.77% 0.82% 0.97% 0.97% 0.97%
Net investment income to average net assets:            
Net investment income before reimbursements 4.87%6 4.71% 4.60% 3.43% 2.46% 4.75%
Net investment income after reimbursements 6.83%6 6.47% 6.35% 5.29% 4.10% 5.28%
    
1 Per share amounts are based on average number of shares outstanding during the period.
2 Assumes investment at net asset value at the beginning of the period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year.
3 The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.
4 Annualized for periods less than one year.
5 Ratios include legal expenses of $45 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025. Expense ratios would have been lower by 0.04% and Net Investment Income ratios would have been higher by 0.04% excluding these expenses.
6 Ratios include legal expenses of $1,638 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025. Expense ratios would have been lower by 0.04% and Net Investment Income ratios would have been higher by 0.04% excluding these expenses.
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Corporate Income Fund
  Class A
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $5.52 $5.14 $4.96 $7.53 $7.53 $7.92
Income (loss) from investment operations:            
Net investment income 0.331 0.291 0.27 0.40 0.37 0.44
Net realized and unrealized gain (loss) (0.28) 0.38 0.31 (2.54) — (0.39)
Total from investment operations 0.05 0.67 0.58 (2.14) 0.37 0.05
Less distributions:            
From net investment income (0.16) (0.29) (0.40) (0.42) (0.37) (0.44)
From net realized gain — — — (0.01) — —
Tax return of capital — — — — — (—)2
Total distributions (0.16) (0.29) (0.40) (0.43) (0.37) (0.44)
Net asset value at end of period $5.41 $5.52 $5.14 $4.96 $7.53 $7.53
Total return3 1.01% 13.24% 11.75% (29.30)% 4.85% 0.85%
Portfolio turnover rate4 35% 95% 56% 55% 73% 117%
Net assets, end of period (in thousands) $2,631 $3,024 $3,779 $4,742 $11,153 $11,198
Ratios to average net assets:5            
Total expenses to average net assets:            
Expenses before reimbursements6 2.13% 1.69% 1.47% 1.44% 1.55% 1.58%
Expenses after reimbursements6 1.28% 1.16% 1.14% 1.24% 1.43% 1.47%
Net investment income to average net assets:            
Net investment income before reimbursements6 5.29% 4.76% 5.40% 6.62% 4.61% 5.76%
Net investment income after reimbursements6 6.14% 5.29% 5.73% 6.82% 4.73% 5.87%
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Corporate Income Fund
  Class C
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $5.50 $5.12 $4.95 $7.52 $7.51 $7.91
Income (loss) from investment operations:            
Net investment income 0.291 0.241 0.24 0.35 0.31 0.39
Net realized and unrealized gain (loss) (0.25) 0.39 0.29 (2.53) 0.02 (0.40)
Total from investment operations 0.04 0.63 0.53 (2.18) 0.33 (0.01)
Less distributions:            
From net investment income (0.14) (0.25) (0.36) (0.38) (0.32) (0.39)
From net realized gain — — — (0.01) — —
Tax return of capital — — — — — (—)2
Total distributions (0.14) (0.25) (0.36) (0.39) (0.32) (0.39)
Net asset value at end of period $5.40 $5.50 $5.12 $4.95 $7.52 $7.51
Total return3 0.82% 12.45% 10.75% (29.86)% 4.25% (0.01)%
Portfolio turnover rate4 35% 95% 56% 55% 73% 117%
Net assets, end of period (in thousands) $899 $1,195 $1,492 $1,782 $5,762 $7,466
Ratios to average net assets:5            
Total expenses to average net assets:            
Expenses before reimbursements7 2.88% 2.43% 2.22% 2.20% 2.30% 2.33%
Expenses after reimbursements7 2.03% 1.91% 1.89% 2.01% 2.18% 2.22%
Net investment income to average net assets:            
Net investment income before reimbursements7 4.49% 4.01% 4.65% 5.89% 3.88% 5.01%
Net investment income after reimbursements7 5.34% 4.53% 4.98% 6.08% 4.00% 5.12%
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Corporate Income Fund
  Institutional Class
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $5.75 $5.36 $5.17 $7.85 $7.84 $8.25
Income (loss) from investment operations:            
Net investment income 0.371 0.311 0.31 0.45 0.41 0.48
Net realized and unrealized gain (loss) (0.30) 0.40 0.31 (2.66) 0.01 (0.41)
Total from investment operations 0.07 0.71 0.62 (2.21) 0.42 0.07
Less distributions:            
From net investment income (0.18) (0.32) (0.43) (0.46) (0.41) (0.48)
From net realized gain — — — (0.01) — —
Tax return of capital — — — — — (—)2
Total distributions (0.18) (0.32) (0.43) (0.47) (0.41) (0.48)
Net asset value at end of period $5.64 $5.75 $5.36 $5.17 $7.85 $7.84
Total return3 1.22% 13.39% 12.06% (29.15)% 5.24% 1.04%
Portfolio turnover rate4 35% 95% 56% 55% 73% 117%
Net assets, end of period (in thousands) $17,544 $23,028 $67,689 $86,347 $277,188 $261,307
Ratios to average net assets:5            
Total expenses to average net assets:            
Expenses before reimbursements8 1.88% 1.40% 1.22% 1.20% 1.30% 1.32%
Expenses after reimbursements8 1.03% 0.91% 0.89% 1.01% 1.18% 1.21%
Net investment income to average net assets:            
Net investment income before reimbursements8 5.58% 5.01% 5.65% 6.90% 4.86% 6.00%
Net investment income after reimbursements8 6.43% 5.50% 5.98% 7.09% 4.98% 6.11%
    
1 Per share amounts are based on average number of shares outstanding during the period.
2 Amount is less than $0.005 per share.
3 Assumes investment at net asset value at the beginning of the period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year.
4 The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.
5 Annualized for periods less than one year.
6 Ratios include legal expenses of $2,231, $1,526, $770, $63, $1,438 and $6,538 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025 and the years October 31, 2024, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.16%, 0.04%, 0.02%, 0.12%, 0.01% and 0.05% and Net Investment Income ratios would have been higher by 0.16%, 0.04%, 0.02%, 0.07%, 0.01% and 0.05% excluding these expenses.
7 Ratios include legal expenses of $789, $600, $298, $79, $756 and $4,394 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025 and the years ended October 31, 2024, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.16%, 0.04%, 0.02%, 0.14%, 0.01% and 0.05% and Net Investment Income ratios would have been higher by 0.16%, 0.04%, 0.02%, 0.07%, 0.01% and 0.05% excluding these expenses.
8 Ratios include legal expenses of $15,768, $19,803, $13,964, $3,742, $34,379 and $153,663 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025 and the years October 31, 2024, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.16%, 0.04%, 0.02%, 0.14%, 0.01% and 0.04% and Net Investment Income ratios would have been higher by 0.16%, 0.04%, 0.02%, 0.07%, 0.01% and 0.04% excluding these expenses.
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Short Duration Fund
  Class A
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $4.87 $4.78 $4.28 $6.80 $7.52 $9.00
Income (loss) from investment operations:            
Net investment income 0.081 0.261 0.341 0.32 0.44 0.46
Net realized and unrealized gain (loss) 0.04 0.12 0.57 (2.39) (0.69) (1.46)
Total from investment operations 0.12 0.38 0.91 (2.07) (0.25) (1.00)
Less distributions:            
From net investment income (0.09) (0.29) (0.41) (0.34) (0.47) (0.48)
From net realized gain — — — (0.11) — —
Tax return of capital — — — — — —
Total distributions (0.09) (0.29) (0.41) (0.45) (0.47) (0.48)
Net asset value at end of period $4.90 $4.87 $4.78 $4.28 $6.80 $7.52
Total return2 2.58% 8.24% 22.36% (31.54)% (4.07)% (11.25)%
Portfolio turnover rate3 27% 47% 49% 41% 32% 80%
Net assets, end of period (in thousands) $1,497 $1,728 $8,499 $2,975 $6,834 $19,865
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements5 2.08% 1.58% 1.37% 1.14% 1.10% 1.13%
Expenses after reimbursements5 1.48% 1.08% 0.99% 0.89% 1.00% 0.99%
Net investment income to average net assets:            
Net investment income before reimbursements5 2.50% 4.99% 7.19% 6.06% 6.17% 7.07%
Net investment income after reimbursements5 3.10% 5.49% 7.57% 6.31% 6.27% 7.21%
See accompanying notes to the financial statements.
19
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Short Duration Fund
  Class C
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $4.65 $4.56 $4.09 $6.53 $7.22 $8.66
Income (loss) from investment operations:            
Net investment income 0.051 0.191 0.301 0.29 0.40 0.42
Net realized and unrealized gain (loss) 0.04 0.15 0.54 (2.33) (0.69) (1.45)
Total from investment operations 0.09 0.34 0.84 (2.04) (0.29) (1.03)
Less distributions:            
From net investment income (0.07) (0.25) (0.37) (0.29) (0.40) (0.41)
From net realized gain — — — (0.11) — —
Tax return of capital — — — — — —
Total distributions (0.07) (0.25) (0.37) (0.40) (0.40) (0.41)
Net asset value at end of period $4.67 $4.65 $4.56 $4.09 $6.53 $7.22
Total return2 2.03% 7.60% 21.32% (32.29)% (4.56)% (12.05)%
Portfolio turnover rate3 27% 47% 49% 41% 32% 80%
Net assets, end of period (in thousands) $120 $117 $171 $291 $1,219 $1,572
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements6 2.84% 2.37% 2.11% 1.91% 1.84% 1.96%
Expenses after reimbursements6 2.24% 1.84% 1.74% 1.66% 1.76% 1.83%
Net investment income to average net assets:            
Net investment income before reimbursements6 1.72% 3.68% 6.57% 5.09% 5.36% 5.20%
Net investment income after reimbursements6 2.32% 4.21% 6.94% 5.34% 5.44% 5.33%
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Short Duration Fund
  Institutional Class
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $4.79 $4.69 $4.20 $6.69 $7.40 $8.83
Income (loss) from investment operations:            
Net investment income 0.081 0.241 0.341 0.37 0.50 0.49
Net realized and unrealized gain (loss) 0.04 0.16 0.57 (2.40) (0.73) (1.44)
Total from investment operations 0.12 0.40 0.91 (2.03) (0.23) (0.95)
Less distributions:            
From net investment income (0.10) (0.30) (0.42) (0.35) (0.48) (0.48)
From net realized gain — — — (0.11) — —
Tax return of capital — — — — — —
Total distributions (0.10) (0.30) (0.42) (0.46) (0.48) (0.48)
Net asset value at end of period $4.81 $4.79 $4.69 $4.20 $6.69 $7.40
Total return2 2.50% 8.75% 22.63% (31.54)% (3.75)% (10.94)%
Portfolio turnover rate3 27% 47% 49% 41% 32% 80%
Net assets, end of period (in thousands) $31,113 $30,302 $51,723 $52,073 $124,954 $441,467
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements7 1.84% 1.37% 1.12% 0.90% 0.84% 0.91%
Expenses after reimbursements7 1.24% 0.85% 0.74% 0.65% 0.75% 0.79%
Net investment income to average net assets:            
Net investment income before reimbursements7 2.73% 4.65% 7.47% 6.22% 6.38% 6.98%
Net investment income after reimbursements7 3.33% 5.17% 7.85% 6.47% 6.47% 7.10%
    
1 Per share amounts are based on average number of shares outstanding during the period.
2 Assumes investment at net asset value at the beginning of the period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year.
3 The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.
4 Annualized for periods less than one year.
5 Ratios include legal expenses of $4,411, $7,502, $5,360, $(1,101), $10,827 and $37,676 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025 and for the years ended October 31, 2024, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.56% and 0.07%, higher by 0.03% and lower by 0.08% and 0.07% and Net Investment Income ratios would have been higher by 0.56% and 0.07%, lower by 0.03% and higher by 0.08% and 0.07% excluding these expenses.
6 Ratios include legal expenses of $336, $276, $141, $(46), $1,388 and $2,841 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025 and for the years ended October 31, 2024, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.57% and 0.07%, higher by 0.01% and lower by 0.09% and 0.16% and Net Investment Income ratios would have been higher by 0.57% and 0.07%, lower by 0.01% and higher by 0.09% and 0.16% excluding these expenses.
7 Ratios include legal expenses of $84,485, $55,297, $34,017, $(12,847), $182,441 and $835,457 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025 and for the years ended October 31, 2024, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.57% and 0.07%, higher by 0.02% and lower by 0.08% and 0.12% and Net Investment Income ratios would have been higher by 0.57% and 0.07%, lower by 0.02% and higher by 0.08% and 0.12% excluding these expenses.
See accompanying notes to the financial statements.
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FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Active Equity Fund
  Class A
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $8.17 $6.48 $6.11 $12.55 $11.08 $10.46
Income (loss) from investment operations:            
Net investment income 0.03 0.081 0.011 0.081 0.15 0.111
Net realized and unrealized gain (loss) (0.06) 1.68 0.47 (3.26) 1.44 0.56
Total from investment operations (0.03) 1.76 0.48 (3.18) 1.59 0.67
Less distributions:            
From net investment income (0.12) (0.07) (0.11) (0.18) (0.12) (0.05)
From net realized gain — — — (3.07) — —
Tax return of capital — — — (0.01) — —
Total distributions (0.12) (0.07) (0.11) (3.26) (0.12) (0.05)
Net asset value at end of period $8.02 $8.17 $6.48 $6.11 $12.55 $11.08
Total return2 (0.25)% 27.22% 7.68% (33.53)% 14.23% 6.49%
Portfolio turnover rate3 82% 237% 189% 264% 206% 228%
Net assets, end of period (in thousands) $40 $41 $40 $804 $1,611 $1,616
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements 2.13%5 2.25% 1.69% 1.52% 1.49% 1.55%
Expenses after reimbursements 1.31%5 1.27% 1.27% 1.27% 1.27% 1.27%
Net investment income (loss) to average net assets:            
Net investment income (loss) before reimbursements 0.11%5 0.08% (0.25)% 0.68% 0.91% 0.73%
Net investment income after reimbursements 0.93%5 1.06% 0.17% 0.93% 1.13% 1.01%
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Active Equity Fund
  Class C
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $7.93 $6.30 $5.96 $12.33 $10.90 $10.32
Income (loss) from investment operations:            
Net investment income 0.02 0.021 0.011 0.011 0.05 —1,6
Net realized and unrealized gain (loss) (0.08) 1.64 0.41 (3.18) 1.42 0.58
Total from investment operations (0.06) 1.66 0.42 (3.17) 1.47 0.58
Less distributions:            
From net investment income (0.11) (0.03) (0.08) (0.13) (0.04) (—)6
From net realized gain — — — (3.07) — —
Tax return of capital — — — (—)6 — —
Total distributions (0.11) (0.03) (0.08) (3.20) (0.04) —
Net asset value at end of period $7.76 $7.93 $6.30 $5.96 $12.33 $10.90
Total return2 (0.66)% 26.43% 6.89% (34.05)% 13.41% 5.76%
Portfolio turnover rate3 82% 237% 189% 264% 206% 228%
Net assets, end of period (in thousands) $2 $2 $1 $1 $2 $2
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements 2.98% 3.02% 2.79% 2.30% 2.25% 2.31%
Expenses after reimbursements 2.02% 2.02% 2.02% 2.02% 2.02% 2.02%
Net investment income (loss) to average net assets:            
Net investment income (loss) before reimbursements (0.75)% (0.69)% (0.65)% (0.10)% 0.14% (0.30)%
Net investment income (loss) after reimbursements 0.21% 0.31% 0.12% 0.18% 0.37% (0.01)%
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Active Equity Fund
  Institutional Class
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $8.26 $6.54 $6.16 $12.63 $11.15 $10.51
Income (loss) from investment operations:            
Net investment income 0.05 0.101 0.071 0.091 0.18 0.101
Net realized and unrealized gain (loss) (0.06) 1.70 0.43 (3.28) 1.45 0.60
Total from investment operations (0.01) 1.80 0.50 (3.19) 1.63 0.70
Less distributions:            
From net investment income (0.13) (0.08) (0.12) (0.20) (0.15) (0.06)
From net realized gain — — — (3.07) — —
Tax return of capital — — — (0.01) — —
Total distributions (0.13) (0.08) (0.12) (3.28) (0.15) (0.06)
Net asset value at end of period $8.12 $8.26 $6.54 $6.16 $12.63 $11.15
Total return2 (0.09)% 27.62% 7.95% (33.40)% 14.50% 6.79%
Portfolio turnover rate3 82% 237% 189% 264% 206% 228%
Net assets, end of period (in thousands) $22,460 $22,596 $22,849 $75,264 $96,417 $80,474
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements 1.88%7 2.00% 1.61% 1.27% 1.24% 1.29%
Expenses after reimbursements 1.06%7 1.02% 1.02% 1.02% 1.02% 1.02%
Net investment income to average net assets:            
Net investment income before reimbursements 0.35%7 0.34% 0.41% 0.87% 1.15% 0.67%
Net investment income after reimbursements 1.17%7 1.32% 1.00% 1.12% 1.37% 0.94%
    
1 Per share amounts are based on average number of shares outstanding during the period.
2 Assumes investment at net asset value at the beginning of the period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year.
3 The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.
4 Annualized for periods less than one year.
5 Ratios include legal expenses of $7 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025. Expense ratios would have been lower by 0.04% and Net Investment Income ratios would have been higher by 0.04% excluding these expenses.
6 Amount is less than $0.005 per share.
7 Ratios include legal expenses of $4,133 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025. Expense ratios would have been lower by 0.04% and Net Investment Income ratios would have been higher by 0.04% excluding these expenses.
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Small-Cap Equity Fund
  Class A
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $13.90 $11.03 $10.07 $15.32 $10.99 $8.84
Income (loss) from investment operations:            
Net investment income (loss) (0.03)1 (0.07) 0.031 0.061 (0.18) (0.20)
Net realized and unrealized gain (loss) (0.40) 3.02 0.93 (5.15) 4.51 2.35
Total from investment operations (0.43) 2.95 0.96 (5.09) 4.33 2.15
Less distributions:            
From net investment income (0.09) (0.08) — — — —
From net realized gain — — — — — —
Tax return of capital — — — (0.16) — —
Total distributions (0.09) (0.08) — (0.16) — —
Net asset value at end of period $13.38 $13.90 $11.03 $10.07 $15.32 $10.99
Total return2 (3.08)% 26.83% 9.53% (33.37)% 39.40% 24.32%
Portfolio turnover rate3 32% 78% 79% 50% 77% 62%
Net assets, end of period (in thousands) $342 $424 $441 $393 $321 $388
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements 3.67%5 3.19% 3.29% 3.08% 2.75% 2.78%
Expenses after reimbursements 1.56%5 1.52% 1.59% 1.77% 1.77% 1.77%
Net investment income (loss) to average net assets:            
Net investment loss before reimbursements (2.57)%5 (1.81)% (1.41)% (0.78)% (1.48)% (1.74)%
Net investment income (loss) after reimbursements (0.46)%5 (0.14)% 0.29% 0.53% (0.50)% (0.73)%
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Small-Cap Equity Fund
  Class C
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $14.18 $11.26 $10.36 $15.79 $11.40 $9.22
Income (loss) from investment operations:            
Net investment loss (0.08)1 (0.11) (0.09)1 (0.06)1 (0.32) (0.34)
Net realized and unrealized gain (loss) (0.41) 3.03 0.99 (5.28) 4.71 2.52
Total from investment operations (0.49) 2.92 0.90 (5.34) 4.39 2.18
Less distributions:            
From net investment income (0.07) — — — — —
From net realized gain — — — — — —
Tax return of capital — — — (0.09) — —
Total distributions (0.07) — — (0.09) — —
Net asset value at end of period $13.62 $14.18 $11.26 $10.36 $15.79 $11.40
Total return2 (3.45)% 25.93% 8.69% (33.91)% 38.51% 23.64%
Portfolio turnover rate3 32% 78% 79% 50% 77% 62%
Net assets, end of period (in thousands) $17 $17 $14 $41 $162 $135
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements 4.44%6 3.97% 3.96% 3.72% 3.47% 3.91%
Expenses after reimbursements 2.31%6 2.27% 2.34% 2.52% 2.52% 2.52%
Net investment loss to average net assets:            
Net investment loss before reimbursements (3.31)%6 (2.50)% (2.35)% (1.67)% (2.09)% (2.70)%
Net investment loss after reimbursements (1.18)%6 (0.80)% (0.73)% (0.47)% (1.14)% (1.31)%
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Small-Cap Equity Fund
  Institutional Class
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $18.17 $14.38 $13.09 $19.82 $14.19 $11.39
Income (loss) from investment operations:            
Net investment income (loss) (0.02)1 0.04 0.081 0.091 (0.02) (0.10)
Net realized and unrealized gain (loss) (0.51) 3.85 1.21 (6.65) 5.65 2.90
Total from investment operations (0.53) 3.89 1.29 (6.56) 5.63 2.80
Less distributions:            
From net investment income (0.10) (0.10) — — — —
From net realized gain — — — — — —
Tax return of capital — — — (0.17) — —
Total distributions (0.10) (0.10) — (0.17) — —
Net asset value at end of period $17.54 $18.17 $14.38 $13.09 $19.82 $14.19
Total return2 (2.92)% 27.09% 9.85% (33.21)% 39.68% 24.58%
Portfolio turnover rate3 32% 78% 79% 50% 77% 62%
Net assets, end of period (in thousands) $4,599 $9,769 $8,043 $6,237 $10,994 $7,419
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements 3.27%7 2.97% 3.03% 2.77% 2.45% 2.56%
Expenses after reimbursements 1.31%7 1.27% 1.34% 1.52% 1.52% 1.52%
Net investment income (loss) to average net assets:            
Net investment loss before reimbursements (2.22)%7 (1.51)% (1.18)% (0.66)% (1.02)% (1.51)%
Net investment income (loss) after reimbursements (0.26)%7 0.19% 0.51% 0.59% (0.09)% (0.47)%
    
1 Per share amounts are based on average number of shares outstanding during the period.
2 Assumes investment at net asset value at the beginning of the period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year.
3 The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.
4 Annualized for periods less than one year.
5 Ratios include legal expenses of $81 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025. Expense ratios would have been lower by 0.04% and Net Investment Income ratios would have been higher by 0.04% excluding these expenses.
6 Ratios include legal expenses of $3 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025. Expense ratios would have been lower by 0.04% and Net Investment Income ratios would have been higher by 0.04% excluding these expenses.
7 Ratios include legal expenses of $1,300 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025. Expense ratios would have been lower by 0.04% and Net Investment Income ratios would have been higher by 0.04% excluding these expenses.
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Frontier Equity Fund
  Class A
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $10.64 $8.13 $8.36 $10.13 $7.07 $8.02
Income (loss) from investment operations:            
Net investment income (loss) 0.111 0.22 0.09 0.081 0.021 (0.01)1
Net realized and unrealized gain (loss) 0.15 2.58 (0.14) (1.67) 3.10 (0.91)
Total from investment operations 0.26 2.80 (0.05) (1.59) 3.12 (0.92)
Less distributions:            
From net investment income (0.03) (0.28) (0.18) (0.18) (0.06) (0.03)
From net realized gain — — — — — —
Tax return of capital — (0.01) — — — —
Total distributions (0.03) (0.29) (0.18) (0.18) (0.06) (0.03)
Net asset value at end of period $10.87 $10.64 $8.13 $8.36 $10.13 $7.07
Total return2 2.48% 34.75% (0.72)% (15.92)% 44.20% (11.47)%
Portfolio turnover rate3 44% 80% 94% 95% 87% 108%
Net assets, end of period (in thousands) $2,550 $2,337 $1,597 $3,018 $2,561 $656
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements 2.27%5 2.28% 2.27% 2.24% 2.11% 2.18%
Expenses after reimbursements 1.81%5 1.77% 1.77% 1.77% 1.77% 1.77%
Net investment income (loss) to average net assets:            
Net investment income (loss) before reimbursements 1.66%5 1.50% 1.57% 0.49% (0.09)% (0.59)%
Net investment income (loss) after reimbursements 2.12%5 2.01% 2.07% 0.96% 0.25% (0.18)%
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Frontier Equity Fund
  Class C
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $10.15 $7.78 $8.03 $9.75 $6.82 $7.80
Income (loss) from investment operations:            
Net investment income (loss) 0.071 0.11 (0.02) 0.021 (0.03)1 0.011
Net realized and unrealized gain (loss) 0.15 2.50 (0.10) (1.62) 2.97 (0.96)
Total from investment operations 0.22 2.61 (0.12) (1.60) 2.94 (0.95)
Less distributions:            
From net investment income (0.01) (0.23) (0.13) (0.12) (0.01) (0.03)
From net realized gain — — — — — —
Tax return of capital — (0.01) — — — —
Total distributions (0.01) (0.24) (0.13) (0.12) (0.01) (0.03)
Net asset value at end of period $10.36 $10.15 $7.78 $8.03 $9.75 $6.82
Total return2 2.17% 33.73% (1.51)% (16.58)% 43.13% (12.13)%
Portfolio turnover rate3 44% 80% 94% 95% 87% 108%
Net assets, end of period (in thousands) $324 $267 $204 $293 $209 $286
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements 3.03%6 3.03% 3.04% 3.00% 2.89% 3.01%
Expenses after reimbursements 2.56%6 2.52% 2.52% 2.52% 2.52% 2.52%
Net investment income (loss) to average net assets:            
Net investment income (loss) before reimbursements 0.86%6 0.76% 0.77% (0.21)% (0.77)% (0.41)%
Net investment income (loss) after reimbursements 1.33%6 1.27% 1.29% 0.27% (0.40)% 0.08%
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Frontier Equity Fund
  Institutional Class
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $12.50 $9.50 $9.73 $11.77 $8.20 $9.32
Income (loss) from investment operations:            
Net investment income 0.141 0.25 0.24 0.111 0.061 0.091
Net realized and unrealized gain (loss) 0.19 3.06 (0.27) (1.95) 3.58 (1.13)
Total from investment operations 0.33 3.31 (0.03) (1.84) 3.64 (1.04)
Less distributions:            
From net investment income (0.04) (0.30) (0.20) (0.20) (0.07) (0.08)
From net realized gain — — — — — —
Tax return of capital — (0.01) — — — —
Total distributions (0.04) (0.31) (0.20) (0.20) (0.07) (0.08)
Net asset value at end of period $12.79 $12.50 $9.50 $9.73 $11.77 $8.20
Total return2 2.65% 35.11% (0.42)% (15.78)% 44.50% (11.17)%
Portfolio turnover rate3 44% 80% 94% 95% 87% 108%
Net assets, end of period (in thousands) $88,309 $86,409 $61,026 $69,320 $77,540 $53,053
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements 2.02%7 2.03% 2.03% 1.98% 1.88% 2.00%
Expenses after reimbursements 1.56%7 1.52% 1.52% 1.52% 1.52% 1.52%
Net investment income to average net assets:            
Net investment income before reimbursements 1.79%7 1.74% 1.73% 0.64% 0.23% 0.58%
Net investment income after reimbursements 2.25%7 2.25% 2.24% 1.10% 0.59% 1.06%
    
1 Per share amounts are based on average number of shares outstanding during the period.
2 Assumes investment at net asset value at the beginning of the period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year.
3 The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.
4 Annualized for periods less than one year.
5 Ratios include legal expenses of $476 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025. Expense ratios would have been lower by 0.04% and Net Investment Income ratios would have been higher by 0.04% excluding these expenses.
6 Ratios include legal expenses of $58 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025. Expense ratios would have been lower by 0.04% and Net Investment Income ratios would have been higher by 0.04% excluding these expenses.
7 Ratios include legal expenses of $16,557 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025. Expense ratios would have been lower by 0.04% and Net Investment Income ratios would have been higher by 0.04% excluding these expenses.
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Equity Fund
  Class A
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $11.67 $9.28 $8.29 $16.77 $13.08 $11.18
Income (loss) from investment operations:            
Net investment income (loss) 0.03 0.081 0.101 0.13 (0.06)1 0.08
Net realized and unrealized gain (loss) (0.22) 2.32 1.01 (5.67) 4.07 1.84
Total from investment operations (0.19) 2.40 1.11 (5.54) 4.01 1.92
Less distributions:            
From net investment income (0.05) (0.01) (0.12) (0.09) (0.10) (0.02)
From net realized gain — — — (2.83) (0.22) —
Tax return of capital — — — (0.02) — —
Total distributions (0.05) (0.01) (0.12) (2.94) (0.32) (0.02)
Net asset value at end of period $11.43 $11.67 $9.28 $8.29 $16.77 $13.08
Total return2 (1.66)% 25.91% 13.26% (39.01)% 30.92% 17.21%
Portfolio turnover rate3 33% 103% 79% 85% 77% 76%
Net assets, end of period (in thousands) $32,861 $36,317 $4,469 $3,081 $3,872 $1,394
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements 1.64%5 1.76% 1.69% 1.65% 1.56% 1.81%
Expenses after reimbursements 1.31%5 1.27% 1.32% 1.42% 1.42% 1.42%
Net investment income (loss) to average net assets:            
Net investment income (loss) before reimbursements 0.22%5 0.22% 0.59% 0.75% (0.48)% (0.42)%
Net investment income (loss) after reimbursements 0.55%5 0.71% 0.96% 0.98% (0.34)% (0.03)%
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Equity Fund
  Class C
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $10.75 $8.61 $7.70 $15.80 $12.39 $10.64
Income (loss) from investment operations:            
Net investment income (loss) (0.02) (0.03)1 0.031 0.02 (0.16)1 (0.10)
Net realized and unrealized gain (loss) (0.19) 2.17 0.93 (5.25) 3.86 1.85
Total from investment operations (0.21) 2.14 0.96 (5.23) 3.70 1.75
Less distributions:            
From net investment income (0.03) (—)6 (0.05) (0.03) (0.07) —
From net realized gain — — — (2.83) (0.22) —
Tax return of capital — — — (0.01) — —
Total distributions (0.03) — (0.05) (2.87) (0.29) —
Net asset value at end of period $10.51 $10.75 $8.61 $7.70 $15.80 $12.39
Total return2 (1.98)% 24.90% 12.45% (39.46)% 30.13% 16.45%
Portfolio turnover rate3 33% 103% 79% 85% 77% 76%
Net assets, end of period (in thousands) $65 $67 $70 $105 $107 $2
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements 2.39%7 2.48% 2.45% 2.42% 2.29% 2.49%
Expenses after reimbursements 2.06%7 2.02% 2.07% 2.17% 2.17% 2.17%
Net investment income (loss) to average net assets:            
Net investment income (loss) before reimbursements (0.52)%7 (0.73)% (0.09)% 0.12% (1.11)% (1.22)%
Net investment income (loss) after reimbursements (0.19)%7 (0.27)% 0.29% 0.37% (0.99)% (0.90)%
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Equity Fund
  Institutional Class
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Year Ended
October 31,
2020
Net asset value at beginning of period $11.24 $8.93 $7.97 $16.23 $12.65 $10.81
Income (loss) from investment operations:            
Net investment income (loss) 0.05 0.081 0.121 0.17 (0.02)1 0.11
Net realized and unrealized gain (loss) (0.23) 2.26 0.98 (5.47) 3.92 1.77
Total from investment operations (0.18) 2.34 1.10 (5.30) 3.90 1.88
Less distributions:            
From net investment income (0.05) (0.03) (0.14) (0.11) (0.10) (0.04)
From net realized gain — — — (2.83) (0.22) —
Tax return of capital — — — (0.02) — —
Total distributions (0.05) (0.03) (0.14) (2.96) (0.32) (0.04)
Net asset value at end of period $11.01 $11.24 $8.93 $7.97 $16.23 $12.65
Total return2 (1.58)% 26.19% 13.65% (38.85)% 31.24% 17.41%
Portfolio turnover rate3 33% 103% 79% 85% 77% 76%
Net assets, end of period (in thousands) $131,384 $126,172 $88,044 $90,921 $116,727 $82,385
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements 1.39%8 1.49% 1.44% 1.41% 1.32% 1.56%
Expenses after reimbursements 1.06%8 1.02% 1.07% 1.17% 1.17% 1.17%
Net investment income (loss) to average net assets:            
Net investment income (loss) before reimbursements 0.51%8 0.29% 0.84% 1.10% (0.26)% (0.22)%
Net investment income (loss) after reimbursements 0.84%8 0.76% 1.21% 1.34% (0.11)% 0.17%
    
1 Per share amounts are based on average number of shares outstanding during the period.
2 Assumes investment at net asset value at the beginning of the period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year.
3 The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.
4 Annualized for periods less than one year.
5 Ratios include legal expenses of $6,241 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025. Expense ratios would have been lower by 0.04% and Net Investment Income ratios would have been higher by 0.04% excluding these expenses.
6 Amount is less than $0.005 per share.
7 Ratios include legal expenses of $12 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025. Expense ratios would have been lower by 0.04% and Net Investment Income ratios would have been higher by 0.04% excluding these expenses.
8 Ratios include legal expenses of $23,271 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025. Expense ratios would have been lower by 0.04% and Net Investment Income ratios would have been higher by 0.04% excluding these expenses.
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Equity ESG Fund
  Class A
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Period Ended
October 31,
20201
Net asset value at beginning of period $10.89 $8.64 $7.61 $14.91 $12.05 $10.00
Income (loss) from investment operations:            
Net investment income (loss) 0.01 0.01 0.03 0.01 (0.09) (0.01)
Net realized and unrealized gain (loss) (0.28) 2.24 1.06 (5.27) 3.04 2.06
Total from investment operations (0.27) 2.25 1.09 (5.26) 2.95 2.05
Less distributions:            
From net investment income (0.03) (—)2 (0.06) — (0.09) —
From net realized gain — — — (2.03) — —
Tax return of capital — — — (0.01) — —
Total distributions (0.03) — (0.06) (2.04) (0.09) —
Net asset value at end of period $10.59 $10.89 $8.64 $7.61 $14.91 $12.05
Total return3 (2.44)% 26.09% 14.21% (40.26)% 24.50% 20.50%
Portfolio turnover rate4 23% 65% 51% 49% 55% 45%
Net assets, end of period (in thousands) $1 $1 $1 $1 $2 $1
Ratios to average net assets:5            
Total expenses to average net assets:            
Expenses before reimbursements 2.39% 2.43% 2.49% 2.49% 2.39% 4.16%
Expenses after reimbursements 1.27% 1.27% 1.32% 1.42% 1.42% 1.42%
Net investment income (loss) to average net assets:            
Net investment loss before reimbursements (0.87)% (1.03)% (0.95)% (1.12)% (1.56)% (2.89)%
Net investment income (loss) after reimbursements 0.25% 0.13% 0.22% (0.05)% (0.59)% (0.15)%
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Equity ESG Fund
  Class C
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Period Ended
October 31,
20201
Net asset value at beginning of period $10.59 $8.45 $7.47 $14.77 $12.00 $10.00
Income (loss) from investment operations:            
Net investment loss (0.03) (0.06) (0.05) (0.04) (0.20) (0.06)
Net realized and unrealized gain (loss) (0.27) 2.20 1.05 (5.23) 3.05 2.06
Total from investment operations (0.30) 2.14 1.00 (5.27) 2.85 2.00
Less distributions:            
From net investment income — — (0.02) — (0.08) —
From net realized gain — — — (2.03) — —
Tax return of capital — — — — — —
Total distributions — — (0.02) (2.03) (0.08) —
Net asset value at end of period $10.29 $10.59 $8.45 $7.47 $14.77 $12.00
Total return3 (2.83)% 25.33% 13.32% (40.76)% 23.81% 20.00%
Portfolio turnover rate4 23% 65% 51% 49% 55% 45%
Net assets, end of period (in thousands) $1 $1 $1 $1 $1 $1
Ratios to average net assets:5            
Total expenses to average net assets:            
Expenses before reimbursements 2.94% 3.14% 3.22% 3.22% 3.14% 4.77%
Expenses after reimbursements 2.02% 2.02% 2.07% 2.17% 2.17% 2.17%
Net investment loss to average net assets:            
Net investment loss before reimbursements (1.46)% (1.77)% (1.70)% (1.85)% (2.32)% (3.50)%
Net investment loss after reimbursements (0.54)% (0.65)% (0.55)% (0.80)% (1.35)% (0.90)%
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Equity ESG Fund
  Institutional Class
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Period Ended
October 31,
20201
Net asset value at beginning of period $10.99 $8.69 $7.65 $14.96 $12.06 $10.00
Income (loss) from investment operations:            
Net investment income (loss) 0.03 0.04 0.05 0.03 (0.05) 0.01
Net realized and unrealized gain (loss) (0.30) 2.27 1.06 (5.29) 3.04 2.05
Total from investment operations (0.27) 2.31 1.11 (5.26) 2.99 2.06
Less distributions:            
From net investment income (0.05) (0.01) (0.07) — (0.09) (—)2
From net realized gain — — — (2.03) — —
Tax return of capital — — — (0.02) — —
Total distributions (0.05) (0.01) (0.07) (2.05) (0.09) —
Net asset value at end of period $10.67 $10.99 $8.69 $7.65 $14.96 $12.06
Total return3 (2.42)% 26.54% 14.45% (40.10)% 24.82% 20.60%
Portfolio turnover rate4 23% 65% 51% 49% 55% 45%
Net assets, end of period (in thousands) $12,514 $12,836 $10,149 $8,884 $15,041 $12,062
Ratios to average net assets:5            
Total expenses to average net assets:            
Expenses before reimbursements 2.04%6 2.21% 2.19% 2.12% 2.16% 3.68%
Expenses after reimbursements 1.06%6 1.02% 1.07% 1.17% 1.17% 1.17%
Net investment income (loss) to average net assets:            
Net investment loss before reimbursements (0.35)%6 (0.80)% (0.63)% (0.74)% (1.34)% (2.41)%
Net investment income (loss) after reimbursements 0.63%6 0.39% 0.49% 0.21% (0.35)% 0.10%
    
