Ashmore Funds

Quantitative Information about Level 3 Fair Value Measurements

Fair Value at

10/31/2022

Valuation
Technique

Unobservable
Input

Common Stock

Zero priced asset

Inputs to model

N-CSR/A 1 d409641dncsra.htm ASHMORE FUNDS Ashmore Funds

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22468

Ashmore Funds

(Exact name of registrant as specified in charter)

c/o Ashmore Investment Advisors Limited

61 Aldwych

London WC2B 4AE

England

(Address of principal executive offices) (Zip code)

Corporation Service Company

84 State Street

Boston, MA 20109

(Name and address of agent for service)

Registrant’s telephone number, including area code: 011-44-20-3077-6000

Date of fiscal year end: October 31

Date of reporting period: October 31, 2022

Explanatory Note: The Registrant is filing this amendment to its Certified Shareholder Report on Form N-CSR filed with the U.S. Securities and Exchange Commission on December 30, 2022 (the “Report”), to include a revised Initial Investment line graph within the Portfolio Managers’ Report specific to Ashmore Emerging Markets Frontier Equity Fund in response to Item 1 (Reports to Stockholders) that adds an appropriate broad-based securities market index. Except as noted, this amendment does not amend, update or change any other information or disclosures contained in the Report.

Item 1. Reports to Stockholders.

(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1)

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ANNUAL FINANCIAL STATEMENTS

October 31, 2022

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TABLE OF CONTENTS


	Page

FINANCIAL STATEMENTS:

Investment Manager’s Report		1

Glossary of Terms		9

Important Information about the Funds		11

Fund Summaries		13

Report of Independent Registered Public Accounting Firm		26

Statements of Assets and Liabilities		29

Statements of Operations		31

Statements of Changes in Net Assets		33

Financial Highlights		37

Schedules of Investments		73

Ashmore Emerging Markets Total Return Fund		73

Ashmore Emerging Markets Local Currency Bond Fund		91

Ashmore Emerging Markets Corporate Income Fund		100

Ashmore Emerging Markets Short Duration Fund		112

Ashmore Emerging Markets Active Equity Fund		117

Ashmore Emerging Markets Small-Cap Equity Fund		122

Ashmore Emerging Markets Frontier Equity Fund		126

Ashmore Emerging Markets Equity Fund		131

Ashmore Emerging Markets Equity ESG Fund		137

Ashmore Emerging Markets Short Duration Select Fund		141

Ashmore Emerging Markets Investment Grade Income Fund		145

Ashmore Emerging Markets Corporate Income ESG Fund		150

Notes to Financial Statements		155

Supplementary Information		185

For More Information		187

Privacy Policy		188

Other Information		189

Trustees and Officers		191

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

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

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

The performance data quoted in this report represents past performance. Investment return and principal value will fluctuate, so an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted in this report. For performance information current to the most recent month-end, please call (866) 876-8294.

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

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INVESTMENT MANAGER’S REPORT

For the period November 1, 2021 to October 31, 2022

Overview

In Q4 2021, global markets leapt and fell, and got back on their feet again, as the world went from winning against the (COVID-19) Delta variant to worrying about the Omicron variant in the space of five short weeks. The shadow of rising inflation and a change of heart at the Federal Reserve System (the “Fed”) provided further obstacles. Thus, in our view, it is nothing short of astonishing that global equities managed to clock their best quarterly return of 2021 in Q4, at 7.5% for the MSCI World Index. That said, Fund performance was concentrated in a few winning Russell trades during Q4, and returns were uneven between indices: US growth stocks ended the year on a tear (NASDAQ +11.1% in Q4 2021), but US small cap stocks only managed to return 1.9% for the Russell 2000 Index. European stocks were helped by the year-end rally in financials and energy stocks (Euro Stoxx 50 +6.2%). Emerging Markets (“EM”) underperformed the MSCI Emerging Markets Net, returning -1.7% amid huge disparity in performance between countries: strong returns from Taiwan, Mexico and South Africa contrasted with drawdowns from Russia, Brazil and China.

In Q1 2022, the Russian invasion of Ukraine dramatically altered the economic, political and investment landscapes, not just in terms of the immediate market implications for Q1 2022 returns, but also with regard to the enormous adjustments that central banks had to make to control increased inflation dynamics. The Russia-Ukraine war triggered a sharp sell-off in risk assets, a significant rise in energy prices and other commodities, and a brief move to lower US Treasury yields, before inflationary concerns and market expectations surrounding central bank rate hikes ultimately reasserted their influence and pushed yields higher. A weak start to the year for global equity markets in January and February was further compounded by the Russian war in Ukraine. Global equity markets did, however, try to stage a recovery in the latter half of March 2022. This followed the Fed’s first and widely anticipated rate hike of a new tightening cycle. It came with reassurances from Fed Chair Jerome Powell that the US economy was strong enough to handle higher rates and that the probability of recession was not particularly elevated. In contrast to the difficulties in other markets, the commodities space was the big winner over the period, boosted by frantic hedging against supply risk. In response to the Russian attack on Ukraine, the US and Europe announced the most severe round of economic sanctions ever dealt to a significant commercial partner. This included measures to freeze the part of the Central Bank of Russia’s (“CBR”) FX reserves that are held under their own jurisdiction, which amounts to circa two-thirds of the CBR’s reserves. The impact on financial assets has been severe: Russian onshore debt and equity markets have stopped functioning and payments to offshore investors have been blocked by the CBR, trapping foreign investors’ assets onshore. The asset freeze on CBR assets offshore limits Russia’s ability to defend the ruble. Just as importantly, it is our view that the sanctions make it quasi impossible for Western companies to trade and settle transactions with Russian counter-parties, shutting down the flow of important products out of Russia - at the exclusion of oil and gas products that have remained exempt for the time being. For this reason, the market has been focused on the importance of both Russia and Ukraine in the supply of strategic commodities such as oil, gas, and coal as well as cereals, minerals and fertilisers.

Q2 2022 was another tough quarter for bonds and stocks, which rounded up an equally tough first half (“H1”). Analysts at Deutsche Bank made the point that this was the worst H1 performance for US Treasuries since 1788, and the worst H1 return for the S&P 500 Index since 1962, not far behind the 1932 H1 decline. At the start of the quarter, fears of inflation and higher Fed Funds rates pummelled bond and equity markets as the war in Ukraine sent commodity prices through the roof. The roll-out of harsh COVID-19 lockdown measures in China did not help sentiment. Markets initially bottomed and rebounded in May, but heavy losses returned in June, when 2-year US Treasury yields soared by 80 basis points (“bps”) in the first two weeks, the Fed delivered a greater-than-expected 75 bps hike, and global equities fell by 11%. The combined effect of Fed hikes and lower asset prices amounted to a sharp tightening in financial conditions, with real economic consequences for companies and households.

