0001193125-17-089534.txt : 20170320 0001193125-17-089534.hdr.sgml : 20170320 20170320172704 ACCESSION NUMBER: 0001193125-17-089534 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 43 FILED AS OF DATE: 20170320 DATE AS OF CHANGE: 20170320 EFFECTIVENESS DATE: 20170320 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ashmore Funds CENTRAL INDEX KEY: 0001498498 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-169226 FILM NUMBER: 17702341 BUSINESS ADDRESS: STREET 1: C/O ROPES & GRAY, LLP STREET 2: ONE INTERNATIONAL PLACE CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 617-951-7935 MAIL ADDRESS: STREET 1: C/O ROPES & GRAY, LLP STREET 2: ONE INTERNATIONAL PLACE CITY: BOSTON STATE: MA ZIP: 02110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ashmore Funds CENTRAL INDEX KEY: 0001498498 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22468 FILM NUMBER: 17702342 BUSINESS ADDRESS: STREET 1: C/O ROPES & GRAY, LLP STREET 2: ONE INTERNATIONAL PLACE CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 617-951-7935 MAIL ADDRESS: STREET 1: C/O ROPES & GRAY, LLP STREET 2: ONE INTERNATIONAL PLACE CITY: BOSTON STATE: MA ZIP: 02110 0001498498 S000030386 Ashmore Emerging Markets Corporate Debt Fund C000093382 INSTITUTIONAL CLASS SHARES EMCIX C000098142 Class A ECDAX C000098143 Class C ECDCX 0001498498 S000030388 Ashmore Emerging Markets Local Currency Bond Fund C000093384 INSTITUTIONAL CLASS SHARES ELBIX C000098146 Class A ELBAX C000098147 Class C ELBCX 0001498498 S000030389 Ashmore Emerging Markets Hard Currency Debt Fund C000093385 INSTITUTIONAL CLASS SHARES ESDIX C000098148 Class A ESDAX C000098149 Class C ESDCX 0001498498 S000030390 Ashmore Emerging Markets Total Return Fund C000093386 INSTITUTIONAL CLASS SHARES EMKIX C000098150 Class C EMKCX C000098151 Class A EMKAX 0001498498 S000033066 Ashmore Emerging Markets Value Fund C000101924 INSTITUTIONAL CLASS EMFIX C000104316 Class A EMEAX C000104317 Class C EMECX 0001498498 S000033753 Ashmore Emerging Markets Small-Cap Equity Fund C000104313 Class A ESSAX C000104314 Class C ESSCX C000104315 Institutional Class ESCIX 0001498498 S000041978 Ashmore Emerging Markets Frontier Equity Fund C000130348 Class A EFEAX C000130349 Class C EFECX C000130350 Institutional Class EFEIX 0001498498 S000045773 Ashmore Emerging Markets Short Duration Fund C000142708 INSTITUTIONAL CLASS SHARES ESFIX C000142709 Class A ESFAX C000142710 Class C ESFCX 0001498498 S000051345 Ashmore Emerging Markets Equity Opportunities Fund C000161874 CLASS A AEOAX C000161875 CLASS C AEOCX C000161876 INSTITUTIONAL CLASS AEOIX 0001498498 S000055437 Ashmore Emerging Markets Active Equity Fund C000174429 CLASS A EMQAX C000174430 CLASS C EMQCX C000174431 INSTITUTIONAL CLASS EMQIX 485BPOS 1 d306452d485bpos.htm ASHMORE FUNDS Ashmore Funds

As filed with the Securities and Exchange Commission on March 20, 2017

Securities Act File No. 333-169226

Investment Company Act File No. 811-22468

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-1A

REGISTRATION STATEMENT

UNDER

   THE SECURITIES ACT OF 1933  
   Pre-Effective Amendment No.  
   Post-Effective Amendment No. 43  

and/or

REGISTRATION STATEMENT

UNDER

   THE INVESTMENT COMPANY ACT OF 1940  
   Amendment No. 46  

 

 

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)

Registrant’s Telephone Number, including Area Code: 011-44-20-3077-6000

Corporation Service Company

84 State Street

Boston, MA 02109

(Name and Address of Agent for Service)

 

 

Copies to:

 

Alexandra Autrey

c/o Ashmore Investment Management Limited

61 Aldwych

London WC2B 4AE, England

 

David C. Sullivan, Esq.

Ropes & Gray LLP

Prudential Tower
800 Boylston Street

Boston, Massachusetts 02199-3600

 

 

Approximate date of proposed public offering: As soon as practicable after the effective date of this registration statement.

It is proposed that this filing will become effective:

  immediately upon filing pursuant to paragraph (b)
  on (date) pursuant to paragraph (b)
  60 days after filing pursuant to paragraph (a)(1)
  On (date) pursuant to paragraph (a)(1)
  75 days after filing pursuant to paragraph (a)(2)
  On (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

  This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Pursuant to the provisions of Rule 24f-2 under the Investment Company Act of 1940, Registrant has registered an indefinite number of its shares of common stock under the Securities Act of 1933. In reliance upon Rule 24f-2, no filing fee is being paid at this time.

 

 

 


NOTICE

A copy of the Agreement and Declaration of Trust of the registrant (the “Trust”), together with all amendments thereto, is on file with the Secretary of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Trust by an officer of the Trust as an officer and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees or officers of the Trust or shareholders of any series of the Trust individually but are binding only upon the assets and property of the Trust or the respective series.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended (the “Securities Act”), and the Investment Company Act of 1940, as amended, the Registrant certifies that it has met all the requirements for effectiveness of this Post-Effective Amendment No. 43 (the “Amendment”) to its Registration Statement pursuant to Rule 485(b) of the Securities Act of 1933 and has duly caused this Amendment to be signed on its behalf by the undersigned, duly authorized, in the City of New York and the State of New York on the 20th day of March, 2017.

By:   /s/ George Grunebaum
Name:   George Grunebaum
Title:   President and Chief Executive Officer

Pursuant to the requirements of the Securities Act, this Amendment has been signed on March 20, 2017 by the following persons in the capacities indicated:

 

Signature

  

Title

 

Date

/s/ George Grunebaum

George Grunebaum

  

Trustee, President & Chief Executive Officer

  March 20, 2017

/s/ Chris Tsutsui

Chris Tsutsui

  

Treasurer and Principal Financial and Accounting Officer

  March 20, 2017

Yeelong Balladon*

Yeelong Balladon

  

Trustee

  March 20, 2017

Michael Chamberlin*

Michael Chamberlin

  

Trustee

  March 20, 2017

Joseph Grainger*

Joseph Grainger

  

Trustee

  March 20, 2017

Stephen Hicks*

Stephen Hicks

  

Trustee

  March 20, 2017
*By:   /s/ Chris Tsutsui
  Chris Tsutsui
  Attorney-In-Fact
Date:   March 20, 2017


Ashmore Funds

Exhibit Index

 

Exhibit

  