1 Class A, Class C and the Institutional Class commenced investment operations on February 26, 2020.
2 Amount is less than $0.005 per share.
3 Assumes investment at net asset value at the beginning of the period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year.
4 The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.
5 Annualized for periods less than one year.
6 Ratios include legal expenses of $2,343 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025. Expense ratios would have been lower by 0.04% and Net Investment Income ratios would have been higher by 0.04% excluding these expenses.
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Debt Fund
  Class A
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Period Ended
October 31,
20201
Net asset value at beginning of period $8.35 $7.34 $7.52 $9.90 $9.85 $10.00
Income (loss) from investment operations:            
Net investment income 0.24 0.50 0.37 0.30 0.32 0.03
Net realized and unrealized gain (loss) (0.18) 1.00 (0.11) (2.37) 0.06 (0.15)
Total from investment operations 0.06 1.50 0.26 (2.07) 0.38 (0.12)
Less distributions:            
From net investment income (0.23) (0.49) (0.41) (0.31) (0.33) (0.03)
From net realized gain — — — — — —
Tax return of capital — — (0.03) — — —
Total distributions (0.23) (0.49) (0.44) (0.31) (0.33) (0.03)
Net asset value at end of period $8.18 $8.35 $7.34 $7.52 $9.90 $9.85
Total return2 0.72% 20.72% 3.31% (21.27)% 3.85% (1.19)%
Portfolio turnover rate3 7% 29% 109% 53% 44% 3%
Net assets, end of period (in thousands) $1 $1 $1 $1 $1 $1
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements 1.89% 2.03% 1.74% 1.56% 1.77% 4.88%
Expenses after reimbursements 0.92% 0.92% 0.96% 0.97% 0.97% 0.97%
Net investment income (loss) to average net assets:            
Net investment income (loss) before reimbursements 4.85% 4.91% 4.02% 2.87% 2.42% (1.27)%
Net investment income after reimbursements 5.82% 6.02% 4.80% 3.46% 3.22% 2.64%
See accompanying notes to the financial statements.
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Debt Fund
  Class C
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Period Ended
October 31,
20201
Net asset value at beginning of period $8.35 $7.34 $7.52 $9.90 $9.85 $10.00
Income (loss) from investment operations:            
Net investment income 0.20 0.44 0.32 0.24 0.25 0.02
Net realized and unrealized gain (loss) (0.17) 1.00 (0.11) (2.38) 0.05 (0.15)
Total from investment operations 0.03 1.44 0.21 (2.14) 0.30 (0.13)
Less distributions:            
From net investment income (0.20) (0.43) (0.36) (0.24) (0.25) (0.02)
From net realized gain — — — — — —
Tax return of capital — — (0.03) — — —
Total distributions (0.20) (0.43) (0.39) (0.24) (0.25) (0.02)
Net asset value at end of period $8.18 $8.35 $7.34 $7.52 $9.90 $9.85
Total return2 0.41% 19.82% 2.59% (21.84)% 3.08% (1.26)%
Portfolio turnover rate3 7% 29% 109% 53% 44% 3%
Net assets, end of period (in thousands) $1 $1 $1 $1 $1 $1
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements 2.70% 2.59% 2.17% 2.12% 2.49% 5.62%
Expenses after reimbursements 1.67% 1.67% 1.71% 1.72% 1.72% 1.72%
Net investment income (loss) to average net assets:            
Net investment income (loss) before reimbursements 4.18% 4.36% 3.67% 2.34% 1.70% (2.02)%
Net investment income after reimbursements 5.21% 5.28% 4.13% 2.74% 2.47% 1.88%
See accompanying notes to the financial statements.
38
Table of Contents
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Debt Fund
  Institutional Class
  Six Months Ended
April 30,
2025
(Unaudited) 		Year Ended
October 31,
2024 		Year Ended
October 31,
2023 		Year Ended
October 31,
2022 		Year Ended
October 31,
2021 		Period Ended
October 31,
20201
Net asset value at beginning of period $8.37 $7.35 $7.53 $9.90 $9.85 $10.00
Income (loss) from investment operations:            
Net investment income 0.24 0.51 0.38 0.32 0.35 0.03
Net realized and unrealized gain (loss) (0.19) 1.01 (0.11) (2.37) 0.05 (0.15)
Total from investment operations 0.05 1.52 0.27 (2.05) 0.40 (0.12)
Less distributions:            
From net investment income (0.23) (0.50) (0.42) (0.32) (0.35) (0.03)
From net realized gain — — — — — —
Tax return of capital — — (0.03) — — —
Total distributions (0.23) (0.50) (0.45) (0.32) (0.35) (0.03)
Net asset value at end of period $8.19 $8.37 $7.35 $7.53 $9.90 $9.85
Total return2 0.66% 20.93% 3.41% (21.02)% 4.03% (1.16)%
Portfolio turnover rate3 7% 29% 109% 53% 44% 3%
Net assets, end of period (in thousands) $19,381 $19,414 $16,347 $16,042 $20,442 $19,757
Ratios to average net assets:4            
Total expenses to average net assets:            
Expenses before reimbursements 1.38%5 1.59%5 1.31% 1.19% 1.48% 4.43%
Expenses after reimbursements 0.74%5 0.68%5 0.71% 0.72% 0.72% 0.72%
Net investment income (loss) to average net assets:            
Net investment income (loss) before reimbursements 5.34%5 5.20%5 4.34% 3.21% 2.66% (0.92)%
Net investment income after reimbursements 5.98%5 6.11%5 4.94% 3.68% 3.42% 2.79%
    
1 Class A, Class C and the Institutional Class commenced investment operations on September 17, 2020.
2 Assumes investment at net asset value at the beginning of the period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year.
3 The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.
4 Annualized for periods less than one year.
5 Ratios include legal expenses of $6,404 and $2,091 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025 and the year ended October 31, 2024, respectively. Expense ratios would have been lower by 0.07% and 0.01% and Net Investment Income ratios would have been higher by 0.07% and 0.01% excluding these expenses.
See accompanying notes to the financial statements.
39
Table of Contents
ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Equity ex China Fund
  Class A
  Six Months Ended
April 30,
2025
(Unaudited) 		Period Ended
October 31,
20241
Net asset value at beginning of period $9.91 $10.00
Income (loss) from investment operations:    
Net investment income 0.05 0.03
Net realized and unrealized loss (0.35) (0.09)
Total from investment operations (0.30) (0.06)
Less distributions:    
From net investment income (0.04) (0.03)
From net realized gain — —
Tax return of capital — —
Total distributions (0.04) (0.03)
Net asset value at end of period $9.57 $9.91
Total return2 (2.98)% (0.60)%
Portfolio turnover rate3 33% 22%
Net assets, end of period (in thousands) $1 $1
Ratios to average net assets:4    
Total expenses to average net assets:    
Expenses before reimbursements 4.73% 4.60%
Expenses after reimbursements 1.27% 1.27%
Net investment income (loss) to average net assets:    
Net investment loss before reimbursements (2.39)% (2.49)%
Net investment income after reimbursements 1.07% 0.84%
See accompanying notes to the financial statements.
40
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Equity ex China Fund
  Class C
  Six Months Ended
April 30,
2025
(Unaudited) 		Period Ended
October 31,
20241
Net asset value at beginning of period $9.89 $10.00
Income (loss) from investment operations:    
Net investment income 0.02 0.02
Net realized and unrealized loss (0.35) (0.11)
Total from investment operations (0.33) (0.09)
Less distributions:    
From net investment income (0.04) (0.02)
From net realized gain — —
Tax return of capital — —
Total distributions (0.04) (0.02)
Net asset value at end of period $9.52 $9.89
Total return2 (3.37)% (0.87)%
Portfolio turnover rate3 33% 22%
Net assets, end of period (in thousands) $1 $1
Ratios to average net assets:4    
Total expenses to average net assets:    
Expenses before reimbursements 5.44% 5.23%
Expenses after reimbursements 2.02% 2.02%
Net investment income (loss) to average net assets:    
Net investment loss before reimbursements (3.11)% (3.56)%
Net investment income (loss) after reimbursements 0.31% (0.35)%
See accompanying notes to the financial statements.
41
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ASHMORE FUNDS
FINANCIAL HIGHLIGHTS
Ashmore Emerging Markets Equity ex China Fund
  Institutional Class
  Six Months Ended
April 30,
2025
(Unaudited) 		Period Ended
October 31,
20241
Net asset value at beginning of period $9.92 $10.00
Income (loss) from investment operations:    
Net investment income 0.07 0.03
Net realized and unrealized loss (0.36) (0.08)
Total from investment operations (0.29) (0.05)
Less distributions:    
From net investment income (0.05) (0.03)
From net realized gain — —
Tax return of capital — —
Total distributions (0.05) (0.03)
Net asset value at end of period $9.58 $9.92
Total return2 (2.94)% (0.47)%
Portfolio turnover rate3 33% 22%
Net assets, end of period (in thousands) $7,210 $7,439
Ratios to average net assets:4    
Total expenses to average net assets:    
Expenses before reimbursements 4.46%5 4.37%
Expenses after reimbursements 1.06%5 1.02%
Net investment income (loss) to average net assets:    
Net investment loss before reimbursements (2.08)%5 (2.51)%
Net investment income after reimbursements 1.32%5 0.84%
    
1 Class A, Class C and the Institutional Class commenced investment operations on June 11, 2024.
2 Assumes investment at net asset value at the beginning of the period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year.
3 The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.
4 Annualized for periods less than one year.
5 Ratios include legal expenses of $1,353 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2025. Expense ratios would have been lower by 0.04% and Net investment income ratios would have been higher by 0.04% excluding these expenses.
See accompanying notes to the financial statements.
42
Table of Contents
ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Debt Securities        
Angola (Cost $727,248)        
Angola (Rep of), 8.750%, 04/14/2032   200,000 $154,062 0.20
Angola (Rep of), 9.375%, 05/08/2048   274,000 191,885 0.25
Angola (Rep of), 9.125%, 11/26/2049   408,000 277,236 0.36
      623,183 0.81
Argentina (Cost $875,129)        
Argentina (Rep of), 1.000%, 07/09/2029   235,706 190,215 0.25
Argentina (Rep of), (Step to 1.750% on 07/09/27), 0.750%, 07/09/20302   899,189 689,453 0.90
Argentina (Rep of), (Step to 4.750% on 07/09/27), 4.125%, 07/09/20352   550,973 365,364 0.47
Argentina (Rep of), 5.000%, 01/09/20382   317,108 222,967 0.29
Argentina (Rep of), (Step to 4.875% on 07/09/29), 3.500%, 07/09/20412   284,468 175,552 0.23
      1,643,551 2.14
Armenia (Cost $195,095)        
Armenia (Rep of), 6.750%, 03/12/20353   200,000 188,000 0.24
      188,000 0.24
Azerbaijan (Cost $410,885)        
Southern Gas Corridor CJSC, 6.875%, 03/24/2026   396,000 398,384 0.52
      398,384 0.52
Bahrain (Cost $298,078)        
Bahrain (Rep of), 7.500%, 09/20/2047   324,000 312,459 0.41
      312,459 0.41
Benin (Cost $195,874)        
Benin (Rep of), 8.375%, 01/23/20413   200,000 181,250 0.24
      181,250 0.24
Brazil (Cost $7,636,566)        
Brazil (Rep of), 6.000%, 04/07/2026   250,000 251,625 0.33
Brazil (Rep of), 4.625%, 01/13/2028   240,000 238,320 0.31
Brazil (Rep of), 6.125%, 03/15/2034   200,000 196,200 0.26
Brazil (Rep of), 5.000%, 01/27/2045   277,000 210,520 0.27
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/20274 BRL 15,224,000 2,034,845 2.65
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/20284 BRL 6,060,000 762,068 0.99
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/20304 BRL 14,558,000 1,409,642 1.83
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027 BRL 6,476,000 1,078,733 1.40
MC Brazil Downstream Trading S.a.r.l., 7.250%, 06/30/2031   276,194 213,498 0.28
Oi S.A., (88% PIK), 8.500%, 12/31/20283,5   3,323,859 226,022 0.29
      6,621,473 8.61
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Bulgaria (Cost $23,100)        
Bulgaria (Rep of), 5.000%, 03/05/2037   24,000 $23,182 0.03
      23,182 0.03
Chile (Cost $2,166,573)        
Bonos de la Tesoreria de la Republica en pesos, 6.000%, 04/01/20333 CLP 370,000,000 398,593 0.52
Chile (Rep of), 4.950%, 01/05/2036   610,637 596,287 0.78
Chile (Rep of), 3.100%, 05/07/2041   360,000 265,500 0.34
Chile (Rep of), 3.100%, 01/22/2061   354,000 210,232 0.27
Corp. Nacional del Cobre de Chile, 5.625%, 10/18/2043   243,000 220,948 0.29
Empresa de Transporte de Pasajeros Metro S.A., 4.700%, 05/07/2050   283,000 227,795 0.30
      1,919,355 2.50
China (Cost $27,552,506)        
Central China Real Estate Ltd., 7.650%, 08/27/20236,7   1,900,000 83,600 0.11
Central China Real Estate Ltd., 7.900%, 11/07/20236,7   1,910,000 84,040 0.11
Central China Real Estate Ltd., 7.250%, 08/13/20246,7   3,666,000 155,805 0.20
Central China Real Estate Ltd., 7.650%, 08/27/20256   1,667,000 70,847 0.09
China (Rep of), 2.270%, 05/25/2034 CNY 6,060,000 875,888 1.14
China SCE Group Holdings Ltd., 7.375%, 04/09/20246,7   1,800,000 76,500 0.10
China SCE Group Holdings Ltd., 5.950%, 09/29/20246,7   1,180,000 50,150 0.07
China SCE Group Holdings Ltd., 7.000%, 05/02/20256   1,330,000 56,525 0.07
China SCE Group Holdings Ltd., 6.000%, 02/04/20266   727,000 30,898 0.04
Fantasia Holdings Group Co. Ltd., 15.000%, 12/18/20216,7   4,515,000 112,875 0.15
Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/20226,7   5,635,000 140,875 0.18
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/20226,7   1,189,000 29,725 0.04
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/20236,7   2,175,000 59,812 0.08
Kaisa Group Holdings Ltd., 8.500%, 06/30/20226,7   3,500,000 148,750 0.19
Kaisa Group Holdings Ltd., 10.875%, 07/23/20236,7   2,500,000 106,250 0.14
KWG Group Holdings Ltd., 6.000%, 01/14/20246,7   150,000 10,500 0.01
Sinopec Group Overseas Development 2018 Ltd., 2.700%, 05/13/2030   282,000 264,364 0.34
Sunac China Holdings Ltd., 6.000%, 09/30/20255   242,011 27,831 0.04
Sunac China Holdings Ltd., 6.250%, 09/30/20265   242,599 28,505 0.04
Sunac China Holdings Ltd., 6.500%, 09/30/20275   243,156 27,963 0.04
Sunac China Holdings Ltd., 6.750%, 09/30/20285   390,696 44,930 0.06
Sunac China Holdings Ltd., 7.000%, 09/30/20295   554,417 63,758 0.08
Sunac China Holdings Ltd., 7.250%, 09/30/20305   1,446,184 166,311 0.22
Yuzhou Group Holdings Co. Ltd., 9.950%, 06/08/20236,7   1,595,000 111,650 0.15
Yuzhou Group Holdings Co. Ltd., 6.000%, 10/25/20236,7   3,962,000 277,340 0.36
Yuzhou Group Holdings Co. Ltd., 7.850%, 08/12/20266   1,330,000 93,100 0.12
Yuzhou Group Holdings Co. Ltd., 6.350%, 01/13/20276   320,000 22,400 0.03
Zhenro Properties Group Ltd., 8.700%, 08/03/20226,7   1,110,000 2,775 —
Zhenro Properties Group Ltd., 8.000%, 03/06/20236,7   1,532,000 3,830 —
Zhenro Properties Group Ltd., 9.150%, 05/06/20236,7   400,000 1,000 —
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
China (continued)        
Zhenro Properties Group Ltd., 8.300%, 09/15/20236,7   3,158,000 $7,895 0.01
Zhenro Properties Group Ltd., 8.350%, 03/10/20246,7   387,000 968 —
Zhenro Properties Group Ltd., 7.875%, 04/14/20246,7   3,591,000 8,978 0.01
Zhenro Properties Group Ltd., 7.100%, 09/10/20246,7   4,406,000 12,337 0.02
Zhenro Properties Group Ltd., 7.350%, 02/05/20256,7   8,407,000 21,018 0.03
Zhenro Properties Group Ltd., 14.724%, 05/29/2025   1,360,000 3,808 —
Zhenro Properties Group Ltd., 6.630%, 01/07/20266   2,065,000 5,782 0.01
Zhenro Properties Group Ltd., 6.700%, 08/04/20266   5,713,000 15,996 0.02
      3,305,579 4.30
Colombia (Cost $1,753,680)        
Colombia (Rep of), 3.875%, 04/25/2027   291,000 284,758 0.37
Colombia (Rep of), 5.625%, 02/26/2044   250,000 178,438 0.23
Colombia (Rep of), 5.000%, 06/15/2045   344,000 224,460 0.29
Colombian TES, 7.750%, 09/18/2030 COP 449,400,000 92,261 0.12
Colombian TES, 7.000%, 03/26/2031 COP 575,200,000 110,303 0.15
Colombian TES, 13.250%, 02/09/2033 COP 1,251,100,000 315,098 0.41
Colombian TES, 6.250%, 07/09/2036 COP 373,400,000 56,306 0.07
Colombian TES, 11.500%, 07/25/2046 COP 1,652,400,000 351,332 0.46
      1,612,956 2.10
Costa Rica (Cost $395,249)        
Costa Rica (Rep of), 6.125%, 02/19/2031   201,000 205,893 0.27
Costa Rica (Rep of), 7.300%, 11/13/2054   200,000 202,850 0.26
      408,743 0.53
Czech Republic (Cost $3,069,478)        
Czech (Rep of), 0.950%, 05/15/2030 CZK 1,640,000 65,543 0.09
Czech (Rep of), 5.000%, 09/30/2030 CZK 6,890,000 333,368 0.43
Czech (Rep of), 1.750%, 06/23/2032 CZK 4,310,000 170,353 0.22
Czech (Rep of), 2.000%, 10/13/2033 CZK 2,410,000 93,953 0.12
Czech (Rep of), 4.900%, 04/14/2034 CZK 1,710,000 83,043 0.11
Czech (Rep of), 4.200%, 12/04/2036 CZK 3,130,000 142,145 0.18
New World Resources N.V., 8.000%, 04/07/20206,7,8 EUR 1,938,518 — —
New World Resources N.V., 4.000%, 10/07/20206,7,8 EUR 669,526 — —
      888,405 1.15
Dominican Republic (Cost $1,649,107)        
Dominican (Rep of), 6.000%, 07/19/2028   198,000 199,584 0.26
Dominican (Rep of), 4.875%, 09/23/2032   640,000 575,398 0.75
Dominican (Rep of), 5.300%, 01/21/2041   294,000 244,718 0.32
Dominican (Rep of), 6.500%, 02/15/2048   222,000 204,240 0.27
Dominican (Rep of), 6.400%, 06/05/2049   156,000 142,584 0.18
Dominican (Rep of), 5.875%, 01/30/2060   300,000 247,763 0.32
Dominican Republic Central Bank Notes, 13.000%, 01/30/2026 DOP 3,350,000 57,086 0.07
      1,671,373 2.17
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Ecuador (Cost $244,370)        
Ecuador (Rep of), (Step to 6.900% on 07/31/25), 5.500%, 07/31/20352   296,000 $176,934 0.23
Ecuador (Rep of), (Step to 5.500% on 07/31/26), 5.000%, 07/31/20402   233,684 121,720 0.16
      298,654 0.39
Egypt (Cost $1,473,223)        
Egypt (Rep of), 6.588%, 02/21/2028   391,000 364,549 0.47
Egypt (Rep of), 7.625%, 05/29/2032   239,000 201,238 0.26
Egypt (Rep of), 8.500%, 01/31/2047   399,000 289,075 0.38
Egypt (Rep of), 7.903%, 02/21/2048   350,000 239,549 0.31
Egypt (Rep of), 8.700%, 03/01/2049   279,000 204,925 0.27
Egypt (Rep of), 8.875%, 05/29/2050   207,000 154,060 0.20
      1,453,396 1.89
El Salvador (Cost $143,673)        
El Salvador (Rep of), 7.650%, 06/15/2035   51,000 47,800 0.06
El Salvador (Rep of), 7.125%, 01/20/2050   150,000 119,700 0.16
      167,500 0.22
Ghana (Cost $853,668)        
Ghana (Rep of), 0.000%, 07/03/20263,4   49,032 46,090 0.06
Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/20292,3   279,351 236,401 0.31
Ghana (Rep of), 0.000%, 01/03/20303,4   100,812 75,861 0.10
Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/20352   6,000 3,990 —
Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/20352,3   605,369 402,570 0.52
      764,912 0.99
Guatemala (Cost $299,376)        
Guatemala (Rep of), 6.125%, 06/01/2050   251,000 222,951 0.29
      222,951 0.29
Hungary (Cost $1,355,492)        
Hungary (Rep of), 6.750%, 10/22/2028 HUF 93,410,000 265,163 0.34
Hungary (Rep of), 2.125%, 09/22/2031   522,000 423,473 0.55
Hungary (Rep of), 3.000%, 10/27/2038 HUF 71,560,000 132,014 0.17
Hungary (Rep of), 3.125%, 09/21/2051   394,000 229,412 0.30
MFB Magyar Fejlesztesi Bank Zrt, 6.500%, 06/29/2028   200,000 205,626 0.27
      1,255,688 1.63
India (Cost $2,325,043)        
Export-Import Bank of India, 5.500%, 01/18/2033   272,000 276,216 0.36
India (Rep of), 7.180%, 08/14/2033 INR 32,860,000 409,473 0.53
India (Rep of), 7.540%, 05/23/2036 INR 38,740,000 497,526 0.65
India (Rep of), 7.180%, 07/24/2037 INR 70,980,000 891,306 1.16
India (Rep of), 7.360%, 09/12/2052 INR 4,480,000 56,800 0.07
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
India (continued)        
India (Rep of), 7.300%, 06/19/2053 INR 22,590,000 $284,415 0.37
      2,415,736 3.14
Indonesia (Cost $4,655,936)        
Indonesia (Rep of), 6.875%, 04/15/2029 IDR 1,603,000,000 97,584 0.13
Indonesia (Rep of), 8.250%, 05/15/2029 IDR 4,633,000,000 295,954 0.38
Indonesia (Rep of), 7.000%, 09/15/2030 IDR 3,011,000,000 184,484 0.24
Indonesia (Rep of), 6.500%, 02/15/2031 IDR 1,132,000,000 67,595 0.09
Indonesia (Rep of), 7.750%, 04/15/2031 IDR 2,344,000,000 147,765 0.19
Indonesia (Rep of), 8.375%, 03/15/2034 IDR 2,536,000,000 167,617 0.22
Indonesia (Rep of), 7.500%, 06/15/2035 IDR 4,016,000,000 252,210 0.33
Indonesia (Rep of), 8.250%, 05/15/2036 IDR 1,350,000,000 89,214 0.12
Indonesia (Rep of), 6.625%, 02/17/2037   100,000 109,800 0.14
Indonesia (Rep of), 7.750%, 01/17/2038   170,000 203,575 0.26
Indonesia (Rep of), 7.500%, 05/15/2038 IDR 576,000,000 36,079 0.05
Indonesia (Rep of), 7.125%, 06/15/2038 IDR 3,649,000,000 222,342 0.29
Indonesia (Rep of), 8.375%, 04/15/2039 IDR 1,774,000,000 119,040 0.15
Indonesia (Rep of), 5.950%, 01/08/2046   213,000 216,089 0.28
Indonesia (Rep of), 5.250%, 01/08/2047   346,000 325,458 0.42
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT, 5.450%, 05/15/2030   255,000 257,040 0.33
Pertamina Persero PT, 6.000%, 05/03/2042   329,000 316,169 0.41
Perusahaan Penerbit SBSN Indonesia III, 4.550%, 03/29/2026   261,000 261,261 0.34
Perusahaan Penerbit SBSN Indonesia III, 4.700%, 06/06/2032   200,000 196,376 0.26
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.250%, 05/15/2047   233,000 199,914 0.26
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.150%, 05/21/2048   200,000 192,310 0.25
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.875%, 07/17/2049   344,000 275,200 0.36
      4,233,076 5.50
Ivory Coast (Cost $1,127,475)        
Ivory Coast (Rep of), 6.375%, 03/03/2028   360,000 353,588 0.46
Ivory Coast (Rep of), 6.125%, 06/15/2033   511,000 439,460 0.57
Ivory Coast (Rep of), 8.250%, 01/30/2037   310,000 284,425 0.37
      1,077,473 1.40
Kazakhstan (Cost $703,738)        
Kazakhstan (Rep of), 4.714%, 04/09/20353   290,000 278,255 0.36
Kazakhstan (Rep of), 6.500%, 07/21/2045   290,000 303,322 0.40
      581,577 0.76
Kenya (Cost $154,773)        
Kenya (Rep of), 8.250%, 02/28/2048   200,000 149,000 0.19
      149,000 0.19
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Malaysia (Cost $3,761,488)        
Malaysia (Rep of), 3.519%, 04/20/2028 MYR 3,881,000 $905,762 1.18
Malaysia (Rep of), 4.504%, 04/30/2029 MYR 3,012,000 727,382 0.95
Malaysia (Rep of), 3.582%, 07/15/2032 MYR 1,205,000 279,468 0.36
Malaysia (Rep of), 3.828%, 07/05/2034 MYR 337,000 79,042 0.10
Malaysia (Rep of), 4.254%, 05/31/2035 MYR 669,000 162,219 0.21
Malaysia (Rep of), 4.762%, 04/07/2037 MYR 206,000 52,133 0.07
Malaysia (Rep of), 4.054%, 04/18/2039 MYR 1,742,000 413,304 0.54
Malaysia (Rep of), 4.696%, 10/15/2042 MYR 161,000 41,058 0.05
Malaysia (Rep of), 4.065%, 06/15/2050 MYR 460,000 107,039 0.14
Malaysia Government Investment Issue, 4.193%, 10/07/2032 MYR 119,000 28,593 0.04
Petronas Capital Ltd., 2.480%, 01/28/2032   204,000 174,624 0.23
Petronas Capital Ltd., 4.550%, 04/21/2050   770,000 646,030 0.84
Petronas Capital Ltd., 3.404%, 04/28/2061   379,000 242,181 0.31
      3,858,835 5.02
Mexico (Cost $5,334,203)        
Comision Federal de Electricidad, 3.875%, 07/26/2033   292,000 240,462 0.31
Comision Federal de Electricidad, 6.450%, 01/24/20353   200,000 191,448 0.25
Mexican Bonos, 8.500%, 05/31/2029 MXN 18,760,000 949,403 1.24
Mexican Bonos, 7.750%, 05/29/2031 MXN 18,840,000 905,200 1.18
Mexican Bonos, 7.750%, 11/13/2042 MXN 9,640,000 401,463 0.52
Mexico (Rep of), 5.400%, 02/09/2028   212,000 216,028 0.28
Mexico (Rep of), 6.338%, 05/04/2053   274,000 240,572 0.31
Mexico (Rep of), 3.771%, 05/24/2061   296,000 167,536 0.22
Mexico (Rep of), 3.750%, 04/19/2071   498,000 270,165 0.35
Mexico (Rep of), 5.750%, 10/12/2110   156,000 118,092 0.15
Petroleos Mexicanos, 8.750%, 06/02/2029   151,745 148,923 0.20
Petroleos Mexicanos, 6.750%, 09/21/2047   522,000 348,957 0.46
Petroleos Mexicanos, 6.350%, 02/12/2048   174,000 110,333 0.14
Petroleos Mexicanos, 7.690%, 01/23/2050   720,000 525,600 0.68
Petroleos Mexicanos, 6.950%, 01/28/2060   451,000 299,915 0.39
      5,134,097 6.68
Mongolia (Cost $211,184)        
Mongolia (Rep of), 4.450%, 07/07/2031   257,000 216,715 0.28
      216,715 0.28
Morocco (Cost $575,236)        
Morocco (Rep of), 6.500%, 09/08/2033   450,000 464,625 0.60
Morocco (Rep of), 4.000%, 12/15/2050   200,000 131,500 0.17
      596,125 0.77
Nigeria (Cost $1,664,572)        
Nigeria (Rep of), 6.500%, 11/28/2027   287,000 269,206 0.35
Nigeria (Rep of), 7.375%, 09/28/2033   319,000 256,996 0.34
Nigeria (Rep of), 7.625%, 11/28/2047   543,000 384,172 0.50
Nigeria OMO Bill, 0.000%, 10/07/20254 NGN 613,308,000 342,417 0.45
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Nigeria (continued)        
Nigeria OMO Bill, 0.000%, 11/04/20254 NGN 364,474,000 $201,164 0.26
Nigeria OMO Bill, 0.000%, 12/09/20254 NGN 244,804,000 131,638 0.17
Nigeria OMO Bill, 0.000%, 02/10/20264 NGN 228,850,000 118,031 0.15
      1,703,624 2.22
Oman (Cost $1,359,902)        
Oman (Rep of), 6.750%, 10/28/2027   267,000 276,537 0.36
Oman (Rep of), 6.000%, 08/01/2029   380,000 391,164 0.51
Oman (Rep of), 6.500%, 03/08/2047   200,000 197,494 0.26
Oman (Rep of), 6.750%, 01/17/2048   215,000 216,613 0.28
Oman (Rep of), 7.000%, 01/25/2051   302,000 314,270 0.41
      1,396,078 1.82
Pakistan (Cost $246,453)        
Pakistan (Rep of), 8.875%, 04/08/2051   400,000 285,000 0.37
      285,000 0.37
Panama (Cost $687,020)        
Panama (Rep of), 9.375%, 04/01/2029   194,000 215,534 0.28
Panama (Rep of), 6.700%, 01/26/2036   130,000 125,515 0.16
Panama (Rep of), 4.300%, 04/29/2053   357,000 218,752 0.29
      559,801 0.73
Paraguay (Cost $318,977)        
Paraguay (Rep of), 5.850%, 08/21/2033   329,000 332,372 0.43
      332,372 0.43
Peru (Cost $2,079,758)        
Peru (Rep of), 6.150%, 08/12/2032 PEN 334,000 92,599 0.12
Peru (Rep of), 8.750%, 11/21/2033   273,000 331,422 0.43
Peru (Rep of), 5.375%, 02/08/2035   583,000 575,421 0.75
Peru (Rep of), 7.600%, 08/12/20393 PEN 1,022,000 288,901 0.38
Peru (Rep of), 3.300%, 03/11/2041   100,000 72,848 0.09
Peru (Rep of), 5.625%, 11/18/2050   138,000 129,203 0.17
Peru (Rep of), 2.780%, 12/01/2060   217,000 116,095 0.15
Peru (Rep of), 3.230%, 07/28/2121   117,000 62,361 0.08
Petroleos del Peru S.A., 5.625%, 06/19/2047   400,000 243,600 0.32
      1,912,450 2.49
Philippines (Cost $1,022,486)        
Philippines (Rep of), 9.500%, 02/02/2030   145,000 175,087 0.23
Philippines (Rep of), 7.750%, 01/14/2031   109,000 125,895 0.16
Philippines (Rep of), 6.375%, 10/23/2034   102,000 111,180 0.15
Philippines (Rep of), 6.250%, 01/14/2036 PHP 12,000,000 208,397 0.27
Philippines (Rep of), 3.950%, 01/20/2040   353,000 300,756 0.39
      921,315 1.20
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Poland (Cost $2,744,938)        
Bank Gospodarstwa Krajowego, 5.375%, 05/22/2033   200,000 $201,014 0.26
Bank Gospodarstwa Krajowego, 5.750%, 07/09/20343   200,000 203,544 0.27
Bank Gospodarstwa Krajowego, 6.250%, 07/09/20543   200,000 199,404 0.26
Poland (Rep of), 2.500%, 07/25/2026 PLN 470,000 121,721 0.16
Poland (Rep of), 0.250%, 10/25/2026 PLN 471,000 117,478 0.15
Poland (Rep of), 3.750%, 05/25/2027 PLN 2,305,000 602,818 0.78
Poland (Rep of), 2.500%, 07/25/2027 PLN 491,000 124,767 0.16
Poland (Rep of), 5.500%, 11/16/2027   138,000 142,270 0.19
Poland (Rep of), 2.750%, 04/25/2028 PLN 1,315,000 332,089 0.43
Poland (Rep of), 7.500%, 07/25/2028 PLN 1,020,000 294,036 0.38
Poland (Rep of), 1.250%, 10/25/2030 PLN 946,000 209,452 0.27
Poland (Rep of), 4.875%, 10/04/2033   88,000 87,032 0.11
Poland (Rep of), 6.000%, 10/25/2033 PLN 246,000 68,937 0.09
Poland (Rep of), 5.000%, 10/25/2034 PLN 732,000 190,641 0.25
Poland (Rep of), 5.500%, 03/18/2054   137,000 127,821 0.17
      3,023,024 3.93
Qatar (Cost $813,311)        
Qatar (Rep of), 3.250%, 06/02/2026   272,000 268,600 0.35
Qatar (Rep of), 4.817%, 03/14/2049   220,000 199,980 0.26
QatarEnergy, 3.125%, 07/12/2041   450,000 328,500 0.43
      797,080 1.04
Romania (Cost $1,756,302)        
Romania (Rep of), 3.000%, 02/27/2027   68,000 64,967 0.08
Romania (Rep of), 4.150%, 01/26/2028 RON 1,500,000 315,917 0.41
Romania (Rep of), 6.625%, 02/17/2028   172,000 175,655 0.23
Romania (Rep of), 5.875%, 01/30/2029   158,000 156,520 0.20
Romania (Rep of), 3.000%, 02/14/2031   60,000 49,688 0.06
Romania (Rep of), 7.350%, 04/28/2031 RON 1,145,000 258,842 0.34
Romania (Rep of), 3.625%, 03/27/2032   44,000 36,477 0.05
Romania (Rep of), 7.125%, 01/17/2033   88,000 88,671 0.12
Romania (Rep of), 4.750%, 10/11/2034 RON 750,000 139,865 0.18
Romania (Rep of), 5.750%, 03/24/20353   84,000 74,314 0.10
Romania (Rep of), 7.500%, 02/10/20373   184,000 183,080 0.24
Romania (Rep of), 6.125%, 01/22/2044   56,000 47,523 0.06
Romania (Rep of), 4.000%, 02/14/2051   172,000 101,695 0.13
      1,693,214 2.20
Saudi Arabia (Cost $1,294,104)        
Gaci First Investment Co., 5.250%, 10/13/2032   358,000 359,965 0.47
Saudi (Rep of), 4.750%, 01/18/2028   348,000 350,502 0.46
Saudi (Rep of), 4.625%, 10/04/2047   249,000 203,309 0.26
Saudi (Rep of), 4.500%, 04/22/2060   297,000 228,506 0.30
      1,142,282 1.49
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
South Africa (Cost $3,310,195)        
South Africa (Rep of), 4.300%, 10/12/2028   580,000 $549,220 0.71
South Africa (Rep of), 8.000%, 01/31/2030 ZAR 18,498,195 963,793 1.25
South Africa (Rep of), 8.250%, 03/31/2032 ZAR 8,115,222 404,764 0.53
South Africa (Rep of), 5.875%, 04/20/2032   215,000 203,131 0.26
South Africa (Rep of), 8.875%, 02/28/2035 ZAR 7,355,749 354,481 0.46
South Africa (Rep of), 9.000%, 01/31/2040 ZAR 1,488,840 65,515 0.09
South Africa (Rep of), 8.750%, 01/31/2044 ZAR 6,900,423 287,063 0.37
South Africa (Rep of), 5.650%, 09/27/2047   346,000 246,636 0.32
South Africa (Rep of), 8.750%, 02/28/2048 ZAR 5,194,831 212,876 0.28
      3,287,479 4.27
Supranational (Cost $787,885)        
Asian Infrastructure Investment Bank (The), 7.000%, 03/01/2029 INR 7,600,000 90,486 0.12
Inter-American Development Bank, 7.350%, 10/06/2030 INR 14,000,000 170,737 0.22
International Bank for Reconstruction & Development, 6.850%, 04/24/2028 INR 30,000,000 357,843 0.47
International Bank for Reconstruction & Development, 6.500%, 04/17/2030 INR 14,700,000 172,662 0.22
      791,728 1.03
Thailand (Cost $960,057)        
Thailand (Rep of), 2.350%, 06/17/2026 THB 16,588,000 500,432 0.65
Thailand (Rep of), 2.650%, 06/17/2028 THB 4,139,000 127,745 0.17
Thailand (Rep of), 3.390%, 06/17/2037 THB 946,000 32,323 0.04
Thailand (Rep of), 3.300%, 06/17/2038 THB 6,314,000 214,965 0.28
Thailand (Rep of), 2.875%, 06/17/2046 THB 1,744,000 55,252 0.07
Thailand (Rep of), 3.600%, 06/17/2067 THB 1,802,000 64,873 0.08
      995,590 1.29
Turkey (Cost $1,975,701)        
Turkey (Rep of), 31.080%, 11/08/2028 TRY 6,971,650 160,777 0.21
Turkey (Rep of), 5.250%, 03/13/2030   356,000 328,588 0.43
Turkey (Rep of), 7.125%, 07/17/2032   242,000 235,708 0.31
Turkey (Rep of), 26.200%, 10/05/2033 TRY 2,213,259 48,274 0.06
Turkey (Rep of), 6.500%, 01/03/2035   265,000 242,475 0.31
Turkey (Rep of), 4.875%, 04/16/2043   336,000 225,876 0.29
Turkey (Rep of), 5.750%, 05/11/2047   287,000 206,353 0.27
Turkiye Ihracat Kredi Bankasi A.S., 9.000%, 01/28/2027   386,000 400,356 0.52
      1,848,407 2.40
Ukraine (Cost $526,559)        
Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/20302,3   17,110 8,324 0.01
Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/20342,3   63,943 23,979 0.03
Ukraine (Rep of), (Step to 4.500% on 08/01/25), 1.750%, 02/01/20342,3   602,612 297,389 0.39
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Ukraine (continued)        
Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/20352,3   54,036 $26,883 0.03
Ukraine (Rep of), (Step to 4.500% on 08/01/25), 1.750%, 02/01/20352,3   278,322 135,543 0.18
Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/20362,3   45,030 22,290 0.03
Ukraine (Rep of), (Step to 4.500% on 08/01/25), 1.750%, 02/01/20362,3   90,320 43,444 0.06
      557,852 0.73
United Arab Emirates (Cost $1,004,238)        
Abu Dhabi (Gov’t of), 3.125%, 09/30/2049   369,000 249,167 0.32
DP World Crescent Ltd., 3.875%, 07/18/2029   218,000 209,564 0.27
DP World Crescent Ltd., 5.500%, 09/13/2033   304,000 304,798 0.40
DP World Ltd., 5.625%, 09/25/2048   230,000 211,899 0.28
      975,428 1.27
United States (Cost $662,547)        
U.S. Treasury Bill, 4.133%, 07/10/20259   668,000 662,551 0.86
      662,551 0.86
Uruguay (Cost $1,899,307)        
Uruguay (Rep of), (100% Cash), 7.875%, 01/15/20335   189,794 222,628 0.29
Uruguay (Rep of), 5.750%, 10/28/2034   199,978 208,977 0.27
Uruguay (Rep of), 7.625%, 03/21/2036   158,487 187,411 0.25
Uruguay (Rep of), 4.125%, 11/20/2045   141,498 119,389 0.16
Uruguay (Rep of), 5.100%, 06/18/2050   134,805 123,818 0.16
Uruguay (Rep of), 4.975%, 04/20/2055   247,026 217,754 0.28
Uruguay (Rep of), 5.250%, 09/10/2060   181,639 163,651 0.21
Uruguay Monetary Regulation Bill, 0.000%, 07/25/20254 UYU 3,737,000 87,005 0.11
Uruguay Monetary Regulation Bill, 0.000%, 10/01/20254 UYU 6,650,000 152,165 0.20
Uruguay Monetary Regulation Bill, 0.000%, 10/31/20254 UYU 7,180,000 163,057 0.21
Uruguay Monetary Regulation Bill, 0.000%, 11/07/20254 UYU 401,000 9,089 0.01
Uruguay Monetary Regulation Bill, 0.000%, 04/10/20264 UYU 5,622,000 122,388 0.16
      1,777,332 2.31
Uzbekistan (Cost $393,350)        
Uzbekistan (Rep of), 15.500%, 02/25/20283 UZS 2,500,000,000 193,864 0.25
Uzbekistan (Rep of), 6.947%, 05/25/20323   200,000 199,300 0.26
      393,164 0.51
Venezuela (Cost $7,925,643)        
Petroleos de Venezuela S.A., 8.500%, 10/27/20206,7   7,533,000 7,005,690 9.11
Petroleos de Venezuela S.A., 12.750%, 02/17/20226,7   224,000 30,240 0.04
Petroleos de Venezuela S.A., 9.750%, 05/17/20356   265,270 33,424 0.05
Venezuela (Rep of), 11.750%, 10/21/20266   1,653,300 299,247 0.39
Venezuela (Rep of), 9.250%, 09/15/20276   3,484,000 609,700 0.79
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Venezuela (continued)        
Venezuela (Rep of), 11.950%, 08/05/20316   2,241,800 $369,897 0.48
      8,348,198 10.86
Zambia (Cost $233,326)        
Zambia (Rep of), (Step to 7.500% on 06/30/31), 5.750%, 06/30/20332   161,082 139,185 0.18
Zambia (Rep of), 0.500%, 12/31/2053   160,015 90,709 0.12
      229,894 0.30
Total Debt Securities (Cost $103,834,077)     75,857,491 98.65
    
