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, 2016

Item 1. Reports to Stockholders.

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SEMI ANNUAL FINANCIAL STATEMENTS

April 30, 2016

ASHMORE FUNDS

TABLE OF CONTENTS

	Page
FINANCIAL STATEMENTS:
Investment Manager’s Report		1
Important Information about the Funds		7
Statements of Assets and Liabilities		18
Statements of Operations		20
Statements of Changes in Net Assets		22
Financial Highlights		25
Schedules of Investments
Ashmore Emerging Markets Total Return Fund		51
Ashmore Emerging Markets Hard Currency Debt Fund*		70
Ashmore Emerging Markets Local Currency Bond Fund		76
Ashmore Emerging Markets Corporate Debt Fund		86
Ashmore Emerging Markets Short Duration Fund		97
Ashmore Emerging Markets Equity Opportunities Fund		103
Ashmore Emerging Markets Value Fund**		105
Ashmore Emerging Markets Small-Cap Equity Fund		110
Ashmore Emerging Markets Frontier Equity Fund		117
Notes to Financial Statements		121
Advisory Agreement Approval		142
For More Information		146
Privacy Policy		147
Other Information		148

^* Effective November 8, 2015, the Ashmore Emerging Markets Debt Fund changed its name to the Ashmore Emerging Markets Hard Currency Debt Fund and the Fund made certain related changes to its principal investment strategies. The performance information in this report was achieved using the Fund’s previous principal investment strategies. For more information, see Note 1: “Organization.”

^** Effective February 29, 2016, the Ashmore Emerging Markets Equity Fund changed its name to the Ashmore Emerging Markets Value Fund. For more information, see Note 1: “Organization.”

Ashmore Investment Management (US) Corporation is the Distributor for the Ashmore Funds.

This material is authorized for use only when preceded or accompanied by the current Ashmore Funds’ prospectuses. Investors should consider the investment objectives, principal risks, charges and expenses of these Funds carefully before investing. This and other information is contained in the Funds’ prospectus. Please read the prospectus carefully before you invest or send money.

A Fund’s past performance is not necessarily an indication of how the Fund will perform in the future.

An investment in a Fund is not a deposit of a bank and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Funds.

ASHMORE FUNDS

INVESTMENT MANAGER’S REPORT

For the period November 1, 2015 to April 30, 2016

Overview

The reporting period got off to a difficult start as investors digested a combination of poor global growth figures and sharp sell-off in the Chinese equity markets due to concerns about the trajectory of growth of the Chinese economy. There was also a divergence in monetary policy in the developed world as the US Federal Reserve finally hiked interest rates in December while the European Central Bank further expanded its Quantitative Easing (QE) program in December and the Bank of Japan moved to negative interest rates in early 2016. Indeed, the turn of the year saw renewed market volatility with a sharp sell-off across all asset classes as concerns over growth, both globally and China, continued to be at the forefront of investors’ minds.

In the US, Fed chairwoman Janet Yellen finally bit the bullet and announced a 25 bps hike in the Fed Funds target at the December FOMC meeting, over 11 years after the start of the previous hiking cycle in 2004. Few investors were surprised, considering the benign US economic data and careful communication of intentions; investor relief was evident as the S&P rallied 1.45%, high yield spreads tightened 11 bps and the US 10 year bond yield was largely unchanged on the day of the Fed’s announcement. European Central Bank (ECB) President Draghi moved rates further into negative territory at the December 3 ECB meeting with a cut in the deposit rate to -0.30%, and fell short of expectations on the expansion of the QE program, which many attributed as a clear victory for the hawks within the Governing Council. This led to the unwinding of long Eurostoxx 50/short EUR positions. European bourses ended sharply lower on the month, with the Eurostoxx 50 down 6.8% in December.

One other important policy development was the publication by the China Foreign Exchange Trade System (CFETS) of a new currency basket comprised of 13 currencies, of which USD is 26% and EUR is 21%. This index signals that the Chinese authorities are moving away from a pure bilateral exchange rate of RMB against USD in favor of a more global reference basket for the Chinese currency. This new policy instrument, combined with weaker fixings in late December, is contributing to the de-anchoring of CNY (onshore) and CNH (offshore) from the USD.

The first four months of 2016 saw the sharpest risk reversal in global financial markets since 2009, with a very strong finish in April erasing most of the early losses, as Emerging Markets (EM) outperformed significantly across equities and fixed income markets. The year opened with the worst January since 2009 (Shanghai composite -23%, S&P -5%). Concerns about China and fears of Renminbi devaluation fueled a sharp drop in commodity prices and a dramatic widening in credit spreads. Oil prices dropped by 21% in two weeks, to below USD 30 per barrel, before recovering somewhat in late January. The US High Yield (HY) market was hit particularly hard owing to its large exposure to distressed shale oil producers and a surge in mutual fund outflows. European financials and capital securities seized up, as concerns about profitability and liquidity were exacerbated by the ECB’s second deposit rate cut to negative in December.

However, as global equity markets fell precipitously and credit markets tightened, short-dated US Treasury yields dropped by 30 bps and the market nearly entirely priced out the probability of any further Fed Fund rate hikes in 2016. This was a very important development for global currency markets; for the last three years the largest consensus view has been that the US Fed would be the only major central bank with room to hike policy rates, and that as a result the US dollar could only rise. Suddenly, the market realized that the Fed could not hike rates much further, lest global markets fall further under the weight of tighter liquidity (due to hedging needs and flight into the US dollar by global corporations and households).

A weaker Dollar and a ’truce’ in the period of monetary policy divergence that dominated most of the last year was enough to send global markets sharply higher in March. Emerging Markets (EM) currencies did especially well over the period, helped by a very favorable technical position. As soon as Emerging Markets Foreign Exchange stabilized, foreigners and domestic investors could no longer keep their long US dollar positions and hedged at extremely high costs (negative carry), precipitating a scramble to sell US dollars.

The net result for EM fixed income indices over the period was positive; the JP Morgan EMBI GD index was up 5.4%. The broad corporate bonds index (JP Morgan CEMBI BD) was up 3.8%, with the high yield index outperformed at 5.0%. The reference local currency bond index; the JP Morgan GBI-EM GD was up +8.9%, and the reference local currency FX index (JPM ELMI+) was up 3.8%.

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Portfolio Overview

Ashmore Emerging Markets Total Return Fund

The Ashmore Emerging Markets Total Return Fund (“the Fund”) seeks to achieve its objective by investing principally in the debt instruments of sovereign, quasi-sovereign, and corporate issuers, which may be denominated in any currency, including the local currency of the issuer. The Fund tactically allocates assets between external debt, corporate debt and local currency.

Over the period, the Fund’s institutional class outperformed its benchmark. Local currency was the main contributor to relative performance, while corporate debt was the largest detractor. Among the Fund’s best performing positions were Brazil, Ecuador, and Venezuela. Colombia, Mongolia, and Nigeria were the main detractors from performance.

Ecuador bonds rallied as the government adopted a pro-active stance in response to the dramatic drop in oil prices, announcing expenditure cuts and confirming agreement on a series of multilateral loans, primarily from China, that would cover the country’s financing needs. Having exited the IG index, Brazil was also a strong performer as the curve flattened, the current account deficit moderated and FDI remained resilient. Nigerian credits have been under pressure for most of the period; an offshore oil transportation company was one of the worst hit names, with pressure on daily rates for ships translating into a weak set of results for 2015. Fleet utilization decreased as well by about 25% as local and international operators have been reducing capex.

Ashmore Emerging Markets Hard Currency Debt Fund

The Ashmore Emerging Markets Hard Currency Debt Fund (“the Fund”) (formerly known as the Ashmore Emerging Markets Debt Fund) seeks to achieve its objective by investing principally in debt instruments of, and derivative instruments related to, Sovereign, Quasi-Sovereign and Corporate issuers of EM countries that are denominated in hard currencies (i.e., the U.S. dollar or any currency of a nation in the G-7).

Over the period, the Fund’s institutional class underperformed its benchmark; the JP Morgan EMBI Global Diversified index, which returned 5.35%. Among the Fund’s best performing positions were Ecuador, Venezuela, and Ukraine. Colombia, Indonesia, and Brazil were the main detractors.

As with the Ashmore Emerging Markets Total Return Fund, the Fund benefited from its positions in Ecuador bonds which rallied as the government adopted a pro-active stance in response to the dramatic drop in oil prices, announcing expenditure cuts and confirming agreement on a series of multilateral loans, primarily from China, that would cover the country’s financing needs.

Ashmore Emerging Markets Local Currency Bond Fund

The Ashmore Emerging Markets Local Currency Bond Fund (“the Fund”) seeks to achieve its objective by investing principally in the debt instruments of sovereign and quasi-sovereign EM issuers, denominated in the local currency of the issuer. The Fund’s returns are driven by EM currency appreciation, interest rate positioning and credit worthiness.

EM currencies are not only supported by stronger growth, more robust fundamentals and higher interest rates than developed markets, but it is also likely that a gradual depreciation of developed market currencies will be one mechanism by which developed markets will de-leverage and reduce their enormous debt burdens. In terms of bonds, we continue to find attractive opportunities across EM countries. EM monetary policymakers are acting in an idiosyncratic fashion to meet their particular domestic needs and local expertise is increasingly necessary to help understand the dynamics that drive local decision-making.

Over the period, the Fund’s institutional class outperformed its benchmark. The Fund’s top EM contributors for the period were gains from positions in the Brazilian Real, Chinese renminbi, and Argentine peso. The Mexican peso, Polish zloty, and South African rand were the most significant detractors from performance.

Brazilian bonds benefited from the end of the monetary tightening cycle, the weakening of the US dollar, rises in commodity prices and a higher likelihood of impeachment of the president.

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Ashmore Emerging Markets Corporate Debt Fund

The Ashmore Emerging Markets Corporate Debt Fund (“the Fund”) seeks to achieve its objective by investing principally in the debt instruments of EM corporate issuers, which may be denominated in any currency, including the local currency of the issuer. EM corporates operate in an environment that typically consists of higher growth and maturing capital markets. In many cases, EM corporates are characterized by new and growing businesses in industries such as mobile communications, technology and food production. We expect these industries to benefit from the developing economies in which they operate. Increased “south/south” trade (between EM countries as opposed to trade with developed markets) and development of domestic markets have resulted in a material structural change for EM corporates and has helped them to broaden their customer bases. We continue to focus efforts on companies that are less followed by the market and which thus allow us to add maximum value based on our views, research and global EM network capabilities.

Over the period, the Fund’s institutional class underperformed its benchmark, the JP Morgan CEMBI Broad Diversified index, which rose 3.84%. The Fund’s top contributors were positions in Brazil, Venezuela and Ecuador, while Colombia, Mongolia, Russia, and the Czech Republic were the largest detractors from performance.

An overweight position in Brazil was the largest absolute contributor to performance, notably following the loss of the country’s investment grade rating from Moody’s in late February. Holdings in Petrobras and Vale were notable contributors in a period of political turmoil and an economic downturn. The position in Venezuela also added value, especially in the short end of the curve, riding the reaction to the shift in global oil prices during the period.

Mongolia detracted from performance as bonds of a Mongolian coal mine suffered weakness over the period from declines in coal prices. The company is the largest producer of coking coal in Mongolia, but the lack of adequate infrastructure between Mongolia and China means that the company has to Transport its coal by truck to the Chinese steel plants in the north. With coal prices being so low in recent months, the shipping cost has become a real problem for the company.

Technicals remain supportive of market performance, especially given weak new issuance in the first quarter of 2016 as supply was 33% less than the year before. With USD 158bn in coupons and principal repayments scheduled for 2016 and in excess of USD 40bn of bond buybacks to be conducted by EM companies this year, total issuance for 2016 might well come in under USD 200bn for the full year, potentially leaving the market in a situation of negative net supply. International investors who exited EM last year are now underweight and are potentially looking for the right trigger to get back into the market. The fact that issuance is picking up is a good sign for the markets, because it shows that investors’ appetite for EM credit has started to come back.

Ashmore Emerging Markets Short Duration Fund

The Ashmore Emerging Markets Short Duration Fund (“the Fund”) seeks to achieve its objective by investing principally in short-term debt instruments of, and derivative instruments related to, Sovereign, Quasi-Sovereign and Corporate issuers of EM countries denominated exclusively in Hard Currencies (i.e., the U.S. dollar or any currency of a nation in the G-7). The Fund normally seeks to maintain weighted average portfolio duration of between 1 and 3 years. The Fund has no restrictions on individual security duration.

Over the period, the Fund’s institutional class outperformed its benchmark. The Fund’s top contributors for the period were gains from positions in Ecuador, Venezuela, and Brazil. Colombia, Indonesia, and Mongolia were the largest detractors from performance.

The recovery in commodity prices, especially oil, had a positive impact on credits. The Fund benefits from significant “pull to par,” as short-maturity instruments trading at a discount rapidly approach par as the maturity date approaches. The environment of spread widening offered many attractive opportunities to acquire quality credits that were adversely impacted in a general “risk off” environment.

Ashmore Emerging Markets Equity Opportunities Fund

The Ashmore Emerging Markets Equity Opportunities Fund (“the Fund”) seeks to provide exposure through a single investment vehicle to various emerging markets equity strategies managed by the Subadviser. The Fund initially allocated its portfolio approximately in the same proportion among the three existing Underlying Equity Funds: Ashmore Emerging Markets Value Fund, Ashmore Emerging Markets Small-Cap Equity Fund and Ashmore Emerging Markets Frontier Equity Fund.

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These relative allocations may vary over time, and the Fund has the flexibility to invest in other Underlying Funds (including those that may be formed in the future) and directly in securities of other issuers, derivatives and other investments in order to pursue its investment objective.

Ashmore Emerging Markets Value Fund

The Ashmore Emerging Markets Value Fund (“the Fund”) seeks to achieve its objective by investing principally in equity securities and equity-related investments of EM issuers, which may be denominated in any currency, including the local currency of the issuer.

For the six months ended April 30, 2016, EM equities moderately declined by -0.13% (MSCI EM Net), experiencing periods of mark downs and upswings during the period. The first four months of the period saw declines, especially in January 2016, when EM and global equities alike suffered as renewed fears related to lower oil prices, US growth concerns, and slower growth and currency policy uncertainty in China took center stage. In addition, the fits and starts of the use of newly implemented circuit breakers in the domestic (A-share) markets dampened investor sentiment in the early days of trading in China, including in H-share stocks. Trading halts were effectively suspended after the second run at implementing this measure. Furthermore, December FX reserve numbers recorded a sharp decline of USD 106bn, although the decline slowed in January (-USD 99.4bn). Investors’ concerns began to abate as oil and commodity prices picked up and EM currencies began to stabilize. EM equities then staged a strong recovery in March, up 13.5%. Oil prices reached some of their highest levels since November 2015, with WTI up about 20% in April 2016, and buoying sentiment in markets such as Russia and Brazil.

Politics has also been a notable factor, especially in Brazil, as well as in Peru. In Brazil, the majority of the representatives in the lower house voted to move the impeachment process to the Senate. At the time of writing, the majority of the Senate voted in favor of impeachment, causing current President Dilma Rousseff to be suspended, awaiting trial, and the Vice President taking over as Acting President. Market developments in the past few months have signaled that investor sentiment is more aligned to a change in government. In Peru, elections held on April 10 produced two candidates for the presidency largely seen as market friendly. A second-round for the presidential elections is slated for June 5.

The Fund outperformed its benchmark over the period, with country allocation being the primary source of value added, and stock selection modestly contributing. In terms of allocation, our overweight in Peru, Brazil and Russia added most value. The Peruvian economy continued to grow at a brisk pace during Q4 2015 and Q1 2016 resulting in upward revisions to GDP growth for the full year, now closer to 3.8% and driven by primary sectors: mining, construction and infrastructure. We are invested in Credicorp Ltd, the country’s largest fully integrated bank, trading at about 1.8x estimated 2017 price to book value (PBV) with a return on equity (ROE) of 19% 2017E. Investor sentiment in Brazil and Russian sharply recovered with the gain in commodity and energy prices, especially in the latter part of the reporting period. Additionally, while earnings have been in the doldrums for stocks in Brazil especially, we may be at the beginning of a recovery as the operating environment begins to stabilize, especially on the political front. Modest detraction was seen in our overweight in China and Mexico, and lack of exposure in Hungary.

Stock selection added most value in Russia, Korea and UAE, while selection in China, Indonesia and India detracted most. Aeroflot contributed the most. With margins expanding and the company gaining market share following the Transaero merger, we continue to hold onto Aeroflot, as valuations are still reasonable despite its good performance so far. Lotte Chemical (petrochemicals) and Posco (steel) in Korea added value as did Emaar Properties in UAE.

Over the period we have reduced our exposure to China and Taiwan, taking profits in specific holdings as their investment theses played out. We also reduced our allocation to Turkey, as tourism revenues are projected to decline after a spate of terrorist attacks. Tourism is a material driver of GDP growth (10% contribution to GDP) and is expected to reduce GDP growth by over one half percentage point in 2016 as visitors seek safer destinations. Early in the new year (2016), we took advantage of low valuations in Brazil adding stocks in the energy, materials and real estate sectors. We also added to our Russia and Mexico allocations, and initiated a position in the UAE, Emaar Properties.

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INVESTMENT MANAGER’S REPORT (CONTINUED)

Many EMs have started the easing cycle, and others may well join, as stronger currencies and lower inflation than feared allows central banks to lower rates. This action is already benefiting housing, commercial and industrial real estate, and farmland throughout EMs. Energy and materials also look attractive. Although we have seen some recovery, we believe these stocks still look underpriced. Should market conditions continue to stabilize, we expect relative valuations to drive returns. In that environment, EM equities are still trading at a discount to developed market equities, and in our view still offer appreciable upside potential even after the good first quarter of 2016. Per Bloomberg data, estimated 2016 price to earnings (PE) for EM is 12x, compared to 16x for developed markets and 17x for the S&P 500.

Ashmore Emerging Markets Small-Cap Equity Fund

The Ashmore Emerging Markets Small-Cap Equity Fund (“the Fund”) seeks to achieve its objective by investing principally in equity securities and equity-related investments of small-capitalization EM issuers, which may be denominated in any currency, including the local currency of the issuer.

EM small-cap stocks had a modest decline of 0.08% during the 6 month period to April 30, 2016 according to the MSCI EM Small Cap Index Net. Markets leading the decline were Greece (-11%), Peru (-11%), Qatar (-10%) and Egypt (-8%). Bucking the trend were small caps in Colombia (+74%), Hungary (+25%), Czech Republic (+23%) and Russia (+21%). Colombia and Russia in particular staged remarkable recoveries, after having gone through a period of marked market and currency declines.

The Fund outperformed its benchmark with country allocation adding value while stock selection detracted. In terms of country, our overweight in Brazil, Colombia and Russia contributed most, while our lack of exposure in South Africa and Malaysia, as well as the allocation to Argentina, detracted.

On a stock basis, weighing most on returns were the holdings in Brazil, China and Korea, although selections in India, Taiwan and Russia helped. Agro-business Adecoagro and parts manufacturer Tupy lost value most in the Brazil holdings – their export related segments were expected to be impacted by the firming in the country’s currency over the period. However, we continue to hold as we believe the underlying businesses remain well valued. Among the China holdings, our holding in Boer Power Holdings lost most during the period. The company manufactures and supplies high tech electrical components to industry (utilities, hospitals, etc.). Following a delay in the release of results, the company restated its balance sheet by adding back certain off-balance sheet receivables factored with banks, thereby turning from a net cash position (22%) to a gearing of 77%. This hurt investor confidence resulting in a significant sell-down of the company’s shares at quarter end. While the receivables are to end clients that are expected to pay back, and the owner-CEO of the company has made an interest free loan to the company and fired the CFO to continue with ongoing capex and regain investor confidence. The firm is now looking to hire a CFO from one of the big four accounting firms. The stock has remained under pressure as investors await any improvements related to changes on the governance and financial controls front. Modetour suffered as Q4 2015 operating profits came in below consensus, although top-line growth remains sustainable. At a forward 2016 PE of 13x, we continue to see value in the company as tourist activity remains strong.

The portfolio’s Indian holdings added value especially the exposure in Balrampur Chini Mills. The company is one of the biggest sugar mills in the country, based in North India. Sugar output in the current season (October 2015 –April 2016) is lower than in recent years and will just about meet India’s local demand. In addition, government subsidies have helped export some 1.5m tons in recent months and sugar inventory is at reasonable levels. Poor rains in 2015 have hit cane farmers hard, especially in the state of Maharashtra, India’s biggest cane producing region. As a result, the outlook for sugar production in the coming season (October 2016 – April 2017) is significantly weaker. Internationally, sugar is in deficit by 5m tons after several years of surplus. All of this has helped the firming up of sugar prices in India from INR 27-28/kg to INR 32/kg over the last 6 months, while international raw sugar prices have moved up from a low of 10.5c/lb to 14.3c/lb. Higher sugar prices should allow Balrampur Chini to report significant earnings growth in the coming year. Taiwan tech holdings, Casetek (casings manufacturer), Inventec (a leading ODM for notebooks, server and mobile devices) and Inotera Memories (DRAM wafer manufacturer) contributed over the period. We sold out of Inventec and Inotera Memories by period end as our target fair value was reached.

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INVESTMENT MANAGER’S REPORT (CONTINUED)

We reduced our allocation to Taiwan and China, ending the period with an underweight position for the latter. Early in the new year (2016), we took advantage of low valuations in Brazil adding stocks such as Cosan, a sugar/ethanol producer with solid operations and expected to benefit from any uptick in energy prices, Suzano (pulp & paper), the cheapest pulp and paper/soft tissue producer globally, Cyrela (real estate) and SLC Agricola (agriculture).

Relative company valuations continue to guide our exposures in the coverage universe, while the overall small cap universe continues to offer competitive value compared to the developed markets.

Ashmore Emerging Markets Frontier Equity Fund

The Ashmore Emerging Markets Frontier Equity Fund (“the Fund”) seeks to achieve its objective by investing principally in equity securities and equity-related investments of Frontier Market issuers, which may be denominated in any currency, including the local currency of the issuer.

Frontier Markets, according to the MSCI Frontier Markets Index Net, declined by 2.73% for the 6 months ended April 30, 2016. Markets such as Nigeria (-16%), Bahrain (-16%), Kazakhstan (-14%) and Sri Lanka (-12%) lost the most ground, although markets such as Estonia (+24%), Morocco (+16%), Kenya (+11%) and Tunisia (+10%) held up very well, serving as safe havens in a relatively weak equity environment.

In Nigeria, investors continue to price in weak oil and policy mistakes that have led to FX scarcity, shortages of goods, and stubbornly high inflation. There has been no change to the official FX rate which remains at NGN 199 to the Dollar, while the black market rate is closer to NGN 340. While a recent fuel price deregulation has lifted investor mood in the market, overall sentiment continues to be weak as expectation mounts of a potential FX devaluation. In Sri Lanka equities sold off reflecting mounting concerns on the fiscal deficit and external debt repayments over the next year. Although the economy is relatively well balanced – and is expected to grow by 5-6% this year – the risk is that cutbacks on fiscal expenditure, continued foreign capital outflows, and a weaker FX could undermine the outlook. Policy rates were increased by 50 bps in February to support the Rupee and limit credit growth/inflation. Stock specific news was limited and the sell-off was broad based.

Morocco and Kenya also performed well due, to some extent, their relative safe-haven status within Africa given the issues in Nigeria. Although in Kenya there was also some encouraging macro data that drove equity prices higher, namely 1) rising reserves, now at 4.5 months cover, 2) the recent approval of a new IMF precautionary fund of USD 1.5bn which serves as a buffer against short term shocks, and 3) falling inflation (now at 6.8% from 7.8% in January, versus a target range of 2.5-7.5%).

The Fund outperformed its index over the period with overall contribution from exposures in Pakistan, Peru and Nigeria helping most, while exposures Kazakhstan, Morocco, Egypt and Sri Lanka detracting. Our overweight in Pakistan contributed most, especially our holdings in DG Khan Cement, Maple Leaf Cement, Pakistan Oilfields and Bank Al Habib. We hold Credicorp in Peru which added value. Our underweight in Nigeria helped given the relative weakness. We hold one of the top tier banks there trading at a 2017E PBV of 0.9x. We continue to closely monitor that market. The decline in oil prices impacted our exposure in oil-exporter Kazakhstan, Halyk Savings Bank, although the bank trades at a compelling 2017E PBV of 0.5x. We do not have any holdings in Morocco, hurting relative performance. The market out-performed as a safe haven and one of the bellwether real estate businesses in that market rallied on progress made in its balance sheet restructuring plan.

During the period, we reduced and consolidated our positions in Sri Lanka, selling out of People’s Leasing and reducing the weight in Sampath Bank. We also reduced our exposure in Indonesia and Kenya. We initiated positions in Egypt (Commercial International Bank, Eastern Tobacco and IDH) and UAE (e.g., Emaar Properties, NMC Health), based on relative valuations and improved growth prospects in specific names. We also added Banco Davivienda and Gran Tierra Energy in Colombia.

Frontier Markets remain a compelling investment universe on a relative valuation basis. They tend to be less correlated with the global equity markets although providing higher than global and EM dividend yield. Continued improvement in investor sentiment towards EM and Frontier Markets should have positive implications for flows and returns.

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IMPORTANT INFORMATION ABOUT THE FUNDS

Ashmore Investment Advisors Limited

This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Funds and market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are those of Ashmore Investment Advisors Limited as of the date indicated and are subject to change at any time based upon economic, market, or other conditions and Ashmore Investment Advisors Limited undertakes no obligation to update the views expressed herein. Any discussions of specific securities or markets should not be considered a recommendation to buy or sell or invest in those securities or markets. The views expressed above may not be relied upon as investment advice or as an indication of the Funds’ trading intent. Information about the Funds’ holdings, asset allocation or country diversification is historical and is not an indication of future portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses applicable to mutual fund investments. In addition, the returns do not reflect certain charges that an investor in the Funds may pay. If these additional fees were reflected, the performance shown would have been lower.

The following disclosure provides important information regarding each Fund’s Average Annual Total Return table and Cumulative Returns chart, which appear on each Fund’s individual page in this report (the “Shareholder Report” or “Report”). Please refer to this information when reviewing the table and chart for a Fund.

On each individual Fund Summary page in this Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Fund distributions or (ii) the redemption of Fund shares. The Cumulative Returns Chart reflects only Institutional Class performance. Performance for Class A and Class C shares is typically lower than Institutional Class performance due to the lower expenses paid by Institutional Class shares. Except for the load-waived performance for the Class A and C shares of each Fund (as applicable), performance shown is net of fees and expenses. The load-waived performance for Class A and Class C shares does not reflect the sales charges shareholders of those classes may pay in connection with a purchase or redemption of Class A and Class C shares. The load-waived performance of those share classes is relevant only to shareholders who purchased Class A or Class C shares on a load-waived basis. The figures in the line graph are calculated at net asset value and assume the investment of $1,000,000 at the beginning of the first full month following the inception of the Institutional Class. Each Fund measures its performance against a broad-based securities market index (“benchmark index”). Each benchmark index does not take into account fees, expenses or taxes.

For periods prior to the inception date of the Class A and Class C shares (if applicable), performance information shown is based on the performance of the Fund’s Institutional Class shares, adjusted to reflect the distribution and/or service fees and other expenses paid by the Class A and Class C shares, respectively.

A Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

An investment in a Fund is not a deposit of a bank and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Funds.

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IMPORTANT INFORMATION ABOUT THE FUNDS (CONTINUED)

The following disclosure provides important information regarding each Fund’s Expense Example, which appears on each Fund’s individual page in this Shareholder Report. Please refer to this information when reviewing the Expense Example for a Fund.

EXPENSE EXAMPLE

Fund Expenses

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, from November 1, 2015 or the inception date (if later), through April 30, 2016.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information based on actual performance and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class, in the row titled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical Performance” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the information under the heading “Hypothetical Performance” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

8

UNAUDITED
FUND SUMMARY Ashmore
Ashmore Emerging Markets Total Return Fund
The Ashmore Emerging Markets Total Return Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in debt instruments of sovereign, quasi-sovereign, and corporate issuers of Emerging Market countries, which may be denominated in any currency, including the local currency of the issuer. The Fund tactically allocates assets between external debt, corporate debt and local currency.
Please refer to page 7 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended April 30, 2016 6 Months 1 Year 5 Year1 Since incpt1
Institutional Class1 6.72% 0.42% 0.57% 1.77%
Retail Class A (load-waived)1 6.63% 0.20% 0.32% 1.52%
Retail Class A (unadjusted)1,2 2.36% -3.81% -0.49% 0.76%
Retail Class C (load-waived)1 6.25% -0.54% -0.42% 0.77%
Retail Class C (unadjusted)1,2 5.25% -1.47% -0.42% 0.77%
50/25/25 Composite Benchmark3 5.87% 1.11% 1.74% 2.56%
Cumulative Returns Through April 30, 2016 (% of NAV)
1,300
Fund Benchmark Index3
1,200 $ 1,146,470
1,100
1,000 Institutional Class
$ 1,099,090
900
Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15
Top 5 country exposures (% of NAV)
Brazil 12.9% Mexico 7.6% Russia 7.5% Venezuela 6.5% Indonesia 5.6%
Source: Ashmore. Top 5 country exposure based on aggregate allocation to investment instruments related to countries shown above. The above excludes cash and equivalents as well as G7 countries and certain hedge related transactions. Data as of April 30, 2016.
Share class information
INSTITUTIONAL CLASS
Launch date: December 8, 2010
Minimum initial investment:
$1,000,000
ISIN: US0448204059
CUSIP: 044820405
BLOOMBERG: EMKIX US
TICKER: EMKIX
RETAIL CLASS A
Launch date: May 12, 2011
Minimum initial investment: $1,000
ISIN: US0448208357
CUSIP: 044820835
BLOOMBERG: EMKAX US
TICKER: EMKAX
RETAIL CLASS C
Launch date: May 12, 2011
Minimum initial investment: $1,000
ISIN: US0448208274
CUSIP: 044820827
BLOOMBERG: EMKCX US
TICKER: EMKCX
All sources are Ashmore unless otherwise indicated.
The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. The minimum initial investment amount for Retail Shares Classes A and C is $1,000. All Fund returns are net of fees and expenses, except for the load-waived return information for Class A and Class C shares. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
1 For periods prior to the inception date of the Class A and Class C shares (05/12/2011), performance information shown is based on the performance of the Fund’s Institutional Class shares (12/08/2010), adjusted to reflect the distribution and/or service fees and other expenses paid by the Class A and Class C shares, respectively. 2 Unadjusted Performance accounts for a maximum sales load of 4% for Class A shares and maximum deferred sales charge of 1% for the 6 months and 1 year returns for the Class C shares. 3.The index for the Fund is 50% JP Morgan Emerging Markets Bond Index Global Diversified, 25% JP Morgan Emerging Local Markets Index Plus, and 25% JPMorgan Global Bond Index-Emerging Markets Global Diversified.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please visit www.ashmoregroup.com. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods.
Please refer to page 8 herein for an explanation of the Expense Example information presented below.
Expense example Actual performance Hypothetical performance
Institutional Class Class A Class C Institutional Class Class A Class C
Beginning Account Value (11/1/2015) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value (04/30/2016) $1,067.20 $1,066.30 $1,062.50 $1,019.79 $1,018.55 $1,014.82
Expense Ratio 1.02% 1.27% 2.02% 1.02% 1.27% 2.02%
Expenses Paid* $5.24 $6.52 $10.36 $5.12 $6.37 $10.12
*Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Hypothetical expenses are based on the Fund’s actual annualized expense ratios and assumed rate of 5 percent per year before expenses.

9

UNAUDITED
FUND SUMMARY Ashmore
Ashmore Emerging Markets Hard Currency Debt Fund*
Ashmore Emerging Markets Hard Currency Debt Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in debt instruments of, and derivative instruments related to, sovereign, quasi-sovereign, and corporate issuers of Emerging Market countries, that are denominated in hard currencies (i.e. the US dollar or any currency of a nation in the G-7).
*Formerly, Ashmore Emerging Markets Debt Fund. The name of the Fund changed effective November 8, 2015.
Please refer to page 7 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended April 30, 2016 6 Months 1 Year 5 Year1 Since incpt1
Institutional Class1 4.85% 4.54% 5.25% 5.00%
Retail Class A (load-waived)1 5.46% 5.06% 5.21% 4.94%
Retail Class A (unadjusted)1,2 1.25% 0.86% 4.36% 4.15%
Retail Class C (load-waived)1 5.81% 4.89% 4.47% 4.20%
Retail Class C (unadjusted)1,2 4.81% 3.91% 4.47% 4.20%
JP Morgan EMBI GD3 5.35% 4.33% 6.30% 6.10%
Cumulative Returns Through April 30, 2016 (% of NAV)
1,450 Index3
Fund Benchmark $ 1,376,525
1,350 1,250
1,150 Institutional Class $ 1,301,120
1,050 950
Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15
Top 5 country exposures (% of NAV)
Venezuela 8.0% Brazil 6.7% Mexico 4.9% Kazakhstan 4.6% Hungary 4.5%
Source: Ashmore. Top 5 country exposure based on aggregate allocation to investment instruments related to countries shown above. The above excludes cash and equivalents as well as G7 countries and certain hedge related transactions. Data as of April 30, 2016.
Share class information
INSTITUTIONAL CLASS
Launch date: December 8, 2010
Minimum initial investment:
$1,000,000
ISIN: US0448203069
CUSIP: 044820306
BLOOMBERG: ESDIX US
TICKER: ESDIX
RETAIL CLASS A
Launch date: May 12, 2011
Minimum initial investment: $1,000
ISIN: US0448208506
CUSIP: 044820850
BLOOMBERG: ESDAX US
TICKER: ESDAX
RETAIL CLASS C
Launch date: May 12, 2011
Minimum initial investment: $1,000
ISIN: US0448208431
CUSIP: 044820843
BLOOMBERG: ESDCX US
TICKER: ESDCX
All sources are Ashmore unless otherwise indicated.
The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. The minimum initial investment amount for Retail Shares Classes A and C is $1,000. All Fund returns are net of fees and expenses, except for the load-waived return information for Class A and Class C shares. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
1 For periods prior to the inception date of the Class A and Class C shares (05/12/2011), performance information shown is based on the performance of the Fund’s Institutional Class shares (12/08/2010), adjusted to reflect the distribution and/or service fees and other expenses paid by the Class A and Class C shares, respectively.
2 Unadjusted Performance accounts for a maximum sales load of 4% for Class A shares and maximum deferred sales charge of 1% for the 6 months and 1 year returns for the Class C shares. 3. The index for the Fund is the JP Morgan Emerging Markets Bond Index Global Diversified.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please visit www.ashmoregroup.com. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods.
Please refer to page 8 herein for an explanation of the Expense Example information presented below.
Expense example Actual performance Hypothetical performance
Institutional Class Class A Class C Institutional Class Class A Class C
Beginning Account Value (11/1/2015) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value (04/30/2016) $1,048.50 $1,054.60 $1,058.10 $1,020.29 $1,019.05 $1,015.32
Expense Ratio 0.92% 1.17% 1.92% 0.92% 1.17% 1.92%
Expenses Paid** $4.69 $5.98 $9.82 $4.62 $5.87 $9.62
**Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Hypothetical expenses are based on the Fund’s actual annualized expense ratios and assumed rate of 5 percent per year before expenses.

10

UNAUDITED
FUND SUMMARY Ashmore
Ashmore Emerging Markets Local Currency Bond Fund
Ashmore Emerging Markets Local Currency Bond Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in debt instruments of sovereign and quasi-sovereign issuers of Emerging Market countries that are denominated in the local currency of the issuer.
Please refer to page 7 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended April 30, 2016 6 Months 1 Year 5 Year1 Since incpt1
Institutional Class1 10.04% -2.80% -3.06% -1.14%
Retail Class A (load-waived)1 9.87% -3.02% -3.32% -1.40%
Retail Class A (unadjusted)1,2 5.47% -6.90% -4.11% -2.14%
Retail Class C (load-waived)1 9.68% -3.72% -4.05% -2.14%
Retail Class C (unadjusted)1,2 8.68% -4.65% -4.05% -2.14%
JP Morgan GBI-EM GD3 8.93% -1.98% -2.40% -0.56%
Cumulative Returns Through April 30, 2016 (% of NAV)
1,300
Fund Benchmark
1,200
1,100 Index3
$ 970,225
1,000
900 Institutional Class
$ 939,980
800
Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15
Top 5 country exposures (% of NAV)
Brazil 15.1% South Africa 10.6% Poland 10.0% Indonesia 9.9% Mexico 9.9%
Source: Ashmore. Top 5 country exposure based on aggregate allocation to investment instruments related to countries shown above. The above excludes cash and equivalents as well as G7 countries and certain hedge related transactions. Data as of April 30, 2016.
Share class information
INSTITUTIONAL CLASS
Launch date: December 8, 2010
Minimum initial investment:
$1,000,000
ISIN: US0448202079
CUSIP: 044820207
BLOOMBERG: ELBIX US
TICKER: ELBIX
RETAIL CLASS A
Launch date: May 12, 2011
Minimum initial investment: $1,000
ISIN: US0448208761
CUSIP: 044820876
BLOOMBERG: ELBAX US
TICKER: ELBAX
RETAIL CLASS C
Launch date: May 12, 2011
Minimum initial investment: $1,000
ISIN: US0448208688
CUSIP: 044820868
BLOOMBERG: ELBCX US
TICKER: ELBCX
All sources are Ashmore unless otherwise indicated.
The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. The minimum initial investment amount for Retail Shares Classes A and C is $1,000. All Fund returns are net of fees and expenses, except for the load-waived return information for Class A and Class C shares. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
1For periods prior to the inception date of the Class A and Class C shares (05/12/2011), performance information shown is based on the performance of the Fund’s Institutional Class shares (12/08/2010), adjusted to reflect the distribution and/or service fees and other expenses paid by the Class A and Class C shares, respectively. 2Unadjusted Performance accounts for a maximum sales load of 4% for Class A shares and maximum deferred sales charge of 1% for the 6 months and 1 year returns for the Class C shares. 3The index for the Fund is the JP Morgan Global Bond Index—Emerging Markets Global Diversified.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please visit www.ashmoregroup.com. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods.
Please refer to page 8 herein for an explanation of the Expense Example information presented below.
Expense example Actual performance Hypothetical performance
Institutional Class Class A Class C Institutional Class Class A Class C
Beginning Account Value (11/1/2015) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value (04/30/2016) $1,100.40 $1,098.70 $1,096.80 $1,020.04 $1,018.80 $1,015.07
Expense Ratio 0.97% 1.22% 1.97% 0.97% 1.22% 1.97%
Expenses Paid* $5.07 $6.37 $10.27 $4.87 $6.12 $9.87
*Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Hypothetical expenses are based on the Fund’s actual annualized expense ratios and assumed rate of 5 percent per year before expenses.

11

UNAUDITED
FUND SUMMARY Ashmore
Ashmore Emerging Markets Corporate Debt Fund
Ashmore Emerging Markets Corporate Debt Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in debt instruments of Emerging Market corporate issuers, which may be denominated in any currency, including the local currency of the issuer.
Please refer to page 7 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended April 30, 2016 6 Months 1 Year 5 Year1 Since incpt1
Institutional Class1 0.64% -4.59% 1.96% 2.87%
Retail Class A (load-waived)1 0.62% -4.82% 1.70% 2.61%
Retail Class A (unadjusted)1,2 -3.42% -8.63% 0.87% 1.84%
Retail Class C (load-waived)1 0.25% -5.51% 0.95% 1.86%
Retail Class C (unadjusted)1,2 -0.72% -6.38% 0.95% 1.86%
JP Morgan CEMBI BD3 3.84% 2.83% 5.02% 5.23%
Cumulative Returns Through April 30, 2016 (% of NAV)
1,400 Index3 Fund Benchmark $ 1,316,824
1,300 1,200 1,100 1,000 Institutional Class $ 1,164,930 900
Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15
Top 5 country exposures (% of NAV)
Brazil 15.0% Russia 10.0% United Arab Emirates 8.1% Kazakhstan 6.8% Mexico 6.6%
Source: Ashmore. Top 5 country exposure based on aggregate allocation to investment instruments related to countries shown above. The above excludes cash and equivalents as well as G7 countries and certain hedge related transactions. Data as of April 30, 2016.
Share class information
INSTITUTIONAL CLASS
Launch date: December 8, 2010
Minimum initial investment:
$1,000,000 ISIN: US044825049 CUSIP: 044820504 BLOOMBERG: EMCIX US
TICKER: EMCIX RETAIL CLASS A Launch date: May 12, 2011 Minimum initial investment: $1,000
ISIN: US0448206039 CUSIP: 044820603 BLOOMBERG: ECDAX US TICKER: ECDAX
RETAIL CLASS C Launch date: May 12, 2011 Minimum initial investment: $1,000 ISIN: US0448207029
CUSIP: 044820702 BLOOMBERG: ECDCX US TICKER: ECDCX
All sources are Ashmore unless otherwise indicated.
The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. The minimum initial investment amount for Retail Shares Classes A and C is $1,000. All Fund returns are net of fees and expenses, except for the load-waived return information for Class A and Class C shares. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
1For periods prior to the inception date of the Class A and Class C shares (05/12/2011), performance information shown is based on the performance of the Fund’s Institutional Class shares (12/08/2010), adjusted to reflect the distribution and/or service fees and other expenses paid by the Class A and Class C shares, respectively.
2Unadjusted Performance accounts for a maximum sales load of 4% for Class A shares and maximum deferred sales charge of 1% for the 6 months and 1 year returns for the Class C shares. 3The index for the Fund is the JP Morgan Corporate Emerging Markets Bond Index Broad Diversified.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please visit www.ashmoregroup.com. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods.
Please refer to page 8 herein for an explanation of the Expense Example information presented below.
Expense example Actual performance Hypothetical performance
Institutional Class Class A Class C Institutional Class Class A Class C
Beginning Account Value (11/1/2015) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value (04/30/2016) $1,006.40 $1,006.20 $1,002.50 $1,019.05 $1,017.80 $1,014.07
Expense Ratio 1.17% 1.42% 2.17% 1.17% 1.42% 2.17%
Expenses Paid* $5.84 $7.08 $10.80 $5.87 $7.12 $10.87
*Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Hypothetical expenses are based on the Fund’s actual annualized expense ratios and assumed rate of 5 percent per year before expenses.

12

UNAUDITED
FUND SUMMARY Ashmore
Ashmore Emerging Markets Short Duration Fund
Ashmore Emerging Markets Short Duration Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in short-term debt instruments of, and derivative instruments related to, sovereign, quasi-sovereign and corporate issuers of Emerging Markets countries denominated exclusively in hard currencies (i.e., the U.S. dollar or any currency of a nation in the G-7). The Fund normally seeks to maintain a weighted average portfolio duration of between 1 and 3 years. The Fund has no restrictions on individual security duration.
Please refer to page 7 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended April 30, 2016 6 Months 1 Year Since incpt1
Institutional Class 7.42% 9.33% 5.63%
Retail Class A (load-waived)1 7.23% 9.05% 5.35%
Retail Class A (unadjusted)1,2 2.94% 4.69% 3.05%
JP Morgan CEMBI BD 1-3 Year3 2.27% 2.91% 2.69%
Cumulative Returns Through April 30, 2016 (% of NAV)
1,130 Institutional Class
Fund Benchmark $ 1,106,640
1,080 1,030 980 Index3 $ 1,050,456 930
Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15
May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16
Top 5 country exposures (% of NAV)
Brazil 15.7% Ecuador 14.8% Russia 13.2% Venezuela 9.9% Kazakhstan 8.4%
Source: Ashmore. Top 5 country exposure based on aggregate allocation to investment instruments related to countries shown above. The above excludes cash and equivalents as transactions. well as G7 countries Data as and of April certain 30, 2016. hedge related
Share class information
INSTITUTIONAL CLASS
Launch date: June 24, 2014
Minimum initial investment:
$1,000,000 ISIN: US0448206948 CUSIP: 044820694 BLOOMBERG: ESFIX US
TICKER: ESFIX RETAIL CLASS A Launch date: September 23, 2014
Minimum initial investment: $1,000
ISIN: US0448207284 CUSIP: 044820728 BLOOMBERG: ESFAX US TICKER: ESFAX
All sources are Ashmore unless otherwise indicated.
The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. The minimum initial investment amount for Retail Shares Classes A is $1,000. All Fund returns are net of fees and expenses, except for the load-waived return information for Class A shares. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
1.For periods prior to the inception date of the Class A (09/23/2014), performance information shown is based on the performance of the Fund’s Institutional Class shares (06/24/2014), adjusted to reflect the distribution and/or service fees and other expenses paid by the Class A shares. 2 Unadjusted Performance accounts for a maximum sales load of 4.00% for Class A shares. 3 The index for the Fund is the JP Morgan Corporate Emerging Markets Bond Index Broad Diversified.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please visit www.ashmoregroup.com. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods.
Please refer to page 8 herein for an explanation of the Expense Example information presented below.
Expense example Actual performance Hypothetical performance
Institutional Class Class A Institutional Class Class A
Beginning Account Value (11/1/2015) $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value (04/30/2016) $1,074.20 $1,072.30 $1,021.53 $1,020.29
Expense Ratio 0.67% 0.92% 0.67% 0.92%
Expenses Paid* $3.46 $4.74 $3.37 $4.62
*Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Hypothetical expenses are based on the Fund’s actual annualized expense ratios and assumed rate of 5 percent per year before expenses.