Exhibit Description

EX-101.INS    XBRL Instance Document
EX-101.SCH    XBRL Taxonomy Extension Schema Document
EX-101.CAL    XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF    XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB    XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE    XBRL Taxonomy Extension Presentation Linkbase
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2017-02-28 2017-02-28 <b>Ashmore Emerging Markets Total Return Fund </b> <b>Investment Objective </b> The Fund seeks to maximize total return. <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleShareholderFees000022 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAnnualFundOperatingExpenses000023 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAverageAnnualTotalReturnsTransposed000027 column period compact * ~</div> <b>Fees and Expenses of the Fund </b> The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the &#8220;Classes of Shares&#8221; section beginning on page 124 of the Fund&#8217;s prospectus or from your financial advisor. <b>Shareholder Fees</b><br/>(fees paid directly from your investment) <b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment) 0.04 0 0 0.01 0.01 0 0 0 0 0.01 0.01 0.01 0.0025 0.01 0 0.0016 0.0015 0.0016 0 0 0 0.0141 0.0215 0.0116 -0.0014 -0.0013 -0.0014 0.0127 0.0202 0.0102 For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase. February 28, 2018 <b>Examples.</b> These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund&#8217;s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions. 524 305 104 815 661 355 1127 1142 625 2012 2472 1397 524 205 104 815 661 355 1127 1142 625 2012 2472 1397 <b>Example: Assuming you redeem your<br/>shares at the end of each period</b> <b>Example: Assuming you do<br/>not redeem your shares</b> <b>Portfolio Turnover.</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund&#8217;s investment performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 91% of the average value of its portfolio. <b>Principal Investment Strategies </b> The Fund seeks to achieve its objective by investing principally in debt instruments of Sovereign, Quasi-Sovereign, and Corporate issuers (as defined below), which may be denominated in any currency, including the local currency of the issuer. Sovereigns are governments of Emerging Market Countries. Quasi-Sovereigns are governmental entities, agencies and other issuers that are more than 50% owned, directly or indirectly, by a Sovereign, or whose obligations are guaranteed by a Sovereign. A Corporate issuer is a Non-Governmental issuer that is located in an Emerging Market Country or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).<br /><br />The Fund may invest in debt instruments of all types and denominated in any currency. These may include, without limitation, bonds, debentures, notes, convertible securities, commercial paper, loans and related assignments and participations, trade claims, bank certificates of deposit, fixed time deposits, bankers&#8217; acceptances, and money market instruments, including money market funds denominated in U.S. dollars or other currencies. The Fund may invest in companies of any market capitalization, and its allocations among small-, mid- and large-capitalization issuers may vary significantly over time.<br /><br />The Fund will normally invest 25% to 75% of its net assets in investments denominated in or providing investment exposure to local currencies of Emerging Market Countries. Any portion of the Fund&#8217;s investment exposure to local currencies of Emerging Market Countries that has been hedged into a Hard Currency (i.e., the U.S. dollar or any currency of a nation in the G-7) will not count as currency of an Emerging Market Country for this purpose. The Fund may invest in obligations of any credit quality, and may invest without limitation in debt securities that are of below investment grade quality (i.e., &#8220;junk bonds&#8221;).<br /><br />The Fund normally seeks to maintain a weighted average portfolio duration of between 2 and 10 years.<br /><br />The Fund may utilize various derivative instruments and related strategies, including exclusively, to gain exposure to one or more issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts), futures and forward contracts, including contracts related to currencies, and swap agreements (including total return, interest rate, and credit default swaps) and other related instruments with respect to individual bonds and other securities, indices and baskets of securities, interest rates and currencies, structured notes, and credit-linked notes as part of its principal investment strategies. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund&#8217;s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may also invest directly in foreign currencies for hedging or other investment purposes.<br /><br />The Fund may invest in equity securities, including warrants, as well as securities of other investment companies, including exchange-traded funds (&#8220;ETFs&#8221;) and other pooled vehicles, if the investment companies invest principally in the types of investments in which the Fund may invest directly.<br /><br />The Fund will not invest more than 25% of its net assets in issuers in any one Emerging Market Country. The Fund will not invest more than 35% of its net assets in securities of Corporate issuers having their principal place of business in Emerging Market Countries. Also, the Fund will not invest more than 25% of its net assets in investments denominated in a single currency other than the U.S. dollar or the Euro without seeking to hedge into U.S. dollars the portion of the Fund&#8217;s exposure to that currency (i.e., non-U.S. dollar, non-Euro) that exceeds 25% of the Fund&#8217;s net assets.<br /><br />In managing the Fund, the Investment Manager&#8217;s investment committee (the &#8220;Investment Committee&#8221;), together with the relevant portfolio managers (together with the Investment Committee, the &#8220;Investment Team&#8221;), employs a largely top-down, active and value-driven investment approach in analyzing emerging markets and currencies. The Fund&#8217;s investment approach includes an emphasis on the influence of politics (both local and international). The Investment Team combines this top-down approach with an analytically-driven, bottom-up approach to making purchase and sale decisions with respect to individual corporate credits. The Investment Team seeks opportunities in selected emerging markets that it believes may benefit from significant positive changes, such as political and economic reforms, increases in capital inflows and investor confidence, and seeks to invest in issuers in government and Corporate sectors it expects will benefit from such developments and associated economic development and growth. The Investment Team&#8217;s investment process focuses on global and emerging markets fundamentals and considers factors such as liquidity and risk management at the macro level. The Investment Team utilizes the Investment Manager&#8217;s broad and current knowledge of important investment areas in various Emerging Market Countries gained, in part, through research, experience, long-standing relationships with reliable local firms and, where appropriate, visits by its investment personnel to countries in their respective regions of responsibility.<br /><br />The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in securities and instruments issued by Sovereign, Quasi-Sovereign, or Corporate issuers of Emerging Market Countries and Emerging Market currency-related derivative instruments. The Fund&#8217;s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund&#8217;s 80% investment policy. <b>Principal Risks </b> <b>It is possible to lose money on an investment in the Fund.</b> The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund&#8217;s Investment Manager and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):<ul type="square"><li><b>Counterparty and Third Party Risk:</b> Transactions involving a counterparty to a derivative or other instrument, or to a third party responsible for servicing the instrument, are subject to the credit risk of the counterparty or third party, and to the counterparty&#8217;s or third party&#8217;s ability to perform in accordance with the terms of the transaction;</li></ul><ul type="square"><li><b>Credit Risk:</b> The Fund 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;</li></ul><ul type="square"><li><b>Currency Management Strategies Risk:</b> Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund&#8217;s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager anticipates;</li></ul><ul type="square"><li><b>Currency Risk:</b> Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund&#8217;s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;</li></ul><ul type="square"><li><b>Derivatives Risk:</b> Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;</li></ul><ul type="square"><li><b>Emerging Markets Risk:</b> Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;</li></ul><ul type="square"><li><b>Foreign Investment Risk:</b> Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;</li></ul><ul type="square"><li><b>Geographic Focus Risk:</b> The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments;</li></ul><ul type="square"><li><b>High Yield Risk:</b> Below investment grade securities and unrated securities of similar credit quality (commonly known as &#8220;high yield&#8221; securities or &#8220;junk bonds&#8221;) are subject to greater levels of credit and liquidity risks than higher quality securities, and are considered predominantly speculative with respect to the issuer&#8217;s continuing ability to make principal and interest payments;</li></ul><ul type="square"><li><b>Inflation/Deflation Risk:</b> The value of the Fund&#8217;s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;</li></ul><ul type="square"><li><b>Interest Rate Risk:</b> Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;</li></ul><ul type="square"><li><b>Investments in Pooled Vehicles Risk:</b> Investing in another investment company or pooled vehicle subjects the Fund to that company&#8217;s risks, and, in general, to a pro rata portion of that company&#8217;s fees and expenses in addition to fees and expenses charged by the Fund;</li></ul><ul type="square"><li><b>Issuer Risk:</b> The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods or services;</li></ul><ul type="square"><li><b>Large Shareholder Risk:</b> Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund&#8217;s operations by purchasing or redeeming Fund shares in large amounts;</li></ul><ul type="square"><li><b>Leverage Risk:</b> Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund&#8217;s investment portfolio and magnify the Fund&#8217;s investment losses or gains;</li></ul><ul type="square"><li><b>Liquidity Risk:</b> Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;</li></ul><ul type="square"><li><b>Management Risk:</b> The Fund&#8217;s investment return depends on the ability of the Investment Manager to manage the Fund&#8217;s portfolio successfully; there is a risk that the Investment Manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;</li></ul><ul type="square"><li><b>Market Risk:</b> The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;</li></ul><ul type="square"><li><b>Over-the-Counter Risk:</b> Securities and derivatives traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;</li></ul><ul type="square"><li><b>Portfolio Turnover Risk:</b> If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund&#8217;s investment performance;</li></ul><ul type="square"><li><b>Small and Mid-Sized Companies Risk:</b> Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and</li></ul><ul type="square"><li><b>Valuation Risk:</b> Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.</li></ul>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. 100000 0.91 <b>It is possible to lose money on an investment in the Fund.</b> An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>Performance Information </b> The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s Institutional Class Shares&#8217; performance from year to year and comparing the Fund&#8217;s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund&#8217;s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund&#8217;s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund&#8217;s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund&#8217;s past performance (before and after taxes) does not predict how the Fund will perform in the future. The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s Institutional Class Shares&#8217; performance from year to year and comparing the Fund&#8217;s average annual total returns with those of a broad-based market index. 866-876-8294 www.ashmoregroup.com As with all mutual funds, the Fund&#8217;s past performance (before and after taxes) does not predict how the Fund will perform in the future. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. <b>Calendar Year Total Return&#8212;Institutional Class </b><br /><br /><b>Ashmore Emerging Markets Total Return Fund % Total Return </b> The best calendar quarter return during the period shown above was 8.99% in the first quarter of 2012; the worst was -11.10% in the third quarter of 2011. <b>Average Annual Total Return </b><br />(For the period ended December 31, 2016) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares. 0.1719 0.1496 0.0962 0.1015 0.0354 0.0994 0.1229 0.1518 0.1015 0.0354 0.0994 0.0356 0.0171 0.0195 0.059 -0.0131 -0.0129 0.0331 0.0253 0.059 -0.0131 -0.0129 0.0248 0.0073 0.0117 0.0593 -0.0171 -0.0107 0.0068 0.0067 0.0554 -0.0391 -0.0231 0.1317 0.0982 0.0738 0.1015 0.0911 0.111 0.1015 0.058 0.0261 0.0331 0.059 0.0575 0.0504 0.059 0.055 0.0258 0.0318 0.0593 0.0477 0.0482 0.0554 2010-12-08 2010-12-08 2010-12-08 2010-12-08 2010-12-08 2010-12-08 2011-05-12 2010-12-08 2011-05-12 2011-05-12 2011-05-12 2011-05-12 2011-05-12 0.085 0.085 0.0231 0.0231 0.0228 0.0168 2010-12-08 2010-12-08 2010-12-08 2010-12-08 2011-05-12 2011-05-12 2011-05-12 <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleShareholderFees000042 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAnnualFundOperatingExpenses000043 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAverageAnnualTotalReturnsTransposed000047 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleShareholderFees000052 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAnnualFundOperatingExpenses000053 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAverageAnnualTotalReturnsTransposed000057 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleShareholderFees000032 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAnnualFundOperatingExpenses000033 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAverageAnnualTotalReturnsTransposed000037 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleShareholderFees000072 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAnnualFundOperatingExpenses000073 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleShareholderFees000082 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAnnualFundOperatingExpenses000083 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAverageAnnualTotalReturnsTransposed000087 column period compact * ~</div> -0.0229 0.2051 -0.0632 <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAnnualFundOperatingExpenses000063 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAverageAnnualTotalReturnsTransposed000067 column period compact * ~</div> -0.0471 -0.0553 0.1719 best quarter 2012-03-31 <b>Ashmore Emerging Markets Local Currency Bond Fund </b> <b>Ashmore Emerging Markets Corporate Debt Fund </b> <b>Investment Objective </b> <b>Investment Objective </b> <b>Investment Objective </b> The Fund seeks to maximize total return. The Fund seeks to maximize total return. The Fund seeks to maximize total return. <b>Fees and Expenses of the Fund </b> <b>Fees and Expenses of the Fund </b> <b>Fees and Expenses of the Fund </b> The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the &#8220;Classes of Shares&#8221; section beginning on page 124 of the Fund&#8217;s prospectus or from your financial advisor. The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the &#8220;Classes of Shares&#8221; section beginning on page 124 of the Fund&#8217;s prospectus or from your financial advisor. The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the &#8220;Classes of Shares&#8221; section beginning on page 124 of the Fund&#8217;s prospectus or from your financial advisor. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. 100000 100000 100000 <b>Ashmore Emerging Markets Equity Opportunities Fund </b> <b>Investment Objective </b> <b>Ashmore Emerging Markets Active Equity Fund </b> The Fund seeks long-term capital appreciation. <b>Investment Objective </b> <b>Fees and Expenses of the Fund </b> The Fund seeks long-term capital appreciation. The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Fund and other series of Ashmore Funds (the &#8220;Trust&#8221;). More information about these and other discounts is available in the &#8220;Classes of Shares&#8221; section beginning on page 124 of the Fund&#8217;s prospectus or from your financial advisor. <b>Fees and Expenses of the Fund </b> 0.0899 worst quarter 2011-09-30 -0.111 <b>Shareholder Fees</b><br/>(fees paid directly from your investment) <b>Shareholder Fees</b><br/>(fees paid directly from your investment) <b>Shareholder Fees</b><br/>(fees paid directly from your investment) <b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment) <b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment) <b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment) 0.04 0 0 You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Fund and other series of Ashmore Funds (the &#8220;Trust&#8221;). 0.04 0 0 0.04 0 0 100000 0.01 0.01 0 0.01 0.01 0 <b>Shareholder Fees</b><br/>(fees paid directly from your investment) 0.01 0.01 0 The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Fund and other series of Ashmore Funds (the &#8220;Trust&#8221;). More information about these and other discounts is available in the &#8220;Classes of Shares&#8221; section beginning on page 124 of the Fund&#8217;s prospectus or from your financial advisor. 0.0525 0 0 <b>Shareholder Fees</b><br/>(fees paid directly from your investment) 0.01 0.01 0 0.0525 0 0 0.01 0.01 0 0 0 0 <b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment) 0.0095 0.0095 0.0095 0.01 0.01 0.01 0.0115 0.0115 0.0115 0.0025 0.01 0 0.0065 0.0065 0.0065 0.0025 0 0.01 0.0025 0.01 0 0.0025 0.01 0 0.0035 0.0035 0.0035 0.0209 0.0209 0.0209 0.0017 0.0017 0.0017 0.0021 0.0024 0.0024 0 0 0 0 0 0 0 0 0 0 0 0 0.0155 0.023 0.013 0.0157 0.0132 0.0232 0.0111 0.0189 0.0089 <b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment) -0.0033 -0.0033 -0.0033 -0.0015 -0.0015 -0.0015 -0.0019 -0.0022 -0.0022 0.0122 0.0197 0.0097 0.0142 0.0217 0.0117 0 0 0 0.0092 0.0167 0.0067 0.0025 0.01 0 0.0334 0.0409 0.0309 0.0467 0.0466 0.0467 -0.0207 -0.0207 -0.0207 0.0128 0.0128 0.0128 0.0127 0.0202 0.0102 0.062 0.0694 0.0595 -0.0462 -0.0461 -0.0462 0.0158 0.0233 0.0133 For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase. February 28, 2018 For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase. February 28, 2018 For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase. <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleShareholderFees000012 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleExpenseExampleTransposed000014 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleExpenseExampleNoRedemptionTransposed000015 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAnnualTotalReturnsBarChart000016 column period compact * ~</div> February 28, 2018 For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase. <b>Examples.</b> <b>Examples.</b> <b>Examples.</b> Other Expenses and Acquired Fund Fees and Expenses are based on estimated amounts for the Fund&#8217;s initial fiscal year. These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund&#8217;s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions. These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund&#8217;s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions. <b>Ashmore Emerging Markets Hard Currency Debt Fund </b> <b>Investment Objective </b> These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund&#8217;s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions. Acquired Fund Fees and Expenses are based on estimated amounts for the Fund&#8217;s initial fiscal year. The Fund seeks to maximize total return. February 28, 2018 February 28, 2018 <b>Fees and Expenses of the Fund </b> <b>Examples.</b> The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the &#8220;Classes of Shares&#8221; section beginning on page 124 of the Fund&#8217;s prospectus or from your financial advisor. These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund&#8217;s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions. <b>Example: Assuming you redeem your</b><br /><b>shares at the end of each period</b> <b>Example: Assuming you &nbsp;do<br/>not redeem your shares</b> <b>Example: Assuming you redeem your<br/>shares at the end of&nbsp;&nbsp;each period</b> <b>Example: Assuming you redeem your<br/>shares at the end of each period</b> For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase. <b>Example: Assuming you redeem your<br/>shares at the end of each period</b> <b>Example: Assuming you do<br/>not redeem your shares</b> <b>Example: Assuming you do<br/>not redeem your shares</b> <b>Example: Assuming you do<br/>not redeem your shares</b> 677 336 135 Other Expenses are based on estimated amounts for the Fund&#8217;s initial fiscal year. 1878 1634 1357 3050 2978 2556 5859 6116 5455 677 236 135 1878 1634 1357 <b>Examples.</b> 3050 2978 2556 These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund&#8217;s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions. 5859 6116 5455 <b>Example: Assuming you redeem your<br/>shares at the end of &nbsp;each period</b> <b>Example: Assuming you do<br/>not redeem your shares</b> <b>Portfolio Turnover.</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund&#8217;s investment performance. The Fund had not yet commenced operations as of the end of the most recent fiscal year, 10/31/16, and, therefore, did not have a historical portfolio turnover rate to report. 519 300 99 539 320 119 490 68 270 839 687 380 <b>Principal Investment Strategies </b> 862 710 404 721 573 262 1181 1200 681 1207 1227 709 969 1001 472 2145 2610 1539 2181 2644 1577 1681 2194 1076 519 200 99 539 220 119 490 170 68 839 687 380 <b>Portfolio Turnover.</b> 710 862 404 The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Emerging Market Issuers (as defined below), which may be denominated in any currency, including the local currency of the issuer. An Emerging Market Issuer is an issuer that is either domiciled in an Emerging Market Country, or an issuer deriving at least 50% of its revenues in or from one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).<br /><br />The Fund may invest in equity securities and equity-related investments of all types and denominated in any currency, including voting and non-voting common stock, common stock issued to special shareholder classes, preferred stock, depositary receipts, including global and American depositary receipts, warrants, securities convertible into equity securities, other equity-related investments whose returns vary on the basis of the issuer&#8217;s profitability (e.g., participation notes), as well as securities of other investment companies, including exchange-traded funds (&#8220;ETFs&#8221;) and other pooled vehicles. The Fund may invest in companies of any market capitalization, and its allocations among small-, mid- and large-capitalization issuers may vary significantly over time. The Fund may invest through investment funds, pooled accounts or other investment vehicles designed to permit investments in a portfolio of equity securities listed in a particular Emerging Market Country or region, particularly in the case of countries in which such an investment vehicle is the exclusive or main vehicle for foreign portfolio investment. The Fund&#8217;s investments may include securities of companies that are in the process of being privatized by a government and securities of companies that are traded in unregulated over-the-counter markets or other types of unlisted securities markets. The Fund may invest in initial public offerings.<br /><br />The Fund may utilize various derivative instruments and related strategies to gain exposure to one or more issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts); futures and forward contracts, including contracts related to currencies; and swap agreements (including total return and interest rate swaps); other related instruments with respect to individual stocks and other securities, indices and baskets of securities, interest rates and currencies; participation notes; structured notes; exchange traded notes; and credit-linked notes as part of its principal investment strategies. The Fund may enter into foreign currency forward contracts as well as foreign currency futures and options contracts with respect to any currency in which it has existing investments or has contracted to make investments in an attempt to hedge currency exchange risk. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund&#8217;s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may also invest directly in foreign currencies for hedging or other investment purposes.<br /><br />In managing the Fund&#8217;s portfolio, the Investment Manager seeks to identify equity investments within Emerging Markets. The Fund is managed actively, utilizing a top-down approach, taking into account macro- and micro-economic insights, supplemented by bottom-up research.<br /><br />Macro-economic insights are based on the Investment Manager&#8217;s economic research on Emerging Market Countries. Micro-economic insights are derived from an analysis of aggregate earnings, and country- and industry-specific factors, which include demand/supply, level of competition, regulatory environment and interest rates.<br /><br />Macro- and micro-economic insights are together used to identify areas within the investable universe that the Investment Manager believes exhibit attractive fundamentals. Within these attractive areas, bottom-up research is conducted to select particular instruments based on anticipated return potential. Bottom-up research includes analysis of businesses, earnings expectations, underlying business assumptions and risks, and takes into account market factors including market positioning and capital flows.<br /><br />The Fund&#8217;s portfolio is constructed from equity securities with what the Investment Manager believes to have attractive risk-adjusted upside potential. The Fund&#8217;s active weighting of investments across countries, industries and sectors reflects the Investment Manager&#8217;s top-down preferences, which may vary significantly over time. The overall liquidity, volatility and beta of the portfolio are also informed by the Investment Manager&#8217;s macro-economic insights. The number of individual securities held in the Fund&#8217;s portfolio may vary over time based on the outlook of the portfolio managers, market conditions and other factors, and the Fund is not managed to have a particular number or range of portfolio holdings.<br /><br />The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities of Emerging Market Issuers. The Fund&#8217;s investments in derivatives and other synthetic instruments that have economic characteristics similar to these instruments will be counted toward the Fund&#8217;s 80% investment policy. For example, futures contracts may be used to obtain investment exposure equal to a portion of the Fund&#8217;s cash position. 721 573 262 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund&#8217;s investment performance. During the most recent fiscal period, the Fund&#8217;s portfolio turnover rate was 15% (not annualized) of the average value of its portfolio. 1181 1200 681 1207 1227 709 969 1001 472 2145 2610 1539 2181 2644 1577 1681 2194 1076 0.15 <b>Principal Risks </b> <b>Principal Investment Strategies </b> 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 emerging markets equity securities and equity-related investments (the &#8220;Underlying Equity Funds&#8221;). The Fund has the flexibility to allocate and reallocate its assets among the Underlying Equity Funds or individual securities, derivatives and other investments as the Investment Manager sees fit based on the factors it deems appropriate in order to pursue the Fund&#8217;s investment objective and based on its assessment of then-existing market conditions, its investment outlook and other factors.<br /><br />Please see the description of each of the Underlying Equity Funds in the section of this Prospectus entitled &#8220;PRINCIPAL INVESTMENTS AND STRATEGIES OF EACH FUND&#8221; for additional information on the investment strategies of each of the Underlying Equity Funds.<br /><br />In addition to its investments in the Underlying Equity Funds, the Fund may invest directly in the securities of other issuers, derivatives and other investments. The Fund expects to operate as a &#8220;fund of funds,&#8221; which is a term used to describe mutual funds that pursue their investment objective by investing in other mutual funds. In addition to investing in the current Underlying Equity Funds, at the discretion of the Investment Manager and without shareholder approval, the Fund may invest in additional Underlying Equity Funds created in the future.<br /><br />The Fund may utilize various derivative instruments and related strategies to gain exposure to one or more issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts); futures and forward contracts, including contracts related to currencies; and swap agreements (including total return and interest rate swaps); other related instruments with respect to individual stocks and other securities, indices and baskets of securities, interest rates and currencies; participation notes; structured notes; exchange traded notes; and credit-linked notes as part of its principal investment strategies. The Fund may enter into foreign currency forward contracts as well as foreign currency futures and options contracts with respect to any currency in which it has existing investments or has contracted to make investments in an attempt to hedge currency exchange risk. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund&#8217;s investment exposure beyond that which it could achieve by investing directly in more conventional securities.<br /><br />The Fund may also invest directly in foreign currencies for hedging or other investment purposes.<br /><br />An Emerging Market Issuer is an issuer that is located in an Emerging Market Country, or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).<br /><br />A Frontier Market Issuer is an issuer that is located in a Frontier Market Country, or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Frontier Market Countries or that has at least 50% of its assets in one or more Frontier Market Countries.<br /><br />Frontier Market countries are countries that either currently or in the future are represented in widely-recognized indices of frontier market securities or the Investment Manager considers the market to have frontier market characteristics in respect to economic, political, or market structure.<br /><br />The Investment Manager manages the Fund principally to provide exposure through a single investment vehicle to various emerging markets equity strategies managed by the Investment Manager and Ashmore Equities Investment Management (US) LLC (&#8220;AEIM&#8221;), which are currently represented by the Underlying Equity Funds. In this regard, the Fund is designed to provide exposure to the investment approaches and strategies used for the Underlying Equity Funds, which are described elsewhere in this Prospectus.<br /><br />The Investment Manager, through its investment committee (the &#8220;Investment Committee&#8221;), makes asset allocation decisions for the Fund and may utilize an active approach to allocating and reallocating the Fund&#8217;s assets among the Underlying Equity Funds or directly in securities of other issuers, derivatives and other instruments, as it sees fit based on its investment outlook, ongoing consideration of market conditions and other factors. In making asset allocation decisions, the Investment Manager utilizes a top-down approach, taking into account macro- and micro-economic factors, supplemented by bottom-up research. Macro-economic insights are based on the Investment Manager&#8217;s economic research on Emerging Market Countries and Frontier Market Countries. Micro-economic insights are derived from an analysis of aggregate earnings, and country- and industry-specific factors, which include demand/supply, level of competition, regulatory environment and interest rates. Macro- and micro-economic insights are together used to identify areas within the investable universe that the Investment Manager believes exhibit attractive fundamentals. The Fund&#8217;s portfolio of Underlying Equity Funds (and perhaps other investments noted above) is constructed to represent what the Investment Manager believes to offer attractive risk-adjusted upside potential. The Fund&#8217;s active weighting among Underlying Equity Funds and perhaps other investments (and the countries, industries and sectors represented therein) reflects the Investment Manager&#8217;s top-down preferences, which may vary significantly over time.<br /><br />The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in the Underlying Equity Funds or in equity securities and other equity-related investments of Emerging Market Issuers and/or Frontier Market Issuers. The Fund&#8217;s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund&#8217;s 80% investment policy. For example, futures contracts may be used to obtain investment exposure equal to a portion or all of the Fund&#8217;s cash position. <b>It is possible to lose money on an investment in the Fund.</b> The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund&#8217;s Investment Manager and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):<ul type="square"><li><b>Convertible Securities Risk:</b> Securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities and the risk of changing in value at a different rate than the underlying stocks. Convertible securities are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer&#8217;s or counterparty&#8217;s deterioration or default;</li></ul><ul type="square"><li><b>Counterparty and Third Party Risk:</b> Transactions involving a counterparty to a derivative or other instrument, or to a third party responsible for servicing the instrument, are subject to the credit risk of the counterparty or third party, and to the counterparty&#8217;s or third party&#8217;s ability to perform in accordance with the terms of the transaction;</li></ul><ul type="square"><li><b>Credit Risk:</b> The Fund could lose money if the issuer or counterparty 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;</li></ul><ul type="square"><li><b>Currency Management Strategies Risk:</b> Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund&#8217;s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager anticipates;</li></ul><ul type="square"><li><b>Currency Risk:</b> Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund&#8217;s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;</li></ul><ul type="square"><li><b>Derivatives Risk:</b> Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;</li></ul><ul type="square"><li><b>Emerging Markets Risk:</b> Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;</li></ul><ul type="square"><li><b>Equity Securities Risk:</b> Equity securities may react more strongly to changes in an issuer&#8217;s financial condition or prospects than other securities of the same issuer;</li></ul><ul type="square"><li><b>Focused Investment Risk:</b> Focusing a fund&#8217;s investments in a limited number of issuers, sectors or industries increases risk and the volatility of the value of a fund&#8217;s shares. The Fund may be particularly susceptible to economic, political, regulatory or other events affecting the issuers, sectors or industries to the extent it focuses its investments;</li></ul><ul type="square"><li><b>Foreign Investment Risk:</b> Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;</li></ul><ul type="square"><li><b>Frontier Markets Risk: </b>Frontier market countries are emerging market countries, but generally have smaller economies or less mature capital markets than more developed emerging markets, and, as a result, the risks of investing in emerging market countries are magnified in frontier countries. The markets of frontier countries typically have low trading volumes and the potential for extreme price volatility and illiquidity. This volatility may be further heightened by the actions of a few major investors. For example, a substantial increase or decrease in cash flows of mutual funds investing in these markets could significantly affect local stock prices and, therefore, the net asset value of Fund or Underlying Equity Fund shares. These factors make investing in frontier countries significantly riskier than in other countries, including other emerging market countries, and any one of them could cause the net asset value of the Fund&#8217;s or an Underlying Equity Fund&#8217;s shares to decline;</li></ul><ul type="square"><li><b>Geographic Focus Risk: </b>The Fund may be particularly susceptible to economic, political or regulatory events affecting particular countries or regions to the extent the Fund focuses its investments in such countries or regions;</li></ul><ul type="square"><li><b>Inflation/Deflation Risk: </b>The value of the Fund&#8217;s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;</li></ul><ul type="square"><li><b>Interest Rate Risk:</b> Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;</li></ul><ul type="square"><li><b>Investments in Pooled Vehicles Risk:</b> Investing in another investment company or pooled vehicle subjects the Fund to that company&#8217;s risks, and, in general, to a pro rata portion of that company&#8217;s fees and expenses in addition to fees and expenses charged by the Fund;</li></ul><ul type="square"><li><b>IPO Risk:</b> Securities offered in initial public offerings (IPOs) are subject to many of the same risks of investing in small companies and often to a heightened degree, their values may be highly volatile, they have no trading history and information about the issuer may have been available for only limited periods;</li></ul><ul type="square"><li><b>Issuer Risk:</b> The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods or services;</li></ul><ul type="square"><li><b>Lack of Operating History Risk:</b> The Fund does not have an operating history and may not achieve significant scale;</li></ul><ul type="square"><li><b>Large Shareholder Risk:</b> Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund&#8217;s operations by purchasing or redeeming Fund shares in large amounts;</li></ul><ul type="square"><li><b>Leverage Risk:</b> Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund&#8217;s investment portfolio and magnify the Fund&#8217;s investment losses or gains;</li></ul><ul type="square"><li><b>Liquidity Risk:</b> Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;</li></ul><ul type="square"><li><b>Management Risk:</b> The Fund&#8217;s investment return depends on the ability of the Investment Manager to manage the Fund&#8217;s portfolio successfully; there is a risk that the Investment Manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;</li></ul><ul type="square"><li><b>Market Risk:</b> The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;</li></ul><ul type="square"><li><b>Over-the-Counter Risk:</b> Securities traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;</li></ul><ul type="square"><li><b>Portfolio Turnover Risk:</b> If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund&#8217;s investment performance;</li></ul><ul type="square"><li><b>Small and Mid-Sized Companies Risk:</b> Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and</li></ul><ul type="square"><li><b>Valuation Risk:</b> Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.</li></ul>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>Principal Risks </b> <b>It is possible to lose money on an investment in the Fund.</b> References below to investments include those held directly by the Fund and indirectly by Underlying Equity Funds in which the Fund invests, and the Fund will be subject to the related risks thereof even though the Fund may not hold the particular securities or instruments directly. The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund&#8217;s Investment Manager and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are set forth below (in alphabetical order). In most cases, these are principal risks of investing in the Underlying Equity Funds and therefore risks of investing in the Fund itself.<ul type="square"><li><b>Allocation Risk: </b>The Fund could lose money or perform less favorably than it otherwise would have as a result of the Investment Manager&#8217;s asset allocation decisions in determining how the Fund&#8217;s assets are allocated or reallocated among the Underlying Equity Funds or other investments;</li></ul><ul type="square"><li><b>Banking Industry Risk: </b>Investments in banking industry stocks, as compared to other industries in general, may be considered to be more volatile or riskier due to a number of factors including more extensive government regulation that may reduce profit potential for banks compared to other entities. Financial services institutions are often subject to extensive governmental regulation and, recently, government intervention and the potential for additional regulation, which may adversely affect the scope of their activities, the prices they can charge and the amount of capital they must maintain. The oversight of, and regulations applicable to, companies in the banking industry in emerging and frontier markets may be ineffective and underdeveloped relative to more developed markets. Recent events in the financial sector have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign, and caused certain financial services companies to incur large losses. The impact of recent or future regulation in various countries on any individual bank or on the sector as a whole cannot be predicted. In addition, the banking industries of emerging and frontier markets can be considered riskier than the U.S. banking industry;</li></ul><ul type="square"><li><b>Convertible Securities Risk: </b>Securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities and the risk of changing in value at a different rate than the underlying stocks. Convertible securities are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer&#8217;s or counterparty&#8217;s deterioration or default;</li></ul><ul type="square"><li><b>Counterparty and Third Party Risk: </b>Transactions involving a counterparty to a derivative or other instrument, or to a third party responsible for servicing the instrument, are subject to the credit risk of the counterparty or third party, and to the counterparty&#8217;s or third party&#8217;s ability to perform in accordance with the terms of the transaction;</li></ul><ul type="square"><li><b>Credit Risk: </b>The Fund or an Underlying Equity Fund could lose money if the issuer or counterparty 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;</li></ul><ul type="square"><li><b>Currency Management Strategies Risk: </b>Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund&#8217;s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager anticipates;</li></ul><ul type="square"><li><b>Currency Risk: </b>Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund&#8217;s or an Underlying Equity Fund&#8217;s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;</li></ul><ul type="square"><li><b>Derivatives Risk: </b>Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;</li></ul><ul type="square"><li><b>Emerging Markets Risk: </b>Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;</li></ul><ul type="square"><li><b>Equity Securities Risk: </b>Equity securities may react more strongly to changes in an issuer&#8217;s financial condition or prospects than other securities of the same issuer;</li></ul><ul type="square"><li><b>Financial Services Risk:</b> Investments in issuers in the financial services sector are subject to various risks affecting financial services companies and the financial services sector generally. The values of investments in the financial services sector are particularly sensitive to changes in economic conditions, such as recessions and fluctuations in interest rates. Financial services companies may be exposed to leverage, which could magnify investment losses under adverse market conditions. Investments in the financial services sector are also subject to the risk that unexpected market, economic, political, regulatory or other events might lead to a decline in the value of most or all companies in the financial services sector. In addition, the financial services sector of emerging and frontier markets can be considered riskier than the U.S. financial services sector;</li></ul><ul type="square"><li><b>Focused Investment Risk: </b>Focusing a fund&#8217;s investments in a limited number of issuers, sectors or industries increases risk and the volatility of the value of a fund&#8217;s shares. The Fund may be particularly susceptible to economic, political, regulatory or other events affecting the issuers, sectors or industries to the extent the Fund or an Underlying Equity Fund focuses its investments;</li></ul><ul type="square"><li><b>Foreign Investment Risk: </b>Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund or an Underlying Equity Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;</li></ul><ul type="square"><li><b>Frontier Markets Risk: </b>Frontier market countries are emerging market countries, but generally have smaller economies or less mature capital markets than more developed emerging markets, and, as a result, the risks of investing in emerging market countries are magnified in frontier countries. The markets of frontier countries typically have low trading volumes and the potential for extreme price volatility and illiquidity. This volatility may be further heightened by the actions of a few major investors. For example, a substantial increase or decrease in cash flows of mutual funds investing in these markets could significantly affect local stock prices and, therefore, the net asset value of Fund or Underlying Equity Fund shares. These factors make investing in frontier countries significantly riskier than in other countries, including other emerging market countries, and any one of them could cause the net asset value of the Fund&#8217;s or an Underlying Equity Fund&#8217;s shares to decline;</li></ul><ul type="square"><li><b>Geographic Focus Risk: </b>The Fund may be particularly susceptible to economic, political or regulatory events affecting particular countries or regions to the extent the Fund or an Underlying Equity Fund focuses its investments in such countries or regions;</li></ul><ul type="square"><li><b>Inflation/Deflation Risk: </b>The value of the Fund&#8217;s or an Underlying Equity Fund&#8217;s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund or an Underlying Equity Fund invests and an increase in the likelihood of issuer defaults;</li></ul><ul type="square"><li><b>Interest Rate Risk: </b>Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;</li></ul><ul type="square"><li><b>Investments in Pooled Vehicles Risk: </b>Investing in another investment company or pooled vehicle subjects the Fund to that company&#8217;s risks, and, in general, to a pro rata portion of that company&#8217;s fees and expenses in addition to fees and expenses charged directly by the Fund;</li></ul><ul type="square"><li><b>IPO Risk: </b>Securities offered in initial public offerings (&#8220;IPOs&#8221;) are subject to many of the same risks of investing in small companies and often to a heightened degree, their values may be highly volatile, they have no trading history and information about the issuer may have been available for only limited periods;</li></ul><ul type="square"><li><b>Issuer Risk: </b>The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods or services;</li></ul><ul type="square"><li><b>Lack of Operating History Risk: </b>The Fund does not have an operating history and may not achieve significant scale;</li></ul><ul type="square"><li><b>Large Shareholder Risk: </b>Shareholders of the Fund or an Underlying Equity Fund, such as institutional investors, may disrupt the efficient management of the Fund&#8217;s or an Underlying Equity Fund&#8217;s operations by purchasing or redeeming shares in large amounts;</li></ul><ul type="square"><li><b>Leverage Risk: </b>Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund&#8217;s or an Underlying Equity Fund&#8217;s investment portfolio and magnify the Fund&#8217;s investment losses or gains;</li></ul><ul type="square"><li><b>Liquidity Risk: </b>Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;</li></ul><ul type="square"><li><b>Management Risk: </b>The Fund&#8217;s investment return depends on the ability of the Investment Manager to manage the Fund&#8217;s portfolio successfully and the ability of the applicable investment manager to manage the portfolio of Underlying Equity Funds successfully; there is a risk that the Investment Manager or another applicable investment manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;</li></ul><ul type="square"><li><b>Market Risk: </b>The value of securities and instruments owned by the Fund or an Underlying Equity Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;</li></ul><ul type="square"><li><b>Over-the-Counter Risk: </b>Securities traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund or an Underlying Equity Fund in over-the-counter transactions may include an undisclosed dealer markup;</li></ul><ul type="square"><li><b>Portfolio Turnover Risk: </b>If the Fund or the Underlying Equity Funds in which it invests frequently trades its or their securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund&#8217;s investment performance;</li></ul><ul type="square"><li><b>Small and Mid-Sized Companies Risk: </b>Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk;</li></ul><ul type="square"><li><b>Underlying Fund Risk: </b>The Fund&#8217;s investment return will depend in part on the ability of the Underlying Equity Funds to achieve their respective investment objectives. Therefore, the Fund&#8217;s performance is closely related to the risks associated with the securities and other investments that are held by each of the Underlying Equity Funds in which the Fund invests; and</li></ul><ul type="square"><li><b>Valuation Risk: </b>Certain securities and instruments may be difficult to value, and to the extent the Fund or an Underlying Equity Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.</li></ul>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>It is possible to lose money on an investment in the Fund.</b> An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>Performance Information </b> <b>Performance Information </b> The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing the Fund&#8217;s Institutional Class Shares&#8217; performance for their first full calendar year of operations and comparing the Fund&#8217;s performance to the performance of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund&#8217;s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund&#8217;s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund&#8217;s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund&#8217;s past performance (before and after taxes) does not predict how the Fund will perform in the future. The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing the Fund&#8217;s Institutional Class Shares&#8217; performance for their first full calendar year of operations and comparing the Fund&#8217;s performance to the performance of a broad-based market index. The Fund recently commenced investment operations and does not have a full calendar year of investment performance information to report. After the Fund has had operations for at least one full calendar year, the Prospectus will include a bar chart and a table that will provide some indication of the risks of investing in the Fund by comparing the Fund&#8217;s performance with that of a broad-based market index. You may obtain the Fund&#8217;s performance information (when available) by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund&#8217;s past performance (before and after taxes) does not predict how the Fund will perform in the future. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. www.ashmoregroup.com 866-876-8294 As with all mutual funds, the Fund&#8217;s past performance (before and after taxes) does not predict how the Fund will perform in the future. <b>Calendar Year Total Return&#8212;Institutional Class</b><br /><br /><b>Ashmore Emerging Markets Equity Opportunities Fund % Total Return</b> <b>Ashmore Emerging Markets Small-Cap Equity Fund </b> 0.119 The best calendar quarter return during the period shown above was 6.54% in the third quarter of 2016; the worst was -0.17% in the fourth quarter of 2016. best quarter 2016-09-30 0.0654 worst quarter 2016-12-31 -0.0017 <b>Investment Objective </b> The Fund seeks long-term capital appreciation. <b>Portfolio Turnover.</b> <b>Average Annual Total Return</b><br />(For the period ended December 31, 2016) <b>Portfolio Turnover.</b> <b>Portfolio Turnover.</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund&#8217;s investment performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 83% of the average value of its portfolio. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund&#8217;s investment performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 81% of the average value of its portfolio. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund&#8217;s investment performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 73% of the average value of its portfolio. 0.83 0.81 0.73 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. <b>Principal Investment Strategies </b> <b>Principal Investment Strategies </b> Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. <b>Principal Investment Strategies </b> <b>Fees and Expenses of the Fund </b> After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares. The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the &#8220;Classes of Shares&#8221; section beginning on page 124 of the Fund&#8217;s prospectus or from your financial advisor. 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. Sovereigns are governments of Emerging Market Countries. Quasi-Sovereigns are governmental entities, agencies and other issuers the obligations of which are guaranteed by an emerging market government and issuers otherwise represented in the J.P. Morgan Government Bond Index-Emerging Markets Global Diversified or a similar index as determined by the Investment Manager. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).<br/><br/>The Fund&#8217;s investments in debt instruments will generally be limited to those issued by Sovereigns and Quasi-Sovereigns. The Fund may invest in debt instruments of all types and denominated in any currency. These may include, without limitation, bonds, debentures, notes, convertible securities, commercial paper, loans and related assignments and participations, firm commitment, when-issued and delayed-delivery securities, mortgage-backed and other types of asset-backed securities issued on a public or private basis, bank certificates of deposit, fixed time deposits, bankers&#8217; acceptances, and money market instruments, including money market funds denominated in U.S. dollars or other currencies. The Fund may invest in obligations of any credit quality, and may invest without limit in debt securities that are of below investment grade quality (i.e., &#8220;junk bonds&#8221;).<br/><br/>The Fund normally seeks to maintain a weighted average portfolio duration of between 2 and 7 years.<br/><br/>The Fund is a &#8220;non-diversified&#8221; fund.<br/><br/>Although the Fund may gain most of its investment exposure to bonds and other debt instruments by investing directly in them, the Fund may utilize various derivative instruments and related strategies, including exclusively, to gain exposure to bonds and other debt instruments. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts), futures and forward contracts, including relating to currencies, and swap agreements (including total return, interest rate and credit default swaps) and other related instruments with respect to individual bonds and other securities, indices and baskets of securities, interest rates and currencies, and credit-linked notes as part of its principal investment strategies. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund&#8217;s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may also invest directly in foreign currencies for hedging or other investment purposes.<br/><br/>The Fund may invest in equity securities, including warrants, and securities of other investment companies, including exchange-traded funds (&#8220;ETFs&#8221;) and other pooled vehicles, if the investment companies invest principally in the types of investments in which the Fund may invest directly.<br/><br/>The Fund will not invest more than 25% of its net assets in any one Emerging Market Country. In addition, the Fund will not invest more than 30% of its net assets in investments denominated in a single non-U.S. currency without seeking to hedge into U.S. dollars the portion of the Fund&#8217;s exposure to the non-U.S. currency that exceeds 30% of the Fund&#8217;s net assets.<br/><br/>In managing the Fund, the Investment Manager&#8217;s investment committee (the &#8220;Investment Committee&#8221;), together with the relevant portfolio managers (together with the Investment Committee, the &#8220;Investment Team&#8221;), employs a largely top-down, active and value-driven investment approach in analyzing emerging markets and currencies. The Fund&#8217;s investment approach includes an emphasis on the influence of politics (both local and international). The Investment Team seeks opportunities in selected emerging markets that it believes may benefit from significant positive changes, such as political and economic reforms, increases in capital inflows and investor confidence. The Investment Team&#8217;s investment process focuses on global and emerging markets fundamentals and considers factors such as liquidity and risk management at the macro level. The Investment Team utilizes the Investment Manager&#8217;s broad and current knowledge of important investment areas in various Emerging Market Countries gained, in part, through research, experience, long-standing relationships with reliable local firms and, where appropriate, visits by its investment personnel to countries in their respective regions of responsibility.<br/><br/>The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in bonds and other debt instruments denominated in the local currencies of Emerging Market Countries. The Fund&#8217;s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund&#8217;s 80% investment policy. 0.119 0.112 0.0705 0.1119 0.057 0.097 0.1119 0.068 0.0594 0.0493 0.0456 0.0145 0.0456 0.0568 <b>Shareholder Fees</b><br/>(fees paid directly from your investment) The Fund seeks to achieve its objective by investing principally in debt instruments of Corporate issuers (as defined below), which may be denominated in any currency, including the local currency of the issuer. A Corporate issuer is an issuer located in an Emerging Market Country or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. For these purposes, Corporate issuers may include corporate or other business entities in which a Sovereign or governmental agency or entity may have, indirectly or directly, an interest, including a majority or greater ownership interest (e.g., Gazprom, CITIC, Qatar Telecom). Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).<br/><br/>The Fund may invest in debt instruments of all types issued by Corporate issuers. These may include, without limitation, bonds, debentures, notes, convertible securities, commercial paper, loans and related assignments and participations, trade claims, bank certificates of deposit, fixed time deposits, bankers&#8217; acceptances, and money market instruments, including money market funds denominated in U.S. dollars or other currencies. The Fund may invest in obligations of any credit quality, and may invest without limitation in debt securities that are of below investment grade quality (&#8220;junk bonds&#8221;). The Fund may invest in companies of any market capitalization, and its allocations among small-, mid- and large-capitalization issuers may vary significantly over time.<br/><br/>The Fund normally seeks to maintain a weighted average portfolio duration of between 2 and 10 years.<br/><br/>Although the Fund may gain most of its investment exposure to Corporate issuers directly, the Fund may utilize various derivative instruments and related strategies, including exclusively, to gain exposure to one or more Corporate issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, total return swaps, credit default swaps and forward currency contracts and other currency-related derivatives as part of its principal investment strategies. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund&#8217;s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may also invest directly in foreign currencies for hedging or other investment purposes.<br/><br/>The Fund may invest in equity securities, including warrants, as well as securities of other investment companies, including exchange-traded funds (&#8220;ETFs&#8221;) and other pooled vehicles, if the investment companies invest principally in the types of investments in which the Fund may invest directly.<br/><br/>The Fund will not invest more than 25% of its net assets in any one Emerging Market Country. In addition, the Fund will not invest more than 50% of its net assets in investments denominated in currencies other than the U.S. dollar and other Hard Currencies (i.e., the U.S. dollar or any currency of a nation in the G-7) without seeking to hedge into U.S. dollars the portion of the Fund&#8217;s exposure to non-Hard Currencies that exceeds 50% of the Fund&#8217;s net assets.<br/><br/>In managing the Fund, the Investment Manager&#8217;s investment committee (the &#8220;Investment Committee&#8221;), together with the relevant portfolio managers (together with the Investment Committee, the &#8220;Investment Team&#8221;), employs a largely top-down, active and value-driven investment approach in analyzing emerging markets and currencies. The Fund&#8217;s investment approach includes an emphasis on the influence of politics (both local and international). The Investment Team combines its top-down approach with an analytically-driven, bottom-up approach to making purchase and sale decisions with respect to individual corporate credits. The Investment Team seeks opportunities in selected emerging markets that it believes may benefit from significant positive changes, such as political and economic reforms, increases in capital inflows and investor confidence, and seeks to invest in issuers in Corporate sectors it expects will benefit from such developments and associated economic development and growth. The Investment Team&#8217;s investment process focuses on global and emerging markets fundamentals and considers factors such as liquidity and risk management at the macro level. The Investment Team utilizes the Investment Manager&#8217;s broad and current knowledge of important investment areas in various Emerging Market Countries gained, in part, through research, experience, long-standing relationships with reliable local firms and, where appropriate, visits by its investment personnel to countries in their respective regions of responsibility.<br/><br/>The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in bonds and other debt instruments of Corporate issuers (as defined above). The Fund&#8217;s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund&#8217;s 80% investment policy. 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 Market 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.<br/><br/>Duration is one measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a security&#8217;s price to changes in interest rates. Securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Accordingly, bond funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than bond funds with shorter average portfolio durations. By way of example, the price of a bond fund with a duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point.<br/><br/>Sovereigns are governments of Emerging Market Countries. Quasi-Sovereigns are governmental entities, agencies and other issuers that are more than 50% owned, directly or indirectly, by a Sovereign, or whose obligations are guaranteed by a Sovereign. A Corporate issuer is any issuer other than a Sovereign or a Quasi-Sovereign that is located in an Emerging Market Country or, an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index). <br/><br/>The Fund may invest in debt instruments of all types, whether subordinated or unsubordinated, secured or unsecured, quoted or unquoted, rated or unrated, or floating rate or fixed rate. These may include, without limitation, bonds, debentures, notes, convertible securities, commercial paper, loans and related assignments and participations, bank certificates of deposit, fixed time deposits, bankers&#8217; acceptances, and money market instruments, including money market funds denominated in U.S. dollars or other currencies. The Fund may invest in obligations of any credit quality, and may invest without limitation in debt securities that are of below investment grade quality (i.e., &#8220;junk bonds&#8221;). The Fund may invest in companies of any market capitalization, and its allocations among small-, mid- and large-capitalization issuers may vary significantly over time.<br/><br/>The Fund is a &#8220;non-diversified&#8221; fund.<br/><br/>The Fund may utilize various derivative instruments and related strategies, including to gain exposure to one or more of the issuers referred to above or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts), futures and forward contracts and swap agreements (including total return, interest rate, and credit default swaps), credit-linked notes, structured notes and other related instruments with respect to individual currencies, bonds, and securities of any kind, indices and baskets of securities, interest rates and currencies as part of its principal investment strategies. The Fund may use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund&#8217;s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may invest in currency-related transactions, such as currency forward transactions (including deliverable and non-deliverable forwards), currency futures transactions and currency options transactions, and may also invest directly in foreign currencies, in each case for hedging or other investment purposes.<br/><br/>The Fund may invest in equity securities, including warrants, as well as securities of other investment companies, including exchange-traded funds (&#8220;ETFs&#8221;) and other pooled vehicles, if the investment companies invest principally in the types of investments in which the Fund may invest directly.<br/><br/>The Fund will not invest more than 35% of its net assets in any one Emerging Market Country.<br/><br/>In managing the Fund, the Investment Manager&#8217;s investment committee (the &#8220;Investment Committee&#8221;), together with the relevant portfolio managers (together with the Investment Committee, the &#8220;Investment Team&#8221;), employs a largely top-down, active and value-driven investment approach in analyzing emerging markets and currencies. The Fund&#8217;s investment approach includes an emphasis on the influence of politics (both local and international). The Investment Team combines this top-down approach with an analytically-driven, bottom-up approach to making purchase and sale decisions with respect to individual corporate credits. The Investment Team seeks to invest in a portfolio of short duration fixed-income securities in an effort to limit the Fund&#8217;s exposure to interest rate risk. The Investment Team seeks opportunities in selected emerging markets that it believes may benefit from significant positive changes, such as political and economic reforms, increases in capital inflows and investor confidence, and seeks to invest in issuers in government and Corporate sectors it expects will benefit from such developments and associated economic development and growth. The Investment Team&#8217;s investment process focuses on global and emerging markets fundamentals and considers factors such as liquidity and risk management at the macro level. This approach utilizes the Investment Manager&#8217;s broad and current knowledge of important investment areas in various Emerging Market Countries gained, in part, through research, experience, long-standing relationships with reliable local firms and, where appropriate, visits by its investment personnel to countries in their respective regions of responsibility.<br/><br/>The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in bonds and other debt instruments issued by Sovereign, Quasi-Sovereign or Corporate issuers of Emerging Market Countries. The Fund&#8217;s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund&#8217;s 80% investment policy. 2015-11-23 2015-11-23 2015-11-23 2015-11-23 2015-11-23 2015-11-23 2015-11-23 0.0525 0 0 0.01 0.01 0 0 0 0 <b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment) You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. 100000 <b>Shareholder Fees</b><br/>(fees paid directly from your investment) <b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment) 0.04 0 0 0.01 0.01 0 0 0 0 0.015 0.015 0.015 0.0025 0.01 0 0.009 0.009 0.009 0.0025 0.01 0 0.0177 0.0191 0.0182 0 0 0 0.0292 0.0381 0.0272 -0.0175 -0.0189 -0.018 0.0117 0.0192 0.0092 0.0064 0.0063 0.006 0 0 0 0.0239 0.0313 0.021 <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAnnualTotalReturnsBarChart000066 column period compact * ~</div> For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase. February 28, 2018 <b>Examples.</b> These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund&#8217;s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions. <b>Example: Assuming you redeem your<br/>shares at the end of each period</b> <b>Example: Assuming you do<br/>not redeem your shares</b> 514 295 94 You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Fund and other series of Ashmore Funds (the &#8220;Trust&#8221;). 1109 990 673 1728 1804 1279 3392 3925 2919 100000 514 94 195 1109 990 673 1728 1804 1279 3392 3925 2919 <b>Portfolio Turnover.</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund&#8217;s investment performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 68% of the average value of its portfolio. 0.68 <b>Principal Investment Strategies </b> 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 U.S. dollar or any currency of a nation in the G-7). Sovereigns are governments of Emerging Market Countries. Quasi-Sovereigns are governmental entities, agencies and other issuers that are more than 50% owned, directly or indirectly, by a Sovereign, or whose obligations are guaranteed by a Sovereign. A Corporate issuer is any issuer other than a Sovereign or a Quasi-Sovereign that is located in an Emerging Market Country or, an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).<br /><br />The Fund may invest in debt instruments of all types and denominated in any Hard Currency whether subordinated or unsubordinated, secured or unsecured, quoted or unquoted, rated or unrated, or floating rate or fixed rate. These may include, without limitation, bonds, debentures, notes, convertible securities, commercial paper, loans and related assignments and participations, bank certificates of deposit, fixed time deposits, bankers&#8217; acceptances, and money market instruments, including money market funds denominated in U.S. dollars or other Hard Currencies. The Fund may invest in obligations of any credit quality, and may invest without limit in debt securities that are of below investment grade quality (i.e., &#8220;junk bonds&#8221;). The Fund may invest in the debt instruments of small and mid-sized corporate issuers.<br /><br />The Fund normally seeks to maintain a weighted average portfolio duration of between 4 and 10 years. Duration is a measure of the expected life of a debt instrument that is used to determine the sensitivity of a security&#8217;s price to changes in interest rates. For example, the value of a portfolio of debt securities with an average duration of ten years would generally be expected to decline by approximately 10% if interest rates rose by one percentage point.<br /><br />The Fund may utilize various derivative instruments and related strategies, including exclusively, to gain exposure to one or more of the issuers referred to above or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts), futures and forward contracts and swap agreements (including total return, interest rate, and credit default swaps), credit-linked notes, structured notes and other related instruments with respect to individual currencies, bonds, and securities of any kind, indices and baskets of securities, interest rates and currencies as part of its principal investment strategies. The Fund may use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund&#8217;s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may invest in currency-related transactions, such as currency forward transactions (including deliverable and non-deliverable forwards), currency futures transactions and currency options transactions, and may also invest directly in Hard Currencies, in each case for hedging or other investment purposes. However, the Fund shall not use currency-related derivatives to obtain exposure to the local currencies of emerging market countries.<br /><br />The Fund may invest in securities of other investment companies, including exchange-traded funds (&#8220;ETFs&#8221;) and other pooled vehicles, if the investment companies invest principally in the types of investments in which the Fund may invest directly.<br /><br />The Fund will not invest more than 25% of its net assets in any one Emerging Market Country. The Fund will not invest more than 35% of its net assets in securities of Corporate issuers.<br /><br />In managing the Fund, the Investment Manager&#8217;s investment committee (the &#8220;Investment Committee&#8221;), together with the relevant portfolio managers (together with the Investment Committee, the &#8220;Investment Team&#8221;), employs a largely top-down, active and value-driven investment approach in analyzing the emerging markets and Hard Currencies in which the Fund invests. The Fund&#8217;s investment approach includes an emphasis on the influence of politics (both local and international). The Investment Team seeks opportunities in selected emerging markets that it believes may benefit from significant positive changes, such as political and economic reforms, increases in capital inflows and investor confidence. The Investment Team&#8217;s investment process focuses on global and emerging markets fundamentals and considers factors such as liquidity and risk management at the macro level. This approach utilizes the Investment Manager&#8217;s broad and current knowledge of important investment areas in various Emerging Market Countries gained, in part, through research, experience, long-standing relationships with reliable local firms and, where appropriate, visits by its investment personnel to countries in their respective regions of responsibility.<br /><br />The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in bonds and other debt instruments issued by Sovereign, Quasi-Sovereign or Corporate issuers of Emerging Market Countries that are denominated in Hard Currencies. The Fund&#8217;s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund&#8217;s 80% investment policy. <b>Principal Risks </b> <b>It is possible to lose money on an investment in the Fund.</b> The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund&#8217;s Investment Manager and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):<ul type="square"><li><b>Counterparty and Third Party Risk: </b>Transactions involving a counterparty to a derivative or other instrument, or to a third party responsible for servicing the instrument, are subject to the credit risk of the counterparty or third party, and to the counterparty&#8217;s or third party&#8217;s ability to perform in accordance with the terms of the transaction;</li></ul><ul type="square"><li><b>Credit Risk:</b> The Fund 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;</li></ul><ul type="square"><li><b>Currency Management Strategies Risk:</b> Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund&#8217;s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager anticipates;</li></ul><ul type="square"><li><b>Currency Risk:</b> Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund&#8217;s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;</li></ul><ul type="square"><li><b>Derivatives Risk:</b> Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;</li></ul><ul type="square"><li><b>Emerging Markets Risk:</b> Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;</li></ul><ul type="square"><li><b>Foreign Investment Risk:</b> Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;</li></ul><ul type="square"><li><b>Geographic Focus Risk:</b> The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments;</li></ul><ul type="square"><li><b>High Yield Risk:</b> Below investment grade securities and unrated securities of similar credit quality (commonly known as &#8220;high yield&#8221; securities or &#8220;junk bonds&#8221;) are subject to greater levels of credit and liquidity risks than higher quality securities, and are considered predominantly speculative with respect to the issuer&#8217;s continuing ability to make principal and interest payments;</li></ul><ul type="square"><li><b>Inflation/Deflation Risk:</b> The value of the Fund&#8217;s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;</li></ul><ul type="square"><li><b>Interest Rate Risk:</b> Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;</li></ul><ul type="square"><li><b>Investments in Pooled Vehicles Risk:</b> Investing in another investment company or pooled vehicle subjects the Fund to that company&#8217;s risks, and, in general, to a pro rata portion of that company&#8217;s fees and expenses in addition to fees and expenses charged by the Fund;</li></ul><ul type="square"><li><b>Issuer Risk:</b> The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods or services;</li></ul><ul type="square"><li><b>Large Shareholder Risk:</b> Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund&#8217;s operations by purchasing or redeeming Fund shares in large amounts;</li></ul><ul type="square"><li><b>Leverage Risk:</b> Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund&#8217;s investment portfolio and magnify the Fund&#8217;s investment losses or gains;</li></ul><ul type="square"><li><b>Liquidity Risk:</b> Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;</li></ul><ul type="square"><li><b>Management Risk:</b> The Fund&#8217;s investment return depends on the ability of the Investment Manager to manage the Fund&#8217;s portfolio successfully; there is a risk that the Investment Manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;</li></ul><ul type="square"><li><b>Market Risk:</b> The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;</li></ul><ul type="square"><li><b>Over-the-Counter Risk:</b> Securities and derivatives traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;</li></ul><ul type="square"><li><b>Portfolio Turnover Risk:</b> If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund&#8217;s investment performance;</li></ul><ul type="square"><li><b>Small and Mid-Sized Companies Risk: </b>Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and</li></ul><ul type="square"><li><b>Valuation Risk:</b> Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.</li></ul>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. -0.0062 -0.0061 -0.0058 0.0177 0.0152 0.0252 <b>It is possible to lose money on an investment in the Fund.</b> An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>Performance Information </b> The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s Institutional Class Shares&#8217; performance from year to year and comparing the Fund&#8217;s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund&#8217;s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund&#8217;s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. Prior to November 8, 2015, the Fund&#8217;s principal investment strategies focused principally in debt instruments of, and derivative instruments related to, Sovereign, Quasi-Sovereign and Corporate issuers of Emerging Market Countries denominated in any currency, including the local currency of the issuer. Prior to February 28, 2014, the Fund&#8217;s principal investment strategies focused principally on debt instruments of Sovereign or Quasi-Sovereign issuers of Emerging Market Countries denominated in the U.S. dollar or any currency of a nation in the G-7. The performance shown below for periods prior to those dates was achieved using the Fund&#8217;s previous principal investment strategies and may have been higher or lower had the Fund&#8217;s current principal investment strategies been in effect during the periods. You may obtain the Fund&#8217;s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund&#8217;s past performance (before and after taxes) does not predict how the Fund will perform in the future. The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s Institutional Class Shares&#8217; performance from year to year and comparing the Fund&#8217;s average annual total returns with those of a broad-based market index. 866-876-8294 www.ashmoregroup.com As with all mutual funds, the Fund&#8217;s past performance (before and after taxes) does not predict how the Fund will perform in the future. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. <b>Calendar Year Total Return&#8212;Institutional Class </b><br /><br /><b>Ashmore Emerging Markets Hard Currency Debt Fund % Total Return </b> The best calendar quarter return during the period shown above was 7.24% in the third quarter of 2012; the worst was -6.31% in the second quarter of 2013. <b>Average Annual Total Return </b><br />(For the period ended December 31, 2016) <b>Principal Risks </b> <b>Principal Risks </b> <b>Principal Risks </b> <b>It is possible to lose money on an investment in the Fund.</b> The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund&#8217;s Investment Manager and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):<ul type="square"><li><b>Counterparty and Third Party Risk: </b>Transactions involving a counterparty to a derivative or other instrument, or to a third party responsible for servicing the instrument, are subject to the credit risk of the counterparty or third party, and to the counterparty&#8217;s or third party&#8217;s ability to perform in accordance with the terms of the transaction;</li></ul><ul type="square"><li><b>Credit Risk: </b>The Fund 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;</li></ul><ul type="square"><li><b>Currency Management Strategies Risk:</b> Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund&#8217;s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager anticipates;</li></ul><ul type="square"><li><b>Currency Risk: </b>Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund&#8217;s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;</li></ul><ul type="square"><li><b>Derivatives Risk: </b>Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;</li></ul><ul type="square"><li><b>Emerging Markets Risk:</b> Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;</li></ul><ul type="square"><li><b>Foreign Investment Risk: </b>Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;</li></ul><ul type="square"><li><b>Geographic Focus Risk: </b>The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments;</li></ul><ul type="square"><li><b>High Yield Risk:</b> Below investment grade securities and unrated securities of similar credit quality (commonly known as &#8220;high yield&#8221; securities or &#8220;junk bonds&#8221;) are subject to greater levels of credit and liquidity risks than higher quality securities, and are considered predominantly speculative with respect to the issuer&#8217;s continuing ability to make principal and interest payments;</li></ul><ul type="square"><li><b>Inflation/Deflation Risk: </b>The value of the Fund&#8217;s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;</li></ul><ul type="square"><li><b>Interest Rate Risk: </b>Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;</li></ul><ul type="square"><li><b>Investments in Pooled Vehicles Risk: </b>Investing in another investment company or pooled vehicle subjects the Fund to that company&#8217;s risks, and, in general, to a pro rata portion of that company&#8217;s fees and expenses in addition to fees and expenses charged by the Fund;</li></ul><ul type="square"><li><b>Issuer Non-Diversification Risk:</b> The Fund is &#8220;non-diversified&#8221; and is therefore more susceptible to the risks of focusing investments in a small number of issuers, industries or foreign currencies, and the risks of a single economic, political or regulatory occurrence, than funds that are &#8220;diversified&#8221;;</li></ul><ul type="square"><li><b>Issuer Risk:</b> The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods or services;</li></ul><ul type="square"><li><b>Large Shareholder Risk:</b> Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund&#8217;s operations by purchasing or redeeming Fund shares in large amounts;</li></ul><ul type="square"><li><b>Leverage Risk: </b>Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund&#8217;s investment portfolio and magnify the Fund&#8217;s investment losses or gains;</li></ul><ul type="square"><li><b>Liquidity Risk: </b>Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;</li></ul><ul type="square"><li><b>Management Risk:</b> The Fund&#8217;s investment return depends on the ability of the Investment Manager to manage the Fund&#8217;s portfolio successfully; there is a risk that the Investment Manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;</li></ul><ul type="square"><li><b>Market Risk:</b> The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;</li></ul><ul type="square"><li><b>Mortgage-Backed and Asset-Backed Risk:</b> Payments on the underlying assets, whether they be mortgages or other obligations, may be delayed, prepaid, subordinated or defaulted on; rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates;</li></ul><ul type="square"><li><b>Over-the-Counter Risk: </b>Securities and derivatives traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;</li></ul><ul type="square"><li><b>Portfolio Turnover Risk: </b>If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund&#8217;s investment performance; and</li></ul><ul type="square"><li><b>Valuation Risk: </b>Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.</li></ul>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>It is possible to lose money on an investment in the Fund.</b> The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund&#8217;s Investment Manager and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):<ul type="square"><li><b>Bank Loans Risk:</b> The Fund may invest in bank loans and participations. Risks associated with these obligations include, but are not limited to, risks involving the enforceability of security interests and loan transactions, inadequate collateral, liabilities relating to collateral securing obligations, and the liquidity of these loans. The market for bank loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. The loans in which the Fund invests may be rated below investment grade.</li></ul><ul type="square"><li><b>Counterparty and Third Party Risk:</b> Transactions involving a counterparty to a derivative or other instrument, or to a third party responsible for servicing the instrument, are subject to the credit risk of the counterparty or third party, and to the counterparty&#8217;s or third party&#8217;s ability to perform in accordance with the terms of the transaction;</li></ul><ul type="square"><li><b>Credit Risk:</b> The Fund 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;</li></ul><ul type="square"><li><b>Currency Management Strategies Risk:</b> Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund&#8217;s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager anticipates;</li></ul><ul type="square"><li><b>Currency Risk:</b> Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund&#8217;s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;</li></ul><ul type="square"><li><b>Derivatives Risk:</b> Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;</li></ul><ul type="square"><li><b>Emerging Markets Risk:</b> Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;</li></ul><ul type="square"><li><b>Foreign Investment Risk:</b> Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;</li></ul><ul type="square"><li><b>Geographic Focus Risk:</b> The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments;</li></ul><ul type="square"><li><b>High Yield Risk:</b> Below investment grade securities and unrated securities of similar credit quality (commonly known as &#8220;high yield&#8221; securities or &#8220;junk bonds&#8221;) are subject to greater levels of credit and liquidity risks than higher quality securities, and are considered predominantly speculative with respect to the issuer&#8217;s continuing ability to make principal and interest payments;</li></ul><ul type="square"><li><b>Inflation/Deflation Risk:</b> The value of the Fund&#8217;s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;</li></ul><ul type="square"><li><b>Interest Rate Risk:</b> Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;</li></ul><ul type="square"><li><b>Investments in Pooled Vehicles Risk:</b> Investing in another investment company or pooled vehicle subjects the Fund to that company&#8217;s risks, and, in general, to a pro rata portion of that company&#8217;s fees and expenses in addition to fees and expenses charged by the Fund;</li></ul><ul type="square"><li><b>Issuer Risk:</b> The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods or services;</li></ul><ul type="square"><li><b>Large Shareholder Risk:</b> Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund&#8217;s operations by purchasing or redeeming Fund shares in large amounts;</li></ul><ul type="square"><li><b>Leverage Risk:</b> Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund&#8217;s investment portfolio and magnify the Fund&#8217;s investment losses or gains;</li></ul><ul type="square"><li><b>Liquidity Risk:</b> Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;</li></ul><ul type="square"><li><b>Management Risk:</b> The Fund&#8217;s investment return depends on the ability of the Investment Manager to manage the Fund&#8217;s portfolio successfully; there is a risk that the Investment Manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;</li></ul><ul type="square"><li><b>Market Risk:</b> The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;</li></ul><ul type="square"><li><b>Over-the-Counter Risk: </b>Securities and derivatives traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;</li></ul><ul type="square"><li><b>Portfolio Turnover Risk:</b> If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund&#8217;s investment performance;</li></ul><ul type="square"><li><b>Small and Mid-Sized Companies Risk:</b> Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and</li></ul><ul type="square"><li><b>Valuation Risk:</b> Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.</li></ul>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>It is possible to lose money on an investment in the Fund.</b> The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund&#8217;s Investment Manager and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):<ul type="square"><li><b>Counterparty and Third Party Risk:</b> Transactions involving a counterparty to a derivative or other instrument, or to a third party responsible for servicing the instrument, are subject to the credit risk of the counterparty or third party, and to the counterparty&#8217;s or third party&#8217;s ability to perform in accordance with the terms of the transaction;</li></ul><ul type="square"><li><b>Credit Risk:</b> The Fund 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;</li></ul><ul type="square"><li><b>Currency Management Strategies Risk:</b> Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund&#8217;s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager anticipates;</li></ul><ul type="square"><li><b>Currency Risk:</b> Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund&#8217;s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;</li></ul><ul type="square"><li><b>Derivatives Risk:</b> Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;</li></ul><ul type="square"><li><b>Emerging Markets Risk:</b> Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;</li></ul><ul type="square"><li><b>Foreign Investment Risk:</b> Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;</li></ul><ul type="square"><li><b>Geographic Focus Risk:</b> The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments;</li></ul><ul type="square"><li><b>High Yield Risk:</b> Below investment grade securities and unrated securities of similar credit quality (commonly known as &#8220;high yield&#8221; securities or &#8220;junk bonds&#8221;) are subject to greater levels of credit and liquidity risks than higher quality securities, and are considered predominantly speculative with respect to the issuer&#8217;s continuing ability to make principal and interest payments;</li></ul><ul type="square"><li><b>Inflation/Deflation Risk:</b> The value of the Fund&#8217;s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;</li></ul><ul type="square"><li><b>Interest Rate Risk:</b> Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;</li></ul><ul type="square"><li><b>Investments in Pooled Vehicles Risk:</b> Investing in another investment company or pooled vehicle subjects the Fund to that company&#8217;s risks, and, in general, to a pro rata portion of that company&#8217;s fees and expenses in addition to fees and expenses charged by the Fund;</li></ul><ul type="square"><li><b>Issuer Non-Diversification Risk:</b> The Fund is &#8220;non-diversified&#8221; and is therefore more susceptible to the risks of focusing investments in a small number of issuers, industries or foreign currencies, and the risks of a single economic, political or regulatory occurrence, than funds that are &#8220;diversified&#8221;;</li></ul><ul type="square"><li><b>Issuer Risk:</b> The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods or services;</li></ul><ul type="square"><li><b>Large Shareholder Risk:</b> Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund&#8217;s operations by purchasing or redeeming Fund shares in large amounts;</li></ul><ul type="square"><li><b>Leverage Risk:</b> Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund&#8217;s investment portfolio and magnify the Fund&#8217;s investment losses or gains;</li></ul><ul type="square"><li><b>Limited Operating History Risk:</b> The Fund has a limited operating history for investors to evaluate and may not achieve desired asset levels to maximize investment and operational efficiencies;</li></ul><ul type="square"><li><b>Liquidity Risk:</b> Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;</li></ul><ul type="square"><li><b>Management Risk:</b> The Fund&#8217;s investment return depends on the ability of the Investment Manager to manage the Fund&#8217;s portfolio successfully; there is a risk that the Investment Manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;</li></ul><ul type="square"><li><b>Market Risk:</b> The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;</li></ul><ul type="square"><li><b>Over-the-Counter Risk:</b> Securities and derivatives traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;</li></ul><ul type="square"><li><b>Portfolio Turnover Risk:</b> If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund&#8217;s investment performance;</li></ul><ul type="square"><li><b>Small and Mid-Sized Companies Risk:</b> Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and</li></ul><ul type="square"><li><b>Valuation Risk:</b> Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.</li></ul>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>It is possible to lose money on an investment in the Fund.</b> <b>It is possible to lose money on an investment in the Fund.</b> <b>It is possible to lose money on an investment in the Fund.</b> <ul type="square"><li><b>Issuer Non-Diversification Risk:</b> The Fund is &#8220;non-diversified&#8221; and is therefore more susceptible to the risks of focusing investments in a small number of issuers, industries or foreign currencies, and the risks of a single economic, political or regulatory occurrence, than funds that are &#8220;diversified&#8221;;</li></ul> <ul type="square"><li><b>Issuer Non-Diversification Risk:</b> The Fund is &#8220;non-diversified&#8221; and is therefore more susceptible to the risks of focusing investments in a small number of issuers, industries or foreign currencies, and the risks of a single economic, political or regulatory occurrence, than funds that are &#8220;diversified&#8221;;</li></ul> An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>Performance Information </b> <b>Performance Information </b> <b>Performance Information </b> The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s Institutional Class Shares&#8217; performance from year to year and comparing the Fund&#8217;s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund&#8217;s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund&#8217;s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund&#8217;s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund&#8217;s past performance (before and after taxes) does not predict how the Fund will perform in the future. The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s Institutional Class Shares&#8217; performance from year to year and comparing the Fund&#8217;s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund&#8217;s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund&#8217;s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund&#8217;s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund&#8217;s past performance (before and after taxes) does not predict how the Fund will perform in the future. The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s Institutional Class Shares&#8217; performance from year to year and comparing the Fund&#8217;s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund&#8217;s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund&#8217;s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund&#8217;s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund&#8217;s past performance (before and after taxes) does not predict how the Fund will perform in the future. The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s Institutional Class Shares&#8217; performance from year to year and comparing the Fund&#8217;s average annual total returns with those of a broad-based market index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares. The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s Institutional Class Shares&#8217; performance from year to year and comparing the Fund&#8217;s average annual total returns with those of a broad-based market index. The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s Institutional Class Shares&#8217; performance from year to year and comparing the Fund&#8217;s average annual total returns with those of a broad-based market index. 866-876-8294 866-876-8294 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares. 866-876-8294 www.ashmoregroup.com www.ashmoregroup.com 0.0585 www.ashmoregroup.com 0.1755 -0.059 0.0319 0.026 0.1317 As with all mutual funds, the Fund&#8217;s past performance (before and after taxes) does not predict how the Fund will perform in the future. As with all mutual funds, the Fund&#8217;s past performance (before and after taxes) does not predict how the Fund will perform in the future. best quarter 2012-09-30 0.0724 worst quarter 2013-06-30 -0.0631 The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. As with all mutual funds, the Fund&#8217;s past performance (before and after taxes) does not predict how the Fund will perform in the future. <b>Calendar Year Total Return&#8212;Institutional Class </b><br /><br /><b>Ashmore Emerging Markets Local Currency Bond Fund % Total Return</b> <b>Calendar Year Total Return&#8212;Institutional Class </b><br /><br /><b>Ashmore Emerging Markets Corporate Debt Fund % Total Return</b> <b>Calendar Year Total Return&#8212;Institutional Class </b><br /><br /><b>Ashmore Emerging Markets Short Duration Fund % Total Return</b> The best calendar quarter return during the period shown above was 11.36% in the first quarter of 2016; the worst was -11.25% in the third quarter of 2015. The best calendar quarter return during the period shown above was 10.02% in the first quarter of 2012; the worst was -11.57% in the third quarter of 2011. The best calendar quarter return during the period shown above was 8.16% in the second quarter of 2016; the worst was -1.51% in the third quarter of 2015. <b>Average Annual Total Return </b><br />(For the period ended December 31, 2016) <b>Average Annual Total Return </b><br />(For the period ended December 31, 2016) <b>Average Annual Total Return </b><br />(For the period ended December 31, 2016) <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleExpenseExampleTransposed000024 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleExpenseExampleNoRedemptionTransposed000025 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAnnualTotalReturnsBarChart000026 column period compact * ~</div> -0.0307 -0.0381 0.0895 0.1873 0.23 -0.1116 -0.0015 -0.0624 -0.0545 0.2339 -0.1622 -0.0154 0.1248 0.1972 best quarter 2016-03-31 best quarter best quarter 2012-03-31 2016-06-30 0.1136 0.1002 0.0816 worst quarter worst quarter worst quarter 2015-09-30 2011-09-30 2015-09-30 -0.1125 -0.1157 -0.0151 0.1972 0.1535 0.1094 0.0965 0.1467 0.1747 0.0965 0.1248 0.1227 0.0705 0.0994 0.0771 0.104 0.0994 0.2339 0.1728 0.1297 0.0607 0.1826 0.0607 648 305 104 -0.0129 -0.0241 -0.0168 -0.0129 -0.0127 -0.0203 -0.0141 0.0649 0.0315 0.035 0.0591 0.0618 0.0591 0.0538 1315 1055 759 0.0947 0.0535 0.0524 0.0866 0.0365 0.0476 0.0157 0.0224 0.0528 0.0302 0.0503 0.0299 648 205 104 1315 1055 759 -0.0231 -0.037 -0.0367 -0.0107 -0.0217 -0.0129 -0.0141 2011-05-12 2011-05-12 2011-05-12 2010-12-08 2010-12-08 2010-12-08 2010-12-08 2011-05-12 2011-05-12 2010-12-08 2010-12-08 2010-12-08 2010-12-08 2014-09-23 2014-09-23 2014-06-24 2014-06-24 2014-06-24 2014-06-24 2011-05-12 0.0324 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares. <b>It is possible to lose money on an investment in the Fund.</b> An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. As with all mutual funds, the Fund&#8217;s past performance (before and after taxes) does not predict how the Fund will perform in the future. www.ashmoregroup.com 866-876-8294 The Fund recently commenced investment operations and does not have a full calendar year of investment performance information to report. After the Fund has had operations for at least one full calendar year, the Prospectus will include a bar chart and a table that will provide some indication of the risks of investing in the Fund by comparing the Fund&#8217;s performance with that of a broad-based market index. <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleExpenseExampleNoRedemptionTransposed000075 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleExpenseExampleNoRedemptionTransposed000065 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleShareholderFees000092 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAnnualFundOperatingExpenses000093 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAverageAnnualTotalReturnsTransposed000097 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAnnualFundOperatingExpenses000103 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAverageAnnualTotalReturnsTransposed000107 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleExpenseExampleTransposed000034 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleExpenseExampleTransposed000044 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleExpenseExampleTransposed000054 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleExpenseExampleNoRedemptionTransposed000035 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleExpenseExampleNoRedemptionTransposed000045 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleExpenseExampleNoRedemptionTransposed000055 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAnnualTotalReturnsBarChart000036 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAnnualTotalReturnsBarChart000046 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAnnualTotalReturnsBarChart000056 column period compact * ~</div> <b>Ashmore Emerging Markets Frontier Equity Fund </b> <b>Ashmore Emerging Markets Value Fund </b> <b>Investment Objective </b> <b>Investment Objective </b> The Fund seeks long-term capital appreciation. The Fund seeks long-term capital appreciation. <b>Fees and Expenses of the Fund </b> <b>Fees and Expenses of the Fund </b> The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the &#8220;Classes of Shares&#8221; section beginning on page 124 of the Fund&#8217;s prospectus or from your financial advisor. The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the &#8220;Classes of Shares&#8221; section beginning on page 124 of the Fund&#8217;s prospectus or from your financial advisor.<br /><br /><b>Until further notice, the Fund does not offer Class C shares for new investment or for exchanges for Class C shares of other Funds.</b> You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. 100000 0 0 0 <b>Shareholder Fees</b><br/>(fees paid directly from your investment) <b>Shareholder Fees</b><br/>(fees paid directly from your investment) <b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment) <b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the &nbsp;value of your investment) 0.0525 0 0 0.0525 0 0 0.01 0.01 0 0.01 0.01 0 0 0 0 0 0 0 0.015 0.015 0.015 0.0115 0.0115 0.0115 0.0025 0.01 0 0.0025 0.01 0 0.0156 0.0156 0.0156 0.007 0.0055 0.0055 0 0 0 0 0 0 0.0296 0.0371 0.0271 0.0245 0.0305 0.0205 -0.0154 -0.0154 -0.0154 -0.0068 -0.0053 -0.0053 <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleShareholderFees000062 column period compact * ~</div> 0.0142 0.0217 0.0117 0.0177 0.0252 0.0152 For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase. <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleExpenseExampleTransposed000064 column period compact * ~</div> You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. 100000 <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleExpenseExampleTransposed000074 column period compact * ~</div> 100000 February 28, 2018 February 28, 2018 <b>Examples.</b> <b>Examples.</b> These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund&#8217;s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions. These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund&#8217;s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions. <b>Example: Assuming you redeem your<br/>shares at the end of each period</b> <b>Example: Assuming you do<br/>not redeem your shares</b> <b>Example: Assuming you redeem your<br/>shares at the end of each period</b> <b>Example: Assuming you do<br/>not redeem your shares</b> <b>Portfolio Turnover.</b> <b>Portfolio Turnover.</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund&#8217;s investment performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 76% of the average value of its portfolio. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund&#8217;s investment performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 119% of the average value of its portfolio. 0.76 1.19 <b>Principal Investment Strategies </b> <b>Principal Investment Strategies </b> 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. A Frontier Market Issuer is an issuer that is located in a Frontier Market Country, or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Frontier Market Countries or that has at least 50% of its assets in one or more Frontier Market Countries.<br /><br />Frontier Market countries are countries that either currently or in the future are represented in widely-recognized indices of frontier market securities or the Investment Manager or Ashmore Equities Investment Management (US) LLC (the &#8220;Subadviser&#8221;) considers the market to have frontier market characteristics in respect to economic, political, or market structure.<br /><br />The Fund may invest in equity securities and equity-related investments of all types and denominated in any currency, including voting and non-voting common stock, common stock issued to special shareholder classes, preferred stock, depositary receipts, including global and American depositary receipts, warrants, securities convertible into equity securities, other equity-related investments whose returns vary on the basis of the issuer&#8217;s profitability (e.g., participation notes), as well as securities of other investment companies, including exchange-traded funds (&#8220;ETFs&#8221;) and other pooled vehicles. The Fund may invest through investment funds, pooled accounts or other investment vehicles designed to permit investments in a portfolio of equity securities listed in one or more Frontier Market Countries or regions, particularly in the case of countries that may have restrictions on foreign investment or countries where such investments may represent an efficient method of achieving investment exposure. The Fund&#8217;s investments may include securities of companies that are in the process of being privatized by a government, securities of companies that are traded in unregulated over-the-counter markets or other types of unlisted securities markets, and unregistered securities issued in private placements. The Fund may invest in companies of any market capitalization and may also invest in initial public offerings. The Fund&#8217;s benchmark index, the MSCI Frontier Markets Index, is currently concentrated in the commercial banking industry. Although the Fund is not an index fund and does not seek to replicate the performance of its benchmark index, it may concentrate its investments in the commercial banking industry. As of the date of this prospectus, the Fund&#8217;s investments are concentrated in the commercial banking industry.<br /><br />The Fund may utilize various derivative instruments and related strategies to gain exposure to one or more issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts); futures and forward contracts, including contracts related to currencies; and swap agreements (including total return and interest rate swaps); other related instruments with respect to individual stocks and other securities, indices and baskets of securities, interest rates and currencies; participation notes; structured notes; exchange traded notes; and credit-linked notes as part of its principal investment strategies. The Fund may enter into foreign currency forward contracts as well as foreign currency futures and options contracts with respect to any currency in which it has existing investments or has contracted to make investments in an attempt to hedge currency exchange risk. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund&#8217;s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may also invest directly in foreign currencies for hedging or other investment purposes.<br /><br />The Fund is managed by a committee of portfolio managers, who are officers of the Investment Manager and/or the Subadviser (for purposes of this section, the &#8220;Portfolio Managers&#8221;). In managing the Fund&#8217;s portfolio, the Portfolio Managers use principally a bottom-up approach to identify particular securities for investment within Frontier Market Countries. The Portfolio Managers&#8217; investment approach is driven by fundamental value and involves a rigorous, systemic and value-oriented security selection process. The Portfolio Managers analyze the universe of available Frontier Market equity investments in an attempt to identify issuers that are undervalued relative to their long-term growth prospects. Potential candidates are systematically screened for fundamental value based on a number of factors, such as price to earnings ratio, price to future growth ratio, price to book value ratio, price to cash flow ratio, free cash flow, return on equity, debt to equity ratio, earnings growth and earnings momentum. Attractive candidates undergo a more rigorous review to assess the issuer&#8217;s long-term prospects, including with respect to management strength, market outlook, competitiveness, regulatory changes, restructuring and expansion plans, profitability, financial viability, interest coverage and hidden assets. The screening process is designed, in part, to avoid investments deemed by the Portfolio Managers to have unacceptable risk factors. The Portfolio Managers also review and take into account overall Fund exposures to particular Frontier Market Countries and sectors in an effort to construct a portfolio that provides a measure of diversification among Frontier Market Countries and sectors. Taking into account the results of this screening process, the Portfolio Managers select particular investments designed to produce a diversified equity portfolio of Frontier Market Issuers.<br /><br />The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities and other equity-related investments of Frontier Market Issuers. The Fund&#8217;s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund&#8217;s 80% investment policy. For example, futures contracts may be used to obtain investment exposure equal to a portion or all of the Fund&#8217;s cash position. The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Emerging Market Issuers (as defined below), which may be denominated in any currency, including the local currency of the issuer. An Emerging Market Issuer is an issuer that is located in an Emerging Market Country, or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).<br /><br />The Fund may invest in equity securities and equity-related investments of all types and denominated in any currency, including voting and non-voting common stock, common stock issued to special shareholder classes, preferred stock, depositary receipts, including global and American depositary receipts, warrants, securities convertible into equity securities, other equity-related investments whose returns vary on the basis of the issuer&#8217;s profitability (e.g., participation notes), as well as securities of other investment companies, including exchange-traded funds (&#8220;ETFs&#8221;) and other pooled vehicles. The Fund may invest through investment funds, pooled accounts or other investment vehicles designed to permit investments in a portfolio of equity securities listed in a particular Emerging Market Country or region, particularly in the case of countries in which such an investment vehicle is the exclusive or main vehicle for foreign portfolio investment. The Fund&#8217;s investments may include securities of companies that are in the process of being privatized by a government and securities of companies that are traded in unregulated over-the-counter markets or other types of unlisted securities markets. The Fund may invest in companies of any market capitalization.<br /><br />The Fund may utilize various derivative instruments and related strategies to gain exposure to one or more issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts); futures and forward contracts, including contracts related to currencies; and swap agreements (including total return and interest rate swaps); other related instruments with respect to individual stocks and other securities, indices and baskets of securities, interest rates and currencies; participation notes; structured notes; exchange traded notes; and credit-linked notes as part of its principal investment strategies. The Fund may enter into foreign currency forward contracts as well as foreign currency futures and options contracts with respect to any currency in which it has existing investments or has contracted to make investments in an attempt to hedge currency exchange risk. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund&#8217;s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may also invest directly in foreign currencies for hedging or other investment purposes.<br /><br />In managing the Fund&#8217;s portfolio, Ashmore Equities Investment Management (US) LLC (the &#8220;Subadviser&#8221;) utilizes both a top-down process to identify and allocate/reallocate the Fund&#8217;s assets among particular Emerging Market Countries and a bottom-up process to identify particular securities for investment within each selected Emerging Market Country.<br /><br />The Subadviser&#8217;s top-down process for selecting Emerging Market Countries takes into account various factors, including market factors, macro-economic factors, political factors, local market development and the applicable investment restrictions in the market.<br /><br />The Subadviser also utilizes a proprietary, quantitative country allocation model to assist in the selection of particular Emerging Market Countries. The model makes use of long-term historical data on market fundamental ratios and macroeconomic data in the target Emerging Market Countries as well as earnings forecasts to estimate expected returns for each market and employs statistical techniques to produce a recommended country allocation. The Subadviser evaluates markets, in historical and prospective terms, taking into consideration corporate and macroeconomic developments.<br /><br />Following a determination of the Fund&#8217;s allocation among Emerging Market Countries, the Subadviser uses a systematic, bottom-up process to select particular issuers for investment within each Emerging Market Country based on, among other factors, market valuations, prospective growth prospects, international competitiveness, financial condition, asset backing and liquidity. Potential investments are then systematically screened for fundamental value based on a number of factors, including price/earnings ratio, price to book value ratio, earnings growth, dividend yield and debt to equity ratio. The screening process is designed, in part, to avoid investments deemed by the Subadviser to have inadequate liquidity or unacceptable risk factors. The Subadviser then selects particular issuers in an effort to produce a broad portfolio of investments available to foreign investors in each selected Emerging Market Country.<br /><br />The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities and other equity-related investments of Emerging Market Issuers. The Fund&#8217;s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund&#8217;s 80% investment policy. For example, futures contracts may be used to obtain investment exposure equal to a portion or all of the Fund&#8217;s cash position. <b>Principal Risks </b> <b>Principal Risks </b> <b>It is possible to lose money on an investment in the Fund.</b> The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund&#8217;s Investment Manager and Subadviser and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):<ul type="square"><li><b>Convertible Securities Risk:</b> Securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities and the risk of changing in value at a different rate than the underlying stocks. Convertible securities are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer&#8217;s or counterparty&#8217;s deterioration or default;</li></ul><ul type="square"><li><b>Counterparty and Third Party Risk:</b> Transactions involving a counterparty to a derivative or other instrument, or to a third party responsible for servicing the instrument, are subject to the credit risk of the counterparty or third party, and to the counterparty&#8217;s or third party&#8217;s ability to perform in accordance with the terms of the transaction;</li></ul><ul type="square"><li><b>Credit Risk:</b> The Fund could lose money if the issuer or counterparty 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;</li></ul><ul type="square"><li><b>Currency Management Strategies Risk:</b> Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund&#8217;s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Subadviser anticipates;</li></ul><ul type="square"><li><b>Currency Risk:</b> Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund&#8217;s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;</li></ul><ul type="square"><li><b>Derivatives Risk:</b> Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;</li></ul><ul type="square"><li><b>Emerging Markets Risk:</b> Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;</li></ul><ul type="square"><li><b>Equity Securities Risk:</b> Equity securities may react more strongly to changes in an issuer&#8217;s financial condition or prospects than other securities of the same issuer;</li></ul><ul type="square"><li><b>Financial Services Risk:</b> Investments in issuers in the financial services sector are subject to various risks affecting financial services companies and the financial services sector generally. The values of investments in the financial services sector are particularly sensitive to changes in economic conditions, such as recessions and fluctuations in interest rates. Financial services companies may be exposed to leverage, which could magnify investment losses under adverse market conditions. Investments in the financial services sector are also subject to the risk that unexpected market, economic, political, regulatory or other events might lead to a decline in the value of most or all companies in the financial services sector. In addition, the financial services sector of emerging markets can be considered riskier than the U.S. financial services sector.</li></ul><ul type="square"><li><b>Focused Investment Risk:</b> Focusing a fund&#8217;s investments in a limited number of issuers, sectors or industries increases risk and the volatility of the value of a fund&#8217;s shares. The Fund may be particularly susceptible to economic, political, regulatory or other events affecting the issuers, sectors or industries to the extent it focuses its investments;</li></ul><ul type="square"><li><b>Foreign Investment Risk:</b> Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;</li></ul><ul type="square"><li><b>Geographic Focus Risk:</b> The Fund may be particularly susceptible to economic, political or regulatory events affecting particular countries or regions to the extent the Fund focuses its investments in such countries or regions;</li></ul><ul type="square"><li><b>Inflation/Deflation Risk:</b> The value of the Fund&#8217;s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;</li></ul><ul type="square"><li><b>Interest Rate Risk:</b> Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;</li></ul><ul type="square"><li><b>Investments in Pooled Vehicles Risk:</b> Investing in another investment company or pooled vehicle subjects the Fund to that company&#8217;s risks, and, in general, to a pro rata portion of that company&#8217;s fees and expenses in addition to fees and expenses charged by the Fund;</li></ul><ul type="square"><li><b>IPO Risk:</b> Securities offered in initial public offerings (IPOs) are subject to many of the same risks of investing in small companies and often to a heightened degree, their values may be highly volatile, they have no trading history and information about the issuer may have been available for only limited periods;</li></ul><ul type="square"><li><b>Issuer Risk:</b> The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods or services;</li></ul><ul type="square"><li><b>Large Shareholder Risk:</b> Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund&#8217;s operations by purchasing or redeeming Fund shares in large amounts;</li></ul><ul type="square"><li><b>Leverage Risk:</b> Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund&#8217;s investment portfolio and magnify the Fund&#8217;s investment losses or gains;</li></ul><ul type="square"><li><b>Liquidity Risk:</b> Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;</li></ul><ul type="square"><li><b>Management Risk:</b> The Fund&#8217;s investment return depends on the ability of the Subadviser to manage the Fund&#8217;s portfolio successfully; there is a risk that the Subadviser may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;</li></ul><ul type="square"><li><b>Market Risk:</b> The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;</li></ul><ul type="square"><li><b>Over-the-Counter Risk:</b> Securities traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;</li></ul><ul type="square"><li><b>Portfolio Turnover Risk:</b> If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund&#8217;s investment performance;</li></ul><ul type="square"><li><b>Small and Mid-Sized Companies Risk:</b> Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and</li></ul><ul type="square"><li><b>Valuation Risk:</b> Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.</li></ul>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>It is possible to lose money on an investment in the Fund.</b> The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund&#8217;s Investment Manager and Subadviser and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):<ul type="square"><li><b>Banking Industry Risk:</b> Investments in banking industry stocks, as compared to other industries in general, may be considered to be more volatile or riskier due to a number of factors including more extensive government regulation that may reduce profit potential for banks compared to other entities. Financial services institutions are often subject to extensive governmental regulation and, recently, government intervention and the potential for additional regulation, which may adversely affect the scope of their activities, the prices they can charge and the amount of capital they must maintain. The oversight of, and regulations applicable to, companies in the banking industry in frontier markets may be ineffective and underdeveloped relative to more developed markets. Recent events in the financial sector have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign, and caused certain financial services companies to incur large losses. The impact of recent or future regulation in various countries on any individual bank or on the sector as a whole cannot be predicted. In addition, the banking industry of frontier markets can be considered riskier than the U.S. banking industry.</li></ul><ul type="square"><li><b>Convertible Securities Risk:</b> Securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities and the risk of changing in value at a different rate than the underlying stocks. Convertible securities are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer&#8217;s or counterparty&#8217;s deterioration or default;</li></ul><ul type="square"><li><b>Counterparty and Third Party Risk:</b> Transactions involving a counterparty to a derivative or other instrument, or to a third party responsible for servicing the instrument, are subject to the credit risk of the counterparty or third party, and to the counterparty&#8217;s or third party&#8217;s ability to perform in accordance with the terms of the transaction;</li></ul><ul type="square"><li><b>Credit Risk:</b> The Fund could lose money if the issuer or counterparty 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;</li></ul><ul type="square"><li><b>Currency Management Strategies Risk:</b> Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund&#8217;s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager and Subadviser anticipate;</li></ul><ul type="square"><li><b>Currency Risk:</b> Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund&#8217;s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;</li></ul><ul type="square"><li><b>Derivatives Risk:</b> Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;</li></ul><ul type="square"><li><b>Equity Securities Risk:</b> Equity securities may react more strongly to changes in an issuer&#8217;s financial condition or prospects than other securities of the same issuer;</li></ul><ul type="square"><li><b>Focused Investment Risk:</b> Focusing a fund&#8217;s investments in a limited number of issuers, sectors or industries increases risk and the volatility of the value of a fund&#8217;s shares. The Fund may be particularly susceptible to economic, political, regulatory or other events affecting the issuers, sectors or industries to the extent it focuses its investments;</li></ul><ul type="square"><li><b>Foreign Investment Risk:</b> Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;</li></ul><ul type="square"><li><b>Frontier Markets Risk:</b> Frontier market countries are emerging market countries, but generally have smaller economies or less mature capital markets than more developed emerging markets, and, as a result, the risks of investing in emerging market countries are magnified in frontier countries. The markets of frontier countries typically have low trading volumes and the potential for extreme price volatility and illiquidity. This volatility may be further heightened by the actions of a few major investors. For example, a substantial increase or decrease in cash flows of mutual funds investing in these markets could significantly affect local stock prices and, therefore, the net asset value of Fund shares. These factors make investing in frontier countries significantly riskier than in other countries, including other emerging market countries, and any one of them could cause the net asset value of the Fund&#8217;s shares to decline;</li></ul><ul type="square"><li><b>Geographic Focus Risk: </b>The Fund may be particularly susceptible to economic, political or regulatory events affecting particular countries or regions to the extent the Fund focuses its investments in such countries or regions;</li></ul><ul type="square"><li><b>Inflation/Deflation Risk:</b> The value of the Fund&#8217;s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;</li></ul><ul type="square"><li><b>Interest Rate Risk:</b> Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;</li></ul><ul type="square"><li><b>Investments in Pooled Vehicles Risk:</b> Investing in another investment company or pooled vehicle subjects the Fund to that company&#8217;s risks, and, in general, to a pro rata portion of that company&#8217;s fees and expenses in addition to fees and expenses charged by the Fund;</li></ul><ul type="square"><li><b>IPO Risk:</b> Securities offered in initial public offerings (IPOs) are subject to many of the same risks of investing in small companies and often to a heightened degree, their values may be highly volatile, they have no trading history and information about the issuer may have been available for only limited periods;</li></ul><ul type="square"><li><b>Issuer Risk:</b> The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods or services;</li></ul><ul type="square"><li><b>Large Shareholder Risk:</b> Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund&#8217;s operations by purchasing or redeeming Fund shares in large amounts;</li></ul><ul type="square"><li><b>Leverage Risk:</b> Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund&#8217;s investment portfolio and magnify the Fund&#8217;s investment losses or gains;</li></ul><ul type="square"><li><b>Limited Operating History Risk:</b> The Fund has a limited operating history for investors to evaluate and may not achieve desired asset levels to maximize investment and operational efficiencies;</li></ul><ul type="square"><li><b>Liquidity Risk:</b> Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;</li></ul><ul type="square"><li><b>Management Risk:</b> The Fund&#8217;s investment return depends on the ability of the Investment Manager and the Subadviser to manage the Fund&#8217;s portfolio successfully; there is a risk that the Investment Manager or the Subadviser may be incorrect in their analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;</li></ul><ul type="square"><li><b>Market Risk:</b> The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;</li></ul><ul type="square"><li><b>Over-the-Counter Risk:</b> Securities traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;</li></ul><ul type="square"><li><b>Portfolio Turnover Risk:</b> If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund&#8217;s investment performance;</li></ul><ul type="square"><li><b>Small and Mid-Sized Companies Risk:</b> Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and</li></ul><ul type="square"><li><b>Valuation Risk:</b> Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.</li></ul>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0 0 0 0 0 0 0 0 0 <b>It is possible to lose money on an investment in the Fund.</b> An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>It is possible to lose money on an investment in the Fund.</b> <b>Performance Information </b> <b>Performance Information </b> The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s Institutional Class Shares&#8217; performance from year to year (after the Fund has had two full calendar years of investment operations) and comparing the Fund&#8217;s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund&#8217;s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund&#8217;s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund&#8217;s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund&#8217;s past performance (before and after taxes) does not predict how the Fund will perform in the future. The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s Institutional Class Shares&#8217; performance from year to year and comparing the Fund&#8217;s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund&#8217;s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund&#8217;s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund&#8217;s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund&#8217;s past performance (before and after taxes) does not predict how the Fund will perform in the future. The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s Institutional Class Shares&#8217; performance from year to year (after the Fund has had two full calendar years of investment operations) and comparing the Fund&#8217;s average annual total returns with those of a broad-based market index. 866-876-8294 www.ashmoregroup.com As with all mutual funds, the Fund&#8217;s past performance (before and after taxes) does not predict how the Fund will perform in the future. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s Institutional Class Shares&#8217; performance from year to year and comparing the Fund&#8217;s average annual total returns with those of a broad-based market index. 866-876-8294 www.ashmoregroup.com As with all mutual funds, the Fund&#8217;s past performance (before and after taxes) does not predict how the Fund will perform in the future. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. <b>Calendar Year Total Return&#8212;Institutional Class </b><br /><br /><b>Ashmore Emerging Markets Frontier Equity Fund % Total Return </b> <b>Calendar Year Total Return&#8212;Institutional Class </b><br /><br /><b>Ashmore Emerging Markets Value Fund % Total Return </b> The best calendar quarter return during the period shown above was 6.92% in the first quarter of 2014; the worst was -10.48% in the fourth quarter of 2014. The best calendar quarter return during the period shown above was 16.06% in the first quarter of 2012; the worst was -20.13% in the third quarter of 2015. <b>Average Annual Total Return </b><br />(For the period ended December 31, 2016) <b>Average Annual Total Return </b><br />(For the period ended December 31, 2016) 0.1088 0.1077 0.0661 0.0266 0.0488 0.0883 0.0266 0.1865 0.1817 0.1106 0.1119 0.1194 0.1119 0.1177 0.0148 -0.0002 0.006 -0.0008 -0.0468 -0.0357 -0.074 0.0061 0.0045 0.0056 0.0128 2013-11-05 2013-11-05 2013-11-05 2013-11-05 2014-05-07 2014-05-07 2014-05-07 -0.032 -0.0337 -0.0231 -0.0217 -0.0422 -0.0186 -0.0034 2011-06-22 2011-06-22 2011-06-22 2011-06-22 2012-02-24 2012-02-24 2012-08-24 2012-08-24 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares. 0.0664 -0.0996 0.1088 best quarter 2014-03-31 0.0692 worst quarter 2014-12-31 -0.1048 0.1713 0.0095 -0.0737 -0.2068 0.1865 best quarter 2012-03-31 0.1606 worst quarter 2015-09-30 -0.2013 <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleShareholderFees000102 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleExpenseExampleTransposed000104 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleExpenseExampleNoRedemptionTransposed000105 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleExpenseExampleTransposed000094 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleExpenseExampleNoRedemptionTransposed000095 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAnnualTotalReturnsBarChart000106 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAnnualTotalReturnsBarChart000096 column period compact * ~</div> For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase. February 28, 2018 <b>Examples.</b> These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund&#8217;s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions. <b>Example: Assuming you redeem your<br/>shares at the end of each period</b> <b>Example: Assuming you do<br/>not redeem your shares</b> 695 355 155 1175 909 602 1587 1076 1680 3063 3397 2385 695 255 155 1175 909 602 1680 1587 1076 3063 3397 2385 <b>Portfolio Turnover.</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund&#8217;s investment performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 104% of the average value of its portfolio. 1.04 <b>Principal Investment Strategies </b> The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Small-Capitalization Emerging Market Issuers (as defined below), 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 $2.0 billion or less at the time of initial investment and $3.0 billion or less at the time of a subsequent investment in the same issuer. An Emerging Market Issuer is an issuer that is located in an Emerging Market Country, or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).<br /><br />The Fund may invest in equity securities and equity-related investments of all types and denominated in any currency, including voting and non-voting common stock, common stock issued to special shareholder classes, preferred stock, depositary receipts, including global and American depositary receipts, warrants, securities convertible into equity securities, other equity-related investments whose returns vary on the basis of the issuer&#8217;s profitability (e.g., participation notes), as well as securities of other investment companies, including exchange-traded funds (&#8220;ETFs&#8221;) and other pooled vehicles. The Fund may invest through investment funds, pooled accounts or other investment vehicles designed to permit investments in a portfolio of equity securities listed in a particular Emerging Market Country or region, particularly in the case of countries in which such an investment vehicle is the exclusive or main vehicle for foreign portfolio investment. The Fund&#8217;s investments may include securities of companies that are in the process of being privatized by a government, securities of companies that are traded in unregulated over-the-counter markets or other types of unlisted securities markets, and unregistered securities issued in private placements. The Fund may also invest in initial public offerings. Although the Fund focuses on Small-Capitalization securities, it reserves the flexibility to invest a portion of its assets in securities of medium- or large-capitalization issuers. The Fund may utilize various derivative instruments and related strategies to gain exposure to one or more issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts); futures and forward contracts, including contracts related to currencies; and swap agreements (including total return and interest rate swaps); other related instruments with respect to individual stocks and other securities, indices and baskets of securities, interest rates and currencies; participation notes; structured notes; exchange traded notes; and credit-linked notes as part of its principal investment strategies. The Fund may enter into foreign currency forward contracts as well as foreign currency futures and options contracts with respect to any currency in which it has existing investments or has contracted to make investments in an attempt to hedge currency exchange risk. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund&#8217;s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may also invest directly in foreign currencies for hedging or other investment purposes.<br /><br />In managing the Fund&#8217;s portfolio, Ashmore Equities Investment Management (US) LLC (the &#8220;Subadviser&#8221;) uses principally a bottom-up approach to identify particular securities for investment within Emerging Market Countries. The Subadviser&#8217;s investment approach is driven by fundamental value and involves a rigorous, systemic and value-oriented security selection process. The portfolio manager analyzes the universe of available Small-Capitalization Emerging Market equity investments in an attempt to identify issuers that are undervalued relative to their long-term growth prospects. Potential candidates are systematically screened for fundamental value based on a number of factors, such as price to earnings ratio, price to future growth ratio, price to book value ratio, price to cash flow ratio, free cash flow, return on equity, debt to equity ratio, earnings growth and earnings momentum. Attractive candidates undergo a more rigorous review to assess the issuer&#8217;s long-term prospects, including with respect to management strength, market outlook, competitiveness, regulatory changes, restructuring and expansion plans, profitability, financial viability, interest coverage and hidden assets. The screening process is designed, in part, to avoid investments deemed by the portfolio manager to have unacceptable risk factors. The portfolio manager also reviews and takes into account overall Fund exposures to particular Emerging Market Countries and sectors in an effort to construct a portfolio that provides adequate diversification and risk controls. Taking into account the results of this screening process, the portfolio manager selects particular investments designed to produce a diversified equity portfolio of Small-Capitalization Emerging Market Issuers.<br /><br />The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities and other equity-related investments of Small-Capitalization Emerging Market Issuers. The Fund&#8217;s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund&#8217;s 80% investment policy. <b>Principal Risks </b> <b>It is possible to lose money on an investment in the Fund.</b> The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund&#8217;s Investment Manager and Subadviser and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):<ul type="square"><li><b>Convertible Securities Risk: </b>Securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities and the risk of changing in value at a different rate than the underlying stocks. Convertible securities are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer&#8217;s or counterparty&#8217;s deterioration or default;</li></ul><ul type="square"><li><b>Counterparty and Third Party Risk: </b>Transactions involving a counterparty to a derivative or other instrument, or to a third party responsible for servicing the instrument, are subject to the credit risk of the counterparty or third party, and to the counterparty&#8217;s or third party&#8217;s ability to perform in accordance with the terms of the transaction;</li></ul><ul type="square"><li><b>Credit Risk:</b> The Fund could lose money if the issuer or counterparty 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;</li></ul><ul type="square"><li><b>Currency Management Strategies Risk:</b> Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund&#8217;s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Subadviser anticipates;</li></ul><ul type="square"><li><b>Currency Risk: </b>Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund&#8217;s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;</li></ul><ul type="square"><li><b>Derivatives Risk: </b>Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;</li></ul><ul type="square"><li><b>Emerging Markets Risk:</b> Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;</li></ul><ul type="square"><li><b>Equity Securities Risk:</b> Equity securities may react more strongly to changes in an issuer&#8217;s financial condition or prospects than other securities of the same issuer;</li></ul><ul type="square"><li><b>Focused Investment Risk:</b> Focusing a fund&#8217;s investments in a limited number of issuers, sectors or industries increases risk and the volatility of the value of a fund&#8217;s shares. The Fund may be particularly susceptible to economic, political, regulatory or other events affecting the issuers, sectors or industries to the extent it focuses its investments;</li></ul><ul type="square"><li><b>Foreign Investment Risk: </b>Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;</li></ul><ul type="square"><li><b>Geographic Focus Risk: </b>The Fund may be particularly susceptible to economic, political or regulatory events affecting particular countries or regions to the extent the Fund focuses its investments in such countries or regions;</li></ul><ul type="square"><li><b>Inflation/Deflation Risk: </b>The value of the Fund&#8217;s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;</li></ul><ul type="square"><li><b>Interest Rate Risk: </b>Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;</li></ul><ul type="square"><li><b>Investments in Pooled Vehicles Risk: </b>Investing in another investment company or pooled vehicle subjects the Fund to that company&#8217;s risks, and, in general, to a pro rata portion of that company&#8217;s fees and expenses in addition to fees and expenses charged by the Fund;</li></ul><ul type="square"><li><b>IPO Risk: </b>Securities offered in initial public offerings (IPOs) are subject to many of the same risks of investing in small companies and often to a heightened degree, their values may be highly volatile, they have no trading history and information about the issuer may have been available for only limited periods;</li></ul><ul type="square"><li><b>Issuer Risk:</b> The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer&#8217;s goods or services;</li></ul><ul type="square"><li><b>Large Shareholder Risk:</b> Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund&#8217;s operations by purchasing or redeeming Fund shares in large amounts;</li></ul><ul type="square"><li><b>Leverage Risk: </b>Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund&#8217;s investment portfolio and magnify the Fund&#8217;s investment losses or gains;</li></ul><ul type="square"><li><b>Liquidity Risk: </b>Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;</li></ul><ul type="square"><li><b>Management Risk:</b> The Fund&#8217;s investment return depends on the ability of the Subadviser to manage the Fund&#8217;s portfolio successfully; there is a risk that the Subadviser may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;</li></ul><ul type="square"><li><b>Market Risk:</b> The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;</li></ul><ul type="square"><li><b>Over-the-Counter Risk: </b>Securities traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;</li></ul><ul type="square"><li><b>Portfolio Turnover Risk: </b>If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund&#8217;s investment performance;</li></ul><ul type="square"><li><b>Small and Mid-Sized Companies Risk: </b>Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and</li></ul><ul type="square"><li><b>Valuation Risk: </b>Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.</li></ul>An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>Performance Information </b> The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s Institutional Class Shares&#8217; performance from year to year and comparing the Fund&#8217;s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund&#8217;s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund&#8217;s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund&#8217;s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund&#8217;s past performance (before and after taxes) does not predict how the Fund will perform in the future. <b>Calendar Year Total Return&#8212;Institutional Class</b><br /><br /><b>Ashmore Emerging Markets Small-Cap Equity Fund % Total Return</b> 695 355 155 1187 893 592 1704 1555 1055 3116 3328 2337 695 255 155 1187 893 592 1704 1555 1055 3116 3328 2337 <b>It is possible to lose money on an investment in the Fund.</b> An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 662 320 119 1255 993 695 1872 1786 1297 3529 3859 2928 662 220 119 1255 993 695 1872 1786 1297 3529 3859 2928 The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s Institutional Class Shares&#8217; performance from year to year and comparing the Fund&#8217;s average annual total returns with those of a broad-based market index. As with all mutual funds, the Fund&#8217;s past performance (before and after taxes) does not predict how the Fund will perform in the future. www.ashmoregroup.com 866-876-8294 The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. 0.2019 0.0909 -0.1068 -0.0378 0.0933 The best calendar quarter return during the period shown above was 20.92% in the first quarter of 2012; the worst was -18.63% in the third quarter of 2015. best quarter 2012-03-31 0.2092 worst quarter 2015-09-30 -0.1863 <b>Average Annual Total Return</b><br />(For the period ended December 31, 2016) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares. 0.0335 0.0228 0.0723 0.0228 -0.0005 0.0116 0.0202 0.0152 0.0933 0.0904 0.0576 0.0228 0.0496 0.0376 0.0356 0.0378 0.0426 0.0304 0.0301 0.0351 <b>Ashmore Emerging Markets Short Duration Fund </b> 2011-10-04 2011-10-04 2011-10-04 2011-10-04 2012-02-01 2012-02-01 2012-08-24 2012-08-24 <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleExpenseExampleTransposed000084 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleAnnualTotalReturnsBarChart000086 column period compact * ~</div> <div style="display:none">~ http://www.ashmoregroup.com/role/ScheduleExpenseExampleNoRedemptionTransposed000085 column period compact * ~</div> As of the date of this prospectus, the Fund&#8217;s investments are concentrated in the commercial banking industry. For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase. Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 1.27%, for the Fund’s Class C Shares exceed 2.02% and for the Fund’s Institutional Class Shares exceed 1.02% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed. The composition of the 50/25/25 Composite Index is as follows: 50% JP Morgan EMBI GD Index, 25% JP Morgan ELMI+ Index and 25% JP Morgan GBI-EM GD Index. Other Expenses are based on estimated amounts for the Fund’s initial fiscal year. Other Expenses and Acquired Fund Fees and Expenses are based on estimated amounts for the Fund’s initial fiscal year. Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 0.30%, for the Fund’s Class C Shares exceed 1.05% and for the Fund’s Institutional Class Shares exceed 0.05% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed. Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 1.22%, for the Fund’s Class C Shares exceed 1.97% and for the Fund’s Institutional Class Shares exceed 0.97% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed. Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 1.42%, for the Fund’s Class C Shares exceed 2.17% and for the Fund’s Institutional Class Shares exceed 1.17% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed. Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 0.92%, for the Fund’s Class C Shares exceed 1.67% and for the Fund’s Institutional Class Shares exceed 0.67% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed. Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 1.17%, for the Fund’s Class C Shares exceed 1.92% and for the Fund’s Institutional Class Shares exceed 0.92% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed. Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 1.77%, for the Fund’s Class C Shares exceed 2.52% and for the Fund’s Institutional Class Shares exceed 1.52% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed. 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Oct. 31, 2016
Registrant Name dei_EntityRegistrantName Ashmore Funds
Central Index Key dei_EntityCentralIndexKey 0001498498
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Feb. 28, 2017
Document Effective Date dei_DocumentEffectiveDate Feb. 28, 2017
Prospectus Date rr_ProspectusDate Feb. 28, 2017
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Ashmore Emerging Markets Total Return Fund
Ashmore Emerging Markets Total Return Fund
Investment Objective
The Fund seeks to maximize total return.
Fees and Expenses of the Fund
The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the “Classes of Shares” section beginning on page 124 of the Fund’s prospectus or from your financial advisor.
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees - Ashmore Emerging Markets Total Return Fund
Class A Shares
Class C Shares
Institutional Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 4.00% none none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) [1] 1.00% 1.00% none
Redemption Fee none none none
[1] For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Ashmore Emerging Markets Total Return Fund
Class A Shares
Class C Shares
Institutional Class Shares
Management Fees 1.00% 1.00% 1.00%
Distribution and/or Service (12b-1) Fees 0.25% 1.00% none
Other Expenses 0.16% 0.15% 0.16%
Acquired Fund Fees and Expenses none none none
Total Annual Fund Operating Expenses 1.41% 2.15% 1.16%
Fee Waiver and/or Expense Reimbursement [1] (0.14%) (0.13%) (0.14%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.27% 2.02% 1.02%
[1] Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 1.27%, for the Fund’s Class C Shares exceed 2.02% and for the Fund’s Institutional Class Shares exceed 1.02% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed.
Examples.
These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.
Example: Assuming you redeem your
shares at the end of each period
Expense Example - Ashmore Emerging Markets Total Return Fund - USD ($)
1 year
3 years
5 years
10 years
Class A Shares 524 815 1,127 2,012
Class C Shares 305 661 1,142 2,472
Institutional Class Shares 104 355 625 1,397
Example: Assuming you do
not redeem your shares
Expense Example, No Redemption - Ashmore Emerging Markets Total Return Fund - USD ($)
1 year
3 years
5 years
10 years
Class A Shares 524 815 1,127 2,012
Class C Shares 205 661 1,142 2,472
Institutional Class Shares 104 355 625 1,397
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund’s investment performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 91% of the average value of its portfolio.
Principal Investment Strategies
The Fund seeks to achieve its objective by investing principally in debt instruments of Sovereign, Quasi-Sovereign, and Corporate issuers (as defined below), which may be denominated in any currency, including the local currency of the issuer. Sovereigns are governments of Emerging Market Countries. Quasi-Sovereigns are governmental entities, agencies and other issuers that are more than 50% owned, directly or indirectly, by a Sovereign, or whose obligations are guaranteed by a Sovereign. A Corporate issuer is a Non-Governmental issuer that is located in an Emerging Market Country or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).