  Currency1 Shares Value % of Net
Assets
Equity Securities        
China (Cost $56,269)        
Sunac Services Holdings Ltd.3 HKD 206,826 $49,096 0.06
      49,096 0.06
Total Equity Securities (Cost $56,269)     49,096 0.06
Total Investments (Total Cost $103,890,346)     75,906,587 98.71
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)     990,430 1.29
Net Assets     $76,897,017 100.00
    
   
1 Local currency is United States Dollars unless otherwise noted below.
2 Step coupon bond. Rate as of April 30, 2025 is disclosed.
3 Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of April 30, 2025, these securities had a total value of $4,173,845 or 5.43% of net assets.
4 Zero coupon bond.
5 Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis.
6 Issuer has defaulted on terms of debt obligation.
7 Maturity has been extended under the terms of a plan of reorganization.
8 Security has been deemed worthless and is a Level 3 investment.
9 Zero coupon bond – interest rate reflects effective yield on the date of purchase.
Percentages shown are based on net assets.
At April 30, 2025, the Ashmore Emerging Markets Total Return Fund had outstanding forward foreign currency exchange contracts as follows:
Settlement
Date 		Counterparty Currency
Buy 		Currency
Buy Amount
(Local
Currency) 		Currency
Sell 		Currency
Sell Amount
(Local
Currency) 		Unrealized
Gain/(Loss)
05/02/2025 Barclays Turkish Lira 18,566,955 United States Dollar 401,507 $80,817
05/02/2025 Morgan Stanley Turkish Lira 26,497,173 United States Dollar 681,494 6,839
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
Settlement
Date 		Counterparty Currency
Buy 		Currency
Buy Amount
(Local
Currency) 		Currency
Sell 		Currency
Sell Amount
(Local
Currency) 		Unrealized
Gain/(Loss)
05/05/2025 Santander Brazilian Real 590,000 United States Dollar 102,719 $1,106
05/15/2025 Deutsche Bank Indian Rupee 28,614,950 United States Dollar 331,000 7,062
05/15/2025 Morgan Stanley Indian Rupee 34,881,441 United States Dollar 404,000 8,095
05/15/2025 Merrill Lynch Indonesian Rupiah 6,324,320,000 United States Dollar 376,000 5,319
05/15/2025 Morgan Stanley Indonesian Rupiah 297,997,047 United States Dollar 17,710 258
05/15/2025 Citibank Singapore Dollar 1,620,133 United States Dollar 1,221,000 20,519
05/15/2025 Merrill Lynch Singapore Dollar 367,573 United States Dollar 273,645 8,029
05/15/2025 Morgan Stanley Singapore Dollar 245,439 United States Dollar 185,000 3,081
05/15/2025 Citibank Taiwan Dollar 37,495,624 United States Dollar 1,161,954 12,689
05/15/2025 Deutsche Bank Taiwan Dollar 23,339,436 United States Dollar 712,111 19,054
05/15/2025 Merrill Lynch Taiwan Dollar 23,339,436 United States Dollar 710,118 21,048
05/15/2025 BNP Paribas United States Dollar 119,005 Indonesian Rupiah 1,956,481,664 1,040
05/15/2025 Merrill Lynch United States Dollar 58,500 Indonesian Rupiah 969,631,650 37
05/29/2025 BNP Paribas Egyptian Pound 489,086 United States Dollar 9,316 154
05/29/2025 Citibank Egyptian Pound 7,701,039 United States Dollar 145,467 3,644
05/29/2025 Barclays Thai Baht 29,940,877 United States Dollar 896,756 1,545
05/29/2025 UBS United States Dollar 38,300 Thai Baht 1,276,482 2
05/30/2025 Merrill Lynch Philippine Peso 6,910,483 United States Dollar 118,442 5,351
06/03/2025 BNP Paribas Egyptian Pound 2,383,527 United States Dollar 45,663 385
06/03/2025 Deutsche Bank Egyptian Pound 5,072,450 United States Dollar 96,069 1,928
06/03/2025 HSBC Bank United States Dollar 2,768,721 Brazilian Real 15,828,227 4,093
06/12/2025 Citibank Chinese Offshore Yuan 13,403,806 United States Dollar 1,846,000 4,336
06/12/2025 Morgan Stanley Egyptian Pound 8,083,573 United States Dollar 149,270 6,312
06/12/2025 HSBC Bank Indian Rupee 58,501,075 United States Dollar 667,390 21,755
06/12/2025 Merrill Lynch Indian Rupee 64,751,180 United States Dollar 739,000 23,771
06/12/2025 State Street Indian Rupee 3,546,348 United States Dollar 40,403 1,373
06/12/2025 Citibank Korean Won 3,096,801,220 United States Dollar 2,142,131 38,042
06/12/2025 Merrill Lynch Korean Won 499,622,100 United States Dollar 345,000 6,738
06/12/2025 Morgan Stanley Korean Won 1,479,782,400 United States Dollar 1,024,000 17,779
06/12/2025 Barclays United States Dollar 1,025,000 Chinese Offshore Yuan 7,393,798 4,319
06/12/2025 Deutsche Bank United States Dollar 112,500 Chinese Offshore Yuan 813,800 158
06/12/2025 Merrill Lynch United States Dollar 230,183 Chinese Offshore Yuan 1,660,526 955
06/12/2025 HSBC Bank United States Dollar 9,485 Egyptian Pound 487,546 102
06/18/2025 Deutsche Bank Malaysian Ringgit 3,539,153 United States Dollar 800,605 21,084
06/18/2025 HSBC Bank Malaysian Ringgit 1,209,044 United States Dollar 273,620 7,085
06/18/2025 JPMorgan Chase Malaysian Ringgit 288,044 United States Dollar 65,301 1,574
06/18/2025 Merrill Lynch Malaysian Ringgit 2,777,126 United States Dollar 618,720 26,048
07/31/2025 Citibank Czech Koruna 55,682,073 United States Dollar 2,527,178 6,666
07/31/2025 Societe Generale Hungarian Forint 219,132,462 United States Dollar 603,149 7,624
07/31/2025 Morgan Stanley Israeli Shekel 933,748 United States Dollar 253,515 3,810
07/31/2025 Merrill Lynch Mexican Peso 26,332,604 United States Dollar 1,302,176 24,214
07/31/2025 HSBC Bank Peruvian Nuevo Sol 852,423 United States Dollar 230,167 1,677
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
Settlement
Date 		Counterparty Currency
Buy 		Currency
Buy Amount
(Local
Currency) 		Currency
Sell 		Currency
Sell Amount
(Local
Currency) 		Unrealized
Gain/(Loss)
07/31/2025 Morgan Stanley Polish Zloty 2,076,025 United States Dollar 547,422 $606
07/31/2025 Morgan Stanley South African Rand 710,215 United States Dollar 37,379 521
07/31/2025 Morgan Stanley Turkish Lira 1,083,394 United States Dollar 25,227 1
07/31/2025 Morgan Stanley United States Dollar 45,800 Chilean Peso 43,262,222 139
07/31/2025 HSBC Bank United States Dollar 32,300 Israeli Shekel 116,692 142
07/31/2025 JPMorgan Chase United States Dollar 37,800 Polish Zloty 142,221 257
07/31/2025 Barclays United States Dollar 47,500 Romanian Leu 208,807 202
07/31/2025 BNP Paribas United States Dollar 104,900 South African Rand 1,959,714 320
07/31/2025 Morgan Stanley United States Dollar 383,073 South African Rand 7,175,708 143
07/31/2025 Societe Generale United States Dollar 31,700 Turkish Lira 1,353,937 171
11/10/2025 BNP Paribas Egyptian Pound 1,269,308 United States Dollar 22,669 184
11/10/2025 Citibank Egyptian Pound 6,605,676 United States Dollar 116,564 2,368
11/12/2025 JPMorgan Chase Egyptian Pound 5,685,688 United States Dollar 100,436 1,845
11/12/2025 Morgan Stanley Egyptian Pound 1,146,795 United States Dollar 20,226 404
Subtotal Appreciation         444,820
05/02/2025 Morgan Stanley United States Dollar 472,353 Turkish Lira 18,707,539 (13,623)
05/05/2025 HSBC Bank Brazilian Real 15,828,227 United States Dollar 2,787,641 (2,261)
05/05/2025 Merrill Lynch United States Dollar 2,868,039 Brazilian Real 16,418,227 (21,167)
05/06/2025 HSBC Bank Turkish Lira 32,223,408 United States Dollar 840,000 (8,945)
05/06/2025 Barclays United States Dollar 560,000 Turkish Lira 22,092,280 (9,769)
05/15/2025 Citibank Indonesian Rupiah 600,982,341 United States Dollar 36,840 (605)
05/15/2025 Merrill Lynch Indonesian Rupiah 19,981,810,043 United States Dollar 1,216,215 (11,432)
05/15/2025 HSBC Bank United States Dollar 748,161 Indian Rupee 63,496,391 (1,997)
05/15/2025 Citibank United States Dollar 473,000 Indonesian Rupiah 7,881,676,400 (2,218)
05/15/2025 Morgan Stanley United States Dollar 166,160 Singapore Dollar 220,516 (2,823)
05/15/2025 State Street United States Dollar 35,900 Singapore Dollar 48,410 (1,197)
05/15/2025 Barclays United States Dollar 21,560 Taiwan Dollar 707,103 (592)
05/15/2025 Citibank United States Dollar 1,093,000 Taiwan Dollar 35,775,202 (27,746)
05/15/2025 UBS United States Dollar 97,613 Taiwan Dollar 3,193,022 (2,416)
05/29/2025 HSBC Bank Egyptian Pound 487,546 United States Dollar 9,560 (120)
05/29/2025 BNP Paribas United States Dollar 82,414 Egyptian Pound 4,315,679 (1,148)
05/29/2025 Morgan Stanley United States Dollar 79,864 Egyptian Pound 4,234,780 (2,132)
06/03/2025 Citibank Brazilian Real 800,100 United States Dollar 140,000 (251)
06/03/2025 BNP Paribas United States Dollar 24,320 Egyptian Pound 1,269,308 (202)
06/03/2025 Citibank United States Dollar 116,527 Egyptian Pound 6,186,669 (2,996)
06/12/2025 Barclays Chinese Offshore Yuan 3,030,636 United States Dollar 420,000 (1,634)
06/12/2025 BNP Paribas Chinese Offshore Yuan 21,876,516 United States Dollar 3,027,041 (7,085)
06/12/2025 BNP Paribas United States Dollar 905,000 Chinese Offshore Yuan 6,652,184 (13,304)
06/12/2025 State Street United States Dollar 77,100 Chinese Offshore Yuan 564,829 (872)
06/12/2025 Deutsche Bank United States Dollar 63,335 Egyptian Pound 3,347,271 (1,089)
06/12/2025 Morgan Stanley United States Dollar 79,864 Egyptian Pound 4,248,756 (1,911)
06/12/2025 BNP Paribas United States Dollar 89,800 Indian Rupee 7,664,655 (490)
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
Settlement
Date 		Counterparty Currency
Buy 		Currency
Buy Amount
(Local
Currency) 		Currency
Sell 		Currency
Sell Amount
(Local
Currency) 		Unrealized
Gain/(Loss)
06/12/2025 Deutsche Bank United States Dollar 240,000 Indian Rupee 20,652,000 $(3,281)
06/12/2025 HSBC Bank United States Dollar 393,840 Indian Rupee 34,201,845 (9,059)
06/12/2025 Merrill Lynch United States Dollar 711,130 Indian Rupee 61,687,483 (15,551)
06/12/2025 State Street United States Dollar 132,300 Indian Rupee 11,404,876 (2,050)
06/12/2025 Merrill Lynch United States Dollar 1,018,712 Korean Won 1,483,016,417 (25,343)
06/12/2025 State Street United States Dollar 185,500 Korean Won 269,625,573 (4,319)
06/18/2025 BNP Paribas United States Dollar 533,298 Malaysian Ringgit 2,348,575 (11,973)
06/18/2025 Deutsche Bank United States Dollar 84,400 Malaysian Ringgit 378,112 (3,387)
06/18/2025 HSBC Bank United States Dollar 283,626 Malaysian Ringgit 1,255,554 (7,877)
07/31/2025 Morgan Stanley Chilean Peso 276,119,441 United States Dollar 293,950 (2,519)
07/31/2025 HSBC Bank Czech Koruna 83,790 United States Dollar 3,832 (19)
07/31/2025 Northern Trust Czech Koruna 15,234,688 United States Dollar 694,000 (737)
07/31/2025 Citibank Mexican Peso 3,271,048 United States Dollar 165,000 (235)
07/31/2025 Morgan Stanley Polish Zloty 36,163 United States Dollar 9,592 (46)
07/31/2025 Barclays Romanian Leu 84,158 United States Dollar 19,128 (65)
07/31/2025 Merrill Lynch Romanian Leu 1,685,970 United States Dollar 382,098 (203)
07/31/2025 Morgan Stanley Turkish Lira 26,356,588 United States Dollar 615,173 (1,409)
07/31/2025 Citibank United States Dollar 280,000 Colombian Peso 1,212,120,000 (3,111)
07/31/2025 HSBC Bank United States Dollar 304,802 Colombian Peso 1,320,006,356 (3,508)
07/31/2025 Santander United States Dollar 59,754 Colombian Peso 258,436,861 (609)
07/31/2025 Morgan Stanley United States Dollar 67,265 South African Rand 1,275,987 (827)
09/04/2025 Morgan Stanley Nigerian Naira 488,000,000 United States Dollar 305,000 (20,459)
11/10/2025 Citibank United States Dollar 39,585 Egyptian Pound 2,247,216 (875)
11/10/2025 HSBC Bank United States Dollar 79,169 Egyptian Pound 4,480,973 (1,508)
11/10/2025 Morgan Stanley United States Dollar 20,244 Egyptian Pound 1,146,795 (404)
11/12/2025 Morgan Stanley United States Dollar 119,448 Egyptian Pound 6,832,483 (3,463)
Subtotal Depreciation         (262,862)
Total           $181,958
At April 30, 2025, the Ashmore Emerging Markets Total Return Fund had the following centrally cleared interest rate swap contracts outstanding:
Pay Rate Index/
Pay Rate 		Receive Rate/
Receive Rate
Index 		Notional
Amount 		Expiration
Date 		Fair
Value 		Premiums
Paid/
(Received) 		Unrealized
Appreciation
(Depreciation)**
4.905% (Pay Semianually) 1-Day CLP CLICP (Receive Semi-Annually) CLP 682,000,000 10/14/2034 $2,582 $— $2,582
1-Day CLP CLICP (Pay Semianually) 4.786% (Receive Semi-Annually) CLP 939,257,000 11/12/2026 3,419 — 3,419
1-Day CLP CLICP (Pay Semianually) 4.869% (Receive Semi-Annually) CLP 1,800,000,000 04/02/2027 17,100 — 17,100
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
Pay Rate Index/
Pay Rate 		Receive Rate/
Receive Rate
Index 		Notional
Amount 		Expiration
Date 		Fair
Value 		Premiums
Paid/
(Received) 		Unrealized
Appreciation
(Depreciation)**
1-Day CLP CLICP (Pay Semianually) 4.670% (Receive Semi-Annually) CLP 1,200,000,000 04/07/2027 $6,686 $— $6,686
7-Day CNY CNRR (Pay Quarterly) 2.535% (Receive Quarterly) CNY 6,860,000 09/16/2025 4,010 — 4,010
9.355% (Pay Quarterly) 1 Day COOVIBR (Receive Quarterly) COP 3,199,000,000 01/21/2035 (23,441) — (23,441)
1 Day COOVIBR (Pay Quarterly) 8.420% (Receive Quarterly) COP 11,014,000,000 01/21/2027 10,295 — 10,295
1 Day COOVIBR (Pay Quarterly) 8.170% (Receive Quarterly) COP 2,609,650,000 04/07/2027 (50) — (50)
1-Day INR MIBOR (Pay Semianually) 5.999% (Receive Semi-Annually) INR 20,630,000 12/12/2029 3,431 — 3,431
1-Day INR MIBOR (Pay Semianually) 6.024% (Receive Semi-Annually) INR 16,154,000 12/13/2029 2,900 — 2,900
              $26,932
**Includes cumulative appreciation/depreciation on centrally cleared interest rate swap agreements. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Total Return Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2025:
  Level 1   Level 2   Level 3   Total
Investments              
Assets:              
Debt Securities              
Corporate Bonds $—   $3,971,011   $—   $3,971,011
Financial Certificates —   1,000,591   —   1,000,591
Government Agencies —   14,405,638   —   14,405,638
Government Bonds —   54,490,746   —   54,490,746
Short Term Bills and Notes —   1,989,505   —   1,989,505
Total Debt Securities —   75,857,491   —   75,857,491
Equity Securities              
Common Stock              
China —   49,096   —   49,096
Total Investments $—   $75,906,587   $—   $75,906,587
Other Financial Instruments              
Assets:              
Centrally Cleared Interest Rate Swap Contracts† $—   $50,423   $—   $50,423
Forward Foreign Currency Exchange Contracts —   444,820   —   444,820
Liabilities:              
Centrally Cleared Interest Rate Swap Contracts† —   (23,491)   —   (23,491)
Forward Foreign Currency Exchange Contracts —   (262,862)   —   (262,862)
Total Other Financial Instruments $—   $208,890   $—   $208,890
† Includes cumulative appreciation/depreciation on centrally cleared interest rate swap agreements. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.
There were no transfers to or from Level 3 during the period ended April 30, 2025.
The amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ended April 30, 2025.
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
The following is a summary of the fair values of the Fund’s derivative instruments*:
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2025:
  Derivatives Not Accounted for as
Hedging Instruments
  Foreign
Exchange Risk 		Interest
Rate Risk
Assets:    
Unrealized Appreciation on Centrally Cleared Interest Rate Swap Contracts $— $50,423†
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts 444,820 —
  $444,820 $50,423
Liabilities:    
Unrealized Depreciation on Centrally Cleared Interest Rate Swap Contracts $— $(23,491)†
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts (262,862) —
  $(262,862) $(23,491)
    
   
† Includes cumulative appreciation/depreciation on centrally cleared interest rate swap agreements. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.
The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2025:
  Derivatives Not Accounted for as
Hedging Instruments
  Foreign
Exchange Risk 		Interest
Rate Risk
Realized Gain (Loss) on Derivatives:    
Net Realized Loss on Forward Foreign Currency Exchange Contracts $(199,277) $—
Net Realized Gain on Interest Rate Swap Contracts — 95,121
  $(199,277) $95,121
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:    
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts $132,818 $—
Net Change in Unrealized Appreciation on Interest Rate Swap Contracts — 39,179
  $132,818 $39,179
* See note 9 in the Notes to the Financial Statements for additional information.
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Debt Securities        
Brazil (Cost $1,160,311)        
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/20272 BRL 2,888,000 $386,011 4.13
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/20282 BRL 1,316,000 165,492 1.77
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/20302 BRL 4,433,000 429,245 4.59
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2029 BRL 390,000 61,987 0.66
      1,042,735 11.15
Chile (Cost $150,467)        
Bonos de la Tesoreria de la Republica en pesos, 5.000%, 10/01/20283 CLP 20,000,000 20,943 0.22
Bonos de la Tesoreria de la Republica en pesos, 6.000%, 04/01/20333 CLP 85,000,000 91,569 0.98
Bonos de la Tesoreria de la Republica en pesos, 6.200%, 10/01/20403 CLP 30,000,000 33,376 0.36
      145,888 1.56
China (Cost $414,670)        
China (Rep of), 2.850%, 06/04/2027 CNY 600,000 84,961 0.91
China (Rep of), 2.620%, 09/25/2029 CNY 440,000 63,329 0.68
China (Rep of), 2.750%, 02/17/2032 CNY 170,000 25,138 0.27
China (Rep of), 2.880%, 02/25/2033 CNY 720,000 108,151 1.16
China (Rep of), 2.350%, 02/25/2034 CNY 170,000 24,670 0.26
China (Rep of), 2.270%, 05/25/2034 CNY 280,000 40,470 0.43
China (Rep of), 3.720%, 04/12/2051 CNY 350,000 65,914 0.71
China (Rep of), 3.190%, 04/15/2053 CNY 140,000 24,524 0.26
      437,157 4.68
Colombia (Cost $392,546)        
Colombian TES, 7.000%, 03/26/2031 COP 539,600,000 103,476 1.11
Colombian TES, 7.000%, 06/30/2032 COP 306,900,000 56,242 0.60
Colombian TES, 13.250%, 02/09/2033 COP 307,300,000 77,396 0.83
Colombian TES, 7.250%, 10/18/2034 COP 307,600,000 53,208 0.57
Colombian TES, 6.250%, 07/09/2036 COP 94,700,000 14,280 0.15
Colombian TES, 9.250%, 05/28/2042 COP 110,500,000 19,891 0.21
Colombian TES, 11.500%, 07/25/2046 COP 273,200,000 58,088 0.62
      382,581 4.09
Czech Republic (Cost $370,233)        
Czech (Rep of), 2.500%, 08/25/2028 CZK 270,000 11,914 0.13
Czech (Rep of), 2.750%, 07/23/2029 CZK 350,000 15,424 0.17
Czech (Rep of), 0.050%, 11/29/2029 CZK 630,000 24,482 0.26
Czech (Rep of), 0.950%, 05/15/2030 CZK 590,000 23,579 0.25
Czech (Rep of), 1.200%, 03/13/2031 CZK 1,540,000 60,875 0.65
Czech (Rep of), 1.750%, 06/23/2032 CZK 1,670,000 66,007 0.71
Czech (Rep of), 2.000%, 10/13/2033 CZK 1,590,000 61,986 0.66
Czech (Rep of), 4.900%, 04/14/2034 CZK 1,990,000 96,641 1.03
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Czech Republic (continued)        
Czech (Rep of), 1.950%, 07/30/2037 CZK 750,000 $26,550 0.28
      387,458 4.14
Hungary (Cost $233,202)        
Hungary (Rep of), 9.500%, 10/21/2026 HUF 22,860,000 66,777 0.71
Hungary (Rep of), 3.000%, 10/27/2027 HUF 12,730,000 33,103 0.35
Hungary (Rep of), 4.500%, 03/23/2028 HUF 10,650,000 28,461 0.31
Hungary (Rep of), 6.750%, 10/22/2028 HUF 2,410,000 6,841 0.07
Hungary (Rep of), 3.000%, 08/21/2030 HUF 14,230,000 33,942 0.36
Hungary (Rep of), 4.750%, 11/24/2032 HUF 10,070,000 25,077 0.27
Hungary (Rep of), 7.000%, 10/24/2035 HUF 9,110,000 25,792 0.28
Hungary (Rep of), 3.000%, 10/27/2038 HUF 5,640,000 10,405 0.11
      230,398 2.46
India (Cost $611,174)        
India (Rep of), 7.180%, 08/14/2033 INR 11,490,000 143,178 1.53
India (Rep of), 7.540%, 05/23/2036 INR 7,610,000 97,733 1.05
India (Rep of), 7.180%, 07/24/2037 INR 14,410,000 180,949 1.93
India (Rep of), 7.360%, 09/12/2052 INR 8,540,000 108,274 1.16
India (Rep of), 7.300%, 06/19/2053 INR 8,300,000 104,499 1.12
      634,633 6.79
Indonesia (Cost $1,071,591)        
Indonesia (Rep of), 6.500%, 06/15/2025 IDR 1,063,000,000 64,004 0.68
Indonesia (Rep of), 5.125%, 04/15/2027 IDR 625,000,000 36,785 0.39
Indonesia (Rep of), 7.000%, 05/15/2027 IDR 2,169,000,000 132,048 1.41
Indonesia (Rep of), 6.375%, 08/15/2028 IDR 1,834,000,000 110,206 1.18
Indonesia (Rep of), 6.875%, 04/15/2029 IDR 611,000,000 37,195 0.40
Indonesia (Rep of), 10.500%, 08/15/2030 IDR 213,000,000 14,997 0.16
Indonesia (Rep of), 7.000%, 09/15/2030 IDR 787,000,000 48,219 0.52
Indonesia (Rep of), 6.500%, 02/15/2031 IDR 694,000,000 41,441 0.44
Indonesia (Rep of), 8.750%, 05/15/2031 IDR 1,159,000,000 76,583 0.82
Indonesia (Rep of), 6.375%, 04/15/2032 IDR 1,017,000,000 60,061 0.64
Indonesia (Rep of), 7.500%, 08/15/2032 IDR 583,000,000 36,497 0.39
Indonesia (Rep of), 7.000%, 02/15/2033 IDR 586,000,000 35,666 0.38
Indonesia (Rep of), 6.625%, 02/15/2034 IDR 435,000,000 25,904 0.28
Indonesia (Rep of), 8.375%, 03/15/2034 IDR 830,000,000 54,859 0.59
Indonesia (Rep of), 6.750%, 07/15/2035 IDR 250,000,000 14,920 0.16
Indonesia (Rep of), 8.250%, 05/15/2036 IDR 635,000,000 41,964 0.45
Indonesia (Rep of), 7.125%, 06/15/2038 IDR 2,309,000,000 140,693 1.50
      972,042 10.39
Malaysia (Cost $433,532)        
Malaysia (Rep of), 3.828%, 07/05/2034 MYR 160,000 37,528 0.40
Malaysia (Rep of), 4.893%, 06/08/2038 MYR 226,000 58,062 0.62
Malaysia (Rep of), 4.054%, 04/18/2039 MYR 149,000 35,351 0.38
Malaysia (Rep of), 3.757%, 05/22/2040 MYR 100,000 22,933 0.24
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Malaysia (continued)        
Malaysia (Rep of), 4.696%, 10/15/2042 MYR 297,000 $75,740 0.81
Malaysia (Rep of), 4.180%, 05/16/2044 MYR 53,000 12,718 0.14
Malaysia (Rep of), 4.921%, 07/06/2048 MYR 11,000 2,893 0.03
Malaysia (Rep of), 4.065%, 06/15/2050 MYR 283,000 65,852 0.70
Malaysia (Rep of), 4.457%, 03/31/2053 MYR 235,000 57,905 0.62
Malaysia Government Investment Issue, 4.417%, 09/30/2041 MYR 11,000 2,714 0.03
Malaysia Government Investment Issue, 4.291%, 08/14/2043 MYR 59,000 14,329 0.15
Malaysia Government Investment Issue, 5.357%, 05/15/2052 MYR 250,000 69,793 0.75
      455,818 4.87
Mexico (Cost $869,983)        
Mexican Bonos, 8.500%, 05/31/2029 MXN 1,420,000 71,863 0.77
Mexican Bonos, 7.750%, 05/29/2031 MXN 7,370,000 354,104 3.79
Mexican Bonos, 7.500%, 05/26/2033 MXN 1,490,000 68,467 0.73
Mexican Bonos, 7.750%, 11/23/2034 MXN 2,440,000 111,796 1.19
Mexican Bonos, 7.750%, 11/13/2042 MXN 3,150,000 131,184 1.40
Mexican Bonos, 8.000%, 11/07/2047 MXN 1,090,000 45,648 0.49
Mexican Udibonos, 2.750%, 11/27/2031 MXN 160,000 59,900 0.64
      842,962 9.01
Nigeria (Cost $183,399)        
Nigeria OMO Bill, 0.000%, 09/30/20252 NGN 10,560,000 5,927 0.06
Nigeria OMO Bill, 0.000%, 10/07/20252 NGN 122,724,000 68,518 0.73
Nigeria OMO Bill, 0.000%, 11/04/20252 NGN 73,468,000 40,549 0.43
Nigeria OMO Bill, 0.000%, 12/09/20252 NGN 34,338,000 18,465 0.20
Nigeria OMO Bill, 0.000%, 02/10/20262 NGN 34,424,000 17,755 0.19
Nigeria OMO Bill, 0.000%, 03/03/20262 NGN 59,626,000 30,424 0.33
      181,638 1.94
Peru (Cost $150,428)        
Peru (Rep of), 6.150%, 08/12/2032 PEN 76,000 21,070 0.22
Peru (Rep of), 7.300%, 08/12/20333 PEN 34,000 9,895 0.11
Peru (Rep of), 7.600%, 08/12/20393 PEN 437,000 123,532 1.32
      154,497 1.65
Poland (Cost $383,892)        
Poland (Rep of), 3.750%, 05/25/2027 PLN 388,000 101,472 1.09
Poland (Rep of), 2.750%, 10/25/2029 PLN 261,000 64,051 0.68
Poland (Rep of), 1.250%, 10/25/2030 PLN 192,000 42,511 0.45
Poland (Rep of), 1.750%, 04/25/2032 PLN 197,000 42,521 0.45
Poland (Rep of), 6.000%, 10/25/2033 PLN 490,000 137,314 1.47
Poland (Rep of), 5.000%, 10/25/2034 PLN 189,000 49,223 0.53
      437,092 4.67
Romania (Cost $279,875)        
Romania (Rep of), 4.150%, 01/26/2028 RON 260,000 54,759 0.59
Romania (Rep of), 6.300%, 04/25/2029 RON 75,000 16,395 0.18
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Romania (continued)        
Romania (Rep of), 4.850%, 07/25/2029 RON 200,000 $41,381 0.44
Romania (Rep of), 8.000%, 04/29/2030 RON 70,000 16,270 0.17
Romania (Rep of), 4.150%, 10/24/2030 RON 115,000 22,398 0.24
Romania (Rep of), 7.350%, 04/28/2031 RON 390,000 88,165 0.94
Romania (Rep of), 4.750%, 10/11/2034 RON 220,000 41,027 0.44
      280,395 3.00
South Africa (Cost $683,666)        
South Africa (Rep of), 7.000%, 02/28/2031 ZAR 1,666,386 80,467 0.86
South Africa (Rep of), 8.250%, 03/31/2032 ZAR 1,646,706 82,133 0.88
South Africa (Rep of), 8.875%, 02/28/2035 ZAR 3,301,287 159,092 1.70
South Africa (Rep of), 8.500%, 01/31/2037 ZAR 576,460 25,678 0.27
South Africa (Rep of), 9.000%, 01/31/2040 ZAR 1,725,529 75,931 0.81
South Africa (Rep of), 8.750%, 01/31/2044 ZAR 3,705,947 154,170 1.65
South Africa (Rep of), 8.750%, 02/28/2048 ZAR 2,824,672 115,751 1.24
      693,222 7.41
Supranational (Cost $242,957)        
Asian Infrastructure Investment Bank (The), 7.000%, 03/01/2029 INR 2,100,000 25,003 0.27
Inter-American Development Bank, 7.350%, 10/06/2030 INR 8,000,000 97,564 1.04
International Bank for Reconstruction & Development, 6.850%, 04/24/2028 INR 4,500,000 53,676 0.57
International Bank for Reconstruction & Development, 6.500%, 04/17/2030 INR 5,800,000 68,125 0.73
      244,368 2.61
Thailand (Cost $384,972)        
Thailand (Rep of), 2.650%, 06/17/2028 THB 183,000 5,648 0.06
Thailand (Rep of), 3.775%, 06/25/2032 THB 1,161,000 39,270 0.42
Thailand (Rep of), 3.350%, 06/17/2033 THB 1,814,000 60,282 0.65
Thailand (Rep of), 1.585%, 12/17/2035 THB 2,103,000 60,852 0.65
Thailand (Rep of), 3.400%, 06/17/2036 THB 445,000 15,246 0.16
Thailand (Rep of), 3.390%, 06/17/2037 THB 3,810,000 130,182 1.39
Thailand (Rep of), 3.300%, 06/17/2038 THB 1,204,000 40,991 0.44
Thailand (Rep of), 2.000%, 06/17/2042 THB 1,047,000 29,666 0.32
Thailand (Rep of), 2.875%, 06/17/2046 THB 1,449,000 45,906 0.49
      428,043 4.58
Turkey (Cost $118,114)        
Turkey (Rep of), 31.080%, 11/08/2028 TRY 1,006,740 23,217 0.25
Turkey (Rep of), 26.200%, 10/05/2033 TRY 2,709,134 59,090 0.63
      82,307 0.88
United States (Cost $864,976)        
U.S. Treasury Bill, 4.152%, 07/10/20254   872,100 864,986 9.25
      864,986 9.25
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Uruguay (Cost $120,233)        
Uruguay (Rep of), 8.250%, 05/21/2031 UYU 416,243 $9,258 0.10
Uruguay Monetary Regulation Bill, 0.000%, 07/25/20252 UYU 646,000 15,040 0.16
Uruguay Monetary Regulation Bill, 0.000%, 08/22/20252 UYU 295,000 6,821 0.07
Uruguay Monetary Regulation Bill, 0.000%, 10/01/20252 UYU 1,463,000 33,476 0.36
Uruguay Monetary Regulation Bill, 0.000%, 10/31/20252 UYU 1,247,000 28,319 0.30
Uruguay Monetary Regulation Bill, 0.000%, 11/07/20252 UYU 82,000 1,859 0.02
Uruguay Monetary Regulation Bill, 0.000%, 04/10/20262 UYU 1,151,000 25,057 0.27
      119,830 1.28
Total Debt Securities (Cost $9,120,221)     9,018,050 96.41
Total Investments in Securities (Cost $9,120,221)     9,018,050 96.41
Total Investments (Total Cost $9,120,221)     9,018,050 96.41
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)     335,912 3.59
Net Assets     $9,353,962 100.00
    