13

UNAUDITED
FUND SUMMARY Ashmore
Ashmore Emerging Markets Equity Opportunities Fund
Ashmore Emerging Markets Equity Opportunities Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its investment objective by investing principally in Institutional Class shares of other series of Ashmore Funds that invest principally in equity securities and equity-related investments (the “Underlying Equity Funds”).
Please refer to page 7 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended April 30, 2016 Since incpt1
Institutional Class -0.03%
Retail Class A (load-waived) -0.16%
Retail Class A (unadjusted)1 -5.40%
Retail Class C (load-waived) -0.49%
Retail Class C (unadjusted)1 -1.48%
MSCI EM NET2 0.34%
Cumulative Returns Through April 30, 2016 (% of NAV)
1,050 Index3 Fund Benchmark $ 1,003,416
1,000 Institutional Class 950 $ 999,700 900 850
Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16
Top 5 country exposures (% of NAV)
China 15.3% Taiwan 8.4% Brazil 8.0% South Korea 7.6% Pakistan 7.1%
Source: Ashmore. Top 5 country exposure based on aggregate allocation to investment instruments related to countries shown above. The above excludes cash and equivalents as well as G7 countries and certain hedge related transactions. Data as of April 30, 2016.
Share class information
INSTITUTIONAL CLASS
Launch date: November 23, 2015
Minimum initial investment:
$1,000,000 ISIN: US0448206609 CUSIP: 044820660
BLOOMBERG: AEOIX US TICKER: AEOIX RETAIL CLASS A
Launch date: November 23, 2015
Minimum initial investment: $1,000
ISIN: US0448206864 CUSIP: 044820686
BLOOMBERG: AEOAX US TICKER: AEOAX RETAIL CLASS C
Launch date: November 23, 2015
Minimum initial investment: $1,000
ISIN: US0448206781 CUSIP: 044820678
BLOOMBERG: AEOCX US TICKER: AEOCX
All sources are Ashmore unless otherwise indicated.
The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. All Fund returns are net of fees and expenses. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
1 Unadjusted Performance accounts for a maximum sales load of 5.25% for Class A shares and maximum deferred sales charge of 1% for the 6 months and 1 year returns for the Class C shares. 2The index for the Fund is the Morgan Stanley Capital Index Emerging Markets Net.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please visit www.ashmoregroup.com. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods.
Please refer to page 8 herein for an explanation of the Expense Example information presented below.
Expense example Actual performance Hypothetical performance
Institutional Class Class A Class C Institutional Class Class A Class C
Beginning Account Value (11/23/2015) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value (04/30/2016) $999.70 $998.40 $995.10 $1,024.61 $1,023.37 $1,019.64
Expense Ratio 0.05% 0.30% 1.05% 0.05% 0.30% 1.05%
Expenses Paid* $0.22 $1.30 $4.55 $0.25 $1.51 $5.27
*Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 159/366 (to reflect the period since inception). Hypothetical expenses are based on the Fund’s actual annualized expense ratios and assumed rate of 5 percent per year before expenses.

14

UNAUDITED
FUND SUMMARY Ashmore
Ashmore Emerging Markets Value Fund*
Ashmore Emerging Markets Value Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Emerging Market issuers which may be denominated in any currency, including the local currency of the issuer.
*Formerly, Ashmore Emerging Markets Equity Fund. The name of the Fund changed effective February 29, 2016.
Please refer to page 7 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended April 30, 2016 6 Months 1 Year Since incpt1
Institutional Class1 3.13% -18.69% -5.58%
Retail Class A (load-waived)1 2.88% -18.96% -5.88%
Retail Class A (unadjusted)1,2 -2.56% -23.25% -6.92%
Retail Class C (load-waived)1 2.57% -19.69% -6.58%
Retail Class C (unadjusted)1,2 1.61% -20.46% -6.58%
MSCI EM NET3 -0.13% -17.87% -3.37% Cumulative Returns Through April 30, 2016 (% of NAV)
1,100 Fund Benchmark 1,000 Index3 900 $ 846,624 800 700 Institutional Class $ 756,410 600
Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Top 5 country exposures (% of NAV)
China 26.6% Brazil 12.7% South Korea 12.6% Taiwan 9.9% India 8.0%
Source: Ashmore. Top 5 country exposure based on aggregate allocation to investment instruments related to countries shown above. The above excludes cash and equivalents as well as G7 countries and certain hedge related transactions. Data as of April 30, 2016.
Share class information
INSTITUTIONAL CLASS Launch date: June 22, 2011
Minimum initial investment: $1,000,000 ISIN: US0448208191 CUSIP: 044820819
BLOOMBERG: EMFIX US TICKER: EMFIX RETAIL CLASS A
Launch date: February 27, 2012 Minimum initial investment: $1,000 ISIN: US0448207771
CUSIP: 044820777 BLOOMBERG: EMEAX US TICKER: EMEAX
RETAIL CLASS C Launch date: August 24, 2012 Minimum initial investment: $1,000
ISIN: US0448207698 CUSIP: 044820769 BLOOMBERG: EMECX US TICKER: EMECX
All sources are Ashmore unless otherwise indicated.
The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. The minimum initial investment amount for Retail Shares Classes A and C is $1,000. All Fund returns are net of fees and expenses, except for the load-waived return information for Class A and Class C shares. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
1 For periods prior to the inception date of the Class A (02/27/2012) and Class C shares (08/24/2012), performance information shown is based on the performance of the Fund’s Institutional Class shares (06/22/2011), adjusted to reflect the distribution and/or service fees and other expenses paid by the Class A and Class C shares. 2 Unadjusted Performance accounts for a maximum sales load of 5.25% for Class A shares and maximum deferred sales charge of 1% for the 6 months and 1 year returns for the Class C shares. 3 The index for the Fund is the Morgan Stanley Capital Index Emerging Markets Net.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please visit www.ashmoregroup.com. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods.
Please refer to page 8 herein for an explanation of the Expense Example information presented below.
Expense example Actual performance Hypothetical performance
Institutional Class Class A Class C Institutional Class Class A Class C
Beginning Account Value (11/1/2015) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value (04/30/2016) $1,031.30 $1,028.80 $1,025.70 $1,019.05 $1,017.80 $1,014.07
Expense Ratio 1.17% 1.42% 2.17% 1.17% 1.42% 2.17%
Expenses Paid** $5.91 $7.16 $10.93 $5.87 $7.12 $10.87
**Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Hypothetical expenses are based on the Fund’s actual annualized expense ratios and assumed rate of 5 percent per year before expenses.

15

UNAUDITED
FUND SUMMARY Ashmore
Ashmore Emerging Markets Small-Cap Equity Fund
Ashmore Emerging Markets Small-Cap Equity Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Small-Capitalization Emerging Market issuers, which may be denominated in any currency, including the local currency of the issuer. The Fund currently defines a Small-Capitalization issuer as an issuer with a market capitalization of $2 billion or less at the time of initial investment and $3 billion or less at the time of a subsequent investment in the same issuer.
Please refer to page 7 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended April 30, 2016 6 Months 1 Year Since incpt1
Institutional Class1 1.26% -15.55% 4.07%
Retail Class A (load-waived)1 1.05% -15.95% 3.71%
Retail Class A (unadjusted)1,2 -4.25% -20.36% 2.50%
Retail Class C (load-waived)1 0.68% -16.61% 2.96%
Retail Class C (unadjusted)1,2 -0.31% -17.43% 2.96%
MSCI EM Small Cap NET3 -0.08% -15.50% 4.39%
Cumulative Returns Through April 30, 2016 (% of NAV)
Fund Benchmark Index3 1,500
1,400 $ 1,217,172 1,300 1,200 1,100 Institutional Class
$ 1,200,310 1,000 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16
Top 5 country exposures (% of NAV) China 20.0% Taiwan 15.8% Brazil 11.5% South Korea 10.6% India 8.8%
Source: Ashmore. Top 5 country exposure based on aggregate allocation to investment instruments related to countries shown above. The above excludes cash and equivalents as well as G7 countries and certain hedge related transactions. Data as of April 30, 2016.
Share class information
INSTITUTIONAL CLASS
Launch date: October 4, 2011 Minimum initial investment: $1,000,000 ISIN: US0448201162 CUSIP: 044820116
BLOOMBERG: ESCIX US TICKER: ESCIX RETAIL CLASS A
Launch date: February 1, 2012 Minimum initial investment: $1,000
ISIN: US0448207938 CUSIP: 044820793 BLOOMBERG: ESSAX US TICKER: ESSAX RETAIL CLASS C
Launch date: August 24, 2012 Minimum initial investment: $1,000
ISIN: US0448207854 CUSIP: 044820785 BLOOMBERG: ESSCX US TICKER: ESSCX
All sources are Ashmore unless otherwise indicated.
The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. The minimum initial investment amount for Retail Shares Classes A and C is $1,000. All Fund returns are net of fees and expenses, except for the load-waived return information for Class A and Class C shares. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
1 For periods prior to the inception date of the Class A (02/01/2012) and Class C shares (08/24/2012), performance information shown is based on the performance of the Fund’s Institutional Class shares (10/04/2011), adjusted to reflect the distribution and/or service fees and other expenses paid by the Class A and Class C shares, respectively. 2 Unadjusted Performance accounts for a maximum sales load of 5.25% for Class A shares and maximum deferred sales charge of 1% for the 6 months and 1 year returns for the Class C shares. 3 The index for the Fund is the Morgan Stanley Capital Index Emerging Markets Small-Cap Net.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please visit www.ashmoregroup.com. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods.
Please refer to page 8 herein for an explanation of the Expense Example information presented below.
Expense example Actual performance Hypothetical performance
Institutional Class Class A Class C Institutional Class Class A Class C
Beginning Account Value (11/1/2015) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value (04/30/2016) $1,012.60 $1,010.50 $1,006.80 $1,017.30 $1,016.06 $1,012.33
Expense Ratio 1.52% 1.77% 2.52% 1.52% 1.77% 2.52%
Expenses Paid* $7.61 $8.85 $12.57 $7.62 $8.87 $12.61
*Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Hypothetical expenses are based on the Fund’s actual annualized expense ratios and assumed rate of 5 percent per year before expenses.

16

UNAUDITED
FUND SUMMARY Ashmore
Ashmore Emerging Markets Frontier Equity Fund
Ashmore Emerging Markets Frontier Equity Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Frontier Market issuers, which may be denominated in any currency, including the local currency of the issuer.
Please refer to page 7 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended April 30, 2016 6 Months 1 Year Since incpt1
Institutional Class -1.89% -9.14% -0.99%
Retail Class A (load-waived)1 -2.00% -9.48% -1.35%
Retail Class A (unadjusted)1,2 -7.15% -14.24% -3.47%
Retail Class C (load-waived)1 -2.41% -10.38% -2.18%
Retail Class C (unadjusted)1,2 -3.37% -11.27% -2.18%
MSCI Frontier Markets NET3 -2.73% -13.13% -1.24%
Cumulative Returns Through April 30, 2016 (% of NAV)
1,300 Fund Benchmark
1,200
1,100
Institutional Class
1,000 $ 975,580
Index3
$ 969,580
900
Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16
Top 5 country exposures (% of NAV)
Pakistan 20.3%
United Arab Emirates 14.9%
Argentina 13.3%
Kuwait 11.4%
Egypt 5.9%
Source: Ashmore. Top 5 country exposure based on aggregate allocation to investment instruments related to countries shown above. The above excludes cash and equivalents as well as G7 countries and certain hedge related transactions. Data as of April 30, 2016.
Share class information
INSTITUTIONAL CLASS
Launch date: November 5, 2013
Minimum initial investment:
$1,000,000
ISIN: US0448207367
CUSIP: 044820736
BLOOMBERG: EFEIX US
TICKER: EFEIX
RETAIL CLASS A
Launch date: May 7, 2014
Minimum initial investment: $1,000
ISIN: US0448207516
CUSIP: 044820751
BLOOMBERG: EFEAX US
TICKER: EFEAX
RETAIL CLASS C
Launch date: May 7, 2014
Minimum initial investment: $1,000
ISIN: US0448207441
CUSIP: 044820744
BLOOMBERG: EFECX US
TICKER: EFECX
All sources are Ashmore unless otherwise indicated.
The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. All Fund returns are net of fees and expenses. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.
1 For periods prior to the inception date of the Class A (05/07/2014) and Class C shares (05/07/2014), performance information shown is based on the performance of the Fund’s Institutional Class shares (11/05/2013), adjusted to reflect the distribution and/or service fees and other expenses paid by the Class A and Class C shares, respectively. 2 Unadjusted Performance accounts for a maximum sales load of 5.25% for Class A shares and maximum deferred sales charge of 1% for the 6 months and 1 year returns for the Class C shares. 3The index for the Fund is the Morgan Stanley Capital Index Frontier Markets Net.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please visit www.ashmoregroup.com. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods.
Please refer to page 8 herein for an explanation of the Expense Example information presented below.
Expense example Actual performance Hypothetical performance
Institutional Class Class A Class C Institutional Class Class A Class C
Beginning Account Value (11/1/2015) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value (04/30/2016) $981.10 $980.00 $975.90 $1,017.30 $1,016.06 $1,012.33
Expense Ratio 1.52% 1.77% 2.52% 1.52% 1.77% 2.52%
Expenses Paid* $7.49 $8.71 $12.38 $7.62 $8.87 $12.61
*Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Hypothetical expenses are based on the Fund’s actual annualized expense ratios and assumed rate of 5 percent per year before expenses.

17

ASHMORE FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

As of April 30, 2016 (Unaudited)

	Ashmore Emerging Markets Total Return Fund			Ashmore Emerging Markets Hard Currency Debt Fund			Ashmore Emerging Markets Local Currency Bond Fund
ASSETS:
Investments in securities, at value	$	498,734,356		$	6,550,610		$	51,944,134
Investments in fully funded total return swaps, at value		4,623,359			—			3,123,227
Deposit held at broker		—			—			155,736
Cash		21,195,315			122,981			15,679,890
Foreign currency, at value		1,283,946			10			1,356,994
Unrealized appreciation on forward foreign currency exchange contracts		6,136,903			—			1,065,191
Variation margin receivable on centrally cleared swap contracts		—			—			21,946
Unrealized appreciation on interest rate swap contracts		1,724,059			—			620,723
Receivable for securities and currencies sold		22,153,727			287,614			781,678
Receivable for fund shares sold		124,270			1,000			102,942
Receivable from Investment Manager		64,777			8,760			19,452
Interest and dividends receivable		10,326,917			129,206			1,148,096
Other assets		32,743			19,248			20,516
Total Assets		566,400,372			7,119,429			76,040,525
LIABILITIES:
Unrealized depreciation on forward foreign currency exchange contracts		2,702,967			—			552,533
Variation margin payable on centrally cleared swap contracts		—			—			10,771
Unrealized depreciation on interest rate swap contracts		227,146			—			30,182
Unrealized depreciation on currency swap contracts		58,791			—			—
Payable for securities and currencies purchased		8,707,015			184,443			804,185
Payable for when-issued securities		2,287,157			—			—
Payable for fund units redeemed		85,549			113,266			—
Distributions payable		233,315			10,663			41,117
Investment Manager fee payable		451,663			4,890			60,303
Trustees’ fees payable		27,882			353			4,666
Other liabilities		307,124			22,150			68,012
Total Liabilities		15,088,609			335,765			1,571,769
Net Assets	$	551,311,763		$	6,783,664		$	74,468,756
NET ASSETS:
Paid in capital	$	666,831,739		$	7,894,216		$	94,465,838
Undistributed (distributions in excess of) net investment income (loss)		(13,325,617	)		(4,264	)		(7,801,962	)
Accumulated net realized gain (loss)		(91,381,024	)		(1,067,223	)		(8,925,128	)
Net unrealized appreciation (depreciation)		(10,813,335	)		(39,065	)		(3,269,992	)
Net Assets	$	551,311,763		$	6,783,664		$	74,468,756
Net Assets:
Class A	$	3,028,839		$	114,335		$	770,761
Class C		533,039			2,233			68,450
Institutional Class		547,749,885			6,667,096			73,629,545
Shares Issued and Outstanding (no par value, unlimited shares authorized):
Class A		394,603			13,858			109,174
Class C		69,514			272			9,713
Institutional Class		70,304,848			813,880			10,076,439
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding):
Class A	$	7.68		$	8.25		$	7.06
Class C		7.67			8.20			7.05
Institutional Class		7.79			8.19			7.31
Cost of Investments in securities	$	513,553,831		$	6,589,675		$	56,089,638
Cost of Investments in fully funded total return swaps	$	5,623,650		$	—		$	3,406,866
Cost of foreign currency held	$	1,257,898		$	11		$	1,328,632

See accompanying notes to the financial statements.

18

Ashmore Emerging Markets Corporate Debt Fund			Ashmore Emerging Markets Short Duration Fund			Ashmore Emerging Markets Equity Opportunities Fund			Ashmore Emerging Markets Value Fund			Ashmore Emerging Markets Small-Cap Equity Fund			Ashmore       Emerging Markets       Frontier  Equity Fund
$	207,417,414		$	70,150,714		$	4,982,277		$	8,527,186		$	29,945,072		$	47,987,475
	—			—			—			—			—			—
	—			—			—			—			—			—
	6,198,233			1,144,300			32,527			73,312			615,237			1,535,888
	58,268			18,674			—			2,709			30,693			388,214
	—			—			—			—			1,339			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	1,751,556			—			—			93,419			138,922			—
	716,258			810			565			846			22,349			707
	28,298			9,009			11,307			14,350			24,615			18,807
	4,330,809			1,618,812			—			12,117			92,044			47,845
	24,769			17,134			66,708			12,765			3,383			1,881
	220,525,605			72,959,453			5,093,384			8,736,704			30,873,654			49,980,817
	37,361			13,117			—			—			9			168
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	1,374,769			333,492			—			56,059			492,162			681,611
	—			247,182			—			—			—			—
	92,102			40,000			—			—			15,650			—
	—			62,701			—			—			—			—
	203,324			36,875			—			8,044			44,208			60,530
	13,031			1,708			363			439			2,203			3,720
	117,279			34,584			26,461			28,463			59,559			44,984
	1,837,866			769,659			26,824			93,005			613,791			791,013
$	218,687,739		$	72,189,794		$	5,066,560		$	8,643,699		$	30,259,863		$	49,189,804
$	287,501,118		$	71,623,884		$	5,108,470		$	11,640,058		$	38,686,560		$	54,383,778
	(1,005,228	)		11,233			(126	)		7,124			(80,571	)		239,134
	(41,588,159	)		(809,215	)		—			(2,934,464	)		(5,907,934	)		(4,961,747	)
	(26,219,992	)		1,363,892			(41,784	)		(69,019	)		(2,438,192	)		(471,361	)
$	218,687,739		$	72,189,794		$	5,066,560		$	8,643,699		$	30,259,863		$	49,189,804
$	8,160,368		$	353,538		$	9,972		$	24,679		$	454,566		$	63,815
	3,694,581			—			9,941			858			342,486			53,131
	206,832,790			71,836,256			5,046,647			8,618,162			29,462,811			49,072,858
	1,114,054			36,183			1,006			3,291			57,665			8,409
	504,733			—			1,005			102			41,071			7,100
	27,114,340			7,481,764			508,895			1,190,805			2,944,842			5,696,668
$	7.32		$	9.77		$	9.91		$	7.50		$	7.88		$	7.59
	7.32			—			9.89			8.38			8.34			7.48
	7.63			9.60			9.92			7.24			10.00			8.61
$	233,608,762		$	68,774,729		$	5,024,061		$	8,596,267		$	32,383,647		$	48,458,673
$	—		$	—		$	—		$	—		$	—		$	—
$	57,417		$	18,159		$	—		$	2,656		$	30,683		$	232,957

See accompanying notes to the financial statements.

19

ASHMORE FUNDS

STATEMENTS OF OPERATIONS

For the Six Month Period Ended April 30, 2016 (Unaudited)

	Ashmore Emerging Markets Total Return Fund			Ashmore Emerging Markets Hard Currency Debt Fund			Ashmore Emerging Markets Local Currency Bond Fund
INVESTMENT INCOME:
Interest, net of foreign tax withholdings*	$	24,070,638		$	218,407		$	2,130,766
Dividends, net of foreign tax withholdings*		—			—			—
Total Income		24,070,638			218,407			2,130,766
EXPENSES:
Investment Manager fees		2,623,127			25,202			356,253
Administration fees		52,451			560			7,498
Custody fees		125,679			1,601			40,903
Professional fees		153,574			14,955			31,888
Trustees’ fees		57,082			566			8,027
Offering expenses and registration fees		27,499			24,791			24,839
Insurance fees		21,814			163			2,692
Printing fees		5,706			5,703			5,708
Distribution fees - Class A		3,316			25			873
Distribution fees - Class C		2,559			27			199
Other		15,895			3,392			7,284
Total Expenses		3,088,702			76,985			486,164
Less expenses reimbursed by the Investment Manager		(407,344	)		(51,169	)		(121,670	)
Net Expenses		2,681,358			25,816			364,494
Net Investment Income		21,389,280			192,591			1,766,272
NET REALIZED AND UNREALIZED GAINS (LOSSES):
NET REALIZED GAIN (LOSS) ON:
Investments in securities		(37,788,310	)		(147,860	)		(6,612,845	)
Forward foreign currency exchange contracts		6,287,516			(332	)		1,113,484
Currency swap contracts		1,241			—			—
Interest rate swap contracts		13,449			—			(146,968	)
Foreign exchange transactions		(3,217,091	)		(30	)		96,339
Net Realized Gain (Loss)		(34,703,195	)		(148,222	)		(5,549,990	)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		42,208,769			246,223			8,940,335
Forward foreign currency exchange contracts		3,731,033			53			288,890
Investments in fully funded total return swaps		549,017			—			402,579
Currency swap contracts		(69,058	)		—			—
Interest rate and centrally cleared swap contracts		1,560,354			—			925,731
Foreign exchange translations		134,242			61			130,151
Change in Net Unrealized Appreciation (Depreciation)		48,114,357			246,337			10,687,686
Net Realized and Unrealized Gains (Losses)		13,411,162			98,115			5,137,696
Net Increase (Decrease) in Net Assets Resulting from Operations	$	34,800,442		$	290,706		$	6,903,968
* Foreign Tax Withholdings	$	76,214		$	164		$	32,043

See accompanying notes to the financial statements.

20

Ashmore Emerging Markets Corporate Debt Fund			Ashmore Emerging Markets Short Duration Fund			Ashmore Emerging Markets Equity Opportunities Fund			Ashmore Emerging Markets Value Fund			Ashmore Emerging Markets Small-Cap Equity Fund			Ashmore Emerging Markets Frontier Equity Fund
$	12,261,243		$	2,000,488		$	—		$	—		$	—		$	—
	—			—			38,274			56,368			270,884			1,200,444
	12,261,243			2,000,488			38,274			56,368			270,884			1,200,444
	1,282,863			113,594			—			48,057			320,988			363,925
	22,308			3,495			412			836			4,283			4,854
	30,459			3,209			111			11,643			45,890			47,249
	72,532			19,261			8,525			14,531			23,374			24,219
	24,755			2,813			612			846			4,872			4,680
	29,872			24,851			49,242			24,888			25,180			25,504
	7,959			769			3,398			266			1,344			808
	5,722			5,313			5,319			5,315			5,388			5,505
	8,719			492			10			28			409			61
	16,223			—			41			4			1,575			255
	6,953			2,750			2,507			4,224			5,163			4,047
	1,508,365			176,547			70,177			110,638			438,466			481,107
	(178,188	)		(58,966	)		(69,096	)		(61,726	)		(111,010	)		(109,823	)
	1,330,177			117,581			1,081			48,912			327,456			371,284
	10,931,066			1,882,907			37,193			7,456			(56,572	)		829,160
	(24,148,506	)		(727,635	)		—			(1,044,469	)		(2,304,960	)		(3,894,534	)
	(157,566	)		2,884			—			—			—			(3,871	)
	—			—			—			—			—			—
	—			—			—			—			—			—
	618,959			(19,028	)		—			(493	)		11,196			(87,332	)
	(23,687,113	)		(743,779	)		—			(1,044,962	)		(2,293,764	)		(3,985,737	)
	12,304,205			2,690,794			(41,784	)		1,183,919			2,310,003			2,210,786
	(278,763	)		(13,117	)		—			—			1,330			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	19,769			1,024			—			75			(1,801	)		1,269
	12,045,211			2,678,701			(41,784	)		1,183,994			2,309,532			2,212,055
	(11,641,902	)		1,934,922			(41,784	)		139,032			15,768			(1,773,682	)
$	(710,836	)	$	3,817,829		$	(4,591	)	$	146,488		$	(40,804	)	$	(944,522	)
$	1,036		$	1,693		$	—		$	5,853		$	22,504		$	100,181

See accompanying notes to the financial statements.

21

ASHMORE FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

For the Six Month Period Ended April 30, 2016 (Unaudited) and the Fiscal Year Ended October 31, 2015

	Ashmore Emerging Markets Total Return Fund						Ashmore Emerging Markets Hard Currency Debt Fund1						Ashmore Emerging Markets Local Currency Bond Fund
	2016			2015			2016			2015			2016			2015
OPERATIONS:
Net investment income (loss)	$	21,389,280		$	49,143,640		$	192,591		$	334,346		$	1,766,272		$	3,583,104
Net realized gain (loss)		(34,703,195	)		(110,394,761	)		(148,222	)		(129,709	)		(5,549,990	)		(14,531,913	)
Net change in unrealized appreciation (depreciation)		48,114,357			(14,430,563	)		246,337			(265,977	)		10,687,686			(8,389,207	)
Net Increase (Decrease) in Net Assets Resulting from Operations		34,800,442			(75,681,684	)		290,706			(61,340	)		6,903,968			(19,338,016	)
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income		(104,400	)		—			(761	)		(356	)		(15,707	)		—
From net realized gain		—			—			—			—			—			—
Tax return of capital		—			(212,099	)		—			(37	)		—			(29,458	)
Total Distributions to Class A Shareholders		(104,400	)		(212,099	)		(761	)		(393	)		(15,707	)		(29,458	)
DISTRIBUTIONS TO CLASS C SHAREHOLDERS:
From net investment income		(18,348	)		—			(154	)		(48	)		(764	)		—
From net realized gain		—			—			—			—			—			—
Tax return of capital		—			(33,394	)		—			(12	)		—			(2,295	)
Total Distributions to Class C Shareholders		(18,348	)		(33,394	)		(154	)		(60	)		(764	)		(2,295	)
DISTRIBUTIONS TO INSTITUTIONAL CLASS SHAREHOLDERS:
From net investment income		(21,193,551	)		—			(184,352	)		(263,319	)		(1,755,491	)		—
From net realized gain		—			—			—			—			—			—
Tax return of capital		—			(48,542,322	)		—			(69,250	)		—			(3,490,233	)
Total Distributions to Institutional Class Shareholders		(21,193,551	)		(48,542,322	)		(184,352	)		(332,569	)		(1,755,491	)		(3,490,233	)
FUND SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from Class A share transactions		71,897			(4,565,169	)		110,533			(33,736	)		4,605			15,061
Net increase (decrease) in net assets resulting from Class C share transactions		77,924			(453,745	)		1,769			59			25,533			(87,947	)
Net increase (decrease) in net assets resulting from Institutional Class share transactions		541,664			(322,702,928	)		1,074,227			307,396			(10,937,306	)		769,959
Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions		691,485			(327,721,842	)		1,186,529			273,719			(10,907,168	)		697,073
Total Increase (Decrease) in Net Assets		14,175,628			(452,191,341	)		1,291,968			(120,643	)		(5,775,162	)		(22,162,929	)
NET ASSETS:
Net Assets at the Beginning of the Period		537,136,135			989,327,476			5,491,696			5,612,339			80,243,918			102,406,847
Net Assets at the End of the Period	$	551,311,763		$	537,136,135		$	6,783,664		$	5,491,696		$	74,468,756		$	80,243,918
Undistributed (Distributions in Excess of) Net Investment Income (Loss)	$	(13,325,617	)	$	(13,398,598	)	$	(4,264	)	$	(11,588	)	$	(7,801,962	)	$	(7,796,272	)

See accompanying notes to the financial statements.

22

Ashmore Emerging Markets Corporate Debt Fund						Ashmore Emerging Markets Short Duration Fund						Ashmore Emerging Markets Equity Opportunities Fund2		Ashmore Emerging Markets Value Fund3
2016			2015			2016			2015			2016		2016			2015
	$  10,931,066		$	24,546,377		$	1,882,907		$	1,914,528			$    37,193	$	7,456		$	47,726
	(23,687,113	)		(20,223,394	)		(743,779	)		(62,733	)		—		(1,044,962	)		(752,570	)
	12,045,211			(21,723,064	)		2,678,701			(971,004	)		(41,784)		1,183,994			(1,229,809	)
	(710,836	)		(17,400,081	)		3,817,829			880,791			(4,591)		146,488			(1,934,653	)
	(348,077	)		(372,250	)		(19,460	)		(19,616	)		(72)		—			(183	)
	—			(18,884	)		—			—			—		—			—
	—			(69,976	)		—			(310	)		—		—			(9	)
	(348,077	)		(461,110	)		(19,460	)		(19,926	)		(72)		—			(192	)
	(150,116	)		(121,913	)		—			—			(60)		—			(6	)
	—			(3,404	)		—			—			—		—			—
	—			(28,429	)		—			—			—		—			—
	(150,116	)		(153,746	)		—			—			(60)		—			(6	)
	(10,885,292	)		(23,014,251	)		(1,829,457	)		(1,902,761	)		(37,187)		—			(59,909	)
	—			(1,963,846	)		—			—			—		—			—
	—			(2,370,968	)		—			(20,794	)		—		—			(2,811	)
	(10,885,292	)		(27,349,065	)		(1,829,457	)		(1,923,555	)		(37,187)		—			(62,720	)
	1,156,771			6,391,685			(79,366	)		232,701			10,061		—			694
	605,529			3,075,145			—			—			10,051		—			4
	(18,530,022	)		(83,452,584	)		42,956,891			6,697,940			5,088,358		871,491			(712,536	)
	(16,767,722	)		(73,985,754	)		42,877,525			6,930,641			5,108,470		871,491			(711,838	)
	(28,862,043	)		(119,349,756	)		44,846,437			5,867,951			5,066,560		1,017,979			(2,709,409	)
	247,549,782			366,899,538			27,343,357			21,475,406			—		7,625,720			10,335,129
	$218,687,739		$	247,549,782		$	72,189,794		$	27,343,357			$5,066,560	$	8,643,699		$	7,625,720
	$   (1,005,228	)	$	(552,809	)	$	11,233		$	(22,757	)		$        (126)	$	7,124		$	(332	)

See accompanying notes to the financial statements.

23

ASHMORE FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

For the Six Month Period Ended April 30, 2016 (Unaudited) and the Fiscal Year Ended October 31, 2015

	Ashmore Emerging Markets Small-Cap Equity Fund						Ashmore Emerging Markets Frontier Equity Fund
	2016			2015			2016			2015
OPERATIONS:
Net investment income (loss)	$	(56,572	)	$	866,525		$	829,160		$	332,020
Net realized gain (loss)		(2,293,764	)		(3,605,071	)		(3,985,737	)		(1,003,655	)
Net change in unrealized appreciation (depreciation)		2,309,532			(3,867,028	)		2,212,055			(2,795,438	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(40,804	)		(6,605,574	)		(944,522	)		(3,467,073	)
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income		(3,800	)		(2,670	)		(621	)		(1,940	)
From net realized gain		—			(13,879	)		—			(13,570	)
Total Distributions to Class A Shareholders		(3,800	)		(16,549	)		(621	)		(15,510	)
DISTRIBUTIONS TO CLASS C SHAREHOLDERS:
From net investment income		(4,330	)		(2,447	)		(435	)		(76	)
From net realized gain		—			(3,134	)		—			(86	)
Total Distributions to Class C Shareholders		(4,330	)		(5,581	)		(435	)		(162	)
DISTRIBUTIONS TO INSTITUTIONAL CLASS SHAREHOLDERS:
From net investment income		(552,735	)		(351,773	)		(570,918	)		(281,333	)
From net realized gain		—			(1,629,523	)		—			(778,573	)
Total Distributions to Institutional Class Shareholders		(552,735	)		(1,981,296	)		(570,918	)		(1,059,906	)
FUND SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from Class A share transactions		178,070			2,267			20,166			49,816
Net increase (decrease) in net assets resulting from Class C share transactions		28,955			288,746			1,336			55,144
Net increase (decrease) in net assets resulting from Institutional Class share transactions		(12,401,334	)		2,055,975			634,720			47,197,318
Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions		(12,194,309	)		2,346,988			656,222			47,302,278
Net Increase (Decrease) in Net Assets		(12,795,978	)		(6,262,012	)		(860,274	)		42,759,627
NET ASSETS:
Net Assets at the Beginning of the Period		43,055,841			49,317,853			50,050,078			7,290,451
Net Assets at the End of the Period	$	30,259,863		$	43,055,841		$	49,189,804		$	50,050,078
Undistributed (Distributions in Excess of) Net Investment Income (Loss)	$	(80,571	)	$	536,866		$	239,134		$	(18,052	)

¹ Formerly the Ashmore Emerging Markets Debt Fund.

² The Fund commenced investment operations on November 23, 2015.

³ Formerly the Ashmore Emerging Markets Equity Fund.

See accompanying notes to the financial statements.

24

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Total Return Fund
	Class A
	Six Months     Ended     April 30, 2016     (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Period Ended October 31, 20111
Net asset value at beginning of period		$  7.49			$  8.75			$  9.30			$  10.05			$  9.37			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.29			0.48	2		0.44			0.41			0.43	2		0.22	2
Net realized and unrealized gain (loss)		0.19			(1.24	)		(0.42	)		(0.57	)		0.68			(0.66	)
Total from investment operations		0.48			(0.76	)		0.02			(0.16	)		1.11			(0.44	)
Less distributions:
From net investment income		(0.29	)		—			(0.33	)		(0.43	)		(0.43	)		(0.09	)
From net realized gain		—			—			(0.12	)		(0.16	)		—			—
Tax return of capital		—			(0.50	)		(0.12	)		—			—			(0.10	)
Total distributions		(0.29	)		(0.50	)		(0.57	)		(0.59	)		(0.43	)		(0.19	)
Net asset value at end of period		$  7.68			$  7.49			$  8.75			$   9.30			$10.05			$  9.37
Total return3		6.63	%		(8.78	%)		0.17	%		(1.70	%)		12.20	%		(4.40	%)
Portfolio turnover rate4		46	%		101	%		80	%		85	%		83	%		39	%
Net assets, end of period (in thousands)		$3,029			$2,951			$8,351			$10,344			$3,263			$   509
Ratios to average net assets:5
Total expenses to average net assets:
Total expenses before reimbursements		1.43	%		1.37	%		1.38	%		1.38	%		1.48	%		1.75	%
Total expenses after reimbursements		1.27	%		1.29	%		1.30	%		1.30	%		1.30	%		1.30	%
Net investment income to average net assets:
Net investment income before reimbursements		7.72	%		5.91	%		4.79	%		4.55	%		3.99	%		4.21	%
Net investment income after reimbursements		7.88	%		5.99	%		4.87	%		4.63	%		4.17	%		4.66	%

See accompanying notes to the financial statements.

25

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Total Return Fund
	Class C
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Period Ended October 31, 20111
Net asset value at beginning of period		$  7.48			$  8.74			$  9.29			$10.05			$  9.36			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.29			0.44	2		0.37			0.33			0.39	2		0.19	2
Net realized and unrealized gain (loss)		0.16			(1.26	)		(0.42	)		(0.57	)		0.66			(0.66	)
Total from investment operations		0.45			(0.82	)		(0.05	)		(0.24	)		1.05			(0.47	)
Less distributions:
From net investment income		(0.26	)		—			(0.28	)		(0.36	)		(0.36	)		(0.08	)
From net realized gain		—			—			(0.12	)		(0.16	)		—			—
Tax return of capital		—			(0.44	)		(0.10	)		—			—			(0.09	)
Total distributions		(0.26	)		(0.44	)		(0.50	)		(0.52	)		(0.36	)		(0.17	)
Net asset value at end of period		$  7.67			$  7.48			$  8.74			$  9.29			$10.05			$  9.36
Total return3		6.25	%		(9.58	%)		(0.45	%)		(2.44	%)		11.42	%		(4.79	%)
Portfolio turnover rate4		46	%		101	%		80	%		85	%		83	%		39	%
Net assets, end of period (in thousands)		$   533			$   443			$1,028			$   969			$   541			$       1
Ratios to average net assets:5
Total expenses to average net assets:
Total expenses before reimbursements		2.18	%		2.12	%		2.13	%		2.13	%		2.21	%		2.82	%
Total expenses after reimbursements		2.02	%		2.03	%		2.05	%		2.05	%		2.05	%		2.05	%
Net investment income to average net assets:
Net investment income before reimbursements		7.01	%		5.35	%		4.04	%		3.83	%		2.62	%		3.32	%
Net investment income after reimbursements		7.17	%		5.44	%		4.12	%		3.91	%		2.78	%		4.09	%

See accompanying notes to the financial statements.

26

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Total Return Fund
	Institutional Class
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Period Ended October 31, 20116
Net asset value at beginning of period		$      7.60			$      8.88			$      9.43			$      10.20			$      9.50			$    10.00
Income (loss) from investment operations:
Net investment income (loss)		0.30			0.53	2		0.46			0.45			0.44	2		0.46	2
Net realized and unrealized gain (loss)		0.19			(1.28	)		(0.41	)		(0.60	)		0.72			(0.34	)
Total from investment operations		0.49			(0.75	)		0.05			(0.15	)		1.16			0.12
Less distributions:
From net investment income		(0.30	)		—			(0.35	)		(0.46	)		(0.46	)		(0.29	)
From net realized gain		—			—			(0.12	)		(0.16	)		—			—
Tax return of capital		—			(0.53	)		(0.13	)		—			—			(0.33	)
Total distributions		(0.30	)		(0.53	)		(0.60	)		(0.62	)		(0.46	)		(0.62	)
Net asset value at end of period		$      7.79			$      7.60			$      8.88			$      9.43			$    10.20			$      9.50
Total return3		6.72	%		(8.58	%)		0.51	%		(1.48	%)		12.50	%		1.11	%
Portfolio turnover rate4		46	%		101	%		80	%		85	%		83	%		39	%
Net assets, end of period (in thousands)		$547,750			$533,742			$979,949			$662,412			$513,956			$101,947
Ratios to average net assets:5
Total expenses to average net assets:
Total expenses before reimbursements		1.18	%		1.12	%		1.13	%		1.13	%		1.22	%		1.63	%
Total expenses after reimbursements		1.02	%		1.02	%		1.02	%		1.02	%		1.02	%		1.02	%
Net investment income to average net assets:
Net investment income before reimbursements		7.98	%		6.40	%		5.04	%		4.81	%		4.11	%		4.63	%
Net investment income after reimbursements		8.14	%		6.50	%		5.15	%		4.92	%		4.31	%		5.24	%

¹  Class A and Class C commenced investment operations on May 12, 2011.

²  Per share amounts are based on average number of shares outstanding during the period.

³  Assumes investment at net asset value at the beginning of the period, reinvestment of all 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, including fully funded total return swaps, 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  The Institutional Class commenced investment operations on December 8, 2010.

See accompanying notes to the financial statements.

27

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Hard Currency Debt Fund1
	Class A
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Period Ended October 31, 20112
Net asset value at beginning of period		$  8.13			$  8.74			$10.15			$11.06			$10.04			$10.00
Income (loss) from investment operations:
Net investment income (loss)3		0.34			0.49			0.50			0.46			0.44			0.19
Net realized and unrealized gain (loss)		0.08			(0.62	)		0.20			(0.88	)		1.03			0.04
Total from investment operations		0.42			(0.13	)		0.70			(0.42	)		1.47			0.23
Less distributions:
From net investment income		(0.30	)		(0.38	)		(0.53	)		(0.46	)		(0.45	)		(0.19	)
From net realized gain		—			—			(1.58	)		(0.03	)		—			—
Tax return of capital					(0.10	)		—	4		—			—			—
Total distributions		(0.30	)		(0.48	)		(2.11	)		(0.49	)		(0.45	)		(0.19	)
Net asset value at end of period		$  8.25			$  8.13			$  8.74			$10.15			$11.06			$10.04
Total return5		5.46	%		(1.36	%)		8.46	%		(3.86	%)		15.24	%		2.26	%
Portfolio turnover rate6		33	%		35	%		99	%		81	%		30	%		9	%
Net assets, end of period (in thousands)		$   114			$       3			$     38			$       2			$     14			$       1
Ratios to average net assets:7
Total expenses to average net assets:
Total expenses before reimbursements		2.93	%		3.81	%		3.79	%		1.66	%		1.93	%		4.61	%
Total expenses after reimbursements		1.17	%		1.19	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment income to average net assets:
Net investment income before reimbursements		7.00	%		3.18	%		3.23	%		3.75	%		3.62	%		0.57	%
Net investment income after reimbursements		8.76	%		5.80	%		5.82	%		4.21	%		4.35	%		3.98	%

See accompanying notes to the financial statements.

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Ashmore Emerging Markets Hard Currency Debt Fund1
	Class C
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Period Ended October 31, 20112
Net asset value at beginning of period		$  8.08			$  8.70			$10.12			$11.04			$10.04			$10.00
Income (loss) from investment operations:
Net investment income (loss)3		0.22			0.43			0.44			0.38			0.37			0.15
Net realized and unrealized gain (loss)		0.23			(0.62	)		0.17			(0.89	)		1.01			0.05
Total from investment operations		0.45			(0.19	)		0.61			(0.51	)		1.38			0.20
Less distributions:
From net investment income		(0.33	)		(0.34	)		(0.45	)		(0.38	)		(0.38	)		(0.16	)
From net realized gain		—			—			(1.58	)		(0.03	)		—			—
Tax return of capital		—			(0.09	)		—	4		—			—			—
Total distributions		(0.33	)		(0.43	)		(2.03	)		(0.41	)		(0.38	)		(0.16	)
Net asset value at end of period		$  8.20			$  8.08			$  8.70			$10.12			$11.04			$10.04
Total return5		5.81	%		(2.11	%)		7.30	%		(4.64	%)		14.28	%		1.90	%
Portfolio turnover rate6		33	%		35	%		99	%		81	%		30	%		9	%
Net assets, end of period (in thousands)		$       2			$       1			$       1			$       1			$       1			$       1
Ratios to average net assets:7
Total expenses to average net assets:
Total expenses before reimbursements		3.85	%		4.49	%		4.90	%		2.41	%		2.73	%		5.35	%
Total expenses after reimbursements		1.92	%		1.93	%		1.95	%		1.95	%		1.95	%		1.95	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		3.63	%		2.73	%		1.99	%		3.16	%		2.86	%		(0.18	%)
Net investment income after reimbursements		5.56	%		5.29	%		4.94	%		3.62	%		3.64	%		3.22	%

See accompanying notes to the financial statements.

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Ashmore Emerging Markets Hard Currency Debt Fund1
	Institutional Class
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Period Ended October 31, 20118
Net asset value at beginning of period		$  8.07			$  8.68			$10.08			$  10.99			$    9.99			$  10.00
Income (loss) from investment operations:
Net investment income (loss)3		0.27			0.51			0.52			0.48			0.48			0.40
Net realized and unrealized gain (loss)		0.10			(0.62	)		0.18			(0.87	)		1.01			—
Total from investment operations		0.37			(0.11	)		0.70			(0.39	)		1.49			0.40
Less distributions:
From net investment income		(0.25	)		(0.40	)		(0.52	)		(0.49	)		(0.49	)		(0.41	)
From net realized gain		—			—			(1.58	)		(0.03	)		—			—
Tax return of capital		—			(0.10	)		—	4		—			—			—
Total distributions		(0.25	)		(0.50	)		(2.10	)		(0.52	)		(0.49	)		(0.41	)
Net asset value at end of period		$  8.19			$  8.07			$  8.68			$  10.08			$  10.99			$    9.99
Total return5		4.85	%		(1.10	%)		8.41	%		(3.64	%)		15.32	%		4.15	%
Portfolio turnover rate6		33	%		35	%		99	%		81	%		30	%		9	%
Net assets, end of period (in thousands)		$6,667			$5,488			$5,573			$29,004			$35,025			$30,533
Ratios to average net assets:7
Total expenses to average net assets:
Total expenses before reimbursements		2.75	%		3.49	%		3.43	%		1.41	%		1.63	%		3.63	%
Total expenses after reimbursements		0.92	%		0.92	%		0.92	%		0.92	%		0.92	%		0.92	%
Net investment income to average net assets:
Net investment income before reimbursements		5.03	%		3.64	%		3.20	%		4.08	%		3.95	%		1.74	%
Net investment income after reimbursements		6.86	%		6.21	%		5.71	%		4.57	%		4.66	%		4.45	%

¹  Formerly the Ashmore Emerging Markets Debt Fund.

²  Class A and Class C commenced investment operations on May 12, 2011.

³  Per share amounts are based on average number of shares outstanding during the period.

⁴  Amount is less than $0.005 per share.

⁵  Assumes investment at net asset value at the beginning of the period, reinvestment of all 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.

⁶  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.

⁷  Annualized for periods less than one year.

⁸  The Institutional Class commenced investment operations on December 8, 2010.

See accompanying notes to the financial statements.

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Ashmore Emerging Markets Local Currency Bond Fund
	Class A
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Period Ended October 31, 20111
Net asset value at beginning of period		$  6.57			$  8.44			$  9.13			$  9.83			$  9.43			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.14	2		0.29			0.37	2		0.44	2		0.43	2		0.13	2
Net realized and unrealized gain (loss)		0.49			(1.88	)		(0.66	)		(0.74	)		0.31			(0.48	)
Total from investment operations		0.63			(1.59	)		(0.29	)		(0.30	)		0.74			(0.35	)
Less distributions:
From net investment income		(0.14	)		—			—			(0.22	)		(0.34	)		(0.13	)
From net realized gain		—			—			—			(0.01	)		—			—
Tax return of capital		—			(0.28	)		(0.40	)		(0.17	)		—	3		(0.09	)
Total distributions		(0.14	)		(0.28	)		(0.40	)		(0.40	)		(0.34	)		(0.22	)
Net asset value at end of period		$  7.06			$  6.57			$  8.44			$  9.13			$  9.83			$  9.43
Total return4		9.87	%		(19.17	%)		(3.25	%)		(3.21	%)		8.02	%		(3.60	%)
Portfolio turnover rate5		31	%		83	%		112	%		112	%		101	%		31	%
Net assets, end of period (in thousands)		$   771			$   712			$   897			$2,096			$   413			$   286
Ratios to average net assets:6
Total expenses to average net assets:
Total expenses before reimbursements		1.55	%		1.51	%		1.55	%		1.47	%		1.64	%		1.99	%
Total expenses after reimbursements		1.22	%		1.23	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income to average net assets:
Net investment income before reimbursements		4.14	%		3.53	%		4.29	%		4.38	%		3.03	%		2.34	%
Net investment income after reimbursements		4.47	%		3.81	%		4.59	%		4.60	%		3.42	%		3.08	%

See accompanying notes to the financial statements.

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Ashmore Emerging Markets Local Currency Bond Fund
	Class C
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Period Ended October 31, 20111
Net asset value at beginning of period		$  6.56			$  8.42			$  9.13			$  9.83			$  9.43			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.12	2		0.18			0.29	2		0.38	2		0.22	2		0.13	2
Net realized and unrealized gain (loss)		0.49			(1.82	)		(0.67	)		(0.75	)		0.45			(0.51	)
Total from investment operations		0.61			(1.64	)		(0.38	)		(0.37	)		0.67			(0.38	)
Less distributions:
From net investment income		(0.12	)		—			—			(0.18	)		(0.27	)		(0.11	)
From net realized gain		—			—			—			(0.01	)		—			—
Tax return of capital		—			(0.22	)		(0.33	)		(0.14	)		—	3		(0.08	)
Total distributions		(0.12	)		(0.22	)		(0.33	)		(0.33	)		(0.27	)		(0.19	)
Net asset value at end of period		$  7.05			$  6.56			$  8.42			$  9.13			$  9.83			$  9.43
Total return4		9.68	%		(19.83	%)		(4.18	%)		(3.92	%)		7.33	%		(4.01	%)
Portfolio turnover rate5		31	%		83	%		112	%		112	%		101	%		31	%
Net assets, end of period (in thousands)		$     68			$     40			$   147			$   124			$     19			$       1
Ratios to average net assets:6
Total expenses to average net assets:
Total expenses before reimbursements		2.31	%		2.26	%		2.31	%		2.22	%		2.47	%		2.87	%
Total expenses after reimbursements		1.97	%		1.99	%		2.00	%		2.00	%		2.00	%		2.00	%
Net investment income to average net assets:
Net investment income before reimbursements		3.46	%		2.71	%		3.41	%		3.77	%		1.87	%		1.87	%
Net investment income after reimbursements		3.80	%		2.98	%		3.72	%		3.99	%		2.34	%		2.74	%

See accompanying notes to the financial statements.