The Fund may invest in debt instruments of all types and denominated in any currency. These may include, without limitation, bonds, debentures, notes, convertible securities, commercial paper, loans and related assignments and participations, trade claims, bank certificates of deposit, fixed time deposits, bankers’ acceptances, and money market instruments, including money market funds denominated in U.S. dollars or other currencies. The Fund may invest in companies of any market capitalization, and its allocations among small-, mid- and large-capitalization issuers may vary significantly over time.

The Fund will normally invest 25% to 75% of its net assets in investments denominated in or providing investment exposure to local currencies of Emerging Market Countries. Any portion of the Fund’s investment exposure to local currencies of Emerging Market Countries that has been hedged into a Hard Currency (i.e., the U.S. dollar or any currency of a nation in the G-7) will not count as currency of an Emerging Market Country for this purpose. The Fund may invest in obligations of any credit quality, and may invest without limitation in debt securities that are of below investment grade quality (i.e., “junk bonds”).

The Fund normally seeks to maintain a weighted average portfolio duration of between 2 and 10 years.

The Fund may utilize various derivative instruments and related strategies, including exclusively, to gain exposure to one or more issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts), futures and forward contracts, including contracts related to currencies, and swap agreements (including total return, interest rate, and credit default swaps) and other related instruments with respect to individual bonds and other securities, indices and baskets of securities, interest rates and currencies, structured notes, and credit-linked notes as part of its principal investment strategies. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may also invest directly in foreign currencies for hedging or other investment purposes.

The Fund may invest in equity securities, including warrants, as well as securities of other investment companies, including exchange-traded funds (“ETFs”) and other pooled vehicles, if the investment companies invest principally in the types of investments in which the Fund may invest directly.

The Fund will not invest more than 25% of its net assets in issuers in any one Emerging Market Country. The Fund will not invest more than 35% of its net assets in securities of Corporate issuers having their principal place of business in Emerging Market Countries. Also, the Fund will not invest more than 25% of its net assets in investments denominated in a single currency other than the U.S. dollar or the Euro without seeking to hedge into U.S. dollars the portion of the Fund’s exposure to that currency (i.e., non-U.S. dollar, non-Euro) that exceeds 25% of the Fund’s net assets.

In managing the Fund, the Investment Manager’s investment committee (the “Investment Committee”), together with the relevant portfolio managers (together with the Investment Committee, the “Investment Team”), employs a largely top-down, active and value-driven investment approach in analyzing emerging markets and currencies. The Fund’s investment approach includes an emphasis on the influence of politics (both local and international). The Investment Team combines this top-down approach with an analytically-driven, bottom-up approach to making purchase and sale decisions with respect to individual corporate credits. The Investment Team seeks opportunities in selected emerging markets that it believes may benefit from significant positive changes, such as political and economic reforms, increases in capital inflows and investor confidence, and seeks to invest in issuers in government and Corporate sectors it expects will benefit from such developments and associated economic development and growth. The Investment Team’s investment process focuses on global and emerging markets fundamentals and considers factors such as liquidity and risk management at the macro level. The Investment Team utilizes the Investment Manager’s broad and current knowledge of important investment areas in various Emerging Market Countries gained, in part, through research, experience, long-standing relationships with reliable local firms and, where appropriate, visits by its investment personnel to countries in their respective regions of responsibility.