   
1 Local currency is United States Dollars unless otherwise noted below.
2 Zero coupon bond.
3 Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of April 30, 2025, these securities had a total value of $279,315 or 2.99% of net assets.
4 Zero coupon bond – interest rate reflects effective yield on the date of purchase.
Percentages shown are based on net assets.
At April 30, 2025, the Ashmore Emerging Markets Local Currency Bond Fund had outstanding forward foreign currency exchange contracts as follows:
Settlement
Date 		Counterparty Currency
Buy 		Currency
Buy Amount
(Local
Currency) 		Currency
Sell 		Currency
Sell Amount
(Local
Currency) 		Unrealized
Gain/(Loss)
05/02/2025 Barclays Turkish Lira 3,616,878 United States Dollar 78,257 $15,701
05/15/2025 Deutsche Bank Indian Rupee 6,916,000 United States Dollar 80,000 1,707
05/15/2025 Morgan Stanley Indian Rupee 8,374,999 United States Dollar 97,000 1,944
05/15/2025 Merrill Lynch Indonesian Rupiah 1,682,000,000 United States Dollar 100,000 1,414
05/15/2025 Morgan Stanley Indonesian Rupiah 95,777,306 United States Dollar 5,692 83
05/15/2025 Citibank Singapore Dollar 309,165 United States Dollar 233,000 3,915
05/15/2025 Citibank Taiwan Dollar 7,462,714 United States Dollar 231,841 1,947
05/15/2025 Merrill Lynch United States Dollar 103,447 Indonesian Rupiah 1,699,587,650 972
05/29/2025 BNP Paribas Egyptian Pound 249,995 United States Dollar 4,762 79
05/29/2025 Citibank Egyptian Pound 1,586,982 United States Dollar 29,977 751
05/29/2025 Barclays Thai Baht 6,935,520 United States Dollar 207,725 358
06/03/2025 BNP Paribas Egyptian Pound 656,134 United States Dollar 12,570 106
06/03/2025 Deutsche Bank Egyptian Pound 1,045,299 United States Dollar 19,797 397
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
Settlement
Date 		Counterparty Currency
Buy 		Currency
Buy Amount
(Local
Currency) 		Currency
Sell 		Currency
Sell Amount
(Local
Currency) 		Unrealized
Gain/(Loss)
06/03/2025 HSBC Bank United States Dollar 391,998 Brazilian Real 2,240,971 $579
06/12/2025 Citibank Chinese Offshore Yuan 3,289,233 United States Dollar 453,000 1,064
06/12/2025 HSBC Bank Chinese Offshore Yuan 137,654 United States Dollar 19,000 2
06/12/2025 Morgan Stanley Egyptian Pound 1,764,111 United States Dollar 32,563 1,391
06/12/2025 Merrill Lynch Indian Rupee 16,122,080 United States Dollar 184,000 5,919
06/12/2025 Citibank Korean Won 133,992,300 United States Dollar 94,000 332
06/12/2025 Morgan Stanley Korean Won 329,482,800 United States Dollar 228,000 3,958
06/12/2025 Barclays United States Dollar 229,000 Chinese Offshore Yuan 1,651,883 965
06/12/2025 HSBC Bank United States Dollar 2,577 Egyptian Pound 132,451 28
06/18/2025 BNP Paribas Malaysian Ringgit 2,501,518 United States Dollar 566,205 14,575
06/18/2025 Deutsche Bank Malaysian Ringgit 538,117 United States Dollar 121,992 2,943
07/31/2025 Citibank Czech Koruna 10,360,839 United States Dollar 470,235 1,240
07/31/2025 Merrill Lynch Mexican Peso 780,658 United States Dollar 38,604 718
07/31/2025 HSBC Bank Peruvian Nuevo Sol 71,752 United States Dollar 19,374 141
07/31/2025 Morgan Stanley Polish Zloty 821,453 United States Dollar 216,607 240
07/31/2025 Morgan Stanley South African Rand 959,995 United States Dollar 50,576 654
07/31/2025 Morgan Stanley Turkish Lira 156,447 United States Dollar 3,643 —
07/31/2025 Deutsche Bank United States Dollar 10,000 Colombian Peso 42,648,400 39
07/31/2025 Morgan Stanley United States Dollar 47,297 Mexican Peso 936,490 125
07/31/2025 Morgan Stanley United States Dollar 94,394 South African Rand 1,767,713 61
07/31/2025 UBS United States Dollar 10,000 South African Rand 187,317 4
07/31/2025 Morgan Stanley United States Dollar 29,899 Turkish Lira 1,281,001 68
11/10/2025 BNP Paribas Egyptian Pound 375,544 United States Dollar 6,707 54
11/10/2025 Citibank Egyptian Pound 1,369,841 United States Dollar 24,172 491
11/12/2025 JPMorgan Chase Egyptian Pound 1,179,059 United States Dollar 20,828 383
11/12/2025 Morgan Stanley Egyptian Pound 285,710 United States Dollar 5,039 101
Subtotal Appreciation         65,449
05/02/2025 Morgan Stanley United States Dollar 124,009 Turkish Lira 4,897,879 (3,226)
05/05/2025 HSBC Bank Brazilian Real 2,240,971 United States Dollar 394,676 (320)
05/05/2025 Merrill Lynch United States Dollar 391,638 Brazilian Real 2,240,971 (2,718)
05/06/2025 HSBC Bank Turkish Lira 6,521,404 United States Dollar 170,000 (1,810)
05/06/2025 Barclays United States Dollar 124,000 Turkish Lira 4,891,862 (2,163)
05/15/2025 Barclays Indonesian Rupiah 133,377,521 United States Dollar 8,168 (126)
05/15/2025 HSBC Bank United States Dollar 180,170 Indian Rupee 15,290,999 (481)
05/15/2025 Citibank United States Dollar 86,000 Indonesian Rupiah 1,428,954,500 (157)
05/15/2025 Merrill Lynch United States Dollar 232,279 Singapore Dollar 312,008 (6,815)
05/15/2025 Citibank United States Dollar 228,000 Taiwan Dollar 7,462,714 (5,788)
05/29/2025 HSBC Bank Egyptian Pound 132,451 United States Dollar 2,597 (33)
05/29/2025 BNP Paribas United States Dollar 20,548 Egyptian Pound 1,075,313 (272)
05/29/2025 Morgan Stanley United States Dollar 17,020 Egyptian Pound 902,494 (454)
06/03/2025 Citibank Brazilian Real 400,050 United States Dollar 70,000 (126)
06/03/2025 BNP Paribas United States Dollar 7,195 Egyptian Pound 375,544 (60)
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
Settlement
Date 		Counterparty Currency
Buy 		Currency
Buy Amount
(Local
Currency) 		Currency
Sell 		Currency
Sell Amount
(Local
Currency) 		Unrealized
Gain/(Loss)
06/03/2025 Citibank United States Dollar 24,974 Egyptian Pound 1,325,889 $(641)
06/12/2025 BNP Paribas Chinese Offshore Yuan 3,270,945 United States Dollar 452,599 (1,059)
06/12/2025 BNP Paribas United States Dollar 210,000 Chinese Offshore Yuan 1,543,601 (3,087)
06/12/2025 Deutsche Bank United States Dollar 13,741 Egyptian Pound 726,188 (236)
06/12/2025 Morgan Stanley United States Dollar 17,020 Egyptian Pound 905,473 (407)
06/12/2025 Deutsche Bank United States Dollar 27,000 Indian Rupee 2,323,350 (369)
06/12/2025 HSBC Bank United States Dollar 219,788 Indian Rupee 19,153,704 (5,843)
06/12/2025 Merrill Lynch United States Dollar 90,000 Indian Rupee 7,753,230 (1,333)
06/12/2025 Merrill Lynch United States Dollar 226,328 Korean Won 329,482,800 (5,631)
06/18/2025 HSBC Bank United States Dollar 34,765 Malaysian Ringgit 154,172 (1,029)
06/18/2025 Merrill Lynch United States Dollar 586 Malaysian Ringgit 2,632 (25)
07/31/2025 Morgan Stanley Chilean Peso 15,569,464 United States Dollar 16,575 (142)
07/31/2025 Citibank Czech Koruna 2,019,584 United States Dollar 92,000 (98)
07/31/2025 HSBC Bank Czech Koruna 113,533 United States Dollar 5,192 (25)
07/31/2025 HSBC Bank Hungarian Forint 479,250 United States Dollar 1,341 (5)
07/31/2025 Citibank Mexican Peso 892,104 United States Dollar 45,000 (64)
07/31/2025 Morgan Stanley Polish Zloty 3,448 United States Dollar 914 (4)
07/31/2025 Barclays Romanian Leu 38,990 United States Dollar 8,862 (30)
07/31/2025 Merrill Lynch Romanian Leu 111,882 United States Dollar 25,356 (14)
07/31/2025 Goldman Sachs Turkish Lira 354,897 United States Dollar 8,325 (61)
07/31/2025 Citibank United States Dollar 65,000 Colombian Peso 281,385,000 (722)
07/31/2025 HSBC Bank United States Dollar 115,207 Colombian Peso 498,925,595 (1,326)
07/31/2025 Santander United States Dollar 15,154 Colombian Peso 65,543,575 (155)
07/31/2025 Societe Generale United States Dollar 18,023 Hungarian Forint 6,548,083 (228)
07/31/2025 Morgan Stanley United States Dollar 20,000 Mexican Peso 397,074 (1)
09/04/2025 Morgan Stanley Nigerian Naira 129,600,000 United States Dollar 81,000 (5,434)
11/10/2025 Citibank United States Dollar 8,588 Egyptian Pound 487,532 (190)
11/10/2025 HSBC Bank United States Dollar 17,176 Egyptian Pound 972,143 (327)
11/10/2025 Morgan Stanley United States Dollar 5,043 Egyptian Pound 285,710 (101)
11/12/2025 Morgan Stanley United States Dollar 25,608 Egyptian Pound 1,464,770 (742)
Subtotal Depreciation         (53,878)
Total           $11,571
At April 30, 2025, the Ashmore Emerging Markets Local Currency Bond Fund had the following over the counter interest rate swap contracts outstanding:
Pay Rate Index/
Pay Rate 		Receive Rate/
Receive Rate
Index 		Notional
Amount 		Expiration
Date 		Fair
Value 		Premiums
Paid/
(Received) 		Unrealized
Appreciation
(Depreciation) 		Counterparty
3M MYR KLIBO (Pay Quarterly) 3.622% (Receive Quarterly) MYR 500,000 03/15/2028 $1,257 $— $1,257 HSBC Bank
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
Pay Rate Index/
Pay Rate 		Receive Rate/
Receive Rate
Index 		Notional
Amount 		Expiration
Date 		Fair
Value 		Premiums
Paid/
(Received) 		Unrealized
Appreciation
(Depreciation) 		Counterparty
3M MYR KLIBO (Pay Quarterly) 3.680% (Receive Quarterly) MYR 1,000,000 03/15/2028 $2,900 $— $2,900 HSBC Bank
              $4,157  
At April 30, 2025, the Ashmore Emerging Markets Local Currency Bond Fund had the following centrally cleared interest rate swap contracts outstanding:
Pay Rate Index/
Pay Rate 		Receive Rate/
Receive Rate
Index 		Notional
Amount 		Expiration
Date 		Fair
Value 		Premiums
Paid/
(Received) 		Unrealized
Appreciation
(Depreciation)**
1-Day BRL BZDIO (Pay At Maturity) 14.270% (Receive At Maturity) BRL 907,185 01/02/2029 $4,549 $— $4,549
4.905% (Pay Semi-Annually) 1-Day CLP CLICP (Receive Semi-Annually) CLP 114,000,000 10/14/2034 432 — 432
1-Day CLP CLICP (Pay Semi-Annually) 4.786% (Receive Semi-Annually) CLP 195,679,000 11/12/2026 712 — 712
1-Day CLP CLICP (Pay Semi-Annually) 4.869% (Receive Semi-Annually) CLP 316,000,000 04/02/2027 3,002 — 3,002
1-Day CLP CLICP (Pay Semi-Annually) 4.670% (Receive Semi-Annually) CLP 280,000,000 04/07/2027 1,560 — 1,560
7-Day CNY CNRR (Pay Quarterly) 2.775% (Receive Quarterly) CNY 1,700,000 03/15/2028 9,404 — 9,404
7-Day CNY CNRR (Pay Quarterly) 1.770% (Receive Quarterly) CNY 700,000 10/11/2029 1,522 — 1,522
9.355% (Pay Quarterly) 1 Day COOVIBR (Receive Quarterly) COP 634,000,000 01/21/2035 (4,645) — (4,645)
1 Day COOVIBR (Pay Quarterly) 8.420% (Receive Quarterly) COP 2,183,000,000 01/21/2027 2,041 — 2,041
1 Day COOVIBR (Pay Quarterly) 8.170% (Receive Quarterly) COP 605,810,000 04/07/2027 (12) — (12)
1-Day INR MIBOR (Pay Semi-Annually) 5.999% (Receive Semi-Annually) INR 7,012,000 12/12/2029 1,166 — 1,166
1-Day INR MIBOR (Pay Semi-Annually) 6.024% (Receive Semi-Annually) INR 5,490,000 12/13/2029 986 — 986
1-Day INR MIBOR (Pay Semi-Annually) 6.236% (Receive Semi-Annually) INR 6,020,000 01/21/2030 1,814 — 1,814
1-Day INR MIBOR (Pay Semi-Annually) 5.794% (Receive Semi-Annually) INR 6,430,000 06/18/2035 284 — 284
6M PLN WIBOR (Pay Semi-Annually) 4.681% (Receive Annually) PLN 150,000 06/19/2034 2,095 — 2,095
              $24,910
**Includes cumulative appreciation/depreciation on centrally cleared interest rate swap agreements. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Local Currency Bond Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2025:
  Level 1   Level 2   Level 3   Total
Investments              
Assets:              
Debt Securities              
Financial Certificates $—   $86,836   $—   $86,836
Government Agencies —   251,189   —   251,189
Government Bonds —   7,469,750   —   7,469,750
Index Linked Government Bonds —   59,900   —   59,900
Short Term Bills and Notes —   1,150,375   —   1,150,375
Total Debt Securities —   9,018,050   —   9,018,050
Total Investments $—   $9,018,050   $—   $9,018,050
Other Financial Instruments              
Assets:              
Over the Counter Interest Rate Swap Contracts $—   $4,157   $—   $4,157
Centrally Cleared Interest Rate Swap Contracts† —   29,567   —   29,567
Forward Foreign Currency Exchange Contracts —   65,449   —   65,449
Liabilities:              
Centrally Cleared Interest Rate Swap Contracts† —   (4,657)   —   (4,657)
Forward Foreign Currency Exchange Contracts —   (53,878)   —   (53,878)
Total Other Financial Instruments $—   $40,638   $—   $40,638
†Includes cumulative appreciation/depreciation on centrally cleared interest rate swap agreements. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.
The following is a summary of the fair values of the Fund’s derivative instruments*:
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2025:
  Derivatives Not Accounted for as
Hedging Instruments
  Foreign
Exchange Risk 		Interest
Rate Risk
Assets:    
Unrealized Appreciation on Centrally Cleared Interest Rate Swap Contracts $— $29,567†
Unrealized Appreciation on Over the Counter Interest Rate Swap Contracts — 4,157
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts 65,449 —
  $65,449 $33,724
Liabilities:    
Unrealized Depreciation on Centrally Cleared Interest Rate Swap Contracts $— $(4,657)†
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts (53,878) —
  $(53,878) $(4,657)
    
   
† Includes cumulative appreciation/depreciation on centrally cleared interest rate swap agreements. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2025:
  Derivatives Not Accounted for as
Hedging Instruments
  Foreign
Exchange Risk 		Interest
Rate Risk
Realized Gain (Loss) on Derivatives:    
Net Realized Gain on Forward Foreign Currency Exchange Contracts $4,432 $—
Net Realized Gain on Interest Rate Swap Contracts — 4,407
  $4,432 $4,407
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:    
Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts $(12,971) $—
Net Change in Unrealized Appreciation on Interest Rate Swap Contracts — 32,113
  $(12,971) $32,113
* See note 9 in the Notes to the Financial Statements for additional information.
See accompanying notes to the financial statements.
69
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ASHMORE EMERGING MARKETS CORPORATE INCOME FUND
SCHEDULE OF INVESTMENTS
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Debt Securities        
Angola (Cost $200,000)        
Azule Energy Finance PLC, 8.125%, 01/23/20302   200,000 $191,500 0.91
      191,500 0.91
Argentina (Cost $799,924)        
Pampa Energia S.A., 7.875%, 12/16/2034   130,000 130,520 0.62
Telecom Argentina S.A., 9.500%, 07/18/2031   120,000 125,190 0.59
Vista Energy Argentina S.A.U., 7.625%, 12/10/2035   130,000 124,059 0.59
YPF Energia Electrica S.A., 7.875%, 10/16/2032   130,000 126,961 0.60
YPF S.A., 9.500%, 01/17/2031   177,000 183,107 0.87
YPF S.A., 8.750%, 09/11/2031   107,818 109,267 0.52
      799,104 3.79
Brazil (Cost $1,930,217)        
Braskem Netherlands Finance B.V., 8.000%, 10/15/2034   200,000 177,350 0.84
Globo Comunicacao e Participacoes S.A., 5.500%, 01/14/2032   200,000 184,924 0.88
LD Celulose International GmbH, 7.950%, 01/26/2032   200,000 204,850 0.97
MC Brazil Downstream Trading S.a.r.l., 7.250%, 06/30/2031   326,829 252,639 1.20
Nexa Resources S.A., 6.750%, 04/09/2034   200,000 204,250 0.97
Oi S.A., (96% PIK), 8.500%, 12/31/20282,3   1,933,227 131,459 0.62
Petrobras Global Finance B.V., 6.850%, 06/05/2115   45,000 39,094 0.19
Rumo Luxembourg S.a.r.l., 4.200%, 01/18/2032   250,000 218,313 1.04
Samarco Mineracao S.A., 9.500%, 06/30/20313   20,000 18,759 0.09
Suzano Austria GmbH, 3.125%, 01/15/2032   75,000 63,964 0.30
Trident Energy Finance PLC, 12.500%, 11/30/2029   200,000 189,312 0.90
      1,684,914 8.00
Chile (Cost $637,194)        
Banco de Credito e Inversiones S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.944%), 8.750%, 05/08/20294   200,000 207,250 0.98
BPCE S.A., 3.150%, 03/06/2030   245,000 222,230 1.06
Chile Electricity Lux Mpc II S.a.r.l., 5.580%, 10/20/2035   195,501 193,741 0.92
      623,221 2.96
China (Cost $15,374,067)        
Central China Real Estate Ltd., 7.250%, 07/16/20245,6   465,000 19,763 0.09
Central China Real Estate Ltd., 7.250%, 08/13/20245,6   2,611,000 110,967 0.53
Central China Real Estate Ltd., 7.250%, 04/28/20255,6   190,000 8,550 0.04
Central China Real Estate Ltd., 7.650%, 08/27/20255   400,000 17,000 0.08
China SCE Group Holdings Ltd., 7.375%, 04/09/20245,6   200,000 8,500 0.04
China SCE Group Holdings Ltd., 5.950%, 09/29/20245,6   760,000 32,300 0.15
China SCE Group Holdings Ltd., 7.000%, 05/02/20255   1,236,000 52,530 0.25
China SCE Group Holdings Ltd., 6.000%, 02/04/20265   1,099,000 46,707 0.22
Fantasia Holdings Group Co. Ltd., 15.000%, 12/18/20215,6   830,000 20,750 0.10
Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/20225,6   1,200,000 30,000 0.14
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/20225,6   1,840,000 46,000 0.22
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/20235,6   925,000 25,438 0.12
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS CORPORATE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
China (continued)        
Kaisa Group Holdings Ltd., 11.500%, 01/30/20235,6   1,850,000 $78,625 0.37
Kaisa Group Holdings Ltd., 10.875%, 07/23/20235,6   400,000 17,000 0.08
Kaisa Group Holdings Ltd., 9.375%, 06/30/20245,6   1,350,000 57,375 0.27
Kaisa Group Holdings Ltd., 11.250%, 04/16/20255,6   1,180,000 50,150 0.24
Kaisa Group Holdings Ltd., 11.700%, 11/11/20255   625,000 26,562 0.13
Sunac China Holdings Ltd., 6.000%, 09/30/20253   100,000 11,500 0.06
Sunac China Holdings Ltd., 6.250%, 09/30/20263   100,000 11,750 0.06
Sunac China Holdings Ltd., 6.500%, 09/30/20273   100,000 11,500 0.05
Sunac China Holdings Ltd., 6.750%, 09/30/20283   100,000 11,500 0.05
Sunac China Holdings Ltd., 7.000%, 09/30/20293   217,339 24,994 0.12
Sunac China Holdings Ltd., 7.250%, 09/30/20303   442,587 50,898 0.24
Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/20235,6   3,200,550 224,038 1.06
Zhenro Properties Group Ltd., 8.700%, 08/03/20225,6   1,360,000 3,400 0.02
Zhenro Properties Group Ltd., 6.500%, 09/01/20225,6   2,095,000 5,238 0.03
Zhenro Properties Group Ltd., 9.150%, 05/06/20235,6   700,000 1,750 0.01
Zhenro Properties Group Ltd., 7.875%, 04/14/20245,6   2,315,000 5,788 0.03
      1,010,573 4.80
Colombia (Cost $1,039,490)        
AI Candelaria S.A., 5.750%, 06/15/2033   250,000 205,075 0.98
Bancolombia S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.320%), 8.625%, 12/24/20344   200,000 206,990 0.98
Ecopetrol S.A., 8.875%, 01/13/2033   176,000 176,107 0.84
Ecopetrol S.A., 5.875%, 05/28/2045   98,000 65,219 0.31
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A., 5.375%, 12/30/2030   200,000 171,312 0.81
Grupo Aval Ltd., 4.375%, 02/04/2030   200,000 175,250 0.83
      999,953 4.75
Costa Rica (Cost $214,986)        
Liberty Costa Rica Senior Secured Finance, 10.875%, 01/15/2031   200,000 211,062 1.00
      211,062 1.00
Czech Republic (Cost $2,179,053)        
Energo-Pro A.S., 11.000%, 11/02/2028   200,000 209,126 0.99
New World Resources N.V., 8.000%, 04/07/20205,6,7 EUR 1,685,299 — —
New World Resources N.V., 0.000%, 10/07/20202,5,6,7,8 EUR 101,612 — —
New World Resources N.V., 4.000%, 10/07/20205,6,7 EUR 700,590 — —
      209,126 0.99
Georgia (Cost $195,572)        
Bank of Georgia JSC, (Variable, USD SOFR ICE Swap Rate 5Y + 5.618%), 9.500%, 07/16/20294   200,000 196,626 0.93
      196,626 0.93
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS CORPORATE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Ghana (Cost $193,181)        
Kosmos Energy Ltd., 8.750%, 10/01/2031   200,000 $160,940 0.76
      160,940 0.76
Guatemala (Cost $178,474)        
CT Trust, 5.125%, 02/03/2032   200,000 180,440 0.86
      180,440 0.86
Hong Kong (Cost $668,160)        
Bank of East Asia (The) Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.300%), 4.875%, 04/22/20324   300,000 292,755 1.39
Prudential Funding Asia PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.517%), 2.950%, 11/03/20334   200,000 184,373 0.87
Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.450%), 5.905%, 05/14/20354   200,000 202,314 0.96
      679,442 3.22
India (Cost $768,556)        
Greenko Power II Ltd., 4.300%, 12/13/2028   167,000 152,354 0.72
Power Finance Corp. Ltd., 4.500%, 06/18/2029   235,000 229,400 1.09
Sammaan Capital Ltd., 9.700%, 07/03/2027   200,000 195,688 0.93
Vedanta Resources Finance II PLC, 9.475%, 07/24/20302   200,000 184,126 0.87
      761,568 3.61
Indonesia (Cost $482,409)        
Freeport Indonesia PT, 6.200%, 04/14/2052   220,000 212,232 1.01
Medco Maple Tree Pte. Ltd., 8.960%, 04/27/2029   250,000 255,157 1.21
      467,389 2.22
Israel (Cost $563,998)        
Energian Israel Finance Ltd., 8.500%, 09/30/20332   158,790 159,287 0.76
Leviathan Bond Ltd., 6.500%, 06/30/20272   67,382 66,287 0.31
Leviathan Bond Ltd., 6.750%, 06/30/20302   137,043 132,803 0.63
Teva Pharmaceutical Finance Netherlands III B.V., 6.750%, 03/01/2028   200,000 204,095 0.97
      562,472 2.67
Jordan (Cost $199,740)        
Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025   200,000 199,200 0.95
      199,200 0.95
Kazakhstan (Cost $491,246)        
KazMunayGas National Co. JSC, 5.750%, 04/19/2047   220,000 184,114 0.87
KazMunayGas National Co. JSC, 6.375%, 10/24/2048   365,000 324,167 1.54
      508,281 2.41
Kuwait (Cost $258,456)        
NBK Tier 1 Financing 2 Ltd., (Variable, USD CMT 6Y + 2.832%), 4.500%, 08/27/20254   265,000 262,350 1.25
      262,350 1.25
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS CORPORATE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Mexico (Cost $1,146,059)        
Alfa S.A.B. de C.V., 6.875%, 03/25/2044   200,000 $208,835 0.99
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.760%), 8.375%, 10/14/20304   215,000 217,365 1.03
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.072%), 8.375%, 05/20/20314   200,000 196,600 0.93
BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.214%), 8.125%, 01/08/20394   200,000 203,100 0.96
Infraestructura Energetica Nova S.A.P.I. de C.V., 4.750%, 01/15/2051   200,000 138,000 0.66
Tierra Mojada Luxembourg II S.a.r.l., 5.750%, 12/01/2040   173,454 159,406 0.76
      1,123,306 5.33
Morocco (Cost $195,178)        
OCP S.A., 5.125%, 06/23/2051   200,000 145,954 0.69
      145,954 0.69
Nigeria (Cost $379,273)        
IHS Holding Ltd., 6.250%, 11/29/2028   200,000 189,131 0.90
IHS Holding Ltd., 8.250%, 11/29/2031   200,000 192,250 0.91
      381,381 1.81
Pakistan (Cost $175,055)        
VEON Holdings B.V., 3.375%, 11/25/2027   205,000 183,155 0.87
      183,155 0.87
Panama (Cost $195,887)        
Sable International Finance Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.944%), 7.125%, 10/15/2032   200,000 196,510 0.93
      196,510 0.93
Peru (Cost $447,550)        
Banco de Credito del Peru S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.000%), 3.125%, 07/01/20304   40,000 39,768 0.19
Minsur S.A., 4.500%, 10/28/2031   215,000 196,254 0.93
Niagara Energy S.A.C., 5.746%, 10/03/2034   200,000 196,812 0.93
      432,834 2.05
Poland (Cost $108,107)        
GTC Aurora Luxembourg S.A., 2.250%, 06/23/2026 EUR 110,000 112,209 0.53
      112,209 0.53
Russian Federation (Cost $1,481,647)        
Sovcombank Via SovCom Capital DAC, 7.600%, 02/17/20275,7   1,605,000 2 —
      2 —
Saudi Arabia (Cost $868,345)        
Acwa Power Management And Investments One Ltd., 5.950%, 12/15/2039   188,458 187,751 0.89
EIG Pearl Holdings S.a.r.l., 3.545%, 08/31/2036   277,940 245,890 1.17
Greensaif Pipelines Bidco S.a.r.l., 6.510%, 02/23/2042   235,000 240,781 1.14
See accompanying notes to the financial statements.
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SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Saudi Arabia (continued)        
Saudi Arabian Oil Co., 5.875%, 07/17/2064   200,000 $183,500 0.87
      857,922 4.07
Singapore (Cost $199,252)        
Great Eastern Life Assurance Co. (The) Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 0.696%), 5.398%, 01/22/20324   200,000 193,575 0.92
      193,575 0.92
South Africa (Cost $923,710)        
Absa Group Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.411%), 6.375%, 05/27/20264   200,000 198,000 0.94
AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028   270,000 255,825 1.21
Gold Fields Orogen Holdings BVI Ltd., 6.125%, 05/15/2029   210,000 216,759 1.03
Prosus N.V., 4.027%, 08/03/2050   360,000 236,025 1.12
      906,609 4.30
South Korea (Cost $853,913)        
Kyobo Life Insurance Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.887%), 5.900%, 06/15/20524   225,000 225,632 1.07
Shinhan Financial Group Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.064%), 2.875%, 05/12/20264   255,000 246,312 1.17
SK Hynix, Inc., 5.500%, 01/16/2029   200,000 204,438 0.97
Woori Bank, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.277%), 6.375%, 07/24/20294   200,000 199,400 0.95
      875,782 4.16
Taiwan (Cost $209,768)        
Cathaylife Singapore Pte. Ltd., 5.950%, 07/05/2034   200,000 207,376 0.98
      207,376 0.98
Thailand (Cost $507,292)        
Bangkok Bank PCL, 9.025%, 03/15/2029   140,000 158,549 0.75
Bangkok Bank PCL, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.150%), 3.466%, 09/23/20364   200,000 175,752 0.84
GC Treasury Center Co. Ltd., 2.980%, 03/18/2031   200,000 172,562 0.82
      506,863 2.41
Togo (Cost $209,305)        
Ecobank Transnational, Inc., 10.125%, 10/15/2029   200,000 205,750 0.98
      205,750 0.98
Turkey (Cost $826,015)        
Turkcell Iletisim Hizmetleri A.S., 7.650%, 01/24/20322   200,000 199,876 0.95
Turkiye Garanti Bankasi A.S., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.836%), 8.125%, 01/03/20354   200,000 196,064 0.93
Turkiye Vakiflar Bankasi T.A.O., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.669%), 8.994%, 10/05/20344   200,000 202,687 0.96
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS CORPORATE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Turkey (continued)        
Yapi ve Kredi Bankasi A.S., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.499%), 9.743%, 04/04/20294   205,000 $206,570 0.98
      805,197 3.82
United Arab Emirates (Cost $398,024)        
First Abu Dhabi Bank PJSC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.138%), 4.500%, 04/05/20264   200,000 198,000 0.94
MAF Global Securities Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.539%), 6.375%, 03/20/20264   200,000 199,812 0.95
      397,812 1.89
United States (Cost $105,925)        
U.S. Treasury Bill, 4.164%, 07/10/20259   106,800 105,929 0.50
      105,929 0.50
Uzbekistan (Cost $405,617)        
Jscb Agrobank, 9.250%, 10/02/2029   200,000 205,150 0.97
Navoi Mining & Metallurgical Combinat, 6.950%, 10/17/20312   200,000 201,196 0.96
      406,346 1.93
Venezuela (Cost $2,308,664)        
Petroleos de Venezuela S.A., 8.500%, 10/27/20205,6   1,724,000 1,603,320 7.61
Petroleos de Venezuela S.A., 9.750%, 05/17/20355   2,987,000 376,362 1.78
      1,979,682 9.39
Vietnam (Cost $185,216)        
Mong Duong Finance Holdings B.V., 5.125%, 05/07/2029   190,613 182,214 0.86
      182,214 0.86
Zambia (Cost $209,189)        
First Quantum Minerals Ltd., 8.625%, 06/01/2031   200,000 202,938 0.96
      202,938 0.96
Total Debt Securities (Cost $38,713,714)     20,117,507 95.46
Bank Loans        
Czech Republic (Cost $362,933)        
New World Resources N.V., 8.500%, 10/07/20166,7 EUR 952,167 — —
      — —
Total Bank Loans (Cost $362,933)     — —
    
  Currency1 Shares Value % of Net
Assets
Equity Securities        
China (Cost $19,761)        
Sunac Services Holdings Ltd.2 HKD 72,634 $17,242 0.08
      17,242 0.08
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS CORPORATE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Shares Value % of Net
Assets
Czech Republic (Cost $1,093,253)        
New World Resources PLC, Class A*,7 GBP 36,580,138 $— —
      — —
Niger (Cost $877,496)        
Savannah Energy PLC* GBP 2,258,852 218,252 1.04
      218,252 1.04
Total Equity Securities (Cost $1,990,510)     235,494 1.12
Total Investments (Total Cost $41,067,157)     20,353,001 96.58
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)     720,928 3.42
Net Assets     $21,073,929 100.00
    
   
* Non-income producing security.
1 Local currency is United States Dollars unless otherwise noted below.
2 Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of April 30, 2025, these securities had a total value of $1,283,776 or 6.09% of net assets.
3 Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis.
4 Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
5 Issuer has defaulted on terms of debt obligation.
6 Maturity has been extended under the terms of a plan of reorganization.
7 Security is a Level 3 investment.
8 Restricted security that has been deemed illiquid. At April 30, 2025 the value of these restricted illiquid securities amount to $0 or 0.00% of net assets. Additional information on each restricted illiquid security is as follows:
    
SECURITY ACQUISITION DATE ACQUISITION COST
New World Resources N.V., 0.000%, 10/07/2020 10/7/14 $—
    
9 Zero coupon bond – interest rate reflects effective yield on the date of purchase.
Percentages shown are based on net assets.
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS CORPORATE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
At April 30, 2025, the Ashmore Emerging Markets Corporate Income Fund had open futures contracts as follows:
Description Number of
Contracts 		Expiration
Date 		Trading
Currency 		Notional
Amount 		Value/
Unrealized
Appreciation
(Depreciation)(1)
           
Long Contracts          
2-Year U.S. Treasury Note
6
6/30/2025
USD 1,248,891 $13,594
Total         $13,594
(1) Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.
At April 30, 2025, the Ashmore Emerging Markets Corporate Income Fund had outstanding forward foreign currency exchange contracts as follows:
Settlement
Date 		Counterparty Currency
Buy 		Currency
Buy Amount
(Local
Currency) 		Currency
Sell 		Currency
Sell Amount
(Local
Currency) 		Unrealized
Gain/(Loss)
07/02/2025 Barclays United States Dollar 234,258 British Pound 181,385 $(7,534)
07/02/2025 Barclays United States Dollar 88,172 Euro 81,221 (4,216)
Subtotal Depreciation         (11,750)
Total           $(11,750)
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS CORPORATE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Corporate Income Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2025:
  Level 1   Level 2   Level 3   Total
Investments              
Assets:              
Debt Securities              
Corporate Bonds $—   $15,023,011   $2   $15,023,013
Corporate Convertible Bonds —   1,021,635   —   1,021,635
Government Agencies —   3,966,930   —   3,966,930
Short Term Bills and Notes —   105,929   —   105,929
Total Debt Securities —   20,117,505   2   20,117,507
Equity Securities              
Common Stock              
Niger 218,252   —   —   218,252
China —   17,242   —   17,242
Total Common Stock 218,252   17,242   —   235,494
Total Investments $218,252   $20,134,747   $2   $20,353,001
Other Financial Instruments              
Assets:              
Futures Contracts(1) $13,594   $—   $—   $13,594
Liabilities:              
Forward Foreign Currency Exchange Contracts —   (11,750)   —   (11,750)
Total Other Financial Instruments $13,594   $(11,750)   $—   $1,844
(1) Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
During the period ended April 30, 2025, Common Stock in the amount of $218,252 were transferred out of Level 3 investments.
The amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ended April 30, 2025.
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS CORPORATE INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
The following is a summary of the fair values of the Fund’s derivative instruments*:
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2025:
  Derivatives Not Accounted for as
Hedging Instruments
  Foreign
Exchange Risk 		Interest
Rate Risk
Assets:    
Unrealized Appreciation on Futures Contracts $— $13,594(1)
  $— $13,594
Liabilities:    
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts $(11,750) $—
  $(11,750) $—
    