After a positive start in July, two consecutive monthly declines in stock prices in August and September sent global equity indices down for a third negative consecutive quarter for the first time since the global financial crisis - when equity indices fell for five consecutive quarters. What stands out this year is the concurrent fall in global bond prices, where global indices (e.g., the Bloomberg Barclays Global Aggregate Index) fell for the fifth consecutive quarter in September, against just two back-to-back negative quarters in the middle of 2008. The market correction was driven by a combination of upside surprises in inflation, two consecutive 75 bps rate hikes by the Fed coupled with unrelenting hawkish guidance, and a fall in business confidence indicators across developed markets. A misjudged budget in the UK and a fire sale in UK government bonds (“Gilts”) heaped more pressure on core government bonds towards the end of the quarter.

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INVESTMENT MANAGER’S REPORT (CONTINUED)

Portfolio Overview

Ashmore Emerging Markets Total Return Fund

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

Over the period, the Fund’s institutional class underperformed its benchmark, returning -30.74% (net of fees) versus -20.71% for the composite 50% JP Morgan Emerging Markets Bond Index Global Diversified, 25% JP Morgan Government Bond Index - Emerging Markets Global Diversified, 25% JP Morgan Emerging Local Markets Index Plus. Security selection within local currency and external debt detracted from performance. The Fund’s off benchmark allocation to corporate debt was the largest detractor from performance over the period. Russia was the main contributor to the Fund’s relative performance. China and Ukraine were amongst the largest detractors from the Fund’s relative performance.

The Russian invasion of Ukraine, supported by Belarus, created an extremely challenging environment for asset price performance, as both Russia and Belarus were subject to an extreme package of economic sanctions. The sanctions had the immediate impact of restricting trading and settlement of Russian and Belarussian bonds, with both countries ultimately excluded from the entire JP Morgan family of bond indices effective March 31, 2022, with all bond prices being written down to zero. Russia nevertheless continued to make coupon payments on its USD denominated debt obligations, although the US government prevented Russia from making a bond principal payment out of foreign currency reserves held by the Central Bank of Russia at US financial institutions, forcing the Russian government to either pay the maturity out of the diminished pool of liquid and accessible FX reserves or default on the bond.

In our view, the Communist Party congress in China turned out to be a disappointment as President Xi effectively packed the Standing Committee (China’s top leadership body) with a loyal following. He now has absolute power in the country, doing away with previous checks and balances inherited in the system. The President defended the Zero Covid Policy, which remains in place officially, though some actual relaxation was noted in the face of a spiraling number of cases with very low levels of mortality. China risk assets all sold off during October, especially already weak bonds from the property sector, generating significant negative alpha. Evidence of softening industrial activity in China, with manufacturing Purchase Managers Index (“PMI”) surprising to the downside, exacerbated concerns about the stability of the property sector. After many months of relative inaction, the Chinese government announced the establishment of a fund that is aimed at supporting a number of developers with the aim of restoring liquidity to the sector and ensuring the completion of housing units already under development. The Chinese government appears to be backing away from its 5.5% growth target for 2022 following the release of Gross Domestic Product (“GDP”) figures for the first half of the year showing just 2.5% year-on-year (“yoy”) growth.

In Ukraine, the government unsurprisingly launched a consent solicitation to suspend debt repayment on its Eurobonds until August 2024. At the same time, the G7 and the Paris Club announced the suspension of Ukraine’s debt service through 2023. The announcements were the inevitable result of the ongoing war and the impact it has had on the Ukrainian economy.

Ashmore Emerging Markets Local Currency Bond Fund

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

Over the period, the Fund’s institutional class outperformed its benchmark, returning -17.49% (net of fees) versus -20.27% for the JP Morgan Government Bond Index - Emerging Markets Global Diversified. Allocations to the Russian Ruble, Polish Zloty and Brazilian Real were the main contributors to the Fund’s relative performance. Allocations to the Ukrainian Hryvnia and Chinese Yuan were the main detractors from the Fund’s relative performance.

Russian local markets remain disrupted by sanctions. The Central Bank of Russia cut policy rates to 7.5% from 9.5% over the quarter as inflation cooled (August yoy print came in at 14.3% against a print of 17.1% for June). The portfolio managed to reduce its off-benchmark holdings over the quarter, generating a mark-to-market gain.

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INVESTMENT MANAGER’S REPORT (CONTINUED)

A significant concern remains regarding the impact of Poland’s rule of law dispute with the EU, which has held up more than EUR 35bn in COVID-19 recovery grants and loans. Poland’s A- rating with stable outlook was affirmed by Standard and Poor (“S&P”) at the end of third quarter, with the rating agency highlighting the country’s strong external and government balance sheets and its “competitive and diversified” economy.

The Ukrainian Hryvnia was fixed higher over the third quarter (-25.4%) ending at 36.87/USD.

In China, economic indicators presented a mixed bag, with manufacturing Purchase Managing Index (“PMI”) back in expansionary territory but a lagging services sector. As the property sector challenges persist, the government announced additional new initiatives to encourage home purchases and to provide additional funding and support to the sector at the end of Q3, and followed up after the National Party Congress in mid-October with another round of policy support announcements.

Ashmore Emerging Markets Corporate Income Fund

The Ashmore Emerging Markets Corporate Income Fund (the “Fund”) seeks to achieve its objective by investing principally in the debt instruments of corporate issuers, which may be denominated in any currency, including the local currency of the issuer.

Over the period, the Fund’s institutional class underperformed its benchmark, returning -29.15% (net of fees) versus -18.06% for the JP Morgan CEMBI Broad Diversified. Russia was the main contributor to the Fund’s relative performance. China and Ukraine were amongst the largest detractors from the Fund’s relative performance.

The Russian invasion of Ukraine, supported by Belarus, created an extremely challenging environment for asset price performance, as both Russia and Belarus were subject to an extreme package of economic sanctions. The sanctions had the immediate impact of restricting trading and settlement of Russian and Belarussian bonds, with both countries ultimately excluded from the entire JP Morgan family of bond indices effective March 31st 2022, with all bond prices being written down to zero. Russia nevertheless continued to make coupon payments on its USD denominated debt obligations, although the US government prevented Russia from making a bond principal payment out of foreign currency reserves held by the Central Bank of Russia at US financial institutions, forcing the Russian government to either pay the maturity out of the diminished pool of liquid and accessible FX reserves or default on the bond.

Evidence of softening industrial activity in China, with manufacturing Purchase Managers Index (“PMI”) surprising to the downside, exacerbated concerns about the stability of the property sector. After many months of relative inaction, the Chinese government announced the establishment of a fund that is aimed at supporting a number of developers with the aim of restoring liquidity to the sector and ensuring the completion of housing units already under development. The Chinese government appears to be backing away from its 5.5% growth target for 2022 following the release of GDP figures for the first half of the year showing just 2.5% yoy growth.