The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in securities and instruments issued by Sovereign, Quasi-Sovereign, or Corporate issuers of Emerging Market Countries and Emerging Market currency-related derivative instruments. The Fund’s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund’s 80% investment policy.
Principal Risks
It is possible to lose money on an investment in the Fund. The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund’s Investment Manager and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):
  • Counterparty and Third Party Risk: Transactions involving a counterparty to a derivative or other instrument, or to 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 Fund 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;
  • Currency Management Strategies Risk: Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund’s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager anticipates;
  • Currency Risk: Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;
  • Derivatives Risk: Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;
  • Emerging Markets Risk: Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;
  • Foreign Investment Risk: Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;
  • Geographic Focus Risk: The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments;
  • High Yield Risk: Below investment grade securities and unrated securities of similar credit quality (commonly known as “high yield” securities or “junk bonds”) are subject to greater levels of credit and liquidity risks than higher quality securities, and are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments;
  • Inflation/Deflation Risk: The value of the Fund’s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;
  • Interest Rate Risk: Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;
  • Investments in Pooled Vehicles Risk: Investing in another investment company or pooled vehicle subjects the Fund to that company’s risks, and, in general, to a pro rata portion of that company’s fees and expenses in addition to fees and expenses charged by the Fund;
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services;
  • Large Shareholder Risk: Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund’s operations by purchasing or redeeming Fund shares in large amounts;
  • Leverage Risk: Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund’s investment portfolio and magnify the Fund’s investment losses or gains;
  • Liquidity Risk: Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;
  • Management Risk: The Fund’s investment return depends on the ability of the Investment Manager to manage the Fund’s portfolio successfully; there is a risk that the Investment Manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;
  • Market Risk: The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;
  • Over-the-Counter Risk: Securities and derivatives traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;
  • Portfolio Turnover Risk: If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund’s investment performance;
  • Small and Mid-Sized Companies Risk: Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and
  • Valuation Risk: Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance Information
The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and comparing the Fund’s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund’s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund’s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund’s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Calendar Year Total Return—Institutional Class

Ashmore Emerging Markets Total Return Fund % Total Return
Bar Chart
The best calendar quarter return during the period shown above was 8.99% in the first quarter of 2012; the worst was -11.10% in the third quarter of 2011.
Average Annual Total Return
(For the period ended December 31, 2016)
Average Annual Total Returns - Ashmore Emerging Markets Total Return Fund
1-Year
5-Year
Since Inception
Inception Date
Institutional Class 17.19% 3.56% 2.48% Dec. 08, 2010
Institutional Class | Return after taxes on distributions 14.96% 1.71% 0.73% Dec. 08, 2010
Institutional Class | Return after taxes on distributions and sale of Fund shares 9.62% 1.95% 1.17% Dec. 08, 2010
Institutional Class | JP Morgan EMBI GD Index (reflects no deduction for fees, expenses, or taxes) 10.15% 5.90% 5.93% Dec. 08, 2010
Institutional Class | JP Morgan ELMI+ Index (reflects no deduction for fees, expenses, or taxes) 3.54% (1.31%) (1.71%) Dec. 08, 2010
Institutional Class | JP Morgan GBI-EM GD Index (reflects no deduction for fees, expenses, or taxes) 9.94% (1.29%) (1.07%) Dec. 08, 2010
Institutional Class | 50/25/25 Composite Index (reflects no deduction for fees, expenses, or taxes) [1] 8.50% 2.31% 2.28% Dec. 08, 2010
Class A 12.29% 3.31% 0.68% May 12, 2011
Class C 15.18% 2.53% 0.67% May 12, 2011
Class C | JP Morgan EMBI GD Index (reflects no deduction for fees, expenses, or taxes) 10.15% 5.90% 5.54% May 12, 2011
Class C | JP Morgan ELMI+ Index (reflects no deduction for fees, expenses, or taxes) 3.54% (1.31%) (3.91%) May 12, 2011
Class C | JP Morgan GBI-EM GD Index (reflects no deduction for fees, expenses, or taxes) 9.94% (1.29%) (2.31%) May 12, 2011
Class C | 50/25/25 Composite Index (reflects no deduction for fees, expenses, or taxes) [1] 8.50% 2.31% 1.68% May 12, 2011
[1] The composition of the 50/25/25 Composite Index is as follows: 50% JP Morgan EMBI GD Index, 25% JP Morgan ELMI+ Index and 25% JP Morgan GBI-EM GD Index.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
XML 13 R9.htm IDEA: XBRL DOCUMENT v3.6.0.2
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Ashmore Funds
Prospectus Date rr_ProspectusDate Feb. 28, 2017
Ashmore Emerging Markets Total Return Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Ashmore Emerging Markets Total Return Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to maximize total return.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the “Classes of Shares” section beginning on page 124 of the Fund’s prospectus or from your financial advisor.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination February 28, 2018
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund’s investment performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 91% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 91.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 100,000
Expense Example [Heading] rr_ExpenseExampleHeading Examples.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Example: Assuming you redeem your
shares at the end of each period
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption Example: Assuming you do
not redeem your shares
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund seeks to achieve its objective by investing principally in debt instruments of Sovereign, Quasi-Sovereign, and Corporate issuers (as defined below), which may be denominated in any currency, including the local currency of the issuer. Sovereigns are governments of Emerging Market Countries. Quasi-Sovereigns are governmental entities, agencies and other issuers that are more than 50% owned, directly or indirectly, by a Sovereign, or whose obligations are guaranteed by a Sovereign. A Corporate issuer is a Non-Governmental issuer that is located in an Emerging Market Country or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).

The Fund may invest in debt instruments of all types and denominated in any currency. These may include, without limitation, bonds, debentures, notes, convertible securities, commercial paper, loans and related assignments and participations, trade claims, bank certificates of deposit, fixed time deposits, bankers’ acceptances, and money market instruments, including money market funds denominated in U.S. dollars or other currencies. The Fund may invest in companies of any market capitalization, and its allocations among small-, mid- and large-capitalization issuers may vary significantly over time.

The Fund will normally invest 25% to 75% of its net assets in investments denominated in or providing investment exposure to local currencies of Emerging Market Countries. Any portion of the Fund’s investment exposure to local currencies of Emerging Market Countries that has been hedged into a Hard Currency (i.e., the U.S. dollar or any currency of a nation in the G-7) will not count as currency of an Emerging Market Country for this purpose. The Fund may invest in obligations of any credit quality, and may invest without limitation in debt securities that are of below investment grade quality (i.e., “junk bonds”).

The Fund normally seeks to maintain a weighted average portfolio duration of between 2 and 10 years.

The Fund may utilize various derivative instruments and related strategies, including exclusively, to gain exposure to one or more issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts), futures and forward contracts, including contracts related to currencies, and swap agreements (including total return, interest rate, and credit default swaps) and other related instruments with respect to individual bonds and other securities, indices and baskets of securities, interest rates and currencies, structured notes, and credit-linked notes as part of its principal investment strategies. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may also invest directly in foreign currencies for hedging or other investment purposes.

The Fund may invest in equity securities, including warrants, as well as securities of other investment companies, including exchange-traded funds (“ETFs”) and other pooled vehicles, if the investment companies invest principally in the types of investments in which the Fund may invest directly.

The Fund will not invest more than 25% of its net assets in issuers in any one Emerging Market Country. The Fund will not invest more than 35% of its net assets in securities of Corporate issuers having their principal place of business in Emerging Market Countries. Also, the Fund will not invest more than 25% of its net assets in investments denominated in a single currency other than the U.S. dollar or the Euro without seeking to hedge into U.S. dollars the portion of the Fund’s exposure to that currency (i.e., non-U.S. dollar, non-Euro) that exceeds 25% of the Fund’s net assets.

In managing the Fund, the Investment Manager’s investment committee (the “Investment Committee”), together with the relevant portfolio managers (together with the Investment Committee, the “Investment Team”), employs a largely top-down, active and value-driven investment approach in analyzing emerging markets and currencies. The Fund’s investment approach includes an emphasis on the influence of politics (both local and international). The Investment Team combines this top-down approach with an analytically-driven, bottom-up approach to making purchase and sale decisions with respect to individual corporate credits. The Investment Team seeks opportunities in selected emerging markets that it believes may benefit from significant positive changes, such as political and economic reforms, increases in capital inflows and investor confidence, and seeks to invest in issuers in government and Corporate sectors it expects will benefit from such developments and associated economic development and growth. The Investment Team’s investment process focuses on global and emerging markets fundamentals and considers factors such as liquidity and risk management at the macro level. The Investment Team utilizes the Investment Manager’s broad and current knowledge of important investment areas in various Emerging Market Countries gained, in part, through research, experience, long-standing relationships with reliable local firms and, where appropriate, visits by its investment personnel to countries in their respective regions of responsibility.

The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in securities and instruments issued by Sovereign, Quasi-Sovereign, or Corporate issuers of Emerging Market Countries and Emerging Market currency-related derivative instruments. The Fund’s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund’s 80% investment policy.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock It is possible to lose money on an investment in the Fund. The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund’s Investment Manager and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):
  • Counterparty and Third Party Risk: Transactions involving a counterparty to a derivative or other instrument, or to 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 Fund 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;
  • Currency Management Strategies Risk: Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund’s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager anticipates;
  • Currency Risk: Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;
  • Derivatives Risk: Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;
  • Emerging Markets Risk: Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;
  • Foreign Investment Risk: Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;
  • Geographic Focus Risk: The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments;
  • High Yield Risk: Below investment grade securities and unrated securities of similar credit quality (commonly known as “high yield” securities or “junk bonds”) are subject to greater levels of credit and liquidity risks than higher quality securities, and are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments;
  • Inflation/Deflation Risk: The value of the Fund’s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;
  • Interest Rate Risk: Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;
  • Investments in Pooled Vehicles Risk: Investing in another investment company or pooled vehicle subjects the Fund to that company’s risks, and, in general, to a pro rata portion of that company’s fees and expenses in addition to fees and expenses charged by the Fund;
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services;
  • Large Shareholder Risk: Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund’s operations by purchasing or redeeming Fund shares in large amounts;
  • Leverage Risk: Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund’s investment portfolio and magnify the Fund’s investment losses or gains;
  • Liquidity Risk: Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;
  • Management Risk: The Fund’s investment return depends on the ability of the Investment Manager to manage the Fund’s portfolio successfully; there is a risk that the Investment Manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;
  • Market Risk: The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;
  • Over-the-Counter Risk: Securities and derivatives traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;
  • Portfolio Turnover Risk: If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund’s investment performance;
  • Small and Mid-Sized Companies Risk: Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and
  • Valuation Risk: Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney It is possible to lose money on an investment in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and comparing the Fund’s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund’s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund’s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund’s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and comparing the Fund’s average annual total returns with those of a broad-based market index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 866-876-8294
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.ashmoregroup.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Return—Institutional Class

Ashmore Emerging Markets Total Return Fund % Total Return
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads The bar chart does not reflect any sales loads applicable to Class A or Class C Shares.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The best calendar quarter return during the period shown above was 8.99% in the first quarter of 2012; the worst was -11.10% in the third quarter of 2011.
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Return
(For the period ended December 31, 2016)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
Ashmore Emerging Markets Total Return Fund | Class A Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.00%
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.16%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.41%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.14%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.27%
1 year rr_ExpenseExampleYear01 $ 524
3 years rr_ExpenseExampleYear03 815
5 years rr_ExpenseExampleYear05 1,127
10 years rr_ExpenseExampleYear10 2,012
1 year rr_ExpenseExampleNoRedemptionYear01 524
3 years rr_ExpenseExampleNoRedemptionYear03 815
5 years rr_ExpenseExampleNoRedemptionYear05 1,127
10 years rr_ExpenseExampleNoRedemptionYear10 $ 2,012
1-Year rr_AverageAnnualReturnYear01 12.29%
5-Year rr_AverageAnnualReturnYear05 3.31%
Since Inception rr_AverageAnnualReturnSinceInception 0.68%
Inception Date rr_AverageAnnualReturnInceptionDate May 12, 2011
Ashmore Emerging Markets Total Return Fund | Class C Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.15%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.15%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.13%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.02%
1 year rr_ExpenseExampleYear01 $ 305
3 years rr_ExpenseExampleYear03 661
5 years rr_ExpenseExampleYear05 1,142
10 years rr_ExpenseExampleYear10 2,472
1 year rr_ExpenseExampleNoRedemptionYear01 205
3 years rr_ExpenseExampleNoRedemptionYear03 661
5 years rr_ExpenseExampleNoRedemptionYear05 1,142
10 years rr_ExpenseExampleNoRedemptionYear10 $ 2,472
1-Year rr_AverageAnnualReturnYear01 15.18%
5-Year rr_AverageAnnualReturnYear05 2.53%
Since Inception rr_AverageAnnualReturnSinceInception 0.67%
Inception Date rr_AverageAnnualReturnInceptionDate May 12, 2011
Ashmore Emerging Markets Total Return Fund | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther none [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.16%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.16%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.14%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.02%
1 year rr_ExpenseExampleYear01 $ 104
3 years rr_ExpenseExampleYear03 355
5 years rr_ExpenseExampleYear05 625
10 years rr_ExpenseExampleYear10 1,397
1 year rr_ExpenseExampleNoRedemptionYear01 104
3 years rr_ExpenseExampleNoRedemptionYear03 355
5 years rr_ExpenseExampleNoRedemptionYear05 625
10 years rr_ExpenseExampleNoRedemptionYear10 $ 1,397
2011 rr_AnnualReturn2011 (2.29%)
2012 rr_AnnualReturn2012 20.51%
2013 rr_AnnualReturn2013 (6.32%)
2014 rr_AnnualReturn2014 (4.71%)
2015 rr_AnnualReturn2015 (5.53%)
2016 rr_AnnualReturn2016 17.19%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel best quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.99%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel worst quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (11.10%)
1-Year rr_AverageAnnualReturnYear01 17.19%
5-Year rr_AverageAnnualReturnYear05 3.56%
Since Inception rr_AverageAnnualReturnSinceInception 2.48%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 08, 2010
Ashmore Emerging Markets Total Return Fund | Return after taxes on distributions | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 14.96%
5-Year rr_AverageAnnualReturnYear05 1.71%
Since Inception rr_AverageAnnualReturnSinceInception 0.73%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 08, 2010
Ashmore Emerging Markets Total Return Fund | Return after taxes on distributions and sale of Fund shares | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 9.62%
5-Year rr_AverageAnnualReturnYear05 1.95%
Since Inception rr_AverageAnnualReturnSinceInception 1.17%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 08, 2010
Ashmore Emerging Markets Total Return Fund | JP Morgan EMBI GD Index (reflects no deduction for fees, expenses, or taxes) | Class C Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 10.15%
5-Year rr_AverageAnnualReturnYear05 5.90%
Since Inception rr_AverageAnnualReturnSinceInception 5.54%
Inception Date rr_AverageAnnualReturnInceptionDate May 12, 2011
Ashmore Emerging Markets Total Return Fund | JP Morgan EMBI GD Index (reflects no deduction for fees, expenses, or taxes) | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 10.15%
5-Year rr_AverageAnnualReturnYear05 5.90%
Since Inception rr_AverageAnnualReturnSinceInception 5.93%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 08, 2010
Ashmore Emerging Markets Total Return Fund | JP Morgan ELMI+ Index (reflects no deduction for fees, expenses, or taxes) | Class C Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 3.54%
5-Year rr_AverageAnnualReturnYear05 (1.31%)
Since Inception rr_AverageAnnualReturnSinceInception (3.91%)
Inception Date rr_AverageAnnualReturnInceptionDate May 12, 2011
Ashmore Emerging Markets Total Return Fund | JP Morgan ELMI+ Index (reflects no deduction for fees, expenses, or taxes) | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 3.54%
5-Year rr_AverageAnnualReturnYear05 (1.31%)
Since Inception rr_AverageAnnualReturnSinceInception (1.71%)
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 08, 2010
Ashmore Emerging Markets Total Return Fund | JP Morgan GBI-EM GD Index (reflects no deduction for fees, expenses, or taxes) | Class C Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 9.94%
5-Year rr_AverageAnnualReturnYear05 (1.29%)
Since Inception rr_AverageAnnualReturnSinceInception (2.31%)
Inception Date rr_AverageAnnualReturnInceptionDate May 12, 2011
Ashmore Emerging Markets Total Return Fund | JP Morgan GBI-EM GD Index (reflects no deduction for fees, expenses, or taxes) | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 9.94%
5-Year rr_AverageAnnualReturnYear05 (1.29%)
Since Inception rr_AverageAnnualReturnSinceInception (1.07%)
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 08, 2010
Ashmore Emerging Markets Total Return Fund | 50/25/25 Composite Index (reflects no deduction for fees, expenses, or taxes) | Class C Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 8.50% [3]
5-Year rr_AverageAnnualReturnYear05 2.31% [3]
Since Inception rr_AverageAnnualReturnSinceInception 1.68% [3]
Inception Date rr_AverageAnnualReturnInceptionDate May 12, 2011 [3]
Ashmore Emerging Markets Total Return Fund | 50/25/25 Composite Index (reflects no deduction for fees, expenses, or taxes) | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 8.50% [3]
5-Year rr_AverageAnnualReturnYear05 2.31% [3]
Since Inception rr_AverageAnnualReturnSinceInception 2.28% [3]
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 08, 2010 [3]
[1] For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
[2] Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 1.27%, for the Fund’s Class C Shares exceed 2.02% and for the Fund’s Institutional Class Shares exceed 1.02% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed.
[3] The composition of the 50/25/25 Composite Index is as follows: 50% JP Morgan EMBI GD Index, 25% JP Morgan ELMI+ Index and 25% JP Morgan GBI-EM GD Index.
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Ashmore Emerging Markets Hard Currency Debt Fund
Ashmore Emerging Markets Hard Currency Debt Fund
Investment Objective
The Fund seeks to maximize total return.
Fees and Expenses of the Fund
The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the “Classes of Shares” section beginning on page 124 of the Fund’s prospectus or from your financial advisor.
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees - Ashmore Emerging Markets Hard Currency Debt Fund
Class A Shares
Class C Shares
Institutional Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 4.00% none none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) [1] 1.00% 1.00% none
Redemption Fee none none none
[1] For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Ashmore Emerging Markets Hard Currency Debt Fund
Class A Shares
Class C Shares
Institutional Class Shares
Management Fees 0.90% 0.90% 0.90%
Distribution and/or Service (12b-1) Fees 0.25% 1.00% none
Other Expenses 1.77% 1.91% 1.82%
Acquired Fund Fees and Expenses none none none
Total Annual Fund Operating Expenses 2.92% 3.81% 2.72%
Fee Waiver and/or Expense Reimbursement [1] (1.75%) (1.89%) (1.80%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.17% 1.92% 0.92%
[1] Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 1.17%, for the Fund’s Class C Shares exceed 1.92% and for the Fund’s Institutional Class Shares exceed 0.92% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed.
Examples.
These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.
Example: Assuming you redeem your
shares at the end of each period
Expense Example - Ashmore Emerging Markets Hard Currency Debt Fund - USD ($)
1 year
3 years
5 years
10 years
Class A Shares 514 1,109 1,728 3,392
Class C Shares 295 990 1,804 3,925
Institutional Class Shares 94 673 1,279 2,919
Example: Assuming you do
not redeem your shares
Expense Example, No Redemption - Ashmore Emerging Markets Hard Currency Debt Fund - USD ($)
1 year
3 years
5 years
10 years
Class A Shares 514 1,109 1,728 3,392
Class C Shares 195 990 1,804 3,925
Institutional Class Shares 94 673 1,279 2,919
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund’s investment performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 68% of the average value of its portfolio.
Principal Investment Strategies
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 U.S. dollar or any currency of a nation in the G-7). Sovereigns are governments of Emerging Market Countries. Quasi-Sovereigns are governmental entities, agencies and other issuers that are more than 50% owned, directly or indirectly, by a Sovereign, or whose obligations are guaranteed by a Sovereign. A Corporate issuer is any issuer other than a Sovereign or a Quasi-Sovereign that is located in an Emerging Market Country or, an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).

The Fund may invest in debt instruments of all types and denominated in any Hard Currency whether subordinated or unsubordinated, secured or unsecured, quoted or unquoted, rated or unrated, or floating rate or fixed rate. These may include, without limitation, bonds, debentures, notes, convertible securities, commercial paper, loans and related assignments and participations, bank certificates of deposit, fixed time deposits, bankers’ acceptances, and money market instruments, including money market funds denominated in U.S. dollars or other Hard Currencies. The Fund may invest in obligations of any credit quality, and may invest without limit in debt securities that are of below investment grade quality (i.e., “junk bonds”). The Fund may invest in the debt instruments of small and mid-sized corporate issuers.

The Fund normally seeks to maintain a weighted average portfolio duration of between 4 and 10 years. Duration is a measure of the expected life of a debt instrument that is used to determine the sensitivity of a security’s price to changes in interest rates. For example, the value of a portfolio of debt securities with an average duration of ten years would generally be expected to decline by approximately 10% if interest rates rose by one percentage point.

The Fund may utilize various derivative instruments and related strategies, including exclusively, to gain exposure to one or more of the issuers referred to above or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts), futures and forward contracts and swap agreements (including total return, interest rate, and credit default swaps), credit-linked notes, structured notes and other related instruments with respect to individual currencies, bonds, and securities of any kind, indices and baskets of securities, interest rates and currencies as part of its principal investment strategies. The Fund may use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may invest in currency-related transactions, such as currency forward transactions (including deliverable and non-deliverable forwards), currency futures transactions and currency options transactions, and may also invest directly in Hard Currencies, in each case for hedging or other investment purposes. However, the Fund shall not use currency-related derivatives to obtain exposure to the local currencies of emerging market countries.

The Fund may invest in securities of other investment companies, including exchange-traded funds (“ETFs”) and other pooled vehicles, if the investment companies invest principally in the types of investments in which the Fund may invest directly.

The Fund will not invest more than 25% of its net assets in any one Emerging Market Country. The Fund will not invest more than 35% of its net assets in securities of Corporate issuers.

In managing the Fund, the Investment Manager’s investment committee (the “Investment Committee”), together with the relevant portfolio managers (together with the Investment Committee, the “Investment Team”), employs a largely top-down, active and value-driven investment approach in analyzing the emerging markets and Hard Currencies in which the Fund invests. The Fund’s investment approach includes an emphasis on the influence of politics (both local and international). The Investment Team seeks opportunities in selected emerging markets that it believes may benefit from significant positive changes, such as political and economic reforms, increases in capital inflows and investor confidence. The Investment Team’s investment process focuses on global and emerging markets fundamentals and considers factors such as liquidity and risk management at the macro level. This approach utilizes the Investment Manager’s broad and current knowledge of important investment areas in various Emerging Market Countries gained, in part, through research, experience, long-standing relationships with reliable local firms and, where appropriate, visits by its investment personnel to countries in their respective regions of responsibility.

The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in bonds and other debt instruments issued by Sovereign, Quasi-Sovereign or Corporate issuers of Emerging Market Countries that are denominated in Hard Currencies. The Fund’s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund’s 80% investment policy.
Principal Risks
It is possible to lose money on an investment in the Fund. The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund’s Investment Manager and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):
  • Counterparty and Third Party Risk: Transactions involving a counterparty to a derivative or other instrument, or to 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 Fund 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;
  • Currency Management Strategies Risk: Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund’s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager anticipates;
  • Currency Risk: Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;
  • Derivatives Risk: Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;
  • Emerging Markets Risk: Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;
  • Foreign Investment Risk: Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;
  • Geographic Focus Risk: The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments;
  • High Yield Risk: Below investment grade securities and unrated securities of similar credit quality (commonly known as “high yield” securities or “junk bonds”) are subject to greater levels of credit and liquidity risks than higher quality securities, and are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments;
  • Inflation/Deflation Risk: The value of the Fund’s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;
  • Interest Rate Risk: Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;
  • Investments in Pooled Vehicles Risk: Investing in another investment company or pooled vehicle subjects the Fund to that company’s risks, and, in general, to a pro rata portion of that company’s fees and expenses in addition to fees and expenses charged by the Fund;
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services;
  • Large Shareholder Risk: Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund’s operations by purchasing or redeeming Fund shares in large amounts;
  • Leverage Risk: Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund’s investment portfolio and magnify the Fund’s investment losses or gains;
  • Liquidity Risk: Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;
  • Management Risk: The Fund’s investment return depends on the ability of the Investment Manager to manage the Fund’s portfolio successfully; there is a risk that the Investment Manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;
  • Market Risk: The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;
  • Over-the-Counter Risk: Securities and derivatives traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;
  • Portfolio Turnover Risk: If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund’s investment performance;
  • Small and Mid-Sized Companies Risk: Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and
  • Valuation Risk: Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance Information
The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and comparing the Fund’s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund’s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund’s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. Prior to November 8, 2015, the Fund’s principal investment strategies focused principally in debt instruments of, and derivative instruments related to, Sovereign, Quasi-Sovereign and Corporate issuers of Emerging Market Countries denominated in any currency, including the local currency of the issuer. Prior to February 28, 2014, the Fund’s principal investment strategies focused principally on debt instruments of Sovereign or Quasi-Sovereign issuers of Emerging Market Countries denominated in the U.S. dollar or any currency of a nation in the G-7. The performance shown below for periods prior to those dates was achieved using the Fund’s previous principal investment strategies and may have been higher or lower had the Fund’s current principal investment strategies been in effect during the periods. You may obtain the Fund’s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Calendar Year Total Return—Institutional Class

Ashmore Emerging Markets Hard Currency Debt Fund % Total Return
Bar Chart
The best calendar quarter return during the period shown above was 7.24% in the third quarter of 2012; the worst was -6.31% in the second quarter of 2013.
Average Annual Total Return
(For the period ended December 31, 2016)
Average Annual Total Returns - Ashmore Emerging Markets Hard Currency Debt Fund
1-Year
5-Year
Since Inception
Inception Date
Institutional Class 13.17% 5.80% 5.50% Dec. 08, 2010
Institutional Class | Return after taxes on distributions 9.82% 2.61% 2.58% Dec. 08, 2010
Institutional Class | Return after taxes on distributions and sale of Fund shares 7.38% 3.31% 3.18% Dec. 08, 2010
Institutional Class | JP Morgan EMBI GD Index (reflects no deduction for fees, expenses, or taxes) 10.15% 5.90% 5.93% Dec. 08, 2010
Class A 9.11% 5.75% 4.77% May 12, 2011
Class C 11.10% 5.04% 4.82% May 12, 2011
Class C | JP Morgan EMBI GD Index (reflects no deduction for fees, expenses, or taxes) 10.15% 5.90% 5.54% May 12, 2011
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
XML 16 R17.htm IDEA: XBRL DOCUMENT v3.6.0.2
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Ashmore Funds
Prospectus Date rr_ProspectusDate Feb. 28, 2017
Ashmore Emerging Markets Hard Currency Debt Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Ashmore Emerging Markets Hard Currency Debt Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to maximize total return.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the “Classes of Shares” section beginning on page 124 of the Fund’s prospectus or from your financial advisor.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination February 28, 2018
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund’s investment performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 68% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 68.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 100,000
Expense Example [Heading] rr_ExpenseExampleHeading Examples.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Example: Assuming you redeem your
shares at the end of each period
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption Example: Assuming you do
not redeem your shares
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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 U.S. dollar or any currency of a nation in the G-7). Sovereigns are governments of Emerging Market Countries. Quasi-Sovereigns are governmental entities, agencies and other issuers that are more than 50% owned, directly or indirectly, by a Sovereign, or whose obligations are guaranteed by a Sovereign. A Corporate issuer is any issuer other than a Sovereign or a Quasi-Sovereign that is located in an Emerging Market Country or, an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).

The Fund may invest in debt instruments of all types and denominated in any Hard Currency whether subordinated or unsubordinated, secured or unsecured, quoted or unquoted, rated or unrated, or floating rate or fixed rate. These may include, without limitation, bonds, debentures, notes, convertible securities, commercial paper, loans and related assignments and participations, bank certificates of deposit, fixed time deposits, bankers’ acceptances, and money market instruments, including money market funds denominated in U.S. dollars or other Hard Currencies. The Fund may invest in obligations of any credit quality, and may invest without limit in debt securities that are of below investment grade quality (i.e., “junk bonds”). The Fund may invest in the debt instruments of small and mid-sized corporate issuers.

The Fund normally seeks to maintain a weighted average portfolio duration of between 4 and 10 years. Duration is a measure of the expected life of a debt instrument that is used to determine the sensitivity of a security’s price to changes in interest rates. For example, the value of a portfolio of debt securities with an average duration of ten years would generally be expected to decline by approximately 10% if interest rates rose by one percentage point.

The Fund may utilize various derivative instruments and related strategies, including exclusively, to gain exposure to one or more of the issuers referred to above or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts), futures and forward contracts and swap agreements (including total return, interest rate, and credit default swaps), credit-linked notes, structured notes and other related instruments with respect to individual currencies, bonds, and securities of any kind, indices and baskets of securities, interest rates and currencies as part of its principal investment strategies. The Fund may use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may invest in currency-related transactions, such as currency forward transactions (including deliverable and non-deliverable forwards), currency futures transactions and currency options transactions, and may also invest directly in Hard Currencies, in each case for hedging or other investment purposes. However, the Fund shall not use currency-related derivatives to obtain exposure to the local currencies of emerging market countries.

The Fund may invest in securities of other investment companies, including exchange-traded funds (“ETFs”) and other pooled vehicles, if the investment companies invest principally in the types of investments in which the Fund may invest directly.

The Fund will not invest more than 25% of its net assets in any one Emerging Market Country. The Fund will not invest more than 35% of its net assets in securities of Corporate issuers.

In managing the Fund, the Investment Manager’s investment committee (the “Investment Committee”), together with the relevant portfolio managers (together with the Investment Committee, the “Investment Team”), employs a largely top-down, active and value-driven investment approach in analyzing the emerging markets and Hard Currencies in which the Fund invests. The Fund’s investment approach includes an emphasis on the influence of politics (both local and international). The Investment Team seeks opportunities in selected emerging markets that it believes may benefit from significant positive changes, such as political and economic reforms, increases in capital inflows and investor confidence. The Investment Team’s investment process focuses on global and emerging markets fundamentals and considers factors such as liquidity and risk management at the macro level. This approach utilizes the Investment Manager’s broad and current knowledge of important investment areas in various Emerging Market Countries gained, in part, through research, experience, long-standing relationships with reliable local firms and, where appropriate, visits by its investment personnel to countries in their respective regions of responsibility.

The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in bonds and other debt instruments issued by Sovereign, Quasi-Sovereign or Corporate issuers of Emerging Market Countries that are denominated in Hard Currencies. The Fund’s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund’s 80% investment policy.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock It is possible to lose money on an investment in the Fund. The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund’s Investment Manager and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):
  • Counterparty and Third Party Risk: Transactions involving a counterparty to a derivative or other instrument, or to 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 Fund 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;
  • Currency Management Strategies Risk: Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund’s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager anticipates;
  • Currency Risk: Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;
  • Derivatives Risk: Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;
  • Emerging Markets Risk: Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;
  • Foreign Investment Risk: Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;
  • Geographic Focus Risk: The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments;
  • High Yield Risk: Below investment grade securities and unrated securities of similar credit quality (commonly known as “high yield” securities or “junk bonds”) are subject to greater levels of credit and liquidity risks than higher quality securities, and are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments;
  • Inflation/Deflation Risk: The value of the Fund’s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;
  • Interest Rate Risk: Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;
  • Investments in Pooled Vehicles Risk: Investing in another investment company or pooled vehicle subjects the Fund to that company’s risks, and, in general, to a pro rata portion of that company’s fees and expenses in addition to fees and expenses charged by the Fund;
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services;
  • Large Shareholder Risk: Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund’s operations by purchasing or redeeming Fund shares in large amounts;
  • Leverage Risk: Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund’s investment portfolio and magnify the Fund’s investment losses or gains;
  • Liquidity Risk: Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;
  • Management Risk: The Fund’s investment return depends on the ability of the Investment Manager to manage the Fund’s portfolio successfully; there is a risk that the Investment Manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;
  • Market Risk: The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;
  • Over-the-Counter Risk: Securities and derivatives traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;
  • Portfolio Turnover Risk: If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund’s investment performance;
  • Small and Mid-Sized Companies Risk: Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and
  • Valuation Risk: Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney It is possible to lose money on an investment in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and comparing the Fund’s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund’s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund’s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. Prior to November 8, 2015, the Fund’s principal investment strategies focused principally in debt instruments of, and derivative instruments related to, Sovereign, Quasi-Sovereign and Corporate issuers of Emerging Market Countries denominated in any currency, including the local currency of the issuer. Prior to February 28, 2014, the Fund’s principal investment strategies focused principally on debt instruments of Sovereign or Quasi-Sovereign issuers of Emerging Market Countries denominated in the U.S. dollar or any currency of a nation in the G-7. The performance shown below for periods prior to those dates was achieved using the Fund’s previous principal investment strategies and may have been higher or lower had the Fund’s current principal investment strategies been in effect during the periods. You may obtain the Fund’s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and comparing the Fund’s average annual total returns with those of a broad-based market index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 866-876-8294
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.ashmoregroup.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Return—Institutional Class

Ashmore Emerging Markets Hard Currency Debt Fund % Total Return
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads The bar chart does not reflect any sales loads applicable to Class A or Class C Shares.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The best calendar quarter return during the period shown above was 7.24% in the third quarter of 2012; the worst was -6.31% in the second quarter of 2013.
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Return
(For the period ended December 31, 2016)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
Ashmore Emerging Markets Hard Currency Debt Fund | Class A Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.00%
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.90%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 1.77%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.92%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.75%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.17%
1 year rr_ExpenseExampleYear01 $ 514
3 years rr_ExpenseExampleYear03 1,109
5 years rr_ExpenseExampleYear05 1,728
10 years rr_ExpenseExampleYear10 3,392
1 year rr_ExpenseExampleNoRedemptionYear01 514
3 years rr_ExpenseExampleNoRedemptionYear03 1,109
5 years rr_ExpenseExampleNoRedemptionYear05 1,728
10 years rr_ExpenseExampleNoRedemptionYear10 $ 3,392
1-Year rr_AverageAnnualReturnYear01 9.11%
5-Year rr_AverageAnnualReturnYear05 5.75%
Since Inception rr_AverageAnnualReturnSinceInception 4.77%
Inception Date rr_AverageAnnualReturnInceptionDate May 12, 2011
Ashmore Emerging Markets Hard Currency Debt Fund | Class C Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.90%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 1.91%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.81%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.89%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.92%
1 year rr_ExpenseExampleYear01 $ 295
3 years rr_ExpenseExampleYear03 990
5 years rr_ExpenseExampleYear05 1,804
10 years rr_ExpenseExampleYear10 3,925
1 year rr_ExpenseExampleNoRedemptionYear01 195
3 years rr_ExpenseExampleNoRedemptionYear03 990
5 years rr_ExpenseExampleNoRedemptionYear05 1,804
10 years rr_ExpenseExampleNoRedemptionYear10 $ 3,925
1-Year rr_AverageAnnualReturnYear01 11.10%
5-Year rr_AverageAnnualReturnYear05 5.04%
Since Inception rr_AverageAnnualReturnSinceInception 4.82%
Inception Date rr_AverageAnnualReturnInceptionDate May 12, 2011
Ashmore Emerging Markets Hard Currency Debt Fund | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther none [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.90%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.82%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.72%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.80%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.92%
1 year rr_ExpenseExampleYear01 $ 94
3 years rr_ExpenseExampleYear03 673
5 years rr_ExpenseExampleYear05 1,279
10 years rr_ExpenseExampleYear10 2,919
1 year rr_ExpenseExampleNoRedemptionYear01 94
3 years rr_ExpenseExampleNoRedemptionYear03 673
5 years rr_ExpenseExampleNoRedemptionYear05 1,279
10 years rr_ExpenseExampleNoRedemptionYear10 $ 2,919
2011 rr_AnnualReturn2011 5.85%
2012 rr_AnnualReturn2012 17.55%
2013 rr_AnnualReturn2013 (5.90%)
2014 rr_AnnualReturn2014 3.19%
2015 rr_AnnualReturn2015 2.60%
2016 rr_AnnualReturn2016 13.17%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel best quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 7.24%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel worst quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2013
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (6.31%)
1-Year rr_AverageAnnualReturnYear01 13.17%
5-Year rr_AverageAnnualReturnYear05 5.80%
Since Inception rr_AverageAnnualReturnSinceInception 5.50%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 08, 2010
Ashmore Emerging Markets Hard Currency Debt Fund | Return after taxes on distributions | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 9.82%
5-Year rr_AverageAnnualReturnYear05 2.61%
Since Inception rr_AverageAnnualReturnSinceInception 2.58%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 08, 2010
Ashmore Emerging Markets Hard Currency Debt Fund | Return after taxes on distributions and sale of Fund shares | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 7.38%
5-Year rr_AverageAnnualReturnYear05 3.31%
Since Inception rr_AverageAnnualReturnSinceInception 3.18%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 08, 2010
Ashmore Emerging Markets Hard Currency Debt Fund | JP Morgan EMBI GD Index (reflects no deduction for fees, expenses, or taxes) | Class C Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 10.15%
5-Year rr_AverageAnnualReturnYear05 5.90%
Since Inception rr_AverageAnnualReturnSinceInception 5.54%
Inception Date rr_AverageAnnualReturnInceptionDate May 12, 2011
Ashmore Emerging Markets Hard Currency Debt Fund | JP Morgan EMBI GD Index (reflects no deduction for fees, expenses, or taxes) | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 10.15%
5-Year rr_AverageAnnualReturnYear05 5.90%
Since Inception rr_AverageAnnualReturnSinceInception 5.93%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 08, 2010
[1] For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
[2] Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 1.17%, for the Fund’s Class C Shares exceed 1.92% and for the Fund’s Institutional Class Shares exceed 0.92% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed.
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Ashmore Emerging Markets Local Currency Bond Fund
Ashmore Emerging Markets Local Currency Bond Fund
Investment Objective
The Fund seeks to maximize total return.
Fees and Expenses of the Fund
The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the “Classes of Shares” section beginning on page 124 of the Fund’s prospectus or from your financial advisor.
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees - Ashmore Emerging Markets Local Currency Bond Fund
Class A Shares
Class C Shares
Institutional Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 4.00% none none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) [1] 1.00% 1.00% none
Redemption Fee none none none
[1] For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Ashmore Emerging Markets Local Currency Bond Fund
Class A Shares
Class C Shares
Institutional Class Shares
Management Fees 0.95% 0.95% 0.95%
Distribution and/or Service (12b-1) Fees 0.25% 1.00% none
Other Expenses 0.35% 0.35% 0.35%
Acquired Fund Fees and Expenses none none none
Total Annual Fund Operating Expenses 1.55% 2.30% 1.30%
Fee Waiver and/or Expense Reimbursement [1] (0.33%) (0.33%) (0.33%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.22% 1.97% 0.97%
[1] Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 1.22%, for the Fund’s Class C Shares exceed 1.97% and for the Fund’s Institutional Class Shares exceed 0.97% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed.
Examples.
These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.
Example: Assuming you redeem your
shares at the end of  each period
Expense Example - Ashmore Emerging Markets Local Currency Bond Fund - USD ($)
1 year
3 years
5 years
10 years
Class A Shares 519 839 1,181 2,145
Class C Shares 300 687 1,200 2,610
Institutional Class Shares 99 380 681 1,539
Example: Assuming you do
not redeem your shares
Expense Example, No Redemption - Ashmore Emerging Markets Local Currency Bond Fund - USD ($)
1 year
3 years
5 years
10 years
Class A Shares 519 839 1,181 2,145
Class C Shares 200 687 1,200 2,610
Institutional Class Shares 99 380 681 1,539
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund’s investment performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 83% of the average value of its portfolio.
Principal Investment Strategies
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. Sovereigns are governments of Emerging Market Countries. Quasi-Sovereigns are governmental entities, agencies and other issuers the obligations of which are guaranteed by an emerging market government and issuers otherwise represented in the J.P. Morgan Government Bond Index-Emerging Markets Global Diversified or a similar index as determined by the Investment Manager. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).

The Fund’s investments in debt instruments will generally be limited to those issued by Sovereigns and Quasi-Sovereigns. The Fund may invest in debt instruments of all types and denominated in any currency. These may include, without limitation, bonds, debentures, notes, convertible securities, commercial paper, loans and related assignments and participations, firm commitment, when-issued and delayed-delivery securities, mortgage-backed and other types of asset-backed securities issued on a public or private basis, bank certificates of deposit, fixed time deposits, bankers’ acceptances, and money market instruments, including money market funds denominated in U.S. dollars or other currencies. The Fund may invest in obligations of any credit quality, and may invest without limit in debt securities that are of below investment grade quality (i.e., “junk bonds”).

The Fund normally seeks to maintain a weighted average portfolio duration of between 2 and 7 years.

The Fund is a “non-diversified” fund.

Although the Fund may gain most of its investment exposure to bonds and other debt instruments by investing directly in them, the Fund may utilize various derivative instruments and related strategies, including exclusively, to gain exposure to bonds and other debt instruments. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts), futures and forward contracts, including relating to currencies, and swap agreements (including total return, interest rate and credit default swaps) and other related instruments with respect to individual bonds and other securities, indices and baskets of securities, interest rates and currencies, and credit-linked notes as part of its principal investment strategies. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may also invest directly in foreign currencies for hedging or other investment purposes.

The Fund may invest in equity securities, including warrants, and securities of other investment companies, including exchange-traded funds (“ETFs”) and other pooled vehicles, if the investment companies invest principally in the types of investments in which the Fund may invest directly.

The Fund will not invest more than 25% of its net assets in any one Emerging Market Country. In addition, the Fund will not invest more than 30% of its net assets in investments denominated in a single non-U.S. currency without seeking to hedge into U.S. dollars the portion of the Fund’s exposure to the non-U.S. currency that exceeds 30% of the Fund’s net assets.