32

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Local Currency Bond Fund
	Institutional Class
	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Period Ended October 31, 20117
Net asset value at beginning of period		$    6.80			$    8.73			$      9.45			$  10.18			$    9.76			$  10.00
Income (loss) from investment operations:
Net investment income (loss)		0.16	2		0.31			0.43	2		0.49	2		0.37	2		0.29	2
Net realized and unrealized gain (loss)		0.51			(1.93	)		(0.71	)		(0.78	)		0.42			0.06
Total from investment operations		0.67			(1.62	)		(0.28	)		(0.29	)		0.79			0.35
Less distributions:
From net investment income		(0.16	)		—			—			(0.24	)		(0.37	)		(0.35	)
From net realized gain		—			—			—			(0.01	)		—			—
Tax return of capital		—			(0.31	)		(0.44	)		(0.19	)		—	3		(0.24	)
Total distributions		(0.16	)		(0.31	)		(0.44	)		(0.44	)		(0.37	)		(0.59	)
Net asset value at end of period		$    7.31			$    6.80			$      8.73			$    9.45			$  10.18			$    9.76
Total return4		10.04	%		(18.91	%)		(3.04	%)		(3.02	%)		8.39	%		3.35	%
Portfolio turnover rate5		31	%		83	%		112	%		112	%		101	%		31	%
Net assets, end of period (in thousands)		$73,630			$79,492			$101,363			$82,543			$72,673			$62,530
Ratios to average net assets:6
Total expenses to average net assets:
Total expenses before reimbursements		1.29	%		1.26	%		1.32	%		1.22	%		1.39	%		1.70	%
Total expenses after reimbursements		0.97	%		0.97	%		0.97	%		0.97	%		0.97	%		0.97	%
Net investment income to average net assets:
Net investment income before reimbursements		4.38	%		3.78	%		4.34	%		4.64	%		3.31	%		2.55	%
Net investment income after reimbursements		4.70	%		4.07	%		4.69	%		4.89	%		3.73	%		3.28	%

¹  Class A and Class C commenced investment operations on May 12, 2011.

²  Per share amounts are based on average number of shares outstanding during the period.

³  Amount is less than $0.005 per share.

⁴  Assumes investment at net asset value at the beginning of the period, reinvestment of all 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.

⁵  The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities, including fully funded total return swaps, by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.

⁶  Annualized for periods less than one year.

⁷  The Institutional Class commenced investment operations on December 8, 2010.

See accompanying notes to the financial statements.

33

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Debt Fund
	Class A
	Six Months     Ended     April 30, 2016     (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Period Ended October 31, 20111
Net asset value at beginning of period		$  7.66		$	8.94		$	9.25		$	9.69		$	9.09		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.36			0.74			0.55	2		0.51	2		0.67	2		0.32	2
Net realized and unrealized gain (loss)		(0.33	)		(1.21	)		(0.31	)		(0.35	)		0.67			(0.86	)
Total from investment operations		0.03			(0.47	)		0.24			0.16			1.34			(0.54	)
Less distributions:
From net investment income		(0.37	)		(0.67	)		(0.55	)		(0.52	)		(0.69	)		(0.37	)
From net realized gain		—			(0.06	)		—			(0.07	)		(0.05	)		—
Tax return of capital					(0.08	)		—			(0.01	)		—			—
Total distributions		(0.37	)		(0.81	)		(0.55	)		(0.60	)		(0.74	)		(0.37	)
Net asset value at end of period		$  7.32		$	7.66		$	8.94		$	9.25		$	9.69		$	9.09
Total return3		0.62	%		(5.27	%)		2.53	%		1.63	%		15.54	%		(5.44	%)
Portfolio turnover rate4		29	%		90	%		82	%		49	%		50	%		22	%
Net assets, end of period (in thousands)		$8,160		$	7,280		$	1,704		$	2,852		$	485		$	1
Ratios to average net assets:5
Total expenses to average net assets:
Total expenses before reimbursements		1.58	%		1.55	%		1.53	%		1.71	%		2.89	%		4.36	%
Total expenses after reimbursements		1.42	%		1.42	%		1.45	%		1.45	%		1.45	%		1.45	%
Net investment income to average net assets:
Net investment income before reimbursements		9.34	%		8.77	%		5.79	%		5.15	%		5.19	%		4.35	%
Net investment income after reimbursements		9.50	%		8.90	%		5.87	%		5.41	%		6.63	%		7.26	%

See accompanying notes to the financial statements.

34

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Debt Fund
	Class C
	Six Months     Ended     April 30, 2016     (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Period Ended October 31, 20111
Net asset value at beginning of period		$  7.66		$	8.95		$	9.25		$	9.70		$	9.09		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.33			0.64			0.48	2		0.44	2		0.60	2		0.28	2
Net realized and unrealized gain (loss)		(0.33	)		(1.18	)		(0.30	)		(0.36	)		0.68			(0.86	)
Total from investment operations		—			(0.54	)		0.18			0.08			1.28			(0.58	)
Less distributions:
From net investment income		(0.34	)		(0.62	)		(0.48	)		(0.45	)		(0.62	)		(0.33	)
From net realized gain		—			(0.06	)		—			(0.07	)		(0.05	)		—
Tax return of capital					(0.07	)		—			(0.01	)		—			—
Total distributions		(0.34	)		(0.75	)		(0.48	)		(0.53	)		(0.67	)		(0.33	)
Net asset value at end of period		$  7.32		$	7.66		$	8.95		$	9.25		$	9.70		$	9.09
Total return3		0.25	%		(6.04	%)		1.87	%		0.80	%		14.78	%		(5.78	%)
Portfolio turnover rate4		29	%		90	%		82	%		49	%		50	%		22	%
Net assets, end of period (in thousands)		$3,695		$	3,226		$	421		$	150		$	27		$	1
Ratios to average net assets:5
Total expenses to average net assets:
Total expenses before reimbursements		2.33	%		2.30	%		2.28	%		2.46	%		3.60	%		5.12	%
Total expenses after reimbursements		2.17	%		2.17	%		2.20	%		2.20	%		2.20	%		2.20	%
Net investment income to average net assets:
Net investment income before reimbursements		8.58	%		8.13	%		5.15	%		4.42	%		4.73	%		3.59	%
Net investment income after reimbursements		8.74	%		8.26	%		5.23	%		4.68	%		6.13	%		6.51	%

See accompanying notes to the financial statements.

35

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Debt Fund
	Institutional Class
	Six Months     Ended     April 30, 2016     (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Period Ended October 31, 20116
Net asset value at beginning of period		$      7.98		$	9.30		$	9.61		$	10.07		$	9.43		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		0.38			0.75			0.59	2		0.55	2		0.73	2		0.63	2
Net realized and unrealized gain (loss)		(0.34	)		(1.22	)		(0.31	)		(0.36	)		0.70			(0.60	)
Total from investment operations		0.04			(0.47	)		0.28			0.19			1.43			0.03
Less distributions:
From net investment income		(0.39	)		(0.71	)		(0.59	)		(0.57	)		(0.74	)		(0.60	)
From net realized gain		—			(0.06	)		—			(0.07	)		(0.05	)		—
Tax return of capital					(0.08	)		—			(0.01	)		—			—
Total distributions		(0.39	)		(0.85	)		(0.59	)		(0.65	)		(0.79	)		(0.60	)
Net asset value at end of period		$      7.63		$	7.98		$	9.30		$	9.61		$	10.07		$	9.43
Total return3		0.64	%		(5.08	%)		2.91	%		1.91	%		15.97	%		0.27	%
Portfolio turnover rate4		29	%		90	%		82	%		49	%		50	%		22	%
Net assets, end of period (in thousands)		$206,833		$	237,044		$	364,775		$	183,567		$	17,651		$	11,824
Ratios to average net assets:5
Total expenses to average net assets:
Total expenses before reimbursements		1.33	%		1.30	%		1.28	%		1.46	%		2.66	%		3.78	%
Total expenses after reimbursements		1.17	%		1.17	%		1.17	%		1.17	%		1.17	%		1.17	%
Net investment income to average net assets:
Net investment income before reimbursements		9.65	%		8.63	%		6.14	%		5.37	%		6.16	%		4.60	%
Net investment income after reimbursements		9.81	%		8.76	%		6.25	%		5.66	%		7.65	%		7.21	%

¹  Class A and Class C commenced investment operations on May 12, 2011.

²  Per share amounts are based on average number of shares outstanding during the period.

³  Assumes investment at net asset value at the beginning of the period, reinvestment of all 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  The Institutional Class commenced investment operations on December 8, 2010.

See accompanying notes to the financial statements.

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Ashmore Emerging Markets Short Duration Fund
	Class A
	Six Months      Ended      April 30, 2016      (Unaudited)		Year Ended October 31, 2015		Period Ended October 31, 20141
Net asset value at beginning of period		$ 9.57		$ 9.99		$ 10.00
Income (loss) from investment operations:
Net investment income (loss)		0.46		0.67		0.05
Net realized and unrealized gain (loss)		0.20		(0.41)		(0.01)
Total from investment operations		0.66		0.26		0.04
Less distributions:
From net investment income		(0.46)		(0.67)		(0.05)
From net realized gain		—		—		—
Tax return of capital		—		(0.01)		—
Total distributions		(0.46)		(0.68)		(0.05)
Net asset value at end of period		$ 9.77		$ 9.57		$ 9.99
Total return2		7.23%		2.98%		0.45%
Portfolio turnover rate3		37%		38%		19%
Net assets, end of period (in thousands)		$354		$425		$201
Ratios to average net assets:4
Total expenses to average net assets:
Total expenses before reimbursements		1.29%		1.65%		2.93%
Total expenses after reimbursements		0.92%		0.93%		0.95%
Net investment income to average net assets:
Net investment income before reimbursements		9.58%		6.50%		3.35%
Net investment income after reimbursements		9.95%		7.22%		5.33%

See accompanying notes to the financial statements.

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Ashmore Emerging Markets Short Duration Fund
	Institutional Class
	Six Months      Ended      April 30, 2016      (Unaudited)		Year Ended October 31, 2015		Period Ended October 31, 20145
Net asset value at beginning of period		$ 9.40		$ 9.81		$ 10.00
Income (loss) from investment operations:
Net investment income (loss)		0.47		0.68		0.16
Net realized and unrealized gain (loss)		0.19		(0.39)		(0.19)
Total from investment operations		0.66		0.29		(0.03)
Less distributions:
From net investment income		(0.46)		(0.69)		(0.16)
From net realized gain		—		—		—
Tax return of capital		—		(0.01)		—
Total distributions		(0.46)		(0.70)		(0.16)
Net asset value at end of period		$ 9.60		$ 9.40		$ 9.81
Total return2		7.42%		3.28%		(0.25%)
Portfolio turnover rate3		37%		38%		19%
Net assets, end of period (in thousands)		$71,836		$26,918		$21,275
Ratios to average net assets:4
Total expenses to average net assets:
Total expenses before reimbursements		1.01%		1.41%		2.94%
Total expenses after reimbursements		0.67%		0.67%		0.67%
Net investment income to average net assets:
Net investment income before reimbursements		10.42%		6.61%		2.58%
Net investment income after reimbursements		10.76%		7.35%		4.85%

¹  Class A commenced investment operations on September 23, 2014.

²  Assumes investment at net asset value at the beginning of the period, reinvestment of all 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  The Institutional Class commenced investment operations on June 24, 2014.

See accompanying notes to the financial statements.

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Ashmore Emerging Markets Equity Opportunities Fund
	Class A
	Period         Ended          April 30, 2016         (Unaudited)1
Net asset value at beginning of period		$ 10.00
Income (loss) from investment operations:
Net investment income (loss)		0.06
Net realized and unrealized gain (loss)		(0.08)
Total from investment operations		(0.02)
Less distributions:
From net investment income		(0.07)
Tax return of capital		—
Total distributions		(0.07)
Net asset value at end of period		$ 9.91
Total return2		(0.16%)
Portfolio turnover rate3		0%
Net assets, end of period (in thousands)		$10
Ratios to average net assets:4
Total expenses to average net assets:
Total expenses before reimbursements		3.66%
Total expenses after reimbursements		0.30%
Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(1.80%)
Net investment income after reimbursements		1.56%

See accompanying notes to the financial statements.

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Ashmore Emerging Markets Equity Opportunities Fund
	Class C
	Period         Ended          April 30, 2016         (Unaudited)1
Net asset value at beginning of period		$ 10.00
Income (loss) from investment operations:
Net investment income (loss)		0.03
Net realized and unrealized gain (loss)		(0.08)
Total from investment operations		(0.05)
Less distributions:
From net investment income		(0.06)
Tax return of capital		—
Total distributions		(0.06)
Net asset value at end of period		$ 9.89
Total return2		(0.49%)
Portfolio turnover rate3		0%
Net assets, end of period (in thousands)		$10
Ratios to average net assets:4
Total expenses to average net assets:
Total expenses before reimbursements		4.40%
Total expenses after reimbursements		1.05%
Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(2.54%)
Net investment income after reimbursements		0.81%

See accompanying notes to the financial statements.

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Ashmore Emerging Markets Equity Opportunities Fund
	Institutional Class
	Period         Ended          April 30, 2016         (Unaudited)1
Net asset value at beginning of period		$ 10.00
Income (loss) from investment operations:
Net investment income (loss)		0.07
Net realized and unrealized gain (loss)		(0.08)
Total from investment operations		(0.01)
Less distributions:
From net investment income		(0.07)
Tax return of capital		—
Total distributions		(0.07)
Net asset value at end of period		$ 9.92
Total return2		(0.03%)
Portfolio turnover rate3		0%
Net assets, end of period (in thousands)		$5,047
Ratios to average net assets:4
Total expenses to average net assets:
Total expenses before reimbursements		3.40%
Total expenses after reimbursements		0.05%
Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(1.54%)
Net investment income after reimbursements		1.81%

¹  Class A, Class C and the Institutional Class commenced investment operations on November 23, 2015.

²  Assumes investment at net asset value at the beginning of the period, reinvestment of all 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.

See accompanying notes to the financial statements.

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Ashmore Emerging Markets Value Fund1
	Class A
	Six Months Ended   April 30, 2016   (Unaudited)			Year Ended   October 31, 2015			Year Ended   October 31, 2014			Year Ended   October 31, 2013			Period Ended   October 31,   20122
Net asset value at beginning of period		$  7.29			$   9.24			$  9.66			$  9.01			$10.00
Income (loss) from investment operations:
Net investment income (loss)		—	3		0.03			0.06			0.08	4		0.08	4
Net realized and unrealized gain (loss)		0.21			(1.92	)		(0.40	)		0.64			(0.98	)
Total from investment operations		0.21			(1.89	)		(0.34	)		0.72			(0.90	)
Less distributions:
From net investment income		—			(0.06	)		(0.08	)		(0.06	)		(0.09	)
Tax return of capital		—			—	3		—			(0.01	)		—
Total distributions		—			(0.06	)		(0.08	)		(0.07	)		(0.09	)
Net asset value at end of period		$  7.50			$  7.29			$  9.24			$  9.66			$  9.01
Total return5		2.88	%		(20.52	%)		(3.58	%)		8.11	%		(8.94	%)
Portfolio turnover rate6		68	%		106	%		130	%		92	%		95	%
Net assets, end of period (in thousands)		$     25			$     24			$     30			$     28			$       1
Ratios to average net assets:7
Total expenses to average net assets:
Total expenses before reimbursements		2.89	%		3.56	%		3.62	%		3.01	%		4.40	%
Total expenses after reimbursements		1.42	%		1.43	%		1.45	%		1.45	%		1.45	%
Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(1.54	%)		(1.82	%)		(1.45	%)		(0.70	%)		(1.60	%)
Net investment income (loss) after reimbursements		(0.07	%)		0.31	%		0.72	%		0.86	%		1.35	%

See accompanying notes to the financial statements.

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Ashmore Emerging Markets Value Fund1
	Class C
	Six Months Ended   April 30, 2016   (Unaudited)			Year Ended   October 31, 2015			Year Ended   October 31, 2014			Year Ended   October 31, 2013			Period Ended   October 31,   20128
Net asset value at beginning of period		$  8.17			$  10.46			$11.00			$10.32			$10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)		(0.04	)		(0.01	)		(0.03	)4		(0.01	)4
Net realized and unrealized gain (loss)		0.24			(2.19	)		(0.45	)		0.78			0.36
Total from investment operations		0.21			(2.23	)		(0.46	)		0.75			0.35
Less distributions:
From net investment income		—			(0.06	)		(0.08	)		(0.06	)		(0.03	)
Tax return of capital		—			—	3		—			(0.01	)		—
Total distributions		—			(0.06	)		(0.08	)		(0.07	)		(0.03	)
Net asset value at end of period		$  8.38			$    8.17			$10.46			$11.00			$10.32
Total return5		2.57	%		(21.38	%)		(4.24	%)		7.58	%		3.26	%
Portfolio turnover rate6		68	%		106	%		130	%		92	%		95	%
Net assets, end of period (in thousands)		$       1			$       1			$       1			$       1			$       1
Ratios to average net assets:7
Total expenses to average net assets:
Total expenses before reimbursements		3.76	%		4.31	%		4.34	%		3.77	%		5.40	%
Total expenses after reimbursements		2.17	%		2.18	%		2.20	%		2.20	%		2.20	%
Net investment loss to average net assets:
Net investment loss before reimbursements		(2.42	%)		(2.57	%)		(2.25	%)		(1.81	%)		(3.82	%)
Net investment loss after reimbursements		(0.83	%)		(0.44	%)		(0.11	%)		(0.24	%)		(0.62	%)

See accompanying notes to the financial statements.

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Ashmore Emerging Markets Value Fund1
	Institutional Class
	Six Months Ended  April 30, 2016  (Unaudited)			Year Ended  October 31, 2015			Year Ended  October 31, 2014			Year Ended  October 31, 2013			Year Ended  October 31, 2012			Period Ended   October 31,   20119
Net asset value at beginning of period		$  7.02			$  8.88			$  9.27			$  8.62			$  8.81			$ 10.00
Income (loss) from investment operations:
Net investment income (loss)		0.01			0.05			0.08			0.07	4		0.09	4		0.05	4
Net realized and unrealized gain (loss)		0.21			(1.85	)		(0.39	)		0.65			(0.17	)		(1.19	)
Total from investment operations		0.22			(1.80	)		(0.31	)		0.72			(0.08	)		(1.14	)
Less distributions:
From net investment income		—			(0.06	)		(0.08	)		(0.06	)		(0.10	)		(0.05	)
Tax return of capital		—			—	3		—			(0.01	)		(0.01	)		—
Total distributions		—			(0.06	)		(0.08	)		(0.07	)		(0.11	)		(0.05	)
Net asset value at end of period		$  7.24			$  7.02			$  8.88			$  9.27			$  8.62			$   8.81
Total return5		3.13	%		(20.34	%)		(3.40	%)		8.48	%		(0.87	%)		(11.37	%)
Portfolio turnover rate6		68	%		106	%		130	%		92	%		95	%		75	%
Net assets, end of period (in thousands)		$8,618			$ 7,601			$10,304			$9,825			$8,742			$ 8,848
Ratios to average net assets:7
Total expenses to average net assets:
Total expenses before reimbursements		2.65	%		3.31	%		3.37	%		2.76	%		4.09	%		5.34	%
Total expenses after reimbursements		1.17	%		1.17	%		1.17	%		1.17	%		1.17	%		1.17	%
Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(1.30	%)		(1.59	%)		(1.28	%)		(0.79	%)		(1.84	%)		(2.55	%)
Net investment income after reimbursements		0.18	%		0.55	%		0.92	%		0.80	%		1.08	%		1.62	%

¹  Formerly the Ashmore Emerging Markets Equity Fund.

²  Class A commenced investment operations on February 27, 2012.

³  Amount is less than $0.005 per share.

⁴  Per share amounts are based on average number of shares outstanding during the period.

⁵  Assumes investment at net asset value at the beginning of the period, reinvestment of all 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.

⁶  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.

⁷  Annualized for periods less than one year.

⁸  Class C commenced investment operations on August 24, 2012.

⁹  The Institutional Class commenced investment operations on June 22, 2011.

See accompanying notes to the financial statements.

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Ashmore Emerging Markets Small-Cap Equity Fund
	Class A
	Six Months Ended     April 30, 2016     (Unaudited)			Year Ended   October 31, 2015			Year Ended   October 31, 2014			Year Ended   October 31, 2013			Period Ended   October 31,   20121
Net asset value at beginning of period		$  7.92			$  9.35			$10.61			$  9.77			$10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.05	)		0.16			0.01	2		0.08	2		0.02	2
Net realized and unrealized gain (loss)		0.13			(1.12	)		(0.42	)		1.31			(0.20	)
Total from investment operations		0.08			(0.96	)		(0.41	)		1.39			(0.18	)
Less distributions:
From net investment income		(0.12	)		(0.08	)		(0.01	)		(0.03	)		(0.05	)
From net realized gain		—			(0.39	)		(0.84	)		(0.52	)		—
Total distributions		(0.12	)		(0.47	)		(0.85	)		(0.55	)		(0.05	)
Net asset value at end of period		$  7.88			$  7.92			$  9.35			$10.61			$  9.77
Total return3		1.05	%		(10.32	%)		(3.93	%)		14.65	%		(1.73	%)
Portfolio turnover rate4		63	%		105	%		104	%		113	%		94	%
Net assets, end of period (in thousands)		$   455			$   259			$   332			$   265			$   238
Ratios to average net assets:5
Total expenses to average net assets:
Total expenses before reimbursements		2.34	%		2.33	%		2.53	%		2.35	%		3.43	%
Total expenses after reimbursements		1.77	%		1.78	%		1.80	%		1.80	%		1.80	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		(0.63	%)		0.96	%		(0.65	%)		0.25	%		(1.15	%)
Net investment income (loss) after reimbursements		(0.06	%)		1.51	%		0.08	%		0.80	%		0.48	%

See accompanying notes to the financial statements.

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Ashmore Emerging Markets Small-Cap Equity Fund
	Class C
	Six Months Ended     April 30, 2016     (Unaudited)			Year Ended   October 31,   2015			Year Ended   October 31,   2014			Year Ended   October 31,   2013			Period Ended     October 31,     20126
Net asset value at beginning of period		$  8.40			$  9.96			$11.33			$10.48			$10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)		0.10			(0.05	)2		(0.06	)2		(0.01	)2
Net realized and unrealized gain (loss)		0.09			(1.19	)		(0.47	)		1.46			0.54
Total from investment operations		0.06			(1.09	)		(0.52	)		1.40			0.53
Less distributions:
From net investment income		(0.12	)		(0.08	)		(0.01	)		(0.03	)		(0.05	)
From net realized gain		—			(0.39	)		(0.84	)		(0.52	)		—
Total distributions		(0.12	)		(0.47	)		(0.85	)		(0.55	)		(0.05	)
Net asset value at end of period		$  8.34			$  8.40			$  9.96			$11.33			$10.48
Total return3		0.68	%		(11.02	%)		(4.71	%)		13.93	%		5.17	%
Portfolio turnover rate4		63	%		105	%		104	%		113	%		94	%
Net assets, end of period (in thousands)		$   342			$   311			$     77			$     12			$       1
Ratios to average net assets:5
Total expenses to average net assets:
Total expenses before reimbursements		3.07	%		3.09	%		3.60	%		3.10	%		5.12	%
Total expenses after reimbursements		2.52	%		2.52	%		2.55	%		2.55	%		2.55	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		(1.51	%)		1.81	%		(1.53	%)		(1.13	%)		(3.35	%)
Net investment income (loss) after reimbursements		(0.96	%)		2.38	%		(0.48	%)		(0.58	%)		(0.78	%)

See accompanying notes to the financial statements.

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Ashmore Emerging Markets Small-Cap Equity Fund
	Institutional Class
	Six Months Ended     April 30, 2016     (Unaudited)			Year Ended October 31, 2015			Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2012			Period Ended   October 31,   20117
Net asset value at beginning of period		$  10.01			$  11.63			$  12.96			$  11.79			$  11.58			$  10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.03	)		0.20			0.02	2		0.02	2		0.05	2		(0.01	)2
Net realized and unrealized gain (loss)		0.14			(1.35	)		(0.50	)		1.70			0.25			1.59
Total from investment operations		0.11			(1.15	)		(0.48	)		1.72			0.30			1.58
Less distributions:
From net investment income		(0.12	)		(0.08	)		(0.01	)		(0.03	)		(0.05	)		—
From net realized gain		—			(0.39	)		(0.84	)		(0.52	)		(0.04	)		—
Total distributions		(0.12	)		(0.47	)		(0.85	)		(0.55	)		(0.09	)		—
Net asset value at end of period		$  10.00			$  10.01			$  11.63			$  12.96			$  11.79			$  11.58
Total return3		1.26	%		(9.91	%)		(3.74	%)		15.04	%		2.61	%		15.80	%
Portfolio turnover rate4		63	%		105	%		104	%		113	%		94	%		20	%
Net assets, end of period (in thousands)		$29,463			$42,486			$48,909			$30,370			$13,359			$11,576
Ratios to average net assets:5
Total expenses to average net assets:
Total expenses before reimbursements		2.04	%		2.08	%		2.39	%		2.11	%		3.43	%		15.42	%
Total expenses after reimbursements		1.52	%		1.52	%		1.52	%		1.52	%		1.52	%		1.52	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		(0.77	%)		1.24	%		(0.70	%)		(0.42	%)		(1.46	%)		(14.76	%)
Net investment income (loss) after reimbursements		(0.25	%)		1.80	%		0.17	%		0.17	%		0.45	%		(0.86	%)

¹  Class A commenced investment operations on February 1, 2012.

²  Per share amounts are based on average number of shares outstanding during the period.

³  Assumes investment at net asset value at the beginning of the period, reinvestment of all 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  Class C commenced investment operations on August 24, 2012.

⁷ The Institutional Class commenced investment operations on October 4, 2011.

See accompanying notes to the financial statements.

47

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Frontier Equity Fund
	Class A
	Six Months Ended     April 30, 2016     (Unaudited)		Year Ended October 31, 2015		Period Ended   October 31,   20141
Net asset value at beginning of period		$ 7.83		$ 10.19		$ 10.00
Income (loss) from investment operations:
Net investment income (loss)		0.132		0.102		(0.03)
Net realized and unrealized gain (loss)		(0.28)		(1.45)		0.27
Total from investment operations		(0.15)		(1.35)		0.24
Less distributions:
From net investment income		(0.09)		(0.15)		(0.05)
From net realized gain		—		(0.86)		—
Total distributions		(0.09)		(1.01)		(0.05)
Net asset value at end of period		$ 7.59		$ 7.83		$ 10.19
Total return3		(2.00%)		(13.68%)		2.43%
Portfolio turnover rate4		45%		91%		157%
Net assets, end of period (in thousands)		$64		$45		$9
Ratios to average net assets:5
Total expenses to average net assets:
Total expenses before reimbursements		2.24%		2.73%		6.90%
Total expenses after reimbursements		1.77%		1.79%		1.80%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		3.17%		0.25%		(5.89%)
Net investment income (loss) after reimbursements		3.64%		1.19%		(0.79%)

See accompanying notes to the financial statements.

48

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Frontier Equity Fund
	Class C
	Six Months Ended     April 30, 2016     (Unaudited)		Year Ended October 31, 2015		Period Ended   October 31,   20141
Net asset value at beginning of period		$ 7.73		$ 10.15		$ 10.00
Income (loss) from investment operations:
Net investment income (loss)		0.092		(0.05)2		(0.83)
Net realized and unrealized gain (loss)		(0.28)		(1.36)		1.03
Total from investment operations		(0.19)		(1.41)		0.20
Less distributions:
From net investment income		(0.06)		(0.15)		(0.05)
From net realized gain		—		(0.86)		—
Total distributions		(0.06)		(1.01)		(0.05)
Net asset value at end of period		$ 7.48		$ 7.73		$ 10.15
Total return3		(2.41%)		(14.51%)		2.02%
Portfolio turnover rate4		45%		91%		157%
Net assets, end of period (in thousands)		$53		$53		$1
Ratios to average net assets:5
Total expenses to average net assets:
Total expenses before reimbursements		2.98%		3.45%		7.71%
Total expenses after reimbursements		2.52%		2.52%		2.55%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		1.99%		(1.53%)		(6.42%)
Net investment income (loss) after reimbursements		2.45%		(0.60%)		(1.26%)

See accompanying notes to the financial statements.

49

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Frontier Equity Fund
	Institutional Class
	Six Months Ended     April 30, 2016     (Unaudited)		Year Ended October 31, 2015		Period Ended   October 31,   20146
Net asset value at beginning of period		$ 8.88		$ 11.35		$ 10.00
Income (loss) from investment operations:
Net investment income (loss)		0.142		0.122		0.14
Net realized and unrealized gain (loss)		(0.31)		(1.58)		1.32
Total from investment operations		(0.17)		(1.46)		1.46
Less distributions:
From net investment income		(0.10)		(0.15)		(0.11)
From net realized gain				(0.86)		—
Total distributions		(0.10)		(1.01)		(0.11)
Net asset value at end of period		$ 8.61		$ 8.88		$ 11.35
Total return3		(1.89%)		(13.29%)		14.69%
Portfolio turnover rate4		45%		91%		157%
Net assets, end of period (in thousands)		$49,073		$49,952		$7,280
Ratios to average net assets:5
Total expenses to average net assets:
Total expenses before reimbursements		1.98%		2.46%		6.09%
Total expenses after reimbursements		1.52%		1.52%		1.52%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		2.96%		0.34%		(3.68%)
Net investment income after reimbursements		3.42%		1.28%		0.89%

¹  Class A and Class C commenced investment operations on May 7, 2014.

²  Per share amounts are based on average number of shares outstanding during the period.

³  Assumes investment at net asset value at the beginning of the period, reinvestment of all 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  The Fund commenced investment operations on November 5, 2013.

See accompanying notes to the financial statements.

50

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2016 (Unaudited)

	Currency(1)	Par		Value		% of Net Assets
Debt Securities
Angola (Cost $3,500,775)
Angola (Rep of) 9.500%, 11/12/2025			690,000	$	673,647		0.12
Angola (Rep of) Via Northern Lights III B.V. 7.000%, 08/16/2019			1,134,000		1,141,314		0.21
Puma International Financing S.A. 6.750%, 02/01/2021			1,886,000		1,853,184		0.34
					3,668,145		0.67
Argentina (Cost $10,800,264)
Argentina (Rep of) 8.750%, 06/02/2017			92,040		96,274		0.02
Argentina (Rep of) 6.875%, 04/22/2021(2)(3)			1,436,000		1,477,922		0.27
Argentina (Rep of) 7.500%, 04/22/2026(2)(3)			1,933,000		1,961,995		0.35
Argentina (Rep of) 8.280%, 12/31/2033			452,657		468,412		0.08
Argentina (Rep of), FRN 2.500%, 12/31/2038			2,927,446		1,866,247		0.34
Argentina (Rep of) 7.625%, 04/22/2046(2)(3)			1,564,000		1,538,194		0.28
Letras del Banco Central de la Republica Argentina 0.000%, 06/15/2016(4)	ARS		14,404,834		962,523		0.17
Letras del Banco Central de la Republica Argentina 0.000%, 07/06/2016(4)	ARS		7,840,185		513,840		0.09
Letras del Banco Central de la Republica Argentina 0.000%, 08/10/2016(4)	ARS		4,360,575		279,706		0.05
Letras del Banco Central de la Republica Argentina 0.000%, 08/17/2016(4)	ARS		3,107,940		198,053		0.04
Letras del Banco Central de la Republica Argentina 0.000%, 10/05/2016(4)	ARS		4,360,575		269,474		0.05
Letras del Banco Central de la Republica Argentina 0.000%, 10/12/2016(4)	ARS		3,302,187		203,035		0.04
Letras del Banco Central de la Republica Argentina 0.000%, 10/26/2016(4)	ARS		4,232,966		258,852		0.05
Letras del Banco Central de la Republica Argentina 0.000%, 12/14/2016(4)	ARS		3,809,670		224,030		0.04
Letras del Banco Central de la Republica Argentina 0.000%, 12/28/2016(4)	ARS		9,249,224		538,997		0.10
YPF S.A. 8.500%, 03/23/2021(2)(3)			390,000		407,550		0.07
					11,265,104		2.04
Azerbaijan (Cost $4,645,013)
Azerbaijan (Rep of) 4.750%, 03/18/2024			520,000		504,504		0.09
International Bank of Azerbaijan OJSC 5.625%, 06/11/2019			230,000		216,890		0.04
Southern Gas Corridor CJSC 6.875%, 03/24/2026(2)			1,130,000		1,161,357		0.21
State Oil Co. of the Azerbaijan Republic 4.750%, 03/13/2023			2,250,000		2,021,882		0.37
State Oil Co. of the Azerbaijan Republic 6.950%, 03/18/2030			640,000		609,600		0.11
					4,514,233		0.82
Bangladesh (Cost $284,913)
Banglalink Digital Communications Ltd. 8.625%, 05/06/2019			275,000		290,950		0.05
					290,950		0.05
Barbados (Cost $1,274,280)
Columbus International, Inc. 7.375%, 03/30/2021			1,190,000		1,264,018		0.23
					1,264,018		0.23

See accompanying notes to the financial statements.

51

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)		Par		Value		% of Net Assets
Belarus (Cost $3,078,182)
Belarus (Rep of) 8.950%, 01/26/2018				3,290,000	$	3,446,275		0.63
						3,446,275		0.63
Brazil (Cost $64,156,553)
Banco Nacional de Desenvolvimento Economico e Social 6.500%, 06/10/2019				1,310,000		1,362,007		0.25
Brazil (Rep of) 4.875%, 01/22/2021				522,000		531,135		0.10
Brazil (Rep of) 2.625%, 01/05/2023				680,000		589,900		0.11
Brazil (Rep of) 8.875%, 04/15/2024				220,000		267,850		0.05
Brazil (Rep of) 4.250%, 01/07/2025				1,591,000		1,479,630		0.27
Brazil (Rep of) 8.250%, 01/20/2034				316,000		364,190		0.07
Brazil (Rep of) 7.125%, 01/20/2037				1,071,000		1,108,485		0.20
Brazil (Rep of) 5.625%, 01/07/2041				398,000		349,245		0.06
Brazil (Rep of) 5.000%, 01/27/2045				1,552,000		1,253,240		0.23
Brazil Letras do Tesouro Nacional 0.000%, 01/01/2018(4)		BRL		14,120,000		3,363,916		0.61
Brazil Letras do Tesouro Nacional 0.000%, 07/01/2018(4)		BRL		15,211,000		3,423,593		0.62
Brazil Letras do Tesouro Nacional 0.000%, 01/01/2019(4)		BRL		40,415,000		8,590,225		1.56
Brazil Notas do Tesouro Nacional Serie F 10.000%, 01/01/2021		BRL		27,467,000		7,368,809		1.34
Brazil Notas do Tesouro Nacional Serie F 10.000%, 01/01/2023		BRL		16,668,000		4,342,358		0.79
Brazil Notas do Tesouro Nacional Serie F 10.000%, 01/01/2025		BRL		38,148,000		9,724,713		1.76
Itau Unibanco Holding S.A. 5.750%, 01/22/2021				100,000		101,938		0.02
Marfrig Holdings Europe B.V. 8.375%, 05/09/2018				1,975,000		2,034,250		0.37
Marfrig Holdings Europe B.V. 6.875%, 06/24/2019				1,933,000		1,913,670		0.35
Marfrig Overseas Ltd. 9.500%, 05/04/2020				920,000		943,000		0.17
Minerva Luxembourg S.A. 12.250%, 02/10/2022				1,400,000		1,468,250		0.27
Oi S.A. 9.750%, 09/15/2016		BRL		300,000		15,701		—
Petrobras Global Finance B.V. 5.875%, 03/01/2018				829,000		817,601		0.15
Petrobras Global Finance B.V. 3.000%, 01/15/2019				925,000		832,222		0.15
Petrobras Global Finance B.V. 7.875%, 03/15/2019				397,000		395,511		0.07
Petrobras Global Finance B.V. 5.750%, 01/20/2020				2,240,000		2,055,200		0.37
Petrobras Global Finance B.V. 5.375%, 01/27/2021				2,020,000		1,795,275		0.32
Petrobras Global Finance B.V. 6.250%, 03/17/2024				1,371,000		1,196,197		0.22
Petrobras Global Finance B.V. 6.875%, 01/20/2040				2,525,000		1,978,969		0.36
Petrobras Global Finance B.V. 6.850%, 06/05/2115				475,000		351,500		0.06
QGOG Atlantic/Alaskan Rigs Ltd. 5.250%, 07/30/2018				2,359,552		1,852,248		0.33
QGOG Constellation S.A. 6.250%, 11/09/2019				4,185,000		2,259,900		0.41
Vale Overseas Ltd. 5.625%, 09/15/2019				622,000		628,220		0.11
Vale Overseas Ltd. 4.625%, 09/15/2020				1,157,000		1,122,290		0.20
Vale Overseas Ltd. 4.375%, 01/11/2022				504,000		466,200		0.08
Vale Overseas Ltd. 6.875%, 11/21/2036				1,032,000		926,220		0.17
Vale Overseas Ltd. 6.875%, 11/10/2039				1,562,000		1,370,655		0.25
						68,644,313		12.45
Chile (Cost $5,206,467)
Banco del Estado de Chile 4.125%, 10/07/2020				330,000		352,581		0.06
Banco del Estado de Chile 3.875%, 02/08/2022				360,000		384,418		0.07
Bonos de la Tesoreria de la Republica en pesos 6.000%, 01/01/2020		CLP		50,000,000		80,602		0.02
Chile (Rep of) 3.125%, 01/21/2026				417,000		429,510		0.08
Corp. Nacional del Cobre de Chile 3.750%, 11/04/2020				829,000		874,973		0.16
Corp. Nacional del Cobre de Chile 3.875%, 11/03/2021				830,000		869,706		0.16
Corp. Nacional del Cobre de Chile 4.875%, 11/04/2044				1,274,000		1,257,209		0.23

See accompanying notes to the financial statements.

52

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)		Par		Value		% of Net Assets
Chile - (continued)
Empresa Nacional del Petroleo 5.250%, 08/10/2020				677,000	$	727,549		0.13
Empresa Nacional del Petroleo 4.750%, 12/06/2021				276,000		292,177		0.05
						5,268,725		0.96
China (Cost $13,891,163)
Amber Circle Funding Ltd. 3.250%, 12/04/2022				572,000		590,096		0.11
Central China Real Estate Ltd. 8.750%, 01/23/2021				420,000		425,239		0.08
China Hongqiao Group Ltd. 6.875%, 05/03/2018				200,000		198,293		0.04
CIFI Holdings Group Co. Ltd. 7.750%, 06/05/2020				200,000		209,497		0.04
Emerald Plantation Holdings Ltd. 6.000%, (100% Cash), 01/30/2020(5)				138,547		131,620		0.02
Far East Energy Bermuda Ltd. 13.000%, 01/15/2016(2)(3)(6)(7)(8)				1,975,424		—		—
Favor Sea Ltd. 11.750%, 02/04/2019				290,000		224,025		0.04
ICBC Standard Bank PLC 8.125%, 12/02/2019				375,000		415,389		0.07
Kaisa Group Holdings Ltd. 8.875%, 03/19/2018(6)				1,044,000		814,320		0.15
Kaisa Group Holdings Ltd. 10.250%, 01/08/2020(6)				795,000		620,100		0.11
Sinochem Overseas Capital Co. Ltd. 4.500%, 11/12/2020				4,262,000		4,531,243		0.82
Sinochem Overseas Capital Co. Ltd. 6.300%, 11/12/2040				1,090,000		1,367,020		0.25
Sino-Forest Corp. 5.000%, 08/01/2013(2)(3)(7)				276,000		—		—
Sino-Forest Corp. 10.250%, 07/28/2014(2)(3)(7)				256,000		—		—
Sino-Forest Corp. 4.250%, 12/15/2016(2)(3)(7)				704,000		—		—
Sino-Forest Corp. 6.250%, 10/21/2017(2)(3)(7)				628,000		—		—
Sunac China Holdings Ltd. 9.375%, 04/05/2018				1,970,000		2,058,650		0.37
Times Property Holdings Ltd. 12.625%, 03/21/2019				705,000		780,758		0.14
						12,366,250		2.24
Colombia (Cost $24,803,095)
Colombia (Rep of) 7.375%, 03/18/2019				1,650,000		1,876,875		0.34
Colombia (Rep of) 11.750%, 02/25/2020				495,000		647,212		0.12
Colombia (Rep of) 4.000%, 02/26/2024				730,000		733,650		0.13
Colombia (Rep of) 8.125%, 05/21/2024				488,000		615,612		0.11
Colombia (Rep of) 7.375%, 09/18/2037				2,725,000		3,290,437		0.60
Colombia (Rep of) 6.125%, 01/18/2041				1,892,000		2,029,170		0.37
Colombia (Rep of) 5.625%, 02/26/2044				1,323,000		1,349,460		0.24
Colombia (Rep of) 5.000%, 06/15/2045				867,000		825,817		0.15
Colombian TES 7.250%, 06/15/2016		COP		2,277,500,000		799,445		0.14
Colombian TES 10.000%, 07/24/2024		COP		7,539,900,000		2,980,596		0.54
Colombian TES 7.500%, 08/26/2026		COP		6,715,900,000		2,258,052		0.41
Colombian TES 6.000%, 04/28/2028		COP		8,858,600,000		2,589,390		0.47
Empresa de Telecomunicaciones de Bogota 7.000%, 01/17/2023		COP		1,416,000,000		359,619		0.07
Millicom International Cellular S.A. 6.625%, 10/15/2021				1,165,000		1,179,563		0.21
Millicom International Cellular S.A. 6.000%, 03/15/2025				675,000		646,313		0.12
						22,181,211		4.02
Costa Rica (Cost $3,638,107)
Costa Rica (Rep of) 4.250%, 01/26/2023				1,707,000		1,578,975		0.29
Costa Rica (Rep of) 4.375%, 04/30/2025				450,000		400,500		0.07
Costa Rica (Rep of) 5.625%, 04/30/2043				940,000		752,000		0.14
Instituto Costarricense de Electricidad 6.950%, 11/10/2021				200,000		204,000		0.04
Instituto Costarricense de Electricidad 6.375%, 05/15/2043				700,000		525,000		0.09
						3,460,475		0.63
Croatia (Cost $7,471,220)
Croatia (Rep of) 6.250%, 04/27/2017				580,000		602,620		0.11
Croatia (Rep of) 6.750%, 11/05/2019				950,000		1,042,739		0.19

See accompanying notes to the financial statements.

53

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)		Par		Value		% of Net Assets
Croatia - (continued)
Croatia (Rep of) 6.625%, 07/14/2020				2,625,000	$	2,878,313		0.52
Croatia (Rep of) 6.375%, 03/24/2021				889,000		973,037		0.18
Croatia (Rep of) 6.000%, 01/26/2024				1,940,000		2,121,875		0.38
						7,618,584		1.38
Czech Republic (Cost $2,049,766)
New World Resources N.V. 8.000%, 04/07/2020(5)		EUR		1,666,668		28,626		0.01
New World Resources N.V. 4.000%, 10/07/2020(5)		EUR		619,932		7,099		—
						35,725		0.01
Dominican Republic (Cost $12,491,168)
Aeropuertos Dominicanos Siglo XXI S.A., FRN 9.750%, 11/13/2019				1,760,000		1,870,000		0.34
Dominican (Rep of) 7.500%, 05/06/2021				1,863,000		2,039,985		0.37
Dominican (Rep of) 6.600%, 01/28/2024				640,000		684,800		0.12
Dominican (Rep of) 5.875%, 04/18/2024				2,679,000		2,759,370		0.50
Dominican (Rep of) 5.500%, 01/27/2025				1,530,000		1,530,000		0.28
Dominican (Rep of) 6.875%, 01/29/2026				960,000		1,032,000		0.19
Dominican (Rep of) 7.450%, 04/30/2044				1,100,000		1,166,000		0.21
Dominican (Rep of) 6.850%, 01/27/2045				1,520,000		1,520,000		0.28
						12,602,155		2.29
Ecuador (Cost $21,176,601)
Ecuador (Rep of) 10.500%, 03/24/2020				10,359,000		9,789,255		1.77
Ecuador (Rep of) 7.950%, 06/20/2024				4,128,000		3,581,040		0.65
EP PetroEcuador via Noble Sovereign Funding I Ltd., FRN 6.258%, 09/24/2019				10,224,421		9,304,223		1.69
						22,674,518		4.11
Egypt (Cost $902,425)
Egypt (Rep of) 5.875%, 06/11/2025				310,000		277,512		0.05
Egypt (Rep of) 6.875%, 04/30/2040				605,000		520,421		0.09
						797,933		0.14
El Salvador (Cost $3,267,086)
El Salvador (Rep of) 7.375%, 12/01/2019				760,000		761,900		0.14
El Salvador (Rep of) 5.875%, 01/30/2025				910,000		805,350		0.15
El Salvador (Rep of) 6.375%, 01/18/2027				270,000		237,600		0.04
El Salvador (Rep of) 8.250%, 04/10/2032				465,000		456,862		0.08
El Salvador (Rep of) 7.650%, 06/15/2035				150,000		134,625		0.02
El Salvador (Rep of) 7.625%, 02/01/2041				620,000		545,600		0.10
						2,941,937		0.53
Ethiopia (Cost $1,528,891)
Ethiopia (Rep of) 6.625%, 12/11/2024				1,560,000		1,416,012		0.26
						1,416,012		0.26
Gabon (Cost $2,809,360)
Gabon (Rep of) 6.375%, 12/12/2024				2,870,700		2,507,901		0.46
						2,507,901		0.46
Georgia (Cost $1,991,923)
Georgia (Rep of) 6.875%, 04/12/2021				1,320,000		1,453,650		0.26
Georgian Railway JSC 7.750%, 07/11/2022				500,000		538,850		0.10
						1,992,500		0.36
Guatemala (Cost $2,118,890)
Comcel Trust via Comunicaciones Celulares S.A. 6.875%, 02/06/2024				1,085,000		1,025,325		0.19
Guatemala (Rep of) 4.875%, 02/13/2028				997,000		1,019,433		0.18
						2,044,758		0.37

See accompanying notes to the financial statements.