Ashmore Emerging Markets Short Duration Fund

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

Over the period, the Fund’s institutional class underperformed its benchmark, returning -31.54% (net of fees) versus -11.56% for the JP Morgan CEMBI Broad Diversified 1-3 Year. Russia was the main contributor to the Fund’s relative performance. Positions in China, Brazil and Ukraine were amongst the largest detractors from the Fund’s relative performance.

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INVESTMENT MANAGER’S REPORT (CONTINUED)

Evidence of softening industrial activity in China, with manufacturing PMI surprising to the downside, exacerbated concerns about the stability of the property sector. After many months of relative inaction, the Chinese government announced the establishment of a fund that is aimed at supporting a number of developers with the aim of restoring liquidity to the sector and ensuring the completion of housing units already under development. The Chinese government appears to be backing away from its 5.5% growth target for 2022 following the release of GDP figures for the first half of the year showing just 2.5% yoy growth.

Profit taking in Brazil has extended following outperformance in the first quarter. The main negative contributor were security selections with exposure to Telecom, Airlines and Building Materials resulting in negative alpha. Politics took a front seat in the third quarter in the run-up to presidential elections slated for October, with concerns that fiscal stimulus and social spending would be increased to bolster the incumbent. Former President Lula da Silva won the majority of the votes in the election run-off against incumbent Bolsonaro, albeit by the slimmest margin in the recent history of the country. Lula pledged to re-unite the country, but it appears that he will govern with a fragmented Congress and against a sizeable pro-Bolsonaro block. In our view, he will need to form ad-hoc coalitions with Centrist parties in order to achieve his political agenda. He is expected to appoint a market-friendly economic team, and to push for an ambitious social agenda within the confines of limited fiscal space.

Ashmore Emerging Markets Active Equity Fund

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

Over the period, the Fund’s institutional class underperformed its benchmark, returning -33.40% (net of fees) versus -31.03% for the MSCI Emerging Markets Net.

Several of our best stock performers were concentrated in Brazil and India, in part reflecting the strong domestic operating environments in both countries. In Brazil, our holding in Hypera, a domestic focused leading pharmaceutical company, performed well. The business continues to take market share, the product pipeline is strong and margin pressure is expected to recede when policy rates ease. High quality apparel retailer, Lojas Renner, which targets middle to upper income consumers less sensitive to higher inflation, also supported performance. Our holding in Banco do Brasil benefitted from strong results, with net income growth up 55% yoy, 20% ahead of market expectations. In India, private banks HDFC and Axis both benefitted from strong loan growth and corporate strategies that focused on expansion in the higher fee retail segment of the market.

However, the above positives were offset by performance detractors primarily in China. This reflected the largely indiscriminate domestic sell off driven by depressed investor sentiment. Our holdings in pan Asia insurer, AIA, diversified financials, China International Capital, and e-commerce giant, Alibaba, all performed poorly.

Our exposure to Xpeng, an EV manufacturer, saw particularly volatile performance given its sensitivity to expectations of domestic economic growth, despite the company reporting revenue up almost 100% over the year, and ahead of market expectations. Meanwhile, our decision to be prudent ahead of the polarized Brazilian Presidential election and not to hold Petrobras was penalized as the company made notably strong dividend payouts.

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INVESTMENT MANAGER’S REPORT (CONTINUED)

Ashmore Emerging Markets Small-Cap Equity Fund

The Ashmore Emerging Markets Small-Cap Equity Fund (the “Fund”) seeks to achieve its objective by investing at least 80% of its net assets in equity securities and equity-related investments of small-capitalization emerging market issuers, which may be denominated in any currency, including the local currency of the issuer.

Over the period, the Fund’s institutional class underperformed its benchmark, returning -33.21% (net of fees) versus -23.42% for the MSCI Emerging Markets Small Cap Net.

Several of our best stock performers were concentrated in Brazil, including our holding in two leading software companies, Totvs and Sinqia. In the former, the company benefitted from strong revenue growth while the later has seen recent acquisitions and margin expansion from product consolidation push returns higher. Additional performance was generated by Arezzo, a premium footwear retailer that delivered excellent results that were ahead of market expectations.

From a company perspective, Poya International was the top performing stock. The Taiwanese specialty retailer offers a wide variety of products including cosmetics, personal care and household merchandise. The company benefits from economies of scale and management has stated their desire for significant store expansion by 2025.

The primary detractors from performance came from the cyclical segment market and suffered on the broad-based sell down notably in technology stocks. This includes our position in Hansol Chemical and Hana Materials, two South Korean companies in the semiconductor value chain. In Taiwan, Parade Technologies, a fabless supplier of integrated circuits for display and high-speed interfaces, and eCloudvalley, a managed service provider for cloud services, weighed on performance.

Ashmore Emerging Markets Frontier Equity Fund

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

Over the period, the Fund’s institutional class outperformed its benchmark, returning -15.78% (net of fees) versus -16.91% for the MSCI Frontier Markets + Select EM Countries Capped Index Net TR.

A contributor to the Fund’s relative performance was security selection in the UAE. Notably, Abu Dhabi Islamic Bank and Emaar Properties had strong returns. In the former, the company benefitted from high loan growth and fee income in addition to expanding Net Interest Margin (“NIMs”). Management increased guidance, and determined that? Return on Equity (“ROE”) could approach 20%. In the latter, the company benefitted from high real estate demand and increased rents. Staying in the GCC, Al Hammadi Holding, a Saudi Arabian healthcare company, saw a significant increase in profit in the first half of 2022 and contributed to the Fund’s outperformance.

From an issuer perspective, Fertiglobe, an Egyptian based export-focused nitrogen fertilizer platform that has been supported by higher urea and ammonia prices, was the largest contributor to performance.

Kazakhstan was the largest detractor from performance. The year began with political unrest after the government removed energy price caps. The impact was immediate and the country experienced a drastic rise in fuel prices. With a heavy-handed response, the government restored order. However, weak performance continued throughout the period.

In addition, heightened risk aversion was driven by uncertainty surrounding Western economic sanctions relating to the Russia / Ukraine conflict and whether those sanctions would be expanded to include ‘friends of Russia.” The Fund’s holdings in Kaspi, a financial technology services firm, and Halyk Savings Bank, underperformed.

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INVESTMENT MANAGER’S REPORT (CONTINUED)

Ashmore Emerging Markets Equity Fund

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

Over the period, the Fund’s institutional class underperformed its benchmark, returning -38.85% (net of fees) versus -31.03% for the MSCI Emerging Markets Net.

Several of our best stock performers were concentrated in Brazil and India, in part reflecting the strong domestic operating environments in both countries. In Brazil, our holding in Totvs, a leading software provider benefited from strong revenue growth. Arezzo, a premium footwear retailer, delivered excellent results that were ahead of market expectations, while our holding in energy company Petrobras continued to perform well given notably strong dividend payouts to minority shareholders.