In managing the Fund, the Investment Manager’s investment committee (the “Investment Committee”), together with the relevant portfolio managers (together with the Investment Committee, the “Investment Team”), employs a largely top-down, active and value-driven investment approach in analyzing emerging markets and currencies. The Fund’s investment approach includes an emphasis on the influence of politics (both local and international). The Investment Team seeks opportunities in selected emerging markets that it believes may benefit from significant positive changes, such as political and economic reforms, increases in capital inflows and investor confidence. The Investment Team’s investment process focuses on global and emerging markets fundamentals and considers factors such as liquidity and risk management at the macro level. The Investment Team utilizes the Investment Manager’s broad and current knowledge of important investment areas in various Emerging Market Countries gained, in part, through research, experience, long-standing relationships with reliable local firms and, where appropriate, visits by its investment personnel to countries in their respective regions of responsibility.

The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in bonds and other debt instruments denominated in the local currencies of Emerging Market Countries. The Fund’s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund’s 80% investment policy.
Principal Risks
It is possible to lose money on an investment in the Fund. The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund’s Investment Manager and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):
  • Counterparty and Third Party Risk: Transactions involving a counterparty to a derivative or other instrument, or to 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 Fund 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;
  • Currency Management Strategies Risk: Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund’s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager anticipates;
  • Currency Risk: Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;
  • Derivatives Risk: Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;
  • Emerging Markets Risk: Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;
  • Foreign Investment Risk: Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;
  • Geographic Focus Risk: The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments;
  • High Yield Risk: Below investment grade securities and unrated securities of similar credit quality (commonly known as “high yield” securities or “junk bonds”) are subject to greater levels of credit and liquidity risks than higher quality securities, and are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments;
  • Inflation/Deflation Risk: The value of the Fund’s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;
  • Interest Rate Risk: Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;
  • Investments in Pooled Vehicles Risk: Investing in another investment company or pooled vehicle subjects the Fund to that company’s risks, and, in general, to a pro rata portion of that company’s fees and expenses in addition to fees and expenses charged by the Fund;
  • Issuer Non-Diversification Risk: The Fund is “non-diversified” and is therefore more susceptible to the risks of focusing investments in a small number of issuers, industries or foreign currencies, and the risks of a single economic, political or regulatory occurrence, than funds that are “diversified”;
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services;
  • Large Shareholder Risk: Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund’s operations by purchasing or redeeming Fund shares in large amounts;
  • Leverage Risk: Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund’s investment portfolio and magnify the Fund’s investment losses or gains;
  • Liquidity Risk: Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;
  • Management Risk: The Fund’s investment return depends on the ability of the Investment Manager to manage the Fund’s portfolio successfully; there is a risk that the Investment Manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;
  • Market Risk: The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;
  • Mortgage-Backed and Asset-Backed Risk: Payments on the underlying assets, whether they be mortgages or other obligations, may be delayed, prepaid, subordinated or defaulted on; rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates;
  • Over-the-Counter Risk: Securities and derivatives traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;
  • Portfolio Turnover Risk: If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund’s investment performance; and
  • Valuation Risk: Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance Information
The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and comparing the Fund’s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund’s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund’s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund’s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Calendar Year Total Return—Institutional Class

Ashmore Emerging Markets Local Currency Bond Fund % Total Return
Bar Chart
The best calendar quarter return during the period shown above was 11.36% in the first quarter of 2016; the worst was -11.25% in the third quarter of 2015.
Average Annual Total Return
(For the period ended December 31, 2016)
Average Annual Total Returns - Ashmore Emerging Markets Local Currency Bond Fund
1-Year
5-Year
Since Inception
Inception Date
Institutional Class 12.48% (1.41%) (1.41%) Dec. 08, 2010
Institutional Class | Return after taxes on distributions 12.27% (2.03%) (2.17%) Dec. 08, 2010
Institutional Class | Return after taxes on distributions and sale of Fund shares 7.05% (1.27%) (1.29%) Dec. 08, 2010
Institutional Class | JP Morgan GBI-EM GD Index (reflects no deduction for fees, expenses, or taxes) 9.94% (1.29%) (1.07%) Dec. 08, 2010
Class A 7.71% (1.68%) (3.67%) May 12, 2011
Class C 10.40% (2.41%) (3.70%) May 12, 2011
Class C | JP Morgan GBI-EM GD Index (reflects no deduction for fees, expenses, or taxes) 9.94% (1.29%) (2.31%) May 12, 2011
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
XML 19 R25.htm IDEA: XBRL DOCUMENT v3.6.0.2
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Ashmore Funds
Prospectus Date rr_ProspectusDate Feb. 28, 2017
Ashmore Emerging Markets Local Currency Bond Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Ashmore Emerging Markets Local Currency Bond Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to maximize total return.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the “Classes of Shares” section beginning on page 124 of the Fund’s prospectus or from your financial advisor.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination February 28, 2018
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund’s investment performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 83% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 83.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 100,000
Expense Example [Heading] rr_ExpenseExampleHeading Examples.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Example: Assuming you redeem your
shares at the end of  each period
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption Example: Assuming you do
not redeem your shares
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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. Sovereigns are governments of Emerging Market Countries. Quasi-Sovereigns are governmental entities, agencies and other issuers the obligations of which are guaranteed by an emerging market government and issuers otherwise represented in the J.P. Morgan Government Bond Index-Emerging Markets Global Diversified or a similar index as determined by the Investment Manager. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).

The Fund’s investments in debt instruments will generally be limited to those issued by Sovereigns and Quasi-Sovereigns. The Fund may invest in debt instruments of all types and denominated in any currency. These may include, without limitation, bonds, debentures, notes, convertible securities, commercial paper, loans and related assignments and participations, firm commitment, when-issued and delayed-delivery securities, mortgage-backed and other types of asset-backed securities issued on a public or private basis, bank certificates of deposit, fixed time deposits, bankers’ acceptances, and money market instruments, including money market funds denominated in U.S. dollars or other currencies. The Fund may invest in obligations of any credit quality, and may invest without limit in debt securities that are of below investment grade quality (i.e., “junk bonds”).

The Fund normally seeks to maintain a weighted average portfolio duration of between 2 and 7 years.

The Fund is a “non-diversified” fund.

Although the Fund may gain most of its investment exposure to bonds and other debt instruments by investing directly in them, the Fund may utilize various derivative instruments and related strategies, including exclusively, to gain exposure to bonds and other debt instruments. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts), futures and forward contracts, including relating to currencies, and swap agreements (including total return, interest rate and credit default swaps) and other related instruments with respect to individual bonds and other securities, indices and baskets of securities, interest rates and currencies, and credit-linked notes as part of its principal investment strategies. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may also invest directly in foreign currencies for hedging or other investment purposes.

The Fund may invest in equity securities, including warrants, and securities of other investment companies, including exchange-traded funds (“ETFs”) and other pooled vehicles, if the investment companies invest principally in the types of investments in which the Fund may invest directly.

The Fund will not invest more than 25% of its net assets in any one Emerging Market Country. In addition, the Fund will not invest more than 30% of its net assets in investments denominated in a single non-U.S. currency without seeking to hedge into U.S. dollars the portion of the Fund’s exposure to the non-U.S. currency that exceeds 30% of the Fund’s net assets.

In managing the Fund, the Investment Manager’s investment committee (the “Investment Committee”), together with the relevant portfolio managers (together with the Investment Committee, the “Investment Team”), employs a largely top-down, active and value-driven investment approach in analyzing emerging markets and currencies. The Fund’s investment approach includes an emphasis on the influence of politics (both local and international). The Investment Team seeks opportunities in selected emerging markets that it believes may benefit from significant positive changes, such as political and economic reforms, increases in capital inflows and investor confidence. The Investment Team’s investment process focuses on global and emerging markets fundamentals and considers factors such as liquidity and risk management at the macro level. The Investment Team utilizes the Investment Manager’s broad and current knowledge of important investment areas in various Emerging Market Countries gained, in part, through research, experience, long-standing relationships with reliable local firms and, where appropriate, visits by its investment personnel to countries in their respective regions of responsibility.

The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in bonds and other debt instruments denominated in the local currencies of Emerging Market Countries. The Fund’s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund’s 80% investment policy.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock It is possible to lose money on an investment in the Fund. The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund’s Investment Manager and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):
  • Counterparty and Third Party Risk: Transactions involving a counterparty to a derivative or other instrument, or to 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 Fund 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;
  • Currency Management Strategies Risk: Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund’s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager anticipates;
  • Currency Risk: Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;
  • Derivatives Risk: Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;
  • Emerging Markets Risk: Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;
  • Foreign Investment Risk: Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;
  • Geographic Focus Risk: The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments;
  • High Yield Risk: Below investment grade securities and unrated securities of similar credit quality (commonly known as “high yield” securities or “junk bonds”) are subject to greater levels of credit and liquidity risks than higher quality securities, and are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments;
  • Inflation/Deflation Risk: The value of the Fund’s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;
  • Interest Rate Risk: Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;
  • Investments in Pooled Vehicles Risk: Investing in another investment company or pooled vehicle subjects the Fund to that company’s risks, and, in general, to a pro rata portion of that company’s fees and expenses in addition to fees and expenses charged by the Fund;
  • Issuer Non-Diversification Risk: The Fund is “non-diversified” and is therefore more susceptible to the risks of focusing investments in a small number of issuers, industries or foreign currencies, and the risks of a single economic, political or regulatory occurrence, than funds that are “diversified”;
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services;
  • Large Shareholder Risk: Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund’s operations by purchasing or redeeming Fund shares in large amounts;
  • Leverage Risk: Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund’s investment portfolio and magnify the Fund’s investment losses or gains;
  • Liquidity Risk: Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;
  • Management Risk: The Fund’s investment return depends on the ability of the Investment Manager to manage the Fund’s portfolio successfully; there is a risk that the Investment Manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;
  • Market Risk: The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;
  • Mortgage-Backed and Asset-Backed Risk: Payments on the underlying assets, whether they be mortgages or other obligations, may be delayed, prepaid, subordinated or defaulted on; rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates;
  • Over-the-Counter Risk: Securities and derivatives traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;
  • Portfolio Turnover Risk: If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund’s investment performance; and
  • Valuation Risk: Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney It is possible to lose money on an investment in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus
  • Issuer Non-Diversification Risk: The Fund is “non-diversified” and is therefore more susceptible to the risks of focusing investments in a small number of issuers, industries or foreign currencies, and the risks of a single economic, political or regulatory occurrence, than funds that are “diversified”;
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and comparing the Fund’s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund’s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund’s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund’s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and comparing the Fund’s average annual total returns with those of a broad-based market index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 866-876-8294
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.ashmoregroup.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Return—Institutional Class

Ashmore Emerging Markets Local Currency Bond Fund % Total Return
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads The bar chart does not reflect any sales loads applicable to Class A or Class C Shares.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The best calendar quarter return during the period shown above was 11.36% in the first quarter of 2016; the worst was -11.25% in the third quarter of 2015.
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Return
(For the period ended December 31, 2016)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
Ashmore Emerging Markets Local Currency Bond Fund | Class A Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.00%
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.95%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.35%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.55%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.33%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.22%
1 year rr_ExpenseExampleYear01 $ 519
3 years rr_ExpenseExampleYear03 839
5 years rr_ExpenseExampleYear05 1,181
10 years rr_ExpenseExampleYear10 2,145
1 year rr_ExpenseExampleNoRedemptionYear01 519
3 years rr_ExpenseExampleNoRedemptionYear03 839
5 years rr_ExpenseExampleNoRedemptionYear05 1,181
10 years rr_ExpenseExampleNoRedemptionYear10 $ 2,145
1-Year rr_AverageAnnualReturnYear01 7.71%
5-Year rr_AverageAnnualReturnYear05 (1.68%)
Since Inception rr_AverageAnnualReturnSinceInception (3.67%)
Inception Date rr_AverageAnnualReturnInceptionDate May 12, 2011
Ashmore Emerging Markets Local Currency Bond Fund | Class C Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.95%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.35%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.30%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.33%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.97%
1 year rr_ExpenseExampleYear01 $ 300
3 years rr_ExpenseExampleYear03 687
5 years rr_ExpenseExampleYear05 1,200
10 years rr_ExpenseExampleYear10 2,610
1 year rr_ExpenseExampleNoRedemptionYear01 200
3 years rr_ExpenseExampleNoRedemptionYear03 687
5 years rr_ExpenseExampleNoRedemptionYear05 1,200
10 years rr_ExpenseExampleNoRedemptionYear10 $ 2,610
1-Year rr_AverageAnnualReturnYear01 10.40%
5-Year rr_AverageAnnualReturnYear05 (2.41%)
Since Inception rr_AverageAnnualReturnSinceInception (3.70%)
Inception Date rr_AverageAnnualReturnInceptionDate May 12, 2011
Ashmore Emerging Markets Local Currency Bond Fund | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther none [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.95%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.35%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.30%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.33%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.97%
1 year rr_ExpenseExampleYear01 $ 99
3 years rr_ExpenseExampleYear03 380
5 years rr_ExpenseExampleYear05 681
10 years rr_ExpenseExampleYear10 1,539
1 year rr_ExpenseExampleNoRedemptionYear01 99
3 years rr_ExpenseExampleNoRedemptionYear03 380
5 years rr_ExpenseExampleNoRedemptionYear05 681
10 years rr_ExpenseExampleNoRedemptionYear10 $ 1,539
2011 rr_AnnualReturn2011 (3.07%)
2012 rr_AnnualReturn2012 18.73%
2013 rr_AnnualReturn2013 (11.16%)
2014 rr_AnnualReturn2014 (6.24%)
2015 rr_AnnualReturn2015 (16.22%)
2016 rr_AnnualReturn2016 12.48%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel best quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 11.36%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel worst quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (11.25%)
1-Year rr_AverageAnnualReturnYear01 12.48%
5-Year rr_AverageAnnualReturnYear05 (1.41%)
Since Inception rr_AverageAnnualReturnSinceInception (1.41%)
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 08, 2010
Ashmore Emerging Markets Local Currency Bond Fund | Return after taxes on distributions | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 12.27%
5-Year rr_AverageAnnualReturnYear05 (2.03%)
Since Inception rr_AverageAnnualReturnSinceInception (2.17%)
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 08, 2010
Ashmore Emerging Markets Local Currency Bond Fund | Return after taxes on distributions and sale of Fund shares | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 7.05%
5-Year rr_AverageAnnualReturnYear05 (1.27%)
Since Inception rr_AverageAnnualReturnSinceInception (1.29%)
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 08, 2010
Ashmore Emerging Markets Local Currency Bond Fund | JP Morgan GBI-EM GD Index (reflects no deduction for fees, expenses, or taxes) | Class C Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 9.94%
5-Year rr_AverageAnnualReturnYear05 (1.29%)
Since Inception rr_AverageAnnualReturnSinceInception (2.31%)
Inception Date rr_AverageAnnualReturnInceptionDate May 12, 2011
Ashmore Emerging Markets Local Currency Bond Fund | JP Morgan GBI-EM GD Index (reflects no deduction for fees, expenses, or taxes) | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 9.94%
5-Year rr_AverageAnnualReturnYear05 (1.29%)
Since Inception rr_AverageAnnualReturnSinceInception (1.07%)
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 08, 2010
[1] For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
[2] Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 1.22%, for the Fund’s Class C Shares exceed 1.97% and for the Fund’s Institutional Class Shares exceed 0.97% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed.
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Ashmore Emerging Markets Corporate Debt Fund
Ashmore Emerging Markets Corporate Debt Fund
Investment Objective
The Fund seeks to maximize total return.
Fees and Expenses of the Fund
The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the “Classes of Shares” section beginning on page 124 of the Fund’s prospectus or from your financial advisor.
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees - Ashmore Emerging Markets Corporate Debt Fund
Class A Shares
Class C Shares
Institutional Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 4.00% none none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) [1] 1.00% 1.00% none
Redemption Fee none none none
[1] For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Ashmore Emerging Markets Corporate Debt Fund
Class A Shares
Class C Shares
Institutional Class Shares
Management Fees 1.15% 1.15% 1.15%
Distribution and/or Service (12b-1) Fees 0.25% 1.00% none
Other Expenses 0.17% 0.17% 0.17%
Acquired Fund Fees and Expenses none none none
Total Annual Fund Operating Expenses 1.57% 2.32% 1.32%
Fee Waiver and/or Expense Reimbursement [1] (0.15%) (0.15%) (0.15%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.42% 2.17% 1.17%
[1] Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 1.42%, for the Fund’s Class C Shares exceed 2.17% and for the Fund’s Institutional Class Shares exceed 1.17% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed.
Examples.
These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.
Example: Assuming you redeem your
shares at the end of each period
Expense Example - Ashmore Emerging Markets Corporate Debt Fund - USD ($)
1 year
3 years
5 years
10 years
Class A Shares 539 862 1,207 2,181
Class C Shares 320 710 1,227 2,644
Institutional Class Shares 119 404 709 1,577
Example: Assuming you do
not redeem your shares
Expense Example, No Redemption - Ashmore Emerging Markets Corporate Debt Fund - USD ($)
1 year
3 years
5 years
10 years
Class A Shares 539 862 1,207 2,181
Class C Shares 220 710 1,227 2,644
Institutional Class Shares 119 404 709 1,577
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund’s investment performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 81% of the average value of its portfolio.
Principal Investment Strategies
The Fund seeks to achieve its objective by investing principally in debt instruments of Corporate issuers (as defined below), which may be denominated in any currency, including the local currency of the issuer. A Corporate issuer is an issuer located in an Emerging Market Country or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. For these purposes, Corporate issuers may include corporate or other business entities in which a Sovereign or governmental agency or entity may have, indirectly or directly, an interest, including a majority or greater ownership interest (e.g., Gazprom, CITIC, Qatar Telecom). Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).

The Fund may invest in debt instruments of all types issued by Corporate issuers. These may include, without limitation, bonds, debentures, notes, convertible securities, commercial paper, loans and related assignments and participations, trade claims, bank certificates of deposit, fixed time deposits, bankers’ acceptances, and money market instruments, including money market funds denominated in U.S. dollars or other currencies. The Fund may invest in obligations of any credit quality, and may invest without limitation in debt securities that are of below investment grade quality (“junk bonds”). The Fund may invest in companies of any market capitalization, and its allocations among small-, mid- and large-capitalization issuers may vary significantly over time.

The Fund normally seeks to maintain a weighted average portfolio duration of between 2 and 10 years.

Although the Fund may gain most of its investment exposure to Corporate issuers directly, the Fund may utilize various derivative instruments and related strategies, including exclusively, to gain exposure to one or more Corporate issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, total return swaps, credit default swaps and forward currency contracts and other currency-related derivatives as part of its principal investment strategies. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may also invest directly in foreign currencies for hedging or other investment purposes.

The Fund may invest in equity securities, including warrants, as well as securities of other investment companies, including exchange-traded funds (“ETFs”) and other pooled vehicles, if the investment companies invest principally in the types of investments in which the Fund may invest directly.

The Fund will not invest more than 25% of its net assets in any one Emerging Market Country. In addition, the Fund will not invest more than 50% of its net assets in investments denominated in currencies other than the U.S. dollar and other Hard Currencies (i.e., the U.S. dollar or any currency of a nation in the G-7) without seeking to hedge into U.S. dollars the portion of the Fund’s exposure to non-Hard Currencies that exceeds 50% of the Fund’s net assets.

In managing the Fund, the Investment Manager’s investment committee (the “Investment Committee”), together with the relevant portfolio managers (together with the Investment Committee, the “Investment Team”), employs a largely top-down, active and value-driven investment approach in analyzing emerging markets and currencies. The Fund’s investment approach includes an emphasis on the influence of politics (both local and international). The Investment Team combines its top-down approach with an analytically-driven, bottom-up approach to making purchase and sale decisions with respect to individual corporate credits. The Investment Team seeks opportunities in selected emerging markets that it believes may benefit from significant positive changes, such as political and economic reforms, increases in capital inflows and investor confidence, and seeks to invest in issuers in Corporate sectors it expects will benefit from such developments and associated economic development and growth. The Investment Team’s investment process focuses on global and emerging markets fundamentals and considers factors such as liquidity and risk management at the macro level. The Investment Team utilizes the Investment Manager’s broad and current knowledge of important investment areas in various Emerging Market Countries gained, in part, through research, experience, long-standing relationships with reliable local firms and, where appropriate, visits by its investment personnel to countries in their respective regions of responsibility.

The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in bonds and other debt instruments of Corporate issuers (as defined above). The Fund’s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund’s 80% investment policy.
Principal Risks
It is possible to lose money on an investment in the Fund. The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund’s Investment Manager and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):
  • Bank Loans Risk: The Fund may invest in bank loans and participations. Risks associated with these obligations include, but are not limited to, risks involving the enforceability of security interests and loan transactions, inadequate collateral, liabilities relating to collateral securing obligations, and the liquidity of these loans. The market for bank loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. The loans in which the Fund invests may be rated below investment grade.
  • Counterparty and Third Party Risk: Transactions involving a counterparty to a derivative or other instrument, or to 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 Fund 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;
  • Currency Management Strategies Risk: Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund’s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager anticipates;
  • Currency Risk: Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;
  • Derivatives Risk: Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;
  • Emerging Markets Risk: Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;
  • Foreign Investment Risk: Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;
  • Geographic Focus Risk: The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments;
  • High Yield Risk: Below investment grade securities and unrated securities of similar credit quality (commonly known as “high yield” securities or “junk bonds”) are subject to greater levels of credit and liquidity risks than higher quality securities, and are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments;
  • Inflation/Deflation Risk: The value of the Fund’s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;
  • Interest Rate Risk: Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;
  • Investments in Pooled Vehicles Risk: Investing in another investment company or pooled vehicle subjects the Fund to that company’s risks, and, in general, to a pro rata portion of that company’s fees and expenses in addition to fees and expenses charged by the Fund;
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services;
  • Large Shareholder Risk: Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund’s operations by purchasing or redeeming Fund shares in large amounts;
  • Leverage Risk: Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund’s investment portfolio and magnify the Fund’s investment losses or gains;
  • Liquidity Risk: Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;
  • Management Risk: The Fund’s investment return depends on the ability of the Investment Manager to manage the Fund’s portfolio successfully; there is a risk that the Investment Manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;
  • Market Risk: The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;
  • Over-the-Counter Risk: Securities and derivatives traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;
  • Portfolio Turnover Risk: If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund’s investment performance;
  • Small and Mid-Sized Companies Risk: Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and
  • Valuation Risk: Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance Information
The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and comparing the Fund’s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund’s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund’s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund’s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Calendar Year Total Return—Institutional Class

Ashmore Emerging Markets Corporate Debt Fund % Total Return
Bar Chart
The best calendar quarter return during the period shown above was 10.02% in the first quarter of 2012; the worst was -11.57% in the third quarter of 2011.
Average Annual Total Return
(For the period ended December 31, 2016)
Average Annual Total Returns - Ashmore Emerging Markets Corporate Debt Fund
1-Year
5-Year
Since Inception
Inception Date
Institutional Class 19.72% 6.49% 4.76% Dec. 08, 2010
Institutional Class | Return after taxes on distributions 15.35% 3.15% 1.57% Dec. 08, 2010
Institutional Class | Return after taxes on distributions and sale of Fund shares 10.94% 3.50% 2.24% Dec. 08, 2010
Institutional Class | JP Morgan CEMBI BD Index (reflects no deduction for fees, expenses, or taxes) 9.65% 5.91% 5.28% Dec. 08, 2010
Class A 14.67% 6.18% 3.02% May 12, 2011
Class C 17.47% 5.38% 2.99% May 12, 2011
Class C | JP Morgan CEMBI BD Index (reflects no deduction for fees, expenses, or taxes) 9.65% 5.91% 5.03% May 12, 2011
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
XML 22 R33.htm IDEA: XBRL DOCUMENT v3.6.0.2
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Ashmore Funds
Prospectus Date rr_ProspectusDate Feb. 28, 2017
Ashmore Emerging Markets Corporate Debt Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Ashmore Emerging Markets Corporate Debt Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to maximize total return.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the “Classes of Shares” section beginning on page 124 of the Fund’s prospectus or from your financial advisor.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination February 28, 2018
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund’s investment performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 81% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 81.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 100,000
Expense Example [Heading] rr_ExpenseExampleHeading Examples.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Example: Assuming you redeem your
shares at the end of each period
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption Example: Assuming you do
not redeem your shares
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund seeks to achieve its objective by investing principally in debt instruments of Corporate issuers (as defined below), which may be denominated in any currency, including the local currency of the issuer. A Corporate issuer is an issuer located in an Emerging Market Country or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. For these purposes, Corporate issuers may include corporate or other business entities in which a Sovereign or governmental agency or entity may have, indirectly or directly, an interest, including a majority or greater ownership interest (e.g., Gazprom, CITIC, Qatar Telecom). Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).

The Fund may invest in debt instruments of all types issued by Corporate issuers. These may include, without limitation, bonds, debentures, notes, convertible securities, commercial paper, loans and related assignments and participations, trade claims, bank certificates of deposit, fixed time deposits, bankers’ acceptances, and money market instruments, including money market funds denominated in U.S. dollars or other currencies. The Fund may invest in obligations of any credit quality, and may invest without limitation in debt securities that are of below investment grade quality (“junk bonds”). The Fund may invest in companies of any market capitalization, and its allocations among small-, mid- and large-capitalization issuers may vary significantly over time.

The Fund normally seeks to maintain a weighted average portfolio duration of between 2 and 10 years.

Although the Fund may gain most of its investment exposure to Corporate issuers directly, the Fund may utilize various derivative instruments and related strategies, including exclusively, to gain exposure to one or more Corporate issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, total return swaps, credit default swaps and forward currency contracts and other currency-related derivatives as part of its principal investment strategies. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may also invest directly in foreign currencies for hedging or other investment purposes.

The Fund may invest in equity securities, including warrants, as well as securities of other investment companies, including exchange-traded funds (“ETFs”) and other pooled vehicles, if the investment companies invest principally in the types of investments in which the Fund may invest directly.

The Fund will not invest more than 25% of its net assets in any one Emerging Market Country. In addition, the Fund will not invest more than 50% of its net assets in investments denominated in currencies other than the U.S. dollar and other Hard Currencies (i.e., the U.S. dollar or any currency of a nation in the G-7) without seeking to hedge into U.S. dollars the portion of the Fund’s exposure to non-Hard Currencies that exceeds 50% of the Fund’s net assets.

In managing the Fund, the Investment Manager’s investment committee (the “Investment Committee”), together with the relevant portfolio managers (together with the Investment Committee, the “Investment Team”), employs a largely top-down, active and value-driven investment approach in analyzing emerging markets and currencies. The Fund’s investment approach includes an emphasis on the influence of politics (both local and international). The Investment Team combines its top-down approach with an analytically-driven, bottom-up approach to making purchase and sale decisions with respect to individual corporate credits. The Investment Team seeks opportunities in selected emerging markets that it believes may benefit from significant positive changes, such as political and economic reforms, increases in capital inflows and investor confidence, and seeks to invest in issuers in Corporate sectors it expects will benefit from such developments and associated economic development and growth. The Investment Team’s investment process focuses on global and emerging markets fundamentals and considers factors such as liquidity and risk management at the macro level. The Investment Team utilizes the Investment Manager’s broad and current knowledge of important investment areas in various Emerging Market Countries gained, in part, through research, experience, long-standing relationships with reliable local firms and, where appropriate, visits by its investment personnel to countries in their respective regions of responsibility.

The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in bonds and other debt instruments of Corporate issuers (as defined above). The Fund’s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund’s 80% investment policy.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock It is possible to lose money on an investment in the Fund. The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund’s Investment Manager and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):
  • Bank Loans Risk: The Fund may invest in bank loans and participations. Risks associated with these obligations include, but are not limited to, risks involving the enforceability of security interests and loan transactions, inadequate collateral, liabilities relating to collateral securing obligations, and the liquidity of these loans. The market for bank loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. The loans in which the Fund invests may be rated below investment grade.
  • Counterparty and Third Party Risk: Transactions involving a counterparty to a derivative or other instrument, or to 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 Fund 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;
  • Currency Management Strategies Risk: Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund’s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager anticipates;
  • Currency Risk: Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;
  • Derivatives Risk: Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;
  • Emerging Markets Risk: Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;
  • Foreign Investment Risk: Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;
  • Geographic Focus Risk: The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments;
  • High Yield Risk: Below investment grade securities and unrated securities of similar credit quality (commonly known as “high yield” securities or “junk bonds”) are subject to greater levels of credit and liquidity risks than higher quality securities, and are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments;
  • Inflation/Deflation Risk: The value of the Fund’s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;
  • Interest Rate Risk: Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;
  • Investments in Pooled Vehicles Risk: Investing in another investment company or pooled vehicle subjects the Fund to that company’s risks, and, in general, to a pro rata portion of that company’s fees and expenses in addition to fees and expenses charged by the Fund;
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services;
  • Large Shareholder Risk: Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund’s operations by purchasing or redeeming Fund shares in large amounts;
  • Leverage Risk: Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund’s investment portfolio and magnify the Fund’s investment losses or gains;
  • Liquidity Risk: Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;
  • Management Risk: The Fund’s investment return depends on the ability of the Investment Manager to manage the Fund’s portfolio successfully; there is a risk that the Investment Manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;
  • Market Risk: The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;
  • Over-the-Counter Risk: Securities and derivatives traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;
  • Portfolio Turnover Risk: If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund’s investment performance;
  • Small and Mid-Sized Companies Risk: Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and
  • Valuation Risk: Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney It is possible to lose money on an investment in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and comparing the Fund’s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund’s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund’s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund’s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and comparing the Fund’s average annual total returns with those of a broad-based market index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 866-876-8294
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.ashmoregroup.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Return—Institutional Class

Ashmore Emerging Markets Corporate Debt Fund % Total Return
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads The bar chart does not reflect any sales loads applicable to Class A or Class C Shares.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The best calendar quarter return during the period shown above was 10.02% in the first quarter of 2012; the worst was -11.57% in the third quarter of 2011.
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Return
(For the period ended December 31, 2016)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
Ashmore Emerging Markets Corporate Debt Fund | Class A Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.00%
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.15%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.17%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.57%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.15%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.42%
1 year rr_ExpenseExampleYear01 $ 539
3 years rr_ExpenseExampleYear03 862
5 years rr_ExpenseExampleYear05 1,207
10 years rr_ExpenseExampleYear10 2,181
1 year rr_ExpenseExampleNoRedemptionYear01 539
3 years rr_ExpenseExampleNoRedemptionYear03 862
5 years rr_ExpenseExampleNoRedemptionYear05 1,207
10 years rr_ExpenseExampleNoRedemptionYear10 $ 2,181
1-Year rr_AverageAnnualReturnYear01 14.67%
5-Year rr_AverageAnnualReturnYear05 6.18%
Since Inception rr_AverageAnnualReturnSinceInception 3.02%
Inception Date rr_AverageAnnualReturnInceptionDate May 12, 2011
Ashmore Emerging Markets Corporate Debt Fund | Class C Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.15%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.17%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.32%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.15%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.17%
1 year rr_ExpenseExampleYear01 $ 320
3 years rr_ExpenseExampleYear03 710
5 years rr_ExpenseExampleYear05 1,227
10 years rr_ExpenseExampleYear10 2,644
1 year rr_ExpenseExampleNoRedemptionYear01 220
3 years rr_ExpenseExampleNoRedemptionYear03 710
5 years rr_ExpenseExampleNoRedemptionYear05 1,227
10 years rr_ExpenseExampleNoRedemptionYear10 $ 2,644
1-Year rr_AverageAnnualReturnYear01 17.47%
5-Year rr_AverageAnnualReturnYear05 5.38%
Since Inception rr_AverageAnnualReturnSinceInception 2.99%
Inception Date rr_AverageAnnualReturnInceptionDate May 12, 2011
Ashmore Emerging Markets Corporate Debt Fund | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther none [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.15%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.17%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.32%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.15%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.17%
1 year rr_ExpenseExampleYear01 $ 119
3 years rr_ExpenseExampleYear03 404
5 years rr_ExpenseExampleYear05 709
10 years rr_ExpenseExampleYear10 1,577
1 year rr_ExpenseExampleNoRedemptionYear01 119
3 years rr_ExpenseExampleNoRedemptionYear03 404
5 years rr_ExpenseExampleNoRedemptionYear05 709
10 years rr_ExpenseExampleNoRedemptionYear10 $ 1,577
2011 rr_AnnualReturn2011 (3.81%)
2012 rr_AnnualReturn2012 23.00%
2013 rr_AnnualReturn2013 (0.15%)
2014 rr_AnnualReturn2014 (5.45%)
2015 rr_AnnualReturn2015 (1.54%)
2016 rr_AnnualReturn2016 19.72%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel best quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 10.02%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel worst quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (11.57%)
1-Year rr_AverageAnnualReturnYear01 19.72%
5-Year rr_AverageAnnualReturnYear05 6.49%
Since Inception rr_AverageAnnualReturnSinceInception 4.76%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 08, 2010
Ashmore Emerging Markets Corporate Debt Fund | Return after taxes on distributions | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 15.35%
5-Year rr_AverageAnnualReturnYear05 3.15%
Since Inception rr_AverageAnnualReturnSinceInception 1.57%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 08, 2010
Ashmore Emerging Markets Corporate Debt Fund | Return after taxes on distributions and sale of Fund shares | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 10.94%
5-Year rr_AverageAnnualReturnYear05 3.50%
Since Inception rr_AverageAnnualReturnSinceInception 2.24%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 08, 2010
Ashmore Emerging Markets Corporate Debt Fund | JP Morgan CEMBI BD Index (reflects no deduction for fees, expenses, or taxes) | Class C Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 9.65%
5-Year rr_AverageAnnualReturnYear05 5.91%
Since Inception rr_AverageAnnualReturnSinceInception 5.03%
Inception Date rr_AverageAnnualReturnInceptionDate May 12, 2011
Ashmore Emerging Markets Corporate Debt Fund | JP Morgan CEMBI BD Index (reflects no deduction for fees, expenses, or taxes) | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 9.65%
5-Year rr_AverageAnnualReturnYear05 5.91%
Since Inception rr_AverageAnnualReturnSinceInception 5.28%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 08, 2010
[1] For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
[2] Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 1.42%, for the Fund’s Class C Shares exceed 2.17% and for the Fund’s Institutional Class Shares exceed 1.17% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed.
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Ashmore Emerging Markets Short Duration Fund
Ashmore Emerging Markets Short Duration Fund
Investment Objective
The Fund seeks to maximize total return.
Fees and Expenses of the Fund
The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the “Classes of Shares” section beginning on page 124 of the Fund’s prospectus or from your financial advisor.
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees - Ashmore Emerging Markets Short Duration Fund
Class A Shares
Class C Shares
Institutional Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 4.00% none none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) [1] 1.00% 1.00% none
Redemption Fee none none none
[1] For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Ashmore Emerging Markets Short Duration Fund
Class A Shares
Class C Shares
Institutional Class Shares
Management Fees 0.65% 0.65% 0.65%
Distribution and/or Service (12b-1) Fees 0.25% 1.00% none
Other Expenses 0.21% 0.24% 0.24%
Acquired Fund Fees and Expenses none none none
Total Annual Fund Operating Expenses 1.11% 1.89% 0.89%
Fee Waiver and/or Expense Reimbursement [1] (0.19%) (0.22%) (0.22%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.92% 1.67% 0.67%
[1] Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 0.92%, for the Fund’s Class C Shares exceed 1.67% and for the Fund’s Institutional Class Shares exceed 0.67% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed.
Examples.
These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.
Example: Assuming you redeem your
shares at the end of each period
Expense Example - Ashmore Emerging Markets Short Duration Fund - USD ($)
1 year
3 years
5 years
10 years
Class A Shares 490 721 969 1,681
Class C Shares 270 573 1,001 2,194
Institutional Class Shares 68 262 472 1,076
Example: Assuming you do
not redeem your shares
Expense Example, No Redemption - Ashmore Emerging Markets Short Duration Fund - USD ($)
1 year
3 years
5 years
10 years
Class A Shares 490 721 969 1,681
Class C Shares 170 573 1,001 2,194
Institutional Class Shares 68 262 472 1,076
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund’s investment performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 73% of the average value of its portfolio.
Principal Investment Strategies
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 Market 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.

Duration is one measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a security’s price to changes in interest rates. Securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Accordingly, bond funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than bond funds with shorter average portfolio durations. By way of example, the price of a bond fund with a duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point.

Sovereigns are governments of Emerging Market Countries. Quasi-Sovereigns are governmental entities, agencies and other issuers that are more than 50% owned, directly or indirectly, by a Sovereign, or whose obligations are guaranteed by a Sovereign. A Corporate issuer is any issuer other than a Sovereign or a Quasi-Sovereign that is located in an Emerging Market Country or, an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).

The Fund may invest in debt instruments of all types, whether subordinated or unsubordinated, secured or unsecured, quoted or unquoted, rated or unrated, or floating rate or fixed rate. These may include, without limitation, bonds, debentures, notes, convertible securities, commercial paper, loans and related assignments and participations, bank certificates of deposit, fixed time deposits, bankers’ acceptances, and money market instruments, including money market funds denominated in U.S. dollars or other currencies. The Fund may invest in obligations of any credit quality, and may invest without limitation in debt securities that are of below investment grade quality (i.e., “junk bonds”). The Fund may invest in companies of any market capitalization, and its allocations among small-, mid- and large-capitalization issuers may vary significantly over time.

The Fund is a “non-diversified” fund.

The Fund may utilize various derivative instruments and related strategies, including to gain exposure to one or more of the issuers referred to above or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts), futures and forward contracts and swap agreements (including total return, interest rate, and credit default swaps), credit-linked notes, structured notes and other related instruments with respect to individual currencies, bonds, and securities of any kind, indices and baskets of securities, interest rates and currencies as part of its principal investment strategies. The Fund may use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may invest in currency-related transactions, such as currency forward transactions (including deliverable and non-deliverable forwards), currency futures transactions and currency options transactions, and may also invest directly in foreign currencies, in each case for hedging or other investment purposes.

The Fund may invest in equity securities, including warrants, as well as securities of other investment companies, including exchange-traded funds (“ETFs”) and other pooled vehicles, if the investment companies invest principally in the types of investments in which the Fund may invest directly.

The Fund will not invest more than 35% of its net assets in any one Emerging Market Country.

In managing the Fund, the Investment Manager’s investment committee (the “Investment Committee”), together with the relevant portfolio managers (together with the Investment Committee, the “Investment Team”), employs a largely top-down, active and value-driven investment approach in analyzing emerging markets and currencies. The Fund’s investment approach includes an emphasis on the influence of politics (both local and international). The Investment Team combines this top-down approach with an analytically-driven, bottom-up approach to making purchase and sale decisions with respect to individual corporate credits. The Investment Team seeks to invest in a portfolio of short duration fixed-income securities in an effort to limit the Fund’s exposure to interest rate risk. The Investment Team seeks opportunities in selected emerging markets that it believes may benefit from significant positive changes, such as political and economic reforms, increases in capital inflows and investor confidence, and seeks to invest in issuers in government and Corporate sectors it expects will benefit from such developments and associated economic development and growth. The Investment Team’s investment process focuses on global and emerging markets fundamentals and considers factors such as liquidity and risk management at the macro level. This approach utilizes the Investment Manager’s broad and current knowledge of important investment areas in various Emerging Market Countries gained, in part, through research, experience, long-standing relationships with reliable local firms and, where appropriate, visits by its investment personnel to countries in their respective regions of responsibility.

The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in bonds and other debt instruments issued by Sovereign, Quasi-Sovereign or Corporate issuers of Emerging Market Countries. The Fund’s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund’s 80% investment policy.
Principal Risks
It is possible to lose money on an investment in the Fund. The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund’s Investment Manager and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):
  • Counterparty and Third Party Risk: Transactions involving a counterparty to a derivative or other instrument, or to 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 Fund 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;
  • Currency Management Strategies Risk: Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund’s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager anticipates;
  • Currency Risk: Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;
  • Derivatives Risk: Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;
  • Emerging Markets Risk: Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;
  • Foreign Investment Risk: Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;
  • Geographic Focus Risk: The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments;
  • High Yield Risk: Below investment grade securities and unrated securities of similar credit quality (commonly known as “high yield” securities or “junk bonds”) are subject to greater levels of credit and liquidity risks than higher quality securities, and are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments;
  • Inflation/Deflation Risk: The value of the Fund’s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;
  • Interest Rate Risk: Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;
  • Investments in Pooled Vehicles Risk: Investing in another investment company or pooled vehicle subjects the Fund to that company’s risks, and, in general, to a pro rata portion of that company’s fees and expenses in addition to fees and expenses charged by the Fund;
  • Issuer Non-Diversification Risk: The Fund is “non-diversified” and is therefore more susceptible to the risks of focusing investments in a small number of issuers, industries or foreign currencies, and the risks of a single economic, political or regulatory occurrence, than funds that are “diversified”;
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services;
  • Large Shareholder Risk: Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund’s operations by purchasing or redeeming Fund shares in large amounts;
  • Leverage Risk: Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund’s investment portfolio and magnify the Fund’s investment losses or gains;
  • Limited Operating History Risk: The Fund has a limited operating history for investors to evaluate and may not achieve desired asset levels to maximize investment and operational efficiencies;
  • Liquidity Risk: Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;
  • Management Risk: The Fund’s investment return depends on the ability of the Investment Manager to manage the Fund’s portfolio successfully; there is a risk that the Investment Manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;
  • Market Risk: The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;
  • Over-the-Counter Risk: Securities and derivatives traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;
  • Portfolio Turnover Risk: If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund’s investment performance;
  • Small and Mid-Sized Companies Risk: Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and
  • Valuation Risk: Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance Information
The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and comparing the Fund’s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund’s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund’s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund’s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Calendar Year Total Return—Institutional Class

Ashmore Emerging Markets Short Duration Fund % Total Return
Bar Chart
The best calendar quarter return during the period shown above was 8.16% in the second quarter of 2016; the worst was -1.51% in the third quarter of 2015.
Average Annual Total Return
(For the period ended December 31, 2016)
Average Annual Total Returns - Ashmore Emerging Markets Short Duration Fund
1-Year
Since Inception
Inception Date
Institutional Class 23.39% 9.47% Jun. 24, 2014
Institutional Class | Return after taxes on distributions 17.28% 5.35% Jun. 24, 2014
Institutional Class | Return after taxes on distributions and sale of Fund shares 12.97% 5.24% Jun. 24, 2014
Institutional Class | JP Morgan CEMBI BD 1-3 Year (reflects no deduction for fees, expenses, or taxes) 6.07% 3.24% Jun. 24, 2014
Class A 18.26% 8.66% Sep. 23, 2014
Class A | JP Morgan CEMBI BD 1-3 Year (reflects no deduction for fees, expenses, or taxes) 6.07% 3.65% Sep. 23, 2014
XML 25 R41.htm IDEA: XBRL DOCUMENT v3.6.0.2
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Ashmore Funds
Prospectus Date rr_ProspectusDate Feb. 28, 2017
Ashmore Emerging Markets Short Duration Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Ashmore Emerging Markets Short Duration Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to maximize total return.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the “Classes of Shares” section beginning on page 124 of the Fund’s prospectus or from your financial advisor.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination February 28, 2018
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund’s investment performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 73% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 73.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 100,000
Expense Example [Heading] rr_ExpenseExampleHeading Examples.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Example: Assuming you redeem your
shares at the end of each period
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption Example: Assuming you do
not redeem your shares
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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 Market 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.