54

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)		Par		Value		% of Net Assets
Hungary (Cost $13,712,698)
Hungary (Rep of) 4.125%, 02/19/2018				1,478,000	$	1,531,539		0.28
Hungary (Rep of) 6.250%, 01/29/2020				1,020,000		1,136,025		0.21
Hungary (Rep of) 5.375%, 02/21/2023				2,190,000		2,413,227		0.44
Hungary (Rep of) 5.750%, 11/22/2023				2,834,000		3,205,962		0.58
Hungary (Rep of) 5.375%, 03/25/2024				1,180,000		1,311,275		0.24
Hungary (Rep of) 5.500%, 06/24/2025		HUF		389,020,000		1,686,777		0.30
Hungary (Rep of) 7.625%, 03/29/2041				2,080,000		2,937,688		0.53
						14,222,493		2.58
India (Cost $1,364,673)
Export-Import Bank of India 4.000%, 08/07/2017				400,000		409,125		0.07
Export-Import Bank of India 4.000%, 01/14/2023				528,000		549,294		0.10
Vedanta Resources PLC 6.750%, 06/07/2016				420,000		418,950		0.08
						1,377,369		0.25
Indonesia (Cost $18,331,533)
Enercoal Resources Pte. Ltd. 6.000%, 04/07/2018				200,000		20,000		—
Golden Legacy Pte. Ltd. 9.000%, 04/24/2019				290,000		292,900		0.05
Indonesia (Rep of) 6.875%, 01/17/2018				819,000		887,096		0.16
Indonesia (Rep of) 11.625%, 03/04/2019				1,220,000		1,526,912		0.28
Indonesia (Rep of) 5.875%, 03/13/2020				344,000		383,552		0.07
Indonesia (Rep of) 4.875%, 05/05/2021				420,000		456,195		0.08
Indonesia (Rep of) 5.625%, 05/15/2023		IDR		6,128,000,000		416,762		0.08
Indonesia (Rep of) 4.125%, 01/15/2025				470,000		481,802		0.09
Indonesia (Rep of) 8.375%, 09/15/2026		IDR		496,000,000		39,434		0.01
Indonesia (Rep of) 7.000%, 05/15/2027		IDR		809,000,000		57,952		0.01
Indonesia (Rep of) 9.000%, 03/15/2029		IDR		3,099,000,000		257,217		0.05
Indonesia (Rep of) 8.750%, 05/15/2031		IDR		42,918,000,000		3,503,037		0.64
Indonesia (Rep of) 6.625%, 05/15/2033		IDR		11,021,000,000		736,331		0.13
Indonesia (Rep of) 8.375%, 03/15/2034		IDR		9,073,000,000		721,725		0.13
Indonesia (Rep of) 8.250%, 05/15/2036		IDR		19,066,000,000		1,500,284		0.27
Indonesia (Rep of) 7.750%, 01/17/2038				280,000		367,555		0.07
Indonesia (Rep of) 5.125%, 01/15/2045				930,000		947,366		0.17
Indonesia (Rep of) 5.950%, 01/08/2046				567,000		639,194		0.12
Majapahit Holding B.V. 8.000%, 08/07/2019				570,000		649,515		0.12
Majapahit Holding B.V. 7.750%, 01/20/2020				350,000		400,750		0.07
Pertamina Persero PT 6.000%, 05/03/2042				469,000		450,134		0.08
Perusahaan Listrik Negara PT 5.500%, 11/22/2021				1,860,000		1,999,500		0.36
Perusahaan Penerbit SBSN Indonesia III 6.125%, 03/15/2019				690,000		758,711		0.14
Perusahaan Penerbit SBSN Indonesia III 4.325%, 05/28/2025				508,000		517,983		0.09
Perusahaan Penerbit SBSN Indonesia III 4.550%, 03/29/2026(2)				1,040,000		1,065,376		0.19
						19,077,283		3.46
Iraq (Cost $882,188)
Iraq (Rep of) 5.800%, 01/15/2028				1,030,000		731,403		0.13
						731,403		0.13
Ivory Coast (Cost $9,539,300)
Ivory Coast (Rep of) 5.375%, 07/23/2024				686,000		636,190		0.12
Ivory Coast (Rep of) 6.375%, 03/03/2028				596,000		566,319		0.10
Ivory Coast (Rep of), FRN 5.750%, 12/31/2032				8,601,000		7,827,770		1.42
						9,030,279		1.64
Jamaica (Cost $9,216,770)
Digicel Group Ltd. 8.250%, 09/30/2020				5,940,000		5,420,250		0.98

See accompanying notes to the financial statements.

55

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)		Par		Value		% of Net Assets
Jamaica - (continued)
Digicel Group Ltd. 7.125%, 04/01/2022				1,185,000	$	964,294		0.18
Digicel Ltd. 6.000%, 04/15/2021				1,485,000		1,358,775		0.25
Jamaica (Rep of) 7.875%, 07/28/2045				700,000		728,000		0.13
						8,471,319		1.54
Jordan (Cost $323,295)
Jordan (Rep of) 6.125%, 01/29/2026				320,000		338,000		0.06
						338,000		0.06
Kazakhstan (Cost $25,906,668)
Development Bank of Kazakhstan JSC 4.125%, 12/10/2022				1,703,000		1,549,730		0.28
Halyk Savings Bank of Kazakhstan JSC 7.250%, 01/28/2021				200,000		205,524		0.04
KazAgro National Management Holding JSC 4.625%, 05/24/2023				1,100,000		918,566		0.17
Kazakhstan (Rep of) 5.125%, 07/21/2025				2,280,000		2,410,530		0.44
Kazakhstan (Rep of) 4.875%, 10/14/2044				830,000		752,229		0.14
Kazakhstan (Rep of) 6.500%, 07/21/2045				1,420,000		1,549,297		0.28
Kazakhstan Temir Zholy Finance B.V. 6.375%, 10/06/2020				606,000		614,060		0.11
Kazakhstan Temir Zholy Finance B.V. 6.950%, 07/10/2042				1,681,000		1,571,970		0.28
Kazkommertsbank JSC 7.500%, 11/29/2016				1,820,000		1,774,864		0.32
Kazkommertsbank JSC 6.875%, 02/13/2017		EUR		2,005,000		2,221,211		0.40
Kazkommertsbank JSC 8.500%, 05/11/2018				2,045,000		1,902,259		0.34
Kazkommertsbank JSC 5.500%, 12/21/2022				2,142,674		1,468,417		0.27
KazMunayGas National Co. JSC 9.125%, 07/02/2018				751,000		822,345		0.15
KazMunayGas National Co. JSC 7.000%, 05/05/2020				2,104,000		2,241,181		0.41
KazMunayGas National Co. JSC 6.375%, 04/09/2021				240,000		251,412		0.05
KazMunayGas National Co. JSC 5.750%, 04/30/2043				926,000		794,045		0.14
Zhaikmunai LLP 6.375%, 02/14/2019				2,718,000		2,239,088		0.41
Zhaikmunai LLP 7.125%, 11/13/2019				2,880,000		2,398,176		0.43
						25,684,904		4.66
Kenya (Cost $635,266)
Kenya (Rep of) 6.875%, 06/24/2024				660,000		620,466		0.11
						620,466		0.11
Lebanon (Cost $7,213,034)
Lebanon (Rep of) 5.150%, 11/12/2018				430,000		428,220		0.08
Lebanon (Rep of) 5.450%, 11/28/2019				700,000		691,208		0.12
Lebanon (Rep of) 6.375%, 03/09/2020				1,254,000		1,269,775		0.23
Lebanon (Rep of) 8.250%, 04/12/2021				592,000		646,819		0.12
Lebanon (Rep of) 6.100%, 10/04/2022				957,000		949,229		0.17
Lebanon (Rep of) 6.000%, 01/27/2023				1,560,000		1,532,076		0.28
Lebanon (Rep of) 6.600%, 11/27/2026				1,528,000		1,507,143		0.27
						7,024,470		1.27
Lithuania (Cost $4,415,850)
Lithuania (Rep of) 7.375%, 02/11/2020				2,048,000		2,424,115		0.44
Lithuania (Rep of) 6.125%, 03/09/2021				400,000		463,920		0.08
Lithuania (Rep of) 6.625%, 02/01/2022				1,351,000		1,631,333		0.30
						4,519,368		0.82
Malaysia (Cost $3,575,435)
Malaysia (Rep of) 3.418%, 08/15/2022		MYR		1,037,000		260,273		0.05
Malaysia (Rep of) 3.480%, 03/15/2023		MYR		146,000		36,716		0.01
Malaysia (Rep of) 4.181%, 07/15/2024		MYR		2,027,000		527,335		0.09
Malaysia (Rep of) 4.392%, 04/15/2026		MYR		308,000		81,773		0.01
Malaysia (Rep of) 4.498%, 04/15/2030		MYR		2,659,000		699,625		0.13
Malaysia (Rep of) 4.254%, 05/31/2035		MYR		180,000		45,743		0.01

See accompanying notes to the financial statements.

56

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)		Par		Value		% of Net Assets
Malaysia - (continued)
Malaysia (Rep of) 4.736%, 03/15/2046		MYR		362,000	$	93,716		0.02
Petronas Capital Ltd. 5.250%, 08/12/2019				570,000		628,017		0.11
Petronas Capital Ltd. 7.875%, 05/22/2022				520,000		668,980		0.12
Wakala Global Sukuk Bhd. 4.646%, 07/06/2021				661,000		730,603		0.13
						3,772,781		0.68
Mexico (Cost $23,866,890)
CEMEX Espana S.A. 9.875%, 04/30/2019				1,210,000		1,272,012		0.23
Cemex Finance LLC 9.375%, 10/12/2022				970,000		1,064,989		0.19
Cemex S.A.B. de C.V. 6.500%, 12/10/2019				675,000		711,281		0.13
Cemex S.A.B. de C.V. 7.250%, 01/15/2021				245,000		261,538		0.05
Cemex S.A.B. de C.V. 7.750%, 04/16/2026(2)				740,000		788,100		0.14
Comision Federal de Electricidad 4.875%, 01/15/2024				700,000		728,000		0.13
Comision Federal de Electricidad 5.750%, 02/14/2042				770,000		758,450		0.14
Mexican Bonos 8.000%, 12/07/2023		MXN		47,850,000		3,179,065		0.58
Mexican Udibonos 4.000%, 06/13/2019		MXN		4,150,000		1,387,914		0.25
Mexico (Rep of) 6.050%, 01/11/2040				302,000		357,870		0.06
Mexico (Rep of) 4.750%, 03/08/2044				1,228,000		1,240,280		0.22
Mexico (Rep of) 5.550%, 01/21/2045				477,000		536,625		0.10
Mexico (Rep of) 4.600%, 01/23/2046				3,204,000		3,167,154		0.57
Mexico (Rep of) 5.750%, 10/12/2110				408,000		420,240		0.08
Mexico (Rep of) 4.000%, 03/15/2115		EUR		2,190,000		2,176,022		0.39
Petroleos Mexicanos 6.000%, 03/05/2020				234,000		248,918		0.05
Petroleos Mexicanos 7.190%, 09/12/2024		MXN		6,470,000		331,155		0.06
Petroleos Mexicanos 6.875%, 08/04/2026				1,435,000		1,583,523		0.29
Petroleos Mexicanos 6.500%, 06/02/2041				1,370,000		1,367,260		0.25
Petroleos Mexicanos 5.500%, 06/27/2044				806,000		709,280		0.13
Petroleos Mexicanos 5.625%, 01/23/2046				930,000		827,988		0.15
						23,117,664		4.19
Mongolia (Cost $4,896,961)
Mongolian Mining Corp. 8.875%, 03/29/2017				6,049,000		1,134,187		0.21
						1,134,187		0.21
Morocco (Cost $3,277,285)
Morocco (Rep of) 4.250%, 12/11/2022				1,819,000		1,880,391		0.34
Morocco (Rep of) 5.500%, 12/11/2042				1,366,000		1,441,513		0.26
						3,321,904		0.60
Namibia (Cost $497,796)
Namibia (Rep of) 5.250%, 10/29/2025				560,000		550,402		0.10
						550,402		0.10
Nigeria (Cost $6,513,683)
Access Bank PLC, FRN 9.250%, 06/24/2021				615,000		506,490		0.09
First Bank of Nigeria Ltd. Via FBN Finance Co. B.V., FRN 8.250%, 08/07/2020				1,280,000		1,012,004		0.18
First Bank of Nigeria Ltd. Via FBN Finance Co. B.V., FRN 8.000%, 07/23/2021				1,475,000		1,088,550		0.20
GTB Finance B.V. 6.000%, 11/08/2018				410,000		386,466		0.07
Sea Trucks Group Ltd. 9.000%, 03/26/2018(2)				2,445,125		759,211		0.14
Seven Energy Ltd. 10.250%, 10/11/2021				1,640,000		996,300		0.18
						4,749,021		0.86
Pakistan (Cost $5,961,921)
Pakistan (Rep of) 6.875%, 06/01/2017				1,020,000		1,056,475		0.19
Pakistan (Rep of) 7.250%, 04/15/2019				1,666,000		1,746,928		0.32
Pakistan (Rep of) 6.750%, 12/03/2019				1,370,000		1,426,012		0.26
Pakistan (Rep of) 8.250%, 04/15/2024				750,000		789,853		0.14

See accompanying notes to the financial statements.

57

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)		Par		Value		% of Net Assets
Pakistan - (continued)
Pakistan (Rep of) 8.250%, 09/30/2025				1,020,000	$	1,074,481		0.20
						6,093,749		1.11
Panama (Cost $5,880,984)
Panama (Rep of) 4.000%, 09/22/2024				470,000		494,675		0.09
Panama (Rep of) 7.125%, 01/29/2026				646,000		834,955		0.15
Panama (Rep of) 8.875%, 09/30/2027				597,000		858,187		0.16
Panama (Rep of) 9.375%, 04/01/2029				421,000		630,447		0.11
Panama (Rep of) 6.700%, 01/26/2036				762,000		975,360		0.18
Panama (Rep of) 4.300%, 04/29/2053				990,000		951,638		0.17
Sable International Finance Ltd. 6.875%, 08/01/2022				1,290,000		1,323,863		0.24
						6,069,125		1.10
Paraguay (Cost $628,646)
Paraguay (Rep of) 4.625%, 01/25/2023				620,000		633,950		0.12
						633,950		0.12
Peru (Cost $8,447,303)
Peru (Rep of) 5.700%, 08/12/2024		PEN		3,234,000		975,311		0.18
Peru (Rep of) 7.350%, 07/21/2025				2,090,000		2,797,465		0.51
Peru (Rep of) 8.200%, 08/12/2026		PEN		1,488,000		520,196		0.09
Peru (Rep of) 6.950%, 08/12/2031		PEN		291,000		91,689		0.02
Peru (Rep of) 8.750%, 11/21/2033				1,476,000		2,239,830		0.41
Peru (Rep of) 5.625%, 11/18/2050				1,410,000		1,632,075		0.29
						8,256,566		1.50
Philippines (Cost $9,744,887)
Philippines (Rep of) 4.950%, 01/15/2021		PHP		11,000,000		243,402		0.05
Philippines (Rep of) 3.900%, 11/26/2022		PHP		31,000,000		656,717		0.12
Philippines (Rep of) 10.625%, 03/16/2025				417,000		682,501		0.12
Philippines (Rep of) 5.500%, 03/30/2026				500,000		626,096		0.11
Philippines (Rep of) 9.500%, 02/02/2030				1,235,000		2,108,790		0.38
Philippines (Rep of) 7.750%, 01/14/2031				1,280,000		1,974,104		0.36
Philippines (Rep of) 6.375%, 10/23/2034				1,626,000		2,312,941		0.42
Philippines (Rep of) 6.250%, 01/14/2036		PHP		15,000,000		358,904		0.07
Power Sector Assets & Liabilities Management Corp. 7.390%, 12/02/2024				988,000		1,331,848		0.24
						10,295,303		1.87
Poland (Cost $4,989,154)
Poland (Rep of) 5.000%, 03/23/2022				744,000		832,350		0.15
Poland (Rep of) 3.000%, 03/17/2023				185,000		186,619		0.03
Poland (Rep of) 4.000%, 10/25/2023		PLN		5,113,000		1,449,662		0.26
Poland (Rep of) 3.250%, 07/25/2025		PLN		6,931,000		1,863,586		0.34
Poland (Rep of) 2.500%, 07/25/2026		PLN		2,351,000		584,601		0.11
						4,916,818		0.89
Romania (Cost $6,661,057)
Romania (Rep of) 6.750%, 02/07/2022				3,612,000		4,275,705		0.78
Romania (Rep of) 4.375%, 08/22/2023				2,130,000		2,263,317		0.41
Romania (Rep of) 6.125%, 01/22/2044				220,000		269,775		0.05
						6,808,797		1.24
Russian Federation (Cost $20,186,279)
Alfa Bank AO Via Alfa Bond Issuance PLC 7.500%, 09/26/2019				380,000		401,850		0.07
CEDC Finance Corp. International, Inc., FRN 10.000%, 04/30/2018				1,293,047		872,807		0.16
Credit Bank of Moscow Via CBOM Finance PLC 7.700%, 02/01/2018				1,076,000		1,109,046		0.20

See accompanying notes to the financial statements.

58

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)		Par		Value		% of Net Assets
Russian Federation - (continued)
Credit Bank of Moscow Via CBOM Finance PLC 8.700%, 11/13/2018				935,000	$	919,759		0.17
Far East Capital Ltd. S.A. 8.000%, 05/02/2018				237,000		91,245		0.02
Far East Capital Ltd. S.A. 8.750%, 05/02/2020				641,000		237,170		0.04
GTH Finance B.V. 6.250%, 04/26/2020(2)(3)				1,235,000		1,233,456		0.22
GTH Finance B.V. 7.250%, 04/26/2023(2)(3)				600,000		600,378		0.11
Lukoil International Finance B.V. 6.125%, 11/09/2020				310,000		331,405		0.06
Metalloinvest Finance Ltd. 5.625%, 04/17/2020				200,000		202,426		0.04
Russian Agricultural Bank OJSC Via RSHB Capital S.A. 7.750%, 05/29/2018				888,000		953,737		0.17
Russian Railways via RZD Capital PLC 5.700%, 04/05/2022				1,712,000		1,776,474		0.32
Russian Standard Ltd. 13.000%, 10/27/2022(5)				1,183,321		285,270		0.05
Sistema JSFC via Sistema International Funding S.A. 6.950%, 05/17/2019				375,000		394,837		0.07
TMK OAO Via TMK Capital S.A. 6.750%, 04/03/2020				2,025,000		2,025,000		0.37
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 7.748%, 02/02/2021				1,355,000		1,476,771		0.27
VimpelCom Holdings B.V. 5.200%, 02/13/2019				810,000		822,442		0.15
VimpelCom Holdings B.V. 7.504%, 03/01/2022				960,000		1,024,800		0.19
Vnesheconombank Via VEB Finance PLC 5.450%, 11/22/2017				1,407,000		1,440,374		0.26
Vnesheconombank Via VEB Finance PLC 6.902%, 07/09/2020				1,290,000		1,354,500		0.24
Vnesheconombank Via VEB Finance PLC 6.025%, 07/05/2022				810,000		811,669		0.15
Vnesheconombank Via VEB Finance PLC 5.942%, 11/21/2023				1,137,000		1,132,802		0.20
Vnesheconombank Via VEB Finance PLC 6.800%, 11/22/2025				1,147,000		1,200,049		0.22
						20,698,267		3.75
Senegal (Cost $955,788)
Senegal (Rep of) 8.750%, 05/13/2021				869,000		943,039		0.17
						943,039		0.17
Serbia (Cost $2,693,639)
Serbia (Rep of) 5.875%, 12/03/2018				810,000		853,821		0.15
Serbia (Rep of) 4.875%, 02/25/2020				1,450,000		1,484,568		0.27
Serbia (Rep of) 7.250%, 09/28/2021				340,000		385,151		0.07
						2,723,540		0.49
South Africa (Cost $28,190,560)
Eskom Holdings SOC Ltd. 5.750%, 01/26/2021				1,640,000		1,548,134		0.28
Eskom Holdings SOC Ltd. 6.750%, 08/06/2023				1,404,000		1,321,515		0.24
Eskom Holdings SOC Ltd. 7.125%, 02/11/2025				910,000		857,302		0.15
South Africa (Rep of) 6.875%, 05/27/2019				1,190,000		1,311,002		0.24
South Africa (Rep of) 5.500%, 03/09/2020				2,606,000		2,771,762		0.50
South Africa (Rep of) 5.875%, 05/30/2022				1,408,000		1,538,451		0.28
South Africa (Rep of) 7.750%, 02/28/2023		ZAR		32,960,000		2,190,927		0.40
South Africa (Rep of) 4.875%, 04/14/2026				590,000		589,263		0.11
South Africa (Rep of) 10.500%, 12/21/2026		ZAR		17,560,000		1,360,466		0.25
South Africa (Rep of) 8.000%, 01/31/2030		ZAR		18,070,000		1,137,749		0.21
South Africa (Rep of) 7.000%, 02/28/2031		ZAR		58,150,000		3,301,318		0.60
South Africa (Rep of) 8.250%, 03/31/2032		ZAR		24,590,000		1,548,789		0.28

See accompanying notes to the financial statements.

59

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)		Par		Value		% of Net Assets
South Africa - (continued)
South Africa (Rep of) 6.250%, 03/31/2036		ZAR		11,230,000	$	558,611		0.10
South Africa (Rep of) 8.500%, 01/31/2037		ZAR		19,840,000		1,250,309		0.23
South Africa (Rep of) 8.750%, 01/31/2044		ZAR		26,520,000		1,686,147		0.30
South Africa (Rep of) 8.750%, 02/28/2048		ZAR		39,230,000		2,485,791		0.45
						25,457,536		4.62
Thailand (Cost $2,499,746)
Thailand (Rep of) 1.250%, 03/12/2028		THB		20,270,000		558,866		0.10
Thailand (Rep of) 3.400%, 06/17/2036		THB		52,872,000		1,774,070		0.32
Thailand (Rep of) 4.675%, 06/29/2044		THB		7,997,000		329,463		0.06
						2,662,399		0.48
Turkey (Cost $12,256,431)
Turkey (Rep of) 6.750%, 04/03/2018				1,108,000		1,194,382		0.22
Turkey (Rep of) 7.000%, 03/11/2019				760,000		844,293		0.15
Turkey (Rep of) 7.500%, 11/07/2019				870,000		996,785		0.18
Turkey (Rep of) 9.400%, 07/08/2020		TRY		6,190,000		2,245,479		0.41
Turkey (Rep of) 5.625%, 03/30/2021				840,000		910,928		0.16
Turkey (Rep of) 3.000%, 02/23/2022		TRY		3,541,940		1,801,740		0.33
Turkey (Rep of) 6.250%, 09/26/2022				670,000		751,237		0.14
Turkey (Rep of) 10.400%, 03/20/2024		TRY		2,000		768		—
Turkey (Rep of) 5.750%, 03/22/2024				900,000		987,750		0.18
Turkey (Rep of) 7.375%, 02/05/2025				627,000		760,237		0.14
Turkey (Rep of) 6.750%, 05/30/2040				817,000		970,188		0.17
Turkey (Rep of) 6.000%, 01/14/2041				800,000		869,472		0.16
						12,333,259		2.24
Ukraine (Cost $14,289,663)
DTEK Finance PLC 10.375%, 03/28/2018				500,000		200,000		0.04
DTEK Finance PLC 7.875%, 04/04/2018				2,053,000		842,141		0.15
Ferrexpo Finance PLC 10.375%, 04/07/2019				717,000		552,234		0.10
Metinvest B.V., FRN 10.500%, 11/28/2017				1,216,403		742,249		0.13
Metinvest B.V., FRN 8.750%, 02/14/2018				1,562,385		953,367		0.17
MHP S.A. 8.250%, 04/02/2020				2,565,000		2,295,675		0.42
Oschadbank Via SSB #1 PLC, FRN 9.625%, 03/20/2025				490,000		441,000		0.08
Ukraine (Rep of) 7.750%, 09/01/2020				1,115,000		1,069,385		0.19
Ukraine (Rep of) 7.750%, 09/01/2021				792,000		757,508		0.14
Ukraine (Rep of) 7.750%, 09/01/2022				562,000		536,513		0.10
Ukraine (Rep of) 7.750%, 09/01/2023				442,000		419,790		0.08
Ukraine (Rep of) 7.750%, 09/01/2024				438,000		415,093		0.07
Ukraine (Rep of) 7.750%, 09/01/2025				668,000		627,459		0.11
Ukraine (Rep of) 7.750%, 09/01/2026				436,000		405,567		0.07
Ukraine (Rep of) 7.750%, 09/01/2027				866,000		804,471		0.15
Ukraine (Rep of), FRN 2.723%, 05/31/2040(9)				704,000		219,852		0.04
Ukreximbank Via Biz Finance PLC 9.750%, 01/22/2025				1,550,000		1,410,500		0.26
UKRLANDFARMING PLC 10.875%, 03/26/2018				1,172,109		340,618		0.06
						13,033,422		2.36
United Arab Emirates (Cost $3,333,773)
Dubai Holding Commercial Operations MTN Ltd. 6.000%, 02/01/2017		GBP		300,000		443,728		0.08
Emirate of Abu Dhabi (Rep of) , 05/03/2026(2)(10)				870,000		876,525		0.16
Emirate of Dubai (Rep of) 7.750%, 10/05/2020				379,000		452,033		0.08
Emirate of Dubai (Rep of) 5.250%, 01/30/2043				520,000		481,104		0.09
Topaz Marine S.A. 8.625%, 11/01/2018				1,120,000		1,058,624		0.19
						3,312,014		0.60

See accompanying notes to the financial statements.

60

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)	Par		Value		% of Net Assets
Uruguay (Cost $7,368,735)
Uruguay (Rep of) 4.500%, 08/14/2024			1,224,374	$	1,299,367		0.24
Uruguay (Rep of) 4.250%, 04/05/2027	UYU		6,867,000		410,812		0.07
Uruguay (Rep of) 7.875%, 01/15/2033			1,546,000		2,023,327		0.37
Uruguay (Rep of) 7.625%, 03/21/2036			704,000		914,320		0.17
Uruguay (Rep of) 3.700%, 06/26/2037	UYU		13,715,000		714,267		0.13
Uruguay (Rep of) 4.125%, 11/20/2045			714,235		614,242		0.11
Uruguay (Rep of) 5.100%, 06/18/2050			616,000		577,500		0.10
					6,553,835		1.19
Venezuela (Cost $39,140,756)
Petroleos de Venezuela S.A. 5.125%, 10/28/2016			4,797,667		4,221,947		0.77
Petroleos de Venezuela S.A. 5.250%, 04/12/2017			4,879,000		2,671,252		0.48
Petroleos de Venezuela S.A. 8.500%, 11/02/2017			21,872,134		12,795,198		2.32
Petroleos de Venezuela S.A. 9.000%, 11/17/2021			1,679,076		660,716		0.12
Petroleos de Venezuela S.A. 12.750%, 02/17/2022			405,000		188,325		0.03
Petroleos de Venezuela S.A. 5.375%, 04/12/2027			580,000		203,870		0.04
Petroleos de Venezuela S.A. 9.750%, 05/17/2035			1,453,147		581,113		0.10
Venezuela (Rep of) 7.750%, 10/13/2019			970,000		389,213		0.07
Venezuela (Rep of) 6.000%, 12/09/2020			853,000		311,345		0.06
Venezuela (Rep of) 12.750%, 08/23/2022			1,626,000		754,058		0.14
Venezuela (Rep of) 9.000%, 05/07/2023			680,000		259,250		0.05
Venezuela (Rep of) 8.250%, 10/13/2024			3,740,000		1,397,825		0.25
Venezuela (Rep of) 7.650%, 04/21/2025			572,000		208,065		0.04
Venezuela (Rep of) 11.750%, 10/21/2026			10,120,600		4,288,604		0.78
Venezuela (Rep of) 9.250%, 09/15/2027			1,130,000		481,663		0.09
Venezuela (Rep of) 9.250%, 05/07/2028			2,473,000		952,105		0.17
Venezuela (Rep of) 11.950%, 08/05/2031			9,525,500		4,048,338		0.73
					34,412,887		6.24
Vietnam (Cost $3,615,042)
Vietnam (Rep of) 6.750%, 01/29/2020			2,151,000		2,393,592		0.43
Vietnam (Rep of) 4.800%, 11/19/2024			642,000		657,140		0.12
Vingroup JSC 11.625%, 05/07/2018			560,000		607,600		0.11
					3,658,332		0.66
Zambia (Cost $3,264,830)
Zambia (Rep of) 8.500%, 04/14/2024			1,040,000		858,208		0.16
Zambia (Rep of) 8.970%, 07/30/2027			2,680,000		2,211,000		0.40
					3,069,208		0.56
Total Debt Securities (Cost $505,364,661)					490,677,081		89.00
Bank Loans
China (Cost $281,761)
Far East Energy Bermuda Ltd. 10.000%, 03/29/2016(7)(8)			638,734		—		—
Far East Energy Bermuda Ltd. 25.000%, 03/29/2016(8)			281,761		176,918		0.03
					176,918		0.03
United Arab Emirates (Cost $7,866,100)
DP World Ltd. , 09/30/2022(10)			4,630,452		3,519,144		0.64
DP World Ltd. 4.250%, 09/30/2022			5,549,402		4,273,040		0.77
					7,792,184		1.41
Total Bank Loans (Cost $8,147,861)					7,969,102		1.44

See accompanying notes to the financial statements.

61

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)	Shares		Value		% of Net Assets
Equity Securities
China (Cost $—)
Emerald Plantation Holdings Ltd.			308,246	$	67,814		0.01
Mexico (Cost $13,827)
Corp. GEO S.A.B. de C.V., Series B	MXN		36,793		20,359		0.01
Total Equity Securities (Cost $13,827)					88,173		0.02
	Currency(1)	Number  of        Warrants		Value		% of Net Assets
Warrants
China (Cost $27,482)
Far East Energy Bermuda Ltd., Exp. 12/31/2017, Strike Price $11.92(2)(3)(7)			1,308,684	$	—		—
Total Warrants (Cost $27,482)					—		—
Total Investments in Securities (Cost $513,553,831)					498,734,356		90.46
	Currency(1)	Par		Value		% of Net Assets
Fully Funded Total Return Swaps
Indonesia (Cost $5,623,650)
Indonesia (Rep of), Issued by ANZ Banking Corp., 8.375%, 03/15/2024	IDR		12,660,000,000	$	1,003,934		0.18
Indonesia (Rep of), Issued by ANZ Banking Corp., 9.000%, 03/15/2029	IDR		1,592,000,000		132,136		0.03
Indonesia (Rep of), Issued by ANZ Banking Corp., 8.375%, 03/15/2034	IDR		262,000,000		20,841		—
Indonesia (Rep of), Issued by HSBC Bank, 8.375%, 03/15/2034	IDR		3,022,000,000		240,390		0.04
Indonesia (Rep of), Issued by Standard Chartered, 12.800%, 06/15/2021	IDR		1,840,000,000		171,062		0.03
Indonesia (Rep of), Issued by Standard Chartered, 11.000%, 09/15/2025	IDR		3,602,000,000		333,007		0.06
Indonesia (Rep of), Issued by Standard Chartered, 8.375%, 09/15/2026	IDR		7,600,000,000		604,231		0.11
Indonesia (Rep of), Issued by Standard Chartered, 7.000%, 05/15/2027	IDR		2,613,000,000		187,181		0.04
Indonesia (Rep of), Issued by Standard Chartered, 9.000%, 03/15/2029	IDR		11,300,000,000		937,901		0.17
Indonesia (Rep of), Issued by Standard Chartered, 10.500%, 08/15/2030	IDR		8,356,000,000		775,753		0.14

See accompanying notes to the financial statements.

62

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)	Par		Value		% of Net Assets
Indonesia - (continued)
Indonesia (Rep of), Issued by Standard Chartered, 8.375%, 03/15/2034	IDR		2,727,000,000	$	216,923		0.04
					4,623,359		0.84
Total Fully Funded Total Return Swaps (Cost $5,623,650)					4,623,359		0.84
Total Investments (Total Cost $519,177,481)					503,357,715		91.30
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					47,954,048		8.70
Net Assets				$	551,311,763		100.00

⁽¹⁾  Par values are stated in 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.

⁽³⁾  Restricted security that has been deemed illiquid. At April 30, 2016, the value of these restricted illiquid securities amounted to $7,219,495 or 1.3% of net assets. Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISITION DATE	ACQUISITION COST
Argentina (Rep of), 6.875%, 04/22/2021	04/19/2016		$1,436,000
Argentina (Rep of), 7.500%, 04/22/2026	04/19/2016		1,933,000
Argentina (Rep of), 7.625%, 04/22/2046	04/19/2016		1,497,655
Far East Energy Bermuda Ltd., 13.000%, 01/15/2016	01/14/2013-07/20/2015		1,953,742
Far East Energy Bermuda Ltd., Exp. 12/31/2017, Strike Price $11.92	01/14/2013		27,482
GTH Finance B.V., 6.250%, 04/26/2020	04/20/2016-04/28/2016		1,240,003
GTH Finance B.V., 7.250%, 04/26/2023	04/20/2016		600,000
Sino-Forest Corp., 5.000%, 08/01/2013	01/31/2013		—
Sino-Forest Corp., 10.250%, 07/28/2014	01/31/2013		—
Sino-Forest Corp., 4.250%, 12/15/2016	01/31/2013		—
Sino-Forest Corp., 6.250%, 10/21/2017	01/31/2013		—
YPF S.A., 8.500%, 03/23/2021	03/18/2016-04/12/2016		393,088

⁽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⁾  Security has been deemed worthless and is a Level 3 investment.

⁽⁸⁾  Maturity has been extended under the terms of a plan of reorganization.

⁽⁹⁾  Zero coupon bond reflects effective yield on the date of purchase.

⁽¹⁰⁾  When Issued Security.

See accompanying notes to the financial statements.

63

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

Percentages shown are based on net assets.

At April 30, 2016, 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)
05/03/2016	Morgan Stanley	Brazilian Real		6,912,693	United States Dollar		1,945,046		$62,863
05/03/2016	Deutsche Bank	United States Dollar		904,280	Brazilian Real		3,300,622		(54,442	)
05/03/2016	Morgan Stanley	United States Dollar		1,005,000	Brazilian Real		3,612,071		(44,187	)
05/04/2016	BNP Paribas	Argentine Peso		10,810,800	United States Dollar		660,000		93,325
05/04/2016	BNP Paribas	United States Dollar		40,577	Argentine Peso		599,724		(1,214	)
05/04/2016	BNP Paribas	United States Dollar		31,421	Argentine Peso		474,136		(1,619	)
05/04/2016	BNP Paribas	United States Dollar		37,520	Argentine Peso		565,051		(1,854	)
05/04/2016	BNP Paribas	United States Dollar		30,168	Argentine Peso		460,965		(1,953	)
05/04/2016	BNP Paribas	United States Dollar		76,887	Argentine Peso		1,149,458		(3,210	)
05/04/2016	BNP Paribas	United States Dollar		75,180	Argentine Peso		1,131,459		(3,663	)
05/04/2016	BNP Paribas	United States Dollar		427,243	Argentine Peso		6,430,007		(20,817	)
05/05/2016	BNP Paribas	Chinese Offshore Yuan		41,316,060	United States Dollar		6,268,367		99,732
05/05/2016	BNP Paribas	United States Dollar		6,140,000	Chinese Offshore Yuan		41,316,060		(228,099	)
05/20/2016	Merrill Lynch	Euro		477,790	United States Dollar		538,669		8,749
05/20/2016	BNP Paribas	United States Dollar		708,705	British Pound		496,610		(16,954	)
05/20/2016	UBS	United States Dollar		5,251,775	Euro		4,597,657		(15,899	)
05/31/2016	BNP Paribas	Chinese Offshore Yuan		39,920,840	United States Dollar		6,042,661		103,592
05/31/2016	BNP Paribas	Chinese Offshore Yuan		1,424,497	United States Dollar		217,000		2,317
05/31/2016	BNP Paribas	Chinese Offshore Yuan		787,789	United States Dollar		120,531		758
05/31/2016	Merrill Lynch	Chinese Yuan Renminbi		86,864,048	United States Dollar		13,365,756		16,304
05/31/2016	Goldman Sachs	Indian Rupee		29,966,625	United States Dollar		438,750		9,644
05/31/2016	Merrill Lynch	Indian Rupee		652,563,083	United States Dollar		9,346,497		417,887
05/31/2016	BNP Paribas	Indonesian Rupiah		95,118,170,198	United States Dollar		7,197,743		(26,023	)
05/31/2016	ANZ Banking	Korean Won		14,295,188,122	United States Dollar		11,730,829		733,117
05/31/2016	Barclays	Korean Won		867,237,696	United States Dollar		712,720		43,423
05/31/2016	Citibank	Malaysian Ringgit		5,703,900	United States Dollar		1,348,759		106,263
05/31/2016	Deutsche Bank	Malaysian Ringgit		6,501,400	United States Dollar		1,531,543		126,915
05/31/2016	Citibank	Polish Zloty		31,893,497	United States Dollar		8,180,893		168,853
05/31/2016	Deutsche Bank	Polish Zloty		15,654,999	United States Dollar		3,938,761		159,732
05/31/2016	Merrill Lynch	Polish Zloty		4,986,424	United States Dollar		1,342,620		(37,170	)
05/31/2016	HSBC Bank	Romanian Leu		8,436,641	United States Dollar		2,083,739		73,039
05/31/2016	Credit Suisse	Russian Ruble		611,416,324	United States Dollar		9,123,574		234,262
05/31/2016	Goldman Sachs	Russian Ruble		87,441,700	United States Dollar		1,340,000		(1,689	)
05/31/2016	Merrill Lynch	Russian Ruble		278,091,873	United States Dollar		3,555,139		701,106
05/31/2016	ANZ Banking	Singapore Dollar		837,350	United States Dollar		600,380		21,708
05/31/2016	Barclays	Singapore Dollar		13,882,661	United States Dollar		9,899,216		414,561
05/31/2016	Merrill Lynch	South African Rand		8,512,672	United States Dollar		584,335		9,587
05/31/2016	Merrill Lynch	South African Rand		1,367,500	United States Dollar		94,508		901
05/31/2016	Merrill Lynch	Taiwan Dollar		242,047,647	United States Dollar		7,487,940		4,589
05/31/2016	BNP Paribas	Thai Baht		534,643,327	United States Dollar		14,923,750		370,440
05/31/2016	Citibank	Thai Baht		5,442,577	United States Dollar		151,900		3,792
05/31/2016	Citibank	Thai Baht		5,109,658	United States Dollar		142,728		3,441
05/31/2016	JP Morgan	Thai Baht		28,465,241	United States Dollar		800,710		13,576
05/31/2016	HSBC Bank	Turkish Lira		8,862,195	United States Dollar		3,018,099		122,156
05/31/2016	Merrill Lynch	Turkish Lira		2,584,680	United States Dollar		899,689		16,174
05/31/2016	Merrill Lynch	Turkish Lira		3,311,845	United States Dollar		1,172,000		1,528
05/31/2016	Merrill Lynch	Turkish Lira		195,500	United States Dollar		68,446		828
05/31/2016	BNP Paribas	United States Dollar		6,250,000	Chinese Offshore Yuan		42,133,125		(236,858	)
05/31/2016	Citibank	United States Dollar		167,000	Indian Rupee		11,192,340		(472	)
05/31/2016	Goldman Sachs	United States Dollar		295,000	Indian Rupee		20,124,900		(6,132	)
05/31/2016	Citibank	United States Dollar		253,000	Indonesian Rupiah		3,358,575,000		(230	)
05/31/2016	Citibank	United States Dollar		276,000	Korean Won		317,896,800		(1,174	)
05/31/2016	Citibank	United States Dollar		507,000	Korean Won		616,512,000		(30,536	)

See accompanying notes to the financial statements.

64

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
05/31/2016	Barclays	United States Dollar		241,000	Malaysian Ringgit		944,479		$71
05/31/2016	JP Morgan	United States Dollar		106,282	Malaysian Ringgit		416,626		4
05/31/2016	HSBC Bank	United States Dollar		1,430,910	Polish Zloty		5,625,952		(41,969	)
05/31/2016	Morgan Stanley	United States Dollar		534,000	Polish Zloty		2,078,882		(10,253	)
05/31/2016	Citibank	United States Dollar		578,000	Russian Ruble		38,812,700		(16,035	)
05/31/2016	JP Morgan	United States Dollar		194,000	Singapore Dollar		262,986		(1,379	)
05/31/2016	UBS	United States Dollar		422,000	Singapore Dollar		585,905		(13,283	)
05/31/2016	Citibank	United States Dollar		888,000	South African Rand		12,910,918		(12,783	)
05/31/2016	Goldman Sachs	United States Dollar		91,000	Taiwan Dollar		2,948,400		(267	)
05/31/2016	Barclays	United States Dollar		137,000	Thai Baht		4,815,550		(755	)
05/31/2016	Citibank	United States Dollar		725,000	Thai Baht		25,686,750		(9,804	)
05/31/2016	Deutsche Bank	United States Dollar		36,980	Thai Baht		1,291,356		39
05/31/2016	Deutsche Bank	United States Dollar		12,297	Thai Baht		431,170		(37	)
05/31/2016	Deutsche Bank	United States Dollar		18,196	Thai Baht		638,500		(69	)
05/31/2016	Deutsche Bank	United States Dollar		12,264	Thai Baht		431,255		(73	)
05/31/2016	Deutsche Bank	United States Dollar		12,326	Thai Baht		433,679		(80	)
05/31/2016	Deutsche Bank	United States Dollar		12,248	Thai Baht		431,311		(90	)
05/31/2016	Deutsche Bank	United States Dollar		36,600	Thai Baht		1,289,600		(291	)
05/31/2016	Merrill Lynch	United States Dollar		365,000	Turkish Lira		1,048,280		(6,450	)
06/02/2016	JP Morgan	Brazilian Real		16,594,413	United States Dollar		4,657,950		113,664
06/02/2016	JP Morgan	Brazilian Real		10,193,276	United States Dollar		2,858,462		72,547
06/02/2016	JP Morgan	Brazilian Real		4,907,300	United States Dollar		1,405,000		6,062
06/02/2016	Morgan Stanley	United States Dollar		1,928,119	Brazilian Real		6,912,693		(59,580	)
06/30/2016	UBS	Malaysian Ringgit		12,373,677	United States Dollar		3,033,359		120,684
06/30/2016	BNP Paribas	Philippine Peso		47,154,244	United States Dollar		1,009,187		(11,699	)
06/30/2016	Citibank	Polish Zloty		6,957,503	United States Dollar		1,813,886		6,780
06/30/2016	Deutsche Bank	Polish Zloty		6,957,503	United States Dollar		1,823,532		(2,866	)
06/30/2016	Deutsche Bank	Romanian Leu		7,628,141	United States Dollar		1,910,902		40,086
06/30/2016	Barclays	Russian Ruble		275,826,105	United States Dollar		3,975,299		214,695
07/01/2016	BNP Paribas	Argentine Peso		474,136	United States Dollar		29,933		1,781
07/01/2016	BNP Paribas	United States Dollar		30,511	Argentine Peso		474,136		(1,203	)
07/27/2016	BNP Paribas	Peruvian Nuevo Sol		6,548,335	United States Dollar		1,985,066		(11,614	)
07/28/2016	BNP Paribas	Israeli Shekel		7,617,461	United States Dollar		2,027,430		15,042
07/29/2016	Deutsche Bank	Chilean Peso		1,048,481,531	United States Dollar		1,572,644		838
07/29/2016	HSBC Bank	Chilean Peso		300,931,040	United States Dollar		448,816		2,799
07/29/2016	Citibank	Colombian Peso		6,434,563,909	United States Dollar		2,184,726		40,620
07/29/2016	Goldman Sachs	Colombian Peso		6,434,563,908	United States Dollar		2,164,698		60,648
07/29/2016	Barclays	Czech Koruna		98,768,948	United States Dollar		4,138,393		53,197
07/29/2016	Merrill Lynch	Hungarian Forint		2,361,429,498	United States Dollar		8,526,401		133,284
07/29/2016	Barclays	Malaysian Ringgit		45,239,066	United States Dollar		11,651,445		(129,972	)
07/29/2016	BNP Paribas	Mexican Peso		35,496,473	United States Dollar		2,020,519		24,515
07/29/2016	HSBC Bank	Mexican Peso		65,121,795	United States Dollar		3,696,951		54,866
07/29/2016	Citibank	Romanian Leu		7,622,556	United States Dollar		1,919,701		30,216
07/29/2016	Goldman Sachs	Russian Ruble		124,021,988	United States Dollar		1,872,030		113
07/29/2016	Citibank	South African Rand		12,550,825	United States Dollar		851,007		14,603
07/29/2016	BNP Paribas	Turkish Lira		11,651,964	United States Dollar		4,021,941		46,113
07/29/2016	BNP Paribas	United States Dollar		371,000	Colombian Peso		1,108,889,914		(12,501	)
07/29/2016	HSBC Bank	United States Dollar		683,000	Mexican Peso		12,023,143		(9,681	)
09/20/2016	HSBC Bank	Chinese Offshore Yuan		23,958,440	United States Dollar		3,536,301		129,729
09/20/2016	HSBC Bank	Chinese Offshore Yuan		22,691,563	United States Dollar		3,350,792		121,385
09/20/2016	HSBC Bank	Chinese Offshore Yuan		3,375,149	United States Dollar		517,780		(1,328	)
09/20/2016	HSBC Bank	United States Dollar		7,594,758	Chinese Offshore Yuan		50,025,153		(59,901	)
09/22/2016	BNP Paribas	Chinese Offshore Yuan		5,784,110	United States Dollar		877,977		6,974
09/22/2016	BNP Paribas	United States Dollar		352,000	Chinese Offshore Yuan		2,296,800		597
09/22/2016	BNP Paribas	United States Dollar		530,833	Chinese Offshore Yuan		3,487,310		(2,714	)
10/11/2016	BNP Paribas	Chinese Offshore Yuan		14,264,853	United States Dollar		2,101,171		78,680
10/11/2016	BNP Paribas	Chinese Offshore Yuan		11,253,022	United States Dollar		1,703,455		16,151
10/11/2016	BNP Paribas	Chinese Offshore Yuan		2,394,000	United States Dollar		350,000		15,834
10/11/2016	BNP Paribas	United States Dollar		4,250,000	Chinese Offshore Yuan		27,911,875		(15,291	)

See accompanying notes to the financial statements.