Meanwhile, in India, private banks HDFC and ICICI both benefitted from strong loan growth and corporate strategies that focused on expansion in the higher fee retail segment of the market. Our investment in generics pharmaceutical company Granules performed well on improving margins as well as improving free cash flow generation.

The primary performance detractors were focused in China. Our holding in Beijing Oriental, a high-quality provider of water proofing materials to the real estate sector, struggled given the ongoing challenges in the sector. Depressed investor sentiment towards China in general weighed on our holdings in gaming company Netease, leading pan Asia insurer AIA and e-commerce company JD.Com. In the latter case, this was despite ongoing evidence of market share gains from Alibaba. Indeed, we believe our zero-weight exposure to Alibaba went someway to offset the above negatives.

Ashmore Emerging Markets Equity ESG Fund

The Ashmore Emerging Markets Equity ESG Fund (the “Fund”) seeks to achieve its objective by investing principally in equity securities and equity-related investments of Emerging Market Issuers, which may be denominated in any currency, including the local currency of the issuer, focusing on issuers that the Investment Manager believes satisfy the Environmental, Social, and Governance (“ESG”) Criteria.

Over the period, the Fund’s institutional class underperformed its benchmark, returning -40.10% (net of fees) versus -31.03% for the MSCI Emerging Markets Net.

In Brazil, our holding in Totvs, a leading software provider benefited from strong revenue growth, while Arezzo, a premium footwear retailer, delivered results that were ahead of market expectations. Hapvida, a vertically integrated health care operator, benefitted from growth in the corporate and individual segment of the market which drove revenue higher.

Meanwhile, in India, private banks HDFC and Industrial Credit and Investment Corporation of India (“ICICI”) both benefitted from strong loan growth and corporate strategies that focused on expansion in the higher fee retail segment of the market. Our investment in generics pharmaceutical company Granules performed well on improving margins as well as improving free cash flow generation.

The primary performance detractors were focused in China. Our holding in Beijing Oriental, a high quality provider of water proofing materials to the real estate sector, struggled given the ongoing challenges in the sector. Depressed investor sentiment towards China in general weighed on our holdings in gaming company Tencent, leading pan Asia insurer AIA and e-commerce company JD.Com. In the latter case, this was despite ongoing evidence of market share gains from Alibaba. Indeed, we believe our zero weight exposure to Alibaba went someway to offset the above negatives.

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INVESTMENT MANAGER’S REPORT (CONTINUED)

Ashmore Emerging Markets Short Duration Select Fund

The Ashmore Emerging Markets Short Duration Select Fund (the “Fund”) seeks to achieve its objective by investing principally in 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 and an Investment Grade weighted average credit rating.

Over the period, the Fund’s institutional class underperformed its benchmark, returning -12.16% (net of fees) versus -10.85% for the JP Morgan CEMBI Broad Diversified 1-3 Year. Positions in Russia were amongst the main contributors to the Fund’s relative performance. Positions in China and Poland were amongst the largest detractors from the Fund’s relative performance.

In our view, the Communist Party congress in China turned out to be a disappointment as President Xi effectively packed the Standing Committee (China’s top leadership body) with a loyal following. He now has absolute power in the country, doing away with previous checks and balances inherited in the system. The President defended the Zero Covid Policy, which remains in place officially, though some actual relaxation was noted in the face of a spiraling number of cases with very low levels of mortality. China risk assets all sold off during October, especially already weak bonds from the property sector, generating significant negative alpha. Evidence of softening industrial activity in China, with manufacturing Purchase Managers Index (“PMI”) surprising to the downside, exacerbated concerns about the stability of the property sector. After many months of relative inaction, the Chinese government announced the establishment of a fund that is aimed at supporting a number of developers with the aim of restoring liquidity to the sector and ensuring the completion of housing units already under development. The Chinese government appears to be backing away from its 5.5% growth target for 2022 following the release of GDP figures for the first half of the year showing just 2.5% year-on-year (“yoy”) growth.

Poland has had to cope with high inflation from food and energy prices as well as dealing with an influx of refugees from war torn neighbouring Ukraine. Security selection in the property sector contributed to underperformance in Poland.

Ashmore Emerging Markets Investment Grade Income Fund

The Ashmore Emerging Markets Investment Grade Income (the “Fund”) seeks to achieve its objective by investing principally in debt instruments of, and derivative instruments related to, Sovereigns, Quasi-Sovereigns and Corporate issuers of Emerging Market Countries and EM Supra-Nationals denominated exclusively in Hard Currencies (i.e., the U.S. dollar or any currency of a nation in the G-7). The Fund has no restrictions on individual security duration.

Over the period, the Fund’s institutional class underperformed its benchmark, returning -21.02% (net of fees) versus -18.26% for the JP Morgan CEMBI Investment Grade Broad Diversified. Positions in Russia were amongst the largest country contributors to the Fund’s relative performance. Positions in Ukraine and Mexico detracted from the Fund’s performance.

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INVESTMENT MANAGER’S REPORT (CONTINUED)

continued to make coupon payments on its USD denominated debt obligations, although the US government prevented Russia from making a bond principal payment out of foreign currency reserves held by the Central Bank of Russia at US financial institutions, forcing the Russian government to either pay the maturity out of the diminished pool of liquid and accessible FX reserves or default on the bond.

Economic data was mixed in Mexico, where the government presented an ambitious 2023 Economic Package to Congress, with aggressive revenue forecasts and continued support for Andrés Manuel López Obrador’s (“AMLO’s”) social spending programmes and key infrastructure projects. Longer duration sovereign and Pemex bonds were challenged with moves in US Treasury yields.

Ashmore Emerging Markets Corporate Income ESG Fund

The Ashmore Emerging Markets Corporate Income ESG Fund (the “Fund”) seeks to achieve its objective by investing principally in debt instruments of Corporate issuers, which may be denominated principally in Hard Currencies (i.e., the U.S. dollar or any currency of a nation in the G-7), focusing on issuers that the Investment Manager believes satisfy the ESG Criteria.

The Fund commenced operations on 26 February 2021. Over the period, the Fund’s institutional class underperformed its benchmark, returning -27.56% (net of fees) versus -18.06% for the JP Morgan CEMBI Broad Diversified. Security selection in Jamaica and Qatar contributed to the Fund’s relative performance. China, Mexico and Brazil were the largest detractors from the Fund’s relative performance.

Qatar continued to benefit from increased prices on natural gas and oil exports, and an additional push is expected to come from the upcoming World Cup. Moody’s reported that the current oil price boost will likely lead to a significant improvement in the fiscal and external positions of GCC sovereigns, with Qatar to benefit among the most among its peers in the region.