   
(1) Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.
The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2025:
  Derivatives Not Accounted for as
Hedging Instruments
  Foreign
Exchange Risk 		Interest
Rate Risk
Realized Gain (Loss) on Derivatives:    
Net Realized Loss on Forward Foreign Currency Exchange Contracts $(4,535) $—
Net Realized Loss on Futures Contracts — (22,689)
  $(4,535) $(22,689)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:    
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts $3,267 $—
Net Change in Unrealized Appreciation on Futures Contracts — 28,669
  $3,267 $28,669
* See note 9 in the Notes to the Financial Statements for additional information.
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS SHORT DURATION FUND
SCHEDULE OF INVESTMENTS
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Debt Securities        
Brazil (Cost $2,115,569)        
Banco do Brasil S.A., 4.875%, 01/11/2029   400,000 $393,125 1.20
BRF GmbH, 4.350%, 09/29/2026   400,000 391,436 1.20
Embraer Netherlands Finance B.V., 6.950%, 01/17/2028   500,000 522,656 1.60
NBM U.S. Holdings, Inc., 7.000%, 05/14/2026   115,000 115,000 0.35
Oi S.A., 8.500%, (92% PIK), 12/31/20282,3   1,184,026 80,514 0.25
Suzano Austria GmbH, 6.000%, 01/15/2029   500,000 508,938 1.55
      2,011,669 6.15
Chile (Cost $723,333)        
Banco de Credito e Inversiones S.A., 3.500%, 10/12/2027   200,000 193,200 0.59
BPCE S.A., 3.150%, 03/06/2030   200,000 181,412 0.56
GNL Quintero S.A., 4.634%, 07/31/2029   145,640 143,365 0.44
Inversiones CMPC S.A., 4.375%, 04/04/2027   200,000 197,700 0.60
      715,677 2.19
China (Cost $26,167,427)        
Central China Real Estate Ltd., 7.900%, 11/07/20234,5   560,000 24,640 0.07
Central China Real Estate Ltd., 7.250%, 07/16/20244,5   1,275,000 54,187 0.17
Central China Real Estate Ltd., 7.250%, 08/13/20244,5   979,000 41,607 0.13
Central China Real Estate Ltd., 7.250%, 04/28/20254,5   190,000 8,550 0.03
Central China Real Estate Ltd., 7.500%, 07/14/20254   422,000 18,568 0.06
Central China Real Estate Ltd., 7.650%, 08/27/20254   560,000 23,800 0.07
China SCE Group Holdings Ltd., 7.375%, 04/09/20244,5   410,000 17,425 0.05
China SCE Group Holdings Ltd., 5.950%, 09/29/20244,5   800,000 34,000 0.10
China SCE Group Holdings Ltd., 7.000%, 05/02/20254   1,135,000 48,237 0.15
China SCE Group Holdings Ltd., 6.000%, 02/04/20264   1,085,000 46,112 0.14
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/20224,5   4,000,000 100,000 0.31
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/20234,5   4,160,000 114,400 0.35
Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/20234,5   1,510,000 37,750 0.11
Fortune Star BVI Ltd., 8.500%, 05/19/2028   320,000 316,400 0.97
Kaisa Group Holdings Ltd., 11.500%, 01/30/20234,5   4,875,000 207,187 0.63
Kaisa Group Holdings Ltd., 10.875%, 07/23/20234,5   3,930,000 167,025 0.51
Kaisa Group Holdings Ltd., 11.250%, 04/16/20254,5   4,280,000 181,900 0.56
KWG Group Holdings Ltd., 6.000%, 01/14/20244,5   205,000 14,350 0.04
Meituan, 0.000%, 04/27/20286   200,000 192,600 0.59
Sunac China Holdings Ltd., 6.000%, 09/30/20253   91,207 10,489 0.03
Sunac China Holdings Ltd., 6.250%, 09/30/20263   91,428 10,743 0.03
Sunac China Holdings Ltd., 6.500%, 09/30/20273   94,564 10,875 0.03
Sunac China Holdings Ltd., 6.750%, 09/30/20283   143,385 16,489 0.05
Sunac China Holdings Ltd., 7.000%, 09/30/20293   143,892 16,548 0.05
Sunac China Holdings Ltd., 7.000%, 09/30/20293   363,451 41,797 0.13
Sunac China Holdings Ltd., 7.250%, 09/30/20303   130,119 14,964 0.05
Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/20234,5   670,000 46,900 0.14
Yuzhou Group Holdings Co. Ltd., 6.000%, 10/25/20234,5   4,940,000 345,800 1.06
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS SHORT DURATION FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
China (continued)        
Zhenro Properties Group Ltd., 8.000%, 03/06/20234,5   4,920,000 $12,300 0.04
Zhenro Properties Group Ltd., 9.150%, 05/06/20234,5   813,000 2,033 0.01
Zhenro Properties Group Ltd., 8.300%, 09/15/20234,5   1,017,000 2,543 0.01
Zhenro Properties Group Ltd., 7.875%, 04/14/20244,5   575,000 1,438 —
      2,181,657 6.67
Colombia (Cost $581,992)        
Bancolombia S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.93%), 6.909%, 10/18/20277   200,000 204,000 0.62
Empresas Publicas de Medellin ESP, 4.250%, 07/18/2029   200,000 178,956 0.55
Oleoducto Central S.A., 4.000%, 07/14/2027   200,000 193,376 0.59
      576,332 1.76
Czech Republic (Cost $402,504)        
Energo-Pro A.S., 8.500%, 02/04/2027   400,000 400,750 1.22
      400,750 1.22
Guatemala (Cost $501,866)        
Central American Bottling Corp./CBC Bottling Holdco S.L./Beliv Holdco S.L., 5.250%, 04/27/2029   165,000 157,080 0.48
Millicom International Cellular S.A., 5.125%, 01/15/2028   360,000 350,775 1.07
      507,855 1.55
Hong Kong (Cost $405,501)        
Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.85%), 6.187%, 07/06/20277   400,000 406,184 1.24
      406,184 1.24
Hungary (Cost $407,919)        
OTP Bank Nyrt., (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 3.71%), 7.500%, 05/25/20277   400,000 409,252 1.25
      409,252 1.25
India (Cost $2,371,814)        
Clean Renewable Power Mauritius Pte. Ltd., 4.250%, 03/25/2027   604,555 580,252 1.77
Delhi International Airport Ltd., 6.450%, 06/04/2029   630,000 630,787 1.93
Greenko Power II Ltd., 4.300%, 12/13/2028   167,000 152,354 0.46
Muthoot Finance Ltd., 7.125%, 02/14/2028   300,000 296,625 0.90
Sammaan Capital Ltd., 9.700%, 07/03/2027   200,000 195,688 0.60
TML Holdings Pte. Ltd., 4.350%, 06/09/2026   200,000 195,894 0.60
Vedanta Resources Finance II PLC, 10.250%, 06/03/2028   305,000 300,044 0.92
      2,351,644 7.18
Indonesia (Cost $722,557)        
Bank Negara Indonesia Persero Tbk PT, 3.750%, 03/30/2026   335,000 326,248 0.99
Freeport Indonesia PT, 4.763%, 04/14/2027   400,000 398,548 1.22
      724,796 2.21
See accompanying notes to the financial statements.
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SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Jordan (Cost $898,482)        
Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025   900,000 $896,400 2.74
      896,400 2.74
Mexico (Cost $2,437,951)        
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.621%, 12/10/2029   400,000 405,000 1.24
BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico, 5.250%, 09/10/2029   400,000 400,920 1.23
Petroleos Mexicanos, 5.350%, 02/12/2028   1,864,000 1,719,726 5.25
      2,525,646 7.72
Morocco (Cost $754,909)        
OCP S.A., 4.500%, 10/22/2025   750,000 744,375 2.27
      744,375 2.27
Nigeria (Cost $377,501)        
IHS Holding Ltd., 6.250%, 11/29/2028   400,000 378,263 1.16
      378,263 1.16
Oman (Cost $199,022)        
Bank Muscat SAOG, 4.750%, 03/17/2026   200,000 198,938 0.61
      198,938 0.61
Pakistan (Cost $352,771)        
VEON Holdings B.V., 3.375%, 11/25/2027   400,000 357,375 1.09
      357,375 1.09
Peru (Cost $524,427)        
Banco de Credito del Peru S.A., 5.850%, 01/11/2029   400,000 411,376 1.26
Transportadora de Gas del Peru S.A., 4.250%, 04/30/2028   120,000 118,110 0.36
      529,486 1.62
South Africa (Cost $777,969)        
Bidvest Group UK (The) PLC, 3.625%, 09/23/2026   200,000 195,126 0.59
Prosus N.V., 3.257%, 01/19/2027   610,000 594,559 1.82
      789,685 2.41
Tanzania (Cost $374,570)        
HTA Group Ltd., 2.875%, 03/18/2027   400,000 372,000 1.14
      372,000 1.14
Thailand (Cost $504,195)        
Muangthai Capital PCL, 6.875%, 09/30/2028   500,000 491,250 1.50
      491,250 1.50
Turkey (Cost $410,995)        
Turkiye Is Bankasi A.S., 7.750%, 06/12/2029   400,000 404,000 1.23
      404,000 1.23
United Arab Emirates (Cost $409,506)        
Alpha Star Holding IX Ltd., 7.000%, 08/26/2028   200,000 201,250 0.61
See accompanying notes to the financial statements.
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SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
United Arab Emirates (continued)        
Alpha Star Holding VIII Ltd., 8.375%, 04/12/2027   200,000 $206,188 0.63
      407,438 1.24
United States (Cost $1,693,726)        
U.S. Treasury Bill, 4.133%, 07/10/20258   1,707,700 1,693,770 5.17
      1,693,770 5.17
Uzbekistan (Cost $1,017,242)        
Jscb Agrobank, 9.250%, 10/02/2029   400,000 410,300 1.26
Navoi Mining & Metallurgical Combinat, 6.700%, 10/17/20282   200,000 203,175 0.62
Navoi Mining & Metallurgical Combinat, 6.700%, 10/17/2028   400,000 406,350 1.24
      1,019,825 3.12
Venezuela (Cost $11,158,543)        
Petroleos de Venezuela S.A., 8.500%, 10/27/20204,5   12,447,500 11,576,175 35.37
      11,576,175 35.37
Vietnam (Cost $186,254)        
Mong Duong Finance Holdings B.V., 5.125%, 05/07/2029   190,613 182,214 0.56
      182,214 0.56
Total Debt Securities (Cost $56,478,545)     32,852,656 100.37
    
  Currency1 Shares Value % of Net
Assets
Equity Securities        
China (Cost $28,857)        
Sunac Services Holdings Ltd.2 HKD 106,069 $25,178 0.08
      25,178 0.08
Total Equity Securities (Cost $28,857)     25,178 0.08
Total Investments (Total Cost $56,507,402)     32,877,834 100.45
Liabilities Less Other Assets (See Statements of Assets and Liabilities for further detail)     (147,372) (0.45)
Net Assets     $32,730,462 100.00
    
   
1 Local currency is United States Dollars unless otherwise noted below.
2 Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of April 30, 2025, these securities had a total value of $308,867 or 0.94% of net assets.
3 Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis.
4 Issuer has defaulted on terms of debt obligation.
5 Maturity has been extended under the terms of a plan of reorganization.
6 Zero coupon bond.
7 Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
8 Zero coupon bond – interest rate reflects effective yield on the date of purchase.
See accompanying notes to the financial statements.
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SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
Percentages shown are based on net assets.
The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Short Duration Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2025:
  Level 1   Level 2   Level 3   Total
Investments              
Assets:              
Debt Securities              
Corporate Bonds $—   $14,228,514   $—   $14,228,514
Corporate Convertible Bonds —   564,600   —   564,600
Financial Certificates —   407,438   —   407,438
Government Agencies —   15,779,378   —   15,779,378
Municipal Bonds —   178,956   —   178,956
Short Term Bills and Notes —   1,693,770   —   1,693,770
Total Debt Securities —   32,852,656   —   32,852,656
Equity Securities              
Common Stock              
China —   25,178   —   25,178
Total Investments $—   $32,877,834   $—   $32,877,834
The following is a summary of the fair values of the Fund’s derivative instruments*:
The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2025:
  Derivatives Not Accounted for as
Hedging Instruments
  Foreign
Exchange Risk
Realized Gain (Loss) on Derivatives:  
Net Realized Loss on Forward Foreign Currency Exchange Contracts $(1,581)
   
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:  
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts $1,587
* See note 9 in the Notes to the Financial Statements for additional information.
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND
SCHEDULE OF INVESTMENTS
As of April 30, 2025 (Unaudited)
  Currency1 Shares Value % of Net
Assets
Common Stocks        
Argentina (Cost $603,720)        
Grupo Financiero Galicia S.A. ADR*   3,466 $209,347 0.93
Vista Energy S.A.B. de C.V. ADR*   4,620 208,685 0.93
YPF S.A. ADR*   6,340 188,932 0.84
      606,964 2.70
Brazil (Cost $1,424,010)        
MercadoLibre, Inc.*   199 463,839 2.06
Petroleo Brasileiro S.A. ADR   19,272 217,581 0.96
Raia Drogasil S.A. BRL 76,400 267,090 1.19
Vale S.A. BRL 34,000 316,686 1.41
      1,265,196 5.62
China (Cost $4,247,223)        
Alibaba Group Holding Ltd. HKD 67,000 1,005,453 4.47
ANTA Sports Products Ltd. HKD 39,600 472,500 2.10
Contemporary Amperex Technology Co. Ltd., Class A CNY 5,600 178,135 0.79
H World Group Ltd. ADR   12,571 430,431 1.91
JD.com, Inc., Class A HKD 13,700 224,908 1.00
KE Holdings, Inc. ADR   11,473 232,902 1.04
Proya Cosmetics Co. Ltd., Class A CNY 29,700 390,522 1.74
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A CNY 8,360 252,805 1.12
Sunresin New Materials Co. Ltd., Class A CNY 34,200 205,047 0.91
Tencent Holdings Ltd. HKD 18,100 1,123,173 4.99
      4,515,876 20.07
Hong Kong (Cost $107,786)        
AIA Group Ltd. HKD 14,400 108,793 0.48
      108,793 0.48
India (Cost $3,643,593)        
Dr. Reddy’s Laboratories Ltd. ADR   24,504 341,096 1.52
HDFC Bank Ltd. ADR   15,328 1,114,192 4.95
ICICI Bank Ltd. ADR   32,359 1,085,968 4.83
Maruti Suzuki India Ltd. INR 3,142 455,161 2.02
Reliance Industries Ltd. INR 7,546 125,608 0.56
Reliance Industries Ltd. GDR2   7,257 473,227 2.10
Sun Pharmaceutical Industries Ltd. INR 15,825 343,843 1.53
Tata Consultancy Services Ltd. INR 6,718 274,784 1.22
      4,213,879 18.73
Indonesia (Cost $916,680)        
Bank Central Asia Tbk PT IDR 1,509,400 811,218 3.61
      811,218 3.61
See accompanying notes to the financial statements.
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SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Shares Value % of Net
Assets
Kuwait (Cost $379,167)        
National Bank of Kuwait S.A.K.P. KWD 139,251 $434,691 1.93
      434,691 1.93
Mexico (Cost $747,421)        
Cemex S.A.B. de C.V. ADR   43,611 269,080 1.20
GCC S.A.B. de C.V. MXN 23,730 198,995 0.88
Grupo Financiero Banorte S.A.B. de C.V., Class O MXN 40,500 348,031 1.55
      816,106 3.63
Peru (Cost $220,196)        
Southern Copper Corp.   2,496 223,442 0.99
      223,442 0.99
Saudi Arabia (Cost $694,944)        
Al Rajhi Bank SAR 19,007 496,877 2.21
Dr. Sulaiman Al Habib Medical Services Group Co. SAR 3,403 260,125 1.15
      757,002 3.36
South Africa (Cost $270,043)        
Absa Group Ltd. ZAR 13,057 120,105 0.53
Clicks Group Ltd. ZAR 8,425 179,809 0.80
      299,914 1.33
South Korea (Cost $2,062,660)        
Hyundai Glovis Co. Ltd. KRW 4,382 351,916 1.56
KB Financial Group, Inc. KRW 3,823 242,594 1.08
Samsung Biologics Co. Ltd.*,2 KRW 152 112,415 0.50
Samsung Electronics Co. Ltd. KRW 2,718 106,514 0.47
SK Hynix, Inc. KRW 4,200 527,757 2.35
SK Square Co. Ltd.* KRW 3,784 237,333 1.06
SK Telecom Co. Ltd. KRW 9,799 376,462 1.67
      1,954,991 8.69
Taiwan (Cost $4,503,862)        
ASE Technology Holding Co. Ltd. ADR   32,500 283,725 1.26
Delta Electronics, Inc. TWD 33,000 345,385 1.54
E Ink Holdings, Inc. TWD 36,000 250,993 1.12
Hon Hai Precision Industry Co. Ltd. TWD 34,000 151,077 0.67
MediaTek, Inc. TWD 15,100 639,877 2.84
Taiwan Semiconductor Manufacturing Co. Ltd. TWD 82,951 2,364,615 10.51
Taiwan Semiconductor Manufacturing Co. Ltd. ADR   2,012 335,380 1.49
Wistron Corp. TWD 37,000 117,905 0.52
      4,488,957 19.95
United Arab Emirates (Cost $361,053)        
Aldar Properties PJSC AED 197,599 444,883 1.98
      444,883 1.98
Total Common Stocks (Cost $20,182,358)     20,941,912 93.07
See accompanying notes to the financial statements.
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SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Shares Value % of Net
Assets
Preferred Stocks        
Brazil (Cost $333,878)        
Itau Unibanco Holding S.A. ADR, 3.944%3   60,521 $381,888 1.70
      381,888 1.70
Total Preferred Stocks (Cost $333,878)     381,888 1.70
Total Investments (Total Cost $20,516,236)     21,323,800 94.77
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)     1,177,799 5.23
Net Assets     $22,501,599 100.00
    
   
* Non-income producing security.
1 Local currency is United States Dollars unless otherwise noted below.
2 Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of April 30, 2025, these securities had a total value of $585,642 or 2.60% of net assets.
3 Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
Percentages shown are based on net assets.
At April 30, 2025, the industry sectors for the Ashmore Emerging Markets Active Equity Fund were:
Sector Percentage of
Net Assets
Communication Services 6.7%
Consumer Discretionary 13.6
Consumer Staples 3.7
Energy 5.4
Financials 23.8
Health Care 5.8
Industrials 3.4
Information Technology 24.0
Materials 5.4
Real Estate 3.0
Total Investments 94.8
Other Assets Less Liabilities 5.2
Net Assets 100.0%
See accompanying notes to the financial statements.
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SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Active Equity Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2025:
  Level 1   Level 2   Level 3   Total
Investments              
Assets:              
Common Stocks              
Argentina $606,964   $—   $—   $606,964
Brazil 1,265,196   —   —   1,265,196
China 663,333   3,852,543   —   4,515,876
Hong Kong —   108,793   —   108,793
India 2,541,256   1,672,623   —   4,213,879
Indonesia —   811,218   —   811,218
Kuwait —   434,691   —   434,691
Mexico 816,106   —   —   816,106
Peru 223,442   —   —   223,442
Saudi Arabia —   757,002   —   757,002
South Africa —   299,914   —   299,914
South Korea —   1,954,991   —   1,954,991
Taiwan 619,105   3,869,852   —   4,488,957
United Arab Emirates —   444,883   —   444,883
Total Common Stock 6,735,402   14,206,510   —   20,941,912
Preferred Stocks              
Brazil 381,888   —   —   381,888
Total Investments $7,117,290   $14,206,510   $—   $21,323,800
The following is a summary of the fair values of the Fund’s derivative instruments*:
The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2025:
  Derivatives Not Accounted for as
Hedging Instruments
  Foreign
Exchange Risk
Realized Gain (Loss) on Derivatives:  
Net Realized Gain on Forward Foreign Currency Exchange Contracts $69
   
* See note 9 in the Notes to the Financial Statements for additional information.
See accompanying notes to the financial statements.
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SCHEDULE OF INVESTMENTS
As of April 30, 2025 (Unaudited)
  Currency1 Shares Value % of Net
Assets
Common Stocks        
Brazil (Cost $190,822)        
Lojas Renner S.A.* BRL 47,870 $123,236 2.48
TOTVS S.A.* BRL 13,300 88,164 1.78
      211,400 4.26
China (Cost $482,443)        
Atour Lifestyle Holdings Ltd. ADR   2,437 59,560 1.20
Huaming Power Equipment Co. Ltd., Class A CNH 61,300 126,401 2.55
JNBY Design Ltd. HKD 70,500 133,040 2.68
Proya Cosmetics Co. Ltd., Class A CNH 8,200 107,821 2.18
Sieyuan Electric Co. Ltd., Class A CNH 4,600 45,659 0.92
Sunresin New Materials Co. Ltd., Class A CNH 11,398 68,337 1.38
      540,818 10.91
Hungary (Cost $89,069)        
Wizz Air Holdings PLC*,2 GBP 4,726 103,793 2.09
      103,793 2.09
India (Cost $1,245,728)        
APL Apollo Tubes Ltd. INR 6,949 133,399 2.69
Bluspring Enterprises Ltd.*,3 INR 15,982 33,139 0.67
Care Ratings Ltd. INR 6,817 97,633 1.97
CreditAccess Grameen Ltd. INR 8,196 105,812 2.13
Digitide Solutions Ltd.*,3 INR 15,982 27,566 0.56
Eris Lifesciences Ltd.2 INR 7,977 135,518 2.73
Indian Energy Exchange Ltd.2 INR 33,146 74,787 1.51
International Gemmological Institute India Ltd. INR 37,043 152,386 3.07
Krishna Institute of Medical Sciences Ltd.*,2 INR 17,965 138,524 2.79
Medi Assist Healthcare Services Ltd.2 INR 23,065 122,843 2.48
PB Fintech Ltd.* INR 4,315 83,060 1.68
Quess Corp. Ltd.2 INR 15,982 62,646 1.26
Tips Music Ltd. INR 15,258 113,969 2.30
      1,281,282 25.84
Indonesia (Cost $196,629)        
Bank Syariah Indonesia Tbk PT IDR 424,100 73,834 1.49
Ciputra Development Tbk PT IDR 1,995,600 111,869 2.26
      185,703 3.75
Malaysia (Cost $242,790)        
My EG Services Bhd. MYR 1,355,697 281,874 5.68
      281,874 5.68
Mexico (Cost $283,914)        
Genomma Lab Internacional S.A.B. de C.V., Class B MXN 87,000 102,259 2.06
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR   1,400 124,558 2.51
See accompanying notes to the financial statements.
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SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Shares Value % of Net
Assets
Mexico (continued)        
Grupo Traxion S.A.B. de C.V.*,2 MXN 93,900 $78,671 1.59
      305,488 6.16
Poland (Cost $183,453)        
Benefit Systems S.A. PLN 205 177,129 3.57
LPP S.A. PLN 11 45,229 0.91
      222,358 4.48
Saudi Arabia (Cost $93,054)        
United International Transportation Co. SAR 4,418 87,080 1.76
      87,080 1.76
South Africa (Cost $92,442)        
Boxer Retail Ltd.* ZAR 15,422 57,520 1.16
Karooooo Ltd.   1,618 68,943 1.39
      126,463 2.55
South Korea (Cost $586,386)        
Classys, Inc. KRW 1,767 80,105 1.62
Cosmax, Inc. KRW 485 58,932 1.19
DB Insurance Co. Ltd. KRW 1,237 79,468 1.60
Eugene Technology Co. Ltd. KRW 4,124 99,085 2.00
Hana Materials, Inc. KRW 3,157 62,070 1.25
Hansol Chemical Co. Ltd. KRW 1,637 133,588 2.69
KoMiCo Ltd. KRW 1,299 54,312 1.10
      567,560 11.45
Taiwan (Cost $997,914)        
Alchip Technologies Ltd. TWD 2,000 133,561 2.70
Andes Technology Corp.* TWD 14,000 126,645 2.56
eCloudvalley Digital Technology Co. Ltd. TWD 28,977 80,971 1.63
Gudeng Precision Industrial Co. Ltd. TWD 17,000 195,897 3.95
Kinik Co. TWD 19,000 145,251 2.93
Lotes Co. Ltd. TWD 963 37,817 0.76
WinWay Technology Co. Ltd. TWD 6,000 159,695 3.22
      879,837 17.75
United Arab Emirates (Cost $144,084)        
Presight AI Holding PLC* AED 92,638 48,968 0.99
Spinneys 1961 Holding PLC AED 221,481 86,884 1.75
      135,852 2.74
Total Common Stocks (Cost $4,828,728)     4,929,508 99.42
Total Investments (Total Cost $4,828,728)     4,929,508 99.42
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)     28,691 0.58
Net Assets     $4,958,199 100.00
    
See accompanying notes to the financial statements.
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SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
   
* Non-income producing security.
1 Local currency is United States Dollars unless otherwise noted below.
2 Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of April 30, 2025, these securities had a total value of $716,782 or 14.46% of net assets.
3 Security is a Level 3 investment.
Percentages shown are based on net assets.
At April 30, 2025, the industry sectors for the Ashmore Emerging Markets Small-Cap Equity Fund were:
Sector Percentage of
Net Assets
Communication Services 2.3%
Consumer Discretionary 7.3
Consumer Staples 6.3
Financials 10.4
Health Care 11.7
Industrials 28.6
Information Technology 23.9
Materials 6.7
Real Estate 2.2
Total Investments 99.4
Other Assets Less Liabilities 0.6
Net Assets 100.0%
See accompanying notes to the financial statements.
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SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Small-Cap Equity Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2025:
  Level 1   Level 2   Level 3   Total
Investments              
Assets:              
Common Stocks              
Brazil $211,400   $—   $—   $211,400
China 59,560   481,258   —   540,818
Hungary —   103,793   —   103,793
India —   1,220,577   60,705   1,281,282
Indonesia —   185,703   —   185,703
Malaysia —   281,874   —   281,874
Mexico 305,488   —   —   305,488
Poland —   222,358   —   222,358
Saudi Arabia —   87,080   —   87,080
South Africa 68,943   57,520   —   126,463
South Korea —   567,560   —   567,560
Taiwan —   879,837   —   879,837
United Arab Emirates —   135,852   —   135,852
Total Common Stock 645,391   4,223,412   60,705   4,929,508
Total Investments $645,391   $4,223,412   $60,705   $4,929,508
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended April 30, 2025.
Category and
Subcategory 		Beginning
Balance
at 10/31/2024 		Accrued
Discounts
(Premiums) 		Purchases Sales Realized
Gains
(Losses) 		Change in
Unrealized
Appreciation
(Depreciation) 		Transfers
into
Level 3 		Transfers
out of
Level 3 		Ending
Balance
at 04/30/2025 		Change in
Unrealized
Appreciation
(Depreciation)
from Investments
still held
04/30/2025
Investments, at value                    
Common Stock                    
India $— $— $74,708 $— $— $(14,003) $— $— $60,705 $—
Total $— $— $74,708 $— $— $(14,003) $— $— $60,705 $—
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
The following table on “Quantitative information about Level 3 Fair Value measurements” provides information on the valuation
techniques and inputs used to value Level 3 securities at April 30, 2025:
Quantitative Information about Level 3 Fair Value Measurements
  Fair Value at
04/30/2025 		Valuation
Technique 		Unobservable
Input
       
Common Stock $33,139 Transaction Price $175.18
Common Stock $27,566 Transaction Price $145.72
Total $60,705    
The following is a summary of the fair values of the Fund’s derivative instruments*:
The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2025:
  Derivatives Not Accounted for as
Hedging Instruments
  Foreign
Exchange Risk
Realized Gain (Loss) on Derivatives:  
Net Realized Gain on Forward Foreign Currency Exchange Contracts $348
   
* See note 9 in the Notes to the Financial Statements for additional information.
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND
SCHEDULE OF INVESTMENTS
As of April 30, 2025 (Unaudited)
  Currency1 Shares Value % of Net
Assets
Common Stocks        
Argentina (Cost $1,423,619)        
Globant S.A.*   8,750 $1,028,738 1.13
      1,028,738 1.13
Cambodia (Cost $1,891,950)        
NagaCorp Ltd.* HKD 3,411,263 1,454,470 1.59
      1,454,470 1.59
Canada (Cost $1,061,103)        
Cameco Corp.   23,600 1,065,540 1.17
      1,065,540 1.17
Iceland (Cost $1,265,537)        
Arion Banki HF2 ISK 1,208,273 1,453,175 1.59
      1,453,175 1.59
Kazakhstan (Cost $7,170,704)        
Halyk Savings Bank of Kazakhstan JSC GDR (Registered)   113,443 2,753,032 3.02
Kaspi.KZ JSC ADR (Registered)   59,598 5,238,068 5.74
      7,991,100 8.76
Kuwait (Cost $5,770,047)        
Gulf Bank K.S.C.P. KWD 1,881,632 2,063,585 2.27
National Bank of Kuwait S.A.K.P. KWD 1,353,260 4,224,383 4.63
      6,287,968 6.90
Mauritius (Cost $964,527)        
MCB Group Ltd. MUR 125,285 1,250,833 1.37
      1,250,833 1.37
Morocco (Cost $4,137,100)        
Akdital Holding MAD 15,318 2,415,507 2.65
Attijariwafa Bank MAD 43,093 3,081,073 3.38
      5,496,580 6.03
Oman (Cost $622,215)        
OQ Exploration & Production S.A.O.G. OMR 614,238 427,689 0.47
      427,689 0.47
Pakistan (Cost $2,051,200)        
Searle (The) Co. Ltd.* PKR 3,484,966 1,017,952 1.12
Systems Ltd. PKR 721,956 1,352,944 1.48
      2,370,896 2.60
Peru (Cost $1,974,595)        
Credicorp Ltd.   6,553 1,324,951 1.46
Hudbay Minerals, Inc. CAD 104,400 759,562 0.83
      2,084,513 2.29
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Shares Value % of Net
Assets
Philippines (Cost $7,289,595)        
Ayala Land, Inc. PHP 2,090,300 $932,540 1.02
BDO Unibank, Inc. PHP 1,009,702 2,881,191 3.16
Century Pacific Food, Inc. PHP 838,800 577,079 0.63
DigiPlus Interactive Corp. PHP 1,202,300 861,698 0.94
GT Capital Holdings, Inc. PHP 53,320 467,599 0.51
International Container Terminal Services, Inc. PHP 149,270 916,893 1.01
SM Prime Holdings, Inc. PHP 2,061,500 899,370 0.99
      7,536,370 8.26
Qatar (Cost $6,364,937)        
Doha Bank QPSC QAR 4,795,555 3,106,320 3.41
Qatar Gas Transport Co. Ltd. QAR 814,883 1,024,974 1.12
Qatar National Bank QPSC QAR 727,590 3,338,771 3.66
      7,470,065 8.19
Romania (Cost $4,552,564)        
Banca Transilvania S.A. RON 659,047 4,250,684 4.66
OMV Petrom S.A. RON 11,834,261 1,928,078 2.12
      6,178,762 6.78
Saudi Arabia (Cost $3,902,029)        
Al Babtain Power & Telecommunication Co. SAR 59,110 749,767 0.82
Al Rajhi Bank SAR 42,821 1,119,418 1.23
AlKhorayef Water & Power Technologies Co.* SAR 12,378 535,537 0.59
Dr. Sulaiman Al Habib Medical Services Group Co. SAR 13,563 1,036,755 1.14
United International Transportation Co. SAR 34,359 677,222 0.74
      4,118,699 4.52
Slovenia (Cost $1,567,786)        
Nova Ljubljanska Banka dd GDR (Registered) EUR 81,445 2,408,998 2.64
      2,408,998 2.64
Tanzania (Cost $526,826)        
Helios Towers PLC* GBP 376,191 538,262 0.59
      538,262 0.59
United Arab Emirates (Cost $9,639,386)        
Abu Dhabi Islamic Bank PJSC AED 486,236 2,423,417 2.66
ADNOC Drilling Co. PJSC AED 459,075 613,272 0.67
Adnoc Gas PLC AED 1,104,648 953,995 1.05
Aldar Properties PJSC AED 821,008 1,848,453 2.03
Emaar Properties PJSC AED 912,902 3,261,078 3.58
Emirates NBD Bank PJSC AED 296,641 1,660,329 1.82
First Abu Dhabi Bank PJSC AED 338,000 1,382,165 1.51
      12,142,709 13.32
Vietnam (Cost $15,845,322)        
Asia Commercial Bank JSC VND 995,245 922,319 1.01
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Shares Value % of Net
Assets
Vietnam (continued)        
Bank for Foreign Trade of Vietnam JSC* VND 703,884 $1,553,569 1.70
FPT Corp. VND 850,125 3,586,612 3.93
FPT DIGITAL RETAIL JSC* VND 139,700 903,575 0.99
Hoa Phat Group JSC* VND 2,286,700 2,247,079 2.47
Mobile World Investment Corp. VND 457,700 1,073,328 1.18
Nam Long Investment Corp. VND 853,200 906,535 0.99
Phu Nhuan Jewelry JSC VND 250,266 685,778 0.75
Vietnam Dairy Products JSC VND 549,500 1,219,622 1.34
Vietnam Prosperity JSC Bank VND 1,385,800 884,217 0.97
Vinhomes JSC*,2 VND 492,200 1,107,776 1.22
      15,090,410 16.55
Total Common Stocks (Cost $78,021,042)     86,395,777 94.75
Investment Companies        
Vietnam Enterprise Investments Ltd., Class C * GBP 118,054 817,449 0.89
VinaCapital Vietnam Opportunity Fund Ltd. GBP 122,997 644,673 0.71
Total Investment Companies (Cost $1,374,297)     1,462,122 1.60
Total Investments (Total Cost $79,395,339)     87,857,899 96.35
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)     3,324,625 3.65
Net Assets     $91,182,524 100.00
    