65

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
01/04/2017	Goldman Sachs	United States Dollar		3,736,338	Brazilian Real		16,253,071		$(651,695	)
01/04/2017	Merrill Lynch	United States Dollar		2,036,001	Brazilian Real		8,096,157		(149,814	)
01/06/2017	HSBC Bank	Chinese Offshore Yuan		19,874,389	United States Dollar		2,986,385		32,167
01/06/2017	HSBC Bank	Chinese Offshore Yuan		4,218,812	United States Dollar		637,861		2,898
01/06/2017	HSBC Bank	United States Dollar		267,470	Chinese Offshore Yuan		1,798,201		(5,643	)
01/06/2017	HSBC Bank	United States Dollar		3,250,000	Chinese Offshore Yuan		22,295,000		(136,197	)
03/02/2017	BNP Paribas	United States Dollar		3,971,478	Brazilian Real		15,643,651		(195,903	)
03/06/2017	HSBC Bank	Chinese Offshore Yuan		26,500,860	United States Dollar		4,163,202		(155,317	)
03/06/2017	HSBC Bank	Chinese Offshore Yuan		42,770,000	United States Dollar		6,710,599		(242,234	)
03/06/2017	HSBC Bank	United States Dollar		4,645,000	Chinese Offshore Yuan		28,989,445		260,752
03/06/2017	HSBC Bank	United States Dollar		4,717,450	Chinese Offshore Yuan		30,344,995		128,194
03/06/2017	HSBC Bank	United States Dollar		1,560,000	Chinese Offshore Yuan		9,936,420		57,255
03/31/2017	Merrill Lynch	Mexican Peso		121,233,258	United States Dollar		6,785,317		49,256
03/31/2017	Santander	Mexican Peso		121,217,935	United States Dollar		6,795,108		38,601
Total									$3,433,936

At April 30, 2016, the Ashmore Emerging Markets Total Return Fund had the following interest rate swap contracts outstanding:

Pay Rate Index/ Pay Rate	Receive Rate/ Receive Rate Index	Notional Amount			Expiration Date		Unrealized Gains/ (Losses)			Counterparty
Brazil CETIP Interbank Deposit Rate	15.800%		BRL	8,666,252		01/02/2018	$	129,774		BNP Paribas
Brazil CETIP Interbank Deposit Rate	15.579%		BRL	32,410,011		01/02/2018		446,111		BNP Paribas
Brazil CETIP Interbank Deposit Rate	15.420%		BRL	18,283,628		01/02/2019		403,189		HSBC Bank
14.625%	Brazil CETIP Interbank Deposit Rate		BRL	26,125,777		01/02/2018		(226,311	)	BNP Paribas
Brazil CETIP Interbank Deposit Rate	15.715%		BRL	8,509,458		01/04/2021		382,644		HSBC Bank
Brazil CETIP Interbank Deposit Rate	13.850%		BRL	37,054,198		01/02/2019		350,574		HSBC Bank
Brazil CETIP Interbank Deposit Rate	12.340%		BRL	6,629,467		01/04/2021		(835	)	HSBC Bank
MXN-TIIE-BANXICO 28 Day Rate	6.145%		MXN	29,400,000		04/16/2026		5,996		HSBC Bank
MYR-KLIBOR-3NM 3 Month Rate	3.555%		MYR	56,198,000		03/18/2018		718		HSBC Bank
MYR-KLIBOR-3NM 3 Month Rate	3.560%		MYR	24,122,000		03/22/2018		1,133		HSBC Bank
MYR-KLIBOR-3NM 3 Month Rate	3.575%		MYR	32,078,000		03/23/2018		3,920		HSBC Bank
							$	1,496,913

See accompanying notes to the financial statements.

66

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

At April 30, 2016, the Ashmore Emerging Markets Total Return Fund had the following currency swap contracts outstanding:

Pay Rate Index/ Pay Rate	Currency	Notional Amount Currency Delivered	Receive Rate/ Receive Rate Index	Currency	Notional Amount Currency Received	Expiration Date	Unrealized Gains/ (Losses)	Counterparty
1.078%	EUR	480,000	US 3 Month LIBOR	USD	523,680	06/05/2045	$(58,791)	HSBC Bank
							$(58,791)

The inputs or 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, 2016:

	Level 1		Level 2		Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds	$	—	$	152,650,177	$	—	$	152,650,177
Corporate Convertible Bonds		—		27,099		—		27,099
Government Agencies		—		30,226,013		—		30,226,013
Government Bonds		—		301,650,312		797,848		302,448,160
Index Linked Government Bonds		—		4,873,599		—		4,873,599
Municipal Bonds		—		452,033		—		452,033
Total Debt Securities		—		489,879,233		797,848		490,677,081
Bank Loans		—		—		7,969,102		7,969,102
Common Stock		20,359		67,814		—		88,173
Warrants		—		—		—		—
Fully Funded Total Return Swaps		—		4,623,359		—		4,623,359
Total Investments	$	20,359	$	494,570,406	$	8,766,950	$	503,357,715
Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts	$	—	$	6,136,903	$	—	$	6,136,903
Interest Rate Swap Contracts		—		1,724,059		—		1,724,059
Liabilities:
Forward Foreign Currency Exchange Contracts		—		(2,702,967)		—		(2,702,967)
Interest Rate Swap Contracts		—		(227,146)		—		(227,146)
Currency Swap Contracts		—		(58,791)		—		(58,791)
Total Other Financial Instruments	$	—	$	4,872,058	$	—	$	4,872,058

See accompanying notes to the financial statements.

67

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At April 30, 2016, the Fund had a transfer into Level 3 as disclosed below.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ending April 30, 2016:

Category and Subcategory	Beginning Balance at 10/31/2015		Accrued Discounts (Premiums)			Purchases		Sales			Realized Gains (Losses)		Change in Unrealized Appreciation (Depreciation)			Transfer into Level 3		Transfer out of Level 3			Ending Balance at 04/30/2016		Change in Unrealized Appreciation (Depreciation) from Investments still held at 04/30/2016
Investments, at value
Corporate Bonds
China		$1,050,531		$(20,221	)		$—		$—			$—		$(1,030,310	)		$—		$—			$—		$—
Russia		166,665		3,593			—		—			—		96,628			—		(266,886	)		—		—
Government Bonds
Argentina		—		1,978			805,318		—			—		(9,448	)		—		—			797,848		(9,448	)
Bank Loans
China		558,077		—			—		—			—		(381,159	)		—		—			176,918		(104,843	)
Ukraine		123,000		—			—		(123,000	)		—		—			—		—			—		—
United Arab Emirates		—		—			—		—			—		—			7,792,184		—			7,792,184		(73,917	)
Total		$1,898,273		$(14,650	)		$805,318		$(123,000	)		$—		$(1,324,289	)		$7,792,184		$(266,886	)		$8,766,950		$(188,208	)

See the table on “Quantitative information about Fair Value measurements” for information on the valuation techniques and inputs used to value Level 3 securities at April 30, 2016.

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at 04/30/2016		Valuation Technique	Unobservable Input
Government Bonds		$797,848	Broker quote	Inputs to broker model
Bank Loans		176,918	Indicative bid	Bid source
Bank Loans		7,792,184	Broker quote	Inputs to broker model
Total		$8,766,950

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, 2016:

	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange			Swaps
Assets:
Unrealized Appreciation on Interest Rate Swap Contracts	$	—		$	1,724,059
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		6,136,903			—
	$	6,136,903		$	1,724,059
Liabilities:
Unrealized Depreciation on Interest Rate Swap Contracts	$	—		$	(227,146	)
Unrealized Depreciation on Currency Swap Contracts		—			(58,791	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(2,702,967	)		—
	$	(2,702,967	)	$	(285,937	)

See accompanying notes to the financial statements.

68

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2016:

	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange		Swaps
Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Gain on Forward Foreign Currency Exchange Contracts	$	6,287,516	$	—
Net Realized Gain on Currency Swap Contracts		—		1,241
Net Realized Gain on Interest Rate Swap Contracts		—		13,449
	$	6,287,516	$	14,690
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts	$	3,731,033	$	—
Net Change in Unrealized Depreciation on Currency Swap Contracts		—		(69,058	)
Net Change in Unrealized Appreciation on Interest Rate Swap Contracts		—		1,560,354
	$	3,731,033	$	1,491,296

* See note 10 in the Notes to the Financial Statements for additional information.

At April 30, 2016, for U.S. federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation/(depreciation) on investments in securities (including the effects of foreign currency translation) and the cost basis of investments were as follows:

Federal tax cost of investments	$	529,033,047
Gross tax appreciation of investments		14,460,427
Gross tax depreciation of investments		(40,135,759	)
Net tax depreciation of investments	$	(25,675,332	)

The difference between book basis and tax basis net unrealized appreciation or depreciation is attributable primarily to the tax deferral of losses on wash sales and other transactions.

See accompanying notes to the financial statements.

69

ASHMORE EMERGING MARKETS HARD CURRENCY DEBT FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2016 (Unaudited)

	Currency(1)	Par		Value		% of Net Assets
Debt Securities
Argentina (Cost $216,408)
Argentina (Rep of) 8.750%, 06/02/2017			1,009	$	1,056		0.02
Argentina (Rep of) 7.500%, 04/22/2026(2)(3)			150,000		152,250		2.24
Argentina (Rep of) 8.280%, 12/31/2033			9,614		9,978		0.15
Argentina (Rep of), FRN 2.500%, 12/31/2038			97,232		61,985		0.91
					225,269		3.32
Azerbaijan (Cost $181,971)
State Oil Co. of the Azerbaijan Republic 6.950%, 03/18/2030			200,000		190,500		2.81
					190,500		2.81
Belarus (Cost $118,557)
Belarus (Rep of) 8.950%, 01/26/2018			130,000		136,175		2.01
					136,175		2.01
Brazil (Cost $454,567)
Brazil (Rep of) 4.875%, 01/22/2021			50,000		50,875		0.75
Brazil (Rep of) 4.250%, 01/07/2025			56,000		52,080		0.77
Brazil (Rep of) 8.250%, 01/20/2034			9,000		10,372		0.15
Brazil (Rep of) 7.125%, 01/20/2037			62,000		64,170		0.95
Marfrig Overseas Ltd. 9.500%, 05/04/2020			100,000		102,500		1.51
Petrobras Global Finance B.V. 7.875%, 03/15/2019			10,000		9,962		0.15
Petrobras Global Finance B.V. 5.750%, 01/20/2020			10,000		9,175		0.14
Petrobras Global Finance B.V. 5.375%, 01/27/2021			20,000		17,775		0.26
Petrobras Global Finance B.V. 6.250%, 03/17/2024			19,000		16,578		0.24
Petrobras Global Finance B.V. 6.875%, 01/20/2040			25,000		19,594		0.29
Petrobras Global Finance B.V. 6.850%, 06/05/2115			4,000		2,960		0.04
QGOG Atlantic/Alaskan Rigs Ltd. 5.250%, 07/30/2018			74,340		58,357		0.86
Vale Overseas Ltd. 4.625%, 09/15/2020			6,000		5,820		0.09
Vale Overseas Ltd. 4.375%, 01/11/2022			3,000		2,775		0.04
Vale Overseas Ltd. 6.875%, 11/21/2036			9,000		8,078		0.12
Vale Overseas Ltd. 6.875%, 11/10/2039			18,000		15,795		0.23
					446,866		6.59
Chile (Cost $71,762)
Empresa Nacional del Petroleo 5.250%, 08/10/2020			70,000		75,227		1.11
					75,227		1.11
China (Cost $105,091)
Sinochem Overseas Capital Co. Ltd. 4.500%, 11/12/2020			100,000		106,317		1.57
					106,317		1.57
Colombia (Cost $266,746)
Colombia (Rep of) 11.750%, 02/25/2020			55,000		71,912		1.06
Colombia (Rep of) 8.125%, 05/21/2024			60,000		75,690		1.12
Colombia (Rep of) 6.125%, 01/18/2041			100,000		107,250		1.58
					254,852		3.76
Costa Rica (Cost $58,451)
Costa Rica (Rep of) 4.375%, 04/30/2025			60,000		53,400		0.79
					53,400		0.79
Croatia (Cost $131,179)
Croatia (Rep of) 6.625%, 07/14/2020			120,000		131,580		1.94
					131,580		1.94
Dominican Republic (Cost $266,533)
Dominican (Rep of) 5.875%, 04/18/2024			160,000		164,800		2.43
Dominican (Rep of) 5.500%, 01/27/2025			100,000		100,000		1.47
					264,800		3.90

See accompanying notes to financial statements.

70

ASHMORE EMERGING MARKETS HARD CURRENCY DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)	Par		Value		% of Net Assets
Ecuador (Cost $143,175)
Ecuador (Rep of) 7.950%, 06/20/2024			200,000	$	173,500		2.56
					173,500		2.56
Egypt (Cost $37,706)
Egypt (Rep of) 5.750%, 04/29/2020			40,000		40,308		0.59
					40,308		0.59
El Salvador (Cost $52,993)
El Salvador (Rep of) 5.875%, 01/30/2025			30,000		26,550		0.39
El Salvador (Rep of) 8.250%, 04/10/2032			10,000		9,825		0.14
El Salvador (Rep of) 7.650%, 06/15/2035			15,000		13,462		0.20
					49,837		0.73
Georgia (Cost $31,564)
Georgian Railway JSC 7.750%, 07/11/2022			30,000		32,331		0.48
					32,331		0.48
Hungary (Cost $281,750)
Hungary (Rep of) 4.125%, 02/19/2018			40,000		41,449		0.61
Hungary (Rep of) 6.250%, 01/29/2020			30,000		33,412		0.49
Hungary (Rep of) 5.375%, 02/21/2023			72,000		79,339		1.17
Hungary (Rep of) 5.750%, 11/22/2023			48,000		54,300		0.80
Hungary (Rep of) 5.375%, 03/25/2024			26,000		28,893		0.43
Hungary (Rep of) 7.625%, 03/29/2041			46,000		64,968		0.96
					302,361		4.46
Indonesia (Cost $237,067)
Indonesia (Rep of) 6.875%, 01/17/2018			30,000		32,495		0.48
Indonesia (Rep of) 5.875%, 03/13/2020			160,000		178,396		2.63
Indonesia (Rep of) 7.750%, 01/17/2038			30,000		39,381		0.58
					250,272		3.69
Iraq (Cost $58,332)
Iraq (Rep of) 5.800%, 01/15/2028			70,000		49,707		0.73
					49,707		0.73
Ivory Coast (Cost $205,850)
Ivory Coast (Rep of), FRN 5.750%, 12/31/2032			230,000		209,323		3.08
					209,323		3.08
Jamaica (Cost $182,976)
Digicel Group Ltd. 8.250%, 09/30/2020			200,000		182,500		2.69
					182,500		2.69
Kazakhstan (Cost $322,053)
Kazakhstan Temir Zholy Finance B.V. 6.950%, 07/10/2042			57,000		53,303		0.79
Kazkommertsbank JSC 5.500%, 12/21/2022			9,784		6,705		0.10
KazMunayGas National Co. JSC 7.000%, 05/05/2020			170,000		181,084		2.67
KazMunayGas National Co. JSC 4.400%, 04/30/2023			70,000		65,275		0.96
					306,367		4.52
Latvia (Cost $29,057)
Latvia (Rep of) 2.750%, 01/12/2020			30,000		30,600		0.45
					30,600		0.45
Lebanon (Cost $158,764)
Lebanon (Rep of) 5.150%, 11/12/2018			10,000		9,959		0.15
Lebanon (Rep of) 5.450%, 11/28/2019			10,000		9,875		0.14
Lebanon (Rep of) 6.375%, 03/09/2020			30,000		30,377		0.45
Lebanon (Rep of) 8.250%, 04/12/2021			24,000		26,222		0.39
Lebanon (Rep of) 6.100%, 10/04/2022			49,000		48,602		0.72
Lebanon (Rep of) 6.000%, 01/27/2023			10,000		9,821		0.14
Lebanon (Rep of) 6.600%, 11/27/2026			24,000		23,672		0.35
					158,528		2.34

See accompanying notes to financial statements.

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ASHMORE EMERGING MARKETS HARD CURRENCY DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)	Par		Value		% of Net Assets
Lithuania (Cost $116,526)
Lithuania (Rep of) 7.375%, 02/11/2020			100,000	$	118,365		1.74
					118,365		1.74
Malaysia (Cost $64,922)
Petronas Capital Ltd. 7.875%, 05/22/2022			50,000		64,325		0.95
					64,325		0.95
Mexico (Cost $333,856)
Mexico (Rep of) 6.750%, 09/27/2034			59,000		76,700		1.13
Mexico (Rep of) 4.750%, 03/08/2044			64,000		64,640		0.95
Mexico (Rep of) 5.550%, 01/21/2045			36,000		40,500		0.60
Mexico (Rep of) 5.750%, 10/12/2110			58,000		59,740		0.88
Petroleos Mexicanos 6.000%, 03/05/2020			10,000		10,637		0.16
Petroleos Mexicanos 6.875%, 08/04/2026			26,000		28,691		0.42
Petroleos Mexicanos 6.500%, 06/02/2041			16,000		15,968		0.24
Petroleos Mexicanos 5.500%, 06/27/2044			15,000		13,200		0.19
Petroleos Mexicanos 5.625%, 01/23/2046			21,000		18,697		0.28
					328,773		4.85
Morocco (Cost $46,897)
Morocco (Rep of) 4.250%, 12/11/2022			50,000		51,687		0.76
					51,687		0.76
Pakistan (Cost $102,623)
Pakistan (Rep of) 6.875%, 06/01/2017			100,000		103,576		1.53
					103,576		1.53
Panama (Cost $105,774)
Panama (Rep of) 8.875%, 09/30/2027			25,000		35,937		0.53
Panama (Rep of) 9.375%, 04/01/2029			10,000		14,975		0.22
Panama (Rep of) 6.700%, 01/26/2036			45,000		57,600		0.85
					108,512		1.60
Peru (Cost $174,418)
Peru (Rep of) 8.750%, 11/21/2033			78,000		118,365		1.74
Peru (Rep of) 5.625%, 11/18/2050			44,000		50,930		0.75
					169,295		2.49
Philippines (Cost $246,689)
Philippines (Rep of) 4.000%, 01/15/2021			50,000		54,869		0.81
Philippines (Rep of) 10.625%, 03/16/2025			15,000		24,550		0.36
Philippines (Rep of) 9.500%, 02/02/2030			107,000		182,705		2.69
					262,124		3.86
Poland (Cost $31,391)
Poland (Rep of) 5.000%, 03/23/2022			20,000		22,375		0.33
Poland (Rep of) 3.000%, 03/17/2023			10,000		10,088		0.15
					32,463		0.48
Romania (Cost $172,543)
Romania (Rep of) 6.750%, 02/07/2022			82,000		97,068		1.43
Romania (Rep of) 4.375%, 08/22/2023			72,000		76,506		1.13
Romania (Rep of) 6.125%, 01/22/2044			4,000		4,905		0.07
					178,479		2.63
Russian Federation (Cost $211,219)
CEDC Finance Corp. International, Inc., FRN 10.000%, 04/30/2018			6,000		4,050		0.06
Vnesheconombank Via VEB Finance PLC 5.450%, 11/22/2017			100,000		102,372		1.51
Vnesheconombank Via VEB Finance PLC 6.902%, 07/09/2020			100,000		105,000		1.55
					211,422		3.12

See accompanying notes to financial statements.

72

ASHMORE EMERGING MARKETS HARD CURRENCY DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)	Par		Value		% of Net Assets
Senegal (Cost $32,103)
Senegal (Rep of) 8.750%, 05/13/2021			30,000	$	32,556		0.48
					32,556		0.48
Serbia (Cost $52,141)
Serbia (Rep of) 7.250%, 09/28/2021			50,000		56,640		0.83
					56,640		0.83
South Africa (Cost $83,800)
South Africa (Rep of) 5.500%, 03/09/2020			80,000		85,089		1.25
					85,089		1.25
Sri Lanka (Cost $40,188)
Bank of Ceylon 6.875%, 05/03/2017			40,000		40,750		0.60
					40,750		0.60
Turkey (Cost $173,795)
Turkey (Rep of) 6.750%, 04/03/2018			50,000		53,898		0.79
Turkey (Rep of) 5.625%, 03/30/2021			40,000		43,377		0.64
Turkey (Rep of) 6.750%, 05/30/2040			30,000		35,625		0.53
Turkey (Rep of) 6.000%, 01/14/2041			40,000		43,474		0.64
					176,374		2.60
Ukraine (Cost $153,985)
Ukraine (Rep of) 7.750%, 09/01/2020			160,000		153,454		2.26
Ukraine (Rep of), FRN 2.731%, 05/31/2040(4)			12,000		3,748		0.06
					157,202		2.32
Uruguay (Cost $137,755)
Uruguay (Rep of) 4.500%, 08/14/2024			47,503		50,413		0.74
Uruguay (Rep of) 7.875%, 01/15/2033			32,000		41,880		0.62
Uruguay (Rep of) 7.625%, 03/21/2036			16,000		20,780		0.31
Uruguay (Rep of) 4.125%, 11/20/2045			10,774		9,266		0.14
Uruguay (Rep of) 5.100%, 06/18/2050			9,000		8,437		0.12
					130,776		1.93
Venezuela (Cost $643,769)
Petroleos de Venezuela S.A. 5.125%, 10/28/2016			63,638		56,001		0.83
Petroleos de Venezuela S.A. 5.250%, 04/12/2017			19,000		10,402		0.15
Petroleos de Venezuela S.A. 8.500%, 11/02/2017			203,804		119,226		1.76
Petroleos de Venezuela S.A. 9.000%, 11/17/2021			29,046		11,430		0.17
Petroleos de Venezuela S.A. 12.750%, 02/17/2022			15,000		6,975		0.10
Petroleos de Venezuela S.A. 5.375%, 04/12/2027			12,000		4,218		0.06
Petroleos de Venezuela S.A. 9.750%, 05/17/2035			38,000		15,196		0.22
Venezuela (Rep of) 7.750%, 10/13/2019			24,000		9,630		0.14
Venezuela (Rep of) 6.000%, 12/09/2020			12,000		4,380		0.07
Venezuela (Rep of) 12.750%, 08/23/2022			57,000		26,434		0.39
Venezuela (Rep of) 9.000%, 05/07/2023			21,000		8,006		0.12
Venezuela (Rep of) 8.250%, 10/13/2024			80,000		29,900		0.44
Venezuela (Rep of) 7.650%, 04/21/2025			10,000		3,637		0.05
Venezuela (Rep of) 11.750%, 10/21/2026			200,000		84,750		1.25
Venezuela (Rep of) 9.250%, 09/15/2027			22,000		9,378		0.14
Venezuela (Rep of) 9.250%, 05/07/2028			57,000		21,945		0.32
Venezuela (Rep of) 11.950%, 08/05/2031			222,200		94,435		1.39
					515,943		7.60

See accompanying notes to financial statements.

73

ASHMORE EMERGING MARKETS HARD CURRENCY DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)	Par		Value		% of Net Assets
Vietnam (Cost $52,729)
Vietnam (Rep of) 6.750%, 01/29/2020			50,000	$	55,639		0.82
					55,639		0.82
Total Debt Securities (Cost $6,589,675)					6,550,610		96.56
Total Investments (Total Cost $6,589,675)					6,550,610		96.56
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					233,054		3.44
Net Assets				$	6,783,664		100.00

⁽¹⁾  Par values are stated in United States Dollars unless otherwise noted below.

⁽²⁾  Restricted security that has been deemed illiquid. At April 30, 2016, the value of this restricted illiquid security amounted to $152,250 or 2.2% of net assets. Additional information on this restricted illiquid security is as follows:

SECURITY	ACQUISITION DATE	ACQUISITION COST
Argentina (Rep of), 7.500%, 4/22/2026	04/19/2016	$150,000

⁽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.

⁽⁴⁾  Zero coupon bond reflects effective yield on the date of purchase.

Percentages shown are based on net assets.

The inputs or 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, 2016:

	Level 1	Level 2		Level 3	Total
Investments
Assets:
Corporate Bonds	$ —	$	1,584,816	$ —	$	1,584,816
Government Agencies	—		255,345	—		255,345
Government Bonds	—		4,710,449	—		4,710,449
Total Investments	$ —	$	6,550,610	$ —	$	6,550,610

The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At April 30, 2016, there were no transfers between Level 1, Level 2 and Level 3 based on levels assigned to the securities on October 31, 2015.

See accompanying notes to financial statements.

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ASHMORE EMERGING MARKETS HARD CURRENCY DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (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, 2016:

	Derivatives Not Accounted for as   Hedging Instruments
	Foreign Exchange
Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Loss on Forward Foreign Currency Exchange Contracts	$    (332)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts	$        53

    *  See note 10 in the Notes to the Financial Statements for additional information.

At April 30, 2016, for U.S. federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation/(depreciation) on investments in securities (including the effects of foreign currency translation) and the cost basis of investments were as follows:

Federal tax cost of investments	$	6,664,818
Gross tax appreciation of investments		176,576
Gross tax depreciation of investments		(290,784)
Net tax depreciation of investments	$	(114,208)

The difference between book basis and tax basis net unrealized appreciation or depreciation is attributable primarily to the tax deferral of losses on wash sales.

See accompanying notes to financial statements.

75

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2016 (Unaudited)

	Currency(1)	Par		Value		% of Net Assets
Debt Securities
Argentina (Cost $942,154)
Letras del Banco Central de la Republica Argentina 0.000%, 06/15/2016(2)	ARS		4,044,646	$	270,261		0.36
Letras del Banco Central de la Republica Argentina 0.000%, 07/06/2016(2)	ARS		2,126,929		139,398		0.19
Letras del Banco Central de la Republica Argentina 0.000%, 08/10/2016(2)	ARS		1,281,483		82,200		0.11
Letras del Banco Central de la Republica Argentina 0.000%, 08/17/2016(2)	ARS		843,139		53,729		0.07
Letras del Banco Central de la Republica Argentina 0.000%, 10/05/2016(2)	ARS		1,281,483		79,193		0.11
Letras del Banco Central de la Republica Argentina 0.000%, 10/12/2016(2)	ARS		895,836		55,080		0.07
Letras del Banco Central de la Republica Argentina 0.000%, 10/26/2016(2)	ARS		1,150,951		70,382		0.10
Letras del Banco Central de la Republica Argentina 0.000%, 12/14/2016(2)	ARS		1,035,856		60,914		0.08
Letras del Banco Central de la Republica Argentina 0.000%, 12/28/2016(2)	ARS		2,478,699		144,446		0.19
					955,603		1.28
Brazil (Cost $7,275,261)
Brazil Letras do Tesouro Nacional 0.000%, 01/01/2018(2)	BRL		924,000		220,132		0.30
Brazil Letras do Tesouro Nacional 0.000%, 07/01/2018(2)	BRL		1,714,000		385,776		0.52
Brazil Letras do Tesouro Nacional 0.000%, 01/01/2019(2)	BRL		12,486,000		2,653,904		3.56
Brazil Notas do Tesouro Nacional Serie F 10.000%, 01/01/2021	BRL		6,326,000		1,697,336		2.28
Brazil Notas do Tesouro Nacional Serie F 10.000%, 01/01/2023	BRL		3,491,000		910,173		1.22
Brazil Notas do Tesouro Nacional Serie F 10.000%, 01/01/2025	BRL		11,606,000		2,958,896		3.97
					8,826,217		11.85
Chile (Cost $44,370)
Bonos de la Tesoreria de la Republica en pesos 6.000%, 01/01/2020	CLP		20,000,000		32,241		0.04
					32,241		0.04
Colombia (Cost $5,771,951)
Colombia (Rep of) 7.750%, 04/14/2021	COP		644,000,000		230,251		0.31
Colombian TES 7.250%, 06/15/2016	COP		2,545,200,000		893,412		1.20
Colombian TES 7.000%, 09/11/2019	COP		800,400,000		276,607		0.37
Colombian TES 10.000%, 07/24/2024	COP		3,989,200,000		1,576,970		2.12
Colombian TES 7.500%, 08/26/2026	COP		1,810,300,000		608,668		0.82
Colombian TES 6.000%, 04/28/2028	COP		4,497,800,000		1,314,718		1.76
					4,900,626		6.58
Hungary (Cost $3,182,703)
Hungary (Rep of) 6.750%, 02/24/2017	HUF		55,360,000		212,767		0.28
Hungary (Rep of) 6.750%, 11/24/2017	HUF		181,290,000		723,976		0.97
Hungary (Rep of) 6.500%, 06/24/2019	HUF		103,850,000		438,054		0.59
Hungary (Rep of) 3.500%, 06/24/2020	HUF		18,350,000		71,462		0.10
Hungary (Rep of) 7.500%, 11/12/2020	HUF		27,590,000		124,683		0.17

See accompanying notes to the financial statements.

76

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)	Par		Value		% of Net Assets
Hungary - (continued)
Hungary (Rep of) 7.000%, 06/24/2022	HUF		106,100,000	$	485,982		0.65
Hungary (Rep of) 6.000%, 11/24/2023	HUF		108,770,000		484,359		0.65
Hungary (Rep of) 3.000%, 06/26/2024	HUF		36,500,000		132,714		0.18
Hungary (Rep of) 5.500%, 06/24/2025	HUF		100,020,000		433,683		0.58
					3,107,680		4.17
Indonesia (Cost $3,837,026)
Indonesia (Rep of) 11.000%, 11/15/2020	IDR		1,039,000,000		89,623		0.12
Indonesia (Rep of) 8.375%, 03/15/2024	IDR		3,479,000,000		275,883		0.37
Indonesia (Rep of) 8.375%, 09/15/2026	IDR		12,202,000,000		970,109		1.30
Indonesia (Rep of) 7.000%, 05/15/2027	IDR		915,000,000		65,546		0.09
Indonesia (Rep of) 9.000%, 03/15/2029	IDR		15,353,000,000		1,274,300		1.71
Indonesia (Rep of) 8.750%, 05/15/2031	IDR		8,939,000,000		729,616		0.98
Indonesia (Rep of) 8.250%, 06/15/2032	IDR		1,145,000,000		89,609		0.12
Indonesia (Rep of) 6.625%, 05/15/2033	IDR		4,037,000,000		269,719		0.36
Indonesia (Rep of) 8.250%, 05/15/2036	IDR		2,908,000,000		228,828		0.31
					3,993,233		5.36
Malaysia (Cost $3,245,373)
Malaysia (Rep of) 3.654%, 10/31/2019	MYR		319,000		82,204		0.11
Malaysia (Rep of) 4.048%, 09/30/2021	MYR		863,000		224,826		0.30
Malaysia (Rep of) 3.418%, 08/15/2022	MYR		1,272,000		319,255		0.43
Malaysia (Rep of) 3.795%, 09/30/2022	MYR		372,000		95,314		0.13
Malaysia (Rep of) 3.480%, 03/15/2023	MYR		1,966,000		494,409		0.66
Malaysia (Rep of) 3.800%, 08/17/2023	MYR		584,000		149,252		0.20
Malaysia (Rep of) 4.181%, 07/15/2024	MYR		1,265,000		329,097		0.44
Malaysia (Rep of) 4.392%, 04/15/2026	MYR		899,000		238,682		0.32
Malaysia (Rep of) 4.498%, 04/15/2030	MYR		498,000		131,032		0.18
Malaysia (Rep of) 4.232%, 06/30/2031	MYR		390,000		100,175		0.13
Malaysia (Rep of) 4.254%, 05/31/2035	MYR		1,482,000		376,614		0.51
Malaysia Government Investment Issue 4.194%, 07/15/2022	MYR		1,020,000		265,116		0.36
Malaysia Government Investment Issue 3.990%, 10/15/2025	MYR		1,623,000		411,580		0.55
					3,217,556		4.32
Mexico (Cost $3,328,818)
Mexican Bonos 8.000%, 12/07/2023	MXN		21,480,000		1,427,091		1.92
Mexican Udibonos 4.000%, 06/13/2019(3)	MXN		1,140,000		381,259		0.51
Mexican Udibonos 2.000%, 06/09/2022(3)	MXN		1,370,000		417,643		0.56
Mexican Udibonos 4.000%, 11/15/2040(3)	MXN		1,720,000		584,992		0.79
Petroleos Mexicanos 7.190%, 09/12/2024	MXN		2,540,000		130,005		0.17
					2,940,990		3.95
Peru (Cost $1,191,346)
Peru (Rep of) 5.700%, 08/12/2024	PEN		880,000		265,391		0.36
Peru (Rep of) 8.200%, 08/12/2026	PEN		1,282,000		448,179		0.60
Peru (Rep of) 6.950%, 08/12/2031	PEN		1,123,000		353,840		0.47
					1,067,410		1.43
Philippines (Cost $771,826)
Philippines (Rep of) 4.950%, 01/15/2021	PHP		10,000,000		221,274		0.30
Philippines (Rep of) 3.900%, 11/26/2022	PHP		10,000,000		211,844		0.28
Philippines (Rep of) 6.250%, 01/14/2036	PHP		10,000,000		239,270		0.32
					672,388		0.90
Poland (Cost $2,959,176)
Poland (Rep of) 3.000%, 08/24/2016(3)	PLN		367,000		120,690		0.16
Poland (Rep of) 4.750%, 04/25/2017	PLN		273,000		73,797		0.10

See accompanying notes to the financial statements.

77

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)	Par		Value		% of Net Assets
Poland - (continued)
Poland (Rep of) 5.750%, 09/23/2022	PLN		3,313,000	$	1,033,761		1.39
Poland (Rep of) 2.750%, 08/25/2023(3)	PLN		324,000		106,298		0.14
Poland (Rep of) 4.000%, 10/25/2023	PLN		792,000		224,552		0.30
Poland (Rep of) 3.250%, 07/25/2025	PLN		3,650,000		981,401		1.32
Poland (Rep of) 2.500%, 07/25/2026	PLN		560,000		139,250		0.19
Poland (Rep of) 5.750%, 04/25/2029	PLN		230,000		75,478		0.10
					2,755,227		3.70
Russian Federation (Cost $3,067,154)
Russian Federal Bond - OFZ 6.900%, 08/03/2016	RUB		8,387,000		128,572		0.17
Russian Federal Bond - OFZ 7.400%, 06/14/2017	RUB		18,013,000		272,535		0.37
Russian Federal Bond - OFZ 6.200%, 01/31/2018	RUB		18,002,000		264,450		0.36
Russian Federal Bond - OFZ 7.500%, 03/15/2018	RUB		18,885,000		283,250		0.38
Russian Federal Bond - OFZ 6.400%, 05/27/2020	RUB		9,830,000		138,938		0.19
Russian Federal Bond - OFZ 7.600%, 04/14/2021	RUB		27,849,000		409,099		0.55
Russian Federal Bond - OFZ 7.000%, 01/25/2023	RUB		12,330,000		173,798		0.23
Russian Federal Bond - OFZ 7.000%, 08/16/2023	RUB		6,264,000		87,907		0.12
Russian Federal Bond - OFZ 8.150%, 02/03/2027	RUB		11,729,000		174,290		0.23
Russian Federal Bond - OFZ 7.050%, 01/19/2028	RUB		6,026,000		81,869		0.11
					2,014,708		2.71
South Africa (Cost $9,586,126)
South Africa (Rep of) 8.000%, 12/21/2018	ZAR		8,249,500		576,829		0.78
South Africa (Rep of) 7.750%, 02/28/2023	ZAR		16,554,600		1,100,422		1.48
South Africa (Rep of) 10.500%, 12/21/2026	ZAR		17,617,900		1,364,952		1.83
South Africa (Rep of) 8.000%, 01/31/2030	ZAR		6,510,000		409,892		0.55
South Africa (Rep of) 7.000%, 02/28/2031	ZAR		26,891,300		1,526,685		2.05
South Africa (Rep of) 8.250%, 03/31/2032	ZAR		8,120,000		511,434		0.69
South Africa (Rep of) 6.250%, 03/31/2036	ZAR		3,950,000		196,484		0.26
South Africa (Rep of) 8.500%, 01/31/2037	ZAR		9,210,000		580,411		0.78
South Africa (Rep of) 6.500%, 02/28/2041	ZAR		4,600,000		227,763		0.31
South Africa (Rep of) 8.750%, 01/31/2044	ZAR		8,300,000		527,715		0.71
South Africa (Rep of) 8.750%, 02/28/2048	ZAR		10,975,900		695,483		0.93
					7,718,070		10.37
Thailand (Cost $2,630,919)
Thailand (Rep of) 3.625%, 06/16/2023	THB		16,311,000		527,882		0.71
Thailand (Rep of) 3.850%, 12/12/2025	THB		13,879,000		468,742		0.63
Thailand (Rep of) 1.250%, 03/12/2028(3)	THB		10,000,000		275,711		0.37
Thailand (Rep of) 3.400%, 06/17/2036	THB		36,812,000		1,235,192		1.66
Thailand (Rep of) 4.675%, 06/29/2044	THB		4,880,000		201,048		0.27
					2,708,575		3.64
Turkey (Cost $7,642,676)
Turkey (Rep of) 8.300%, 06/20/2018	TRY		1,932,000		681,862		0.92
Turkey (Rep of) 10.400%, 03/27/2019	TRY		694,000		257,088		0.35
Turkey (Rep of) 8.500%, 07/10/2019	TRY		3,640,000		1,283,692		1.72
Turkey (Rep of) 9.400%, 07/08/2020	TRY		2,919,200		1,058,966		1.42
Turkey (Rep of) 9.500%, 01/12/2022	TRY		1,187,000		432,716		0.58
Turkey (Rep of) 3.000%, 02/23/2022(3)	TRY		1,644,200		836,384		1.12
Turkey (Rep of) 8.500%, 09/14/2022	TRY		1,045,000		363,864		0.49
Turkey (Rep of) 7.100%, 03/08/2023	TRY		2,914,700		939,621		1.26
Turkey (Rep of) 8.800%, 09/27/2023	TRY		2,300,000		810,918		1.09
					6,665,111		8.95
Uruguay (Cost $612,759)
Uruguay (Rep of) 4.250%, 04/05/2027(3)	UYU		1,188,000		71,071		0.10
Uruguay (Rep of) 4.375%, 12/15/2028(3)	UYU		4,839,353		207,435		0.28

See accompanying notes to the financial statements.

78

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)	Par		Value		% of Net Assets
Uruguay - (continued)
Uruguay (Rep of) 3.700%, 06/26/2037(3)	UYU		1,728,000	$	89,993		0.12
					368,499		0.50
Total Debt Securities (Cost $56,089,638)					51,944,134		69.75
Total Investments in Securities (Cost $56,089,638)				$	51,944,134		69.75
Fully Funded Total Return Swaps
Indonesia (Cost $3,406,866)
Indonesia (Rep of), Issued by ANZ Banking Corp., 7.875%, 04/15/2019	IDR		1,456,000,000	$	112,194		0.15
Indonesia (Rep of), Issued by ANZ Banking Corp., 8.375%, 03/15/2024	IDR		10,500,000,000		832,647		1.12
Indonesia (Rep of), Issued by ANZ Banking Corp., 7.000%, 05/15/2027	IDR		941,000,000		67,408		0.09
Indonesia (Rep of), Issued by ANZ Banking Corp., 10.500%, 08/15/2030	IDR		600,000,000		55,703		0.08
Indonesia (Rep of), Issued by ANZ Banking Corp., 8.375%, 03/15/2034	IDR		4,710,000,000		374,664		0.50
Indonesia (Rep of), Issued by Deutsche Bank, 8.375%, 03/15/2034	IDR		6,412,000,000		510,052		0.69
Indonesia (Rep of), Issued by HSBC Bank, 10.500%, 08/15/2030	IDR		1,949,000,000		180,941		0.24
Indonesia (Rep of), Issued by HSBC Bank, 8.250%, 06/15/2032	IDR		30,000,000		2,348		—
Indonesia (Rep of), Issued by Standard Chartered, 8.375%, 03/15/2024	IDR		2,600,000,000		206,179		0.28
Indonesia (Rep of), Issued by Standard Chartered, 7.000%, 05/15/2027	IDR		6,009,000,000		430,452		0.58
Indonesia (Rep of), Issued by Standard Chartered, 10.500%, 08/15/2030	IDR		1,064,000,000		98,779		0.13
Indonesia (Rep of), Issued by Standard Chartered, 8.375%, 03/15/2034	IDR		1,166,000,000		92,751		0.13
Indonesia (Rep of), Issued by Standard Chartered, 8.250%, 05/15/2036	IDR		2,022,000,000		159,109		0.21
					3,123,227		4.20
Total Fully Funded Total Return Swaps (Cost $3,406,866)					3,123,227		4.20
Total Investments (Total Cost $59,496,504)					55,067,361		73.95
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					19,401,395		26.05
Net Assets				$	74,468,756		100.00

⁽¹⁾  Par values are stated in United States Dollars unless otherwise noted below.

⁽²⁾  Zero coupon bond.

⁽³⁾  Inflation-indexed bonds are shown at original par and stated coupon rate.

Percentages shown are based on net assets.

See accompanying notes to the financial statements.

79

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

At April 30, 2016, 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)
05/03/2016	Citibank	Brazilian Real		3,353,233	United States Dollar		915,934	$	58,070
05/03/2016	Morgan Stanley	Brazilian Real		795,890	United States Dollar		223,942		7,238
05/03/2016	Deutsche Bank	United States Dollar		715,550	Brazilian Real		2,611,758		(43,079)
05/03/2016	JP Morgan	United States Dollar		431,263	Brazilian Real		1,537,366		(15,291)
05/04/2016	BNP Paribas	Argentine Peso		2,948,400	United States Dollar		180,000		25,452
05/04/2016	BNP Paribas	United States Dollar		5,350	Argentine Peso		79,076		(160)
05/04/2016	BNP Paribas	United States Dollar		8,787	Argentine Peso		132,595		(453)
05/04/2016	BNP Paribas	United States Dollar		10,500	Argentine Peso		158,130		(519)
05/04/2016	BNP Paribas	United States Dollar		8,437	Argentine Peso		128,911		(546)
05/04/2016	BNP Paribas	United States Dollar		21,502	Argentine Peso		321,453		(898)
05/04/2016	BNP Paribas	United States Dollar		21,020	Argentine Peso		316,351		(1,024)
05/04/2016	BNP Paribas	United States Dollar		120,391	Argentine Peso		1,811,885		(5,866)
05/05/2016	BNP Paribas	Chinese Offshore Yuan		11,977,620	United States Dollar		1,817,214		28,913
05/05/2016	BNP Paribas	United States Dollar		1,780,000	Chinese Offshore Yuan		11,977,620		(66,127)
05/31/2016	BNP Paribas	Chinese Offshore Yuan		12,201,753	United States Dollar		1,846,932		31,663
05/31/2016	Merrill Lynch	Hungarian Forint		2,760,600	United States Dollar		10,026		102
05/31/2016	BNP Paribas	Indonesian Rupiah		2,396,501,638	United States Dollar		181,347		(656)
05/31/2016	BNP Paribas	Malaysian Ringgit		174,235	United States Dollar		44,865		(419)
05/31/2016	Citibank	Malaysian Ringgit		2,273,012	United States Dollar		537,482		42,346
05/31/2016	Deutsche Bank	Malaysian Ringgit		2,590,700	United States Dollar		610,294		50,573
05/31/2016	Citibank	Polish Zloty		5,713,750	United States Dollar		1,465,615		30,250
05/31/2016	Deutsche Bank	Polish Zloty		6,065,456	United States Dollar		1,526,054		61,887
05/31/2016	Merrill Lynch	Polish Zloty		1,546,879	United States Dollar		416,505		(11,531)
05/31/2016	Morgan Stanley	Polish Zloty		1,718,774	United States Dollar		444,030		5,947
05/31/2016	HSBC Bank	Romanian Leu		3,301,472	United States Dollar		815,420		28,582
05/31/2016	Goldman Sachs	Russian Ruble		18,923,950	United States Dollar		290,000		(366)
05/31/2016	Merrill Lynch	Russian Ruble		37,378,777	United States Dollar		477,852		94,237
05/31/2016	Merrill Lynch	South African Rand		498,200	United States Dollar		34,431		328
05/31/2016	ANZ	Thai Baht		14,901,489	United States Dollar		416,883		9,394
05/31/2016	BNP Paribas	Thai Baht		123,907,525	United States Dollar		3,458,689		85,852
05/31/2016	Citibank	Thai Baht		6,883,183	United States Dollar		195,483		1,419
05/31/2016	Citibank	Thai Baht		2,744,898	United States Dollar		78,000		522
05/31/2016	Deutsche Bank	Thai Baht		6,038,797	United States Dollar		171,484		1,264
05/31/2016	Merrill Lynch	Thai Baht		2,586,552	United States Dollar		74,000		(8)
05/31/2016	Merrill Lynch	Turkish Lira		344,200	United States Dollar		120,507		1,458
05/31/2016	BNP Paribas	United States Dollar		1,810,000	Chinese Offshore Yuan		12,201,753		(68,594)
05/31/2016	Goldman Sachs	United States Dollar		44,000	Indonesian Rupiah		582,780,000		60
05/31/2016	Goldman Sachs	United States Dollar		356,000	Malaysian Ringgit		1,394,808		195
05/31/2016	JP Morgan	United States Dollar		23,289	Malaysian Ringgit		91,291		1
05/31/2016	HSBC Bank	United States Dollar		507,780	Polish Zloty		1,996,454		(14,893)
05/31/2016	Credit Suisse	United States Dollar		95,100	Russian Ruble		6,373,109		(2,442)
05/31/2016	Deutsche Bank	United States Dollar		31,452	Thai Baht		1,098,295		34
05/31/2016	Deutsche Bank	United States Dollar		10,435	Thai Baht		365,893		(32)
05/31/2016	Deutsche Bank	United States Dollar		7,510	Thai Baht		264,229		(49)
05/31/2016	Deutsche Bank	United States Dollar		10,407	Thai Baht		365,964		(62)
05/31/2016	Deutsche Bank	United States Dollar		10,394	Thai Baht		366,011		(77)
05/31/2016	Deutsche Bank	United States Dollar		22,476	Thai Baht		788,700		(85)
05/31/2016	Deutsche Bank	United States Dollar		38,048	Thai Baht		1,340,636		(302)
05/31/2016	HSBC Bank	United States Dollar		77,000	Thai Baht		2,705,780		(402)
05/31/2016	HSBC Bank	United States Dollar		200,255	Thai Baht		7,044,782		(1,270)
05/31/2016	JP Morgan	United States Dollar		335,000	Thai Baht		11,788,650		(2,230)
05/31/2016	HSBC Bank	United States Dollar		529,548	Turkish Lira		1,554,938		(21,433)
06/02/2016	JP Morgan	Brazilian Real		5,425,092	United States Dollar		1,522,790		37,159

See accompanying notes to the financial statements.