In our view, the Communist Party congress in China turned out to be a disappointment as President Xi effectively packed the Standing Committee (China’s top leadership body) with a loyal following. He now has absolute power in the country, doing away with previous checks and balances inherited in the system. The President defended the Zero Covid Policy, which remains in place officially, though some actual relaxation was noted in the face of a spiraling number of cases with very low levels of mortality. China risk assets all sold off during October, especially already weak bonds from the property sector, generating significant negative alpha. Evidence of softening industrial activity in China, with manufacturing Purchase Managers Index (“PMI”) surprising to the downside, exacerbated concerns about the stability of the property sector. After many months of relative inaction, the Chinese government announced the establishment of a fund that is aimed at supporting a number of developers with the aim of restoring liquidity to the sector and ensuring the completion of housing units already under development. The Chinese government appears to be backing away from its 5.5% growth target for 2022 following the release of GDP figures for the first half of the year showing just 2.5% year-on-year (“yoy”) growth.

Economic data was mixed in Mexico, where the government presented an ambitious 2023 Economic Package to Congress, with aggressive revenue forecasts and promises to maintain AMLO’s social spending programmes and key infrastructure projects. Longer duration sovereign and Pemex bonds were challenged with moves in US Treasury yields.

GLOSSARY OF TERMS

MSCI World Index: A broad global equity index that represents large and mid-cap equity performance across all 23 developed markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country.

Russell 2000 Index: A stock market index that measures the performance of the 2,000 smaller companies included in the Russell 3000 Index.

MSCI Emerging Markets Net (“MSCI EM Net”): A free float-adjusted market capitalization index that is designed to measure equity market performance in the global Emerging Markets.

S&P 500 Index: Measures the value of the stocks of the 500 largest corporations by market capitalization listed on the New York Stock Exchange or Nasdaq.

Bloomberg Barclays Global Aggregate Index: A flagship measure of global investment grade debt from a multitude local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.

JP Morgan Emerging Markets Bond Index Global Diversified: A uniquely weighted USD-denominated Emerging Markets sovereign index. It provides full coverage of the Emerging Markets asset class with representative countries, investable instruments (sovereign and quasi-sovereign), and transparent rules. It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding.

JP Morgan Government Bond Index - Emerging Markets Global Diversified (“JP Morgan GBI-EM GD”): A comprehensive global local emerging markets index, and consists of regularly traded, liquid fixed-rate, domestic currency government bonds to which international investors can gain exposure.

JP Morgan Emerging Local Markets Index Plus: Tracks total returns for local currency denominated money market instruments in 23 Emerging Markets.

JP Morgan CEMBI: Tracks the performance of US dollar-denominated bonds issued by emerging market corporate entities.

JP Morgan CEMBI Broad Diversified (“JP Morgan CEMBI BD”): Consists of an investable universe of corporate bonds and tracks total returns of USD-denominated debt instruments issued by corporate entities in Emerging Markets countries.

JP Morgan CEMBI Investment Grade Broad Diversified (“JP Morgan CEMBI IG BD”): A sub index of the JPM CEMBI BD which contains instruments that carry an investment grade rating.

JP Morgan CEMBI Broad Diversified 1-3 Year (“JP Morgan CEMBI BD 1-3 Year”): A sub index of the JPM CEMBI BD which contains instruments that have a maturity greater than 1 year and less than 3 years.

JP Morgan CEMBI Broad Diversified Investment Grade 1-3 Year (“JP Morgan CEMBI BD IG 1-3 Year”): A sub index of the JPM CEMBI BD which contains investment grade instruments that have a maturity greater than 1 year and less than 3 years.

BofA Merrill Lynch 1-3 Year US Treasury Index: A subset of The BofA Merrill Lynch US Treasury Index including all securities with a remaining term to final maturity less than 3 years.

MSCI Emerging Markets Small Cap Net (“MSCI EM Small Cap Net”): A free float-adjusted market capitalization index that is designed to measure small cap equity market performance in the global Emerging Markets.

MSCI Frontier Markets + Select EM Countries Capped Index Net TR (“MSCI FR + Select EM”): A customised benchmark that is designed to measure equity market performance of constituent companies in each of the MSCI Frontiers Market Index (50%) and emerging markets crossover markets (50%), which are the Philippines, Qatar, United Arab Emirates, Peru, Colombia, Argentina, Egypt, Pakistan and Kuwait, together with a country cap of 15%.

GLOSSARY OF TERMS (CONTINUED)

Net Interest Margin (“NIMs”): The amount of money that a bank is earning in interest on loans compared to the amount it is paying in interest on deposits.

Basis points (“bps”): A unit of measure used in finance to describe the percentage change in the value of financial instruments or the rate change in an index or other benchmark.

Gross Domestic Product (“GDP”): Measures the monetary value of final goods and services—that is, those that are bought by the final user—produced in a country in a given period of time.

Purchase Managers Index (“PMI”): Is a survey-based indicator of business conditions, which includes individual measures (‘sub-indices’) of business output, new orders, employment, costs, selling prices, exports, purchasing activity, supplier performance, backlogs of orders and inventories of both inputs, etc.

Return on Equity (“ROE”): Is the measure of a company’s net income divided by its shareholders’ equity.

IMPORTANT INFORMATION ABOUT THE FUNDS

Ashmore Investment Advisors Limited

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

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

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

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

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

The expenses shown are for the fiscal year and may differ from the current prospectus.

IMPORTANT INFORMATION ABOUT THE FUNDS (CONTINUED)

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

EXPENSE EXAMPLE

Fund Expenses

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in Dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, from May 1, 2022 or the inception date (if later), through October 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Ashmore Emerging Markets Total Return Fund

FUND SUMMARY (UNAUDITED)


Ashmore Emerging Markets Total Return Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in debt instruments of sovereign, quasi-sovereign, and corporate issuers of Emerging Market countries, which may be denominated in any currency, including the local currency of the issuer. The Fund tactically allocates assets between external debt, corporate debt and local currency.								Share class information INSTITUTIONAL CLASS Launch date: December 8, 2010 Minimum initial investment: $1,000,000 ISIN: US0448204059 CUSIP: 044820405 BLOOMBERG: EMKIX US TICKER: EMKIX RETAIL CLASS A Launch date: May 12, 2011 Minimum initial investment: $1,000 ISIN: US0448208357 CUSIP: 044820835 BLOOMBERG: EMKAX US TICKER: EMKAX RETAIL CLASS C Launch date: May 12, 2011 Minimum initial investment: $1,000 ISIN: US0448208274 CUSIP: 044820827 BLOOMBERG: EMKCX US TICKER: EMKCX All sources are Ashmore unless otherwise indicated.
Please refer to page 1 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2022	1 Year		5 Year		10 Year
Institutional Class		-30.74%		-7.14%		-2.34%
Retail Class A (load-waived)		-30.79%		-7.33%		-2.56%	³
Retail Class A (unadjusted)¹		-33.60%		-8.08%		-2.96%	³
Retail Class C (load-waived)		-31.39%		-8.05%		-3.15%	³
Retail Class C (unadjusted)¹		-32.05%		-8.05%		-3.15%	³
50/25/25 Composite Benchmark²		-20.71%		-2.69%		-0.47%
Cumulative Returns Through Oct 31, 2022 (% of NAV)

The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. The minimum initial investment amount for Retail Shares Classes A and C is $1,000. All Fund returns are net of fees and expenses, except for the load-waived return information for Class A and Class C shares. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.