   
* Non-income producing security.
1 Local currency is United States Dollars unless otherwise noted below.
2 Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of April 30, 2025, these securities had a total value of $2,560,951 or 2.81% of net assets.
Percentages shown are based on net assets.
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
At April 30, 2025, the industry sectors for the Ashmore Emerging Markets Frontier Equity Fund were:
Sector Percentage of
Net Assets
Communication Services 0.6%
Consumer Discretionary 5.5
Consumer Staples 2.0
Energy 6.6
Financials 53.5
Health Care 4.9
Industrials 3.1
Information Technology 6.5
Materials 3.3
Real Estate 9.8
Utilities 0.6
Total Investments 96.4
Other Assets Less Liabilities 3.6
Net Assets 100.0%
The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Frontier Equity Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2025:
  Level 1   Level 2   Level 3   Total
Investments              
Assets:              
Common Stocks              
Argentina $1,028,738   $—   $—   $1,028,738
Cambodia —   1,454,470   —   1,454,470
Canada 1,065,540   —   —   1,065,540
Iceland —   1,453,175   —   1,453,175
Kazakhstan 5,238,068   2,753,032   —   7,991,100
Kuwait —   6,287,968   —   6,287,968
Mauritius —   1,250,833   —   1,250,833
Morocco —   5,496,580   —   5,496,580
Oman —   427,689   —   427,689
Pakistan —   2,370,896   —   2,370,896
Peru 2,084,513   —   —   2,084,513
Philippines —   7,536,370   —   7,536,370
Qatar —   7,470,065   —   7,470,065
Romania —   6,178,762   —   6,178,762
Saudi Arabia —   4,118,699   —   4,118,699
Slovenia —   2,408,998   —   2,408,998
Tanzania —   538,262   —   538,262
United Arab Emirates 1,382,165   10,760,544   —   12,142,709
Vietnam —   15,090,410   —   15,090,410
Total Common Stock 10,799,024   75,596,753   —   86,395,777
Investment Companies              
Vietnam —   1,462,122   —   1,462,122
Total Investments $10,799,024   $77,058,875   $—   $87,857,899
See accompanying notes to the financial statements.
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SCHEDULE OF INVESTMENTS
As of April 30, 2025 (Unaudited)
  Currency1 Shares Value % of Net
Assets
Common Stocks        
Brazil (Cost $11,230,256)        
Lojas Renner S.A.* BRL 716,000 $1,843,257 1.12
MercadoLibre, Inc.*   1,800 4,195,530 2.56
Rede D’Or Sao Luiz S.A.*,2 BRL 457,713 2,582,482 1.57
TOTVS S.A.* BRL 308,100 2,042,364 1.24
XP, Inc., Class A   118,100 1,901,410 1.16
      12,565,043 7.65
China (Cost $39,610,260)        
ANTA Sports Products Ltd. HKD 417,600 4,982,731 3.03
Contemporary Amperex Technology Co. Ltd., Class A CNY 47,100 1,498,238 0.91
H World Group Ltd. ADR   49,098 1,681,116 1.02
JD.com, Inc. ADR   54,374 1,773,680 1.08
KE Holdings, Inc. ADR   82,445 1,673,633 1.02
Meituan, Class B*,2 HKD 335,030 5,603,757 3.41
NetEase, Inc. ADR   24,459 2,618,581 1.59
Proya Cosmetics Co. Ltd., Class A CNY 256,000 3,366,112 2.05
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A CNY 41,100 1,242,856 0.76
Sieyuan Electric Co. Ltd., Class A CNY 257,400 2,554,911 1.55
Sunresin New Materials Co. Ltd., Class A CNY 125,664 753,422 0.46
Tencent Holdings Ltd. HKD 223,200 13,850,404 8.43
Tencent Music Entertainment Group ADR   221,412 2,971,349 1.81
Trip.com Group Ltd. ADR   29,455 1,737,550 1.06
      46,308,340 28.18
Hong Kong (Cost $3,634,306)        
AIA Group Ltd. HKD 478,200 3,612,848 2.20
      3,612,848 2.20
Hungary (Cost $2,417,434)        
Wizz Air Holdings PLC*,2 GBP 112,700 2,475,142 1.51
      2,475,142 1.51
India (Cost $21,619,105)        
Apollo Hospitals Enterprise Ltd. INR 40,687 3,361,554 2.05
Axis Bank Ltd. INR 154,540 2,168,929 1.32
Axis Bank Ltd. GDR (Registered)   10,081 707,762 0.43
Cipla Ltd. INR 148,621 2,732,693 1.66
HDFC Bank Ltd. ADR   98,482 7,158,657 4.36
Indian Energy Exchange Ltd.2 INR 366,427 826,760 0.50
InterGlobe Aviation Ltd.*,2 INR 24,773 1,540,987 0.94
International Gemmological Institute India Ltd. INR 425,545 1,750,584 1.06
Marico Ltd. INR 165,084 1,389,322 0.85
PB Fintech Ltd.* INR 93,273 1,795,430 1.09
      23,432,678 14.26
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Shares Value % of Net
Assets
Indonesia (Cost $7,187,623)        
Bank Mandiri Persero Tbk PT IDR 11,673,800 $3,450,657 2.10
Grab Holdings Ltd., Class A*   658,600 3,213,968 1.96
      6,664,625 4.06
Kazakhstan (Cost $3,932,221)        
Kaspi.KZ JSC ADR (Registered)   41,098 3,612,103 2.20
      3,612,103 2.20
Malaysia (Cost $1,926,117)        
My EG Services Bhd. MYR 11,042,506 2,295,935 1.40
      2,295,935 1.40
Mexico (Cost $9,325,128)        
Fomento Economico Mexicano S.A.B. de C.V. ADR   13,697 1,442,431 0.88
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR   13,600 1,209,992 0.74
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B* MXN 136,635 2,774,156 1.69
Grupo Financiero Banorte S.A.B. de C.V., Class O MXN 295,200 2,536,759 1.54
Wal-Mart de Mexico S.A.B. de C.V. MXN 573,100 1,816,280 1.10
      9,779,618 5.95
Poland (Cost $1,515,202)        
LPP S.A. PLN 375 1,541,901 0.94
      1,541,901 0.94
Saudi Arabia (Cost $1,618,078)        
United International Transportation Co. SAR 72,130 1,421,695 0.87
      1,421,695 0.87
South Africa (Cost $1,290,061)        
Boxer Retail Ltd.* ZAR 367,960 1,372,399 0.83
      1,372,399 0.83
South Korea (Cost $13,339,407)        
Classys, Inc. KRW 38,686 1,753,778 1.07
DB Insurance Co. Ltd. KRW 32,398 2,081,342 1.27
Eugene Technology Co. Ltd. KRW 40,129 964,157 0.59
Hansol Chemical Co. Ltd. KRW 19,163 1,563,809 0.95
KoMiCo Ltd. KRW 40,646 1,699,438 1.03
SK Hynix, Inc. KRW 30,755 3,864,566 2.35
SK Square Co. Ltd.* KRW 13,203 828,093 0.50
      12,755,183 7.76
Taiwan (Cost $28,667,452)        
Alchip Technologies Ltd. TWD 21,667 1,446,932 0.88
Andes Technology Corp.* TWD 135,000 1,221,216 0.74
Chroma ATE, Inc. TWD 185,000 1,697,457 1.03
E Ink Holdings, Inc. TWD 411,000 2,865,498 1.75
Gudeng Precision Industrial Co. Ltd. TWD 167,000 1,924,405 1.17
Lotes Co. Ltd. TWD 26,000 1,021,009 0.62
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Shares Value % of Net
Assets
Taiwan (continued)        
MediaTek, Inc. TWD 61,000 $2,584,935 1.57
Taiwan Semiconductor Manufacturing Co. Ltd. TWD 621,000 17,702,331 10.78
      30,463,783 18.54
United Arab Emirates (Cost $3,712,411)        
Abu Dhabi Islamic Bank PJSC AED 270,898 1,350,165 0.82
Aldar Properties PJSC AED 598,246 1,346,917 0.82
Talabat Holding PLC* AED 3,986,679 1,532,048 0.93
      4,229,130 2.57
Total Common Stocks (Cost $151,025,061)     162,530,423 98.92
Total Investments (Total Cost $151,025,061)     162,530,423 98.92
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)     1,779,714 1.08
Net Assets     $164,310,137 100.00
    
   
* Non-income producing security.
1 Local currency is United States Dollars unless otherwise noted below.
2 Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of April 30, 2025, these securities had a total value of $13,029,128 or 7.93% of net assets.
Percentages shown are based on net assets.
At April 30, 2025, the industry sectors for the Ashmore Emerging Markets Equity Fund were:
Sector Percentage of
Net Assets
Communication Services 11.8%
Consumer Discretionary 15.2
Consumer Staples 5.7
Financials 19.0
Health Care 7.1
Industrials 13.1
Information Technology 23.8
Materials 1.4
Real Estate 1.8
Total Investments 98.9
Other Assets Less Liabilities 1.1
Net Assets 100.0%
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Equity Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2025:
  Level 1   Level 2   Level 3   Total
Investments              
Assets:              
Common Stocks              
Brazil $12,565,043   $—   $—   $12,565,043
China 12,455,909   33,852,431   —   46,308,340
Hong Kong —   3,612,848   —   3,612,848
Hungary —   2,475,142   —   2,475,142
India 7,158,657   16,274,021   —   23,432,678
Indonesia 3,213,968   3,450,657   —   6,664,625
Kazakhstan 3,612,103   —   —   3,612,103
Malaysia —   2,295,935   —   2,295,935
Mexico 9,779,618   —   —   9,779,618
Poland —   1,541,901   —   1,541,901
Saudi Arabia —   1,421,695   —   1,421,695
South Africa —   1,372,399   —   1,372,399
South Korea —   12,755,183   —   12,755,183
Taiwan —   30,463,783   —   30,463,783
United Arab Emirates —   4,229,130   —   4,229,130
Total Common Stock 48,785,298   113,745,125   —   162,530,423
Total Investments $48,785,298   $113,745,125   $—   $162,530,423
The following is a summary of the fair values of the Fund’s derivative instruments*:
The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2025:
  Derivatives Not Accounted for as
Hedging Instruments
  Foreign
Exchange Risk
Realized Gain (Loss) on Derivatives:  
Net Realized Loss on Forward Foreign Currency Exchange Contracts $(2,546)
   
* See note 9 in the Notes to the Financial Statements for additional information.
See accompanying notes to the financial statements.
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SCHEDULE OF INVESTMENTS
As of April 30, 2025 (Unaudited)
  Currency1 Shares Value % of Net
Assets
Common Stocks        
Brazil (Cost $1,157,261)        
Lojas Renner S.A.* BRL 59,480 $153,124 1.22
MercadoLibre, Inc.*   200 466,170 3.72
Raia Drogasil S.A. BRL 56,100 196,122 1.57
Rede D’Or Sao Luiz S.A.*,2 BRL 44,957 253,654 2.03
TOTVS S.A.* BRL 33,200 220,080 1.76
      1,289,150 10.30
China (Cost $2,992,701)        
ANTA Sports Products Ltd. HKD 36,000 429,546 3.43
Contemporary Amperex Technology Co. Ltd., Class A CNY 7,100 225,849 1.81
KE Holdings, Inc. ADR   8,640 175,392 1.40
Meituan, Class B*,2 HKD 26,350 440,734 3.52
Proya Cosmetics Co. Ltd., Class A CNY 26,200 344,500 2.75
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A CNY 5,800 175,391 1.40
Sieyuan Electric Co. Ltd., Class A CNY 18,400 182,635 1.46
Sunresin New Materials Co. Ltd., Class A CNY 18,950 113,615 0.91
Tencent Holdings Ltd. HKD 18,400 1,141,790 9.12
Trip.com Group Ltd. ADR   3,836 226,286 1.81
      3,455,738 27.61
Hong Kong (Cost $299,060)        
AIA Group Ltd. HKD 35,200 265,939 2.13
      265,939 2.13
India (Cost $1,525,460)        
Apollo Hospitals Enterprise Ltd. INR 3,387 279,833 2.24
Axis Bank Ltd. INR 11,757 165,006 1.32
Axis Bank Ltd. GDR (Registered)   1,513 106,224 0.85
Cipla Ltd. INR 11,475 210,991 1.68
HDFC Bank Ltd. ADR   8,337 606,016 4.84
Indian Energy Exchange Ltd.2 INR 43,406 97,936 0.78
Marico Ltd. INR 14,930 125,649 1.00
PB Fintech Ltd.* INR 10,708 206,120 1.65
      1,797,775 14.36
Indonesia (Cost $523,565)        
Bank Mandiri Persero Tbk PT IDR 860,800 254,444 2.03
Grab Holdings Ltd., Class A*   61,300 299,144 2.39
      553,588 4.42
Kazakhstan (Cost $112,241)        
Kaspi.KZ JSC ADR (Registered)   1,348 118,476 0.95
      118,476 0.95
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS EQUITY ESG FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Shares Value % of Net
Assets
Malaysia (Cost $214,275)        
My EG Services Bhd. MYR 1,208,106 $251,187 2.01
      251,187 2.01
Mexico (Cost $520,504)        
Fomento Economico Mexicano S.A.B. de C.V. ADR   1,256 132,269 1.06
Grupo Financiero Banorte S.A.B. de C.V., Class O MXN 34,400 295,612 2.36
Wal-Mart de Mexico S.A.B. de C.V. MXN 62,500 198,076 1.58
      625,957 5.00
South Africa (Cost $148,654)        
Boxer Retail Ltd.* ZAR 42,327 157,869 1.26
      157,869 1.26
South Korea (Cost $778,038)        
DB Insurance Co. Ltd. KRW 3,083 198,061 1.58
Eugene Technology Co. Ltd. KRW 6,317 151,775 1.21
SK Hynix, Inc. KRW 2,656 333,744 2.67
SK Square Co. Ltd.* KRW 1,596 100,101 0.80
      783,681 6.26
Taiwan (Cost $2,330,278)        
Alchip Technologies Ltd. TWD 2,000 133,561 1.07
Chroma ATE, Inc. TWD 17,000 155,983 1.25
Delta Electronics, Inc. TWD 7,957 83,279 0.66
E Ink Holdings, Inc. TWD 60,000 418,321 3.34
Gudeng Precision Industrial Co. Ltd. TWD 17,000 195,897 1.56
Lotes Co. Ltd. TWD 2,889 113,450 0.91
MediaTek, Inc. TWD 8,000 339,008 2.71
Taiwan Semiconductor Manufacturing Co. Ltd. TWD 51,000 1,453,815 11.62
      2,893,314 23.12
United Arab Emirates (Cost $142,909)        
Abu Dhabi Islamic Bank PJSC AED 40,938 204,036 1.63
      204,036 1.63
Total Common Stocks (Cost $10,744,946)     12,396,710 99.05
Total Investments (Total Cost $10,744,946)     12,396,710 99.05
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)     119,267 0.95
Net Assets     $12,515,977 100.00
    
   
* Non-income producing security.
1 Local currency is United States Dollars unless otherwise noted below.
2 Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of April 30, 2025, these securities had a total value of $792,324 or 6.33% of net assets.
Percentages shown are based on net assets.
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS EQUITY ESG FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
At April 30, 2025, the industry sectors for the Ashmore Emerging Markets Equity ESG Fund were:
Sector Percentage of
Net Assets
Communication Services 9.1%
Consumer Discretionary 13.7
Consumer Staples 9.2
Financials 20.1
Health Care 7.3
Industrials 8.5
Information Technology 28.8
Materials 0.9
Real Estate 1.4
Total Investments 99.0
Other Assets Less Liabilities 1.0
Net Assets 100.0%
The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Equity ESG Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2025:
  Level 1   Level 2   Level 3   Total
Investments              
Assets:              
Common Stocks              
Brazil $1,289,150   $—   $—   $1,289,150
China 401,678   3,054,060   —   3,455,738
Hong Kong —   265,939   —   265,939
India 606,016   1,191,759   —   1,797,775
Indonesia 299,144   254,444   —   553,588
Kazakhstan 118,476   —   —   118,476
Malaysia —   251,187   —   251,187
Mexico 625,957   —   —   625,957
South Africa —   157,869   —   157,869
South Korea —   783,681   —   783,681
Taiwan —   2,893,314   —   2,893,314
United Arab Emirates —   204,036   —   204,036
Total Common Stock 3,340,421   9,056,289   —   12,396,710
Total Investments $3,340,421   $9,056,289   $—   $12,396,710
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS EQUITY ESG FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
The following is a summary of the fair values of the Fund’s derivative instruments*:
The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2025:
  Derivatives Not Accounted for as
Hedging Instruments
  Foreign
Exchange Risk
Realized Gain (Loss) on Derivatives:  
Net Realized Loss on Forward Foreign Currency Exchange Contracts $(248)
   
* See note 9 in the Notes to the Financial Statements for additional information.
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Debt Securities        
Angola (Cost $385,302)        
Angola (Rep of), 8.000%, 11/26/2029   200,000 $159,438 0.82
Angola (Rep of), 9.125%, 11/26/2049   250,000 169,875 0.88
      329,313 1.70
Argentina (Cost $375,731)        
Argentina (Rep of), 1.000%, 07/09/2029   111,600 90,061 0.46
Argentina (Rep of), (Step to 1.750% on 07/09/27), 0.750%, 07/09/20302   302,522 231,959 1.20
Argentina (Rep of), (Step to 4.750% on 07/09/27), 4.125%, 07/09/20352   262,666 174,180 0.90
Argentina (Rep of), 5.000%, 01/09/20382   145,000 101,953 0.52
Argentina (Rep of), (Step to 4.875% on 07/09/29), 3.500%, 07/09/20412   134,000 82,695 0.43
      680,848 3.51
Azerbaijan (Cost $201,208)        
Southern Gas Corridor CJSC, 6.875%, 03/24/2026   200,000 201,204 1.04
      201,204 1.04
Bahrain (Cost $209,362)        
Bapco Energies BSC Closed, 8.380%, 11/07/2028   200,000 212,000 1.09
      212,000 1.09
Brazil (Cost $378,497)        
Brazil (Rep of), 8.250%, 01/20/2034   15,000 16,800 0.09
Brazil (Rep of), 6.125%, 03/15/2034   200,000 196,200 1.01
Brazil (Rep of), 5.000%, 01/27/2045   200,000 152,000 0.78
      365,000 1.88
Bulgaria (Cost $11,550)        
Bulgaria (Rep of), 5.000%, 03/05/2037   12,000 11,591 0.06
      11,591 0.06
Chile (Cost $874,697)        
Chile (Rep of), 3.100%, 05/07/2041   200,000 147,500 0.76
Chile (Rep of), 3.100%, 01/22/2061   400,000 237,550 1.22
Corp. Nacional del Cobre de Chile, 4.380%, 02/05/2049   200,000 149,200 0.77
Empresa Nacional del Petroleo, 5.250%, 11/06/2029   268,000 268,670 1.39
      802,920 4.14
Colombia (Cost $257,437)        
Colombia (Rep of), 7.380%, 09/18/2037   100,000 92,600 0.48
Colombia (Rep of), 5.630%, 02/26/2044   200,000 142,750 0.73
      235,350 1.21
Costa Rica (Cost $177,571)        
Costa Rica (Rep of), 5.630%, 04/30/2043   200,000 176,400 0.91
      176,400 0.91
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Dominican Republic (Cost $545,967)        
Dominican (Rep of), 4.875%, 09/23/2032   225,000 $202,289 1.04
Dominican (Rep of), 5.300%, 01/21/2041   150,000 124,856 0.65
Dominican (Rep of), 5.875%, 01/30/2060   282,000 232,897 1.20
      560,042 2.89
Ecuador (Cost $110,477)        
Ecuador (Rep of), (Step to 6.900% on 07/31/25), 5.500%, 07/31/20352   124,000 74,121 0.38
Ecuador (Rep of), (Step to 5.500% on 07/31/26), 5.000%, 07/31/20402   155,000 80,736 0.42
      154,857 0.80
Egypt (Cost $513,882)        
Egypt (Rep of), 7.600%, 03/01/2029   200,000 186,632 0.96
Egypt (Rep of), 8.500%, 01/31/2047   200,000 144,900 0.75
Egypt (Rep of), 8.700%, 03/01/2049   200,000 146,900 0.76
Egypt (Rep of), 8.875%, 05/29/2050   200,000 148,850 0.77
      627,282 3.24
El Salvador (Cost $36,688)        
El Salvador (Rep of), 7.650%, 06/15/2035   47,000 44,051 0.23
      44,051 0.23
Ghana (Cost $442,477)        
Ghana (Rep of), 0.000%, 07/03/20263,4   19,200 18,048 0.09
Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/20292,3   193,600 163,834 0.85
Ghana (Rep of), 0.000%, 01/03/20303,4   39,511 29,732 0.15
Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/20352   3,000 1,995 0.01
Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/20352,3   278,400 185,136 0.96
      398,745 2.06
Guatemala (Cost $204,894)        
Guatemala (Rep of), 6.600%, 06/13/2036   200,000 199,800 1.03
      199,800 1.03
Hungary (Cost $497,449)        
Hungary (Rep of), 2.125%, 09/22/2031   200,000 162,250 0.84
Hungary (Rep of), 3.125%, 09/21/2051   200,000 116,453 0.60
Magyar Export-Import Bank Zrt, 6.130%, 12/04/2027   200,000 203,501 1.05
      482,204 2.49
Indonesia (Cost $859,720)        
Indonesia (Rep of), 6.625%, 02/17/2037   100,000 109,800 0.57
Indonesia (Rep of), 7.750%, 01/17/2038   100,000 119,750 0.62
Indonesia (Rep of), 4.200%, 10/15/2050   200,000 158,500 0.82
Pertamina Persero PT, 6.000%, 05/03/2042   200,000 192,200 0.99
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Indonesia (continued)        
Pertamina Persero PT, 6.500%, 11/07/2048   200,000 $201,878 1.04
      782,128 4.04
Ivory Coast (Cost $585,386)        
Ivory Coast (Rep of), 6.375%, 03/03/2028   200,000 196,438 1.01
Ivory Coast (Rep of), 7.630%, 01/30/2033   207,000 193,286 1.00
Ivory Coast (Rep of), 6.125%, 06/15/2033   200,000 172,000 0.89
      561,724 2.90
Kazakhstan (Cost $431,591)        
Kazakhstan (Rep of), 4.710%, 04/09/20353   217,000 208,212 1.07
Kazakhstan (Rep of), 6.500%, 07/21/2045   200,000 209,187 1.08
      417,399 2.15
Malaysia (Cost $430,502)        
Petronas Capital Ltd., 2.480%, 01/28/2032   200,000 171,200 0.88
Petronas Capital Ltd., 4.550%, 04/21/2050   282,000 236,598 1.22
      407,798 2.10
Mexico (Cost $1,508,632)        
Mexico (Rep of), 5.400%, 02/09/2028   200,000 203,800 1.05
Mexico (Rep of), 6.050%, 01/11/2040   138,000 128,547 0.66
Mexico (Rep of), 4.750%, 03/08/2044   62,000 46,841 0.24
Mexico (Rep of), 5.550%, 01/21/2045   64,000 55,264 0.29
Mexico (Rep of), 3.771%, 05/24/2061   200,000 113,200 0.58
Mexico (Rep of), 3.750%, 04/19/2071   200,000 108,500 0.56
Mexico (Rep of), 5.750%, 10/12/2110   76,000 57,532 0.30
Petroleos Mexicanos, 8.750%, 06/02/2029   101,000 99,121 0.51
Petroleos Mexicanos, 6.350%, 02/12/2048   101,000 64,044 0.33
Petroleos Mexicanos, 7.690%, 01/23/2050   322,000 235,060 1.21
Petroleos Mexicanos, 6.950%, 01/28/2060   418,000 277,970 1.44
      1,389,879 7.17
Mongolia (Cost $167,675)        
Mongolia (Rep of), 4.450%, 07/07/2031   200,000 168,650 0.87
      168,650 0.87
Morocco (Cost $206,414)        
Morocco (Rep of), 6.500%, 09/08/2033   200,000 206,500 1.07
      206,500 1.07
Nigeria (Cost $640,842)        
Nigeria (Rep of), 6.500%, 11/28/2027   200,000 187,600 0.97
Nigeria (Rep of), 7.700%, 02/23/2038   200,000 152,250 0.78
Nigeria (Rep of), 7.630%, 11/28/2047   405,000 286,538 1.48
      626,388 3.23
Oman (Cost $596,697)        
Oman (Rep of), 4.750%, 06/15/2026   200,000 198,750 1.02
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Oman (continued)        
Oman (Rep of), 6.750%, 10/28/2027   200,000 $207,144 1.07
Oman (Rep of), 6.500%, 03/08/2047   200,000 197,494 1.02
      603,388 3.11
Pakistan (Cost $163,237)        
Pakistan (Rep of), 8.880%, 04/08/2051   200,000 142,500 0.74
      142,500 0.74
Panama (Cost $320,147)        
Panama (Rep of), 7.130%, 01/29/2026   100,000 101,500 0.53
Panama (Rep of), 8.880%, 09/30/2027   49,000 52,969 0.27
Panama (Rep of), 9.380%, 04/01/2029   63,000 69,993 0.36
Panama (Rep of), 6.700%, 01/26/2036   88,000 84,964 0.44
      309,426 1.60
Paraguay (Cost $193,907)        
Paraguay (Rep of), 5.850%, 08/21/2033   200,000 202,050 1.04
      202,050 1.04
Peru (Cost $659,971)        
Peru (Rep of), 8.750%, 11/21/2033   149,000 180,886 0.93
Peru (Rep of), 5.375%, 02/08/2035   52,000 51,324 0.26
Peru (Rep of), 3.300%, 03/11/2041   144,000 104,901 0.54
Peru (Rep of), 2.780%, 12/01/2060   207,000 110,745 0.57
Peru (Rep of), 3.230%, 07/28/2121   53,000 28,249 0.15
Petroleos del Peru S.A., 5.625%, 06/19/2047   234,000 142,506 0.74
      618,611 3.19
Philippines (Cost $528,154)        
Philippines (Rep of), 9.500%, 02/02/2030   105,000 126,788 0.65
Philippines (Rep of), 7.750%, 01/14/2031   100,000 115,500 0.60
Philippines (Rep of), 6.375%, 10/23/2034   100,000 109,000 0.56
Philippines (Rep of), 3.950%, 01/20/2040   200,000 170,400 0.88
      521,688 2.69
Poland (Cost $504,788)        
Bank Gospodarstwa Krajowego, 5.750%, 07/09/2034   200,000 203,544 1.05
Poland (Rep of), 5.500%, 11/16/2027   15,000 15,464 0.08
Poland (Rep of), 4.880%, 10/04/2033   72,000 71,208 0.37
Poland (Rep of), 5.130%, 09/18/2034   76,000 75,539 0.39
Poland (Rep of), 5.500%, 04/04/2053   43,000 40,316 0.21
Poland (Rep of), 5.500%, 03/18/2054   96,000 89,568 0.46
      495,639 2.56
Qatar (Cost $155,450)        
QatarEnergy, 3.125%, 07/12/2041   200,000 146,000 0.75
      146,000 0.75
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
Romania (Cost $499,416)        
Romania (Rep of), 3.000%, 02/27/2027   40,000 $38,216 0.20
Romania (Rep of), 6.625%, 02/17/2028   52,000 53,105 0.27
Romania (Rep of), 5.875%, 01/30/2029   98,000 97,082 0.50
Romania (Rep of), 3.000%, 02/14/2031   30,000 24,844 0.13
Romania (Rep of), 3.625%, 03/27/2032   44,000 36,477 0.19
Romania (Rep of), 7.125%, 01/17/2033   36,000 36,274 0.19
Romania (Rep of), 5.750%, 03/24/20353   38,000 33,618 0.17
Romania (Rep of), 7.500%, 02/10/20373   82,000 81,590 0.42
Romania (Rep of), 6.125%, 01/22/2044   42,000 35,643 0.18
Romania (Rep of), 4.000%, 02/14/2051   64,000 37,840 0.20
      474,689 2.45
Saudi Arabia (Cost $700,766)        
Saudi (Rep of), 5.000%, 01/16/2034   325,000 322,783 1.67
Saudi (Rep of), 5.000%, 04/17/2049   200,000 171,050 0.88
Suci Second Investment Co., 4.380%, 09/10/2027   200,000 198,151 1.02
      691,984 3.57
South Africa (Cost $524,718)        
South Africa (Rep of), 4.300%, 10/12/2028   200,000 189,386 0.98
South Africa (Rep of), 5.875%, 04/20/2032   200,000 188,959 0.97
South Africa (Rep of), 5.750%, 09/30/2049   200,000 141,918 0.73
      520,263 2.68
Turkey (Cost $805,130)        
Turkey (Rep of), 5.250%, 03/13/2030   225,000 207,675 1.07
Turkey (Rep of), 6.500%, 01/03/2035   200,000 183,000 0.94
Turkey (Rep of), 4.880%, 04/16/2043   238,000 159,995 0.83
Turkey (Rep of), 5.750%, 05/11/2047   302,000 217,138 1.12
      767,808 3.96
Ukraine (Cost $240,640)        
Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/20302,3   10,246 4,985 0.03
Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/20342,3   38,290 14,359 0.07
Ukraine (Rep of), (Step to 4.500% on 08/01/25), 1.750%, 02/01/20342,3   214,378 105,796 0.55
Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/20352,3   32,358 16,098 0.08
Ukraine (Rep of), (Step to 4.500% on 08/01/25), 1.750%, 02/01/20352,3   133,654 65,089 0.34
Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/20362,3   26,964 13,347 0.07
Ukraine (Rep of), (Step to 4.500% on 08/01/25), 1.750%, 02/01/20362,3   77,551 37,302 0.19
      256,976 1.33
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Par Value % of Net
Assets
United Arab Emirates (Cost $857,302)        
Abu Dhabi (Gov’t of), 3.125%, 09/30/2049   400,000 $270,100 1.39
Abu Dhabi Developmental Holding Co. PJSC, 5.250%, 10/02/20543   200,000 182,964 0.94
DP World Crescent Ltd., 3.750%, 01/30/2030   361,000 342,232 1.77
      795,296 4.10
United States (Cost $963,146)        
U.S. Treasury Bill, 4.133%, 07/10/20255   971,100 963,179 4.97
      963,179 4.97
Uruguay (Cost $668,573)        
Uruguay (Rep of), (100% Cash), 7.875%, (100% Cash), 01/15/20336   103,000 120,819 0.62
Uruguay (Rep of), 5.750%, 10/28/2034   70,000 73,150 0.38
Uruguay (Rep of), 7.625%, 03/21/2036   75,000 88,687 0.46
Uruguay (Rep of), 4.125%, 11/20/2045   62,000 52,313 0.27
Uruguay (Rep of), 5.100%, 06/18/2050   67,000 61,540 0.32
Uruguay (Rep of), 4.975%, 04/20/2055   137,000 120,765 0.62
Uruguay (Rep of), 5.250%, 09/10/2060   125,454 113,030 0.58
      630,304 3.25
Venezuela (Cost $923,434)        
Petroleos de Venezuela S.A., 8.500%, 10/27/20207,8   419,000 389,670 2.01
Venezuela (Rep of), 11.750%, 10/21/20267   865,000 156,565 0.81
Venezuela (Rep of), 9.250%, 09/15/20277   1,155,000 202,125 1.04
Venezuela (Rep of), 11.950%, 08/05/20317   974,000 160,710 0.83
      909,070 4.69
Zambia (Cost $35,502)        
Zambia (Rep of), (Step to 7.500% on 06/30/31), 5.750%, 06/30/20332   39,971 34,537 0.18
      34,537 0.18
Total Debt Securities (Cost $19,394,929)     19,125,481 98.67
Total Investments in Securities (Cost $19,394,929)     19,125,481 98.67
Total Investments (Total Cost $19,394,929)     19,125,481 98.67
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)     257,378 1.33
Net Assets     $19,382,859 100.00
    
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
   
1 Local currency is United States Dollars unless otherwise noted below.
2 Step coupon bond. Rate as of April 30, 2025 is disclosed.
3 Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of April 30, 2025, these securities had a total value of $1,160,110 or 5.99% of net assets.
4 Zero coupon bond.
5 Zero coupon bond – interest rate reflects effective yield on the date of purchase.
6 Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis.
7 Issuer has defaulted on terms of debt obligation.
8 Maturity has been extended under the terms of a plan of reorganization.
Percentages shown are based on net assets.
At April 30, 2025, the Ashmore Emerging Markets Debt Fund had outstanding forward foreign currency exchange contracts as follows:
Settlement
Date 		Counterparty Currency
Buy 		Currency
Buy Amount
(Local
Currency) 		Currency
Sell 		Currency
Sell Amount
(Local
Currency) 		Unrealized
Gain/(Loss)
07/31/2025 Citibank Czech Koruna 4,280,640 United States Dollar 195,000 $(207)
Subtotal Depreciation         (207)
Total           $(207)
The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Debt Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2025:
  Level 1   Level 2   Level 3   Total
Investments              
Assets:              
Debt Securities              
Corporate Bonds $—   $1,081,298   $—   $1,081,298
Financial Certificates —   540,383   —   540,383
Government Agencies —   2,496,032   —   2,496,032
Government Bonds —   14,044,589   —   14,044,589
Short Term Bills and Notes —   963,179   —   963,179
Total Debt Securities —   19,125,481   —   19,125,481
Total Investments $—   $19,125,481   $—   $19,125,481
Other Financial Instruments              
Liabilities:              
Forward Foreign Currency Exchange Contracts $—   $(207)   $—   $(207)
Total Other Financial Instruments $—   $(207)   $—   $(207)
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
The following is a summary of the fair values of the Fund’s derivative instruments*:
Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2025:
  Derivatives Not Accounted for as
Hedging Instruments
  Foreign
Exchange Risk
Liabilities:  
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts $(207)
The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2025:
  Derivatives Not Accounted for as
Hedging Instruments
  Foreign
Exchange Risk
Realized Gain (Loss) on Derivatives:  
Net Realized Loss on Forward Foreign Currency Exchange Contracts $(2,237)
   
Net Change in Unrealized Appreciation (Depreciation) on Derivatives:  
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts $5,280
* See note 9 in the Notes to the Financial Statements for additional information.
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS EQUITY EX CHINA FUND
SCHEDULE OF INVESTMENTS
As of April 30, 2025 (Unaudited)
  Currency1 Shares Value % of Net
Assets
Common Stocks        
Brazil (Cost $733,067)        
Lojas Renner S.A.* BRL 38,720 $99,680 1.38
MercadoLibre, Inc.*   100 233,085 3.23
Raia Drogasil S.A. BRL 25,100 87,748 1.22
Rede D’Or Sao Luiz S.A.*,2 BRL 28,700 161,929 2.25
TOTVS S.A.* BRL 21,200 140,533 1.95
XP, Inc., Class A   7,500 120,750 1.67
      843,725 11.70
Hungary (Cost $129,069)        
Wizz Air Holdings PLC*,2 GBP 6,389 140,317 1.95
      140,317 1.95
India (Cost $1,247,303)        
Apollo Hospitals Enterprise Ltd. INR 2,323 191,926 2.66
Axis Bank Ltd. GDR (Registered)   3,131 219,820 3.05
Cipla Ltd. INR 6,380 117,309 1.63
HDFC Bank Ltd. ADR   5,256 382,059 5.30
Indian Energy Exchange Ltd.2 INR 17,924 40,441 0.56
InterGlobe Aviation Ltd.*,2 INR 1,414 87,957 1.22
International Gemmological Institute India Ltd. INR 21,621 88,943 1.23
Marico Ltd. INR 11,158 93,904 1.30
PB Fintech Ltd.* INR 5,137 98,883 1.37
      1,321,242 18.32
Indonesia (Cost $416,381)        
Bank Mandiri Persero Tbk PT IDR 763,300 225,624 3.13
Grab Holdings Ltd., Class A*   35,500 173,240 2.40
      398,864 5.53
Kazakhstan (Cost $304,948)        
Kaspi.KZ JSC ADR (Registered)   2,619 230,184 3.19
      230,184 3.19
Malaysia (Cost $156,145)        
My EG Services Bhd. MYR 660,200 137,267 1.90
      137,267 1.90
Mexico (Cost $616,146)        
Fomento Economico Mexicano S.A.B. de C.V. ADR   1,021 107,522 1.49
Genomma Lab Internacional S.A.B. de C.V., Class B MXN 55,400 65,117 0.90
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR   800 71,176 0.99
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B* MXN 8,135 165,168 2.29
Grupo Financiero Banorte S.A.B. de C.V., Class O MXN 18,300 157,258 2.18
Wal-Mart de Mexico S.A.B. de C.V. MXN 27,900 88,421 1.23
      654,662 9.08
See accompanying notes to the financial statements.
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ASHMORE EMERGING MARKETS EQUITY EX CHINA FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
  Currency1 Shares Value % of Net
Assets
Poland (Cost $105,647)        
LPP S.A. PLN 26 $106,905 1.48
      106,905 1.48
Saudi Arabia (Cost $78,894)        
United International Transportation Co. SAR 3,407 67,153 0.93
      67,153 0.93
South Africa (Cost $89,946)        
Boxer Retail Ltd.* ZAR 26,390 98,428 1.36
      98,428 1.36
South Korea (Cost $958,642)        
Classys, Inc. KRW 2,576 116,780 1.62
DB Insurance Co. Ltd. KRW 1,923 123,539 1.71
Eugene Technology Co. Ltd. KRW 2,063 49,567 0.69
Hansol Chemical Co. Ltd. KRW 1,495 122,000 1.69
KoMiCo Ltd. KRW 1,660 69,406 0.96
SK Hynix, Inc. KRW 1,415 177,804 2.47
SK Square Co. Ltd.* KRW 2,818 176,745 2.45
      835,841 11.59
Taiwan (Cost $1,827,068)        
Alchip Technologies Ltd. TWD 444 29,651 0.41
Chroma ATE, Inc. TWD 7,000 64,228 0.89
Delta Electronics, Inc. TWD 2,931 30,676 0.43
E Ink Holdings, Inc. TWD 32,000 223,104 3.09
Gudeng Precision Industrial Co. Ltd. TWD 10,000 115,234 1.60
Kinik Co. TWD 10,000 76,448 1.06
Lotes Co. Ltd. TWD 2,000 78,539 1.09
MediaTek, Inc. TWD 4,000 169,504 2.35
Taiwan Semiconductor Manufacturing Co. Ltd. TWD 34,000 969,210 13.44
      1,756,594 24.36
United Arab Emirates (Cost $318,354)        
Abu Dhabi Islamic Bank PJSC AED 31,202 155,512 2.16
Aldar Properties PJSC AED 46,507 104,708 1.45
Talabat Holding PLC* AED 340,042 130,675 1.81
      390,895 5.42
Total Common Stocks (Cost $6,981,610)     6,982,077 96.81
Total Investments (Total Cost $6,981,610)     6,982,077 96.81
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)     230,258 3.19
Net Assets     $7,212,335 100.00
    
   
* Non-income producing security.
See accompanying notes to the financial statements.
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SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
1 Local currency is United States Dollars unless otherwise noted below.
2 Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. As of April 30, 2025, these securities had a total value of $430,644 or 5.97% of net assets.
Percentages shown are based on net assets.
At April 30, 2025, the industry sectors for the Ashmore Emerging Markets Equity ex China Fund were:
Sector Percentage of
Net Assets
Consumer Discretionary 7.9%
Consumer Staples 6.6
Financials 24.3
Health Care 9.1
Industrials 16.4
Information Technology 29.4
Materials 1.7
Real Estate 1.4
Total Investments 96.8
Other Assets Less Liabilities 3.2
Net Assets 100.0%
See accompanying notes to the financial statements.
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SCHEDULE OF INVESTMENTS (CONTINUED)
As of April 30, 2025 (Unaudited)
The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Equity ex China Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2025:
  Level 1   Level 2   Level 3   Total
Investments              
Assets:              
Common Stocks              
Brazil $843,725   $—   $—   $843,725
Hungary —   140,317   —   140,317
India 382,059   939,183   —   1,321,242
Indonesia 173,240   225,624   —   398,864
Kazakhstan 230,184   —   —   230,184
Malaysia —   137,267   —   137,267
Mexico 654,662   —   —   654,662
Poland —   106,905   —   106,905
Saudi Arabia —   67,153   —   67,153
South Africa —   98,428   —   98,428
South Korea —   835,841   —   835,841
Taiwan —   1,756,594   —   1,756,594
United Arab Emirates —   390,895   —   390,895
Total Common Stock 2,283,870   4,698,207   —   6,982,077
Total Investments $2,283,870   $4,698,207   $—   $6,982,077
The following is a summary of the fair values of the Fund’s derivative instruments*:
  Derivatives Not Accounted for as
Hedging Instruments
  Foreign
Exchange Risk
Realized Gain (Loss) on Derivatives:  
Net Realized Loss on Forward Foreign Currency Exchange Contracts $(163)
   