80

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
06/02/2016	JP Morgan	Brazilian Real		3,174,435	United States Dollar		901,188	$	11,600
06/02/2016	JP Morgan	Brazilian Real		1,973,398	United States Dollar		565,000		2,438
06/02/2016	Morgan Stanley	United States Dollar		221,993	Brazilian Real		795,890		(6,860)
06/02/2016	Morgan Stanley	United States Dollar		1,126,530	Brazilian Real		4,017,882		(28,785)
06/30/2016	UBS	Malaysian Ringgit		4,362,443	United States Dollar		1,069,436		42,548
06/30/2016	Citibank	Polish Zloty		2,695,652	United States Dollar		702,781		2,627
06/30/2016	Deutsche Bank	Polish Zloty		2,695,652	United States Dollar		706,519		(1,110)
06/30/2016	Deutsche Bank	Romanian Leu		3,012,909	United States Dollar		754,755		15,833
06/30/2016	Barclays	Russian Ruble		37,074,231	United States Dollar		534,326		28,858
06/30/2016	BNP Paribas	United States Dollar		199,776	Philippine Peso		9,334,557		2,316
06/30/2016	Goldman Sachs	United States Dollar		45,510	Philippine Peso		2,138,970		263
06/30/2016	HSBC Bank	United States Dollar		115,135	Philippine Peso		5,325,000		2,492
07/01/2016	BNP Paribas	Argentine Peso		132,595	United States Dollar		8,371		498
07/01/2016	BNP Paribas	United States Dollar		8,532	Argentine Peso		132,595		(336)
07/27/2016	BNP Paribas	Peruvian Nuevo Sol		1,007,814	United States Dollar		305,509		(1,788)
07/29/2016	HSBC Bank	Chilean Peso		87,055,051	United States Dollar		129,836		810
07/29/2016	Citibank	Colombian Peso		1,367,748,472	United States Dollar		464,391		8,634
07/29/2016	Goldman Sachs	Colombian Peso		1,367,748,472	United States Dollar		460,134		12,891
07/29/2016	Merrill Lynch	Hungarian Forint		237,788,158	United States Dollar		858,580		13,421
07/29/2016	Barclays	Malaysian Ringgit		6,937,046	United States Dollar		1,786,655		(19,930)
07/29/2016	HSBC Bank	Mexican Peso		1,557,432	United States Dollar		90,000		(273)
07/29/2016	Merrill Lynch	Mexican Peso		3,961,781	United States Dollar		224,986		3,261
07/29/2016	UBS	Polish Zloty		783,894	United States Dollar		201,940		3,090
07/29/2016	UBS	Polish Zloty		342,014	United States Dollar		87,877		1,579
07/29/2016	Citibank	Romanian Leu		3,101,250	United States Dollar		781,034		12,293
07/29/2016	Goldman Sachs	Russian Ruble		27,543,438	United States Dollar		415,750		25
07/29/2016	Deutsche Bank	South African Rand		8,312,783	United States Dollar		566,772		6,548
07/29/2016	Deutsche Bank	Turkish Lira		1,509,927	United States Dollar		522,447		4,715
07/29/2016	Deutsche Bank	United States Dollar		174,959	Chilean Peso		116,645,268		(93)
07/29/2016	BNP Paribas	United States Dollar		395,530	Colombian Peso		1,183,628,153		(13,819)
07/29/2016	Citibank	United States Dollar		125,000	Hungarian Forint		34,543,638		(1,676)
07/29/2016	JP Morgan	United States Dollar		483,760	Mexican Peso		8,513,899		(6,745)
07/29/2016	Citibank	United States Dollar		477,360	Polish Zloty		1,854,099		(7,587)
07/29/2016	Merrill Lynch	United States Dollar		170,570	Romanian Leu		674,033		(1,854)
07/29/2016	Morgan Stanley	United States Dollar		115,000	Russian Ruble		7,776,369		(2,386)
07/29/2016	Citibank	United States Dollar		801,261	South African Rand		11,817,152		(13,749)
07/29/2016	Merrill Lynch	United States Dollar		157,000	South African Rand		2,265,368		761
07/29/2016	Morgan Stanley	United States Dollar		581,330	South African Rand		8,561,712		(9,157)
07/29/2016	BNP Paribas	United States Dollar		810,923	Turkish Lira		2,349,326		(9,298)
07/29/2016	Citibank	United States Dollar		385,520	Turkish Lira		1,114,576		(3,612)
09/20/2016	HSBC Bank	Chinese Offshore Yuan		6,511,705	United States Dollar		961,563		34,833
09/20/2016	HSBC Bank	Chinese Offshore Yuan		3,391,199	United States Dollar		500,546		18,362
09/20/2016	HSBC Bank	Chinese Offshore Yuan		2,316,932	United States Dollar		340,550		13,978
09/20/2016	HSBC Bank	Chinese Offshore Yuan		1,783,188	United States Dollar		270,000		2,857
09/20/2016	HSBC Bank	United States Dollar		2,125,922	Chinese Offshore Yuan		14,003,024		(16,769)
09/22/2016	BNP Paribas	Chinese Offshore Yuan		7,577,620	United States Dollar		1,118,468		40,884
09/22/2016	BNP Paribas	Chinese Offshore Yuan		5,868,219	United States Dollar		893,796		4,023
09/22/2016	BNP Paribas	Chinese Offshore Yuan		245,059	United States Dollar		36,000		1,493
09/22/2016	BNP Paribas	Chinese Offshore Yuan		145,427	United States Dollar		21,789		461
09/22/2016	BNP Paribas	United States Dollar		2,099,276	Chinese Offshore Yuan		13,836,325		(17,638)
10/11/2016	BNP Paribas	Chinese Offshore Yuan		7,271,919	United States Dollar		1,104,316		6,926
10/11/2016	BNP Paribas	Chinese Offshore Yuan		5,074,981	United States Dollar		772,260		3,262
10/11/2016	BNP Paribas	United States Dollar		1,880,000	Chinese Offshore Yuan		12,346,900		(6,764)
01/06/2017	HSBC Bank	Chinese Offshore Yuan		6,036,800	United States Dollar		912,317		4,561
01/06/2017	HSBC Bank	United States Dollar		880,000	Chinese Offshore Yuan		6,036,800		(36,878)
03/06/2017	HSBC Bank	Chinese Offshore Yuan		5,017,910	United States Dollar		788,298		(29,409)
03/06/2017	HSBC Bank	Chinese Offshore Yuan		10,100,000	United States Dollar		1,584,687		(57,203)
03/06/2017	HSBC Bank	United States Dollar		1,810,000	Chinese Offshore Yuan		11,296,210		101,606

See accompanying notes to the financial statements.

81

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
03/06/2017	HSBC Bank	United States Dollar		600,000	Chinese Offshore Yuan		3,821,700		$  22,021
03/31/2017	Merrill Lynch	Mexican Peso		40,674,280	United States Dollar		2,276,503		16,526
03/31/2017	Santander	Mexican Peso		40,669,138	United States Dollar		2,279,788		12,951
Total									$512,658

At April 30, 2016, the Ashmore Emerging Markets Local Currency Bond Fund had the following interest rate swap contracts outstanding:

Pay Rate Index/ Pay Rate	Receive Rate/ Receive Rate Index	Notional Amount			Expiration Date		Unrealized Gain/(Loss)		Counterparty
Brazil CETIP Interbank
Deposit Rate	15.720%		BRL	9,850,360		01/02/2018		$157,431	BNP Paribas
Brazil CETIP Interbank
Deposit Rate	14.625%		BRL	11,163,537		01/02/2018		96,702	BNP Paribas
Brazil CETIP Interbank
Deposit Rate	15.715%		BRL	1,819,942		01/04/2021		81,837	HSBC Bank
Brazil CETIP Interbank
Deposit Rate	13.850%		BRL	10,327,724		01/02/2019		97,712	HSBC Bank
Brazil CETIP Interbank
Deposit Rate	13.055%		BRL	3,650,266		01/04/2021		31,093	HSBC Bank
Brazil CETIP Interbank
Deposit Rate	15.630%		BRL	2,039,065		01/02/2019		51,593	BNP Paribas
Brazil CETIP Interbank
Deposit Rate	15.571%		BRL	3,065,205		01/02/2019		75,848	BNP Paribas
	Brazil CETIP Interbank
13.165%	Deposit Rate		BRL	5,584,500		01/02/2018		(9,850)	HSBC Bank
Brazil CETIP Interbank
Deposit Rate	12.340%		BRL	3,954,419		01/04/2021		(498)	HSBC Bank
	MXN-TIIE-BANXICO
5.585%	28 Day Rate		MXN	20,490,000		11/03/2020		(16,424)	BNP Paribas
	MXN-TIIE-BANXICO
5.420%	28 Day Rate		MXN	14,740,000		03/22/2021		(3,410)	HSBC Bank
MYR-KLIBOR-BNM 3 Month	3.555%		MYR	15721000		03/18/2018		201	HSBC Bank
MYR-KLIBOR-BNM 3 Month	3.560%		MYR	6747300		03/22/2018		317	HSBC Bank
MYR-KLIBOR-BNM 3 Month	3.575%		MYR	8972700		03/23/2018		1,218	HSBC Bank
MYR-KLIBOR-BNM 3 Month	4.055%		MYR	5200000		04/27/2026		2,517	HSBC Bank
WIBOR Poland 6 Month	1.955%		PLN	6,400,000		09/24/2020		23,459	BNP Paribas
1.820%	WIBOR Poland 6 Month		PLN	1,700,000		10/07/2020		795	HSBC Bank
								$590,541

See accompanying notes to the financial statements.

82

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

At April 30, 2016, the Ashmore Emerging Markets Local Currency Bond Fund had the following centrally cleared swap contracts outstanding:

Pay Rate Index/ Pay Rate	Receive Rate/ Receive Rate Index	Notional Amount		Expiration Date	Variation Margin Receivable (Payable)		Counterparty
Budapest Interbank
6 Month Rate	1.820%	HUF	91,600,000	10/07/2020		$11,098	HSBC Bank
Budapest Interbank
6 Month Rate	1.795%	HUF	93,000,000	10/09/2020		10,848	HSBC Bank
MXN-TIIE-BANXICO
28 Day Rate	6.000%	MXN	35,000,000	01/29/2026		(8,993)	BNP Paribas
WIBOR Poland 6 Month	2.375%	PLN	1,290,000	05/04/2026		(207)	BNP Paribas
WIBOR Poland 6 Month	1.853%	PLN	1,300,000	04/21/2021		(1,132)	JP Morgan
WIBOR Poland 6 Month	2.290%	PLN	690,000	11/03/2025		(439)	Morgan Stanley
						$11,175

The inputs or 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, 2016:

	Level 1		Level 2		Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds		$—	$	130,005	$	—	$	130,005
Financial Certificates		—		265,116		—		265,116
Government Agencies		—		161,393		—		161,393
Government Bonds		—		48,081,317		214,828		48,296,145
Index Linked Government Bonds		—		3,091,475		—		3,091,475
Total Debt Securities		—		51,729,306		214,828		51,944,134
Fully Funded Total Return Swaps		—		3,123,227		—		3,123,227
Total Investments		$—	$	54,852,533	$	214,828	$	55,067,361
Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts		$—	$	1,065,191	$	—	$	1,065,191
Interest Rate Swap Contracts		—		620,723		—		620,723
Centrally Cleared Swap Contracts		—		21,946		—		21,946
Liabilities:
Forward Foreign Currency Exchange Contracts		—		(552,533)		—		(552,533)
Interest Rate Swap Contracts		—		(30,182)		—		(30,182)
Centrally Cleared Swap Contracts		—		(10,771)		—		(10,771)
Total Other Financial Instruments		$—	$	1,114,374	$	—	$	1,114,374

The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At April 30, 2016, there were no transfers between Level 1, Level 2 and Level 3 based on levels assigned to the securities on October 31, 2015.

See accompanying notes to the financial statements.

83

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ending April 30, 2016:

Category and Subcategory	Beginning Balance at 10/31/2015	Accrued Discounts (Premiums)	Purchases	Sales	Realized Gains (Losses)	Change in Unrealized Appreciation (Depreciation)	Transfer into Level 3	Transfer out of Level 3	Ending Balance at 04/30/2016	Change in Unrealized Appreciation (Depreciation) from Investments still held at 04/30/2016
Investments, at value
Government Bonds Argentina	$—	$538	$216,832	$—	$—	$(2,542)	$—	$—	$214,828	$(2,542)
Total	$—	$538	$216,832	$—	$—	$(2,542)	$—	$—	$214,828	$(2,542)

See the table on “Quantitative information about Fair Value measurements” for information on the valuation techniques and inputs used to value Level 3 securities at April 30, 2016.

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at 04/30/2016		Valuation Technique		Unobservable Input
Government Bonds		$214,828		Broker quote		Inputs to broker model

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, 2016:

	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange			Interest Rate
Assets:
Unrealized Appreciation on Interest Rate Swap Contracts	$	—			$            620,723
Variation Margin receivable on Centrally Cleared Swap Contracts		—			21,946
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		1,065,191			—
	$	1,065,191			$            642,669
Liabilities:
Unrealized Depreciation on Interest Rate Swap Contracts	$	—			$            (30,182	)
Variation Margin Payable on Centrally Cleared Swap Contracts		—			(10,771	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(552,533	)		—
	$	(552,533	)		$            (40,953	)

See accompanying notes to the financial statements.

84

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2016:

	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange		Interest Rate
Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Gain on Forward Foreign Currency Exchange Contracts	$	1,113,484	$	—
Net Realized Loss on Interest Rate Swap Contracts		—		(146,968	)
	$	1,113,484	$	(146,968	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts	$	288,890	$	—
Net Change in Unrealized Appreciation on Interest Rate and Centrally Cleared Swap Contracts		—		925,731
	$	288,890	$	925,731

^*  See note 10 in the Notes to the Financial Statements for additional information.

At April 30, 2016, for U.S. federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation/(depreciation) on investments in securities (including the effects of foreign currency translation) and the cost basis of investments were as follows:

Federal tax cost of investments	$	59,767,332
Gross tax appreciation of investments		2,380,438
Gross tax depreciation of investments		(7,080,409)
Net tax depreciation of investments	$	(4,699,971)

The difference between book basis and tax basis net unrealized appreciation or depreciation is attributable primarily to the tax deferral of losses on wash sales.

See accompanying notes to the financial statements.

85

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2016 (Unaudited)

	Currency(1)	Par		Value		% of Net Assets
Debt Securities
Angola (Cost $1,141,378)
Puma International Financing S.A. 6.750%, 02/01/2021			1,110,000	$	1,090,686		0.50
					1,090,686		0.50
Argentina (Cost $1,740,586)
YPF S.A. 8.500%, 03/23/2021(2)			800,000		836,000		0.38
YPF S.A. 8.500%, 07/28/2025			950,000		978,500		0.45
					1,814,500		0.83
Bangladesh (Cost $1,028,386)
Banglalink Digital Communications Ltd. 8.625%, 05/06/2019			1,000,000		1,058,000		0.48
					1,058,000		0.48
Barbados (Cost $2,004,220)
Columbus International, Inc. 7.375%, 03/30/2021			1,885,000		2,002,247		0.92
					2,002,247		0.92
Brazil (Cost $32,509,824)
BRF S.A. 4.750%, 05/22/2024			485,000		469,819		0.22
Embraer Netherlands Finance B.V. 5.050%, 06/15/2025			515,000		515,000		0.24
Globo Comunicacao e Participacoes S.A., FRN 4.843%, 06/08/2025			450,000		424,125		0.19
Marfrig Holdings Europe B.V. 8.375%, 05/09/2018			1,240,000		1,277,200		0.58
Marfrig Holdings Europe B.V. 6.875%, 06/24/2019			1,855,000		1,836,450		0.84
Marfrig Overseas Ltd. 9.500%, 05/04/2020			1,300,000		1,332,500		0.61
Minerva Luxembourg S.A. 12.250%, 02/10/2022			200,000		209,750		0.10
Odebrecht Drilling Norbe VIII/IX Ltd. 6.350%, 06/30/2021			585,610		120,343		0.06
Oi S.A. 9.750%, 09/15/2016	BRL		1,138,000		59,560		0.03
Petrobras Global Finance B.V., FRN 2.768%, 01/15/2019			720,000		628,632		0.29
Petrobras Global Finance B.V. 7.875%, 03/15/2019			687,000		684,424		0.31
Petrobras Global Finance B.V. 5.750%, 01/20/2020			2,250,000		2,064,375		0.94
Petrobras Global Finance B.V. 5.375%, 01/27/2021			4,875,000		4,332,656		1.98
Petrobras Global Finance B.V. 6.250%, 03/17/2024			3,100,000		2,704,750		1.24
Petrobras Global Finance B.V. 6.875%, 01/20/2040			5,306,000		4,158,578		1.90
Petrobras Global Finance B.V. 6.750%, 01/27/2041			250,000		195,550		0.09
Petrobras Global Finance B.V. 6.850%, 06/05/2115			717,000		530,580		0.24
QGOG Atlantic/Alaskan Rigs Ltd. 5.250%, 07/30/2018			1,892,696		1,485,766		0.68
QGOG Constellation S.A. 6.250%, 11/09/2019			5,809,000		3,136,860		1.43
Vale Overseas Ltd. 5.625%, 09/15/2019			344,000		347,440		0.16
Vale Overseas Ltd. 4.625%, 09/15/2020			1,570,000		1,522,900		0.70
Vale Overseas Ltd. 4.375%, 01/11/2022			799,000		739,075		0.34
Vale Overseas Ltd. 6.875%, 11/21/2036			834,000		748,515		0.34
Vale Overseas Ltd. 6.875%, 11/10/2039			2,952,000		2,590,380		1.18
					32,115,228		14.69
Chile (Cost $1,450,801)
Cencosud S.A. 5.500%, 01/20/2021			150,000		159,857		0.07
E.CL S.A. 5.625%, 01/15/2021			200,000		221,914		0.10
Empresa Electrica Guacolda S.A. 4.560%, 04/30/2025			400,000		377,083		0.17
Inversiones CMPC S.A. 4.375%, 05/15/2023			200,000		204,295		0.10
Telefonica Chile S.A. 3.875%, 10/12/2022			495,000		510,303		0.23
					1,473,452		0.67
China (Cost $11,592,037)
Alibaba Group Holding Ltd. 3.125%, 11/28/2021			450,000		457,050		0.21
Baidu, Inc. 3.500%, 11/28/2022			400,000		407,699		0.19
Bestgain Real Estate Ltd. 2.625%, 03/13/2018			500,000		500,181		0.23

See accompanying notes to the financial statements.

86

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)	Par		Value		% of Net Assets
China - (continued)
China Forestry Holdings Co. Ltd. 10.250%, 11/17/2015(3)(4)			60,000	$	4,350		—
China Overseas Finance Cayman V Ltd. 3.950%, 11/15/2022			300,000		307,743		0.14
China Railway Resources Huitung Ltd. 3.850%, 02/05/2023			200,000		206,855		0.09
China SCE Property Holdings Ltd. 10.000%, 07/02/2020			430,000		465,467		0.21
Emerald Plantation Holdings Ltd. 6.000%, (100% Cash), 01/30/2020(5)			34,911		33,166		0.01
ENN Energy Holdings Ltd. 6.000%, 05/13/2021			600,000		677,361		0.31
Far East Energy Bermuda Ltd. 13.000%, 01/15/2016(2)(3)(4)(6)(7)			282,201		—		—
Favor Sea Ltd. 11.750%, 02/04/2019			750,000		579,375		0.26
Franshion Brilliant Ltd. 5.750%, 03/19/2019			395,000		421,566		0.19
ICBC Standard Bank PLC 8.125%, 12/02/2019			390,000		432,004		0.20
Kaisa Group Holdings Ltd. 8.875%, 03/19/2018(3)			1,795,000		1,400,100		0.64
Kaisa Group Holdings Ltd. 10.250%, 01/08/2020(3)			1,375,000		1,072,500		0.49
Sino-Forest Corp. 5.000%, 08/01/2013(2)(6)(7)			14,000		—		—
Sino-Forest Corp. 5.000%, 08/01/2013(7)			7,000		—		—
Sino-Forest Corp. 10.250%, 07/28/2014(7)			82,000		—		—
Sino-Forest Corp. 10.250%, 07/28/2014(2)(6)(7)			20,000		—		—
Sino-Forest Corp. 4.250%, 12/15/2016(2)(7)			113,000		—		—
Sino-Forest Corp. 6.250%, 10/21/2017(2)(6)(7)			152,000		—		—
Sino-Forest Corp. 6.250%, 10/21/2017(7)			120,000		—		—
Sinopec Group Overseas Development 2013 Ltd. 4.375%, 10/17/2023			240,000		255,671		0.12
STATS ChipPAC Ltd. 8.500%, 11/24/2020			500,000		507,500		0.23
Sunac China Holdings Ltd. 9.375%, 04/05/2018			1,040,000		1,086,800		0.50
Tencent Holdings Ltd. 3.375%, 05/02/2019			520,000		537,801		0.25
Times Property Holdings Ltd. 12.625%, 03/21/2019			885,000		980,101		0.45
Yuzhou Properties Co. Ltd. 8.625%, 01/24/2019			1,265,000		1,331,429		0.61
					11,664,719		5.33
Colombia (Cost $5,894,950)
Banco Bilbao Vizcaya Argentaria Colombia S.A. 4.875%, 04/21/2025			550,000		541,200		0.25
Empresa de Telecomunicaciones de Bogota 7.000%, 01/17/2023	COP		3,260,000,000		827,937		0.38
GrupoSura Finance S.A. 5.500%, 04/29/2026(2)			400,000		406,800		0.18
Millicom International Cellular S.A. 4.750%, 05/22/2020			400,000		390,000		0.18
Millicom International Cellular S.A. 6.625%, 10/15/2021			1,200,000		1,215,000		0.55
Millicom International Cellular S.A. 6.000%, 03/15/2025			1,300,000		1,244,750		0.57
Transportadora de Gas Internacional S.A. ESP 5.700%, 03/20/2022			605,000		629,200		0.29
					5,254,887		2.40
Czech Republic (Cost $2,410,496)
EP Energy A.S. 5.875%, 11/01/2019	EUR		430,000		536,642		0.25
New World Resources N.V. 8.000%, 04/07/2020(5)	EUR		1,448,960		24,887		0.01
New World Resources N.V. 4.000%, 10/07/2020(5)	EUR		648,695		7,428		—
					568,957		0.26
Dominican Republic (Cost $1,229,891)
Aeropuertos Dominicanos Siglo XXI S.A., FRN 9.750%, 11/13/2019			1,245,000		1,322,813		0.60
					1,322,813		0.60

See accompanying notes to the financial statements.

87

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)	Par		Value		% of Net Assets
Ecuador (Cost $5,099,701)
EP PetroEcuador via Noble Sovereign Funding I Ltd., FRN 6.258%, 09/24/2019			6,111,368	$	5,561,345		2.54
					5,561,345		2.54
Guatemala (Cost $2,377,478)
Comcel Trust via Comunicaciones Celulares S.A. 6.875%, 02/06/2024			2,360,000		2,230,200		1.02
					2,230,200		1.02
Hong Kong (Cost $3,084,330)
HKT Capital No. 2 Ltd. 3.625%, 04/02/2025			200,000		205,652		0.09
Hutchison Whampoa International 14 Ltd. 3.625%, 10/31/2024			1,030,000		1,070,096		0.49
Noble Group Ltd., FRN 6.000%, 06/24/2019			2,170,000		1,025,325		0.47
PCCW-HKT Capital No. 5 Ltd. 3.750%, 03/08/2023			245,000		256,738		0.12
Wharf Finance Ltd. 6.125%, 11/06/2017			250,000		266,065		0.12
					2,823,876		1.29
India (Cost $2,611,854)
Bharat Petroleum Corp. Ltd. 4.000%, 05/08/2025			540,000		540,078		0.25
Bharti Airtel International Netherlands B.V. 5.125%, 03/11/2023			730,000		785,790		0.36
ICICI Bank Ltd. 4.750%, 11/25/2016			300,000		305,072		0.14
Vedanta Resources PLC 8.250%, 06/07/2021			470,000		373,650		0.17
Vedanta Resources PLC 7.125%, 05/31/2023			580,000		413,250		0.19
					2,417,840		1.11
Indonesia (Cost $5,261,098)
Berau Coal Energy Tbk PT 7.250%, 03/13/2017(3)			3,235,000		469,075		0.22
Enercoal Resources Pte. Ltd. 6.000%, 04/07/2018			500,000		50,000		0.02
Golden Legacy Pte. Ltd. 9.000%, 04/24/2019			600,000		606,000		0.28
Indo Energy Finance II B.V. 6.375%, 01/24/2023			2,350,000		1,121,246		0.51
					2,246,321		1.03
Israel (Cost $2,015,753)
Israel Electric Corp. Ltd. 5.625%, 06/21/2018			365,000		388,020		0.18
Israel Electric Corp. Ltd. 7.250%, 01/15/2019			270,000		299,200		0.14
Israel Electric Corp. Ltd. 6.875%, 06/21/2023			295,000		351,503		0.16
Israel Electric Corp. Ltd. 5.000%, 11/12/2024(2)(6)			245,000		261,844		0.12
Teva Pharmaceutical Finance Co. B.V. 3.650%, 11/10/2021			335,000		351,561		0.16
Teva Pharmaceutical Finance Co. LLC 6.150%, 02/01/2036			375,000		447,876		0.20
					2,100,004		0.96
Jamaica (Cost $14,480,199)
Digicel Group Ltd. 8.250%, 09/30/2020			8,625,000		7,870,313		3.60
Digicel Group Ltd. 7.125%, 04/01/2022			2,730,000		2,221,537		1.02
Digicel Ltd. 6.000%, 04/15/2021			3,405,000		3,115,575		1.42
					13,207,425		6.04
Kazakhstan (Cost $15,824,980)
Development Bank of Kazakhstan JSC 4.125%, 12/10/2022			390,000		354,900		0.16
KazAgro National Management Holding JSC 4.625%, 05/24/2023			410,000		342,374		0.16
Kazakhstan Temir Zholy Finance B.V. 6.375%, 10/06/2020			380,000		385,054		0.18
Kazkommertsbank JSC 7.500%, 11/29/2016			1,680,000		1,638,336		0.75
Kazkommertsbank JSC 6.875%, 02/13/2017	EUR		1,865,000		2,066,114		0.94
Kazkommertsbank JSC 8.500%, 05/11/2018			2,450,000		2,278,990		1.04
Kazkommertsbank JSC 5.500%, 12/21/2022			4,468,616		3,062,432		1.40
KazMunayGas National Co. JSC 6.375%, 04/09/2021			365,000		382,356		0.17
Zhaikmunai LLP 6.375%, 02/14/2019			2,300,000		1,894,740		0.87

See accompanying notes to the financial statements.

88

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)	Par		Value		% of Net Assets
Kazakhstan - (continued)
Zhaikmunai LLP 7.125%, 11/13/2019			2,570,000	$	2,140,039		0.98
					14,545,335		6.65
Kuwait (Cost $775,029)
Kuwait Projects Co. 9.375%, 07/15/2020			315,000		386,583		0.18
NBK Tier 1 Financing Ltd., FRN 5.750%, 04/09/2021			380,000		378,745		0.17
					765,328		0.35
Malaysia (Cost $201,654)
Malayan Banking Bhd., FRN 3.250%, 09/20/2022			200,000		201,522		0.09
					201,522		0.09
Mexico (Cost $14,342,132)
Alfa S.A.B. de C.V. 6.875%, 03/25/2044			620,000		638,600		0.29
Alpek S.A.B. de C.V. 4.500%, 11/20/2022			200,000		204,750		0.09
America Movil S.A.B. de C.V. 5.000%, 03/30/2020			210,000		231,973		0.11
America Movil S.A.B. de C.V. 6.375%, 03/01/2035			365,000		444,616		0.20
Banco Inbursa S.A. Institucion de Banca Multiple 4.125%, 06/06/2024			345,000		341,619		0.16
CEMEX Espana S.A. 9.875%, 04/30/2019			1,190,000		1,250,987		0.57
Cemex Finance LLC 9.375%, 10/12/2022			3,770,000		4,143,230		1.89
Cemex S.A.B. de C.V. 5.875%, 03/25/2019			450,000		460,080		0.21
Cemex S.A.B. de C.V. 6.500%, 12/10/2019			1,350,000		1,422,562		0.65
Cemex S.A.B. de C.V. 7.750%, 04/16/2026(2)(6)			1,000,000		1,065,000		0.49
Comision Federal de Electricidad 4.875%, 05/26/2021			200,000		210,500		0.10
El Puerto de Liverpool S.A.B. de C.V. 3.950%, 10/02/2024			600,000		603,000		0.28
Fresnillo PLC 5.500%, 11/13/2023			500,000		531,250		0.24
Gruma S.A.B. de C.V. 4.875%, 12/01/2024			450,000		481,365		0.22
Grupo Bimbo S.A.B. de C.V. 3.875%, 06/27/2024			230,000		234,601		0.11
Grupo Televisa S.A.B. 6.625%, 01/15/2040			150,000		167,394		0.08
Grupo Televisa S.A.B. 5.000%, 05/13/2045			350,000		328,849		0.15
Mexichem S.A.B. de C.V. 5.875%, 09/17/2044			490,000		444,062		0.20
Mexico Generadora de Energia S. de rl 5.500%, 12/06/2032			484,121		462,336		0.21
Sigma Alimentos S.A. de C.V. 4.125%, 05/02/2026(2)(6)			200,000		200,472		0.09
Southern Copper Corp. 7.500%, 07/27/2035			175,000		188,140		0.09
Southern Copper Corp. 5.875%, 04/23/2045			330,000		302,526		0.14
					14,357,912		6.57
Mongolia (Cost $6,223,840)
Mongolian Mining Corp. 8.875%, 03/29/2017			7,984,000		1,497,000		0.68
					1,497,000		0.68
Morocco (Cost $933,127)
OCP S.A. 5.625%, 04/25/2024			305,000		319,869		0.14
OCP S.A. 4.500%, 10/22/2025			330,000		320,100		0.15
OCP S.A. 6.875%, 04/25/2044			320,000		333,200		0.15
					973,169		0.44
Nigeria (Cost $10,041,028)
Access Bank PLC, FRN 9.250%, 06/24/2021			1,025,000		844,149		0.39
First Bank of Nigeria Ltd. Via FBN Finance Co. B.V., FRN 8.250%, 08/07/2020			1,925,000		1,521,959		0.70
First Bank of Nigeria Ltd. Via FBN Finance Co. B.V., FRN 8.000%, 07/23/2021			2,591,000		1,912,158		0.87
Sea Trucks Group Ltd. 9.000%, 03/26/2018(2)			3,432,000		1,065,636		0.49
Seven Energy Ltd. 10.250%, 10/11/2021			2,675,000		1,625,062		0.74
					6,968,964		3.19

See accompanying notes to the financial statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)	Par		Value		% of Net Assets
Oman (Cost $1,119,990)
National Bank of Oman S.A.O.G., FRN 7.875%, 11/18/2020			1,095,000	$	1,112,630		0.51
					1,112,630		0.51
Panama (Cost $1,481,942)
Sable International Finance Ltd. 6.875%, 08/01/2022			1,510,000		1,549,638		0.71
					1,549,638		0.71
Peru (Cost $2,531,276)
Banco de Credito del Peru 4.250%, 04/01/2023			270,000		282,150		0.13
Banco Internacional del Peru S.A.A. 5.750%, 10/07/2020			290,000		317,840		0.15
BBVA Banco Continental S.A., FRN 5.250%, 09/22/2029			300,000		306,000		0.14
Lima Metro Line 2 Finance Ltd. 5.875%, 07/05/2034			600,000		615,600		0.28
Minsur S.A. 6.250%, 02/07/2024			450,000		437,625		0.20
Transportadora de Gas del Peru S.A. 4.250%, 04/30/2028			600,000		595,500		0.27
					2,554,715		1.17
Qatar (Cost $2,338,161)
CBQ Finance Ltd. 7.500%, 11/18/2019			370,000		422,459		0.19
Nakilat, Inc. 6.067%, 12/31/2033			460,000		523,710		0.24
Ooredoo International Finance Ltd. 3.250%, 02/21/2023			465,000		464,541		0.21
Ooredoo International Finance Ltd. 3.875%, 01/31/2028			220,000		218,337		0.10
Ras Laffan Liquefied Natural Gas Co. Ltd. II 5.298%, 09/30/2020			414,642		441,594		0.20
Ras Laffan Liquefied Natural Gas Co. Ltd. III 5.838%, 09/30/2027			250,000		276,125		0.13
					2,346,766		1.07
Russian Federation (Cost $22,970,456)
CEDC Finance Corp. International, Inc., FRN 10.000%, 04/30/2018(5)			4,708,214		2,076,833		0.95
Credit Bank of Moscow Via CBOM Finance PLC 7.700%, 02/01/2018			511,000		526,694		0.24
Credit Bank of Moscow Via CBOM Finance PLC 8.700%, 11/13/2018			1,570,000		1,544,409		0.71
Far East Capital Ltd. S.A. 8.000%, 05/02/2018			252,000		97,020		0.04
Far East Capital Ltd. S.A. 8.750%, 05/02/2020			1,196,000		442,520		0.20
Gazprom Neft OAO Via GPN Capital S.A. 4.375%, 09/19/2022			630,000		597,643		0.27
Gazprom OAO Via Gaz Capital S.A. 6.510%, 03/07/2022			1,500,000		1,622,895		0.74
Gazprom OAO Via Gaz Capital S.A. 8.625%, 04/28/2034			50,000		60,642		0.03
GTH Finance B.V. 7.250%, 04/26/2023(2)			600,000		600,378		0.28
Lukoil International Finance B.V. 7.250%, 11/05/2019			180,000		199,679		0.09
Rosneft Oil Co. via Rosneft International Finance Ltd. 4.199%, 03/06/2022			1,650,000		1,581,030		0.72
Russian Standard Ltd. 13.000%, 10/27/2022(5)			1,280,343		308,660		0.14
Sberbank of Russia Via SB Capital S.A. 5.125%, 10/29/2022			1,039,000		1,040,704		0.48
Sberbank of Russia Via SB Capital S.A., FRN 5.500%, 02/26/2024			1,068,000		1,030,620		0.47
Sistema JSFC via Sistema International Funding S.A. 6.950%, 05/17/2019			1,730,000		1,821,517		0.83
TMK OAO Via TMK Capital S.A. 6.750%, 04/03/2020			1,150,000		1,150,000		0.53
VEB-Leasing OAO via VEB Leasing Invest Ltd. 5.125%, 05/27/2016			200,000		199,924		0.09

See accompanying notes to the financial statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

						% of Net
	Currency(1)	Par		Value		Assets
Russian Federation - (continued)
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 7.748%, 02/02/2021			1,535,000	$	1,672,947		0.77
VimpelCom Holdings B.V. 7.504%, 03/01/2022			1,750,000		1,868,125		0.85
Vnesheconombank Via VEB Finance PLC 6.902%, 07/09/2020			200,000		210,000		0.10
Vnesheconombank Via VEB Finance PLC 6.025%, 07/05/2022			1,260,000		1,262,596		0.58
VTB Bank OJSC Via VTB Capital S.A. 6.950%, 10/17/2022			1,700,000		1,691,330		0.77
					21,606,166		9.88
Saudi Arabia (Cost $763,372)
SABIC Capital II B.V. 2.625%, 10/03/2018			300,000		303,435		0.14
Saudi Electricity Global Sukuk Co. 3 4.000%, 04/08/2024			300,000		304,935		0.14
Saudi Electricity Global Sukuk Co. 3 5.500%, 04/08/2044			200,000		198,156		0.09
					806,526		0.37
Singapore (Cost $740,574)
Global Logistic Properties Ltd. 3.875%, 06/04/2025			285,000		284,712		0.13
SingTel Group Treasury Pte. Ltd. 2.375%, 09/08/2017			255,000		258,254		0.12
United Overseas Bank Ltd., FRN 2.875%, 10/17/2022			200,000		202,220		0.09
					745,186		0.34
South Africa (Cost $3,457,383)
Eskom Holdings SOC Ltd. 7.125%, 02/11/2025			2,810,000		2,647,273		1.21
FirstRand Bank Ltd. 4.250%, 04/30/2020			350,000		351,746		0.16
MTN Mauritius Investments Ltd. 4.755%, 11/11/2024			705,000		654,769		0.30
					3,653,788		1.67
South Korea (Cost $512,378)
Korea Gas Corp. 2.875%, 07/29/2018			300,000		307,107		0.14
SK Innovation Co. Ltd. 3.625%, 08/14/2018			200,000		206,880		0.10
					513,987		0.24
Thailand (Cost $1,035,454)
Bangkok Bank PCL 3.875%, 09/27/2022			500,000		532,667		0.24
PTT Global Chemical PCL 4.250%, 09/19/2022			510,000		541,138		0.25
					1,073,805		0.49
Turkey (Cost $1,275,765)
Akbank T.A.S. 5.125%, 03/31/2025			200,000		199,476		0.09
Turkcell Iletisim Hizmetleri A.S. 5.750%, 10/15/2025			200,000		199,974		0.09
Yuksel Insaat A.S. 9.500%, 03/10/2016(3)(4)			900,000		517,500		0.24
					916,950		0.42
Ukraine (Cost $14,757,594)
Avangardco Investments Public Ltd. 10.000%, (100% Cash), 10/29/2018(5)			797,371		270,179		0.12
DTEK Finance PLC 10.375%, 03/28/2018			1,140,000		456,000		0.21
DTEK Finance PLC 7.875%, 04/04/2018			5,205,000		2,135,091		0.98
Ferrexpo Finance PLC 10.375%, 04/07/2019			1,178,000		907,295		0.42
Metinvest B.V., FRN 10.500%, 11/28/2017			1,635,499		997,982		0.46
Metinvest B.V., FRN 8.750%, 02/14/2018			3,031,026		1,849,532		0.85
MHP S.A. 8.250%, 04/02/2020			2,160,000		1,933,200		0.88
Privatbank CJSC Via UK SPV Credit Finance PLC 10.250%, 01/23/2018			545,000		425,100		0.19
Privatbank CJSC Via UK SPV Credit Finance PLC 11.000%, 02/09/2021			425,000		269,960		0.12
UKRLANDFARMING PLC 10.875%, 03/26/2018			2,406,731		699,403		0.32
					9,943,742		4.55

See accompanying notes to the financial statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

						% of Net
	Currency(1)	Par		Value		Assets
United Arab Emirates (Cost $7,109,967)
Abu Dhabi National Energy Co. PJSC 2.500%, 01/12/2018			215,000	$	215,269		0.10
Abu Dhabi National Energy Co. PJSC 5.875%, 12/13/2021			270,000		300,429		0.14
ADCB Finance Cayman Ltd. 4.500%, 03/06/2023			235,000		242,931		0.11
ADCB Finance Cayman Ltd., FRN 3.125%, 05/28/2023			400,000		398,248		0.18
DP World Ltd. 6.850%, 07/02/2037			1,070,000		1,109,440		0.51
DP World Sukuk Ltd. 6.250%, 07/02/2017			510,000		533,460		0.25
Dubai Holding Commercial Operations MTN Ltd. 6.000%, 02/01/2017	GBP		400,000		591,637		0.27
EMG Sukuk Ltd. 4.564%, 06/18/2024			425,000		437,835		0.20
Emirates Telecommunications Group Co. PJSC 3.500%, 06/18/2024			410,000		421,841		0.19
MAF Global Securities Ltd. 4.750%, 05/07/2024			440,000		458,051		0.21
National Bank of Abu Dhabi PJSC, FRN 5.250%, 06/17/2020			1,000,000		1,011,500		0.46
Sukuk Funding No. 3 Ltd. 4.348%, 12/03/2018			550,000		572,000		0.26
Topaz Marine S.A. 8.625%, 11/01/2018			690,000		652,188		0.30
					6,944,829		3.18
Venezuela (Cost $13,392,800)
Petroleos de Venezuela S.A. 5.125%, 10/28/2016			4,735,000		4,166,800		1.91
Petroleos de Venezuela S.A. 8.500%, 11/02/2017			7,760,200		4,539,717		2.08
Petroleos de Venezuela S.A. 9.750%, 05/17/2035			7,520,000		3,007,248		1.37
					11,713,765		5.36
Vietnam (Cost $646,683)
Vingroup JSC 11.625%, 05/07/2018			610,000		661,850		0.30
					661,850		0.30
Total Debt Securities (Cost $218,408,567)					194,406,073		88.90
Bank Loans
China (Cost $39,677)
Far East Energy Bermuda Ltd. 10.000%, 03/29/2016(4)			89,943		—		—
Far East Energy Bermuda Ltd. 25.000%, 03/29/2016(4)			39,677		24,913		0.01
					24,913		0.01
Czech Republic (Cost $569,811)
New World Resources N.V. 8.500%, 10/07/2016	EUR		449,999		373,572		0.17
					373,572		0.17
Nigeria (Cost $1,135,315)
Seven Energy Ltd., FRN 10.250%, 06/30/2020			1,206,059		837,849		0.38
					837,849		0.38
Sierra Leone (Cost $1,079,422)
Africell Holding SAL, FRN 8.530%, 04/16/2019			1,125,000		1,108,125		0.51
					1,108,125		0.51
United Arab Emirates (Cost $11,275,802)
DP World Ltd. 3.750%, 09/30/2022			8,541,503		6,491,543		2.97
DP World Ltd. 4.250%, 09/30/2022			437,541		336,906		0.15
Dubai Drydocks LLC 0.100%, 10/18/2027			3,247,051		584,469		0.27
Dubai Drydocks World LLC, FRN 4.000%, 10/18/2017	EUR		1,143,631		1,021,421		0.47
Dubai Drydocks World LLC, FRN 4.610%, 10/18/2017			1,838,156		1,433,761		0.65
Dubai Drydocks World LLC 0.100%, 10/18/2027			3,511,370		632,047		0.29
					10,500,147		4.80
Total Bank Loans (Cost $14,100,027)					12,844,606		5.87

See accompanying notes to the financial statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

						% of Net
	Currency(1)	Shares		Value		Assets
Equity Securities
China (Cost $—)
Emerald Plantation Holdings Ltd.			78,275	$	17,221		0.01
					17,221		0.01
Czech Republic (Cost $1,093,253)
New World Resources N.V.(2)(6)(7)	EUR		101,612		—		—
New World Resources PLC, Class A	GBP		36,580,138		145,114		0.07
					145,114		0.07
Mexico (Cost $2,989)
Corp. GEO S.A.B. de C.V., Series B	MXN		7,952		4,400		—
					4,400		—
Total Equity Securities (Cost $1,096,242)					166,735		0.08
		Number
		of				% of Net
	Currency(1)	Warrants		Value		Assets
Warrants
China (Cost $3,926)
Far East Energy Bermuda Ltd., Exp. 12/31/2017, Strike Price $11.92(2)(6)(7)			186,955	$	—		—
Total Warrants (Cost $3,926)					—		—
Total Investments (Total Cost $233,608,762)					207,417,414		94.85
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					11,270,325		5.15
Net Assets				$	218,687,739		100.00

⁽¹⁾  Par values are stated in 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.

⁽³⁾  Issuer has defaulted on terms of debt obligation.

⁽⁴⁾  Maturity has been extended under the terms of a plan of reorganization.

⁽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.

See accompanying notes to the financial statements.

93

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

⁽⁶⁾  Restricted security that has been deemed illiquid. At April 30, 2016, the value of these restricted illiquid securities amounted to $1,527,316 or 0.7% of net assets. Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISITION DATE	ACQUISITION COST
Cemex S.A.B. de C.V. 7.750%, 04/16/2016	03/09/2016-03/30/2016		$1,004,628
Far East Energy Bermuda Ltd. 13.000%, 01/15/2016	01/14/2013-07/24/2015		279,057
Far East Energy Bermuda Ltd., Exp. 12/31/2017, Strike Price $11.92	10/07/2014		3,926
Israel Electric Corp. Ltd. 5.000%,11/12,2024	02/03/2015		249,288
New World Resources N.V.	10/07/2014		—
Sigma Alimentos S.A. de C.V. 4.125%, 05/02/2026	04/25/2016		199,594
Sino-Forest Corp. 10.250%, 07/28/2014	01/31/2013		—
Sino-Forest Corp. 5.000%, 08/01/2013	01/31/2013		—
Sino-Forest Corp. 6.250%, 10/21/2017	01/31/2013		—

⁽⁷⁾  Security has been deemed worthless and is a Level 3 investment.

Percentages shown are based on net assets.

At April 30, 2016, the Ashmore Emerging Markets Corporate Debt Fund had outstanding forward foreign currency exchange contracts as follows:

			Currency Buy			Currency Sell
			Amount			Amount
Settlement		Currency	(Local		Currency	(Local		Unrealized
Date	Counterparty	Buy	Currency)		Sell	Currency)		Gain/(Loss)
05/20/2016	BNP Paribas	United States Dollar		871,828	British Pound		610,915		$(20,856)
05/20/2016	HSBC Bank	United States Dollar		4,532,508	Euro		3,970,406		(16,505)
Total									$(37,361)

The inputs or 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 Debt Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2016:

	Level 1		Level 2		Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds	$	—	$	175,984,359	$	4,350	$	175,988,709
Corporate Convertible Bonds		—		747,344		—		747,344
Government Agencies		—		15,623,634		—		15,623,634
Financial Certificates		—		2,046,386		—		2,046,386
Total Debt Securities		—		194,401,723		4,350		194,406,073
Bank Loans
China		—		—		24,913		24,913
Czech Republic		—		—		373,572		373,572
Nigeria		—		837,849		—		837,849
Sierra Leone		—		—		1,108,125		1,108,125
United Arab Emirates		—		—		10,500,147		10,500,147
Total Bank Loans		—		837,849		12,006,757		12,844,606
Common Stock
China		—		17,221		—		17,221
Czeck Republic		—		145,114		—		145,114
Russian Federation		4,400		—		—		4,400
Total Common Stock		4,400		162,335		—		166,735

See accompanying notes to the financial statements.

94

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Level 1		Level 2		Level 3		Total
Warrants
China	$	—	$	—	$	—	$	—
Total Warrants		—		—		—		—
Total Investments	$	4,400	$	195,401,907	$	12,011,107	$	207,417,414
Other Financial Instruments
Liabilities:
Forward Foreign Currency Exchange
Contracts	$	—		$(37,361)	$	—		$(37,361)

The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At April 30, 2016, the Fund had transfers as disclosed below:

Transfers from Level 1 to Level 2

Country	Value		Reason
Common Stock
Czech Republic	$	145,114	Fair value factor was applicable in the current period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

Category and Subcategory	Beginning Balance at 10/31/15		Accrued Discounts (Premiums)		Purchases		Sales			Realized Gains (Losses)			Change in Unrealized Appreciation/ (Depreciation)		Transfer into Level 3		Transfer out of Level 3			Ending Balance at 04/30/2016		Change in Unrealized Appreciation (Depreciation) from Investments still held at 04/30/16
Investments, at value Corporate Bonds
China	$	150,074		$(2,927)		$       —	$	—		$	—			$(147,147)	$	4,350	$	—			$        4,350		$   (196,976)
Russia		210,331		6,022		—		(49,937	)		(126,113	)		248,466		—		(288,769	)		—		—
Bank Loans
China		78,586		—		—		—			—			(53,673)		—		—			24,913		(53,673)
Czech Republic		494,841		—		—		—			—			(121,269)		—		—			373,572		(121,270)
Sierra Leone		1,101,263		6,442		—		—			—			420		—		—			1,108,125		420
Ukraine		120,000		—		—		(120,000	)		—			—		—		—			—		—
United Arab Emirates		997,930		79,789		216,600		(584,576	)		(736	)		(76,961)		9,868,101		—			10,500,147		(779,704)
Warrants
China		—		—		—		—			—			—		—		—			—		—
Total	$	3,153,025		$89,326		$216,600	$	(754,513	)	$	(126,849	)		$(150,164)	$	9,872,451	$	(288,769	)		$12,011,107		$(1,151,203)

See accompanying notes to the financial statements.