Duration is one measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a security’s price to changes in interest rates. Securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Accordingly, bond funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than bond funds with shorter average portfolio durations. By way of example, the price of a bond fund with a duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point.

Sovereigns are governments of Emerging Market Countries. Quasi-Sovereigns are governmental entities, agencies and other issuers that are more than 50% owned, directly or indirectly, by a Sovereign, or whose obligations are guaranteed by a Sovereign. A Corporate issuer is any issuer other than a Sovereign or a Quasi-Sovereign that is located in an Emerging Market Country or, an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).

The Fund may invest in debt instruments of all types, whether subordinated or unsubordinated, secured or unsecured, quoted or unquoted, rated or unrated, or floating rate or fixed rate. These may include, without limitation, bonds, debentures, notes, convertible securities, commercial paper, loans and related assignments and participations, bank certificates of deposit, fixed time deposits, bankers’ acceptances, and money market instruments, including money market funds denominated in U.S. dollars or other currencies. The Fund may invest in obligations of any credit quality, and may invest without limitation in debt securities that are of below investment grade quality (i.e., “junk bonds”). The Fund may invest in companies of any market capitalization, and its allocations among small-, mid- and large-capitalization issuers may vary significantly over time.

The Fund is a “non-diversified” fund.

The Fund may utilize various derivative instruments and related strategies, including to gain exposure to one or more of the issuers referred to above or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts), futures and forward contracts and swap agreements (including total return, interest rate, and credit default swaps), credit-linked notes, structured notes and other related instruments with respect to individual currencies, bonds, and securities of any kind, indices and baskets of securities, interest rates and currencies as part of its principal investment strategies. The Fund may use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may invest in currency-related transactions, such as currency forward transactions (including deliverable and non-deliverable forwards), currency futures transactions and currency options transactions, and may also invest directly in foreign currencies, in each case for hedging or other investment purposes.

The Fund may invest in equity securities, including warrants, as well as securities of other investment companies, including exchange-traded funds (“ETFs”) and other pooled vehicles, if the investment companies invest principally in the types of investments in which the Fund may invest directly.

The Fund will not invest more than 35% of its net assets in any one Emerging Market Country.

In managing the Fund, the Investment Manager’s investment committee (the “Investment Committee”), together with the relevant portfolio managers (together with the Investment Committee, the “Investment Team”), employs a largely top-down, active and value-driven investment approach in analyzing emerging markets and currencies. The Fund’s investment approach includes an emphasis on the influence of politics (both local and international). The Investment Team combines this top-down approach with an analytically-driven, bottom-up approach to making purchase and sale decisions with respect to individual corporate credits. The Investment Team seeks to invest in a portfolio of short duration fixed-income securities in an effort to limit the Fund’s exposure to interest rate risk. The Investment Team seeks opportunities in selected emerging markets that it believes may benefit from significant positive changes, such as political and economic reforms, increases in capital inflows and investor confidence, and seeks to invest in issuers in government and Corporate sectors it expects will benefit from such developments and associated economic development and growth. The Investment Team’s investment process focuses on global and emerging markets fundamentals and considers factors such as liquidity and risk management at the macro level. This approach utilizes the Investment Manager’s broad and current knowledge of important investment areas in various Emerging Market Countries gained, in part, through research, experience, long-standing relationships with reliable local firms and, where appropriate, visits by its investment personnel to countries in their respective regions of responsibility.

The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in bonds and other debt instruments issued by Sovereign, Quasi-Sovereign or Corporate issuers of Emerging Market Countries. The Fund’s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund’s 80% investment policy.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock It is possible to lose money on an investment in the Fund. The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund’s Investment Manager and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):
  • Counterparty and Third Party Risk: Transactions involving a counterparty to a derivative or other instrument, or to 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 Fund 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;
  • Currency Management Strategies Risk: Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund’s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager anticipates;
  • Currency Risk: Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;
  • Derivatives Risk: Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;
  • Emerging Markets Risk: Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;
  • Foreign Investment Risk: Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;
  • Geographic Focus Risk: The Fund may be particularly susceptible to economic, political or regulatory events affecting those countries or regions in which the Fund focuses its investments;
  • High Yield Risk: Below investment grade securities and unrated securities of similar credit quality (commonly known as “high yield” securities or “junk bonds”) are subject to greater levels of credit and liquidity risks than higher quality securities, and are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments;
  • Inflation/Deflation Risk: The value of the Fund’s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;
  • Interest Rate Risk: Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;
  • Investments in Pooled Vehicles Risk: Investing in another investment company or pooled vehicle subjects the Fund to that company’s risks, and, in general, to a pro rata portion of that company’s fees and expenses in addition to fees and expenses charged by the Fund;
  • Issuer Non-Diversification Risk: The Fund is “non-diversified” and is therefore more susceptible to the risks of focusing investments in a small number of issuers, industries or foreign currencies, and the risks of a single economic, political or regulatory occurrence, than funds that are “diversified”;
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services;
  • Large Shareholder Risk: Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund’s operations by purchasing or redeeming Fund shares in large amounts;
  • Leverage Risk: Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund’s investment portfolio and magnify the Fund’s investment losses or gains;
  • Limited Operating History Risk: The Fund has a limited operating history for investors to evaluate and may not achieve desired asset levels to maximize investment and operational efficiencies;
  • Liquidity Risk: Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;
  • Management Risk: The Fund’s investment return depends on the ability of the Investment Manager to manage the Fund’s portfolio successfully; there is a risk that the Investment Manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;
  • Market Risk: The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;
  • Over-the-Counter Risk: Securities and derivatives traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;
  • Portfolio Turnover Risk: If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund’s investment performance;
  • Small and Mid-Sized Companies Risk: Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and
  • Valuation Risk: Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney It is possible to lose money on an investment in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus
  • Issuer Non-Diversification Risk: The Fund is “non-diversified” and is therefore more susceptible to the risks of focusing investments in a small number of issuers, industries or foreign currencies, and the risks of a single economic, political or regulatory occurrence, than funds that are “diversified”;
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and comparing the Fund’s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund’s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund’s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund’s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and comparing the Fund’s average annual total returns with those of a broad-based market index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 866-876-8294
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.ashmoregroup.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Return—Institutional Class

Ashmore Emerging Markets Short Duration Fund % Total Return
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads The bar chart does not reflect any sales loads applicable to Class A or Class C Shares.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The best calendar quarter return during the period shown above was 8.16% in the second quarter of 2016; the worst was -1.51% in the third quarter of 2015.
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Return
(For the period ended December 31, 2016)
Ashmore Emerging Markets Short Duration Fund | Class A Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.00%
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.65%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.21%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.11%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.19%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.92%
1 year rr_ExpenseExampleYear01 $ 490
3 years rr_ExpenseExampleYear03 721
5 years rr_ExpenseExampleYear05 969
10 years rr_ExpenseExampleYear10 1,681
1 year rr_ExpenseExampleNoRedemptionYear01 490
3 years rr_ExpenseExampleNoRedemptionYear03 721
5 years rr_ExpenseExampleNoRedemptionYear05 969
10 years rr_ExpenseExampleNoRedemptionYear10 $ 1,681
1-Year rr_AverageAnnualReturnYear01 18.26%
Since Inception rr_AverageAnnualReturnSinceInception 8.66%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 23, 2014
Ashmore Emerging Markets Short Duration Fund | Class C Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.65%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.24%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.89%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.22%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.67%
1 year rr_ExpenseExampleYear01 $ 270
3 years rr_ExpenseExampleYear03 573
5 years rr_ExpenseExampleYear05 1,001
10 years rr_ExpenseExampleYear10 2,194
1 year rr_ExpenseExampleNoRedemptionYear01 170
3 years rr_ExpenseExampleNoRedemptionYear03 573
5 years rr_ExpenseExampleNoRedemptionYear05 1,001
10 years rr_ExpenseExampleNoRedemptionYear10 $ 2,194
Ashmore Emerging Markets Short Duration Fund | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther none [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.65%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.24%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.89%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.22%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.67%
1 year rr_ExpenseExampleYear01 $ 68
3 years rr_ExpenseExampleYear03 262
5 years rr_ExpenseExampleYear05 472
10 years rr_ExpenseExampleYear10 1,076
1 year rr_ExpenseExampleNoRedemptionYear01 68
3 years rr_ExpenseExampleNoRedemptionYear03 262
5 years rr_ExpenseExampleNoRedemptionYear05 472
10 years rr_ExpenseExampleNoRedemptionYear10 $ 1,076
2015 rr_AnnualReturn2015 8.95%
2016 rr_AnnualReturn2016 23.39%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel best quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.16%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel worst quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (1.51%)
1-Year rr_AverageAnnualReturnYear01 23.39%
Since Inception rr_AverageAnnualReturnSinceInception 9.47%
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 24, 2014
Ashmore Emerging Markets Short Duration Fund | Return after taxes on distributions | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 17.28%
Since Inception rr_AverageAnnualReturnSinceInception 5.35%
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 24, 2014
Ashmore Emerging Markets Short Duration Fund | Return after taxes on distributions and sale of Fund shares | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 12.97%
Since Inception rr_AverageAnnualReturnSinceInception 5.24%
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 24, 2014
Ashmore Emerging Markets Short Duration Fund | JP Morgan CEMBI BD 1-3 Year (reflects no deduction for fees, expenses, or taxes) | Class A Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 6.07%
Since Inception rr_AverageAnnualReturnSinceInception 3.65%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 23, 2014
Ashmore Emerging Markets Short Duration Fund | JP Morgan CEMBI BD 1-3 Year (reflects no deduction for fees, expenses, or taxes) | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 6.07%
Since Inception rr_AverageAnnualReturnSinceInception 3.24%
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 24, 2014
[1] For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
[2] Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 0.92%, for the Fund’s Class C Shares exceed 1.67% and for the Fund’s Institutional Class Shares exceed 0.67% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed.
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Ashmore Emerging Markets Equity Opportunities Fund
Ashmore Emerging Markets Equity Opportunities Fund
Investment Objective
The Fund seeks long-term capital appreciation.
Fees and Expenses of the Fund
The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Fund and other series of Ashmore Funds (the “Trust”). More information about these and other discounts is available in the “Classes of Shares” section beginning on page 124 of the Fund’s prospectus or from your financial advisor.
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees - Ashmore Emerging Markets Equity Opportunities Fund
Class A Shares
Class C Shares
Institutional Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.25% none none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) [1] 1.00% 1.00% none
Redemption Fee none none none
[1] For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Ashmore Emerging Markets Equity Opportunities Fund
Class A Shares
Class C Shares
Institutional Class Shares
Management Fees none none none
Distribution and/or Service (12b-1) Fees 0.25% 1.00% none
Other Expenses [1] 4.67% 4.66% 4.67%
Acquired Fund Fees and Expenses [1] 1.28% 1.28% 1.28%
Total Annual Fund Operating Expenses 6.20% 6.94% 5.95%
Fee Waiver and/or Expense Reimbursement [2] (4.62%) (4.61%) (4.62%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.58% 2.33% 1.33%
[1] Other Expenses and Acquired Fund Fees and Expenses are based on estimated amounts for the Fund’s initial fiscal year.
[2] Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 0.30%, for the Fund’s Class C Shares exceed 1.05% and for the Fund’s Institutional Class Shares exceed 0.05% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed.
Examples.
These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.
Example: Assuming you redeem your
shares at the end of each period
Expense Example - Ashmore Emerging Markets Equity Opportunities Fund - USD ($)
1 year
3 years
5 years
10 years
Class A Shares 677 1,878 3,050 5,859
Class C Shares 336 1,634 2,978 6,116
Institutional Class Shares 135 1,357 2,556 5,455
Example: Assuming you  do
not redeem your shares
Expense Example, No Redemption - Ashmore Emerging Markets Equity Opportunities Fund - USD ($)
1 year
3 years
5 years
10 years
Class A Shares 677 1,878 3,050 5,859
Class C Shares 236 1,634 2,978 6,116
Institutional Class Shares 135 1,357 2,556 5,455
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund’s investment performance. During the most recent fiscal period, the Fund’s portfolio turnover rate was 15% (not annualized) of the average value of its portfolio.
Principal Investment Strategies
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 emerging markets equity securities and equity-related investments (the “Underlying Equity Funds”). The Fund has the flexibility to allocate and reallocate its assets among the Underlying Equity Funds or individual securities, derivatives and other investments as the Investment Manager sees fit based on the factors it deems appropriate in order to pursue the Fund’s investment objective and based on its assessment of then-existing market conditions, its investment outlook and other factors.

Please see the description of each of the Underlying Equity Funds in the section of this Prospectus entitled “PRINCIPAL INVESTMENTS AND STRATEGIES OF EACH FUND” for additional information on the investment strategies of each of the Underlying Equity Funds.

In addition to its investments in the Underlying Equity Funds, the Fund may invest directly in the securities of other issuers, derivatives and other investments. The Fund expects to operate as a “fund of funds,” which is a term used to describe mutual funds that pursue their investment objective by investing in other mutual funds. In addition to investing in the current Underlying Equity Funds, at the discretion of the Investment Manager and without shareholder approval, the Fund may invest in additional Underlying Equity Funds created in the future.

The Fund may utilize various derivative instruments and related strategies to gain exposure to one or more issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts); futures and forward contracts, including contracts related to currencies; and swap agreements (including total return and interest rate swaps); other related instruments with respect to individual stocks and other securities, indices and baskets of securities, interest rates and currencies; participation notes; structured notes; exchange traded notes; and credit-linked notes as part of its principal investment strategies. The Fund may enter into foreign currency forward contracts as well as foreign currency futures and options contracts with respect to any currency in which it has existing investments or has contracted to make investments in an attempt to hedge currency exchange risk. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities.

The Fund may also invest directly in foreign currencies for hedging or other investment purposes.

An Emerging Market Issuer is an issuer that is located in an Emerging Market Country, or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).

A Frontier Market Issuer is an issuer that is located in a Frontier Market Country, or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Frontier Market Countries or that has at least 50% of its assets in one or more Frontier Market Countries.

Frontier Market countries are countries that either currently or in the future are represented in widely-recognized indices of frontier market securities or the Investment Manager considers the market to have frontier market characteristics in respect to economic, political, or market structure.

The Investment Manager manages the Fund principally to provide exposure through a single investment vehicle to various emerging markets equity strategies managed by the Investment Manager and Ashmore Equities Investment Management (US) LLC (“AEIM”), which are currently represented by the Underlying Equity Funds. In this regard, the Fund is designed to provide exposure to the investment approaches and strategies used for the Underlying Equity Funds, which are described elsewhere in this Prospectus.

The Investment Manager, through its investment committee (the “Investment Committee”), makes asset allocation decisions for the Fund and may utilize an active approach to allocating and reallocating the Fund’s assets among the Underlying Equity Funds or directly in securities of other issuers, derivatives and other instruments, as it sees fit based on its investment outlook, ongoing consideration of market conditions and other factors. In making asset allocation decisions, the Investment Manager utilizes a top-down approach, taking into account macro- and micro-economic factors, supplemented by bottom-up research. Macro-economic insights are based on the Investment Manager’s economic research on Emerging Market Countries and Frontier Market Countries. Micro-economic insights are derived from an analysis of aggregate earnings, and country- and industry-specific factors, which include demand/supply, level of competition, regulatory environment and interest rates. Macro- and micro-economic insights are together used to identify areas within the investable universe that the Investment Manager believes exhibit attractive fundamentals. The Fund’s portfolio of Underlying Equity Funds (and perhaps other investments noted above) is constructed to represent what the Investment Manager believes to offer attractive risk-adjusted upside potential. The Fund’s active weighting among Underlying Equity Funds and perhaps other investments (and the countries, industries and sectors represented therein) reflects the Investment Manager’s top-down preferences, which may vary significantly over time.

The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in the Underlying Equity Funds or in equity securities and other equity-related investments of Emerging Market Issuers and/or Frontier Market Issuers. The Fund’s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund’s 80% investment policy. For example, futures contracts may be used to obtain investment exposure equal to a portion or all of the Fund’s cash position.
Principal Risks
It is possible to lose money on an investment in the Fund. References below to investments include those held directly by the Fund and indirectly by Underlying Equity Funds in which the Fund invests, and the Fund will be subject to the related risks thereof even though the Fund may not hold the particular securities or instruments directly. The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund’s Investment Manager and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are set forth below (in alphabetical order). In most cases, these are principal risks of investing in the Underlying Equity Funds and therefore risks of investing in the Fund itself.
  • Allocation Risk: The Fund could lose money or perform less favorably than it otherwise would have as a result of the Investment Manager’s asset allocation decisions in determining how the Fund’s assets are allocated or reallocated among the Underlying Equity Funds or other investments;
  • Banking Industry Risk: Investments in banking industry stocks, as compared to other industries in general, may be considered to be more volatile or riskier due to a number of factors including more extensive government regulation that may reduce profit potential for banks compared to other entities. Financial services institutions are often subject to extensive governmental regulation and, recently, government intervention and the potential for additional regulation, which may adversely affect the scope of their activities, the prices they can charge and the amount of capital they must maintain. The oversight of, and regulations applicable to, companies in the banking industry in emerging and frontier markets may be ineffective and underdeveloped relative to more developed markets. Recent events in the financial sector have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign, and caused certain financial services companies to incur large losses. The impact of recent or future regulation in various countries on any individual bank or on the sector as a whole cannot be predicted. In addition, the banking industries of emerging and frontier markets can be considered riskier than the U.S. banking industry;
  • Convertible Securities Risk: Securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities and the risk of changing in value at a different rate than the underlying stocks. Convertible securities are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer’s or counterparty’s deterioration or default;
  • Counterparty and Third Party Risk: Transactions involving a counterparty to a derivative or other instrument, or to 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 Fund or an Underlying Equity Fund could lose money if the issuer or counterparty 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;
  • Currency Management Strategies Risk: Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund’s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager anticipates;
  • Currency Risk: Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s or an Underlying Equity Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;
  • Derivatives Risk: Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;
  • Emerging Markets Risk: Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;
  • Equity Securities Risk: Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer;
  • Financial Services Risk: Investments in issuers in the financial services sector are subject to various risks affecting financial services companies and the financial services sector generally. The values of investments in the financial services sector are particularly sensitive to changes in economic conditions, such as recessions and fluctuations in interest rates. Financial services companies may be exposed to leverage, which could magnify investment losses under adverse market conditions. Investments in the financial services sector are also subject to the risk that unexpected market, economic, political, regulatory or other events might lead to a decline in the value of most or all companies in the financial services sector. In addition, the financial services sector of emerging and frontier markets can be considered riskier than the U.S. financial services sector;
  • Focused Investment Risk: Focusing a fund’s investments in a limited number of issuers, sectors or industries increases risk and the volatility of the value of a fund’s shares. The Fund may be particularly susceptible to economic, political, regulatory or other events affecting the issuers, sectors or industries to the extent the Fund or an Underlying Equity Fund focuses its investments;
  • Foreign Investment Risk: Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund or an Underlying Equity Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;
  • Frontier Markets Risk: Frontier market countries are emerging market countries, but generally have smaller economies or less mature capital markets than more developed emerging markets, and, as a result, the risks of investing in emerging market countries are magnified in frontier countries. The markets of frontier countries typically have low trading volumes and the potential for extreme price volatility and illiquidity. This volatility may be further heightened by the actions of a few major investors. For example, a substantial increase or decrease in cash flows of mutual funds investing in these markets could significantly affect local stock prices and, therefore, the net asset value of Fund or Underlying Equity Fund shares. These factors make investing in frontier countries significantly riskier than in other countries, including other emerging market countries, and any one of them could cause the net asset value of the Fund’s or an Underlying Equity Fund’s shares to decline;
  • Geographic Focus Risk: The Fund may be particularly susceptible to economic, political or regulatory events affecting particular countries or regions to the extent the Fund or an Underlying Equity Fund focuses its investments in such countries or regions;
  • Inflation/Deflation Risk: The value of the Fund’s or an Underlying Equity Fund’s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund or an Underlying Equity Fund invests and an increase in the likelihood of issuer defaults;
  • Interest Rate Risk: Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;
  • Investments in Pooled Vehicles Risk: Investing in another investment company or pooled vehicle subjects the Fund to that company’s risks, and, in general, to a pro rata portion of that company’s fees and expenses in addition to fees and expenses charged directly by the Fund;
  • IPO Risk: Securities offered in initial public offerings (“IPOs”) are subject to many of the same risks of investing in small companies and often to a heightened degree, their values may be highly volatile, they have no trading history and information about the issuer may have been available for only limited periods;
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services;
  • Lack of Operating History Risk: The Fund does not have an operating history and may not achieve significant scale;
  • Large Shareholder Risk: Shareholders of the Fund or an Underlying Equity Fund, such as institutional investors, may disrupt the efficient management of the Fund’s or an Underlying Equity Fund’s operations by purchasing or redeeming shares in large amounts;
  • Leverage Risk: Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund’s or an Underlying Equity Fund’s investment portfolio and magnify the Fund’s investment losses or gains;
  • Liquidity Risk: Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;
  • Management Risk: The Fund’s investment return depends on the ability of the Investment Manager to manage the Fund’s portfolio successfully and the ability of the applicable investment manager to manage the portfolio of Underlying Equity Funds successfully; there is a risk that the Investment Manager or another applicable investment manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;
  • Market Risk: The value of securities and instruments owned by the Fund or an Underlying Equity Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;
  • Over-the-Counter Risk: Securities traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund or an Underlying Equity Fund in over-the-counter transactions may include an undisclosed dealer markup;
  • Portfolio Turnover Risk: If the Fund or the Underlying Equity Funds in which it invests frequently trades its or their securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund’s investment performance;
  • Small and Mid-Sized Companies Risk: Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk;
  • Underlying Fund Risk: The Fund’s investment return will depend in part on the ability of the Underlying Equity Funds to achieve their respective investment objectives. Therefore, the Fund’s performance is closely related to the risks associated with the securities and other investments that are held by each of the Underlying Equity Funds in which the Fund invests; and
  • Valuation Risk: Certain securities and instruments may be difficult to value, and to the extent the Fund or an Underlying Equity Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance Information
The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing the Fund’s Institutional Class Shares’ performance for their first full calendar year of operations and comparing the Fund’s performance to the performance of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund’s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund’s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund’s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Calendar Year Total Return—Institutional Class

Ashmore Emerging Markets Equity Opportunities Fund % Total Return
Bar Chart
The best calendar quarter return during the period shown above was 6.54% in the third quarter of 2016; the worst was -0.17% in the fourth quarter of 2016.
Average Annual Total Return
(For the period ended December 31, 2016)
Average Annual Total Returns - Ashmore Emerging Markets Equity Opportunities Fund
1-Year
Since Inception
Inception Date
Institutional Class 11.90% 6.80% Nov. 23, 2015
Institutional Class | Return after taxes on distributions 11.20% 5.94% Nov. 23, 2015
Institutional Class | Return after taxes on distributions and sale of Fund shares 7.05% 4.93% Nov. 23, 2015
Institutional Class | MSCI EM NET (reflects no deduction for fees, expenses, or taxes) 11.19% 4.56% Nov. 23, 2015
Class A 5.70% 1.45% Nov. 23, 2015
Class C 9.70% 5.68% Nov. 23, 2015
Class C | MSCI EM NET (reflects no deduction for fees, expenses, or taxes) 11.19% 4.56% Nov. 23, 2015
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
XML 28 R49.htm IDEA: XBRL DOCUMENT v3.6.0.2
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Ashmore Funds
Prospectus Date rr_ProspectusDate Feb. 28, 2017
Ashmore Emerging Markets Equity Opportunities Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Ashmore Emerging Markets Equity Opportunities Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Fund and other series of Ashmore Funds (the “Trust”). More information about these and other discounts is available in the “Classes of Shares” section beginning on page 124 of the Fund’s prospectus or from your financial advisor.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination February 28, 2018
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund’s investment performance. During the most recent fiscal period, the Fund’s portfolio turnover rate was 15% (not annualized) of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 15.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Fund and other series of Ashmore Funds (the “Trust”).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 100,000
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other Expenses and Acquired Fund Fees and Expenses are based on estimated amounts for the Fund’s initial fiscal year.
Acquired Fund Fees and Expenses, Based on Estimates [Text] rr_AcquiredFundFeesAndExpensesBasedOnEstimates Acquired Fund Fees and Expenses are based on estimated amounts for the Fund’s initial fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Examples.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Example: Assuming you redeem your
shares at the end of each period
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption Example: Assuming you  do
not redeem your shares
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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 emerging markets equity securities and equity-related investments (the “Underlying Equity Funds”). The Fund has the flexibility to allocate and reallocate its assets among the Underlying Equity Funds or individual securities, derivatives and other investments as the Investment Manager sees fit based on the factors it deems appropriate in order to pursue the Fund’s investment objective and based on its assessment of then-existing market conditions, its investment outlook and other factors.

Please see the description of each of the Underlying Equity Funds in the section of this Prospectus entitled “PRINCIPAL INVESTMENTS AND STRATEGIES OF EACH FUND” for additional information on the investment strategies of each of the Underlying Equity Funds.

In addition to its investments in the Underlying Equity Funds, the Fund may invest directly in the securities of other issuers, derivatives and other investments. The Fund expects to operate as a “fund of funds,” which is a term used to describe mutual funds that pursue their investment objective by investing in other mutual funds. In addition to investing in the current Underlying Equity Funds, at the discretion of the Investment Manager and without shareholder approval, the Fund may invest in additional Underlying Equity Funds created in the future.

The Fund may utilize various derivative instruments and related strategies to gain exposure to one or more issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts); futures and forward contracts, including contracts related to currencies; and swap agreements (including total return and interest rate swaps); other related instruments with respect to individual stocks and other securities, indices and baskets of securities, interest rates and currencies; participation notes; structured notes; exchange traded notes; and credit-linked notes as part of its principal investment strategies. The Fund may enter into foreign currency forward contracts as well as foreign currency futures and options contracts with respect to any currency in which it has existing investments or has contracted to make investments in an attempt to hedge currency exchange risk. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities.

The Fund may also invest directly in foreign currencies for hedging or other investment purposes.

An Emerging Market Issuer is an issuer that is located in an Emerging Market Country, or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).

A Frontier Market Issuer is an issuer that is located in a Frontier Market Country, or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Frontier Market Countries or that has at least 50% of its assets in one or more Frontier Market Countries.

Frontier Market countries are countries that either currently or in the future are represented in widely-recognized indices of frontier market securities or the Investment Manager considers the market to have frontier market characteristics in respect to economic, political, or market structure.

The Investment Manager manages the Fund principally to provide exposure through a single investment vehicle to various emerging markets equity strategies managed by the Investment Manager and Ashmore Equities Investment Management (US) LLC (“AEIM”), which are currently represented by the Underlying Equity Funds. In this regard, the Fund is designed to provide exposure to the investment approaches and strategies used for the Underlying Equity Funds, which are described elsewhere in this Prospectus.

The Investment Manager, through its investment committee (the “Investment Committee”), makes asset allocation decisions for the Fund and may utilize an active approach to allocating and reallocating the Fund’s assets among the Underlying Equity Funds or directly in securities of other issuers, derivatives and other instruments, as it sees fit based on its investment outlook, ongoing consideration of market conditions and other factors. In making asset allocation decisions, the Investment Manager utilizes a top-down approach, taking into account macro- and micro-economic factors, supplemented by bottom-up research. Macro-economic insights are based on the Investment Manager’s economic research on Emerging Market Countries and Frontier Market Countries. Micro-economic insights are derived from an analysis of aggregate earnings, and country- and industry-specific factors, which include demand/supply, level of competition, regulatory environment and interest rates. Macro- and micro-economic insights are together used to identify areas within the investable universe that the Investment Manager believes exhibit attractive fundamentals. The Fund’s portfolio of Underlying Equity Funds (and perhaps other investments noted above) is constructed to represent what the Investment Manager believes to offer attractive risk-adjusted upside potential. The Fund’s active weighting among Underlying Equity Funds and perhaps other investments (and the countries, industries and sectors represented therein) reflects the Investment Manager’s top-down preferences, which may vary significantly over time.

The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in the Underlying Equity Funds or in equity securities and other equity-related investments of Emerging Market Issuers and/or Frontier Market Issuers. The Fund’s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund’s 80% investment policy. For example, futures contracts may be used to obtain investment exposure equal to a portion or all of the Fund’s cash position.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock It is possible to lose money on an investment in the Fund. References below to investments include those held directly by the Fund and indirectly by Underlying Equity Funds in which the Fund invests, and the Fund will be subject to the related risks thereof even though the Fund may not hold the particular securities or instruments directly. The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund’s Investment Manager and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are set forth below (in alphabetical order). In most cases, these are principal risks of investing in the Underlying Equity Funds and therefore risks of investing in the Fund itself.
  • Allocation Risk: The Fund could lose money or perform less favorably than it otherwise would have as a result of the Investment Manager’s asset allocation decisions in determining how the Fund’s assets are allocated or reallocated among the Underlying Equity Funds or other investments;
  • Banking Industry Risk: Investments in banking industry stocks, as compared to other industries in general, may be considered to be more volatile or riskier due to a number of factors including more extensive government regulation that may reduce profit potential for banks compared to other entities. Financial services institutions are often subject to extensive governmental regulation and, recently, government intervention and the potential for additional regulation, which may adversely affect the scope of their activities, the prices they can charge and the amount of capital they must maintain. The oversight of, and regulations applicable to, companies in the banking industry in emerging and frontier markets may be ineffective and underdeveloped relative to more developed markets. Recent events in the financial sector have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign, and caused certain financial services companies to incur large losses. The impact of recent or future regulation in various countries on any individual bank or on the sector as a whole cannot be predicted. In addition, the banking industries of emerging and frontier markets can be considered riskier than the U.S. banking industry;
  • Convertible Securities Risk: Securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities and the risk of changing in value at a different rate than the underlying stocks. Convertible securities are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer’s or counterparty’s deterioration or default;
  • Counterparty and Third Party Risk: Transactions involving a counterparty to a derivative or other instrument, or to 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 Fund or an Underlying Equity Fund could lose money if the issuer or counterparty 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;
  • Currency Management Strategies Risk: Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund’s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager anticipates;
  • Currency Risk: Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s or an Underlying Equity Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;
  • Derivatives Risk: Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;
  • Emerging Markets Risk: Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;
  • Equity Securities Risk: Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer;
  • Financial Services Risk: Investments in issuers in the financial services sector are subject to various risks affecting financial services companies and the financial services sector generally. The values of investments in the financial services sector are particularly sensitive to changes in economic conditions, such as recessions and fluctuations in interest rates. Financial services companies may be exposed to leverage, which could magnify investment losses under adverse market conditions. Investments in the financial services sector are also subject to the risk that unexpected market, economic, political, regulatory or other events might lead to a decline in the value of most or all companies in the financial services sector. In addition, the financial services sector of emerging and frontier markets can be considered riskier than the U.S. financial services sector;
  • Focused Investment Risk: Focusing a fund’s investments in a limited number of issuers, sectors or industries increases risk and the volatility of the value of a fund’s shares. The Fund may be particularly susceptible to economic, political, regulatory or other events affecting the issuers, sectors or industries to the extent the Fund or an Underlying Equity Fund focuses its investments;
  • Foreign Investment Risk: Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund or an Underlying Equity Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;
  • Frontier Markets Risk: Frontier market countries are emerging market countries, but generally have smaller economies or less mature capital markets than more developed emerging markets, and, as a result, the risks of investing in emerging market countries are magnified in frontier countries. The markets of frontier countries typically have low trading volumes and the potential for extreme price volatility and illiquidity. This volatility may be further heightened by the actions of a few major investors. For example, a substantial increase or decrease in cash flows of mutual funds investing in these markets could significantly affect local stock prices and, therefore, the net asset value of Fund or Underlying Equity Fund shares. These factors make investing in frontier countries significantly riskier than in other countries, including other emerging market countries, and any one of them could cause the net asset value of the Fund’s or an Underlying Equity Fund’s shares to decline;
  • Geographic Focus Risk: The Fund may be particularly susceptible to economic, political or regulatory events affecting particular countries or regions to the extent the Fund or an Underlying Equity Fund focuses its investments in such countries or regions;
  • Inflation/Deflation Risk: The value of the Fund’s or an Underlying Equity Fund’s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund or an Underlying Equity Fund invests and an increase in the likelihood of issuer defaults;
  • Interest Rate Risk: Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;
  • Investments in Pooled Vehicles Risk: Investing in another investment company or pooled vehicle subjects the Fund to that company’s risks, and, in general, to a pro rata portion of that company’s fees and expenses in addition to fees and expenses charged directly by the Fund;
  • IPO Risk: Securities offered in initial public offerings (“IPOs”) are subject to many of the same risks of investing in small companies and often to a heightened degree, their values may be highly volatile, they have no trading history and information about the issuer may have been available for only limited periods;
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services;
  • Lack of Operating History Risk: The Fund does not have an operating history and may not achieve significant scale;
  • Large Shareholder Risk: Shareholders of the Fund or an Underlying Equity Fund, such as institutional investors, may disrupt the efficient management of the Fund’s or an Underlying Equity Fund’s operations by purchasing or redeeming shares in large amounts;
  • Leverage Risk: Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund’s or an Underlying Equity Fund’s investment portfolio and magnify the Fund’s investment losses or gains;
  • Liquidity Risk: Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;
  • Management Risk: The Fund’s investment return depends on the ability of the Investment Manager to manage the Fund’s portfolio successfully and the ability of the applicable investment manager to manage the portfolio of Underlying Equity Funds successfully; there is a risk that the Investment Manager or another applicable investment manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;
  • Market Risk: The value of securities and instruments owned by the Fund or an Underlying Equity Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;
  • Over-the-Counter Risk: Securities traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund or an Underlying Equity Fund in over-the-counter transactions may include an undisclosed dealer markup;
  • Portfolio Turnover Risk: If the Fund or the Underlying Equity Funds in which it invests frequently trades its or their securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund’s investment performance;
  • Small and Mid-Sized Companies Risk: Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk;
  • Underlying Fund Risk: The Fund’s investment return will depend in part on the ability of the Underlying Equity Funds to achieve their respective investment objectives. Therefore, the Fund’s performance is closely related to the risks associated with the securities and other investments that are held by each of the Underlying Equity Funds in which the Fund invests; and
  • Valuation Risk: Certain securities and instruments may be difficult to value, and to the extent the Fund or an Underlying Equity Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney It is possible to lose money on an investment in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing the Fund’s Institutional Class Shares’ performance for their first full calendar year of operations and comparing the Fund’s performance to the performance of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund’s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund’s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund’s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing the Fund’s Institutional Class Shares’ performance for their first full calendar year of operations and comparing the Fund’s performance to the performance of a broad-based market index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 866-876-8294
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.ashmoregroup.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Return—Institutional Class

Ashmore Emerging Markets Equity Opportunities Fund % Total Return
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads The bar chart does not reflect any sales loads applicable to Class A or Class C Shares.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The best calendar quarter return during the period shown above was 6.54% in the third quarter of 2016; the worst was -0.17% in the fourth quarter of 2016.
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Return
(For the period ended December 31, 2016)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
Ashmore Emerging Markets Equity Opportunities Fund | Class A Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.25%
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets none
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 4.67% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 1.28% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 6.20%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (4.62%) [3]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.58%
1 year rr_ExpenseExampleYear01 $ 677
3 years rr_ExpenseExampleYear03 1,878
5 years rr_ExpenseExampleYear05 3,050
10 years rr_ExpenseExampleYear10 5,859
1 year rr_ExpenseExampleNoRedemptionYear01 677
3 years rr_ExpenseExampleNoRedemptionYear03 1,878
5 years rr_ExpenseExampleNoRedemptionYear05 3,050
10 years rr_ExpenseExampleNoRedemptionYear10 $ 5,859
1-Year rr_AverageAnnualReturnYear01 5.70%
Since Inception rr_AverageAnnualReturnSinceInception 1.45%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 23, 2015
Ashmore Emerging Markets Equity Opportunities Fund | Class C Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets none
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 4.66% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 1.28% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 6.94%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (4.61%) [3]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.33%
1 year rr_ExpenseExampleYear01 $ 336
3 years rr_ExpenseExampleYear03 1,634
5 years rr_ExpenseExampleYear05 2,978
10 years rr_ExpenseExampleYear10 6,116
1 year rr_ExpenseExampleNoRedemptionYear01 236
3 years rr_ExpenseExampleNoRedemptionYear03 1,634
5 years rr_ExpenseExampleNoRedemptionYear05 2,978
10 years rr_ExpenseExampleNoRedemptionYear10 $ 6,116
1-Year rr_AverageAnnualReturnYear01 9.70%
Since Inception rr_AverageAnnualReturnSinceInception 5.68%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 23, 2015
Ashmore Emerging Markets Equity Opportunities Fund | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther none [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets none
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 4.67% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 1.28% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 5.95%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (4.62%) [3]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.33%
1 year rr_ExpenseExampleYear01 $ 135
3 years rr_ExpenseExampleYear03 1,357
5 years rr_ExpenseExampleYear05 2,556
10 years rr_ExpenseExampleYear10 5,455
1 year rr_ExpenseExampleNoRedemptionYear01 135
3 years rr_ExpenseExampleNoRedemptionYear03 1,357
5 years rr_ExpenseExampleNoRedemptionYear05 2,556
10 years rr_ExpenseExampleNoRedemptionYear10 $ 5,455
2016 rr_AnnualReturn2016 11.90%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel best quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 6.54%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel worst quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2016
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (0.17%)
1-Year rr_AverageAnnualReturnYear01 11.90%
Since Inception rr_AverageAnnualReturnSinceInception 6.80%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 23, 2015
Ashmore Emerging Markets Equity Opportunities Fund | Return after taxes on distributions | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 11.20%
Since Inception rr_AverageAnnualReturnSinceInception 5.94%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 23, 2015
Ashmore Emerging Markets Equity Opportunities Fund | Return after taxes on distributions and sale of Fund shares | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 7.05%
Since Inception rr_AverageAnnualReturnSinceInception 4.93%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 23, 2015
Ashmore Emerging Markets Equity Opportunities Fund | MSCI EM NET (reflects no deduction for fees, expenses, or taxes) | Class C Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 11.19%
Since Inception rr_AverageAnnualReturnSinceInception 4.56%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 23, 2015
Ashmore Emerging Markets Equity Opportunities Fund | MSCI EM NET (reflects no deduction for fees, expenses, or taxes) | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 11.19%
Since Inception rr_AverageAnnualReturnSinceInception 4.56%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 23, 2015
[1] For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
[2] Other Expenses and Acquired Fund Fees and Expenses are based on estimated amounts for the Fund’s initial fiscal year.
[3] Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 0.30%, for the Fund’s Class C Shares exceed 1.05% and for the Fund’s Institutional Class Shares exceed 0.05% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed.
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Ashmore Emerging Markets Active Equity Fund
Ashmore Emerging Markets Active Equity Fund
Investment Objective
The Fund seeks long-term capital appreciation.
Fees and Expenses of the Fund
The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Fund and other series of Ashmore Funds (the “Trust”). More information about these and other discounts is available in the “Classes of Shares” section beginning on page 124 of the Fund’s prospectus or from your financial advisor.
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees - Ashmore Emerging Markets Active Equity Fund
Class A Shares
Class C Shares
Institutional Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.25% none none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) [1] 1.00% 1.00% none
Redemption Fee none none none
[1] For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Ashmore Emerging Markets Active Equity Fund
Class A Shares
Class C Shares
Institutional Class Shares
Management Fees 1.00% 1.00% 1.00%
Distribution and/or Service (12b-1) Fees 0.25% 1.00% none
Other Expenses [1] 2.09% 2.09% 2.09%
Acquired Fund Fees and Expenses none none none
Total Annual Fund Operating Expenses 3.34% 4.09% 3.09%
Fee Waiver and/or Expense Reimbursement [2] (2.07%) (2.07%) (2.07%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.27% 2.02% 1.02%
[1] Other Expenses are based on estimated amounts for the Fund’s initial fiscal year.
[2] Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 1.27%, for the Fund’s Class C Shares exceed 2.02% and for the Fund’s Institutional Class Shares exceed 1.02% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed.
Examples.
These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.
Example: Assuming you redeem your
shares at the end of  each period
Expense Example - Ashmore Emerging Markets Active Equity Fund - USD ($)
1 year
3 years
Class A Shares 648 1,315
Class C Shares 305 1,055
Institutional Class Shares 104 759
Example: Assuming you do
not redeem your shares
Expense Example, No Redemption - Ashmore Emerging Markets Active Equity Fund - USD ($)
1 year
3 years
Class A Shares 648 1,315
Class C Shares 205 1,055
Institutional Class Shares 104 759
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund’s investment performance. The Fund had not yet commenced operations as of the end of the most recent fiscal year, 10/31/16, and, therefore, did not have a historical portfolio turnover rate to report.
Principal Investment Strategies
The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Emerging Market Issuers (as defined below), which may be denominated in any currency, including the local currency of the issuer. An Emerging Market Issuer is an issuer that is either domiciled in an Emerging Market Country, or an issuer deriving at least 50% of its revenues in or from one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).

The Fund may invest in equity securities and equity-related investments of all types and denominated in any currency, including voting and non-voting common stock, common stock issued to special shareholder classes, preferred stock, depositary receipts, including global and American depositary receipts, warrants, securities convertible into equity securities, other equity-related investments whose returns vary on the basis of the issuer’s profitability (e.g., participation notes), as well as securities of other investment companies, including exchange-traded funds (“ETFs”) and other pooled vehicles. The Fund may invest in companies of any market capitalization, and its allocations among small-, mid- and large-capitalization issuers may vary significantly over time. The Fund may invest through investment funds, pooled accounts or other investment vehicles designed to permit investments in a portfolio of equity securities listed in a particular Emerging Market Country or region, particularly in the case of countries in which such an investment vehicle is the exclusive or main vehicle for foreign portfolio investment. The Fund’s investments may include securities of companies that are in the process of being privatized by a government and securities of companies that are traded in unregulated over-the-counter markets or other types of unlisted securities markets. The Fund may invest in initial public offerings.