¹Unadjusted Performance accounts for a maximum sales load of 4% for Class A shares and maximum deferred sales charge of 1% for the 1 year return for the Class C shares. ²The index for the Fund is 50% JP Morgan Emerging Markets Bond Index Global Diversified, 25% JP Morgan Emerging Local Markets Index Plus, and 25% JP Morgan Government Bond Index-Emerging Markets Global Diversified. ³Class C Shares performance reflects conversion to Class A Shares after eight years.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please call 1-855-274-6673. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods.

Please refer to page 2 herein for an explanation of the Expense Example information presented below.



Expense example	Actual performance			Hypothetical performance

	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C

Beginning Account Value (5/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (10/31/2022)	$840.30	$840.60	$836.80	$1,020.11	$1,018.85	$1,015.07

Expense Ratio (Gross / Net)	1.19% / 1.01%	1.44% / 1.26%	2.19% / 2.01%	1.19% / 1.01%	1.44% / 1.26%	2.19% / 2.01%

Expenses Paid*	$4.68	$5.85	$9.31	$5.14	$6.41	$10.21

*Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2022 through October 31, 2022, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

Ashmore Emerging Markets Local Currency Bond Fund

FUND SUMMARY (UNAUDITED)


Ashmore Emerging Markets Local Currency Bond Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in debt instruments of sovereign and quasi-sovereign issuers of Emerging Market countries that are denominated in the local currency of the issuer.								Share class information INSTITUTIONAL CLASS Launch date: December 8, 2010 Minimum initial investment: $1,000,000 ISIN: US0448202079 CUSIP: 044820207 BLOOMBERG: ELBIX US TICKER: ELBIX RETAIL CLASS A Launch date: May 12, 2011 Minimum initial investment: $1,000 ISIN: US0448208761 CUSIP: 044820876 BLOOMBERG: ELBAX US TICKER: ELBAX RETAIL CLASS C Launch date: May 12, 2011 Minimum initial investment: $1,000 ISIN: US0448208688 CUSIP: 044820868 BLOOMBERG: ELBCX US TICKER: ELBCX All sources are Ashmore unless otherwise indicated.
Please refer to page 1 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2022	1 Year		5 Year		10 Year
Institutional Class		-17.49%		-3.64%		-2.64%
Retail Class A (load-waived)		-17.75%		-3.85%		-2.88%	³
Retail Class A (unadjusted)¹		-21.05%		-4.63%		-3.27%	³
Retail Class C (load-waived)		-18.30%		-4.58%		-3.47%	³
Retail Class C (unadjusted)¹		-19.11%		-4.58%		-3.47%	³
JP Morgan GBI-EM GD²		-20.27%		-3.54%		-2.56%
Cumulative Returns Through Oct 31, 2022 (% of NAV)

¹Unadjusted Performance accounts for a maximum sales load of 4% for Class A shares and maximum deferred sales charge of 1% for the 1 year return for the Class C shares. ²The index for the Fund is the JP Morgan Global Bond Index—Emerging Markets Global Diversified. ³Class C Shares performance reflects conversion to Class A Shares after eight years.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please call 1-855-274-6673. Periods greater than one year are annualized. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase. The Fund’s performance will fluctuate over long and short term periods.

Please refer to page 2 herein for an explanation of the Expense Example information presented below.



Expense example	Actual performance			Hypothetical performance

	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C

Beginning Account Value (5/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (10/31/2022)	$929.10	$927.40	$925.20	$1,020.32	$1,019.06	$1,015.27

Expense Ratio (Gross / Net)	3.02% / 0.97%	3.27% / 1.22%	4.03% / 1.97%	3.02% / 0.97%	3.27% / 1.22%	4.03% / 1.97%

Expenses Paid*	$4.72	$5.93	$9.56	$4.94	$6.21	$10.01

Ashmore Emerging Markets Corporate Income Fund

FUND SUMMARY (UNAUDITED)


Ashmore Emerging Markets Corporate Income Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in debt instruments of Emerging Market corporate issuers, which may be denominated in any currency, including the local currency of the issuer.								Share class information INSTITUTIONAL CLASS Launch date: December 8, 2010 Minimum initial investment: $1,000,000 ISIN: US044825049 CUSIP: 044820504 BLOOMBERG: EMCIX US TICKER: EMCIX RETAIL CLASS A Launch date: May 12, 2011 Minimum initial investment: $1,000 ISIN: US0448206039 CUSIP: 044820603 BLOOMBERG: ECDAX US TICKER: ECDAX RETAIL CLASS C Launch date: May 12, 2011 Minimum initial investment: $1,000 ISIN: US0448207029 CUSIP: 044820702 BLOOMBERG: ECDCX US TICKER: ECDCX All sources are Ashmore unless otherwise indicated.
Please refer to page 1 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2022	1 Year		5 Year		10 Year
Institutional Class		-29.15%		-4.56%		0.37%
Retail Class A (load-waived)		-29.30%		-4.80%		0.11%	³
Retail Class A (unadjusted)¹		-32.10%		-5.58%		-0.29%	³
Retail Class C (load-waived)		-29.86%		-5.50%		-0.51%	³
Retail Class C (unadjusted)¹		-30.52%		-5.50%		-0.51%	³
JP Morgan CEMBI BD²		-18.06%		-0.20%		2.27%
Cumulative Returns Through Oct 31, 2022 (% of NAV)

Please refer to page 2 herein for an explanation of the Expense Example information presented below.



Expense example	Actual performance			Hypothetical performance

	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C

Beginning Account Value (5/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (10/31/2022)	$842.20	$841.50	$838.10	$1,020.92	$1,019.66	$1,015.88

Expense Ratio (Gross / Net)	1.10% / 0.85%	1.35% / 1.10%	2.10% / 1.85%	1.10% / 0.85%	1.35% / 1.10%	2.10% / 1.85%

Expenses Paid*	$3.95	$5.11	$8.57	$4.33	$5.60	$9.40

Ashmore Emerging Markets Short Duration Fund

FUND SUMMARY (UNAUDITED)