95

ASHMORE EMERGING MARKETS CORPORATE DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

See the table on “Qualitative information about Fair Value measurements” for information on the valuation techniques and inputs used to value Level 3 securities at April 30, 2016.

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at		Valuation	Unobservable
	04/30/2016		Technique	Input
Corporate Bonds		$4,350	Broker quote	Inputs to broker model
				Debt structure
Bank Loans		373,572	Market comparables	of issuer
Bank Loans		11,608,272	Broker quote	Inputs to broker model
Bank Loans		24,913	Indicative bid	Bid source
Total	$	12,011,107

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, 2016:

	Derivatives Not Accounted
	for as Hedging Instruments
	Foreign Exchange
Liabilities:
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	$              (37,361)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2016:

	Derivatives Not Accounted
	for as Hedging Instruments
	Foreign Exchange
Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Loss on Forward Foreign Currency Exchange Contracts	$          (157,566)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	$             (278,763)

*  See note 10 in the Notes to the Financial Statements for additional information.

At April 30, 2016, for U.S. federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation/(depreciation) on investments in securities (including the effects of foreign currency translation) and the cost basis of investments were as follows:

Federal tax cost of investments	$	235,232,402
Gross tax appreciation of investments		6,477,474
Gross tax depreciation of investments		(34,292,462)
Net tax depreciation of investments		$(27,814,988)

The difference between book basis and tax basis net unrealized appreciation or depreciation is attributable primarily to the tax deferral of losses on wash sales.

See accompanying notes to the financial statements.

96

ASHMORE EMERGING MARKETS SHORT DURATION FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2016 (Unaudited)

						% of Net
	Currency(1)	Par		Value		Assets
Debt Securities
Angola (Cost $1,929,824)
Angola (Rep of) Via Northern Lights III B.V. 7.000%, 08/16/2019			1,968,750	$	1,981,448		2.74
					1,981,448		2.74
Argentina (Cost $600,000)
YPF S.A. 8.500%, 03/23/2021(2)(3)			600,000		627,000		0.87
					627,000		0.87
Azerbaijan (Cost $360,209)
International Bank of Azerbaijan OJSC 5.625%, 06/11/2019			400,000		377,200		0.52
					377,200		0.52
Bangladesh (Cost $462,017)
Banglalink Digital Communications Ltd. 8.625%, 05/06/2019			450,000		476,100		0.66
					476,100		0.66
Barbados (Cost $629,480)
Columbus International, Inc. 7.375%, 03/30/2021			600,000		637,320		0.88
					637,320		0.88
Belarus (Cost $288,126)
Belarus (Rep of) 8.950%, 01/26/2018			300,000		314,250		0.44
					314,250		0.44
Brazil (Cost $10,776,827)
Itau Unibanco Holding S.A. 5.750%, 01/22/2021			200,000		203,876		0.28
Marfrig Holdings Europe B.V. 8.375%, 05/09/2018			1,275,000		1,313,250		1.82
Marfrig Holdings Europe B.V. 6.875%, 06/24/2019			1,000,000		990,000		1.37
Marfrig Holdings Europe B.V. 11.250%, 09/20/2021			500,000		480,000		0.67
Petrobras Global Finance B.V. 3.500%, 02/06/2017			400,000		396,060		0.55
Petrobras Global Finance B.V. 5.875%, 03/01/2018			1,325,000		1,306,781		1.81
Petrobras Global Finance B.V. 3.000%, 01/15/2019			1,535,000		1,381,040		1.91
Petrobras Global Finance B.V. 5.750%, 01/20/2020			1,490,000		1,367,075		1.89
QGOG Atlantic/Alaskan Rigs Ltd. 5.250%, 07/30/2018			2,119,433		1,663,755		2.31
QGOG Constellation S.A. 6.250%, 11/09/2019			1,300,000		702,000		0.97
Vale Overseas Ltd. 5.625%, 09/15/2019			875,000		883,750		1.23
Vale Overseas Ltd. 4.625%, 09/15/2020			500,000		485,000		0.67
					11,172,587		15.48
China (Cost $5,029,578)
Central China Real Estate Ltd. 8.750%, 01/23/2021			650,000		658,108		0.91
China Hongqiao Group Ltd. 6.875%, 05/03/2018			400,000		396,586		0.55
CIFI Holdings Group Co. Ltd. 7.750%, 06/05/2020			300,000		314,245		0.43
Favor Sea Ltd. 11.750%, 02/04/2019			400,000		309,000		0.43
ICBC Standard Bank PLC 8.125%, 12/02/2019			600,000		664,622		0.92
KWG Property Holding Ltd. 13.250%, 03/22/2017			325,000		349,781		0.48
Sunac China Holdings Ltd. 9.375%, 04/05/2018			675,000		705,375		0.98
Times Property Holdings Ltd. 12.625%, 03/21/2019			1,200,000		1,328,951		1.84
Yuzhou Properties Co. Ltd. 8.625%, 01/24/2019			300,000		315,754		0.44
					5,042,422		6.98
Colombia (Cost $977,035)
Grupo Aval Ltd. 5.250%, 02/01/2017			300,000		304,500		0.42
Millicom International Cellular S.A. 6.625%, 10/15/2021			665,000		673,312		0.93
					977,812		1.35

See accompanying notes to the financial statements.

97

ASHMORE EMERGING MARKETS SHORT DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

						% of Net
	Currency(1)	Par		Value		Assets
Dominican Republic (Cost $727,941)
Aeropuertos Dominicanos Siglo XXI S.A., FRN 9.750%, 11/13/2019			700,000	$	743,750		1.03
					743,750		1.03
Ecuador (Cost $10,169,605)
Ecuador (Rep of) 10.500%, 03/24/2020			4,625,000		4,370,625		6.06
EP PetroEcuador via Noble Sovereign Funding I Ltd., FRN 6.258%, 09/24/2019			6,926,316		6,302,947		8.73
					10,673,572		14.79
Hong Kong (Cost $239,923)
Noble Group Ltd. 6.750%, 01/29/2020			300,000		211,470		0.29
					211,470		0.29
India (Cost $645,884)
Vedanta Resources PLC 6.750%, 06/07/2016			650,000		648,375		0.90
					648,375		0.90
Jamaica (Cost $2,933,284)
Digicel Group Ltd. 8.250%, 09/30/2020			3,420,000		3,120,750		4.32
					3,120,750		4.32
Kazakhstan (Cost $5,903,411)
Halyk Savings Bank of Kazakhstan JSC 7.250%, 05/03/2017			275,000		280,569		0.39
Halyk Savings Bank of Kazakhstan JSC 7.250%, 01/28/2021			200,000		205,524		0.29
Kazkommertsbank JSC 7.500%, 11/29/2016			770,000		750,904		1.04
Kazkommertsbank JSC 6.875%, 02/13/2017	EUR		1,355,000		1,501,117		2.08
Kazkommertsbank JSC 8.500%, 05/11/2018			1,205,000		1,120,891		1.55
Zhaikmunai LLP 6.375%, 02/14/2019			1,300,000		1,070,940		1.48
Zhaikmunai LLP 7.125%, 11/13/2019			1,180,000		982,586		1.36
					5,912,531		8.19
Mexico (Cost $3,168,212)
CEMEX Espana S.A. 9.875%, 04/30/2019			360,000		378,450		0.53
Cemex S.A.B. de C.V. 6.500%, 12/10/2019			920,000		969,450		1.34
Cemex S.A.B. de C.V. 7.250%, 01/15/2021			1,565,000		1,670,638		2.31
Petroleos Mexicanos 5.500%, 02/04/2019			266,000		278,103		0.39
					3,296,641		4.57
Nigeria (Cost $664,652)
GTB Finance B.V. 6.000%, 11/08/2018			700,000		659,820		0.91
					659,820		0.91
Russian Federation (Cost $9,224,966)
Alfa Bank AO Via Alfa Bond Issuance PLC 7.875%, 09/25/2017			375,000		396,698		0.55
Alfa Bank AO Via Alfa Bond Issuance PLC 7.500%, 09/26/2019			620,000		655,650		0.91
Credit Bank of Moscow Via CBOM Finance PLC 7.700%, 02/01/2018			650,000		669,963		0.93
Credit Bank of Moscow Via CBOM Finance PLC 8.700%, 11/13/2018			1,720,000		1,691,964		2.35
GTH Finance B.V. 6.250%, 04/26/2020(2)(3)			1,100,000		1,098,625		1.52
Lukoil International Finance B.V. 6.125%, 11/09/2020			200,000		213,810		0.30
Metalloinvest Finance Ltd. 5.625%, 04/17/2020			200,000		202,426		0.28
SCF Capital Ltd. 5.375%, 10/27/2017			200,000		203,250		0.28
Sistema JSFC via Sistema International Funding S.A. 6.950%, 05/17/2019			845,000		889,700		1.23

See accompanying notes to the financial statements.

98

ASHMORE EMERGING MARKETS SHORT DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

						% of Net
	Currency(1)	Par		Value		Assets
Russian Federation - (continued)
TMK OAO Via TMK Capital S.A. 6.750%, 04/03/2020			1,280,000	$	1,280,000		1.77
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 7.748%, 02/02/2021			300,000		326,960		0.45
VimpelCom Holdings B.V. 5.200%, 02/13/2019			1,100,000		1,116,896		1.55
Vnesheconombank Via VEB Finance PLC 5.450%, 11/22/2017			274,000		280,499		0.39
Vnesheconombank Via VEB Finance PLC 4.224%, 11/21/2018			400,000		399,500		0.55
					9,425,941		13.06
South Africa (Cost $2,242,701)
Eskom Holdings SOC Ltd. 5.750%, 01/26/2021			2,220,000		2,092,261		2.90
Sappi Papier Holding GmbH 7.750%, 07/15/2017			200,000		209,500		0.29
					2,301,761		3.19
Ukraine (Cost $447,165)
Metinvest B.V., FRN 10.500%, 11/28/2017			154,267		94,134		0.13
MHP S.A. 8.250%, 04/02/2020			400,000		358,000		0.50
					452,134		0.63
United Arab Emirates (Cost $1,608,123)
Dubai Holding Commercial Operations MTN Ltd. 6.000%, 02/01/2017	GBP		200,000		295,819		0.41
Topaz Marine S.A. 8.625%, 11/01/2018			1,440,000		1,361,088		1.89
					1,656,907		2.30
Venezuela (Cost $6,947,576)
Petroleos de Venezuela S.A. 5.125%, 10/28/2016			2,525,000		2,222,000		3.08
Petroleos de Venezuela S.A. 8.500%, 11/02/2017			7,910,000		4,627,350		6.41
					6,849,350		9.49
Vietnam (Cost $914,810)
Vingroup JSC 11.625%, 05/07/2018			850,000		922,250		1.28
					922,250		1.28
Total Debt Securities (Cost $66,891,349)					68,481,391		94.87
Bank Loans
United Arab Emirates (Cost $1,883,380)
DP World Ltd. 09/30/2022(4)			2,196,477		1,669,323		2.31
Total Bank Loans (Cost $1,883,380)					1,669,323		2.31
Total Investments (Total Cost $68,774,729)					70,150,714		97.18
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					2,039,080		2.82
Net Assets				$	72,189,794		100.00

⁽¹⁾  Par values are stated in 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.

See accompanying notes to the financial statements.

99

ASHMORE EMERGING MARKETS SHORT DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

⁽³⁾  Restricted security that has been deemed illiquid. At April 30, 2016, the value of these restricted illiquid securities amounted to $1,725,625 or 2.4% of net assets. Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISITION DATE	ACQUISITION COST
GTH Finance B.V., 6.250%, 04/26/2020	04/20/2016	$1,100,000
YPF S.A., 8.500%, 03/23/2021	03/18/2016-03/24/2016	600,000

⁽⁴⁾  When Issued Security.

Percentages shown are based on net assets.

At April 30, 2016, the Ashmore Emerging Markets Short Duration Fund had outstanding forward foreign currency exchange contracts as follows:

			Currency			Currency
			Buy			Sell
			Amount			Amount
Settlement		Currency	(Local		Currency	(Local		Unrealized
Date	Counterparty	Buy	Currency)		Sell	Currency)		Gain/(Loss)
05/20/2016	Morgan Stanley	United States Dollar		304,286	British Pound		213,332		$  (7,439)
05/20/2016	HSBC Bank	United States Dollar		1,559,236	Euro		1,365,866		(5,678)
Total									$(13,117)

The inputs or 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, 2016:

	Level 1	Level 2		Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds	$ —	$	52,473,957	$	—	$	52,473,957
Government Agencies	—		9,341,111		—		9,341,111
Government Bonds	—		6,666,323		—		6,666,323
Total Debt Securities	—		68,481,391		—		68,481,391
Bank Loans	—		—		1,669,323		1,669,323
Total Investments	$ —	$	68,481,391	$	1,669,323	$	70,150,714
Other Financial Instruments
Liabilities:
Forward Foreign Currency Exchange Contracts	$ —	$	(13,117)	$	—	$	(13,117)
Total Other Financial Instruments	$ —	$	(13,117)	$	—	$	(13,117)

See accompanying notes to the financial statements.

100

ASHMORE EMERGING MARKETS SHORT DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At April 30, 2016 the Fund had a transfer into Level 3 as disclosed below.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ending April 30, 2016:

										Change in
										Unrealized
										Appreciation
					Change in					(Depreciation)
	Beginning			Realized	Unrealized	Transfer		Transfer	Ending	from Investments
Category and	Balance			Gains	Appreciation	into		out of	Balance	still held
Subcategory	at 10/31/2015	Purchases	Sales	(Losses)	(Depreciation)	Level 3		Level 3	at 04/30/2016	at 04/30/2016
Investments, at value Bank Loans	$—	$—	$—	$—	$—		$1,669,323	$—	$1,669,323	$(65,914)
Total	$—	$—	$—	$—	$—		$1,669,323	$—	$1,669,323	$(65,914)

See the table on “Quantitative information about Fair Value measurements” for information on the valuation techniques and inputs used to value Level 3 securities at April 30, 2016.

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at		Valuation		Unobservable
	04/30/2016		Technique		Input
Bank Loans		$1,669,323		Broker quote		Inputs to broker model

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 Assets and Liabilities as of April 30, 2016:

	Derivatives Not Accounted
	for as Hedging Instruments
	Foreign Exchange
Liabilities:
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	$(13,117)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2016:

	Derivatives Not Accounted for as
	Hedging Instruments
	Foreign Exchange
Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Gain on Forward Foreign Currency Exchange Contracts	$            2,884
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	$        (13,117)

*   See note 10 in the Notes to the Financial Statements for additional information.

See accompanying notes to the financial statements.

101

ASHMORE EMERGING MARKETS SHORT DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

At April 30, 2016, for U.S. federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation/(depreciation) on investments in securities (including the effects of foreign currency translation) and the cost basis of investments were as follows:

Federal tax cost of investments	$	68,777,103
Gross tax appreciation of investments		2,016,544
Gross tax depreciation of investments		(642,933)
Net tax appreciation of investments		$1,373,611

The difference between book basis and tax basis net unrealized appreciation or depreciation is attributable primarily to the tax deferral of losses on wash sales.

See accompanying notes to the financial statements.

102

ASHMORE EMERGING MARKETS EQUITY OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2016 (Unaudited)

						% of Net
	Currency(1)	Shares		Value		Assets
Investment Companies
Ashmore Emerging Markets Frontier Equity Fund(2)			192,342	$	1,656,063		32.69
Ashmore Emerging Markets Small-Cap Equity Fund(2)			165,597		1,655,969		32.68
Ashmore Emerging Markets Value Fund(2)			230,697		1,670,245		32.97
Total Investment Companies (Cost $5,024,061)					4,982,277		98.34
Total Investments (Total Cost $5,024,061)					4,982,277		98.34
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					84,283		1.66
Net Assets				$	5,066,560		100.00

⁽¹⁾  Par values are stated in United States Dollars unless otherwise noted below.

⁽²⁾  Investment in affiliated fund.

Percentages shown are based on net assets.

At April 30, 2016, the Fund’s percentages of ownership of other funds were as follows:

Ashmore Mutual Fund	Percentage
Emerging Markets Frontier Equity Fund	3.4%
Emerging Markets Small-Cap Fund	5.4%
Emerging Markets Value Fund	19.3%

The inputs or 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 Opportunities Fund’s investments, which are carried at fair value, as of April 30, 2016:

	Level 1	Level 2		Level 3	Total
Investments
Assets:
Investment Companies	$ —	$	4,982,277	$ —	$	4,982,277
Total Investments	$ —	$	4,982,277	$ —	$	4,982,277

The Fund discloses all transfers between levels based on valuations at the end of each reporting period. From the Fund’s commencement of operation on November 23, 2015 through April 30, 2016, there were no transfers between Level 1, Level 2 and Level 3 classifications.

See accompanying notes to the financial statements.

103

ASHMORE EMERGING MARKETS EQUITY OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

At April 30, 2016, for U.S. federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation/(depreciation) on investments in securities (including the effects of foreign currency translation) and the cost basis of investments were as follows:

Federal tax cost of investments	$	5,024,061
Gross tax appreciation of investments		36,911
Gross tax depreciation of investments		(78,695)
Net tax depreciation of investments	$	(41,784)

See accompanying notes to the financial statements.

104

ASHMORE EMERGING MARKETS VALUE FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2016 (Unaudited)

						% of Net
	Currency(1)	Shares		Value		Assets
Common Stock
Argentina (Cost $192,929)
Grupo Financiero Galicia S.A. ADR			2,580	$	73,452		0.85
YPF S.A. ADR			7,351		148,123		1.71
					221,575		2.56
Brazil (Cost $334,841)
Cosan Ltd., Class A			46,900		252,322		2.92
					252,322		2.92
China (Cost $2,554,745)
Alibaba Group Holding Ltd. ADR			2,219		170,730		1.97
Baidu, Inc. ADR			930		180,699		2.09
China Minsheng Banking Corp. Ltd., Class H	HKD		275,200		258,293		2.99
China Pacific Insurance Group Co. Ltd., Class H	HKD		23,800		83,514		0.97
China Taiping Insurance Holdings Co. Ltd.	HKD		30,200		61,537		0.71
CITIC Securities Co. Ltd., Class H	HKD		57,500		125,495		1.45
CNOOC Ltd.	HKD		158,000		195,863		2.27
Far East Horizon Ltd.	HKD		108,000		85,099		0.98
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H	HKD		22,000		46,605		0.54
Haitong Securities Co. Ltd., Class H	HKD		50,000		82,565		0.96
Huadian Fuxin Energy Corp. Ltd., Class H	HKD		234,000		51,016		0.59
Ju Teng International Holdings Ltd.	HKD		438,500		196,235		2.27
Longfor Properties Co. Ltd.	HKD		63,000		88,180		1.02
Luye Pharma Group Ltd.	HKD		88,500		61,225		0.71
NetEase, Inc. ADR			531		74,712		0.86
Ping An Insurance Group Co. of China Ltd., Class H	HKD		49,000		228,107		2.64
Shimao Property Holdings Ltd.	HKD		75,000		103,535		1.20
Sunac China Holdings Ltd.	HKD		148,000		94,486		1.09
Technovator International Ltd.	HKD		50,000		25,280		0.29
Xinjiang Goldwind Science & Technology Co. Ltd., Class H	HKD		44,600		73,183		0.85
					2,286,359		26.45
Czech Republic (Cost $42,925)
Erste Group Bank A.G.	EUR		1,436		41,432		0.48
					41,432		0.48
India (Cost $116,141)
Reliance Industries Ltd. GDR(2)(3)			3,983		118,027		1.36
					118,027		1.36
Indonesia (Cost $144,849)
Lippo Karawaci Tbk PT	IDR		985,600		75,746		0.88
Matahari Department Store Tbk PT	IDR		59,500		85,530		0.99
					161,276		1.87
Mexico (Cost $683,874)
Cemex S.A.B. de C.V. ADR (Participation Certificate)			42,084		313,523		3.62
Grupo Mexico S.A.B. de C.V., Series B	MXN		59,726		151,913		1.76
Ternium S.A. ADR			9,232		188,425		2.18
					653,861		7.56
Peru (Cost $116,815)
Credicorp Ltd.			1,300		189,046		2.19
					189,046		2.19
Russian Federation (Cost $463,601)
Aeroflot - Russian Airlines PJSC			143,340		171,461		1.99
Gazprom PAO ADR			29,263		152,164		1.76
Moscow Exchange MICEX-RTS PJSC	RUB		76,360		120,414		1.39

See accompanying notes to the financial statements.

105

ASHMORE EMERGING MARKETS VALUE FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)	Shares		Value		% of Net Assets
Russian Federation - (continued)
Sberbank of Russia PJSC	RUB		77,530	$	148,603		1.72
					592,642		6.86
South Africa (Cost $185,621)
Sasol Ltd. ADR			5,882		192,871		2.23
					192,871		2.23
South Korea (Cost $1,127,635)
Hana Financial Group, Inc.	KRW		8,242		183,961		2.13
Hyundai Mipo Dockyard Co. Ltd.	KRW		1,630		104,255		1.21
Hyundai Motor Co.	KRW		656		82,440		0.95
Lotte Chemical Corp.	KRW		320		81,824		0.95
POSCO	KRW		1,243		260,663		3.01
Silicon Works Co. Ltd.	KRW		4,247		118,599		1.37
SK Hynix, Inc.	KRW		10,382		254,809		2.95
					1,086,551		12.57
Taiwan (Cost $828,555)
AU Optronics Corp.	TWD		658,000		191,021		2.21
Casetek Holdings Ltd.	TWD		37,000		165,705		1.92
Chipbond Technology Corp.	TWD		75,000		99,620		1.15
Egis Technology, Inc.	TWD		17,434		74,694		0.86
Largan Precision Co. Ltd.	TWD		3,000		209,602		2.43
Phison Electronics Corp.	TWD		13,000		108,254		1.25
					848,896		9.82
Thailand (Cost $76,323)
Kasikornbank PCL NVDR	THB		15,900		75,324		0.87
					75,324		0.87
Turkey (Cost $113,570)
Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.	TRY		43,095		46,367		0.54
Yapi ve Kredi Bankasi A.S.	TRY		60,548		92,629		1.07
					138,996		1.61
United Arab Emirates (Cost $138,640)
Emaar Properties PJSC	AED		100,370		184,602		2.14
					184,602		2.14
Total Common Stock (Cost $7,121,064)					7,043,780		81.49
Preferred Stock
Brazil (Cost $838,634)
Bradespar S.A.	BRL		39,200		96,540		1.12
Braskem S.A. ADR			12,762		181,858		2.10
Itau Unibanco Holding S.A. ADR			32,800		312,584		3.62
Suzano Papel e Celulose S.A., Class A	BRL		67,400		257,313		2.98
					848,295		9.82
Colombia (Cost $106,822)
Avianca Holdings S.A. ADR			10,003		58,117		0.67
					58,117		0.67
Total Preferred Stock (Cost $945,456)					906,412		10.49
Equity-Linked Securities
India (Cost $529,747)
Adani Ports and Special Economic Zone Ltd., Issued by JP Morgan Structured Products B.V.			42,395		151,746		1.75

See accompanying notes to the financial statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)	Shares		Value		% of Net Assets
India - (continued)
Axis Bank Ltd., Issued by Merrill Lynch International & Co.			21,410	$	151,766		1.76
Bharat Petroleum Corp. Ltd., Issued by JP Morgan Structured Products B.V.			6,980		103,063		1.19
Shriram Transport Finance Co. Ltd., Issued by JP Morgan Structured Products B.V.			5,003		70,943		0.82
Tech Mahindra Ltd., Issued by JP Morgan Structured Products B.V.			13,616		99,476		1.15
					576,994		6.67
Total Equity-Linked Securities (Cost $529,747)					576,994		6.67
Total Investments (Total Cost $8,596,267)					8,527,186		98.65
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					116,513		1.35
Net Assets				$	8,643,699		100.00

⁽¹⁾  Par values are stated in 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.

⁽³⁾  Restricted security that has been deemed illiquid. At April 30, 2016, the value of this restricted illiquid security amounted to $118,027 or 1.4% of net assets. Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISITION DATE	ACQUISITION COST
Reliance Industries Ltd. GDR	08/03/2015	$116,141

Percentages shown are based on net assets.

At April 30, 2016, the industry sectors for the Ashmore Emerging Markets Equity Fund were:

Sector	Percentage of Net Assets
Consumer Discretionary		1.9%
Energy		13.5
Financials		34.5
Health Care		1.2
Industrials		6.5
Information Technology		22.8
Materials		17.7
Utilities		0.6
Total Investments		98.7
Other Assets Less Liabilities		1.3
Net Assets		100.0%

See accompanying notes to the financial statements.

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ASHMORE EMERGING MARKETS VALUE FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

The inputs or 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, as of April 30, 2016.

	Level 1		Level 2		Level 3	Total
Investments
Assets:
Common Stock
Argentina	$	221,575	$	—	$ —	$	221,575
Brazil		252,322		—	—		252,322
China		426,141		1,860,218	—		2,286,359
Czech Republic		—		41,432	—		41,432
India		—		118,027	—		118,027
Indonesia		—		161,276	—		161,276
Mexico		653,861		—	—		653,861
Peru		189,046		—	—		189,046
Russian Federation		171,461		421,181	—		592,642
South Africa		192,871		—	—		192,871
South Korea		—		1,086,551	—		1,086,551
Taiwan		—		848,896	—		848,896
Thailand		—		75,324	—		75,324
Turkey		—		138,996	—		138,996
United Arab Emirates		—		184,602	—		184,602
Total Common Stock		2,107,277		4,936,503	—		7,043,780
Preferred Stock
Brazil		848,295		—	—		848,295
Colombia		58,117		—	—		58,117
Total Preferred Stock		906,412		—	—		906,412
Equity-Linked Securities
India		—		576,994	—		576,994
Total Investments	$	3,013,689	$	5,513,497	$ —	$	8,527,186

The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At April 30, 2016, the Fund had transfers as disclosed below:

Transfers from Level 1 to Level 2

Country	Value	Reason
Common Stocks
China	$1,447,382	Fair value factor was applicable in the current period.
Czech Republic	41,432	Fair value factor was applicable in the current period.
India	118,027	Fair value factor was applicable in the current period.
Indonesia	85,530	Fair value factor was applicable in the current period.
South Korea	679,736	Fair value factor was applicable in the current period.
Taiwan	373,579	Fair value factor was applicable in the current period.
Thailand	75,324	Fair value factor was applicable in the current period.
Turkey	92,629	Fair value factor was applicable in the current period.
Total	$2,913,639

See accompanying notes to the financial statements.

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ASHMORE EMERGING MARKETS VALUE FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

At April 30, 2016, for U.S. federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation/(depreciation) on investments in securities (including the effects of foreign currency translation) and the cost basis of investments were as follows:

Federal tax cost of investments	$	8,739,759
Gross tax appreciation of investments		575,435
Gross tax depreciation of investments		(788,008)
Net tax depreciation of investments		$(212,573)

The difference between book basis and tax basis net unrealized appreciation or depreciation is attributable primarily to the tax deferral of losses on wash sales.

See accompanying notes to the financial statements.

109

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2016 (Unaudited)

	Currency(1)	Shares		Value		% of Net Assets
Common Stock
Argentina (Cost $763,019)
IRSA Inversiones y Representaciones S.A. ADR			22,923	$	339,948		1.12
Pampa Energia S.A. ADR			19,002		388,781		1.29
					728,729		2.41
Brazil (Cost $2,475,573)
Adecoagro S.A.			84,153		897,071		2.96
Cosan S.A. Industria e Comercio	BRL		58,400		540,657		1.79
SLC Agricola S.A.	BRL		93,600		422,381		1.40
Tereos Internacional S.A.	BRL		4,300		72,078		0.24
Tupy S.A.	BRL		73,300		290,920		0.96
					2,223,107		7.35
Chile (Cost $1,254,998)
Cia Sud Americana de Vapores S.A.	CLP		9,299,655		195,797		0.64
Vina Concha y Toro S.A.	CLP		430,259		722,487		2.39
					918,284		3.03
China (Cost $7,687,578)
Boer Power Holdings Ltd.	HKD		559,000		313,103		1.03
China Lesso Group Holdings Ltd.	HKD		544,000		298,811		0.99
China Machinery Engineering Corp., Class H	HKD		691,000		468,016		1.55
Far East Horizon Ltd.	HKD		612,000		482,231		1.59
Greatview Aseptic Packaging Co. Ltd.	HKD		562,000		284,533		0.94
Huadian Fuxin Energy Corp. Ltd., Class H	HKD		798,000		173,976		0.58
Ju Teng International Holdings Ltd.	HKD		1,863,000		833,721		2.76
Kingsoft Corp. Ltd.	HKD		191,000		438,779		1.45
Minth Group Ltd.	HKD		188,000		491,022		1.62
Noah Holdings Ltd. ADR			12,000		294,960		0.98
Shenzhen Investment Ltd.	HKD		1,158,000		466,887		1.54
Sinovac Biotech Ltd.			29		183		—
Sunac China Holdings Ltd.	HKD		1,381,000		881,661		2.91
Tarena International, Inc. ADR			27,962		309,819		1.02
Technovator International Ltd.	HKD		306,000		154,713		0.51
Xinchen China Power Holdings Ltd.	HKD		981,000		152,348		0.50
					6,044,763		19.97
Colombia (Cost $361,808)
Gran Tierra Energy, Inc.			148,100		438,376		1.45
					438,376		1.45
Indonesia (Cost $206,819)
Berlian Laju Tanker Tbk PT	IDR		4,428,000		16,452		0.06
Mitra Adiperkasa Tbk PT	IDR		469,300		149,250		0.49
					165,702		0.55
Mexico (Cost $2,337,286)
Credito Real S.A.B. de C.V. SOFOM E.R.	MXN		375,372		827,995		2.74
Grupo Aeromexico S.A.B. de C.V.	MXN		106,600		243,131		0.80
Grupo Famsa S.A.B. de C.V., Series A	MXN		136,382		103,210		0.34
Grupo Lamosa S.A.B. de C.V.	MXN		99,485		210,481		0.70
Grupo Simec S.A.B. de C.V., Series B	MXN		182,662		609,417		2.01
Vitro S.A.B. de C.V., Series A	MXN		143,058		494,248		1.63
					2,488,482		8.22
Pakistan (Cost $390,363)
D.G. Khan Cement Co. Ltd.	PKR		266,600		444,230		1.47
					444,230		1.47

See accompanying notes to the financial statements.

110

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)	Shares		Value		% of Net Assets
Philippines (Cost $284,243)
Century Properties Group, Inc.	PHP		10,027,001	$	117,552		0.39
					117,552		0.39
Poland (Cost $258,855)
Kernel Holding S.A.	PLN		20,372		274,726		0.91
					274,726		0.91
Russian Federation (Cost $1,343,247)
Aeroflot - Russian Airlines PJSC	RUB		199,560		239,065		0.79
Aeroflot - Russian Airlines PJSC (Moscow Exchange)			449,700		537,925		1.78
LSR Group PJSC GDR (Registered)			279,939		630,589		2.08
					1,407,579		4.65
South Africa (Cost $175,887)
JSE Ltd.	ZAR		15,104		175,069		0.58
					175,069		0.58
South Korea (Cost $3,112,720)
AfreecaTV Co. Ltd.	KRW		5,542		140,540		0.46
Com2uSCorp	KRW		4,132		468,054		1.55
Cosmax, Inc.	KRW		3,960		486,352		1.61
DuzonBizon Co. Ltd.	KRW		11,729		255,924		0.84
Hyundai Mipo Dockyard Co. Ltd.	KRW		8,821		564,189		1.86
Interpark Corp.	KRW		17,139		292,773		0.97
LIG Nex1 Co. Ltd.	KRW		3,625		283,463		0.94
Modetour Network, Inc.	KRW		14,611		371,511		1.23
Viatron Technologies, Inc.	KRW		13,404		336,258		1.11
					3,199,064		10.57
Taiwan (Cost $5,147,011)
AcBel Polytech, Inc.	TWD		582,000		427,337		1.41
Altek Corp.	TWD		145,900		108,998		0.36
AU Optronics Corp.	TWD		3,001,000		871,205		2.88
Capital Securities Corp.	TWD		135,000		35,558		0.12
Casetek Holdings Ltd.	TWD		100,000		447,851		1.48
Chipbond Technology Corp.	TWD		238,000		316,126		1.05
Egis Technology, Inc.	TWD		206,244		883,629		2.92
Fulgent Sun International Holding Co. Ltd.	TWD		376,000		721,372		2.38
MPI Corp.	TWD		237,000		512,108		1.69
On-Bright Electronics, Inc.	TWD		85,000		447,461		1.48
					4,771,645		15.77
Thailand (Cost $879,647)
Amata Corp. PCL (Registered)	THB		1,061,700		361,702		1.19
Supalai PCL (Registered)	THB		887,200		520,687		1.72
					882,389		2.91
Turkey (Cost $1,075,260)
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S., Class D	TRY		1,014,755		536,604		1.78
Tekfen Holding A.S.	TRY		303,400		648,505		2.14
					1,185,109		3.92
Total Common Stock (Cost $27,754,314)					25,464,806		84.15
Preferred Stock
Brazil (Cost $1,266,028)
Banco ABC Brasil S.A.	BRL		132,893		457,885		1.51
Bradespar S.A.	BRL		138,500		341,091		1.13

See accompanying notes to the financial statements.

111

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)	Shares		Value		% of Net Assets
Brazil - (continued)
Suzano Papel e Celulose S.A., Class A	BRL		126,000	$	481,029		1.59
					1,280,005		4.23
Colombia (Cost $1,016,397)
Avianca Holdings S.A. ADR			91,980		534,404		1.77
					534,404		1.77
Total Preferred Stock (Cost $2,282,425)					1,814,409		6.00
Equity-Linked Securities
India (Cost $2,346,908)
Arvind Ltd., Issued by JP Morgan Structured Products			140,887		586,986		1.94
Balrampur Chini Mills Ltd., Issued by Merrill Lynch International & Co.			453,904		729,867		2.41
Gujarat Pipavav Port Ltd., Issued by Merrill Lynch International & Co.			185,397		475,221		1.57
MT Educare Ltd., Issued by Merrill Lynch International & Co.			137,117		348,613		1.15
Persistent Systems Ltd., Issued by JP Morgan Structured Products			12,843		143,323		0.48
Union Bank of India, Issued by JP Morgan Structured Products			200,001		381,847		1.26
					2,665,857		8.81
Total Equity-Linked Securities (Cost $2,346,908)					2,665,857		8.81
Total Investments (Total Cost $32,383,647)					29,945,072		98.96
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					314,791		1.04
Net Assets				$	30,259,863		100.00

⁽¹⁾ Par values are stated in United States Dollars unless otherwise noted below.

Percentages shown are based on net assets.

See accompanying notes to the financial statements.

112

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

At April 30, 2016, the Ashmore Emerging Markets Small-Cap Equity 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)
05/04/2016	Brown Brothers Harriman	South African Rand	641,537	United States Dollar	44,228	$	799
05/05/2016	Brown Brothers Harriman	South African Rand	641,213	United States Dollar	44,466		528
05/06/2016	Brown Brothers Harriman	South African Rand	416,040	United States Dollar	29,175		12
05/09/2016	Brown Brothers Harriman	South African Rand	825,081	United States Dollar	57,854		(9)
Total						$	1,330

At April 30, 2016, the industry sectors for the Ashmore Emerging Markets Small-Cap Equity Fund were:

Sector	Percentage of Net Assets
Consumer Discretionary		13.0%
Consumer Staples		11.9
Energy		3.2
Financials		19.8
Industrials		18.0
Information Technology		20.7
Materials		10.5
Utilities		1.9
Total Investments		99.0
Other Assets Less Liabilities		1.0
Net Assets		100.0%

See accompanying notes to the financial statements.

113

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

The inputs or 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, 2016:

	Level 1		Level 2			Level 3		Total
Investments
Assets:
Common Stock
Argentina	$	728,729	$	—		$	—	$	728,729
Brazil		2,223,107		—			—		2,223,107
Chile		918,284		—			—		918,284
China		604,963		5,439,800			—		6,044,763
Colombia		438,376		—			—		438,376
Indonesia		—		149,250			16,452		165,702
Mexico		2,488,482		—			—		2,488,482
Pakistan		—		444,230			—		444,230
Philippines		—		117,552			—		117,552
Poland		—		274,726			—		274,726
Russian Federation		859,441		548,138			—		1,407,579
South Africa		—		175,069			—		175,069
South Korea		—		3,199,064			—		3,199,064
Taiwan		—		4,771,645			—		4,771,645
Thailand		—		882,389			—		882,389
Turkey		—		1,185,109			—		1,185,109
Total Common Stock		8,261,382		17,186,972			16,452		25,464,806
Preferred Stock
Brazil		1,280,005		—			—		1,280,005
Colombia		534,404		—			—		534,404
Total Preferred Stock		1,814,409		—			—		1,814,409
Equity-Linked Securities
India		—		2,665,857			—		2,665,857
Total Investments	$	10,075,791	$	19,852,829		$	16,452	$	29,945,072
Other Financial Instruments
Assets:
Forward Foreign Currency Exchange
Contracts	$	—	$	1,339		$	—	$	1,339
Liabilities:
Forward Foreign Currency Exchange
Contracts		—		(9	)		—		(9	)
Total Other Financial Instruments	$	—	$	1,330		$	—	$	1,330

See accompanying notes to the financial statements.

114

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At April 30, 2016, the Fund had transfers as disclosed below:

Transfers from Level 1 to Level 2

Country	Value		Reason
Common Stocks
China		$  4,225,466	Fair value factor was applicable in the current period.
Indonesia		149,250	Fair value factor was applicable in the current period.
Pakistan		444,230	Fair value factor was applicable in the current period.
Philippines		117,552	Fair value factor was applicable in the current period.
Poland		274,726	Fair value factor was applicable in the current period.
Russian Federation		548,138	Fair value factor was applicable in the current period.
South Korea		1,132,337	Fair value factor was applicable in the current period.
Taiwan		2,589,474	Fair value factor was applicable in the current period.
Turkey		1,185,109	Fair value factor was applicable in the current period.
Total		$10,666,282

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

Category and Subcategory	Beginning Balance at 10/31/2015	Purchases	Sales	Realized Gains (Losses)	Change in Unrealized Appreciation (Depreciation)	Transfer into Level 3	Transfer out of Level 3	Ending Balance at 04/30/2016	Change in Unrealized Appreciation (Depreciation) from Investments still held at 04/30/2016
Investments, at value
Common Stock	$15,852	$ —	$ —	$ —	$600	$ —	$ —	$16,452	$600
Total	$15,852	$ —	$ —	$ —	$600	$ —	$ —	$16,452	$600

See the table on “Quantitative information about Fair Value measurements” for information on the valuation techniques and inputs used to value Level 3 securities at April 30, 2016.

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at 04/30/2016	Valuation Technique	Unobservable Input	Actual
Common Stock	$16,452	Discount from last traded price	Discount Percentage	75%

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. The increase in discount percentage reduced the value of the security.

See accompanying notes to the financial statements.

115

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (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, 2016:

	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange
Unrealized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Unrealized Gain on Forward Foreign Currency Exchange Contracts	$    1,330

* See note 10 in the Notes to the Financial Statements for additional information.

At April 30, 2016, for U.S. federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation/(depreciation) on investments in securities (including the effects of foreign currency translation) and the cost basis of investments were as follows:

Federal tax cost of investments	$	32,688,048
Gross tax appreciation of investments		1,989,570
Gross tax depreciation of investments		(4,732,546)
Net tax depreciation of investments	$	(2,742,976)

The difference between book basis and tax basis net unrealized appreciation or depreciation is attributable primarily to the tax deferral of losses on wash sales and other transactions.

See accompanying notes to the financial statements.

116

ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2016 (Unaudited)

	Currency(1)	Shares		Value		% of Net Assets
Common Stock
Argentina (Cost $5,568,954)
Banco Macro S.A. ADR			25,232	$	1,580,280		3.21
BBVA Banco Frances S.A. ADR			47,149		994,844		2.02
Grupo Financiero Galicia S.A. ADR			55,739		1,586,889		3.23
Pampa Energia S.A. ADR			48,359		989,425		2.01
YPF S.A. ADR			69,949		1,409,473		2.87
					6,560,911		13.34
Bangladesh (Cost $851,299)
Islami Bank Bangladesh Ltd.	BDT		2,777,274		784,504		1.59
					784,504		1.59
Colombia (Cost $428,299)
Gran Tierra Energy, Inc.			172,200		509,712		1.04
					509,712		1.04
Egypt (Cost $3,094,292)
Commercial International Bank Egypt S.A.E. GDR (Registered)			299,508		1,117,581		2.27
Eastern Tobacco	EGP		54,389		1,101,812		2.24
Integrated Diagnostics Holdings PLC(2)			152,620		711,529		1.45
					2,930,922		5.96
Indonesia (Cost $785,085)
Pakuwon Jati Tbk PT	IDR		26,845,400		1,065,586		2.17
					1,065,586		2.17
Kazakhstan (Cost $2,942,336)
Halyk Savings Bank of Kazakhstan JSC GDR (Registered)			428,620		1,543,084		3.14
					1,543,084		3.14
Kenya (Cost $850,554)
KCB Group Ltd.	KES		2,016,500		827,442		1.68
					827,442		1.68
Kuwait (Cost $6,470,186)
Agility Public Warehousing Co. K.S.C.	KWD		212,835		357,882		0.73
Kuwait Food Co. Americana S.A.K.	KWD		125,849		1,014,077		2.06
Mabanee Co. S.A.K.	KWD		404,492		1,154,079		2.35
Mobile Telecommunications Co. K.S.C.	KWD		697,615		808,533		1.64
National Bank of Kuwait S.A.K.P.	KWD		1,033,902		2,300,711		4.68
National Gulf Holding(3)	KWD		167,379		—		—
					5,635,282		11.46
Nigeria (Cost $1,104,966)
Zenith Bank PLC	NGN		16,416,512		651,523		1.32
					651,523		1.32
Oman (Cost $1,212,585)
Bank Muscat S.A.O.G.	OMR		1,176,854		1,245,793		2.53
					1,245,793		2.53
Pakistan (Cost $9,071,524)
Bank Al Habib Ltd.	PKR		1,000,500		400,112		0.81
D.G. Khan Cement Co. Ltd.	PKR		1,029,400		1,715,267		3.49
Engro Corp. Ltd.	PKR		433,100		1,292,130		2.63
Hub Power (The) Co. Ltd.	PKR		1,041,500		1,079,438		2.20
K-Electric Ltd.	PKR		14,402,500		989,398		2.01
Maple Leaf Cement Factory Ltd.	PKR		594,000		542,340		1.10
Oil & Gas Development Co. Ltd.	PKR		728,800		907,882		1.85
Pakistan Oilfields Ltd.	PKR		515,400		1,565,961		3.18

See accompanying notes to the financial statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

	Currency(1)		Shares		Value		% of Net Assets
Pakistan - (continued)
United Bank Ltd.		PKR		831,300	$	1,299,966		2.64
						9,792,494		19.91
Peru (Cost $1,087,694)
Credicorp Ltd.				10,200		1,483,284		3.01
						1,483,284		3.01
Philippines (Cost $964,978)
Cosco Capital, Inc.		PHP		5,864,100		991,613		2.02
						991,613		2.02
Poland (Cost $1,324,868)
Kernel Holding S.A.		PLN		105,315		1,420,222		2.89
						1,420,222		2.89
Sri Lanka (Cost $2,385,157)
John Keells Holdings PLC		LKR		1,033,333		1,096,143		2.23
Sampath Bank PLC		LKR		499,471		795,279		1.61
						1,891,422		3.84
United Arab Emirates (Cost $7,002,264)
Agthia Group PJSC		AED		475,199		1,006,163		2.05
Dubai Islamic Bank PJSC		AED		607,452		965,492		1.96
Emaar Properties PJSC		AED		1,142,005		2,100,396		4.27
Emirates NBD PJSC		AED		863,739		1,937,151		3.94
NMC Health PLC		GBP		86,092		1,319,048		2.68
						7,328,250		14.90
Vietnam (Cost $2,235,486)
Military Commercial Joint Stock Bank		VND		1,784,530		1,208,728		2.46
Petrovietnam Fertilizer & Chemicals JSC		VND		690,780		913,398		1.85
						2,122,126		4.31
Total Common Stock (Cost $47,380,527)						46,784,170		95.11
Preferred Stock
Colombia (Cost $1,078,146)
Banco Davivienda S.A.		COP		127,714		1,203,305		2.45
						1,203,305		2.45
Total Preferred Stock (Cost $1,078,146)						1,203,305		2.45
Total Investments (Total Cost $48,458,673)						47,987,475		97.56
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)						1,202,329		2.44
Net Assets					$	49,189,804		100.00

⁽¹⁾  Par values are stated in 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.

⁽³⁾  Security has been deemed worthless and is a Level 3 investment.

Percentages shown are based on net assets.