* See note 9 in the Notes to the Financial Statements for additional information.
See accompanying notes to the financial statements.
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NOTES TO FINANCIAL STATEMENTS
As of April 30, 2025 (Unaudited)
1.    Organization
Ashmore Funds (the “Trust”) is a Massachusetts business trust organized under the laws of the Commonwealth of Massachusetts on August 6, 2010 (inception date) and is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act” or “1940 Act”), as an open-end management investment company. The Trust follows accounting and reporting guidance under Financial Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.” The Trust includes eleven funds as of April 30, 2025, each with its own investment objective. The Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Active Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Frontier Equity Fund, Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Equity ESG Fund, Ashmore Emerging Markets Debt Fund and Ashmore Emerging Markets Equity ex China Fund (each a “Fund” and collectively, the “Funds”) are separate series of the Trust. The Ashmore Emerging Markets Local Currency Bond Fund and the Ashmore Emerging Markets Short Duration Fund are each non-diversified funds. Non-diversified funds may invest a relatively large portion of their net assets in a single issuer or a small number of issuers. Each of the Funds’ financial statements are presented herein.
Ashmore Investment Advisors Limited (“AIAL” or the “Investment Manager”) serves as investment manager to the Funds. AIAL is a wholly owned subsidiary of Ashmore Investments (UK) Limited, which is a wholly owned subsidiary of Ashmore Group plc (“Ashmore Group”).  Ashmore Investment Management (US) Corporation (“AIMUS”) is the principal underwriter of shares of the Funds. AIMUS is an affiliate of the Investment Manager.  The Northern Trust Company (“Northern Trust”) serves as the administrator, custodian and transfer agent of the Funds.
Related parties or personnel of the Investment Manager may invest in the Funds. The Investment Manager could face a conflict of interest if a related party is invested in a Fund and that party’s interests diverge from those of the Fund, but equally this co-investment may serve to better align the interests of the Funds and the personnel of the Investment Manager. When a related party provides capital for a Fund, it may do so with the intention of redeeming all or part of its interest in the Fund at a future point in time.
The Funds have assessed the impact of the Alternative Investment Fund Managers Directive (AIFMD) (the “Directive”) on the financial statements of the Trust and have concluded that the Trust is exempt from following Chapter V. Section 1. Articles 103-111 of the European Commission’s Level 2 Delegated Regulation on the basis of the operations of the Trust (i) being Non-EEA AIFs (“European Economic Area Alternative Investment Funds”), and (ii) not being marketed in the European Union, as defined by the Directive.
2.    Significant accounting policies
The significant accounting policies adopted and consistently followed in the preparation of the Funds’ financial statements are set out below:
(a) Basis of preparation
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
(b) Use of estimates
The preparation of financial statements in accordance with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues generated and expenses incurred during the reporting period. Actual results could differ from these estimates. These financial statements contain all adjustments which are, in the opinion of the Trust, necessary to portray a fair statement of the period presented. Such adjustments are normal and recurring in nature. Valuation models used to determine the fair value of hard to value investments require the use of a number of market based assumptions.
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As of April 30, 2025(Unaudited)
(c) Determination of the Net Asset Value
The net asset value (“NAV”) of a Fund’s shares is calculated at the close of regular trading (normally 4:00 p.m. Eastern time) (the “NYSE Close”) on each day that the New York Stock Exchange (“NYSE”) is open for regular trading.
(d) Investment valuation
For the purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices. With respect to any portion of a Fund’s assets that are invested in one or more open-ended investment management companies, a Fund’s NAV will be calculated based upon the NAVs of such investments. The prospectuses for these open-end management investment companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.
If a Fund’s non-U.S. (foreign) security’s value has materially changed after the close of the security’s primary exchange or principal market but before the time as of which the Funds calculate their NAVs, the security will be valued at fair value based on procedures approved by the Board. The fair value of investments may be determined based on information provided by pricing services and other third-party vendors, which may recommend fair value prices or adjustments with reference to other securities, indices or assets. The Funds may use fair value pricing more frequently for foreign securities or assets because, amongst other things, many foreign markets close well before the NAV of the Funds’ shares is next calculated. In considering whether fair value pricing is required and in determining fair values, the Valuation Designee (as defined below) may, amongst other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the time as of which the Funds calculate their NAVs. The Valuation Designee (as defined below) may utilize modeling tools provided by third-party vendors to determine the fair values of non-U.S. securities. Foreign exchanges may permit trading in foreign securities on days when the Trust is not open for business, which may result in the values of a Fund’s portfolio investments being affected when investors are unable to buy, sell or exchange shares of the Fund.
Investments initially valued in currencies other than the United States Dollar are converted to the United States Dollar using exchange rates obtained from pricing services. Foreign exchange rates are calculated as of 4:00 p.m. Eastern time on each day that the NYSE opens for regular trading. As a result, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the United States Dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the United States Dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares of the Funds.
Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated the Investment Manager as the valuation designee (“Valuation Designee”) for the Funds to perform the fair value determination relating to all Fund investments. The Investment Manager may carry out its designated responsibilities as Valuation Designee through various committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).
Domestic and foreign debt securities for which the close of trading does not coincide with the NYSE close and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating
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NOTES TO FINANCIAL STATEMENTS  (CONTINUED)
As of April 30, 2025(Unaudited)
to investments or securities with similar characteristics. Certain debt securities purchased on a delayed delivery basis are marked-to-market daily until settlement. Exchange traded options, futures and options on futures are generally valued at the settlement price determined by the exchange on which the instrument is primarily traded.
The Valuation Designee primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information to determine the fair value of an investment. The Valuation Designee may also apply a discount to the last traded price in situations where the last traded price may not represent the fair value of the security, such as if a security’s trading has been suspended on its primary trading market, a security has been de-listed from its primary trading market, a security has not traded for an extended period of time, or a security’s primary trading market is temporarily closed at a time when under normal conditions it would be open. Any such discount is based on a number of factors including but not limited to the circumstances surrounding any potential suspension or de-listing, market and industry conditions, competitor information, and the period of time since the last trading took place.
Fair valuation may require subjective determinations about the value of a security or asset. While the Funds’ and Valuation Designee’s policies and procedures are intended to result in a calculation of a Fund’s NAV that fairly reflects security and asset values as of the time of pricing, the Funds cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security or asset if it were to dispose of that security or asset at the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold.
(e) Investment transactions, income and expenses
Investment transactions are recorded at the trade date. The Funds determine the gain or loss realized from investment transactions using an identified cost basis method. Interest income is recognized on an accrual basis and includes the amortization of premiums and the accretion of discounts using the effective yield method, net of any applicable tax withholding. Dividend income is recognized on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, or as soon as such information is available, net of any applicable tax withholding. Other non-cash dividends are recognized as investment income at the fair value of the property received. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.
Expenses are recorded on an accrual basis. Each Fund is charged for those expenses that are directly attributable to that Fund. Certain expenses arising in connection with a class of shares are charged to that class of shares. Expenses incurred which do not specifically relate to an individual Fund are allocated amongst all the Funds in the Trust in proportion to each Fund’s relative net assets.
(f) Foreign Currency
Assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.
The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal year-end, resulting from changes in exchange rates. Such fluctuations are included with the net realized gain or loss and unrealized appreciation or depreciation from foreign currency exchange transactions.
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NOTES TO FINANCIAL STATEMENTS  (CONTINUED)
As of April 30, 2025(Unaudited)
(g) Inflation Index Securities
Certain Funds may invest in inflation-indexed bonds which are fixed income securities whose principal value is periodically adjusted based on a measure of rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. At April 30, 2025, all inflation-indexed bonds were shown on the Schedule of Investments with their stated coupon rate.  
(h) Credit-Linked Notes
Certain Funds may invest in credit-linked notes to provide exposure to the high yield or another fixed income market. The value of a credit-linked note is based on the price movements of a particular credit, known as a reference credit. Credit-linked notes that a Fund invests in are typically listed instruments that typically provide the same return as the underlying reference credit. A Fund generally will receive a fixed or floating coupon and the note’s par value upon maturity. If a specified credit event occurs, such as default or bankruptcy, the Fund may experience a delay in payment or forego interest. The maximum potential risk of loss is limited to the par amount of the credit linked note plus any accrued interest.
3.    Principal Risks
In the normal course of business, the Funds trade financial instruments and enter into financial transactions where a risk of potential loss exists due to, amongst other things, changes in the market (market risk), or the failure or inability of the other party to a transaction to perform (credit and counterparty risk). See below for a summary description of select principal risks, some of which may not apply to a particular Fund. A discussion of the principal risks of investing in each Fund is included in that Fund’s prospectus.
Counterparty and Third Party Risk
Transactions involving a counterparty to a derivative or other instrument, or a third party responsible for servicing the instrument, are subject to the credit risk of the counterparty or third party, and to the counterparty’s or third party’s ability to perform in accordance with the terms of the transaction.
Credit Risk
The Funds could lose money if the issuer or guarantor of a debt security or other instrument is unable or unwilling to meet its financial obligations, and the lack of ability, or perceived lack of ability, of the issuer to make timely payments of interest and/or principal will negatively affect the value of the security or instrument.
Market Risk
The value of securities and instruments owned by the Funds may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas. Recent instability in the financial markets has led governments around the world to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that have experienced extreme volatility, and in some cases a lack of liquidity. The withdrawal of this support, failure of these efforts, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the values and liquidity of a Fund’s portfolio securities and other assets.
Derivative financial instruments may result in off-balance sheet market and credit risk.  If the markets should move against one or more positions that the Funds hold, the Funds could incur losses greater than the unrealized amounts recorded in the Statements of Assets and Liabilities. Derivative risk exposures are discussed in note 10.
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NOTES TO FINANCIAL STATEMENTS  (CONTINUED)
As of April 30, 2025(Unaudited)
In addition, wars, terrorism, environmental and public health risks, and other geopolitical events may contribute to instability in world economies and markets generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, significant changes in fiscal and monetary policies, and a substantial economic downturn in economies throughout the world. Other epidemics and pandemics that may arise in the future could impair the Funds’ ability to maintain operational standards (such as with respect to satisfying redemption requests), disrupt the operations of the Funds’ service providers, adversely affect the value and liquidity of the Funds’ investments, and negatively impact the Funds’ performance and your investment in a Fund.
On February 24, 2022, the Russian government invaded Ukraine, resulting in sanctions imposed upon various Russian entities and persons by the US and other governments. The Funds may invest in securities and instruments that are economically tied to Russia. Such investments may be negatively impacted by such sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The reductions in liquidity in investments tied to Russia may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments tied to Russia that the Fund may no longer seek to hold. Ashmore will continue to actively manage these positions in the best interests of the Funds and their shareholders.
Foreign/Emerging Markets Risks
Investments in foreign securities entail risks in addition to those customarily associated with investing in U.S. securities. Economic, political and social instability could disrupt financial markets in which the Fund invests and adversely affect the value of the Fund’s assets. In addition, national policies may restrict investment opportunities. In foreign markets there may be a lower degree of market volume and liquidity than in U.S. markets, and this may result in greater price volatility. The securities markets in many Emerging-Market countries are substantially smaller, less developed, less liquid and more volatile than the securities markets of developed countries. Furthermore, since the composition of each Fund will differ from that of market indexes, its performance generally will not mirror the returns provided by a specific market index.
4.    Fair value measurements
U.S. GAAP includes a topic which defines fair value as the price that the Fund would receive upon selling an investment in an orderly and timely transaction to a market participant in the principal or most advantageous market of the investment.  This topic establishes a three-tier hierarchy to maximize the use of observable market data, minimize the use of unobservable inputs and establish classification of fair value measurements for disclosure purposes.  Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability including assumptions about risk.
Such risks include the inherent risk in a particular valuation technique which is used to measure fair value. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
Level 1 – Inputs using unadjusted quoted prices in active markets or exchanges for identical assets and liabilities.
Level 2 – Significant observable inputs other than those used in Level 1, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment rates, loss severities, credit risks and default rates) or other market corroborated inputs.
Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their discretion that are used in determining the fair market value of investments.
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NOTES TO FINANCIAL STATEMENTS  (CONTINUED)
As of April 30, 2025(Unaudited)
Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agency securities, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally priced using data reflecting the earlier closing of the principal markets for those securities, subject to possible fair value adjustments. Information that becomes known to a Fund or its agents after NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or NAV determined earlier that day.
Portfolio securities and other assets for which market quotations are readily available are typically categorized as Level 1 of the fair value hierarchy. Domestic and foreign debt securities where the close of trading does not coincide with the NYSE close and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources are based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Securities using these valuation adjustments are typically categorized as Level 2 of the fair value hierarchy. Preferred securities, equity linked notes and other equities traded on inactive markets or valued by reference to similar instruments are also typically categorized as Level 2 of the fair value hierarchy.
Investments and derivatives classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 instruments may include bank loan agreements and less-liquid corporate debt securities (including distressed debt instruments). Also included in this category are certain bonds and loans for which independent broker prices are used and information relating to the inputs of the price models is not available.
Rule 2a-5, Good Faith Determinations of Fair Value, under the 1940 Act, addresses valuation practices and the role of the board of directors with respect to the fair value of the investments of a registered investment company, including related oversight and reporting requirements intended to ensure that the Board receives the information it needs to oversee the investment adviser’s fair value determinations. Among other things, Rule 2a-5 permits the Board to designate the Funds’ investment adviser to perform the Funds’ fair value determinations, which are subject to Board oversight. Pursuant to Rule 2a-5, the Board approved changes to the Funds’ valuation policies and procedures and designated the Funds’ investment adviser, Ashmore Investment Advisors Limited, to serve as the “valuation designee” to perform the Funds’ fair value determinations.
5.    Capital share transactions
Transactions in Class A shares for the period ended April 30, 2025, were as follows:
Fund Shares Sold Proceeds from Shares Sold Shares from Reinvested Distributions Proceeds from Reinvestment of Distributions Shares Redeemed Payments for Shares Redeemed Net Increase/
(Decrease) in
Shares 		Net Increase/
(Decrease) in
Net Assets
Ashmore Emerging Markets Total Return Fund 13,267 $64,289 5,415 $26,361 (45,826) $(223,179) (27,144) $(132,529)
Ashmore Emerging Markets Local Currency Bond Fund — — 577 3,480 (9) (58) 568 3,422
Ashmore Emerging Markets Corporate Income Fund 8,635 47,848 13,154 72,453 (84,161) (464,716) (62,372) (344,415)
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NOTES TO FINANCIAL STATEMENTS  (CONTINUED)
As of April 30, 2025(Unaudited)
Fund Shares Sold Proceeds from Shares Sold Shares from Reinvested Distributions Proceeds from Reinvestment of Distributions Shares Redeemed Payments for Shares Redeemed Net Increase/
(Decrease) in
Shares 		Net Increase/
(Decrease) in
Net Assets
Ashmore Emerging Markets Short Duration Fund 3,246 $16,020 6,033 $29,406 (57,952) $(282,678) (48,673) $(237,252)
Ashmore Emerging Markets Active Equity Fund 153 1,226 82 634 (256) (1,960) (21) (100)
Ashmore Emerging Markets Small-Cap Equity Fund 316 4,291 184 2,513 (5,419) (72,579) (4,919) (65,775)
Ashmore Emerging Markets Frontier Equity Fund 140,113 1,527,327 713 7,751 (125,993) (1,372,525) 14,833 162,553
Ashmore Emerging Markets Equity Fund 352,873 4,000,837 9,126 102,300 (599,549) (6,684,853) (237,550) (2,581,716)
Ashmore Emerging Markets Equity ESG Fund — — —* 3 — — — 3
Ashmore Emerging Markets Debt Fund — — 2 19 — — 2 19
Ashmore Emerging Markets Equity ex China Fund — — 1 2 — — 1 2
    
* Amount rounds to less than 0.5 shares.
Transactions in Class C shares for the period ended April 30, 2025, were as follows:
Fund Shares Sold Proceeds from Shares Sold Shares from Reinvested Distributions Proceeds from Reinvestment of Distributions Shares Redeemed Payments for Shares Redeemed Net Increase/
(Decrease) in
Shares 		Net Increase/
(Decrease) in
Net Assets
Ashmore Emerging Markets Total Return Fund 59 $287 2,264 $10,979 (41,441) $(199,845) (39,118) $(188,579)
Ashmore Emerging Markets Local Currency Bond Fund — — 18 107 — — 18 107
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As of April 30, 2025(Unaudited)
Fund Shares Sold Proceeds from Shares Sold Shares from Reinvested Distributions Proceeds from Reinvestment of Distributions Shares Redeemed Payments for Shares Redeemed Net Increase/
(Decrease) in
Shares 		Net Increase/
(Decrease) in
Net Assets
Ashmore Emerging Markets Corporate Income Fund 118 $648 4,592 $25,209 (55,620) $(305,370) (50,910) $(279,513)
Ashmore Emerging Markets Short Duration Fund — — 389 1,807 — — 389 1,807
Ashmore Emerging Markets Active Equity Fund — — 2 15 — — 2 15
Ashmore Emerging Markets Small-Cap Equity Fund — — 6 87 — — 6 87
Ashmore Emerging Markets Frontier Equity Fund 8,924 91,436 11 112 (3,949) (40,499) 4,986 51,049
Ashmore Emerging Markets Equity Fund — — 16 165 — — 16 165
Ashmore Emerging Markets Equity ESG Fund — — — — — — — —
Ashmore Emerging Markets Debt Fund — — 2 16 — — 2 16
Ashmore Emerging Markets Equity ex China Fund — — —* 2 — — —* 2
    
* Amount rounds to less than 0.5 shares.
Transactions in Institutional Class shares for the period ended April 30, 2025, were as follows:
Fund Shares Sold Proceeds from Shares Sold Shares from Reinvested Distributions Proceeds from Reinvestment of Distributions Shares Redeemed Payments for Shares Redeemed Net Increase/
(Decrease) in
Shares 		Net Increase/
(Decrease) in
Net Assets
Ashmore Emerging Markets Total Return Fund 693,103 $3,433,471 404,585 $1,999,538 (4,343,602) $(21,485,060) (3,245,914) $(16,052,051)
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As of April 30, 2025(Unaudited)
Fund Shares Sold Proceeds from Shares Sold Shares from Reinvested Distributions Proceeds from Reinvestment of Distributions Shares Redeemed Payments for Shares Redeemed Net Increase/
(Decrease) in
Shares 		Net Increase/
(Decrease) in
Net Assets
Ashmore Emerging Markets Local Currency Bond Fund — $— 23,175 $147,856 (47,830) $(311,961) (24,655) $(164,105)
Ashmore Emerging Markets Corporate Income Fund 25,717 147,078 104,066 597,583 (1,026,243) (5,893,157) (896,460) (5,148,496)
Ashmore Emerging Markets Short Duration Fund 298,679 1,442,333 17,059 81,661 (176,963) (851,092) 138,775 672,902
Ashmore Emerging Markets Active Equity Fund 594 5,057 31,321 245,563 (97) (764) 31,818 249,856
Ashmore Emerging Markets Small-Cap Equity Fund 11,019 193,628 637 11,380 (286,997) (5,090,593) (275,341) (4,885,585)
Ashmore Emerging Markets Frontier Equity Fund 1,191,058 14,980,166 22,645 289,169 (1,221,929) (15,173,136) (8,226) 96,199
Ashmore Emerging Markets Equity Fund 2,963,195 32,412,071 36,723 396,247 (2,299,087) (24,942,491) 700,831 7,865,827
Ashmore Emerging Markets Equity ESG Fund — — 4,115 43,573 — — 4,115 43,573
Ashmore Emerging Markets Debt Fund — — 45,738 380,931 — — 45,738 380,931
Ashmore Emerging Markets Equity ex China Fund — — 2,628 24,910 — — 2,628 24,910
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As of April 30, 2025(Unaudited)
Transactions in Class A shares for the year ended October 31, 2024, were as follows:
Fund Shares Sold Proceeds from Shares Sold Shares from Reinvested Distributions Proceeds from Reinvestment of Distributions Shares Redeemed Payments for Shares Redeemed Net Increase/
(Decrease) in
Shares 		Net Increase/
(Decrease) in
Net Assets
Ashmore Emerging Markets Total Return Fund 33,071 $160,696 12,473 $60,664 (62,850) $(309,210) (17,306) $(87,850)
Ashmore Emerging Markets Local Currency Bond Fund 1 5 1,285 8,105 (157,476) (976,065) (156,190) (967,955)
Ashmore Emerging Markets Corporate Income Fund 28,413 153,156 27,911 150,866 (243,709) (1,320,628) (187,385) (1,016,606)
Ashmore Emerging Markets Short Duration Fund 137,924 653,710 75,781 356,003 (1,638,684) (7,717,764) (1,424,979) (6,708,051)
Ashmore Emerging Markets Active Equity Fund 42 310 47 362 (1,209) (9,177) (1,120) (8,505)
Ashmore Emerging Markets Small-Cap Equity Fund 1,645 23,192 235 2,973 (11,367) (151,179) (9,487) (125,014)
Ashmore Emerging Markets Frontier Equity Fund 137,145 1,433,890 5,930 58,887 (119,807) (1,258,047) 23,268 234,730
Ashmore Emerging Markets Equity Fund 2,856,839 30,418,302 544 6,161 (226,644) (2,569,664) 2,630,739 27,854,799
Ashmore Emerging Markets Equity ESG Fund — — —* — — — — —
Ashmore Emerging Markets Debt Fund — — 5 39 — — 5 39
Ashmore Emerging Markets Equity ex China Fund 74 745 — 2 — — 74 747
    
* Amount rounds to less than 0.5 shares.
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As of April 30, 2025(Unaudited)
Transactions in Class C shares for the year ended October 31, 2024, were as follows:
Fund Shares Sold Proceeds from Shares Sold Shares from Reinvested Distributions Proceeds from Reinvestment of Distributions Shares Redeemed Payments for Shares Redeemed Net Increase/
(Decrease) in
Shares 		Net Increase/
(Decrease) in
Net Assets
Ashmore Emerging Markets Total Return Fund 942 $4,533 6,248 $30,251 (65,149) $(316,172) (57,959) $(281,388)
Ashmore Emerging Markets Local Currency Bond Fund 576 3,678 30 180 — — 606 3,858
Ashmore Emerging Markets Corporate Income Fund 335 1,803 11,339 61,053 (85,481) (460,528) (73,807) (397,672)
Ashmore Emerging Markets Short Duration Fund 1 93 1,982 8,909 (14,130) (65,207) (12,147) (56,205)
Ashmore Emerging Markets Active Equity Fund — — 1 4 — — 1 4
Ashmore Emerging Markets Small-Cap Equity Fund — — — — — — — —
Ashmore Emerging Markets Frontier Equity Fund 3,977 38,544 161 1,531 (4,063) (36,419) 75 3,656
Ashmore Emerging Markets Equity Fund — — 2 20 (1,877) (17,085) (1,875) (17,065)
Ashmore Emerging Markets Equity ESG Fund — — — — — — — —
Ashmore Emerging Markets Debt Fund — — 4 33 — — 4 33
Ashmore Emerging Markets Equity ex China Fund 73 730 — 1 — — 73 731
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As of April 30, 2025(Unaudited)
Transactions in Institutional Class shares for the year ended October 31, 2024, were as follows:
Fund Shares Sold Proceeds from Shares Sold Shares from Reinvested Distributions Proceeds from Reinvestment of Distributions Shares Redeemed Payments for Shares Redeemed Net Increase/
(Decrease) in
Shares 		Net Increase/
(Decrease) in
Net Assets
Ashmore Emerging Markets Total Return Fund 3,850,163 $18,771,257 1,852,324 $9,146,855 (84,718,969) $(421,407,417) (79,016,482) $(393,489,305)
Ashmore Emerging Markets Local Currency Bond Fund 139,074 949,517 59,196 393,699 (235,446) (1,582,351) (37,176) (239,135)
Ashmore Emerging Markets Corporate Income Fund 657,843 3,749,548 462,068 2,595,654 (9,754,333) (55,230,237) (8,634,422) (48,885,035)
Ashmore Emerging Markets Short Duration Fund 9,519 44,344 70,499 326,110 (4,773,319) (22,030,420) (4,693,301) (21,659,966)
Ashmore Emerging Markets Active Equity Fund 42,950 308,655 22,678 173,389 (822,709) (6,201,926) (757,081) (5,719,882)
Ashmore Emerging Markets Small-Cap Equity Fund 4,088 69,290 2,358 38,787 (28,278) (485,218) (21,832) (377,141)
Ashmore Emerging Markets Frontier Equity Fund 1,266,171 14,882,788 160,965 1,874,860 (935,278) (10,448,490) 491,858 6,309,158
Ashmore Emerging Markets Equity Fund 7,514,879 78,339,624 15,487 163,981 (6,163,775) (62,780,555) 1,366,591 15,723,050
Ashmore Emerging Markets Equity ESG Fund — — 464 4,411 — — 464 4,411
Ashmore Emerging Markets Debt Fund — — 96,710 795,345 — — 96,710 795,345
Ashmore Emerging Markets Equity ex China Fund 748,244 7,482,440 1,758 18,297 — — 750,002 7,500,737
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As of April 30, 2025(Unaudited)
Capital shares
Class A shares are issued at the Fund’s relevant NAV per share plus any applicable sales charge. Institutional Class and Class C shares are issued at the Fund’s relevant NAV per share without a sales charge. Shares confer upon the holders the right to receive notice of and attend, speak and vote at shareholder meetings of the Funds. The shares confer upon the holders the right to any or all dividends or distributions which the Trustees in their sole discretion may from time to time resolve to make or declare.
6.    Investment transactions
For the period ended April 30, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding derivatives and short-term investments) for the Funds were as follows:
Fund Purchases Sales
Ashmore Emerging Markets Total Return Fund $10,491,976 $28,052,137
Ashmore Emerging Markets Local Currency Bond Fund 1,453,663 1,622,582
Ashmore Emerging Markets Corporate Income Fund 8,070,667 13,831,213
Ashmore Emerging Markets Short Duration Fund 8,270,491 8,643,376
Ashmore Emerging Markets Active Equity Fund 18,162,250 17,271,171
Ashmore Emerging Markets Small-Cap Equity Fund 2,275,451 7,167,430
Ashmore Emerging Markets Frontier Equity Fund 39,062,817 39,348,097
Ashmore Emerging Markets Equity Fund 57,844,174 51,384,085
Ashmore Emerging Markets Equity ESG Fund 2,994,784 2,865,291
Ashmore Emerging Markets Debt Fund 1,216,477 1,372,990
Ashmore Emerging Markets Equity ex China Fund 2,315,663 2,337,499
The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and the recharacterization of income recognition on investments in PFICs.  At April 30, 2025, for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation (depreciation) on investments (including the effects of foreign currency translation and derivative instruments, if any) and the cost basis of investments (including derivative instruments, if any) were as follows:
  Unrealized
Appreciation 		Unrealized
Depreciation 		Net Appreciation
(Depreciation) 		Cost Basis of
Investments
Ashmore Emerging Markets Total Return Fund $2,905,715 $(32,768,413) $(29,862,698) $105,978,175
Ashmore Emerging Markets Local Currency Bond Fund 278,702 (420,919) (142,217) 9,200,905
Ashmore Emerging Markets Corporate Income Fund 210,272 (20,965,378) (20,755,106) 41,109,951
Ashmore Emerging Markets Short Duration Fund 595,974 (24,241,853) (23,645,879) 56,523,713
Ashmore Emerging Markets Active Equity Fund 1,413,826 (951,879) 461,947 20,861,853
Ashmore Emerging Markets Small-Cap Equity Fund 282,665 (382,917) (100,252) 5,029,760
Ashmore Emerging Markets Frontier Equity Fund 10,718,611 (2,926,114) 7,792,497 80,065,402
Ashmore Emerging Markets Equity Fund 14,044,696 (6,524,766) 7,519,930 155,010,493
Ashmore Emerging Markets Equity ESG Fund 1,988,568 (427,460) 1,561,108 10,835,602
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As of April 30, 2025(Unaudited)
  Unrealized
Appreciation 		Unrealized
Depreciation 		Net Appreciation
(Depreciation) 		Cost Basis of
Investments
Ashmore Emerging Markets Debt Fund $599,097 $(868,643) $(269,546) $19,394,820
Ashmore Emerging Markets Equity ex China Fund 412,037 (434,997) (22,960) 7,005,037
7.    Federal income taxes
No provision for U.S. federal income taxes has been made since each Fund’s policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute, each year, substantially all of its taxable income and capital gains to its shareholders.
For financial reporting purposes the Funds may periodically make reclassifications among components of capital accounts to reflect permanent differences between U.S. GAAP and taxable income.  The reclassifications have no impact on the net assets of the Funds. As a result, the following reclassifications were made to the October 31, 2024 Statements of Assets and Liabilities:
Fund Paid in Capital Distributable earnings/
(Accumulated loss)
Ashmore Emerging Markets Total Return Fund $(3,095,765) $3,095,765
Ashmore Emerging Markets Small-Cap Equity Fund (43,026) 43,026
Ashmore Emerging Markets Frontier Equity Fund (92,731) 92,731
Ashmore Emerging Markets Equity ESG Fund 29 (29)
Ashmore Emerging Markets Debt Fund (7,603) 7,603
Ashmore Emerging Markets Equity ex China Fund (1,036) 1,036
The following Funds have available capital loss carryforwards for which there is no expiration date:
Fund Short-Term Capital Loss
Carryforward at
October 31, 2024 		Long-Term Capital Loss
Carryforward at
October 31, 2024
Ashmore Emerging Markets Total Return Fund $(48,848,575) $(394,130,604)
Ashmore Emerging Markets Local Currency Bond Fund — (1,136,174)
Ashmore Emerging Markets Corporate Income Fund (28,829,757) (113,963,248)
Ashmore Emerging Markets Short Duration Fund (105,040,655) (279,631,683)
Ashmore Emerging Markets Active Equity Fund (11,780,602) (9,651,215)
Ashmore Emerging Markets Small-Cap Equity Fund — (2,648,448)
Ashmore Emerging Markets Frontier Equity Fund (706,995) —
Ashmore Emerging Markets Equity Fund (2,575,322) (6,917,237)
Ashmore Emerging Markets Equity ESG Fund (334,732) (443,994)
Ashmore Emerging Markets Debt Fund (519,747) (2,937,466)
Ashmore Emerging Markets Equity ex China Fund (45,570) —
During the fiscal year ended October 31, 2024, the Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Equity ESG Fund, Ashmore Emerging Markets Debt Fund, and Ashmore Emerging Markets Frontier Equity Fund utilized $4,035,103, $705,351, $207,170, and $6,727,944, respectively, in capital loss carryforwards.
The Funds are subject to the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 740-10, Income Taxes. This standard provides guidance as to how uncertain tax positions should be recognized, measured, presented and disclosed in the Funds’ financial statements. The Funds recognize the tax benefits of uncertain tax positions only where the position is more-likely-than-not (i.e. greater than 50-percent) to be sustained assuming examination by a tax authority based on the technical merits of the position. In evaluating whether a tax position has met the
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As of April 30, 2025(Unaudited)
recognition threshold, the Funds must presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the Funds’ financial statements. Income tax and related interest and penalties would be recognized by the Funds as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. The Funds analyze all open tax years for all major taxing jurisdictions. Open tax years are those that are open to examination by taxing authorities, as defined by the Statute of Limitations in each jurisdiction. The Funds have no examinations by tax authorities in progress. The Trust has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Further, the Trust is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
As of October 31, 2024, the components of distributable taxable earnings, including temporary differences were as follows:
Fund Undistributed
Ordinary
Income 		Undistributed
Long Term
Capital Gain 		Accumulated
Capital Losses
and Other 		Undistributed
Appreciation
(Depreciation) on
Investments and
Foreign Currencies 		Total
Accumulated
Earnings (Deficit)
Ashmore Emerging Markets Total Return Fund $— $— $(444,268,519) $(29,648,796) $(473,917,315)
Ashmore Emerging Markets Local Currency Bond Fund 214,061 — (1,139,096) (355,846) (1,280,881)
Ashmore Emerging Markets Corporate Income Fund 67,907 — (143,587,556) (21,020,862) (164,540,511)
Ashmore Emerging Markets Short Duration Fund 144,263 — (386,220,875) (23,719,385) (409,795,997)
Ashmore Emerging Markets Active Equity Fund 298,645 — (21,431,817) 1,579,902 (19,553,270)
Ashmore Emerging Markets Small-Cap Equity Fund — — (2,648,448) (157,280) (2,805,728)
Ashmore Emerging Markets Frontier Equity Fund — — (709,054) 10,902,754 10,193,700
Ashmore Emerging Markets Equity Fund 524,995 — (9,492,567) 8,989,533 21,961
Ashmore Emerging Markets Equity ESG Fund 48,568 — (785,454) 1,638,243 901,357
Ashmore Emerging Markets Debt Fund — — (3,470,656) 221,026 (3,249,630)
Ashmore Emerging Markets Equity ex China Fund 12,962 — (52,970) (19,688) (59,696)
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NOTES TO FINANCIAL STATEMENTS  (CONTINUED)
As of April 30, 2025(Unaudited)
The taxable character of distributions paid during the fiscal year ended October 31, 2024, were as follows:
  Distributions From    
Fund Ordinary
Income 		Short-Term
Capital
Gains 		Long-Term
Capital
Gains 		Return of
Capital 		Total
Distributions
Paid
Ashmore Emerging Markets Total Return Fund $7,710,737 $— $— $3,095,765 $10,806,502
Ashmore Emerging Markets Local Currency Bond Fund 584,546 — — — 584,546
Ashmore Emerging Markets Corporate Income Fund 3,096,789 — — — 3,096,789
Ashmore Emerging Markets Short Duration Fund 2,377,976 — — — 2,377,976
Ashmore Emerging Markets Active Equity Fund 238,888 — — — 238,888
Ashmore Emerging Markets Small-Cap Equity Fund 56,098 — — — 56,098
Ashmore Emerging Markets Frontier Equity Fund 1,952,942 — — 92,731 2,045,673
Ashmore Emerging Markets Equity Fund 265,711 — — — 265,711
Ashmore Emerging Markets Equity ESG Fund 6,302 — — — 6,302
Ashmore Emerging Markets Debt Fund 1,126,430 — — — 1,126,430
Ashmore Emerging Markets Equity ex China Fund 26,143 — — — 26,143
8.    Distributions to shareholders
The Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Short Duration Fund and Ashmore Emerging Markets Debt Fund declare distributions of their net investment income daily and pay such distributions monthly. The Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Active Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Frontier Equity Fund, Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Equity ESG Fund and Ashmore Emerging Markets Equity ex China Fund declare and pay distributions of their net investment income at least quarterly.
Distributions of net realized capital gains, if any, are declared and paid at least annually.  The Funds may also make a special distribution to comply with federal tax requirements.  Income dividends and capital gains distributions determined in accordance with federal income tax regulations may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may change the fiscal period in which income and capital items are recognized for tax and U.S. GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles and capital loss carryforwards.  Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. 
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As of April 30, 2025(Unaudited)
Examples of characterization differences include the treatment of foreign currency transactions and swap transactions.  As a result, income dividends and capital gain distributions declared during a fiscal period for federal tax purposes may differ significantly from the net investment income and realized capital gain reported on each Fund’s financial statements presented under U.S. GAAP.  In general, to the extent that any differences which are permanent in nature result in over distributions to shareholders, the amount of the over distribution may be reported as return of capital. Temporary differences do not require reclassification. See note 7 for further details.
9.    Derivative instruments and hedging activities
FASB ASC Topic 815-10 (“Topic 815-10”), Disclosures about Derivative Instruments and Hedging Activities, requires disclosures to enable investors to better understand how and why the Funds use derivative instruments, how these derivative instruments are accounted for and their effects on the Funds’ financial position and results of operations.
None of the derivatives held in the Funds have been designated as hedging instruments under Topic 815-10. A discussion of the strategies for these derivatives and their counterparty credit risk can be found below.
In accordance with Topic 815-10, the Funds record their trading-related derivative activities on a fair value basis (as described in note 4). Fair values represent the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
Rule 18f-4 under the 1940 Act provides for the regulation of a registered investment company’s use of derivatives and certain related instruments. Among other things, Rule 18f-4 limits a fund’s derivatives exposure through a value-at-risk test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. Subject to certain conditions, limited derivatives users (as defined in Rule 18f-4), however, are not subject to the full requirements of Rule 18f-4. In connection with the adoption of Rule 18f-4, the SEC  eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments. Rule 18f-4 may limit a Fund’s ability to use derivatives as part of its investment strategy, make derivatives more costly or otherwise adversely affect Fund performance.
The following disclosures contain information on how and why the Funds used derivative financial instruments; the credit-risk-related contingent features in certain derivative financial instruments; and how derivative financial instruments affected the Funds’ financial position, results of operations and cash flows.  The location and fair value of these instruments on the Statements of Assets and Liabilities and the realized, and changes in unrealized, gains and losses on the Statements of Operations, are included in tables following each Fund’s Schedule of Investments and are categorized by type of financial derivative contract.
(a) Forward foreign currency exchange contracts
A forward foreign exchange contract involves an obligation to purchase or sell a specific currency at a future date at a price set at the time the contract is made. The Funds may enter into forward foreign currency exchange contracts in connection with settling planned purchases or sales of securities, as part of an investment strategy to protect against uncertainty in the level of future foreign exchange rates in the purchase and sale of securities, or to gain or limit exposure to foreign currencies. All forward foreign currency exchange contracts are valued daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts in the Statements of Operations. A Fund records realized gains or losses at the time the forward foreign exchange contract is offset by entering into a closing transaction with the same counterparty or is extinguished by delivery of the currency. Realized gains or losses, if any, are included in net realized gain/(loss) on forward foreign exchange contracts in the Statements of Operations.
Risks arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the United States Dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments should be considered in light of all related and offsetting
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As of April 30, 2025(Unaudited)
transactions. The Funds bear market risk from changes in foreign currency exchange rates and credit risk if the counterparty fails to perform. Further information on the impact of these positions on the Funds’ financial statements can be found in the notes to the Schedules of Investments.
During the period ended April 30, 2025, the Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Active Equity Fund and Ashmore Emerging Markets Debt Fund had average quarterly contract notional exposures of $46,159,432, $7,800,918, $340,946, $221,788 and $97,500, respectively, related to forward foreign currency exchange contracts.
(b) Futures contracts 
Futures contracts obligate the buyer to take and the seller to make delivery at a future date of a specified quantity of a financial instrument or an amount of cash based on the value of securities indices, commodities or the fair value in United States Dollars of a foreign currency.
The Funds’ participation in the futures markets involves certain risks, including the imperfect correlation between movements in the price of the futures contracts and movements in the price of the underlying securities.  Risks may arise from the potential inability of a counterparty to meet the terms of the contract.
Credit risk is mitigated to the extent that the exchange on which a particular futures contract is traded assumes the risk of a counterparty defaulting on its obligations under the contract.
At the time the Funds enter into a futures contract, the Funds deposit and maintain as collateral initial margin with the broker, as required by the exchange on which the transaction is effected.  Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the fluctuation in the value of the contract.  Such receipts or payments are determined by the rules of the futures exchange and are known as variation margin.  When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.  This amount is included in net realized gain or loss on futures contracts in the Statement of Operations. Any unrealized gains or losses on open futures contracts are included in net change in unrealized appreciation/(depreciation) on futures contracts in the Statement of Operations.
During the period ended April 30, 2025, the Ashmore Emerging Markets Corporate Income Fund had average quarterly contract notional exposure of $2,230,563 related to futures contracts.
(c) Swap Agreements
During the reporting period, certain Funds entered into swap agreements, which are arrangements between two parties to exchange cash flows based on a notional principal amount. Swap agreements are either privately negotiated in the over-the-counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform such as a registered exchange (“centrally cleared swaps”). Swap agreements are recorded at their fair value. The fair value is based on quoted market prices or prices obtained from a third party provider at the date of the Statements of Assets and Liabilities without any deduction for estimated future selling costs. Swap agreements are marked to market daily and the change in fair value, if any, is recorded as unrealized gain or loss. Payments made or received are recorded as part of realized gains and losses. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities.
The periodic payments on the swap agreements entered into by the Funds are reflected in the Statements of Operations within net realized gain/(loss) on interest rate swap contracts. Unrealized gains are reported as an asset and unrealized losses are reported as a liability in the Statements of Assets and Liabilities for OTC swaps. Changes in the fair value are reflected in the Statements of Operations within net change in unrealized appreciation/(depreciation) on interest rate and centrally cleared swap contracts in the period in which they occur.  Certain Funds could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligations to perform.
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ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS  (CONTINUED)
As of April 30, 2025(Unaudited)
During the period ended April 30, 2025, the Ashmore Emerging Markets Total Return Fund and Ashmore Emerging Markets Local Currency Bond Fund had average quarterly notional exposures of $12,868,137 and $3,263,139, respectively, related to interest rate swap agreements.
The Funds may enter into transactions subject to enforceable netting agreements or other similar arrangements (“netting agreements”). Generally, netting agreements allow the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Funds manage their cash collateral and securities collateral on a counterparty basis. No amounts have been offset in the Statements of Assets and Liabilities.
Offsetting of Financial Assets and Derivative Assets as of April 30, 2025:
Over-the-Counter Financial Derivative Instruments:
Forward Currency Contracts and Interest Rate Swap Contracts
Ashmore Emerging Markets Total Return Fund
Counterparty Gross Amounts of
Derivatives Assets
Presented in the Statement of
Assets and Liabilities 		  Derivatives
available
for offset 		  Collateral
Received 		  Net Amount Due
From Counterparty
Barclays $86,883   $(12,060)   $—   $74,823
BNP Paribas 2,083   (2,083)   —   —
Citibank 88,264   (38,037)   (50,227)   —
Deutsche Bank 49,286   (7,757)   —   41,529
HSBC Bank 34,854   (34,854)   —   —
JPMorgan Chase 3,676   —   —   3,676
Merrill Lynch 121,510   (73,696)   —   47,814
Morgan Stanley 47,988   (47,988)   —   —
Santander 1,106   (609)   —   497
Societe Generale 7,795   —   —   7,795
State Street 1,373   (1,373)   —   —
UBS 2   (2)   —   —
Total $444,820   $(218,459)   $(50,227)   $176,134
    