The Fund may utilize various derivative instruments and related strategies to gain exposure to one or more issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts); futures and forward contracts, including contracts related to currencies; and swap agreements (including total return and interest rate swaps); other related instruments with respect to individual stocks and other securities, indices and baskets of securities, interest rates and currencies; participation notes; structured notes; exchange traded notes; and credit-linked notes as part of its principal investment strategies. The Fund may enter into foreign currency forward contracts as well as foreign currency futures and options contracts with respect to any currency in which it has existing investments or has contracted to make investments in an attempt to hedge currency exchange risk. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may also invest directly in foreign currencies for hedging or other investment purposes.

In managing the Fund’s portfolio, the Investment Manager seeks to identify equity investments within Emerging Markets. The Fund is managed actively, utilizing a top-down approach, taking into account macro- and micro-economic insights, supplemented by bottom-up research.

Macro-economic insights are based on the Investment Manager’s economic research on Emerging Market Countries. Micro-economic insights are derived from an analysis of aggregate earnings, and country- and industry-specific factors, which include demand/supply, level of competition, regulatory environment and interest rates.

Macro- and micro-economic insights are together used to identify areas within the investable universe that the Investment Manager believes exhibit attractive fundamentals. Within these attractive areas, bottom-up research is conducted to select particular instruments based on anticipated return potential. Bottom-up research includes analysis of businesses, earnings expectations, underlying business assumptions and risks, and takes into account market factors including market positioning and capital flows.

The Fund’s portfolio is constructed from equity securities with what the Investment Manager believes to have attractive risk-adjusted upside potential. The Fund’s active weighting of investments across countries, industries and sectors reflects the Investment Manager’s top-down preferences, which may vary significantly over time. The overall liquidity, volatility and beta of the portfolio are also informed by the Investment Manager’s macro-economic insights. The number of individual securities held in the Fund’s portfolio may vary over time based on the outlook of the portfolio managers, market conditions and other factors, and the Fund is not managed to have a particular number or range of portfolio holdings.

The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities of Emerging Market Issuers. The Fund’s investments in derivatives and other synthetic instruments that have economic characteristics similar to these instruments will be counted toward the Fund’s 80% investment policy. For example, futures contracts may be used to obtain investment exposure equal to a portion of the Fund’s cash position.
Principal Risks
It is possible to lose money on an investment in the Fund. The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund’s Investment Manager and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):
  • Convertible Securities Risk: Securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities and the risk of changing in value at a different rate than the underlying stocks. Convertible securities are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer’s or counterparty’s deterioration or default;
  • Counterparty and Third Party Risk: Transactions involving a counterparty to a derivative or other instrument, or to 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 Fund could lose money if the issuer or counterparty 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;
  • Currency Management Strategies Risk: Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund’s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager anticipates;
  • Currency Risk: Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;
  • Derivatives Risk: Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;
  • Emerging Markets Risk: Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;
  • Equity Securities Risk: Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer;
  • Focused Investment Risk: Focusing a fund’s investments in a limited number of issuers, sectors or industries increases risk and the volatility of the value of a fund’s shares. The Fund may be particularly susceptible to economic, political, regulatory or other events affecting the issuers, sectors or industries to the extent it focuses its investments;
  • Foreign Investment Risk: Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;
  • Frontier Markets Risk: Frontier market countries are emerging market countries, but generally have smaller economies or less mature capital markets than more developed emerging markets, and, as a result, the risks of investing in emerging market countries are magnified in frontier countries. The markets of frontier countries typically have low trading volumes and the potential for extreme price volatility and illiquidity. This volatility may be further heightened by the actions of a few major investors. For example, a substantial increase or decrease in cash flows of mutual funds investing in these markets could significantly affect local stock prices and, therefore, the net asset value of Fund or Underlying Equity Fund shares. These factors make investing in frontier countries significantly riskier than in other countries, including other emerging market countries, and any one of them could cause the net asset value of the Fund’s or an Underlying Equity Fund’s shares to decline;
  • Geographic Focus Risk: The Fund may be particularly susceptible to economic, political or regulatory events affecting particular countries or regions to the extent the Fund focuses its investments in such countries or regions;
  • Inflation/Deflation Risk: The value of the Fund’s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;
  • Interest Rate Risk: Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;
  • Investments in Pooled Vehicles Risk: Investing in another investment company or pooled vehicle subjects the Fund to that company’s risks, and, in general, to a pro rata portion of that company’s fees and expenses in addition to fees and expenses charged by the Fund;
  • IPO Risk: Securities offered in initial public offerings (IPOs) are subject to many of the same risks of investing in small companies and often to a heightened degree, their values may be highly volatile, they have no trading history and information about the issuer may have been available for only limited periods;
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services;
  • Lack of Operating History Risk: The Fund does not have an operating history and may not achieve significant scale;
  • Large Shareholder Risk: Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund’s operations by purchasing or redeeming Fund shares in large amounts;
  • Leverage Risk: Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund’s investment portfolio and magnify the Fund’s investment losses or gains;
  • Liquidity Risk: Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;
  • Management Risk: The Fund’s investment return depends on the ability of the Investment Manager to manage the Fund’s portfolio successfully; there is a risk that the Investment Manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;
  • Market Risk: The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;
  • Over-the-Counter Risk: Securities traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;
  • Portfolio Turnover Risk: If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund’s investment performance;
  • Small and Mid-Sized Companies Risk: Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and
  • Valuation Risk: Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance Information
The Fund recently commenced investment operations and does not have a full calendar year of investment performance information to report. After the Fund has had operations for at least one full calendar year, the Prospectus will include a bar chart and a table that will provide some indication of the risks of investing in the Fund by comparing the Fund’s performance with that of a broad-based market index. You may obtain the Fund’s performance information (when available) by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
XML 30 R55.htm IDEA: XBRL DOCUMENT v3.6.0.2
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Ashmore Funds
Prospectus Date rr_ProspectusDate Feb. 28, 2017
Ashmore Emerging Markets Active Equity Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Ashmore Emerging Markets Active Equity Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Fund and other series of Ashmore Funds (the “Trust”). More information about these and other discounts is available in the “Classes of Shares” section beginning on page 124 of the Fund’s prospectus or from your financial advisor.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination February 28, 2018
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund’s investment performance. The Fund had not yet commenced operations as of the end of the most recent fiscal year, 10/31/16, and, therefore, did not have a historical portfolio turnover rate to report.
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Fund and other series of Ashmore Funds (the “Trust”).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 100,000
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other Expenses are based on estimated amounts for the Fund’s initial fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Examples.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Example: Assuming you redeem your
shares at the end of  each period
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption Example: Assuming you do
not redeem your shares
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Emerging Market Issuers (as defined below), which may be denominated in any currency, including the local currency of the issuer. An Emerging Market Issuer is an issuer that is either domiciled in an Emerging Market Country, or an issuer deriving at least 50% of its revenues in or from one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).

The Fund may invest in equity securities and equity-related investments of all types and denominated in any currency, including voting and non-voting common stock, common stock issued to special shareholder classes, preferred stock, depositary receipts, including global and American depositary receipts, warrants, securities convertible into equity securities, other equity-related investments whose returns vary on the basis of the issuer’s profitability (e.g., participation notes), as well as securities of other investment companies, including exchange-traded funds (“ETFs”) and other pooled vehicles. The Fund may invest in companies of any market capitalization, and its allocations among small-, mid- and large-capitalization issuers may vary significantly over time. The Fund may invest through investment funds, pooled accounts or other investment vehicles designed to permit investments in a portfolio of equity securities listed in a particular Emerging Market Country or region, particularly in the case of countries in which such an investment vehicle is the exclusive or main vehicle for foreign portfolio investment. The Fund’s investments may include securities of companies that are in the process of being privatized by a government and securities of companies that are traded in unregulated over-the-counter markets or other types of unlisted securities markets. The Fund may invest in initial public offerings.

The Fund may utilize various derivative instruments and related strategies to gain exposure to one or more issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts); futures and forward contracts, including contracts related to currencies; and swap agreements (including total return and interest rate swaps); other related instruments with respect to individual stocks and other securities, indices and baskets of securities, interest rates and currencies; participation notes; structured notes; exchange traded notes; and credit-linked notes as part of its principal investment strategies. The Fund may enter into foreign currency forward contracts as well as foreign currency futures and options contracts with respect to any currency in which it has existing investments or has contracted to make investments in an attempt to hedge currency exchange risk. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may also invest directly in foreign currencies for hedging or other investment purposes.

In managing the Fund’s portfolio, the Investment Manager seeks to identify equity investments within Emerging Markets. The Fund is managed actively, utilizing a top-down approach, taking into account macro- and micro-economic insights, supplemented by bottom-up research.

Macro-economic insights are based on the Investment Manager’s economic research on Emerging Market Countries. Micro-economic insights are derived from an analysis of aggregate earnings, and country- and industry-specific factors, which include demand/supply, level of competition, regulatory environment and interest rates.

Macro- and micro-economic insights are together used to identify areas within the investable universe that the Investment Manager believes exhibit attractive fundamentals. Within these attractive areas, bottom-up research is conducted to select particular instruments based on anticipated return potential. Bottom-up research includes analysis of businesses, earnings expectations, underlying business assumptions and risks, and takes into account market factors including market positioning and capital flows.

The Fund’s portfolio is constructed from equity securities with what the Investment Manager believes to have attractive risk-adjusted upside potential. The Fund’s active weighting of investments across countries, industries and sectors reflects the Investment Manager’s top-down preferences, which may vary significantly over time. The overall liquidity, volatility and beta of the portfolio are also informed by the Investment Manager’s macro-economic insights. The number of individual securities held in the Fund’s portfolio may vary over time based on the outlook of the portfolio managers, market conditions and other factors, and the Fund is not managed to have a particular number or range of portfolio holdings.

The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities of Emerging Market Issuers. The Fund’s investments in derivatives and other synthetic instruments that have economic characteristics similar to these instruments will be counted toward the Fund’s 80% investment policy. For example, futures contracts may be used to obtain investment exposure equal to a portion of the Fund’s cash position.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock It is possible to lose money on an investment in the Fund. The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund’s Investment Manager and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):
  • Convertible Securities Risk: Securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities and the risk of changing in value at a different rate than the underlying stocks. Convertible securities are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer’s or counterparty’s deterioration or default;
  • Counterparty and Third Party Risk: Transactions involving a counterparty to a derivative or other instrument, or to 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 Fund could lose money if the issuer or counterparty 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;
  • Currency Management Strategies Risk: Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund’s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager anticipates;
  • Currency Risk: Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;
  • Derivatives Risk: Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;
  • Emerging Markets Risk: Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;
  • Equity Securities Risk: Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer;
  • Focused Investment Risk: Focusing a fund’s investments in a limited number of issuers, sectors or industries increases risk and the volatility of the value of a fund’s shares. The Fund may be particularly susceptible to economic, political, regulatory or other events affecting the issuers, sectors or industries to the extent it focuses its investments;
  • Foreign Investment Risk: Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;
  • Frontier Markets Risk: Frontier market countries are emerging market countries, but generally have smaller economies or less mature capital markets than more developed emerging markets, and, as a result, the risks of investing in emerging market countries are magnified in frontier countries. The markets of frontier countries typically have low trading volumes and the potential for extreme price volatility and illiquidity. This volatility may be further heightened by the actions of a few major investors. For example, a substantial increase or decrease in cash flows of mutual funds investing in these markets could significantly affect local stock prices and, therefore, the net asset value of Fund or Underlying Equity Fund shares. These factors make investing in frontier countries significantly riskier than in other countries, including other emerging market countries, and any one of them could cause the net asset value of the Fund’s or an Underlying Equity Fund’s shares to decline;
  • Geographic Focus Risk: The Fund may be particularly susceptible to economic, political or regulatory events affecting particular countries or regions to the extent the Fund focuses its investments in such countries or regions;
  • Inflation/Deflation Risk: The value of the Fund’s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;
  • Interest Rate Risk: Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;
  • Investments in Pooled Vehicles Risk: Investing in another investment company or pooled vehicle subjects the Fund to that company’s risks, and, in general, to a pro rata portion of that company’s fees and expenses in addition to fees and expenses charged by the Fund;
  • IPO Risk: Securities offered in initial public offerings (IPOs) are subject to many of the same risks of investing in small companies and often to a heightened degree, their values may be highly volatile, they have no trading history and information about the issuer may have been available for only limited periods;
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services;
  • Lack of Operating History Risk: The Fund does not have an operating history and may not achieve significant scale;
  • Large Shareholder Risk: Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund’s operations by purchasing or redeeming Fund shares in large amounts;
  • Leverage Risk: Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund’s investment portfolio and magnify the Fund’s investment losses or gains;
  • Liquidity Risk: Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;
  • Management Risk: The Fund’s investment return depends on the ability of the Investment Manager to manage the Fund’s portfolio successfully; there is a risk that the Investment Manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;
  • Market Risk: The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;
  • Over-the-Counter Risk: Securities traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;
  • Portfolio Turnover Risk: If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund’s investment performance;
  • Small and Mid-Sized Companies Risk: Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and
  • Valuation Risk: Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney It is possible to lose money on an investment in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The Fund recently commenced investment operations and does not have a full calendar year of investment performance information to report. After the Fund has had operations for at least one full calendar year, the Prospectus will include a bar chart and a table that will provide some indication of the risks of investing in the Fund by comparing the Fund’s performance with that of a broad-based market index. You may obtain the Fund’s performance information (when available) by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns After the Fund has had operations for at least one full calendar year, the Prospectus will include a bar chart and a table that will provide some indication of the risks of investing in the Fund by comparing the Fund’s performance with that of a broad-based market index.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The Fund recently commenced investment operations and does not have a full calendar year of investment performance information to report.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 866-876-8294
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.ashmoregroup.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Ashmore Emerging Markets Active Equity Fund | Class A Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.25%
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 2.09% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.34%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (2.07%) [3]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.27%
1 year rr_ExpenseExampleYear01 $ 648
3 years rr_ExpenseExampleYear03 1,315
1 year rr_ExpenseExampleNoRedemptionYear01 648
3 years rr_ExpenseExampleNoRedemptionYear03 $ 1,315
Ashmore Emerging Markets Active Equity Fund | Class C Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 2.09% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 4.09%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (2.07%) [3]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.02%
1 year rr_ExpenseExampleYear01 $ 305
3 years rr_ExpenseExampleYear03 1,055
1 year rr_ExpenseExampleNoRedemptionYear01 205
3 years rr_ExpenseExampleNoRedemptionYear03 $ 1,055
Ashmore Emerging Markets Active Equity Fund | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther none [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 2.09% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.09%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (2.07%) [3]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.02%
1 year rr_ExpenseExampleYear01 $ 104
3 years rr_ExpenseExampleYear03 759
1 year rr_ExpenseExampleNoRedemptionYear01 104
3 years rr_ExpenseExampleNoRedemptionYear03 $ 759
[1] For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
[2] Other Expenses are based on estimated amounts for the Fund’s initial fiscal year.
[3] Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 1.27%, for the Fund’s Class C Shares exceed 2.02% and for the Fund’s Institutional Class Shares exceed 1.02% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed.
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Ashmore Emerging Markets Small-Cap Equity Fund
Ashmore Emerging Markets Small-Cap Equity Fund
Investment Objective
The Fund seeks long-term capital appreciation.
Fees and Expenses of the Fund
The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the “Classes of Shares” section beginning on page 124 of the Fund’s prospectus or from your financial advisor.
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees - Ashmore Emerging Markets Small-Cap Equity Fund
Class A Shares
Class C Shares
Institutional Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.25% none none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) [1] 1.00% 1.00% none
Redemption Fee none none none
[1] For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Ashmore Emerging Markets Small-Cap Equity Fund
Class A Shares
Class C Shares
Institutional Class Shares
Management Fees 1.50% 1.50% 1.50%
Distribution and/or Service (12b-1) Fees 0.25% 1.00% none
Other Expenses 0.64% 0.63% 0.60%
Acquired Fund Fees and Expenses none none none
Total Annual Fund Operating Expenses 2.39% 3.13% 2.10%
Fee Waiver and/or Expense Reimbursement [1] (0.62%) (0.61%) (0.58%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.77% 2.52% 1.52%
[1] Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 1.77%, for the Fund’s Class C Shares exceed 2.52% and for the Fund’s Institutional Class Shares exceed 1.52% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed.
Examples.
These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.
Example: Assuming you redeem your
shares at the end of each period
Expense Example - Ashmore Emerging Markets Small-Cap Equity Fund - USD ($)
1 year
3 years
5 years
10 years
Class A Shares 695 1,175 1,680 3,063
Class C Shares 355 909 1,587 3,397
Institutional Class Shares 155 602 1,076 2,385
Example: Assuming you do
not redeem your shares
Expense Example, No Redemption - Ashmore Emerging Markets Small-Cap Equity Fund - USD ($)
1 year
3 years
5 years
10 years
Class A Shares 695 1,175 1,680 3,063
Class C Shares 255 909 1,587 3,397
Institutional Class Shares 155 602 1,076 2,385
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund’s investment performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 104% of the average value of its portfolio.
Principal Investment Strategies
The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Small-Capitalization Emerging Market Issuers (as defined below), 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 $2.0 billion or less at the time of initial investment and $3.0 billion or less at the time of a subsequent investment in the same issuer. An Emerging Market Issuer is an issuer that is located in an Emerging Market Country, or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).

The Fund may invest in equity securities and equity-related investments of all types and denominated in any currency, including voting and non-voting common stock, common stock issued to special shareholder classes, preferred stock, depositary receipts, including global and American depositary receipts, warrants, securities convertible into equity securities, other equity-related investments whose returns vary on the basis of the issuer’s profitability (e.g., participation notes), as well as securities of other investment companies, including exchange-traded funds (“ETFs”) and other pooled vehicles. The Fund may invest through investment funds, pooled accounts or other investment vehicles designed to permit investments in a portfolio of equity securities listed in a particular Emerging Market Country or region, particularly in the case of countries in which such an investment vehicle is the exclusive or main vehicle for foreign portfolio investment. The Fund’s investments may include securities of companies that are in the process of being privatized by a government, securities of companies that are traded in unregulated over-the-counter markets or other types of unlisted securities markets, and unregistered securities issued in private placements. The Fund may also invest in initial public offerings. Although the Fund focuses on Small-Capitalization securities, it reserves the flexibility to invest a portion of its assets in securities of medium- or large-capitalization issuers. The Fund may utilize various derivative instruments and related strategies to gain exposure to one or more issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts); futures and forward contracts, including contracts related to currencies; and swap agreements (including total return and interest rate swaps); other related instruments with respect to individual stocks and other securities, indices and baskets of securities, interest rates and currencies; participation notes; structured notes; exchange traded notes; and credit-linked notes as part of its principal investment strategies. The Fund may enter into foreign currency forward contracts as well as foreign currency futures and options contracts with respect to any currency in which it has existing investments or has contracted to make investments in an attempt to hedge currency exchange risk. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may also invest directly in foreign currencies for hedging or other investment purposes.

In managing the Fund’s portfolio, Ashmore Equities Investment Management (US) LLC (the “Subadviser”) uses principally a bottom-up approach to identify particular securities for investment within Emerging Market Countries. The Subadviser’s investment approach is driven by fundamental value and involves a rigorous, systemic and value-oriented security selection process. The portfolio manager analyzes the universe of available Small-Capitalization Emerging Market equity investments in an attempt to identify issuers that are undervalued relative to their long-term growth prospects. Potential candidates are systematically screened for fundamental value based on a number of factors, such as price to earnings ratio, price to future growth ratio, price to book value ratio, price to cash flow ratio, free cash flow, return on equity, debt to equity ratio, earnings growth and earnings momentum. Attractive candidates undergo a more rigorous review to assess the issuer’s long-term prospects, including with respect to management strength, market outlook, competitiveness, regulatory changes, restructuring and expansion plans, profitability, financial viability, interest coverage and hidden assets. The screening process is designed, in part, to avoid investments deemed by the portfolio manager to have unacceptable risk factors. The portfolio manager also reviews and takes into account overall Fund exposures to particular Emerging Market Countries and sectors in an effort to construct a portfolio that provides adequate diversification and risk controls. Taking into account the results of this screening process, the portfolio manager selects particular investments designed to produce a diversified equity portfolio of Small-Capitalization Emerging Market Issuers.

The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities and other equity-related investments of Small-Capitalization Emerging Market Issuers. The Fund’s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund’s 80% investment policy.
Principal Risks
It is possible to lose money on an investment in the Fund. The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund’s Investment Manager and Subadviser and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):
  • Convertible Securities Risk: Securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities and the risk of changing in value at a different rate than the underlying stocks. Convertible securities are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer’s or counterparty’s deterioration or default;
  • Counterparty and Third Party Risk: Transactions involving a counterparty to a derivative or other instrument, or to 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 Fund could lose money if the issuer or counterparty 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;
  • Currency Management Strategies Risk: Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund’s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Subadviser anticipates;
  • Currency Risk: Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;
  • Derivatives Risk: Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;
  • Emerging Markets Risk: Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;
  • Equity Securities Risk: Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer;
  • Focused Investment Risk: Focusing a fund’s investments in a limited number of issuers, sectors or industries increases risk and the volatility of the value of a fund’s shares. The Fund may be particularly susceptible to economic, political, regulatory or other events affecting the issuers, sectors or industries to the extent it focuses its investments;
  • Foreign Investment Risk: Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;
  • Geographic Focus Risk: The Fund may be particularly susceptible to economic, political or regulatory events affecting particular countries or regions to the extent the Fund focuses its investments in such countries or regions;
  • Inflation/Deflation Risk: The value of the Fund’s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;
  • Interest Rate Risk: Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;
  • Investments in Pooled Vehicles Risk: Investing in another investment company or pooled vehicle subjects the Fund to that company’s risks, and, in general, to a pro rata portion of that company’s fees and expenses in addition to fees and expenses charged by the Fund;
  • IPO Risk: Securities offered in initial public offerings (IPOs) are subject to many of the same risks of investing in small companies and often to a heightened degree, their values may be highly volatile, they have no trading history and information about the issuer may have been available for only limited periods;
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services;
  • Large Shareholder Risk: Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund’s operations by purchasing or redeeming Fund shares in large amounts;
  • Leverage Risk: Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund’s investment portfolio and magnify the Fund’s investment losses or gains;
  • Liquidity Risk: Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;
  • Management Risk: The Fund’s investment return depends on the ability of the Subadviser to manage the Fund’s portfolio successfully; there is a risk that the Subadviser may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;
  • Market Risk: The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;
  • Over-the-Counter Risk: Securities traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;
  • Portfolio Turnover Risk: If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund’s investment performance;
  • Small and Mid-Sized Companies Risk: Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and
  • Valuation Risk: Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance Information
The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and comparing the Fund’s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund’s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund’s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund’s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Calendar Year Total Return—Institutional Class

Ashmore Emerging Markets Small-Cap Equity Fund % Total Return
Bar Chart
The best calendar quarter return during the period shown above was 20.92% in the first quarter of 2012; the worst was -18.63% in the third quarter of 2015.
Average Annual Total Return
(For the period ended December 31, 2016)
Average Annual Total Returns - Ashmore Emerging Markets Small-Cap Equity Fund
1-Year
5-Year
Since Inception
Inception Date
Institutional Class 9.33% 4.26% 4.96% Oct. 04, 2011
Institutional Class | Return after taxes on distributions 9.04% 3.04% 3.76% Oct. 04, 2011
Institutional Class | Return after taxes on distributions and sale of Fund shares 5.76% 3.01% 3.56% Oct. 04, 2011
Institutional Class | MSCI Emerging Markets Small Cap Index (reflects no deduction for fees, expenses, or taxes) 2.28% 3.51% 3.78% Oct. 04, 2011
Class A 3.35% (0.05%) Feb. 01, 2012
Class A | MSCI Emerging Markets Small Cap Index (reflects no deduction for fees, expenses, or taxes) 2.28% 1.16% Feb. 01, 2012
Class C 7.23% 2.02% Aug. 24, 2012
Class C | MSCI Emerging Markets Small Cap Index (reflects no deduction for fees, expenses, or taxes) 2.28% 1.52% Aug. 24, 2012
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
XML 33 R63.htm IDEA: XBRL DOCUMENT v3.6.0.2
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Ashmore Funds
Prospectus Date rr_ProspectusDate Feb. 28, 2017
Ashmore Emerging Markets Small-Cap Equity Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Ashmore Emerging Markets Small-Cap Equity Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the “Classes of Shares” section beginning on page 124 of the Fund’s prospectus or from your financial advisor.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination February 28, 2018
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund’s investment performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 104% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 104.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 100,000
Expense Example [Heading] rr_ExpenseExampleHeading Examples.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Example: Assuming you redeem your
shares at the end of each period
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption Example: Assuming you do
not redeem your shares
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Small-Capitalization Emerging Market Issuers (as defined below), 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 $2.0 billion or less at the time of initial investment and $3.0 billion or less at the time of a subsequent investment in the same issuer. An Emerging Market Issuer is an issuer that is located in an Emerging Market Country, or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).

The Fund may invest in equity securities and equity-related investments of all types and denominated in any currency, including voting and non-voting common stock, common stock issued to special shareholder classes, preferred stock, depositary receipts, including global and American depositary receipts, warrants, securities convertible into equity securities, other equity-related investments whose returns vary on the basis of the issuer’s profitability (e.g., participation notes), as well as securities of other investment companies, including exchange-traded funds (“ETFs”) and other pooled vehicles. The Fund may invest through investment funds, pooled accounts or other investment vehicles designed to permit investments in a portfolio of equity securities listed in a particular Emerging Market Country or region, particularly in the case of countries in which such an investment vehicle is the exclusive or main vehicle for foreign portfolio investment. The Fund’s investments may include securities of companies that are in the process of being privatized by a government, securities of companies that are traded in unregulated over-the-counter markets or other types of unlisted securities markets, and unregistered securities issued in private placements. The Fund may also invest in initial public offerings. Although the Fund focuses on Small-Capitalization securities, it reserves the flexibility to invest a portion of its assets in securities of medium- or large-capitalization issuers. The Fund may utilize various derivative instruments and related strategies to gain exposure to one or more issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts); futures and forward contracts, including contracts related to currencies; and swap agreements (including total return and interest rate swaps); other related instruments with respect to individual stocks and other securities, indices and baskets of securities, interest rates and currencies; participation notes; structured notes; exchange traded notes; and credit-linked notes as part of its principal investment strategies. The Fund may enter into foreign currency forward contracts as well as foreign currency futures and options contracts with respect to any currency in which it has existing investments or has contracted to make investments in an attempt to hedge currency exchange risk. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may also invest directly in foreign currencies for hedging or other investment purposes.

In managing the Fund’s portfolio, Ashmore Equities Investment Management (US) LLC (the “Subadviser”) uses principally a bottom-up approach to identify particular securities for investment within Emerging Market Countries. The Subadviser’s investment approach is driven by fundamental value and involves a rigorous, systemic and value-oriented security selection process. The portfolio manager analyzes the universe of available Small-Capitalization Emerging Market equity investments in an attempt to identify issuers that are undervalued relative to their long-term growth prospects. Potential candidates are systematically screened for fundamental value based on a number of factors, such as price to earnings ratio, price to future growth ratio, price to book value ratio, price to cash flow ratio, free cash flow, return on equity, debt to equity ratio, earnings growth and earnings momentum. Attractive candidates undergo a more rigorous review to assess the issuer’s long-term prospects, including with respect to management strength, market outlook, competitiveness, regulatory changes, restructuring and expansion plans, profitability, financial viability, interest coverage and hidden assets. The screening process is designed, in part, to avoid investments deemed by the portfolio manager to have unacceptable risk factors. The portfolio manager also reviews and takes into account overall Fund exposures to particular Emerging Market Countries and sectors in an effort to construct a portfolio that provides adequate diversification and risk controls. Taking into account the results of this screening process, the portfolio manager selects particular investments designed to produce a diversified equity portfolio of Small-Capitalization Emerging Market Issuers.

The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities and other equity-related investments of Small-Capitalization Emerging Market Issuers. The Fund’s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund’s 80% investment policy.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock It is possible to lose money on an investment in the Fund. The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund’s Investment Manager and Subadviser and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):
  • Convertible Securities Risk: Securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities and the risk of changing in value at a different rate than the underlying stocks. Convertible securities are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer’s or counterparty’s deterioration or default;
  • Counterparty and Third Party Risk: Transactions involving a counterparty to a derivative or other instrument, or to 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 Fund could lose money if the issuer or counterparty 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;
  • Currency Management Strategies Risk: Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund’s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Subadviser anticipates;
  • Currency Risk: Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;
  • Derivatives Risk: Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;
  • Emerging Markets Risk: Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;
  • Equity Securities Risk: Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer;
  • Focused Investment Risk: Focusing a fund’s investments in a limited number of issuers, sectors or industries increases risk and the volatility of the value of a fund’s shares. The Fund may be particularly susceptible to economic, political, regulatory or other events affecting the issuers, sectors or industries to the extent it focuses its investments;
  • Foreign Investment Risk: Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;
  • Geographic Focus Risk: The Fund may be particularly susceptible to economic, political or regulatory events affecting particular countries or regions to the extent the Fund focuses its investments in such countries or regions;
  • Inflation/Deflation Risk: The value of the Fund’s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;
  • Interest Rate Risk: Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;
  • Investments in Pooled Vehicles Risk: Investing in another investment company or pooled vehicle subjects the Fund to that company’s risks, and, in general, to a pro rata portion of that company’s fees and expenses in addition to fees and expenses charged by the Fund;
  • IPO Risk: Securities offered in initial public offerings (IPOs) are subject to many of the same risks of investing in small companies and often to a heightened degree, their values may be highly volatile, they have no trading history and information about the issuer may have been available for only limited periods;
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services;
  • Large Shareholder Risk: Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund’s operations by purchasing or redeeming Fund shares in large amounts;
  • Leverage Risk: Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund’s investment portfolio and magnify the Fund’s investment losses or gains;
  • Liquidity Risk: Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;
  • Management Risk: The Fund’s investment return depends on the ability of the Subadviser to manage the Fund’s portfolio successfully; there is a risk that the Subadviser may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;
  • Market Risk: The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;
  • Over-the-Counter Risk: Securities traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;
  • Portfolio Turnover Risk: If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund’s investment performance;
  • Small and Mid-Sized Companies Risk: Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and
  • Valuation Risk: Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney It is possible to lose money on an investment in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and comparing the Fund’s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund’s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund’s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund’s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and comparing the Fund’s average annual total returns with those of a broad-based market index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 866-876-8294
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.ashmoregroup.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Return—Institutional Class

Ashmore Emerging Markets Small-Cap Equity Fund % Total Return
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads The bar chart does not reflect any sales loads applicable to Class A or Class C Shares.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The best calendar quarter return during the period shown above was 20.92% in the first quarter of 2012; the worst was -18.63% in the third quarter of 2015.
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Return
(For the period ended December 31, 2016)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
Ashmore Emerging Markets Small-Cap Equity Fund | Class A Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.25%
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.50%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.64%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.39%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.62%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.77%
1 year rr_ExpenseExampleYear01 $ 695
3 years rr_ExpenseExampleYear03 1,175
5 years rr_ExpenseExampleYear05 1,680
10 years rr_ExpenseExampleYear10 3,063
1 year rr_ExpenseExampleNoRedemptionYear01 695
3 years rr_ExpenseExampleNoRedemptionYear03 1,175
5 years rr_ExpenseExampleNoRedemptionYear05 1,680
10 years rr_ExpenseExampleNoRedemptionYear10 $ 3,063
1-Year rr_AverageAnnualReturnYear01 3.35%
5-Year rr_AverageAnnualReturnYear05
Since Inception rr_AverageAnnualReturnSinceInception (0.05%)
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 01, 2012
Ashmore Emerging Markets Small-Cap Equity Fund | Class C Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.50%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.63%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.13%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.61%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.52%
1 year rr_ExpenseExampleYear01 $ 355
3 years rr_ExpenseExampleYear03 909
5 years rr_ExpenseExampleYear05 1,587
10 years rr_ExpenseExampleYear10 3,397
1 year rr_ExpenseExampleNoRedemptionYear01 255
3 years rr_ExpenseExampleNoRedemptionYear03 909
5 years rr_ExpenseExampleNoRedemptionYear05 1,587
10 years rr_ExpenseExampleNoRedemptionYear10 $ 3,397
1-Year rr_AverageAnnualReturnYear01 7.23%
5-Year rr_AverageAnnualReturnYear05
Since Inception rr_AverageAnnualReturnSinceInception 2.02%
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 24, 2012
Ashmore Emerging Markets Small-Cap Equity Fund | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther none [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.50%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.60%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.10%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.58%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.52%
1 year rr_ExpenseExampleYear01 $ 155
3 years rr_ExpenseExampleYear03 602
5 years rr_ExpenseExampleYear05 1,076
10 years rr_ExpenseExampleYear10 2,385
1 year rr_ExpenseExampleNoRedemptionYear01 155
3 years rr_ExpenseExampleNoRedemptionYear03 602
5 years rr_ExpenseExampleNoRedemptionYear05 1,076
10 years rr_ExpenseExampleNoRedemptionYear10 $ 2,385
2012 rr_AnnualReturn2012 20.19%
2013 rr_AnnualReturn2013 9.09%
2014 rr_AnnualReturn2014 (10.68%)
2015 rr_AnnualReturn2015 (3.78%)
2016 rr_AnnualReturn2016 9.33%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel best quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 20.92%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel worst quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (18.63%)
1-Year rr_AverageAnnualReturnYear01 9.33%
5-Year rr_AverageAnnualReturnYear05 4.26%
Since Inception rr_AverageAnnualReturnSinceInception 4.96%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 04, 2011
Ashmore Emerging Markets Small-Cap Equity Fund | Return after taxes on distributions | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 9.04%
5-Year rr_AverageAnnualReturnYear05 3.04%
Since Inception rr_AverageAnnualReturnSinceInception 3.76%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 04, 2011
Ashmore Emerging Markets Small-Cap Equity Fund | Return after taxes on distributions and sale of Fund shares | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 5.76%
5-Year rr_AverageAnnualReturnYear05 3.01%
Since Inception rr_AverageAnnualReturnSinceInception 3.56%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 04, 2011
Ashmore Emerging Markets Small-Cap Equity Fund | MSCI Emerging Markets Small Cap Index (reflects no deduction for fees, expenses, or taxes) | Class A Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 2.28%
5-Year rr_AverageAnnualReturnYear05
Since Inception rr_AverageAnnualReturnSinceInception 1.16%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 01, 2012
Ashmore Emerging Markets Small-Cap Equity Fund | MSCI Emerging Markets Small Cap Index (reflects no deduction for fees, expenses, or taxes) | Class C Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 2.28%
5-Year rr_AverageAnnualReturnYear05
Since Inception rr_AverageAnnualReturnSinceInception 1.52%
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 24, 2012
Ashmore Emerging Markets Small-Cap Equity Fund | MSCI Emerging Markets Small Cap Index (reflects no deduction for fees, expenses, or taxes) | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 2.28%
5-Year rr_AverageAnnualReturnYear05 3.51%
Since Inception rr_AverageAnnualReturnSinceInception 3.78%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 04, 2011
[1] For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
[2] Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 1.77%, for the Fund’s Class C Shares exceed 2.52% and for the Fund’s Institutional Class Shares exceed 1.52% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed.
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Ashmore Emerging Markets Frontier Equity Fund
Ashmore Emerging Markets Frontier Equity Fund
Investment Objective
The Fund seeks long-term capital appreciation.
Fees and Expenses of the Fund
The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the “Classes of Shares” section beginning on page 124 of the Fund’s prospectus or from your financial advisor.
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees - Ashmore Emerging Markets Frontier Equity Fund
Class A Shares
Class C Shares
Institutional Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.25% none none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) [1] 1.00% 1.00% none
Redemption Fee none none none
[1] For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Ashmore Emerging Markets Frontier Equity Fund
Class A Shares
Class C Shares
Institutional Class Shares
Management Fees 1.50% 1.50% 1.50%
Distribution and/or Service (12b-1) Fees 0.25% 1.00% none
Other Expenses 0.70% 0.55% 0.55%
Acquired Fund Fees and Expenses none none none
Total Annual Fund Operating Expenses 2.45% 3.05% 2.05%
Fee Waiver and/or Expense Reimbursement [1] (0.68%) (0.53%) (0.53%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.77% 2.52% 1.52%
[1] Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 1.77%, for the Fund’s Class C Shares exceed 2.52% and for the Fund’s Institutional Class Shares exceed 1.52% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed.
Examples.
These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.
Example: Assuming you redeem your
shares at the end of each period
Expense Example - Ashmore Emerging Markets Frontier Equity Fund - USD ($)
1 year
3 years
5 years
10 years
Class A Shares 695 1,187 1,704 3,116
Class C Shares 355 893 1,555 3,328
Institutional Class Shares 155 592 1,055 2,337
Example: Assuming you do
not redeem your shares
Expense Example, No Redemption - Ashmore Emerging Markets Frontier Equity Fund - USD ($)
1 year
3 years
5 years
10 years
Class A Shares 695 1,187 1,704 3,116
Class C Shares 255 893 1,555 3,328
Institutional Class Shares 155 592 1,055 2,337
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund’s investment performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 76% of the average value of its portfolio.
Principal Investment Strategies
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. A Frontier Market Issuer is an issuer that is located in a Frontier Market Country, or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Frontier Market Countries or that has at least 50% of its assets in one or more Frontier Market Countries.

Frontier Market countries are countries that either currently or in the future are represented in widely-recognized indices of frontier market securities or the Investment Manager or Ashmore Equities Investment Management (US) LLC (the “Subadviser”) considers the market to have frontier market characteristics in respect to economic, political, or market structure.

The Fund may invest in equity securities and equity-related investments of all types and denominated in any currency, including voting and non-voting common stock, common stock issued to special shareholder classes, preferred stock, depositary receipts, including global and American depositary receipts, warrants, securities convertible into equity securities, other equity-related investments whose returns vary on the basis of the issuer’s profitability (e.g., participation notes), as well as securities of other investment companies, including exchange-traded funds (“ETFs”) and other pooled vehicles. The Fund may invest through investment funds, pooled accounts or other investment vehicles designed to permit investments in a portfolio of equity securities listed in one or more Frontier Market Countries or regions, particularly in the case of countries that may have restrictions on foreign investment or countries where such investments may represent an efficient method of achieving investment exposure. The Fund’s investments may include securities of companies that are in the process of being privatized by a government, securities of companies that are traded in unregulated over-the-counter markets or other types of unlisted securities markets, and unregistered securities issued in private placements. The Fund may invest in companies of any market capitalization and may also invest in initial public offerings. The Fund’s benchmark index, the MSCI Frontier Markets Index, is currently concentrated in the commercial banking industry. Although the Fund is not an index fund and does not seek to replicate the performance of its benchmark index, it may concentrate its investments in the commercial banking industry. As of the date of this prospectus, the Fund’s investments are concentrated in the commercial banking industry.

The Fund may utilize various derivative instruments and related strategies to gain exposure to one or more issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts); futures and forward contracts, including contracts related to currencies; and swap agreements (including total return and interest rate swaps); other related instruments with respect to individual stocks and other securities, indices and baskets of securities, interest rates and currencies; participation notes; structured notes; exchange traded notes; and credit-linked notes as part of its principal investment strategies. The Fund may enter into foreign currency forward contracts as well as foreign currency futures and options contracts with respect to any currency in which it has existing investments or has contracted to make investments in an attempt to hedge currency exchange risk. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may also invest directly in foreign currencies for hedging or other investment purposes.

The Fund is managed by a committee of portfolio managers, who are officers of the Investment Manager and/or the Subadviser (for purposes of this section, the “Portfolio Managers”). In managing the Fund’s portfolio, the Portfolio Managers use principally a bottom-up approach to identify particular securities for investment within Frontier Market Countries. The Portfolio Managers’ investment approach is driven by fundamental value and involves a rigorous, systemic and value-oriented security selection process. The Portfolio Managers analyze the universe of available Frontier Market equity investments in an attempt to identify issuers that are undervalued relative to their long-term growth prospects. Potential candidates are systematically screened for fundamental value based on a number of factors, such as price to earnings ratio, price to future growth ratio, price to book value ratio, price to cash flow ratio, free cash flow, return on equity, debt to equity ratio, earnings growth and earnings momentum. Attractive candidates undergo a more rigorous review to assess the issuer’s long-term prospects, including with respect to management strength, market outlook, competitiveness, regulatory changes, restructuring and expansion plans, profitability, financial viability, interest coverage and hidden assets. The screening process is designed, in part, to avoid investments deemed by the Portfolio Managers to have unacceptable risk factors. The Portfolio Managers also review and take into account overall Fund exposures to particular Frontier Market Countries and sectors in an effort to construct a portfolio that provides a measure of diversification among Frontier Market Countries and sectors. Taking into account the results of this screening process, the Portfolio Managers select particular investments designed to produce a diversified equity portfolio of Frontier Market Issuers.