See accompanying notes to the financial statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

At April 30, 2016, the industry sectors for the Ashmore Emerging Markets Frontier Equity Fund were:

Sector	Percentage of Net Assets
Consumer Discretionary	2.1%
Consumer Staples	9.2
Energy	8.9
Financials	53.4
Health Care	4.1
Industrials	3.0
Materials	9.1
Telecommunication Services	1.6
Utilities	6.2
Total Investments	97.6
Other Assets Less Liabilities	2.4
Net Assets	100.0%

The inputs or 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, which are carried at fair value, as of April 30, 2016:

	Level 1		Level 2		Level 3	Total
Investments
Assets:
Common Stock
Argentina	$	6,560,911	$	—	$ —	$	6,560,911
Bangladesh		—		784,504	—		784,504
Colombia		509,712		—	—		509,712
Egypt		1,101,812		1,829,110	—		2,930,922
Indonesia		—		1,065,586	—		1,065,586
Kazakhstan		—		1,543,084	—		1,543,084
Kenya		—		827,442	—		827,442
Kuwait		—		5,635,282	—		5,635,282
Nigeria		—		651,523	—		651,523
Oman		—		1,245,793	—		1,245,793
Pakistan		—		9,792,494	—		9,792,494
Peru		1,483,284		—	—		1,483,284
Philippines		—		991,613	—		991,613
Poland		—		1,420,222	—		1,420,222
Sri Lanka		—		1,891,422	—		1,891,422
United Arab Emirates		—		7,328,250	—		7,328,250
Vietnam		—		2,122,126	—		2,122,126
Total Common Stock		9,655,719		37,128,451	—		46,784,170
Preferred Stock
Colombia		1,203,305		—	—		1,203,305
Total Preferred Stock		1,203,305		—	—		1,203,305
Total Investments	$	10,859,024	$	37,128,451	$ —	$	47,987,475

See accompanying notes to the financial statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At April 30, 2016, the Fund had transfers as disclosed below:

Transfers from Level 1 to Level 2

Country	Value		Reason
Common Stocks
Bangladesh		$     784,504	Fair value factor was applicable in the current period.
Indonesia		1,065,586	Fair value factor was applicable in the current period.
Kazakhstan		1,543,084	Fair value factor was applicable in the current period.
Kenya		827,442	Fair value factor was applicable in the current period.
Kuwait		5,635,282	Fair value factor was applicable in the current period.
Pakistan		6,018,685	Fair value factor was applicable in the current period.
Philippines		991,613	Fair value factor was applicable in the current period.
Poland		1,420,222	Fair value factor was applicable in the current period.
Sri Lanka		1,891,422	Fair value factor was applicable in the current period.
United Arab Emirates		2,902,643	Fair value factor was applicable in the current period.
Vietnam		913,398	Fair value factor was applicable in the current period.
Total		$23,993,881

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, 2016:

	Derivatives Not Accounted for as Hedging  Instruments
	Foreign Exchange
Liabilities:
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	$            (168)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2016:

	Derivatives Not Accounted for as Hedging  Instruments
	Foreign Exchange
Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Loss on Forward Foreign Currency Exchange Contracts	$                (3,871)

^* See note 10 in the Notes to the Financial Statements for additional information.

At April 30, 2016, for U.S. federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation/(depreciation) on investments in securities (including the effects of foreign currency translation) and the cost basis of investments were as follows:

Federal tax cost of investments	$	48,597,341
Gross tax appreciation of investments		3,781,683
Gross tax depreciation of investments		(4,391,549)
Net tax depreciation of investments	$	(609,866)

The difference between book basis and tax basis net unrealized appreciation or depreciation is attributable primarily to the tax deferral of losses on wash sales and other transactions.

See accompanying notes to the financial statements.

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As of April 30, 2016 (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 investment management company. The Trust follows accounting and reporting guidance under Financial Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.” The Trust includes nine funds as of April 30, 2016, each with its own investment objective. The Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Hard Currency Debt Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Corporate Debt Fund, Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Equity Opportunities Fund, Ashmore Emerging Markets Value Fund, Ashmore Emerging Markets Small-Cap Fund, and Ashmore Emerging Markets Frontier Equity 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. Effective November 8, 2015, the Ashmore Emerging Markets Debt Fund changed its name to the Ashmore Emerging Markets Hard Currency Debt Fund and made certain related changes to its principle investment strategies. On November 23, 2015, the Trust launched the Ashmore Emerging Markets Equity Opportunities Fund by offering Class A, Class C and Institutional Class shares of the Fund. Effective February 29, 2016, the Ashmore Emerging Markets Equity Fund changed its name to the Ashmore Emerging Markets Value Fund.

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”). The Investment Manager has retained Ashmore Equities Investment Management (US) LLC (“AEIM” or the “Subadviser”) to manage the investment portfolios of Ashmore Emerging Markets Value Fund, Ashmore Emerging Markets Small-Cap Equity Fund and Ashmore Emerging Markets Frontier Equity Fund. The Subadviser is responsible for managing the investment of the assets of Ashmore Emerging Markets Value Fund, Ashmore Emerging Markets Small-Cap Equity Fund and Ashmore Emerging Markets Frontier Equity Fund, subject to the general oversight and supervision of the Investment Manager and the Board of Trustees of the Trust (the “Board”). 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.

The Funds have assessed the impact of the Alternative Investment Fund Managers Directive (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 being (i) a Non-EEA AIF (“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

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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 unlisted derivative instruments require the use of a number of market based assumptions.

(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. Market values for securities and other instruments are generally determined on the basis of closing prices or the last reported sales prices on an exchange or other market, or if no closing prices or sales are reported, based on quotes or other market information obtained from a quotation reporting system, established market makers, or pricing services. 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 services using data reflecting the earlier closing of the principal markets for those securities (e.g., certain foreign securities). Prices obtained from independent pricing services are based on information provided by market makers or estimates of market values obtained from yield data relating 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. 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 investment management companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.

If a Fund believes a 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. A Fund may determine the fair value of investments 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 Fund 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. A Fund 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.

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As of April 30, 2016 (Unaudited)

In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the Board’s approved valuation methods, the fair value of the security or asset will be determined in good faith by the Board, generally based upon recommendations provided by the Investment Manager and the Subadviser, as applicable. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to a Fund’s NAV calculation time, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. A Fund may also determine that market quotations are not readily available due to events relating to a single issuer (e.g., corporate actions or announcements) or events relating to multiple issuers (e.g., governmental actions or natural disasters). The Board has delegated to the Investment Manager and the Subadviser, as applicable, the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events.

The Investment Manager and the Sub-Adviser, as applicable, primarily employ 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 the investment. The Investment Manager and the Sub-Adviser, as applicable, 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.

When a Fund uses fair value pricing to determine the NAV of its shares, securities may not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at its direction believe accurately reflects fair value. Fair value pricing may require subjective determinations about the value of a security or asset. While the Funds’ policies 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 determined by the Board or persons acting at their direction accurately reflects 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. Also, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets held by the Fund for the purpose of calculating the NAV of the Fund’s shares.

(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.

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.

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) Fully funded total return swaps

Each Fund is subject to market risk in the normal course of pursuing its investment objectives. Certain Funds enter into fully funded total return swaps (“TRS”) to manage their exposure to the market, certain sectors of the market or a particular security or reference asset, or to create exposure to certain investments to which they would otherwise not be exposed. TRS contracts involve the exchange by a Fund and a counterparty of their respective commitments to pay or receive a net amount based, in part, on the change in the value of a notional amount of a particular security, index or reference asset.

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Where a Fund enters into a TRS transaction with a swap counterparty, pursuant to which the Fund makes an initial payment equal to the estimated value of an emerging market debt or equity security, loan or other financial instrument, the TRS is considered an investment for financial statement purposes and is accounted for using the same policies as would apply to the underlying assets it represents. In addition to the market risk of the underlying security, index or reference asset, there is a risk of default by the counterparty to the transaction.

(g) Equity-Linked Securities

Certain Funds may purchase equity-linked securities, also known as participation notes. Equity-linked securities are primarily used by the Funds as an alternate means to access what is generally an emerging securities market. A Fund deposits cash with its custodian (or broker) in an amount near or equal to the value of the underlying security in exchange for an equity linked security. Upon sale, the Fund receives cash from the broker or custodian, equal to the value of the underlying security. In addition to the market risk and credit risk of the underlying securities, there is a risk of default by the counterparty to the transaction. In the event of insolvency of the counterparty, a Fund might be unable to obtain its expected benefit. In addition, while the Funds will seek to enter into such transactions only with parties that are capable of entering into closing transactions with a Fund, there can be no assurance that a Fund will be able to close out such a transaction with the counterparty or obtain an offsetting position with any counterparty at a time prior to the end of the term of the underlying agreement.

(h) 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, 2016, all inflation-indexed bonds were shown on the Statement of Investments with their original par and stated coupon rate.

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

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As of April 30, 2016 (Unaudited)

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.

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.

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.

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As of April 30, 2016 (Unaudited)

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 services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from independent pricing services are based on 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.

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 investment management companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing. Investments in privately held investment funds will be valued based upon the NAVs of such investments and are categorized as Level 2 of the fair value hierarchy. Investments in public open-end investment funds are categorized as Level 2.

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.

5. Reverse repurchase agreements

Certain Funds may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. The Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund.

As of April 30, 2016, the Funds did not hold any reverse repurchase agreements.

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6. Capital share transactions

Transactions in Class A shares for the period ended April 30, 2016, 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		238,200	$	1,754,888		7,145	$	51,664		(244,798	)	$	(1,734,655	)		547		$	71,897
Ashmore Emerging Markets Hard Currency Debt Fund		13,532		110,371		64		526		(46	)		(364	)		13,550			110,533
Ashmore Emerging Markets Local Currency Bond Fund		760		5,202		93		603		(171	)		(1,200	)		682			4,605
Ashmore Emerging Markets Corporate Debt Fund		400,283		2,905,748		18,665		133,801		(255,016	)		(1,882,778	)		163,932			1,156,771
Ashmore Emerging Markets Short Duration Fund		3,879		34,800		1,032		9,556		(13,223	)		(123,722	)		(8,312	)		(79,366	)
Ashmore Emerging Markets Equity Opportunities Fund		1,000		10,000		6		61		-			-			1,006			10,061
Ashmore Emerging Markets Small-Cap Equity Fund		30,844		224,584		444		3,483		(6,245	)		(49,997	)		25,043			178,070
Ashmore Emerging Markets Frontier Equity Fund		2,665		19,760		55		406		-			-			2,720			20,166
Transactions in Class C shares for the period ended April 30, 2016, 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		35,163	$	253,780		1,551	$	11,155		(26,471	)	$	(187,011	)		10,243		$	77,924
Ashmore Emerging Markets Hard Currency Debt Fund		6,280		51,001		6		48		(6,158	)		(49,280	)		128			1,769
Ashmore Emerging Markets Local Currency Bond Fund		3,587		25,001		82		532		-			-			3,669			25,533
Ashmore Emerging Markets Corporate Debt Fund		165,468		1,198,395		9,763		69,882		(91,814	)		(662,748	)		83,417			605,529
Ashmore Emerging Markets Equity Opportunities Fund		1,000		10,000		5		51		-			-			1,005			10,051
Ashmore Emerging Markets Small-Cap Equity Fund		5,840		44,136		520		4,330		(2,374	)		(19,511	)		3,986			28,955
Ashmore Emerging Markets Frontier Equity Fund		123		902		60		434		-			-			183			1,336

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As of April 30, 2016 (Unaudited)

Transactions in Institutional Class shares for the period ended April 30, 2016, 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		7,357,592	$	54,081,468		2,814,856	$	20,594,764		(10,093,848	)	$	(74,134,568	)		78,600		$	541,664
Ashmore Emerging Markets Hard Currency Debt Fund		128,269		1,035,145		19,208		152,355		(13,831	)		(113,273	)		133,646			1,074,227
Ashmore Emerging Markets Local Currency Bond Fund		371,657		2,530,008		201,696		1,355,355		(2,191,530	)		(14,822,669	)		(1,618,177	)		(10,937,306	)
Ashmore Emerging Markets Corporate Debt Fund		10,005,385		76,818,646		313,998		2,350,688		(12,914,151	)		(97,699,356	)		(2,594,768	)		(18,530,022	)
Ashmore Emerging Markets Short Duration Fund		4,717,651		43,870,614		103,373		965,621		(203,070	)		(1,879,344	)		4,617,954			42,956,891
Ashmore Emerging Markets Equity Opportunities Fund		505,615		5,056,749		3,280		31,609		-			-			508,895			5,088,358
Ashmore Emerging Markets Value Fund		267,809		1,893,187		-		-		(159,210	)		(1,021,696	)		108,599			871,491
Ashmore Emerging Markets Small-Cap Equity Fund		1,048,058		10,067,640		44,260		440,392		(2,390,833	)		(22,909,366	)		(1,298,515	)		(12,401,334	)
Ashmore Emerging Markets Frontier Equity Fund		588,540		5,006,914		61,886		519,163		(576,929	)		(4,892,413	)		73,497			633,664
Transactions in Class A shares for the year ended October 31, 2015, 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		281,985	$	2,208,170		18,874	$	151,369		(861,656	)	$	(6,924,708	)		(560,797	)	$	(4,565,169	)
Ashmore Emerging Markets Hard Currency Debt Fund		62		521		39		320		(4,121	)		(34,577	)		(4,020	)		(33,736	)
Ashmore Emerging Markets Local Currency Bond Fund		1,990		14,124		128		937		-			-			2,118			15,061
Ashmore Emerging Markets Corporate Debt Fund		1,051,616		8,747,215		29,583		238,304		(321,534	)		(2,593,834	)		759,665			6,391,685
Ashmore Emerging Markets Short Duration Fund		24,426		233,026		607		5,786		(638	)		(6,111	)		24,395			232,701
Ashmore Emerging Markets Value Fund		166		1,469		14		106		(103	)		(881	)		77			694
Ashmore Emerging Markets Small-Cap Equity Fund		17,930		165,248		1,998		16,171		(22,829	)		(179,152	)		(2,901	)		2,267
Ashmore Emerging Markets Frontier Equity Fund		20,855		184,873		1,836		15,350		(17,907	)		(150,407	)		4,784			49,816

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As of April 30, 2016 (Unaudited)

Transactions in Class C shares for the year ended October 31, 2015, 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		16,641	$	135,467		2,127	$	16,842		(77,084	)	$	(606,054	)		(58,316	)	$	(453,745	)
Ashmore Emerging Markets Hard Currency Debt Fund		-		-		7		60		—			(1	)		7			59
Ashmore Emerging Markets Local Currency Bond Fund		-		-		170		1,261		(11,556	)		(89,208	)		(11,386	)		(87,947	)
Ashmore Emerging Markets Corporate Debt Fund		390,454		3,209,392		10,344		82,821		(26,558	)		(217,068	)		374,240			3,075,145
Ashmore Emerging Markets Value Fund		-		-		1		6		(1	)		(2	)		-			4
Ashmore Emerging Markets Small-Cap Equity Fund		28,802		285,355		672		5,581		(115	)		(2,190	)		29,359			288,746
Ashmore Emerging Markets Frontier Equity Fund		7,207		58,325		20		163		(411	)		(3,344	)		6,816			55,144
Transactions in Institutional Class shares for the year ended October 31, 2015, 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		24,952,218	$	205,202,753		5,735,829	$	46,293,720		(70,866,061	)	$	(574,199,401	)		(40,178,014	)	$	(322,702,928	)
Ashmore Emerging Markets Hard Currency Debt Fund		3,068		24,540		34,715		283,029		(19	)		(173	)		37,764			307,396
Ashmore Emerging Markets Local Currency Bond Fund		3,255,802		25,527,892		360,809		2,728,864		(3,531,240	)		(27,486,797	)		85,371			769,959
Ashmore Emerging Markets Corporate Debt Fund		26,311,974		225,278,466		539,048		4,510,756		(36,380,738	)		(313,241,806	)		(9,529,716	)		(83,452,584	)
Ashmore Emerging Markets Short Duration Fund		629,661		6,078,581		67,772		633,585		(1,546	)		(14,226	)		695,887			6,697,940
Ashmore Emerging Markets Value Fund		75,640		548,204		6,119		46,574		(159,381	)		(1,307,314	)		(77,622	)		(712,536	)
Ashmore Emerging Markets Small-Cap Equity Fund		1,734,416		19,772,641		151,609		1,538,338		(1,846,463	)		(19,255,004	)		39,562			2,055,975
Ashmore Emerging Markets Frontier Equity Fund		5,483,826		51,905,275		75,083		701,587		(577,275	)		(5,409,544	)		4,981,634			47,197,318

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.

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As of April 30, 2016 (Unaudited)

7. Investment transactions

For the period ended April 30, 2016, the aggregate costs of purchases and proceeds from sales of investments (including fully funded TRS and excluding short-term investments) for the Funds were as follows:

Fund		Purchases		Sales
Ashmore Emerging Markets Total Return Fund	$	224,358,825	$	231,673,539
Ashmore Emerging Markets Hard Currency Debt Fund		3,023,958		1,675,196
Ashmore Emerging Markets Local Currency Bond Fund		17,026,058		28,958,018
Ashmore Emerging Markets Corporate Debt Fund		61,913,736		74,346,683
Ashmore Emerging Markets Short Duration Fund		53,811,199		13,212,755
Ashmore Emerging Markets Equity Opportunities Fund		5,024,061		-
Ashmore Emerging Markets Value Fund		6,555,224		5,803,913
Ashmore Emerging Markets Small-Cap Equity Fund		26,571,848		38,980,987
Ashmore Emerging Markets Frontier Equity Fund		23,664,809		21,339,776

8. 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.

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted on December 22, 2010. The Act made changes to several tax rules affecting the Funds. Although the Act provides several benefits, including the unlimited carryover of future capital losses, there may be a greater likelihood that all, or a portion of a Fund’s pre-enactment capital loss carryovers may expire without being utilized, due to the fact that post-enactment capital losses are utilized before pre-enactment capital loss carryovers.

The following Funds have available capital loss carryforwards for which there is no expiration date:

Fund	Short-Term Capital Loss Carryforward at October 31, 2015			Long-Term Capital Loss Carryforward at October  31, 2015
Ashmore Emerging Markets Total Return Fund	$	(15,162,978	)		$                       (31,128,206	)
Ashmore Emerging Markets Hard Currency Debt Fund		(828,660	)		(23,889	)
Ashmore Emerging Markets Local Currency Bond Fund		(1,948,402	)		(1,120,276	)
Ashmore Emerging Markets Corporate Debt Fund		(4,597,181	)		(9,106,535	)
Ashmore Emerging Markets Short Duration Fund		(65,436	)		-
Ashmore Emerging Markets Equity Opportunities Fund		-			-
Ashmore Emerging Markets Value Fund		(1,709,448	)		(128,759	)
Ashmore Emerging Markets Small-Cap Equity Fund		(1,907,257	)		(811,521	)
Ashmore Emerging Markets Frontier Equity Fund		(811,982	)		(123,464	)

The Funds in the above table may offset future capital gains with these capital loss carryforwards. For the period subsequent to December 31, 2014 through the fiscal year ended October 31, 2015, the Ashmore Emerging Markets Total Return Fund and Ashmore Emerging Markets Local Currency Bond Fund incurred ordinary losses, which each Fund intends to treat as being incurred in the subsequent fiscal year of $13,008,387 and $7,448,362, respectively.

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

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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 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, 2015, 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			Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies			Total Accumulated Earnings (Deficit)
Ashmore Emerging Markets Total Return Fund	$	-	$	-	$	(59,752,185	)	$	(69,251,934	)	$	(129,004,119	)
Ashmore Emerging Markets Hard Currency Debt Fund		-		-		(864,190	)		(351,801	)		(1,215,991	)
Ashmore Emerging Markets Local Currency Bond Fund		-		-		(10,583,704	)		(14,545,384	)		(25,129,088	)
Ashmore Emerging Markets Corporate Debt Fund		-		-		(14,021,150	)		(42,697,908	)		(56,719,058	)
Ashmore Emerging Markets Short Duration Fund		-		-		(88,193	)		(1,314,809	)		(1,403,002	)
Ashmore Emerging Markets Value Fund		-		-		(1,838,539	)		(1,304,308	)		(3,142,847	)
Ashmore Emerging Markets Small-Cap Equity Fund		560,865		-		(2,718,778	)		(5,667,115	)		(7,825,028	)
Ashmore Emerging Markets Frontier Equity Fund		109,785		-		(942,059	)		(2,845,204	)		(3,677,478	)

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As of April 30, 2016 (Unaudited)

The taxable character of distributions paid during the fiscal year ended October 31, 2015, 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	$	-	$	-	$	-	$	48,814,094	$	48,814,094
Ashmore Emerging Markets Hard Currency Debt Fund		262,903		-		-		69,299		332,202
Ashmore Emerging Markets Local Currency Bond Fund		-		-		-		3,524,581		3,524,581
Ashmore Emerging Markets Corporate Debt Fund		23,480,648		1,986,134		-		2,469,373		27,936,155
Ashmore Emerging Markets Short Duration Fund		1,911,867		-		-		21,104		1,932,971
Ashmore Emerging Markets Value Fund		60,098		-		-		2,820		62,918
Ashmore Emerging Markets Small-Cap Equity Fund		356,890		399,095		1,247,441		-		2,003,426
Ashmore Emerging Markets Frontier Equity Fund		283,349		792,229		-		-		1,075,578

9. Distributions to shareholders

The Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Hard Currency Debt Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Corporate Debt Fund and Ashmore Emerging Markets Short Duration Fund declare distributions of their net investment income daily and pay such distributions monthly. The Ashmore Emerging Markets Equity Opportunities Fund, Ashmore Emerging Markets Value Fund, Ashmore Emerging Markets Small-Cap Equity Fund and Ashmore Emerging Markets Frontier Equity 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. 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 8 for further details.

10. Derivative instruments and hedging activities

FASB ASC Topic 815-10 (“Topic 815-10”), Disclosures about Derivative Instruments and Hedging Activities, improves financial reporting about derivative instruments by requiring enhanced 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.

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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.

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) Options

Each Fund is subject to market risk in the normal course of pursuing its investment objectives. The Funds may enter into options to speculate on the price movements of the financial instrument underlying the option, for use as an economic hedge against certain equity positions held in a Fund’s portfolio holdings or for other investment purposes. Purchased option contracts give a Fund the right, but not the obligation, to buy or sell within a limited time, a financial instrument, commodity or currency at a contracted price that may also be settled in cash, based on differentials between specified indices or prices.

Options written obligate a Fund, in return for a premium, to buy or sell within a limited time, a financial instrument, commodity or currency at a contracted price that may also be settled in cash, based on differentials between specified indices or prices. Options written by a Fund may expose a Fund to the market risk of an unfavorable change in the financial instrument underlying the written option.

A Fund is exposed to counterparty risk from the potential that a seller or buyer of an option contract does not sell or purchase the underlying asset as agreed under the terms of the option contract. The maximum risk of loss from counterparty risk to a Fund holding a put or call option is generally the fair value of the contracts and the premiums paid to purchase its open option contracts. The risk of loss on call options sold by the Funds is potentially unlimited. A Fund considers the credit risk of the intermediary counterparties to its option transactions in evaluating potential credit risk.

Gains and losses associated with the valuation of options are recognized at fair value as the net change in unrealized appreciation/(depreciation) on investments in securities in the Statements of Operations. The premium on purchased put options exercised is subtracted from the proceeds of the sale of the underlying security or foreign currency in determining the realized gain or loss. The premium on purchased call options exercised is added to the cost of the securities or foreign currency purchased. Premiums paid on the purchase of options that expire unexercised are recorded as realized losses and are reflected in net realized gain/(loss) on investments in securities in the Statements of Operations.

As of April 30, 2016, the Funds did not hold options contracts.

(b) 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.

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As of April 30, 2016 (Unaudited)

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 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.

As of April 30, 2016, the Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Hard Currency Debt Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Corporate Debt Fund, Ashmore Emerging Markets Short Duration Fund and the Ashmore Emerging Markets Small-Cap Equity Fund had average contract notional exposures of $2,100,207, $6,196, $514,654, $1,664,811, $299,190 and $43,931, respectively, related to forward foreign currency exchange contracts.

(c) 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.

As of April 30, 2016, the Funds did not hold futures contracts.

(d) 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 Statement of Assets and Liabilities.

The periodic payments on the swap agreements entered into by the Funds are reflected in the Statement 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 over the counter 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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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

As of April 30, 2016, the Ashmore Emerging Markets Total Return Fund and Ashmore Emerging Markets Local Currency Bond Fund had average notional exposures of $29,938,530 and $9,223,480, respectively, related to 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.

Offsetting of Financial Assets and Derivative Assets as of April 30, 2016.

(a) Exchange-Traded:

    Centrally Cleared Swaps

Ashmore Emerging Markets Local Currency Bond Fund
Counterparty	Gross Amounts of Derivatives Assets Presented in the Statement of Assets and Liabilities		Gross Amounts of Derivatives Liabilities Presented in the Statement of  Assets and Liabilities			Net Amounts			Collateral (Received) Paid			Net Exposure
BNP Paribas	$	-	$	(9,200	)	$	(9,200	)	$	-		$	(9,200	)
HSBC Bank		21,946		-			21,946			(21,946	)		-
JP Morgan		-		(1,132	)		(1,132	)		-			(1,132	)
Morgan Stanley		-		(439	)		(439	)		-			(439	)
Total	$	21,946	$	(10,771	)	$	11,175		$	(21,946	)	$	(10,771	)

    (b) 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
ANZ Banking	$	754,825	$	-		$	-	$	754,825
Barclays		725,947		(130,727	)		-		595,220
BNP Paribas		1,451,736		(1,019,500	)		-		432,236
Citibank		374,568		(71,034	)		-		303,534
Credit Suisse		234,262		-			-		234,262
Deutsche Bank		327,610		(57,948	)		-		269,662
Goldman Sachs		70,405		(70,405	)		-		-
HSBC Bank		2,133,415		(711,896	)		-		1,421,519
JP Morgan		205,853		(1,379	)		-		204,474
Merrill Lynch		1,360,193		(193,434	)		-		1,166,759
Morgan Stanley		62,863		(62,863	)		-		-
Santander		38,601		-			-		38,601
UBS		120,684		(29,182	)		-		91,502
Total	$	7,860,962	$	(2,348,368	)	$	-	$	5,512,594

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2016 (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
Barclays	$	130,727	$	(130,727	)	$	-	$	-
BNP Paribas		1,019,500		(1,019,500	)		-		-
Citibank		71,034		(71,034	)		-		-
Deutsche Bank		57,948		(57,948	)		-		-
Goldman Sachs		659,784		(70,405	)		-		589,379
HSBC Bank		711,896		(711,896	)		-		-
JP Morgan		1,379		(1,379	)		-		-
Merrill Lynch		193,434		(193,434	)		-		-
Morgan Stanley		114,020		(62,863	)		-		51,157
UBS		29,182		(29,182	)		-		-
Total	$	2,988,904	$	(2,348,368	)	$	-	$	640,536
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
ANZ	$	9,394	$	-		$	-	$	9,394
Barclays		28,858		(19,930	)		-		8,928
BNP Paribas		636,776		(211,329	)		-		425,447
Citibank		156,161		(26,624	)		-		129,537
Deutsche Bank		140,854		(44,889	)		-		95,965
Goldman Sachs		13,434		(366	)		-		13,068
HSBC Bank		445,792		(192,288	)		-		253,504
JP Morgan		51,198		(24,266	)		-		26,932
Merrill Lynch		130,094		(13,393	)		-		116,701
Morgan Stanley		13,185		(13,185	)		-		-
Santander		12,951		-			-		12,951
UBS		47,217		-			-		47,217
Total	$	1,685,914	$	(546,270	)	$	-	$	1,139,644

136

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

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	$	19,930	$	(19,930	)	$	-	$	-
BNP Paribas		211,329		(211,329	)		-		-
Citibank		26,624		(26,624	)		-		-
Credit Suisse		2,442		-			-		2,442
Deutsche Bank		44,889		(44,889	)		-		-
Goldman Sachs		366		(366	)		-		-
HSBC Bank		192,288		(192,288	)		-		-
JP Morgan		24,266		(24,266	)		-		-
Merrill Lynch		13,393		(13,393	)		-		-
Morgan Stanley		47,188		(13,185	)		-		34,003
Total	$	582,715	$	(546,270	)	$	-	$	36,445
Ashmore Emerging Markets Corporate 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
BNP Paribas	$	20,856	$	-		$	-	$	20,856
HSBC Bank		16,505		-			-		16,505
Total	$	37,361	$	-		$	-	$	37,361

11. Related parties

Investment management fees

The Trust has an Investment Management Agreement (the “Agreement”) with the Investment Manager, with whom certain officers and directors 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 Hard Currency Debt Fund		0.90	%
Ashmore Emerging Markets Local Currency Bond Fund		0.95	%
Ashmore Emerging Markets Corporate Debt Fund		1.15	%
Ashmore Emerging Markets Short Duration Fund		0.65	%
Ashmore Emerging Markets Equity Opportunities Fund		0	%
Ashmore Emerging Markets Value Fund		1.15	%
Ashmore Emerging Markets Small-Cap Equity Fund		1.50	%
Ashmore Emerging Markets Frontier Equity Fund		1.50	%

137

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

The Investment Manager has contractually agreed to waive its fees or reimburse each Fund for other expenses until February 28, 2017, to the extent that total operating expenses (other than acquired fund fees and expenses, interest expenses, taxes, extraordinary expenses and certain credits and offset arrangements) for each class of shares of each Fund exceed the rates in the table below, based on each Fund’s average daily net assets. The expense limitation arrangement may be terminated by the Board at any time.

Fund	Class A		Class C		Institutional     Class
Ashmore Emerging Markets Total Return Fund		1.27%		2.02%		1.02%
Ashmore Emerging Markets Hard Currency Debt Fund		1.17%		1.92%		0.92%
Ashmore Emerging Markets Local Currency Bond Fund		1.22%		1.97%		0.97%
Ashmore Emerging Markets Corporate Debt Fund		1.42%		2.17%		1.17%
Ashmore Emerging Markets Short Duration Fund		0.92%		1.67%		0.67%
Ashmore Emerging Markets Equity Opportunities Fund		0.00%		0.00%		0.00%
Ashmore Emerging Markets Value Fund		1.42%		2.17%		1.17%
Ashmore Emerging Markets Small-Cap Equity Fund		1.77%		2.52%		1.52%
Ashmore Emerging Markets Frontier Equity Fund		1.77%		2.52%		1.52%

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 total amounts subject to recovery in fiscal years are shown below:

Fund	2016		2017		2018		2019		Total
Ashmore Emerging Markets Total Return Fund	$	619,476	$	875,987	$	768,326	$	407,344	$	2,671,133
Ashmore Emerging Markets Hard Currency Debt Fund		173,356		165,889		138,561		51,169		528,975
Ashmore Emerging Markets Local Currency Bond Fund		212,015		282,751		255,183		121,670		871,619
Ashmore Emerging Markets Corporate Debt Fund		223,515		296,575		353,990		178,188		1,052,268
Ashmore Emerging Markets Short Duration Fund		-		155,228		192,324		58,966		406,518
Ashmore Emerging Markets Equity Opportunities Fund		-		-		-		69,096		69,096
Ashmore Emerging Markets Value Fund		147,340		217,452		187,166		61,726		613,684
Ashmore Emerging Markets Small-Cap Equity Fund		158,906		328,428		268,940		111,010		867,284
Ashmore Emerging Markets Frontier Equity Fund		-		298,073		243,042		109,823		650,938

Subadviser fees

For the services provided, the Investment Manager pays the Subadviser at the following rates, based on each Fund’s average daily net assets:

Fund	Subadviser Fee
Ashmore Emerging Markets Value Fund	0.92%
Ashmore Emerging Markets Small-Cap Equity Fund	1.20%
Ashmore Emerging Markets Frontier Equity Fund	1.20%

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

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%

Investor Ownership

On November 19, 2010, Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Hard Currency Debt Fund, Ashmore Emerging Markets Local Currency Bond Fund, and Ashmore Emerging Markets Corporate Debt Fund were seeded. On June 22, 2011, Ashmore Emerging Markets Value Fund was seeded. On October 4, 2011, Ashmore Emerging Markets Small-Cap Equity Fund was seeded. On November 5, 2013, Ashmore Emerging Markets Frontier Equity Fund was seeded. On June 24, 2014, Ashmore Emerging Markets Short Duration Fund was seeded. On November 22, 2015, Ashmore Emerging Markets Equity Opportunities Fund was seeded. Each of the Funds was seeded by Ashmore Investments UK Limited, the parent of the Investment Manager. Ashmore Investments UK Limited seeded each Fund with $10 million, except the Ashmore Emerging Markets Total Return Fund, which was seeded with $ 20 million, and the Ashmore Emerging Markets Equity Opportunities Fund and the Ashmore Emerging Markets Frontier Equity Fund, which were seeded with $5 million, respectively.

As of April 30, 2016, Ashmore Investments UK Limited owned the following percentages of the outstanding shares of each Fund:

Fund	Institutional Class
Ashmore Emerging Markets Hard Currency Debt Fund		82.30	%
Ashmore Emerging Markets Short Duration Fund		73.01	%
Ashmore Emerging Markets Equity Opportunities Fund		98.51	%
Ashmore Emerging Markets Value Fund		59.26	%
Ashmore Emerging Markets Frontier Equity Fund		37.55	%

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

In addition to the Ashmore Investments UK 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	5	15.11%, 14.99%, 13.80%, 10.79%, 5.67%
	Class C	6	17.52%, 7.24%, 7.03%, 6.94%, 5.45%, 5.36%
	Class I	6	7.89%, 7.39%, 7.10%, 6.67%, 6.18%, 5.29%
Ashmore Emerging Markets Hard Currency Debt Fund	Class A	7	31.18%, 10.16%, 9.62%, 8.94%, 8.49%, 6.19%, 5.65%
	Class C	1	100.00%
	Class I	2	82.30%, 15.56%
Ashmore Emerging Markets Local Currency Bond Fund	Class A	3	50.72%, 27.65%, 8.97%
	Class C	4	54.56%, 26.58%, 8.08%, 6.74%
	Class I	3	50.98%, 24.65%, 22.73%
Ashmore Emerging Markets Corporate Debt Fund	Class A	3	34.41%, 10.87%, 8.35%
	Class C	1	28.56%
	Class I	1	5.87%

140

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2016 (Unaudited)

Fund	Class	# of Investors Owning > 5% of outstanding Shares	% of Ownership by Investor
Ashmore Emerging Markets Short Duration Fund	Class A	3	55.55%, 21.77%, 12.20%
	Class I	2	73.01%, 22.92%
Ashmore Emerging Markets Equity Opportunities Fund	Class A	1	100.00%
	Class C	1	100.00%
	Class I	1	98.51%
Ashmore Emerging Markets Value Fund	Class A	4	44.66%, 36.24%, 9.69%, 9.41%
	Class C	1	100.00%
	Class I	4	59.26%, 19.38%, 14.29%, 6.84%
Ashmore Emerging Markets Small-Cap Equity Fund	Class A	4	59.54%, 7.04%, 5.55%, 5.45%
	Class C	7	13.93%, 9.75%, 8.86%, 6.39%, 6.19%, 5.64%, 5.57%
	Class I	5	20.99%, 18.29%, 9.58%, 9.50%, 5.62%
Ashmore Emerging Markets Frontier Equity Fund	Class A	5	34.28%, 28.51%, 9.59%, 9.46%, 8.69%
	Class C	4	31.74%, 28.21%, 26.45%, 8.64%
	Class I	2	57.80%, 37.55%

12. 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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ADVISORY AGREEMENT APPROVAL

As of April 30, 2016 (Unaudited)

ADVISORY AGREEMENT APPROVALS

At an in-person meeting of the Board of Trustees of Ashmore Funds (the “Trust”) held on March 22, 2016, 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: (i) the Investment Management Agreement between Ashmore Investment Advisors Limited (“AIAL”) and the Trust, on behalf of each of Ashmore Emerging Markets Corporate Debt Fund, Ashmore Emerging Markets Hard Currency Debt Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Short Duration Fund, and Ashmore Emerging Markets Total Return Fund (the “Non-Subadvised Funds”) and Ashmore Emerging Markets Value Fund, Ashmore Emerging Markets Frontier Equity Fund and Ashmore Emerging Markets Small-Cap Equity Fund (the “Subadvised Funds,” and together with the Non-Subadvised Funds, the “Funds”); and (ii) the Sub-Advisory Agreement between AIAL and Ashmore Equities Investment Management (US) LLC, an affiliate of AIAL (“AEIM”), for the management of the Subadvised Funds (each, an “Agreement,” and collectively, the “Agreements”).

In determining to approve the continuation of the Agreements for a one-year period, the Board considered all factors that it 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 Agreements, 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 Agreements, 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 over the course of several different occasions, without representatives of AIAL present.

Among the information and factors considered by the Board in evaluating the Agreements 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 all of the Funds and by AEIM to the Subadvised 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 Agreements, 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 (iii) with respect to the Subadvised Funds, supervision of the investment management and other services provided by AEIM to the Subadvised Funds; and (iv) 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.

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ADVISORY AGREEMENT APPROVAL (CONTINUED)

As of April 30, 2016 (Unaudited)

AEIM’s Services to the Subadvised Funds

The Board’s consideration of the services provided by AEIM included a review of its senior management, portfolio managers and other personnel providing investment management services to the Subadvised Funds, its investment philosophy, style and processes, its approach to controlling risk, and the quality and extent of its investment capabilities and resources, including, the nature and extent of research it receives from broker-dealers. In their deliberations with respect to the Subadvised Funds, the Board considered AIAL’s relationship with AEIM. The Board also considered AEIM’s breadth and depth of experience and investment results in managing other accounts similar to the Subadvised Funds. The Board reviewed information concerning AEIM’s historical investment results in managing accounts in a manner substantially similar to the Subadvised Funds.

Investment Performance

In considering each Fund’s performance, the Board requested and received from AIAL data compiled by Lipper Inc. (“Lipper”). 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 the Funds in light of their respective investment objectives on a comparable basis relative to the Funds’ peers. The Board received performance information for Institutional Shares for the one-, two- and three-year periods ended December 31, 2015 for each Fund, other than Ashmore Emerging Markets Frontier Equity Fund (which commenced investment operations on November 5, 2013) and Ashmore Emerging Markets Short Duration Fund (which commenced investment operations on June 24, 2014). The Board received performance information for Institutional Shares for the one- and two-year periods ended December 31, 2015 for Ashmore Emerging Markets Frontier Fund and for the one-year period ended December 31, 2015 for Ashmore Emerging Markets Short Duration 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.

Ashmore Emerging Markets Total Return Fund. The Board observed that the Ashmore Emerging Markets Total Return Fund’s performance ranked sixth out of eight, seventh out of seven, and fifth out of five in its peer group for the one-, two- and three-year periods ended December 31, 2015, respectively, while ranking in the fifth quintile (first being the best) in its larger performance universe for each of the same three periods.

Ashmore Emerging Markets Hard Currency Debt Fund. The Board observed that the Ashmore Emerging Markets Hard Currency Debt Fund’s performance ranked first out of six, first out of five, and second out of two in its peer group for the one-, two- and three-year periods ended December 31, 2015, respectively, while ranking in the first, first and second quintiles (first being the best) in its larger performance universe for the same three periods.

Ashmore Emerging Markets Local Currency Bond Fund. The Board observed that the Ashmore Emerging Markets Local Currency Bond Fund’s performance ranked fifth out of six, fourth out of six, and fourth out of five in its peer group for the one-, two- and three-year periods ended December 31, 2015, respectively, while ranking in the fourth quintile (first being the best) in its larger performance universe for each of the same three periods.

Ashmore Emerging Markets Corporate Debt Fund. The Board noted that the Ashmore Emerging Markets Corporate Debt Fund’s performance ranked seventh out of ten, eighth out of nine, and sixth out of seven in its peer group for the one-, two- and three-year periods ended December 31, 2015, respectively, while ranking in the second, fourth and third quintiles (first being the best) in its larger performance universe for the same three periods.

Ashmore Emerging Markets Short Duration Fund. The Board noted that the Ashmore Emerging Markets Short Duration Fund’s performance ranked first out of four in its peer group for the one-year period ended December 31, 2015, while ranking in the first quintile (first being the best) in its larger performance universe for the same period.

Ashmore Emerging Markets Value Fund. The Board observed that Ashmore Emerging Markets Value Fund’s performance ranked twelfth out of twelve, ninth out of nine, and fifth out of five in its peer group for the one-, two- and three-year periods ended December 31, 2015, respectively, while ranking in the fifth quintile (first being the best) in its larger performance universe for each of the same three periods.

143

ASHMORE FUNDS

ADVISORY AGREEMENT APPROVAL (CONTINUED)

As of April 30, 2016 (Unaudited)

Ashmore Emerging Markets Small-Cap Equity Fund. The Board noted that the Ashmore Emerging Markets Small-Cap Equity Fund’s performance ranked second out of eleven, fourth out of seven, and second out of four in its peer group for the one-, two- and three-year periods ended December 31, 2015, respectively, while ranking in the first, second and fourth quintiles (first being the best) in its larger performance universe for the same three periods.

Ashmore Emerging Markets Frontier Equity Fund. The Board noted that the Ashmore Emerging Markets Frontier Equity Fund’s performance ranked first out of five in its peer group for the one- and two-year periods ended December 31, 2015, while ranking in the second and first quintiles (first being the best) in its larger performance universe for the same two periods.

The Board also took into account AIAL’s explanation for the comparative underperformance of certain Funds; specifically that the Funds had exposure to certain types of investments that had underperformed other types of emerging market asset classes and issuers over the relevant time periods. The Board also considered AIAL’s view that the depressed valuations in certain of these underperforming asset classes and issuers had provided what AIAL believed were attractive purchase opportunities that AIAL anticipated would position the Funds well for future returns. The Board also noted AIAL’s and AIEM’s expressed long-term approach to investment management and their favorable longer-term track record in managing accounts having similar strategies to 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. The Board separately concluded that it was satisfied with the nature, extent and quality of services provided to the Subadvised Funds by AEIM and that there was a reasonable basis on which to conclude that the Subadvised Funds would continue to benefit from the services provided by AEIM.

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 gross and net expense ratios (represented by the Funds’ Institutional Shares) to those of the Funds’ peers as determined by Lipper. They 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 Lipper 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, 2017.

With respect to the Subadvised Funds, the Trustees also separately considered the fees paid by AIAL to AEIM in relation to the investment management services provided by AEIM, and the portion of the overall fee retained by AIAL in relation to the supervisory and administrative services provided by AIAL.

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 Short Duration Fund, Ashmore Emerging Markets Hard Currency Debt Fund, and Ashmore Emerging Markets Value Fund. With respect to the remaining Funds, the Board concluded that AIAL’s profitability was not excessive.

In evaluating the terms of the Agreements, the Board also considered the other benefits that may inure to AIAL and AEIM as a result of their relationship with the Funds, such as the reputational benefit derived from serving as investment adviser or subadviser to the Funds.

144

ASHMORE FUNDS

ADVISORY AGREEMENT APPROVAL (CONTINUED)

As of April 30, 2016 (Unaudited)

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 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 only approximately $970 million. 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 grow beyond current levels. The Board noted they intend to monitor each Fund’s asset growth in connection with future reviews of the Funds’ Agreements 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, and the fees to be paid by AIAL to AEIM with respect to the Subadvised Funds, were appropriate in light of the services to be provided by AIAL and AEIM, respectively, the costs to AIAL of operating the Funds, and the Funds’ current and reasonably foreseeable asset levels, and determined that the Agreements should, therefore, be approved.

*  *  *

145

ASHMORE FUNDS

FOR MORE INFORMATION

As of April 30, 2016 (Unaudited)

PORTFOLIO HOLDINGS

The Ashmore Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s Web site at www.sec.gov. You may also review and obtain copies at the SEC’s Public Reference Room in Washington D.C. Information about the Public Reference Room may be obtained by calling 800-SEC-0330. In addition, no later than thirty calendar days after the end of each calendar quarter, a list of all portfolio holdings in each Fund as of the end of such calendar quarter is made available at www.ashmoregroup.com.

PROXY VOTING

Ashmore Funds’ Proxy Voting Policies and Procedures and each Fund’s portfolio securities voting record for the most recent 12-month period ended June 30 are available upon request and without charge by visiting the Ashmore Funds’ Web site at www.ashmoregroup.com or the SEC’s Web site at www.sec.gov or by calling 866-876-8294.

146

ASHMORE FUNDS

PRIVACY POLICY

We consider customer privacy to be a fundamental aspect of our relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of our current, prospective and former shareholders’ personal information. To ensure our shareholders’ privacy, we have developed policies that are designed to protect this confidentiality, while allowing shareholders’ needs to be served.

Obtaining Personal Information In the course of providing shareholders with products and services, we may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on our internet web sites.

Respecting Your Privacy As a matter of policy, we do not disclose any personal or account information provided by shareholders or gathered by us to non-affiliated third parties, except as required for our everyday business purposes, such as to process transactions or service a shareholder’s account, or as otherwise permitted by law. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, and gathering shareholder proxies. We may also retain non-affiliated financial services providers to market our shares or products and we may enter into joint-marketing arrangements with them and other financial companies. We may also retain marketing and research service firms to conduct research on shareholder satisfaction. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. We may also provide a shareholder’s personal and account information to their respective brokerage or financial advisory firm, Custodian, and/or to their financial advisor or consultant.

Sharing Information with Third Parties We reserve the right to disclose or report personal information to non-affiliated third parties where we believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect our rights or property or upon reasonable request by any investee entity in which a shareholder has chosen to invest. Of course, we may also share your information with your consent.

Sharing Information with Affiliates We may share shareholder information with our affiliates in connection with our affiliates’ everyday business purposes, such as servicing a shareholder’s account, but our affiliates may not use this information to market products and services to you except in conformance with applicable laws or regulations. The information we share includes information about our experiences and transactions with a shareholder and may include, for example, a shareholder’s participation in one of the Funds or in other investment programs, a shareholder’s ownership of certain types of accounts, or other data about a shareholder’s transactions or accounts. Our affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information We take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, we have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In addition, we have physical, electronic, and procedural safeguards in place to guard a shareholder’s non-public personal information.

Disposal of Confidential Records We will dispose of records, if any, that are knowingly derived from data received from a consumer reporting agency regarding a shareholder that is an individual in a manner that ensures the confidentiality of the data is maintained. Such records include, among other things, copies of consumer reports and notes of conversations with individuals at consumer reporting agencies.

147

ASHMORE FUNDS

OTHER INFORMATION

Administrator, Custodian and Transfer Agent

The Northern Trust Company

50 South 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

Subadviser for Ashmore Emerging Markets Value Fund,

Ashmore Emerging Markets Small-Cap Equity Fund

and Ashmore Emerging Markets Frontier Equity Fund

Ashmore Equities Investment Management (US) L.L.C.

1001 19^th Street North, 15^th Floor

Arlington, Virginia 22209

703-243-8800

Independent Registered Public Accounting Firm

KPMG LLP

Aon Center

Suite 5500

200 East Randolph Drive

Chicago, Illinois 60601-6436

Distributor

Ashmore Investment Management (US) Corporation

122 East 42^nd Street

New York, New York 10168

212-661-0061

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, Massachusetts 02199

617-951-7000

Independent Trustees’ Counsel

Dechert LLP

One International Place

40^th Floor

100 Oliver Street

Boston, Massachusetts 02110

617-728-7100

148

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 report to shareholders filed under Item 1 of this report on Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. 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 11. 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

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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 second fiscal quarter of 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 12. Exhibits.

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

(a)(2) Exhibit 99.CERT: Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(a)(3) Not applicable.

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

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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: July 1, 2016

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: July 1, 2016

By	/s/ Chris Tsutsui
		Chris Tsutsui, Treasurer
		(Principal Financial and Accounting Officer)

Date: July 1, 2016

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