Ashmore Emerging Markets Short Duration Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in short-term debt instruments of, and derivative instruments related to, sovereign, quasi-sovereign and corporate issuers of Emerging Markets countries denominated exclusively in hard currencies (i.e., the U.S. dollar or any currency of a nation in the G-7). The Fund normally seeks to maintain a weighted average portfolio duration of between 1 and 3 years. The Fund has no restrictions on individual security duration.							Share class information INSTITUTIONAL CLASS Launch date: June 24, 2014 Minimum initial investment: $1,000,000 ISIN: US0448206948 CUSIP: 044820694 BLOOMBERG: ESFIX US TICKER: ESFIX RETAIL CLASS A Launch date: September 23, 2014 Minimum initial investment: $1,000 ISIN: US0448207284 CUSIP: 044820728 BLOOMBERG: ESFAX US TICKER: ESFAX RETAIL CLASS C Launch date: June 13, 2017 Minimum initial investment: $1,000 ISIN: US0448207102 CUSIP: 044820710 BLOOMBERG: ESFCX US TICKER: ESFCX All sources are Ashmore unless otherwise indicated.
Please refer to page 1 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2022	1 Year		5 Year		Since incpt¹
Institutional Class		-31.54%		-10.27%		-2.51%
Retail Class A (load-waived)		-31.54%		-10.48%		-2.74%
Retail Class A (unadjusted)¹		-33.12%		-11.20%		-3.23%
Retail Class C (load-waived)		-32.29%		-11.21%		-9.68%
Retail Class C (unadjusted)¹		-32.92%		-11.21%		-9.68%
JP Morgan CEMBI BD 1-3 Year²		-11.56%		0.78%		1.81%
Cumulative Returns Through Oct 31, 2022 (% of NAV)

The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. The minimum initial investment amount for Retail Shares Class A is $1,000. All Fund returns are net of fees and expenses, except for the load-waived return information for Class A shares. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.

¹Unadjusted Performance accounts for a maximum sales load of 2.25% for Class A shares and maximum deferred sales charge of 1% for the 1 year return for the Class C shares. ²The index for the Fund is the JP Morgan CEMBI Broad Diversified 1-3 Year. Since inception returns are from the inception of the Institutional Class.

Please refer to page 2 herein for an explanation of the Expense Example information presented below.



Expense example	Actual performance			Hypothetical performance

	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C

Beginning Account Value (5/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (10/31/2022)	$818.60	$819.30	$814.60	$1,023.24	$1,021.98	$1,018.20

Expense Ratio (Gross / Net)	0.69% / 0.39%	0.94% / 0.64%	1.69% / 1.39%	0.69% / 0.39%	0.94% / 0.64%	1.69% / 1.39%

Expenses Paid*	$1.79	$2.93	$6.36	$1.99	$3.26	$7.07

Ashmore Emerging Markets Active Equity Fund

FUND SUMMARY (UNAUDITED)


Ashmore Emerging Markets Active Equity Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Emerging Market issuers, which may be denominated in any currency, including the local currency of the issuer.							Share class information INSTITUTIONAL CLASS Launch date: November 1, 2016 Minimum initial investment: $1,000,000 ISIN: US0448205957 CUSIP: 044820595 BLOOMBERG: EMQIX US TICKER: EMQIX RETAIL CLASS A Launch date: November 1, 2016 Minimum initial investment: $1,000 ISIN: US0448206294 CUSIP: 044820629 BLOOMBERG: EMQAX US TICKER: EMQAX RETAIL CLASS C Launch date: November 1, 2016 Minimum initial investment: $1,000 ISIN: US0448206112 CUSIP: 044820611 BLOOMBERG: EMQCX US TICKER: EMQCX All sources are Ashmore unless otherwise indicated.
Please refer to page 1 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2022	1 Year		5 Year		Since incpt¹
Institutional Class		-33.40%		-3.70%		0.97%
Retail Class A (load-waived)		-33.53%		-3.93%		0.74%
Retail Class A (unadjusted)¹		-37.04%		-4.95%		-0.15%
Retail Class C (load-waived)		-34.05%		-4.67%		0.00%
Retail Class C (unadjusted)¹		-34.53%		-4.67%		0.00%
MSCI EM Net²		-31.03%		-3.09%		1.35%
Cumulative Returns Through Oct 31, 2022 (% of NAV)

Please refer to page 2 herein for an explanation of the Expense Example information presented below.



Expense example	Actual performance			Hypothetical performance

	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C

Beginning Account Value (5/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (10/31/2022)	$797.80	$796.60	$793.60	$1,020.06	$1,018.80	$1,015.02

Expense Ratio (Gross / Net)	1.29% / 1.02%	1.54% / 1.27%	2.32% / 2.02%	1.29% / 1.02%	1.54% / 1.27%	2.32% / 2.02%

Expenses Paid*	$4.62	$5.75	$9.13	$5.19	$6.46	$10.26

Ashmore Emerging Markets Small-Cap Equity Fund

FUND SUMMARY (UNAUDITED)


Ashmore Emerging Markets Small-Cap Equity Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing at least 80% of its net assets in equity securities and equity-related investments of Small-Capitalization Emerging Market Issuers, which may be denominated in any currency, including the local currency of the issuer.								Share class information INSTITUTIONAL CLASS Launch date: October 4, 2011 Minimum initial investment: $1,000,000 ISIN: US0448201162 CUSIP: 044820116 BLOOMBERG: ESCIX US TICKER: ESCIX RETAIL CLASS A Launch date: February 1, 2012 Minimum initial investment: $1,000 ISIN: US0448207938 CUSIP: 044820793 BLOOMBERG: ESSAX US TICKER: ESSAX RETAIL CLASS C Launch date: August 23, 2012 Minimum initial investment: $1,000 ISIN: US0448207854 CUSIP: 044820785 BLOOMBERG: ESSCX US TICKER: ESSCX All sources are Ashmore unless otherwise indicated.
Please refer to page 1 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2022	1 Year		5 Year		10 Year
Institutional Class		-33.21%		0.40%		3.34%
Retail Class A (load-waived)		-33.37%		0.13%		3.06%	³
Retail Class A (unadjusted)¹		-36.87%		-0.94%		2.51%	³
Retail Class C (load-waived)		-33.91%		-0.57%		2.46%	³
Retail Class C (unadjusted)¹		-34.57%		-0.57%		2.46%	³
MSCI EM Small Cap Net²		-23.42%		0.54%		3.06%
Cumulative Returns Through Oct 31, 2022 (% of NAV)

Please refer to page 2 herein for an explanation of the Expense Example information presented below.