The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities and other equity-related investments of Frontier Market Issuers. The Fund’s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund’s 80% investment policy. For example, futures contracts may be used to obtain investment exposure equal to a portion or all of the Fund’s cash position.
Principal Risks
It is possible to lose money on an investment in the Fund. The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund’s Investment Manager and Subadviser and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):
  • Banking Industry Risk: Investments in banking industry stocks, as compared to other industries in general, may be considered to be more volatile or riskier due to a number of factors including more extensive government regulation that may reduce profit potential for banks compared to other entities. Financial services institutions are often subject to extensive governmental regulation and, recently, government intervention and the potential for additional regulation, which may adversely affect the scope of their activities, the prices they can charge and the amount of capital they must maintain. The oversight of, and regulations applicable to, companies in the banking industry in frontier markets may be ineffective and underdeveloped relative to more developed markets. Recent events in the financial sector have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign, and caused certain financial services companies to incur large losses. The impact of recent or future regulation in various countries on any individual bank or on the sector as a whole cannot be predicted. In addition, the banking industry of frontier markets can be considered riskier than the U.S. banking industry.
  • Convertible Securities Risk: Securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities and the risk of changing in value at a different rate than the underlying stocks. Convertible securities are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer’s or counterparty’s deterioration or default;
  • Counterparty and Third Party Risk: Transactions involving a counterparty to a derivative or other instrument, or to 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 Fund could lose money if the issuer or counterparty 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;
  • Currency Management Strategies Risk: Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund’s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager and Subadviser anticipate;
  • Currency Risk: Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;
  • Derivatives Risk: Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;
  • Equity Securities Risk: Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer;
  • Focused Investment Risk: Focusing a fund’s investments in a limited number of issuers, sectors or industries increases risk and the volatility of the value of a fund’s shares. The Fund may be particularly susceptible to economic, political, regulatory or other events affecting the issuers, sectors or industries to the extent it focuses its investments;
  • Foreign Investment Risk: Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;
  • Frontier Markets Risk: Frontier market countries are emerging market countries, but generally have smaller economies or less mature capital markets than more developed emerging markets, and, as a result, the risks of investing in emerging market countries are magnified in frontier countries. The markets of frontier countries typically have low trading volumes and the potential for extreme price volatility and illiquidity. This volatility may be further heightened by the actions of a few major investors. For example, a substantial increase or decrease in cash flows of mutual funds investing in these markets could significantly affect local stock prices and, therefore, the net asset value of Fund shares. These factors make investing in frontier countries significantly riskier than in other countries, including other emerging market countries, and any one of them could cause the net asset value of the Fund’s shares to decline;
  • Geographic Focus Risk: The Fund may be particularly susceptible to economic, political or regulatory events affecting particular countries or regions to the extent the Fund focuses its investments in such countries or regions;
  • Inflation/Deflation Risk: The value of the Fund’s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;
  • Interest Rate Risk: Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;
  • Investments in Pooled Vehicles Risk: Investing in another investment company or pooled vehicle subjects the Fund to that company’s risks, and, in general, to a pro rata portion of that company’s fees and expenses in addition to fees and expenses charged by the Fund;
  • IPO Risk: Securities offered in initial public offerings (IPOs) are subject to many of the same risks of investing in small companies and often to a heightened degree, their values may be highly volatile, they have no trading history and information about the issuer may have been available for only limited periods;
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services;
  • Large Shareholder Risk: Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund’s operations by purchasing or redeeming Fund shares in large amounts;
  • Leverage Risk: Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund’s investment portfolio and magnify the Fund’s investment losses or gains;
  • Limited Operating History Risk: The Fund has a limited operating history for investors to evaluate and may not achieve desired asset levels to maximize investment and operational efficiencies;
  • Liquidity Risk: Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;
  • Management Risk: The Fund’s investment return depends on the ability of the Investment Manager and the Subadviser to manage the Fund’s portfolio successfully; there is a risk that the Investment Manager or the Subadviser may be incorrect in their analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;
  • Market Risk: The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;
  • Over-the-Counter Risk: Securities traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;
  • Portfolio Turnover Risk: If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund’s investment performance;
  • Small and Mid-Sized Companies Risk: Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and
  • Valuation Risk: Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance Information
The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year (after the Fund has had two full calendar years of investment operations) and comparing the Fund’s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund’s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund’s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund’s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Calendar Year Total Return—Institutional Class

Ashmore Emerging Markets Frontier Equity Fund % Total Return
Bar Chart
The best calendar quarter return during the period shown above was 6.92% in the first quarter of 2014; the worst was -10.48% in the fourth quarter of 2014.
Average Annual Total Return
(For the period ended December 31, 2016)
Average Annual Total Returns - Ashmore Emerging Markets Frontier Equity Fund
1-Year
Since Inception
Inception Date
Institutional Class 10.88% 1.48% Nov. 05, 2013
Institutional Class | Return after taxes on distributions 10.77% (0.02%) Nov. 05, 2013
Institutional Class | Return after taxes on distributions and sale of Fund shares 6.61% 0.60% Nov. 05, 2013
Institutional Class | MSCI Frontier Markets Index (reflects no deduction for fees, expenses, or taxes) 2.66% (0.08%) Nov. 05, 2013
Class A 4.88% (4.68%) May 07, 2014
Class C 8.83% (3.57%) May 07, 2014
Class C | MSCI Frontier Markets Index (reflects no deduction for fees, expenses, or taxes) 2.66% (7.40%) May 07, 2014
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
XML 36 R71.htm IDEA: XBRL DOCUMENT v3.6.0.2
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Ashmore Funds
Prospectus Date rr_ProspectusDate Feb. 28, 2017
Ashmore Emerging Markets Frontier Equity Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Ashmore Emerging Markets Frontier Equity Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the “Classes of Shares” section beginning on page 124 of the Fund’s prospectus or from your financial advisor.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination February 28, 2018
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund’s investment performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 76% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 76.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 100,000
Expense Example [Heading] rr_ExpenseExampleHeading Examples.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Example: Assuming you redeem your
shares at the end of each period
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption Example: Assuming you do
not redeem your shares
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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. A Frontier Market Issuer is an issuer that is located in a Frontier Market Country, or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Frontier Market Countries or that has at least 50% of its assets in one or more Frontier Market Countries.

Frontier Market countries are countries that either currently or in the future are represented in widely-recognized indices of frontier market securities or the Investment Manager or Ashmore Equities Investment Management (US) LLC (the “Subadviser”) considers the market to have frontier market characteristics in respect to economic, political, or market structure.

The Fund may invest in equity securities and equity-related investments of all types and denominated in any currency, including voting and non-voting common stock, common stock issued to special shareholder classes, preferred stock, depositary receipts, including global and American depositary receipts, warrants, securities convertible into equity securities, other equity-related investments whose returns vary on the basis of the issuer’s profitability (e.g., participation notes), as well as securities of other investment companies, including exchange-traded funds (“ETFs”) and other pooled vehicles. The Fund may invest through investment funds, pooled accounts or other investment vehicles designed to permit investments in a portfolio of equity securities listed in one or more Frontier Market Countries or regions, particularly in the case of countries that may have restrictions on foreign investment or countries where such investments may represent an efficient method of achieving investment exposure. The Fund’s investments may include securities of companies that are in the process of being privatized by a government, securities of companies that are traded in unregulated over-the-counter markets or other types of unlisted securities markets, and unregistered securities issued in private placements. The Fund may invest in companies of any market capitalization and may also invest in initial public offerings. The Fund’s benchmark index, the MSCI Frontier Markets Index, is currently concentrated in the commercial banking industry. Although the Fund is not an index fund and does not seek to replicate the performance of its benchmark index, it may concentrate its investments in the commercial banking industry. As of the date of this prospectus, the Fund’s investments are concentrated in the commercial banking industry.

The Fund may utilize various derivative instruments and related strategies to gain exposure to one or more issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts); futures and forward contracts, including contracts related to currencies; and swap agreements (including total return and interest rate swaps); other related instruments with respect to individual stocks and other securities, indices and baskets of securities, interest rates and currencies; participation notes; structured notes; exchange traded notes; and credit-linked notes as part of its principal investment strategies. The Fund may enter into foreign currency forward contracts as well as foreign currency futures and options contracts with respect to any currency in which it has existing investments or has contracted to make investments in an attempt to hedge currency exchange risk. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may also invest directly in foreign currencies for hedging or other investment purposes.

The Fund is managed by a committee of portfolio managers, who are officers of the Investment Manager and/or the Subadviser (for purposes of this section, the “Portfolio Managers”). In managing the Fund’s portfolio, the Portfolio Managers use principally a bottom-up approach to identify particular securities for investment within Frontier Market Countries. The Portfolio Managers’ investment approach is driven by fundamental value and involves a rigorous, systemic and value-oriented security selection process. The Portfolio Managers analyze the universe of available Frontier Market equity investments in an attempt to identify issuers that are undervalued relative to their long-term growth prospects. Potential candidates are systematically screened for fundamental value based on a number of factors, such as price to earnings ratio, price to future growth ratio, price to book value ratio, price to cash flow ratio, free cash flow, return on equity, debt to equity ratio, earnings growth and earnings momentum. Attractive candidates undergo a more rigorous review to assess the issuer’s long-term prospects, including with respect to management strength, market outlook, competitiveness, regulatory changes, restructuring and expansion plans, profitability, financial viability, interest coverage and hidden assets. The screening process is designed, in part, to avoid investments deemed by the Portfolio Managers to have unacceptable risk factors. The Portfolio Managers also review and take into account overall Fund exposures to particular Frontier Market Countries and sectors in an effort to construct a portfolio that provides a measure of diversification among Frontier Market Countries and sectors. Taking into account the results of this screening process, the Portfolio Managers select particular investments designed to produce a diversified equity portfolio of Frontier Market Issuers.

The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities and other equity-related investments of Frontier Market Issuers. The Fund’s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund’s 80% investment policy. For example, futures contracts may be used to obtain investment exposure equal to a portion or all of the Fund’s cash position.
Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration As of the date of this prospectus, the Fund’s investments are concentrated in the commercial banking industry.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock It is possible to lose money on an investment in the Fund. The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund’s Investment Manager and Subadviser and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):
  • Banking Industry Risk: Investments in banking industry stocks, as compared to other industries in general, may be considered to be more volatile or riskier due to a number of factors including more extensive government regulation that may reduce profit potential for banks compared to other entities. Financial services institutions are often subject to extensive governmental regulation and, recently, government intervention and the potential for additional regulation, which may adversely affect the scope of their activities, the prices they can charge and the amount of capital they must maintain. The oversight of, and regulations applicable to, companies in the banking industry in frontier markets may be ineffective and underdeveloped relative to more developed markets. Recent events in the financial sector have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign, and caused certain financial services companies to incur large losses. The impact of recent or future regulation in various countries on any individual bank or on the sector as a whole cannot be predicted. In addition, the banking industry of frontier markets can be considered riskier than the U.S. banking industry.
  • Convertible Securities Risk: Securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities and the risk of changing in value at a different rate than the underlying stocks. Convertible securities are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer’s or counterparty’s deterioration or default;
  • Counterparty and Third Party Risk: Transactions involving a counterparty to a derivative or other instrument, or to 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 Fund could lose money if the issuer or counterparty 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;
  • Currency Management Strategies Risk: Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund’s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager and Subadviser anticipate;
  • Currency Risk: Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;
  • Derivatives Risk: Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;
  • Equity Securities Risk: Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer;
  • Focused Investment Risk: Focusing a fund’s investments in a limited number of issuers, sectors or industries increases risk and the volatility of the value of a fund’s shares. The Fund may be particularly susceptible to economic, political, regulatory or other events affecting the issuers, sectors or industries to the extent it focuses its investments;
  • Foreign Investment Risk: Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;
  • Frontier Markets Risk: Frontier market countries are emerging market countries, but generally have smaller economies or less mature capital markets than more developed emerging markets, and, as a result, the risks of investing in emerging market countries are magnified in frontier countries. The markets of frontier countries typically have low trading volumes and the potential for extreme price volatility and illiquidity. This volatility may be further heightened by the actions of a few major investors. For example, a substantial increase or decrease in cash flows of mutual funds investing in these markets could significantly affect local stock prices and, therefore, the net asset value of Fund shares. These factors make investing in frontier countries significantly riskier than in other countries, including other emerging market countries, and any one of them could cause the net asset value of the Fund’s shares to decline;
  • Geographic Focus Risk: The Fund may be particularly susceptible to economic, political or regulatory events affecting particular countries or regions to the extent the Fund focuses its investments in such countries or regions;
  • Inflation/Deflation Risk: The value of the Fund’s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;
  • Interest Rate Risk: Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;
  • Investments in Pooled Vehicles Risk: Investing in another investment company or pooled vehicle subjects the Fund to that company’s risks, and, in general, to a pro rata portion of that company’s fees and expenses in addition to fees and expenses charged by the Fund;
  • IPO Risk: Securities offered in initial public offerings (IPOs) are subject to many of the same risks of investing in small companies and often to a heightened degree, their values may be highly volatile, they have no trading history and information about the issuer may have been available for only limited periods;
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services;
  • Large Shareholder Risk: Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund’s operations by purchasing or redeeming Fund shares in large amounts;
  • Leverage Risk: Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund’s investment portfolio and magnify the Fund’s investment losses or gains;
  • Limited Operating History Risk: The Fund has a limited operating history for investors to evaluate and may not achieve desired asset levels to maximize investment and operational efficiencies;
  • Liquidity Risk: Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;
  • Management Risk: The Fund’s investment return depends on the ability of the Investment Manager and the Subadviser to manage the Fund’s portfolio successfully; there is a risk that the Investment Manager or the Subadviser may be incorrect in their analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;
  • Market Risk: The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;
  • Over-the-Counter Risk: Securities traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;
  • Portfolio Turnover Risk: If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund’s investment performance;
  • Small and Mid-Sized Companies Risk: Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and
  • Valuation Risk: Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney It is possible to lose money on an investment in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year (after the Fund has had two full calendar years of investment operations) and comparing the Fund’s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund’s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund’s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund’s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year (after the Fund has had two full calendar years of investment operations) and comparing the Fund’s average annual total returns with those of a broad-based market index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 866-876-8294
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.ashmoregroup.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Return—Institutional Class

Ashmore Emerging Markets Frontier Equity Fund % Total Return
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads The bar chart does not reflect any sales loads applicable to Class A or Class C Shares.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The best calendar quarter return during the period shown above was 6.92% in the first quarter of 2014; the worst was -10.48% in the fourth quarter of 2014.
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Return
(For the period ended December 31, 2016)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
Ashmore Emerging Markets Frontier Equity Fund | Class A Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.25%
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.50%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.70%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.45%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.68%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.77%
1 year rr_ExpenseExampleYear01 $ 695
3 years rr_ExpenseExampleYear03 1,187
5 years rr_ExpenseExampleYear05 1,704
10 years rr_ExpenseExampleYear10 3,116
1 year rr_ExpenseExampleNoRedemptionYear01 695
3 years rr_ExpenseExampleNoRedemptionYear03 1,187
5 years rr_ExpenseExampleNoRedemptionYear05 1,704
10 years rr_ExpenseExampleNoRedemptionYear10 $ 3,116
1-Year rr_AverageAnnualReturnYear01 4.88%
Since Inception rr_AverageAnnualReturnSinceInception (4.68%)
Inception Date rr_AverageAnnualReturnInceptionDate May 07, 2014
Ashmore Emerging Markets Frontier Equity Fund | Class C Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.50%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.55%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.05%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.53%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.52%
1 year rr_ExpenseExampleYear01 $ 355
3 years rr_ExpenseExampleYear03 893
5 years rr_ExpenseExampleYear05 1,555
10 years rr_ExpenseExampleYear10 3,328
1 year rr_ExpenseExampleNoRedemptionYear01 255
3 years rr_ExpenseExampleNoRedemptionYear03 893
5 years rr_ExpenseExampleNoRedemptionYear05 1,555
10 years rr_ExpenseExampleNoRedemptionYear10 $ 3,328
1-Year rr_AverageAnnualReturnYear01 8.83%
Since Inception rr_AverageAnnualReturnSinceInception (3.57%)
Inception Date rr_AverageAnnualReturnInceptionDate May 07, 2014
Ashmore Emerging Markets Frontier Equity Fund | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther none [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.50%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.55%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.05%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.53%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.52%
1 year rr_ExpenseExampleYear01 $ 155
3 years rr_ExpenseExampleYear03 592
5 years rr_ExpenseExampleYear05 1,055
10 years rr_ExpenseExampleYear10 2,337
1 year rr_ExpenseExampleNoRedemptionYear01 155
3 years rr_ExpenseExampleNoRedemptionYear03 592
5 years rr_ExpenseExampleNoRedemptionYear05 1,055
10 years rr_ExpenseExampleNoRedemptionYear10 $ 2,337
2014 rr_AnnualReturn2014 6.64%
2015 rr_AnnualReturn2015 (9.96%)
2016 rr_AnnualReturn2016 10.88%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel best quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2014
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 6.92%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel worst quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2014
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (10.48%)
1-Year rr_AverageAnnualReturnYear01 10.88%
Since Inception rr_AverageAnnualReturnSinceInception 1.48%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 05, 2013
Ashmore Emerging Markets Frontier Equity Fund | Return after taxes on distributions | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 10.77%
Since Inception rr_AverageAnnualReturnSinceInception (0.02%)
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 05, 2013
Ashmore Emerging Markets Frontier Equity Fund | Return after taxes on distributions and sale of Fund shares | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 6.61%
Since Inception rr_AverageAnnualReturnSinceInception 0.60%
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 05, 2013
Ashmore Emerging Markets Frontier Equity Fund | MSCI Frontier Markets Index (reflects no deduction for fees, expenses, or taxes) | Class C Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 2.66%
Since Inception rr_AverageAnnualReturnSinceInception (7.40%)
Inception Date rr_AverageAnnualReturnInceptionDate May 07, 2014
Ashmore Emerging Markets Frontier Equity Fund | MSCI Frontier Markets Index (reflects no deduction for fees, expenses, or taxes) | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 2.66%
Since Inception rr_AverageAnnualReturnSinceInception (0.08%)
Inception Date rr_AverageAnnualReturnInceptionDate Nov. 05, 2013
[1] For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
[2] Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 1.77%, for the Fund’s Class C Shares exceed 2.52% and for the Fund’s Institutional Class Shares exceed 1.52% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed.
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Ashmore Emerging Markets Value Fund
Ashmore Emerging Markets Value Fund
Investment Objective
The Fund seeks long-term capital appreciation.
Fees and Expenses of the Fund
The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the “Classes of Shares” section beginning on page 124 of the Fund’s prospectus or from your financial advisor.

Until further notice, the Fund does not offer Class C shares for new investment or for exchanges for Class C shares of other Funds.
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees - Ashmore Emerging Markets Value Fund
Class A Shares
Class C Shares
Institutional Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.25% none none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) [1] 1.00% 1.00% none
Redemption Fee none none none
[1] For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the  value of your investment)
Annual Fund Operating Expenses - Ashmore Emerging Markets Value Fund
Class A Shares
Class C Shares
Institutional Class Shares
Management Fees 1.15% 1.15% 1.15%
Distribution and/or Service (12b-1) Fees 0.25% 1.00% none
Other Expenses 1.56% 1.56% 1.56%
Acquired Fund Fees and Expenses none none none
Total Annual Fund Operating Expenses 2.96% 3.71% 2.71%
Fee Waiver and/or Expense Reimbursement [1] (1.54%) (1.54%) (1.54%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 1.42% 2.17% 1.17%
[1] Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 1.42%, for the Fund’s Class C Shares exceed 2.17% and for the Fund’s Institutional Class Shares exceed 1.17% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed.
Examples.
These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.
Example: Assuming you redeem your
shares at the end of each period
Expense Example - Ashmore Emerging Markets Value Fund - USD ($)
1 year
3 years
5 years
10 years
Class A Shares 662 1,255 1,872 3,529
Class C Shares 320 993 1,786 3,859
Institutional Class Shares 119 695 1,297 2,928
Example: Assuming you do
not redeem your shares
Expense Example, No Redemption - Ashmore Emerging Markets Value Fund - USD ($)
1 year
3 years
5 years
10 years
Class A Shares 662 1,255 1,872 3,529
Class C Shares 220 993 1,786 3,859
Institutional Class Shares 119 695 1,297 2,928
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund’s investment performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 119% of the average value of its portfolio.
Principal Investment Strategies
The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Emerging Market Issuers (as defined below), which may be denominated in any currency, including the local currency of the issuer. An Emerging Market Issuer is an issuer that is located in an Emerging Market Country, or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).

The Fund may invest in equity securities and equity-related investments of all types and denominated in any currency, including voting and non-voting common stock, common stock issued to special shareholder classes, preferred stock, depositary receipts, including global and American depositary receipts, warrants, securities convertible into equity securities, other equity-related investments whose returns vary on the basis of the issuer’s profitability (e.g., participation notes), as well as securities of other investment companies, including exchange-traded funds (“ETFs”) and other pooled vehicles. The Fund may invest through investment funds, pooled accounts or other investment vehicles designed to permit investments in a portfolio of equity securities listed in a particular Emerging Market Country or region, particularly in the case of countries in which such an investment vehicle is the exclusive or main vehicle for foreign portfolio investment. The Fund’s investments may include securities of companies that are in the process of being privatized by a government and securities of companies that are traded in unregulated over-the-counter markets or other types of unlisted securities markets. The Fund may invest in companies of any market capitalization.

The Fund may utilize various derivative instruments and related strategies to gain exposure to one or more issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts); futures and forward contracts, including contracts related to currencies; and swap agreements (including total return and interest rate swaps); other related instruments with respect to individual stocks and other securities, indices and baskets of securities, interest rates and currencies; participation notes; structured notes; exchange traded notes; and credit-linked notes as part of its principal investment strategies. The Fund may enter into foreign currency forward contracts as well as foreign currency futures and options contracts with respect to any currency in which it has existing investments or has contracted to make investments in an attempt to hedge currency exchange risk. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may also invest directly in foreign currencies for hedging or other investment purposes.

In managing the Fund’s portfolio, Ashmore Equities Investment Management (US) LLC (the “Subadviser”) utilizes both a top-down process to identify and allocate/reallocate the Fund’s assets among particular Emerging Market Countries and a bottom-up process to identify particular securities for investment within each selected Emerging Market Country.

The Subadviser’s top-down process for selecting Emerging Market Countries takes into account various factors, including market factors, macro-economic factors, political factors, local market development and the applicable investment restrictions in the market.

The Subadviser also utilizes a proprietary, quantitative country allocation model to assist in the selection of particular Emerging Market Countries. The model makes use of long-term historical data on market fundamental ratios and macroeconomic data in the target Emerging Market Countries as well as earnings forecasts to estimate expected returns for each market and employs statistical techniques to produce a recommended country allocation. The Subadviser evaluates markets, in historical and prospective terms, taking into consideration corporate and macroeconomic developments.

Following a determination of the Fund’s allocation among Emerging Market Countries, the Subadviser uses a systematic, bottom-up process to select particular issuers for investment within each Emerging Market Country based on, among other factors, market valuations, prospective growth prospects, international competitiveness, financial condition, asset backing and liquidity. Potential investments are then systematically screened for fundamental value based on a number of factors, including price/earnings ratio, price to book value ratio, earnings growth, dividend yield and debt to equity ratio. The screening process is designed, in part, to avoid investments deemed by the Subadviser to have inadequate liquidity or unacceptable risk factors. The Subadviser then selects particular issuers in an effort to produce a broad portfolio of investments available to foreign investors in each selected Emerging Market Country.

The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities and other equity-related investments of Emerging Market Issuers. The Fund’s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund’s 80% investment policy. For example, futures contracts may be used to obtain investment exposure equal to a portion or all of the Fund’s cash position.
Principal Risks
It is possible to lose money on an investment in the Fund. The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund’s Investment Manager and Subadviser and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):
  • Convertible Securities Risk: Securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities and the risk of changing in value at a different rate than the underlying stocks. Convertible securities are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer’s or counterparty’s deterioration or default;
  • Counterparty and Third Party Risk: Transactions involving a counterparty to a derivative or other instrument, or to 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 Fund could lose money if the issuer or counterparty 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;
  • Currency Management Strategies Risk: Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund’s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Subadviser anticipates;
  • Currency Risk: Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;
  • Derivatives Risk: Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;
  • Emerging Markets Risk: Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;
  • Equity Securities Risk: Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer;
  • Financial Services Risk: Investments in issuers in the financial services sector are subject to various risks affecting financial services companies and the financial services sector generally. The values of investments in the financial services sector are particularly sensitive to changes in economic conditions, such as recessions and fluctuations in interest rates. Financial services companies may be exposed to leverage, which could magnify investment losses under adverse market conditions. Investments in the financial services sector are also subject to the risk that unexpected market, economic, political, regulatory or other events might lead to a decline in the value of most or all companies in the financial services sector. In addition, the financial services sector of emerging markets can be considered riskier than the U.S. financial services sector.
  • Focused Investment Risk: Focusing a fund’s investments in a limited number of issuers, sectors or industries increases risk and the volatility of the value of a fund’s shares. The Fund may be particularly susceptible to economic, political, regulatory or other events affecting the issuers, sectors or industries to the extent it focuses its investments;
  • Foreign Investment Risk: Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;
  • Geographic Focus Risk: The Fund may be particularly susceptible to economic, political or regulatory events affecting particular countries or regions to the extent the Fund focuses its investments in such countries or regions;
  • Inflation/Deflation Risk: The value of the Fund’s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;
  • Interest Rate Risk: Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;
  • Investments in Pooled Vehicles Risk: Investing in another investment company or pooled vehicle subjects the Fund to that company’s risks, and, in general, to a pro rata portion of that company’s fees and expenses in addition to fees and expenses charged by the Fund;
  • IPO Risk: Securities offered in initial public offerings (IPOs) are subject to many of the same risks of investing in small companies and often to a heightened degree, their values may be highly volatile, they have no trading history and information about the issuer may have been available for only limited periods;
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services;
  • Large Shareholder Risk: Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund’s operations by purchasing or redeeming Fund shares in large amounts;
  • Leverage Risk: Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund’s investment portfolio and magnify the Fund’s investment losses or gains;
  • Liquidity Risk: Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;
  • Management Risk: The Fund’s investment return depends on the ability of the Subadviser to manage the Fund’s portfolio successfully; there is a risk that the Subadviser may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;
  • Market Risk: The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;
  • Over-the-Counter Risk: Securities traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;
  • Portfolio Turnover Risk: If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund’s investment performance;
  • Small and Mid-Sized Companies Risk: Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and
  • Valuation Risk: Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance Information
The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and comparing the Fund’s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund’s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund’s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund’s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Calendar Year Total Return—Institutional Class

Ashmore Emerging Markets Value Fund % Total Return
Bar Chart
The best calendar quarter return during the period shown above was 16.06% in the first quarter of 2012; the worst was -20.13% in the third quarter of 2015.
Average Annual Total Return
(For the period ended December 31, 2016)
Average Annual Total Returns - Ashmore Emerging Markets Value Fund
1-Year
5-Year
Since Inception
Inception Date
Institutional Class 18.65% 0.61% (3.20%) Jun. 22, 2011
Institutional Class | Return after taxes on distributions 18.17% 0.45% (3.37%) Jun. 22, 2011
Institutional Class | Return after taxes on distributions and sale of Fund shares 11.06% 0.56% (2.31%) Jun. 22, 2011
Institutional Class | MSCI Emerging Markets Index (reflects no deduction for fees, expenses, or taxes) 11.19% 1.28% (2.17%) Jun. 22, 2011
Class A 11.94% (4.22%) Feb. 24, 2012
Class A | MSCI Emerging Markets Index (reflects no deduction for fees, expenses, or taxes) 11.19% (1.86%) Feb. 24, 2012
Class C Aug. 24, 2012
Class C | MSCI Emerging Markets Index (reflects no deduction for fees, expenses, or taxes) 11.77% (0.34%) Aug. 24, 2012
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
XML 39 R79.htm IDEA: XBRL DOCUMENT v3.6.0.2
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Ashmore Funds
Prospectus Date rr_ProspectusDate Feb. 28, 2017
Ashmore Emerging Markets Value Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Ashmore Emerging Markets Value Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describe the fees and expenses that you may pay if you buy and hold Class A, Class C or Institutional Class Shares of the Fund. You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds. More information about these and other discounts is available in the “Classes of Shares” section beginning on page 124 of the Fund’s prospectus or from your financial advisor.

Until further notice, the Fund does not offer Class C shares for new investment or for exchanges for Class C shares of other Funds.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the  value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination February 28, 2018
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Examples, adversely affect the Fund’s investment performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 119% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 119.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on a purchase of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of the Funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 100,000
Expense Example [Heading] rr_ExpenseExampleHeading Examples.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock These Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares of the Fund for the time periods indicated, your investment has a 5% return each year and the Fund’s operating expenses remain the same. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and, for all other periods, on Total Annual Fund Operating Expenses. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Example: Assuming you redeem your
shares at the end of each period
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption Example: Assuming you do
not redeem your shares
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Emerging Market Issuers (as defined below), which may be denominated in any currency, including the local currency of the issuer. An Emerging Market Issuer is an issuer that is located in an Emerging Market Country, or an issuer deriving at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in one or more Emerging Market Countries or that has at least 50% of its assets in one or more Emerging Market Countries. Emerging Market Country means any country included by the International Monetary Fund in its list of Emerging and Developing Economies, any country which is considered a low-income, lower-middle-income, or upper-middle-income economy by the World Bank, and all countries represented in any widely-recognized index of emerging market securities (e.g., MSCI Emerging and Frontier Markets Index).

The Fund may invest in equity securities and equity-related investments of all types and denominated in any currency, including voting and non-voting common stock, common stock issued to special shareholder classes, preferred stock, depositary receipts, including global and American depositary receipts, warrants, securities convertible into equity securities, other equity-related investments whose returns vary on the basis of the issuer’s profitability (e.g., participation notes), as well as securities of other investment companies, including exchange-traded funds (“ETFs”) and other pooled vehicles. The Fund may invest through investment funds, pooled accounts or other investment vehicles designed to permit investments in a portfolio of equity securities listed in a particular Emerging Market Country or region, particularly in the case of countries in which such an investment vehicle is the exclusive or main vehicle for foreign portfolio investment. The Fund’s investments may include securities of companies that are in the process of being privatized by a government and securities of companies that are traded in unregulated over-the-counter markets or other types of unlisted securities markets. The Fund may invest in companies of any market capitalization.

The Fund may utilize various derivative instruments and related strategies to gain exposure to one or more issuers or other assets. The Fund may utilize derivatives of all types and may invest in, without limitation, call and put options (including options on futures contracts); futures and forward contracts, including contracts related to currencies; and swap agreements (including total return and interest rate swaps); other related instruments with respect to individual stocks and other securities, indices and baskets of securities, interest rates and currencies; participation notes; structured notes; exchange traded notes; and credit-linked notes as part of its principal investment strategies. The Fund may enter into foreign currency forward contracts as well as foreign currency futures and options contracts with respect to any currency in which it has existing investments or has contracted to make investments in an attempt to hedge currency exchange risk. The Fund expects to primarily use derivatives for hedging or efficient portfolio management purposes, but may also use them to increase the Fund’s investment exposure beyond that which it could achieve by investing directly in more conventional securities. The Fund may also invest directly in foreign currencies for hedging or other investment purposes.

In managing the Fund’s portfolio, Ashmore Equities Investment Management (US) LLC (the “Subadviser”) utilizes both a top-down process to identify and allocate/reallocate the Fund’s assets among particular Emerging Market Countries and a bottom-up process to identify particular securities for investment within each selected Emerging Market Country.

The Subadviser’s top-down process for selecting Emerging Market Countries takes into account various factors, including market factors, macro-economic factors, political factors, local market development and the applicable investment restrictions in the market.

The Subadviser also utilizes a proprietary, quantitative country allocation model to assist in the selection of particular Emerging Market Countries. The model makes use of long-term historical data on market fundamental ratios and macroeconomic data in the target Emerging Market Countries as well as earnings forecasts to estimate expected returns for each market and employs statistical techniques to produce a recommended country allocation. The Subadviser evaluates markets, in historical and prospective terms, taking into consideration corporate and macroeconomic developments.

Following a determination of the Fund’s allocation among Emerging Market Countries, the Subadviser uses a systematic, bottom-up process to select particular issuers for investment within each Emerging Market Country based on, among other factors, market valuations, prospective growth prospects, international competitiveness, financial condition, asset backing and liquidity. Potential investments are then systematically screened for fundamental value based on a number of factors, including price/earnings ratio, price to book value ratio, earnings growth, dividend yield and debt to equity ratio. The screening process is designed, in part, to avoid investments deemed by the Subadviser to have inadequate liquidity or unacceptable risk factors. The Subadviser then selects particular issuers in an effort to produce a broad portfolio of investments available to foreign investors in each selected Emerging Market Country.

The Fund observes a policy to normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities and other equity-related investments of Emerging Market Issuers. The Fund’s investments in derivatives and other synthetic instruments that have economic characteristics similar to these investments will be counted toward satisfaction of the Fund’s 80% investment policy. For example, futures contracts may be used to obtain investment exposure equal to a portion or all of the Fund’s cash position.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock It is possible to lose money on an investment in the Fund. The Fund will be affected by the investment decisions, techniques and risk analyses of the Fund’s Investment Manager and Subadviser and there is no guarantee that the Fund will achieve its investment objective. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return are (in alphabetical order):
  • Convertible Securities Risk: Securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities and the risk of changing in value at a different rate than the underlying stocks. Convertible securities are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer’s or counterparty’s deterioration or default;
  • Counterparty and Third Party Risk: Transactions involving a counterparty to a derivative or other instrument, or to 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 Fund could lose money if the issuer or counterparty 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;
  • Currency Management Strategies Risk: Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund’s exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Subadviser anticipates;
  • Currency Risk: Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies;
  • Derivatives Risk: Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management, interest rate and valuation risks and the risk of losing more than the principal amount invested;
  • Emerging Markets Risk: Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies;
  • Equity Securities Risk: Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer;
  • Financial Services Risk: Investments in issuers in the financial services sector are subject to various risks affecting financial services companies and the financial services sector generally. The values of investments in the financial services sector are particularly sensitive to changes in economic conditions, such as recessions and fluctuations in interest rates. Financial services companies may be exposed to leverage, which could magnify investment losses under adverse market conditions. Investments in the financial services sector are also subject to the risk that unexpected market, economic, political, regulatory or other events might lead to a decline in the value of most or all companies in the financial services sector. In addition, the financial services sector of emerging markets can be considered riskier than the U.S. financial services sector.
  • Focused Investment Risk: Focusing a fund’s investments in a limited number of issuers, sectors or industries increases risk and the volatility of the value of a fund’s shares. The Fund may be particularly susceptible to economic, political, regulatory or other events affecting the issuers, sectors or industries to the extent it focuses its investments;
  • Foreign Investment Risk: Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers;
  • Geographic Focus Risk: The Fund may be particularly susceptible to economic, political or regulatory events affecting particular countries or regions to the extent the Fund focuses its investments in such countries or regions;
  • Inflation/Deflation Risk: The value of the Fund’s investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults;
  • Interest Rate Risk: Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates;
  • Investments in Pooled Vehicles Risk: Investing in another investment company or pooled vehicle subjects the Fund to that company’s risks, and, in general, to a pro rata portion of that company’s fees and expenses in addition to fees and expenses charged by the Fund;
  • IPO Risk: Securities offered in initial public offerings (IPOs) are subject to many of the same risks of investing in small companies and often to a heightened degree, their values may be highly volatile, they have no trading history and information about the issuer may have been available for only limited periods;
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services;
  • Large Shareholder Risk: Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund’s operations by purchasing or redeeming Fund shares in large amounts;
  • Leverage Risk: Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund’s investment portfolio and magnify the Fund’s investment losses or gains;
  • Liquidity Risk: Illiquid securities and other instruments may be highly volatile, difficult to value, and difficult to sell or close out at favorable prices or times;
  • Management Risk: The Fund’s investment return depends on the ability of the Subadviser to manage the Fund’s portfolio successfully; there is a risk that the Subadviser may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters;
  • Market Risk: The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas;
  • Over-the-Counter Risk: Securities traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup;
  • Portfolio Turnover Risk: If the Fund frequently trades its securities, this will increase transaction costs, may result in taxable capital gains, and may reduce the Fund’s investment performance;
  • Small and Mid-Sized Companies Risk: Investments in securities issued by small and mid-sized companies tend to be more vulnerable to adverse developments than larger companies, and may present increased volatility and liquidity risk; and
  • Valuation Risk: Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney It is possible to lose money on an investment in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and comparing the Fund’s average annual total returns with those of a broad-based market index. The bar chart and the information immediately below it show only the performance of the Fund’s Institutional Class Shares. Although Class A and Class C Shares would have similar annual returns (because all the Fund’s shares represent interests in the same portfolio of securities), Class A and Class C performance would be lower than Institutional Class performance because of the lower expenses paid by Institutional Class Shares of the Fund. The bar chart does not reflect any sales loads applicable to Class A or Class C Shares. The performance shown in the bar chart would be lower if it reflected sales charges applicable to Class A and Class C Shares. You may obtain the Fund’s updated performance information by visiting the website at www.ashmoregroup.com or by calling 866-876-8294. As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table that follow provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class Shares’ performance from year to year and comparing the Fund’s average annual total returns with those of a broad-based market index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 866-876-8294
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.ashmoregroup.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture As with all mutual funds, the Fund’s past performance (before and after taxes) does not predict how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Calendar Year Total Return—Institutional Class

Ashmore Emerging Markets Value Fund % Total Return
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads The bar chart does not reflect any sales loads applicable to Class A or Class C Shares.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The best calendar quarter return during the period shown above was 16.06% in the first quarter of 2012; the worst was -20.13% in the third quarter of 2015.
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Return
(For the period ended December 31, 2016)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only and will vary for Class A and Class C Shares.
Ashmore Emerging Markets Value Fund | Class A Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.25%
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.15%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 1.56%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.96%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.54%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.42%
1 year rr_ExpenseExampleYear01 $ 662
3 years rr_ExpenseExampleYear03 1,255
5 years rr_ExpenseExampleYear05 1,872
10 years rr_ExpenseExampleYear10 3,529
1 year rr_ExpenseExampleNoRedemptionYear01 662
3 years rr_ExpenseExampleNoRedemptionYear03 1,255
5 years rr_ExpenseExampleNoRedemptionYear05 1,872
10 years rr_ExpenseExampleNoRedemptionYear10 $ 3,529
1-Year rr_AverageAnnualReturnYear01 11.94%
5-Year rr_AverageAnnualReturnYear05
Since Inception rr_AverageAnnualReturnSinceInception (4.22%)
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 24, 2012
Ashmore Emerging Markets Value Fund | Class C Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.15%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 1.56%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.71%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.54%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 2.17%
1 year rr_ExpenseExampleYear01 $ 320
3 years rr_ExpenseExampleYear03 993
5 years rr_ExpenseExampleYear05 1,786
10 years rr_ExpenseExampleYear10 3,859
1 year rr_ExpenseExampleNoRedemptionYear01 220
3 years rr_ExpenseExampleNoRedemptionYear03 993
5 years rr_ExpenseExampleNoRedemptionYear05 1,786
10 years rr_ExpenseExampleNoRedemptionYear10 $ 3,859
1-Year rr_AverageAnnualReturnYear01
5-Year rr_AverageAnnualReturnYear05
Since Inception rr_AverageAnnualReturnSinceInception
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 24, 2012
Ashmore Emerging Markets Value Fund | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV) rr_MaximumDeferredSalesChargeOverOther none [1]
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.15%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.56%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.71%
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.54%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.17%
1 year rr_ExpenseExampleYear01 $ 119
3 years rr_ExpenseExampleYear03 695
5 years rr_ExpenseExampleYear05 1,297
10 years rr_ExpenseExampleYear10 2,928
1 year rr_ExpenseExampleNoRedemptionYear01 119
3 years rr_ExpenseExampleNoRedemptionYear03 695
5 years rr_ExpenseExampleNoRedemptionYear05 1,297
10 years rr_ExpenseExampleNoRedemptionYear10 $ 2,928
2012 rr_AnnualReturn2012 17.13%
2013 rr_AnnualReturn2013 0.95%
2014 rr_AnnualReturn2014 (7.37%)
2015 rr_AnnualReturn2015 (20.68%)
2016 rr_AnnualReturn2016 18.65%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel best quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 16.06%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel worst quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (20.13%)
1-Year rr_AverageAnnualReturnYear01 18.65%
5-Year rr_AverageAnnualReturnYear05 0.61%
Since Inception rr_AverageAnnualReturnSinceInception (3.20%)
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 22, 2011
Ashmore Emerging Markets Value Fund | Return after taxes on distributions | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 18.17%
5-Year rr_AverageAnnualReturnYear05 0.45%
Since Inception rr_AverageAnnualReturnSinceInception (3.37%)
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 22, 2011
Ashmore Emerging Markets Value Fund | Return after taxes on distributions and sale of Fund shares | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 11.06%
5-Year rr_AverageAnnualReturnYear05 0.56%
Since Inception rr_AverageAnnualReturnSinceInception (2.31%)
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 22, 2011
Ashmore Emerging Markets Value Fund | MSCI Emerging Markets Index (reflects no deduction for fees, expenses, or taxes) | Class A Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 11.19%
5-Year rr_AverageAnnualReturnYear05
Since Inception rr_AverageAnnualReturnSinceInception (1.86%)
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 24, 2012
Ashmore Emerging Markets Value Fund | MSCI Emerging Markets Index (reflects no deduction for fees, expenses, or taxes) | Class C Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 11.77%
5-Year rr_AverageAnnualReturnYear05
Since Inception rr_AverageAnnualReturnSinceInception (0.34%)
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 24, 2012
Ashmore Emerging Markets Value Fund | MSCI Emerging Markets Index (reflects no deduction for fees, expenses, or taxes) | Institutional Class Shares  
Risk/Return: rr_RiskReturnAbstract  
1-Year rr_AverageAnnualReturnYear01 11.19%
5-Year rr_AverageAnnualReturnYear05 1.28%
Since Inception rr_AverageAnnualReturnSinceInception (2.17%)
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 22, 2011
[1] For Class A Shares, the CDSC is imposed only where shares are purchased without a front-end sales charge and subsequently redeemed within eighteen months of purchase. For Class C Shares, the CDSC is imposed only on shares redeemed within one year of purchase.
[2] Ashmore Investment Advisors Limited (the “Investment Manager”) has contractually agreed to waive its fees or reimburse the Fund for other expenses to the extent that Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expense, taxes, extraordinary expenses, custodial credits, transfer agency credits, and expense offset arrangements) for the Fund’s Class A Shares exceed 1.42%, for the Fund’s Class C Shares exceed 2.17% and for the Fund’s Institutional Class Shares exceed 1.17% of the Fund’s average daily net assets attributable to the share class. The expense limitation arrangement may be terminated before February 28, 2018 only by the Board of Trustees. Under the Expense Limitation Agreement, the Investment Manager may recoup any amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the applicable annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed.
XML 40 R80.htm IDEA: XBRL DOCUMENT v3.6.0.2
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Ashmore Funds
Prospectus Date rr_ProspectusDate Feb. 28, 2017
Document Creation Date dei_DocumentCreationDate Feb. 28, 2017
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