Ashmore Emerging Markets Total Return Fund
Counterparty Gross Amounts of
Derivatives Liabilities
Presented in the Statement of
Assets and Liabilities 		Derivatives
available
for offset 		Collateral
Pledged 		Net Amount Due
To Counterparty
Barclays $12,060 $(12,060) $— $—
BNP Paribas 34,202 (2,083) — 32,119
Citibank 38,037 (38,037) — —
Deutsche Bank 7,757 (7,757) — —
HSBC Bank 35,294 (34,854) (440) —
Merrill Lynch 73,696 (73,696) — —
Morgan Stanley 49,616 (47,988) — 1,628
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ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS  (CONTINUED)
As of April 30, 2025(Unaudited)
Ashmore Emerging Markets Total Return Fund
Counterparty Gross Amounts of
Derivatives Liabilities
Presented in the Statement of
Assets and Liabilities 		  Derivatives
available
for offset 		  Collateral
Pledged 		  Net Amount Due
To Counterparty
Northern Trust $737   $—   $—   $737
Santander 609   (609)   —   —
State Street 8,438   (1,373)   —   7,065
UBS 2,416   (2)   —   2,414
Total $262,862   $(218,459)   $(440)   $43,963
    
Ashmore Emerging Markets Local Currency Bond Fund
Counterparty Gross Amounts of
Derivatives Assets
Presented in the Statement of
Assets and Liabilities 		  Derivatives
available
for offset 		  Collateral
Received 		  Net Amount Due
From Counterparty
Barclays $17,024   $(2,319)   $—   $14,705
BNP Paribas 14,814   (4,478)   —   10,336
Citibank 9,740   (7,786)   —   1,954
Deutsche Bank 5,086   (605)   —   4,481
HSBC Bank 4,907   (4,907)   —   —
JPMorgan Chase 383   —   —   383
Merrill Lynch 9,023   (9,023)   —   —
Morgan Stanley 8,625   (8,625)   —   —
UBS 4   —   —   4
Total $69,606   $(37,743)   $
— 		  $31,863
    
Ashmore Emerging Markets Local Currency Bond Fund
Counterparty Gross Amounts of
Derivatives Liabilities
Presented in the Statement of
Assets and Liabilities 		  Derivatives
available
for offset 		  Collateral
Pledged 		  Net Amount Due
To Counterparty
Barclays $2,319   $(2,319)   $—   $—
BNP Paribas 4,478   (4,478)   —   —
Citibank 7,786   (7,786)   —   —
Deutsche Bank 605   (605)   —   —
Goldman Sachs 61   —   —   61
HSBC Bank 11,199   (4,907)   (2,229)   4,063
Merrill Lynch 16,536   (9,023)   —   7,513
Morgan Stanley 10,511   (8,625)   —   1,886
Santander 155   —   —   155
Societe Generale 228   —   —   228
Total $53,878   $(37,743)   $(2,229)   $13,906
    
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NOTES TO FINANCIAL STATEMENTS  (CONTINUED)
As of April 30, 2025(Unaudited)
Ashmore Emerging Markets Corporate Income Fund
Counterparty Gross Amounts of
Derivatives Liabilities
Presented in the Statement of
Assets and Liabilities 		  Derivatives
available
for offset 		  Collateral
Pledged 		  Net Amount Due
To Counterparty
Barclays $11,750   $—   $—   $11,750
Total $11,750   $
— 		  $
— 		  $11,750
    
Ashmore Emerging Markets Debt Fund
Counterparty Gross Amounts of
Derivatives Liabilities
Presented in the Statement of
Assets and Liabilities 		  Derivatives
available
for offset 		  Collateral
Pledged 		  Net Amount Due
To Counterparty
Citibank $207   $—   $—   $207
Total $207   $
— 		  $
— 		  $207
10.  Related parties
Investment management fees
The Trust has an Investment Management Agreement (the “Agreement”) with the Investment Manager, with whom certain Trustees and Officers of the Trust are affiliated, to furnish investment management services to the Funds. Under the terms of the Agreement, the Trust, on behalf of the Funds, compensates the Investment Manager for its investment management services at the following rates, based on each Fund’s average daily net assets:
Fund Rate
Ashmore Emerging Markets Total Return Fund 1.00%
Ashmore Emerging Markets Local Currency Bond Fund 0.75%
Ashmore Emerging Markets Corporate Income Fund 0.85%
Ashmore Emerging Markets Short Duration Fund 0.65%
Ashmore Emerging Markets Active Equity Fund 1.00%
Ashmore Emerging Markets Small-Cap Equity Fund 1.25%
Ashmore Emerging Markets Frontier Equity Fund 1.50%
Ashmore Emerging Markets Equity Fund 1.00%
Ashmore Emerging Markets Equity ESG Fund 1.00%
Ashmore Emerging Markets Debt Fund 0.65%
Ashmore Emerging Markets Equity ex China Fund 1.00%
The Investment Manager has contractually agreed to waive its fees or reimburse each Fund for certain other expenses to the extent that a Fund’s Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expenses, taxes, custodial credits, transfer agency credits, legal expenses of the Independent Trustees, expense offset arrangements, and extraordinary expenses, which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses) for the Fund’s Class A, Class C and Institutional Class Shares exceed the percentage of the average daily net assets attributable to the particular share class shown below. Under the Expense Limitation Agreement, the Investment Manager may recoup amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed. The contractual expense limitation
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ASHMORE FUNDS
NOTES TO FINANCIAL STATEMENTS  (CONTINUED)
As of April 30, 2025(Unaudited)
arrangement is expected to continue until at least February 28, 2026. The arrangement may be terminated by the Trust, subject to approval by the Board of Trustees of the Trust, upon ninety (90) days’ written notice to the Investment Manager. The expense limitation arrangement may be terminated before February 28, 2026 only by the Board of Trustees.
Fund Class A Class C Institutional
Class
Ashmore Emerging Markets Total Return Fund 1.27% 2.02% 1.02%
Ashmore Emerging Markets Local Currency Bond Fund 1.02% 1.77% 0.77%
Ashmore Emerging Markets Corporate Income Fund 1.12% 1.87% 0.87%
Ashmore Emerging Markets Short Duration Fund 0.92% 1.67% 0.67%
Ashmore Emerging Markets Active Equity Fund 1.27% 2.02% 1.02%
Ashmore Emerging Markets Small-Cap Equity Fund 1.52% 2.27% 1.27%
Ashmore Emerging Markets Frontier Equity Fund 1.77% 2.52% 1.52%
Ashmore Emerging Markets Equity Fund 1.27% 2.02% 1.02%
Ashmore Emerging Markets Equity ESG Fund 1.27% 2.02% 1.02%
Ashmore Emerging Markets Debt Fund 0.92% 1.67% 0.67%
Ashmore Emerging Markets Equity ex China Fund 1.27% 2.02% 1.02%
Any such waiver or reimbursement is subject to the Investment Manager’s right to recover amounts waived or reimbursed to the extent actual fees and expenses for a future fiscal period are less than each Fund’s expense limitation cap, provided, however, that the Investment Manager shall only be entitled to recover such amounts waived or reimbursed during the previous three fiscal years. The amounts recaptured pursuant to the expense limitation agreement will be limited to the lesser of (1) the expense limitation amount that was in effect at the time of the waiver or reimbursement or (2) the expense limitation amount that is in effect at the time of recapture. The total amounts subject to recovery in fiscal years are shown below:
Fund 2025 2026 2027 2028 Total
Ashmore Emerging Markets Total Return Fund $1,119,411 $1,023,234 $517,877 $204,257 $2,864,779
Ashmore Emerging Markets Local Currency Bond Fund 121,907 168,860 185,864 88,385 565,016
Ashmore Emerging Markets Corporate Income Fund 345,989 276,983 276,748 101,907 1,001,627
Ashmore Emerging Markets Short Duration Fund 216,728 228,856 188,214 94,456 728,254
Ashmore Emerging Markets Active Equity Fund 220,507 266,050 231,944 90,683 809,184
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NOTES TO FINANCIAL STATEMENTS  (CONTINUED)
As of April 30, 2025(Unaudited)
Fund 2025 2026 2027 2028 Total
Ashmore Emerging Markets Small-Cap Equity Fund $110,918 $150,305 $171,299 $68,763 $501,285
Ashmore Emerging Markets Frontier Equity Fund 342,706 355,358 392,343 211,281 1,301,688
Ashmore Emerging Markets Equity Fund 280,776 412,520 595,599 266,285 1,555,180
Ashmore Emerging Markets Equity ESG Fund 110,142 121,592 139,987 60,958 432,679
Ashmore Emerging Markets Debt Fund 86,233 103,221 170,055 61,655 421,164
Ashmore Emerging Markets Equity ex China Fund N/A N/A 98,966 121,694 220,660
Distribution and Servicing fees
The Funds have adopted Amended Plans of Distribution and Servicing Fees pursuant to Rule 12b-1 under the 1940 Act (“Distribution and Servicing Fee Plans”). Under the Distribution and Servicing Fee Plans, each of the Funds may pay fees to the distributor on an ongoing basis as compensation for the services the distributor renders and the expenses it bears in connection with the sale and distribution of Fund shares (“distribution fees”) and/or in connection with personal services rendered to Fund shareholders and the maintenance of shareholder accounts (“servicing fees”). Class A and C shares each have a separate 12b-1 Plan. Class A shares pay only servicing fees. Class C shares pay both distribution and servicing fees. The following table lists the maximum annual rates at which the distribution and/or servicing fees may be paid under each 12b-1 Plan (calculated as a percentage of a Fund’s average daily net assets attributable to the particular class of shares):
  Servicing Fee Distribution Fee
Class A shares 0.25% None
Class C shares 0.25% 0.75%
Cross Trades
The 1940 Act prohibits the Funds and their affiliates from knowingly selling any security or other property to the Funds (other than securities of which the buyer is the issuer), or buying any security (other than securities of which the seller is the issuer) or other property from the Funds. Rule 17a-7 under the 1940 Act provides relief from these prohibitions for various types of “cross trades” and similar transactions that may benefit shareholders by allowing the participating funds or accounts to avoid brokerage commissions and other transaction costs of trades.
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NOTES TO FINANCIAL STATEMENTS  (CONTINUED)
As of April 30, 2025(Unaudited)
During the period ended April 30, 2025, none of the Funds bought and/or sold securities from an account or accounts that were also advised by the Trust’s investment adviser or its affiliates.
Affiliated Ownership
As of April 30, 2025, Ashmore Management Company Limited owned the following percentages of the outstanding shares of each Fund:
Fund Class A Class C Institutional
Class
Ashmore Emerging Markets Local Currency Bond Fund —% 22.70% 97.52%
Ashmore Emerging Markets Active Equity Fund —% 100.00% 97.45%
Ashmore Emerging Markets Equity ESG Fund 100.00% 100.00% 100.00%
Ashmore Emerging Markets Debt Fund 100.00% 100.00% 100.00%
Ashmore Emerging Markets Equity ex China Fund 100.00% 100.00% 100.00%
In addition to the Ashmore Management Company Limited ownership, shown in the table above, the following Funds had other investors owning of record or known by the Funds to own beneficially greater than 5% of the outstanding shares of such Funds:
Fund Class # of Investors
Owning > 5%
of outstanding
Shares 		% of Ownership by
Investor
Ashmore Emerging Markets Total Return Fund Class A 6 28.96%, 25.39%, 15.49%, 8.99%, 8.58%, 7.26%
  Class C 3 84.86%, 7.79%, 5.02%
  Institutional
Class 		4 47.05%, 15.13%, 14.86%, 10.21%
Ashmore Emerging Markets Local Currency Bond Fund Class A 3 57.30%, 33.54%, 7.99%
  Class C 1 77.30%
Ashmore Emerging Markets Corporate Income Fund Class A 5 35.89%, 22.69%, 14.73%, 14.72%, 7.96%
  Class C 3 77.74%, 8.41%, 8.05%
  Institutional
Class 		6 24.04%, 18.53%, 14.70%, 11.44%, 10.00%, 5.60%
Ashmore Emerging Markets Short Duration Fund Class A 3 60.67%, 33.19%, 5.15%
  Class C 3 62.08%, 26.68%, 11.23%
  Institutional
Class 		3 83.02%, 7.85%, 5.56%
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NOTES TO FINANCIAL STATEMENTS  (CONTINUED)
As of April 30, 2025(Unaudited)
Fund Class # of Investors
Owning > 5%
of outstanding
Shares 		% of Ownership by
Investor
Ashmore Emerging Markets Active Equity Fund Class A 2 78.34%, 21.64%
Ashmore Emerging Markets Small-Cap Equity Fund Class A 4 42.12%, 37.53%, 6.02%, 5.64%
  Class C 2 61.92%, 38.08%
  Institutional
Class 		4 54.80%, 18.32%, 10.58%, 10.35%
Ashmore Emerging Markets Frontier Equity Fund Class A 3 63.47%, 24.34%, 5.97%
  Class C 3 80.77%, 10.40%, 6.31%
  Institutional
Class 		3 39.98%, 26.85%, 21.22%
Ashmore Emerging Markets Equity Fund Class A 2 70.08%, 29.52%
  Class C 4 55.50%, 22.89%, 8.47%, 8.18%
  Institutional
Class 		2 56.02%, 25.79%
11.  Commitments
In relation to its investments, some of the Funds of the Trust may from time to time agree to indemnify and/or pre-fund trustees or other agents, either solely or alongside other creditors on a several basis. Generally, such agreements do not have a termination date. The Trustees are not aware of and do not currently expect any claims to be made against the Funds under any such indemnity or pre-funding agreements.
12.  Operating Segments 
In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The senior management (including the investment committee) for the adviser of the Funds serve as the CODM. Each Fund operates as a single operating segment, with the income, expenses, assets, changes in net assets resulting from operations and performance regularly monitored and assessed as a whole by the CODM, using the information presented in the financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as “total assets” and significant segment expenses are listed on the accompanying Statements of Operations.
13.  Subsequent events
The Trust has evaluated subsequent events for the Funds through the date the financial statements were issued, and has concluded that there are no identified subsequent events relevant for financial statement adjustment or disclosure.
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SUPPLEMENTARY INFORMATION (UNAUDITED)
REMUNERATION DISCLOSURE
Ashmore Investment Advisors Limited (“AIAL”) is a full-scope UK Alternative Investment Fund Manager (“AIFM”) that manages many alternative investment funds (“AIFs”). These AIFs implement a number of investment strategies including; equity, fixed income and alternatives; and invest in many different regions and industry sectors. AIAL manages both open-ended and closed-ended AIFs, several of its AIFs are leveraged and some are listed on regulated markets. Its asset under management was approximately US$1.7 billion at June, 30 2024. AIAL’s parent company (“Ashmore”) is listed on a regulated market, counts eleven offices worldwide and has a number of subsidiaries both in the UK and abroad. Taking into account guidance from the UK Financial Conduct Authority (“FCA”), AIAL has complied with the full AIFM Remuneration Code.
AIAL does not have any direct employees, and as such the amount of remuneration paid to staff by AIAL is zero. All AIAL AIFM Remuneration Code Staff are employed and paid by Ashmore Group plc. Ashmore’s remuneration principles have remained unchanged since it was listed, and are designed to align all employees with the long-term success of the business. These include significant levels of deferral, a clear link between performance and levels of remuneration and strong alignment of executive directors and employees with shareholders and clients through significant employee share ownership. The culture is therefore a collaborative one, with clients’ interests and the creation of shareholder value, including for employee shareholders, the overarching factors for success.  
Executive directors, members of the investment team, and indeed all other employees, participate in a single incentive pool and are paid under a similar structure, with an annual cash bonus and share award, meaning that all employees are long-term shareholders in the business.
The policy includes:
– – A capped basic salary to contain the fixed cost base;
– – An aggregate cap on the total variable compensation for Executive Directors including any awards made under Ashmore’s share plan, currently set at £20m; and
– – A deferral for five years of a substantial portion of variable compensation into Ashmore shares (or equivalent), with the Executive Directors LTIP awards also being subject to additional performance conditions measured over five years.
AIAL’s board of directors reviews the general principles of the remuneration policy and is responsible for its implementation with regard to AIAL’s AIFM Remuneration Code Staff. Ashmore’s Remuneration Committee periodically reviews the ongoing appropriateness and relevance of the remuneration policy, including in connection with the provision of services to AIAL. Ashmore employs the services of; McLagan to provide advice on remuneration benchmarking; Deloitte to provide advice on tax compliance, share plan design and administration, and as Remuneration Committee advisors. The Remuneration Committee’s terms of reference can be found here:
https://ir.ashmoregroup.com/corporate-governance.
Performance assessment for AIAL’s AIFM Remuneration Code Staff for their work relating to AIAL is based on a combination of quantitative and qualitative criteria related to the performance of AIAL, the performance of relevant AIF(s) or business units and the performance of the individual. Qualitative criteria include adherence to Ashmore Group plc’s risk and compliance policies. This performance assessment is adjusted for relevant current and future risks related to the AIFs managed by AIAL.
The compensation of control function staff is based on function specific objectives and is independent from the performance of AIAL and/or the AIFs managed by AIAL. The remuneration of the senior officers in AIAL’s control functions is directly overseen by the Remuneration Committee.
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SUPPLEMENTARY INFORMATION (UNAUDITED) (CONTINUED)
REMUNERATION DISCLOSURE (CONTINUED)
Variable remuneration awarded to AIAL’s Remuneration Code Staff in respect of AIFMD work is subject to performance adjustment which allows Ashmore to reduce the deferred amount, including to nil, in light of the ongoing financial situation and/or performance of Ashmore, AIAL, the AIFs that AIAL manages and the individual concerned.
The total contribution of AIAL’s AIFM Remuneration Code Staff to the business of Ashmore is apportioned between work carried out for AIAL and work carried out for the other businesses and subsidiaries of Ashmore. Their remuneration is similarly apportioned between AIAL and the other businesses and subsidiaries where required.
The remuneration attributable to AIAL for its AIFMD identified staff for the financial year ended June 30, 2024 was as follows:
Fund Number of
Beneficiaries 		Variable
Remuneration 		Fixed
Remuneration 		Total
Remuneration
Ashmore Emerging Markets Total Return Fund 17 £44,948 £6,928 £51,876
Ashmore Emerging Markets Local Currency Bond Fund 16 53,517 4,091 57,608
Ashmore Emerging Markets Corporate Income Fund 16 15,893 2,718 18,611
Ashmore Emerging Markets Short Duration Fund 16 11,975 2,048 14,023
Ashmore Emerging Markets Active Equity Fund 17 17,021 3,382 20,403
Ashmore Emerging Markets Small-Cap Equity Fund 17 7,899 1,569 9,468
Ashmore Emerging Markets Frontier Equity Fund 17 58,729 11,669 70,398
Ashmore Emerging Markets Equity Fund 17 105,551 20,973 126,524
Ashmore Emerging Markets Equity ESG Fund 17 9,189 1,826 11,015
Ashmore Emerging Markets Debt Fund 16 7,121 1,086 8,207
Ashmore Emerging Markets Equity ex China Fund 17 5,740 1,141 6,881
Total AIAL 21 £813,679 £135,853 £949,532
All of the remuneration above was attributable to senior management who have a material impact on the Funds’ risk profile. The Funds’ allocation of the AIAL remuneration has been made on the basis of NAV.
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CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
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PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
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STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT
ADVISORY AGREEMENT APPROVAL
At a meeting of the Board of Trustees (the “Board”) of Ashmore Funds (the “Trust”) held on March 19, 2025, the Board, including a majority of the Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), voting separately, considered and unanimously approved the continuation of the Investment Management Agreement between Ashmore Investment Advisors Limited (“AIAL”) and the Trust (the “Agreement”), on behalf of each of Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Debt Fund, Ashmore Emerging Markets Frontier Equity Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Active Equity Fund, Ashmore Emerging Markets Equity Fund, and Ashmore Emerging Markets Equity ESG Fund (each series, a “Fund,” and collectively, the “Funds”).
In determining to approve the continuation of the Agreement for a one-year period, the Trustees considered all factors that they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant to the interests of shareholders, including those listed below. In evaluating the terms of the Agreement, the Board did not identify any single factor as controlling, and individual members of the Board did not necessarily attribute the same weight or importance to each factor, nor are the items described herein all-encompassing of the matters considered by the Board. Throughout their review of the Agreement, the Independent Trustees were assisted by their own Independent Trustee legal counsel. The Independent Trustees had formally requested through their legal counsel, and AIAL had provided, certain information the Independent Trustees considered relevant to their evaluation. The Contracts Review Committee, which is comprised of all of the Independent Trustees, discussed the information on different occasions, with and without representatives of AIAL present.
Among the information and factors considered by the Board in evaluating the Agreement were the following:
NATURE, QUALITY AND EXTENT OF INVESTMENT MANAGEMENT SERVICES
The Board examined the nature, quality and extent of the services provided by AIAL to the Funds.
AIAL’s Services to All Funds
The Board considered information regarding the overall organization and resources of AIAL, including information regarding senior management, portfolio managers and other personnel providing investment management, administrative and other services to the Funds. The Board reviewed AIAL’s key personnel who provide investment management services to the Funds, as well as the fact that, under the Agreement, AIAL has the authority and responsibility, subject to the Board’s oversight, to make and execute investment decisions for the Funds within the framework of the Funds’ investment policies and restrictions.
The Board considered that AIAL’s duties include: (i) investment research and selection; (ii) adherence to (and monitoring compliance with) the Funds’ investment policies and restrictions, the 1940 Act and other relevant laws; and (iii) furnishing office space and equipment, providing bookkeeping and clerical services (excluding determination of net asset value and shareholder accounting services) and paying all salaries, fees and expenses of officers and Trustees of the Trust who are affiliated with AIAL (except to the extent such salaries, fees and expenses are paid by another AIAL affiliate other than the Trust or a Fund). The Board also evaluated the significant compliance resources available to, and utilized by, AIAL. The Board also considered that AIAL supports the Funds’ compliance control structure, and, in particular, the resources that are devoted by AIAL in support of the Funds’ obligations pursuant to Rule 38a-1 under the 1940 Act and the Funds’ liquidity and derivatives risk management programs. The Board also considered AIAL’s investments in business continuity planning designed to benefit the Funds.
Investment Performance
In considering each Fund’s performance, the Board requested and received from AIAL data compiled by FUSE Research Network, LLC (“Fuse”). The Trustees also received information explaining the methodology for compilation of certain of this information and what it was intended to demonstrate. The Board considered the performance of each Fund in light of its investment objective on a
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STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (CONTINUED)
comparable basis relative to the Fund’s peers. The Board received performance information for Institutional Shares for the one-, three-, five- and ten-year periods ended December 31, 2024 for Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Frontier Equity Fund and Ashmore Emerging Markets Short Duration Fund and for the one-, three- and five-year periods ended December 31, 2024 for Ashmore Emerging Markets Active Equity Fund. The Board also received performance information for Institutional Shares for the one- and three-years period ended December 31, 2024 for Ashmore Emerging Markets Debt Fund and Ashmore Emerging Markets Equity ESG Fund. In considering such comparative data, the Trustees noted the specialized nature and focus of many of the Funds, and for certain Funds the limited number of peer group funds, particularly for the longer performance periods. In their review, the Trustees also sought to identify Funds for which the performance, fees and total expenses appeared to be outliers within their respective peer groups or other comparative metrics, and sought to understand the reasons for such comparative positions.
Ashmore Emerging Markets Corporate Income Fund. The Board noted that the Ashmore Emerging Markets Corporate Income Fund’s performance ranked first out of eight, eighth out of eight, eighth out of eight and fifth out of seven in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2024, respectively, while ranking in the first, fourth, fourth and second quartiles (first being the best) in its larger performance universe for the same four periods.
Ashmore Emerging Markets Debt Fund. The Board noted that the Ashmore Emerging Markets Debt Fund’s performance ranked eleventh out of twelve and tenth out of twelve in its peer group for the one- and three-year periods ended December 31, 2024, while ranking in the fourth quartile (first being the best) in its larger performance universe for the same two periods.
Ashmore Emerging Markets Short Duration Fund. The Board noted that the Ashmore Emerging Markets Short Duration Fund’s performance ranked first out of nine, eight out of nine, ninth out of nine and seventh out of eight in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2024, respectively, while ranking in the first, fourth, fourth and fourth quartiles (first being the best) in its larger performance universe for the same four periods.
Ashmore Emerging Markets Equity Fund. The Board observed that Ashmore Emerging Markets Equity Fund’s performance ranked sixth out of fourteen, fifth out of thirteen, second out of ten, and first out of eight in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2024, respectively, while ranking in the second, third, second and first quartiles (first being the best) in its larger performance universe for the same four periods.
Ashmore Emerging Markets Equity ESG Fund. The Board observed that Ashmore Emerging Markets Equity ESG Fund’s performance ranked fourth out of fourteen and seventh out of twelve in its peer group for the one- and three-year periods ended December 31, 2024, while ranking in the first and third quartiles (first being the best) in its larger performance universe for the same two periods.
Ashmore Emerging Markets Frontier Equity Fund. The Board noted that the Ashmore Emerging Markets Frontier Equity Fund’s performance ranked first out of four, first out of four, first out of four, and first out of three in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2024, respectively, while ranking in the first quartile (first being the best) in its performance universe for the same four periods.
Ashmore Emerging Markets Local Currency Bond Fund. The Board observed that the Ashmore Emerging Markets Local Currency Bond Fund’s performance ranked tenth out of thirteen, ninth out of thirteen, ninth out of thirteen and seventh out of eleven in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2024, respectively, while ranking in the third quartile (first being the best) in its performance universe for the same four periods.
Ashmore Emerging Markets Small-Cap Equity Fund. The Board noted that the Ashmore Emerging Markets Small-Cap Equity Fund’s performance ranked sixth out of twelve, tenth out of twelve, fourth out of twelve, and fourth out of ten in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2024, respectively, while ranking in the second, third, second, and second quartiles (first being the best) in its performance universe for the same four periods.
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Ashmore Emerging Markets Active Equity Fund. The Board noted that the Ashmore Emerging Markets Active Equity Fund’s performance ranked fourth out of fourteen, fifth out of thirteen and seventh out of ten in its peer group for the one-, three- and five-year periods ended December 31, 2024, respectively, while ranking in the first, second, and third quartiles (first being the best) in its larger performance universe for the same three periods.
Ashmore Emerging Markets Total Return Fund. The Board observed that the Ashmore Emerging Markets Total Return Fund’s performance ranked thirteenth out of fourteen, thirteenth out of thirteen, thirteenth out of thirteen and ninth out of nine in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2024, respectively, while ranking in the fourth quartile (first being the best) in its larger performance universe for the same four periods.
The Board noted AIAL’s expressed long-term approach to investment management and its favorable longer-term track record in managing accounts having similar strategies as the Funds.
The Board concluded that it was satisfied with the nature, extent and quality of services provided by AIAL to each Fund and that there was a reasonable basis on which to conclude that each Fund would continue to benefit from the services provided by AIAL.
INVESTMENT MANAGEMENT FEES AND COST OF SERVICES
The Board also considered the contractual and actual investment management fees paid by each Fund to AIAL. In doing so, the Board compared the contractual and actual investment management fees and overall net expense ratios (represented by the Funds’ Institutional Shares) to those of the Funds’ peers as determined by Fuse. The Board noted that several of the Funds were quite small in size relative to their peers. As with the performance comparisons, the Board also noted that, with respect to several of the Funds, there were only a limited number of peer funds with similar investment strategies. Where contractual or actual management fees or total expense ratios of a Fund were meaningfully above those of the Fuse peers, the Board also considered and took into account the extent to which AIAL had undertaken to waive a portion of its fees and/or reimburse expenses so as to otherwise limit these Funds’ ordinary operating expenses until at least February 28, 2026. The Board also considered recent changes to the Funds’ expense limitation arrangements that were effective as of November 1, 2024.
The Board reviewed AIAL’s costs and profitability as presented by it in serving as investment adviser. The Board noted that AIAL was operating at a loss with respect to Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Active Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Equity ESG Fund, Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Debt Fund, and Ashmore Emerging Markets Corporate Income Fund. With respect to the remaining Funds, the Board concluded that AIAL’s profitability was not excessive.
In evaluating the terms of the Agreement, the Board also considered the other benefits that may inure to AIAL as a result of its relationship with the Funds, such as the reputational benefit derived from serving as investment adviser to the Funds.
In light of the information provided and the quality of the services rendered and anticipated to be rendered, the Board concluded that the investment management fees to be charged to the Funds were appropriate.
ECONOMIES OF SCALE
The Board noted that the contractual investment management fees for the Funds do not contain breakpoints that would reduce the fee rate on assets above specified levels. The Board observed that many of the Funds remained quite small in size, and that the collective assets of all of the Funds were approximately $480 million as of December 31, 2024. The Board also observed that AIAL was subsidizing all of the Funds through fee waivers and expense reimbursements. In evaluating the Funds’ contractual investment management fees, the Board considered AIAL’s representation that the contractual investment management fees were intended to reflect achievable economies of scale and also AIAL’s continuing agreement to limit certain expenses of each Fund. The Board received and evaluated information concerning whether AIAL would realize economies of scale as the assets of individual Funds
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grow beyond current levels. The Board noted they intend to monitor each Fund’s asset growth in connection with future reviews of the Funds’ Agreement to determine whether breakpoints may be appropriate at such time. In light of the Funds’ current sizes and expense structures, the Board concluded that breakpoints in the Funds’ contractual investment management fees were not warranted at this time.
The Board concluded that the fees to be paid to AIAL by each Fund were appropriate in light of the services to be provided by AIAL, the costs to AIAL of operating the Funds and the Funds’ current and reasonably foreseeable asset levels, and determined that the Agreement should, therefore, be approved.
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ASHMORE FUNDS
OTHER INFORMATION
Administrator, Custodian and Transfer Agent
The Northern Trust Company
50 S. LaSalle Street
Chicago, Illinois 60603
312-630-6000
Investment Manager
Ashmore Investment Advisors Limited
61 Aldwych
London WC2B 4AE
United Kingdom
44-20-3077-6000
Independent Registered Public Accounting Firm
KPMG LLP
Aon Center
Suite 5500
200 East Randolph Street
Chicago, Illinois 60601-6436
Distributor
Ashmore Investment Management (US) Corporation
437 Madison Avenue
Suite 1904
New York, New York 10022
212-661-0061
Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199-3600
617-951-7000
Independent Trustees’ Counsel
Dechert LLP
One International Place
40th Floor
100 Oliver Street
Boston, Massachusetts 02110-2605
617-728-7100
151


Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

There is nothing to report for this item.


Item 9. Proxy Disclosures for Open-End Management Investment Companies.

There is nothing to report for this item.


Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Included as part of the Financial Statements included under Item 7 of this Form N-CSR.


Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Included as part of the Financial Statements included under Item 7 of this Form N-CSR.


Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.


Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.


Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.


Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.


Item 16. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.


Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.


Item 18. Recovery of Erroneously Awarded Compensation

Not applicable.


Item 19. Exhibits.

(a)(1) Not applicable for this reporting period.

(a)(2) Not applicable.

(a)(3) Exhibit 99.CERT: Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) Exhibit 99.906 CERT: Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.


SIGNATURES 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

Ashmore Funds 

  

  

  

  

By 

  

        /s/ George Grunebaum             

  

  

George Grunebaum, President and Chief Executive Officer 

  

  

(Principal Executive Officer) 

  

Date:  June 27, 2025 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. 

  

  

  

  

By 

  

        /s/ George Grunebaum             

  

  

George Grunebaum, President and Chief Executive Officer 

  

  

(Principal Executive Officer) 

Date:  June 27, 2025 

  

  

  

  

By 

  

        /s/ Taurai Sigauke   

  

  

Taurai Sigauke, Treasurer 

  

  

(Principal Financial and Accounting Officer) 

Date:  June 27, 2025