Expense example	Actual performance			Hypothetical performance

	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C

Beginning Account Value (5/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (10/31/2022)	$870.80	$870.00	$866.40	$1,017.54	$1,016.28	$1,012.50

Expense Ratio (Gross / Net)	2.95% / 1.52%	3.20% / 1.77%	3.96% / 2.52%	2.95% / 1.52%	3.20% / 1.77%	3.96% / 2.52%

Expenses Paid*	$7.17	$8.34	$11.85	$7.73	$9.00	$12.78

Ashmore Emerging Markets Frontier Equity Fund

FUND SUMMARY (UNAUDITED)


Ashmore Emerging Markets Frontier Equity Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Frontier Market issuers, which may be denominated in any currency, including the local currency of the issuer.							Share class information INSTITUTIONAL CLASS Launch date: November 1, 2013 Minimum initial investment: $1,000,000 ISIN: US0448207367 CUSIP: 044820736 BLOOMBERG: EFEIX US TICKER: EFEIX RETAIL CLASS A Launch date: May 7, 2014 Minimum initial investment: $1,000 ISIN: US0448207516 CUSIP: 044820751 BLOOMBERG: EFEAX US TICKER: EFEAX RETAIL CLASS C Launch date: May 7, 2014 Minimum initial investment: $1,000 ISIN: US0448207441 CUSIP: 044820744 BLOOMBERG: EFECX US TICKER: EFECX All sources are Ashmore unless otherwise indicated.
Please refer to page 1 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2022	1 Year		5 Year		Since incpt¹
Institutional Class		-15.78%		-0.37%		2.90%
Retail Class A (load-waived)		-15.92%		-0.66%		1.42%²
Retail Class A (unadjusted)¹		-20.33%		-1.72%		0.79%²
Retail Class C (load-waived)		-16.58%		-1.45%		0.66%²
Retail Class C (unadjusted)¹		-17.40%		-1.45%		0.66%²
MSCI FM + Select EM*		-16.91%		N/A		N/A
MSCI Frontier Markets Net*		-31.19%		-2.34%		1.01%
Cumulative Returns Through Oct 31, 2022 (% of NAV)

The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. All Fund returns are net of fees and expenses. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.

¹Unadjusted Performance accounts for a maximum sales load of 5.25% for Class A shares and maximum deferred sales charge of 1% for the 1 year return for the Class C shares. ²Class C Shares performance reflects conversion to Class A Shares after eight years.

*The index disclosed in the line graph is the MSCI Frontier Markets Index Net TR. Effective December 31, 2019, the Fund started using the MSCI Frontier Markets + Select EM Countries Capped Index Net TR with performance of the index beginning on December 31, 2019. Prior to this Fund’s benchmark was the MSCI Frontier Markets Index Net TR from inception. Source: MSCI. The MSCI data is comprised of a custom index calculated by MSCI for, and as requested by, Ashmore. The MSCI data is for internal use only and may not be redistributed or used in connection with creating or offering any securities, financial products or indices. Neither MSCI nor any other third party involved in or related to compiling, computing or creating the MSCI data (the “MSCI Parties) makes any express or implied warranties or representations with respect to such data or the results to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to such data. Without limiting any of the foregoing, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits,) even if notified of the possibility of such damages. The MSCI Frontier + Select Emerging Markets Countries Capped Index is a customised benchmark that is designed to measure equity market performance of constituent companies in each of the MSCI Frontiers Market Index (50%) and emerging markets crossover markets (50%), which are the Philippines, Qatar, United Arab Emirates, Peru, Colombia, Argentina, Egypt and Pakistan, together with a country cap of 15%. You cannot invest directly in an index. Since inception returns are from the inception of the Institutional Class.

Ashmore Emerging Markets Frontier Equity Fund

FUND SUMMARY (UNAUDITED) (CONTINUED)

Please refer to page 2 herein for an explanation of the Expense Example information presented below.



Expense example	Actual performance			Hypothetical performance

	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C

Beginning Account Value (5/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (10/31/2022)	$866.00	$865.30	$861.40	$1,017.54	$1,016.28	$1,012.50

Expense Ratio (Gross / Net)	2.05% / 1.52%	2.30% / 1.77%	3.05% / 2.52%	2.05% / 1.52%	2.30% / 1.77%	3.05% / 2.52%

Expenses Paid*	$7.15	$8.32	$11.82	$7.73	$9.00	$12.78

Ashmore Emerging Markets Equity Fund

FUND SUMMARY (UNAUDITED)


Ashmore Emerging Markets Equity Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Emerging Market issuers, which may be denominated in any currency, including the local currency of the issuer.							Share class information INSTITUTIONAL CLASS Launch date: June 21, 2011 Minimum initial investment: $1,000,000 ISIN: US0448208191 CUSIP: 044820819 BLOOMBERG: EMFIX US TICKER: EMFIX RETAIL CLASS A Launch date: February 24, 2012 Minimum initial investment: $1,000 ISIN: US0448207771 CUSIP: 044820777 BLOOMBERG: EMEAX US TICKER: EMEAX RETAIL CLASS C Launch date: August 23, 2012 Minimum initial investment: $1,000 ISIN: US0448207698 CUSIP: 044820769 BLOOMBERG: EMECX US TICKER: EMECX All sources are Ashmore unless otherwise indicated.
Please refer to page 1 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2022	1 Year		5 Year		10 Year
Institutional Class		-38.85%		-0.22%		2.67%
Retail Class A (load-waived)		-39.01%		-0.46%		2.41%⁴
Retail Class A (unadjusted)¹		-42.22%		-1.53%		1.86%⁴
Retail Class C (load-waived)³		-39.46%		-1.16%		1.81%⁴
Retail Class C (unadjusted)^1,3		-39.95%		-1.16%		1.81%⁴
MSCI EM Net²		-31.03%		-3.09%		0.79%
Cumulative Returns Through Oct 31, 2022 (% of NAV)

¹Unadjusted Performance accounts for a maximum sales load of 5.25% for Class A shares and maximum deferred sales charge of 1% for the 1 year return for the Class C shares. ²The index for the Fund is the MSCI Emerging Markets Net. ³The Fund did not have any Class C shares outstanding from August 9, 2016 to March 3, 2017 (the “Gap Period”), but had Class C shares outstanding for all other periods shown. For the Gap Period, performance shown for Class C shares is derived from the historical performance of the Fund’s Class A shares during such period, adjusted to reflect the higher Distribution and/or Service (12b-1) Fees payable by Class C shares. ⁴Class C Shares performance reflects conversion to Class A Shares after eight years.

Please refer to page 2 herein for an explanation of the Expense Example information presented below.



Expense example	Actual performance			Hypothetical performance

	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C

Beginning Account Value (5/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (10/31/2022)	$829.50	$829.00	$825.90	$1,019.31	$1,018.05	$1,014.27

Expense Ratio (Gross / Net)	1.47% / 1.17%	1.71% / 1.42%	2.47% / 2.17%	1.47% / 1.17%	1.71% / 1.42%	2.47% / 2.17%

Expenses Paid*	$5.40	$6.55	$9.99	$5.96	$7.22	$11.02

Ashmore Emerging Markets Equity ESG Fund

FUND SUMMARY (UNAUDITED)


Ashmore Emerging Markets Equity ESG Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Emerging Market issuers which may be denominated in any currency, including the local currency of the issuer, focusing on issuers that the Investment Manager believes satisfy the ESG Criteria.					Share class information INSTITUTIONAL CLASS Launch date: February 26, 2020 Minimum initial investment: $1,000,000 ISIN: US0448204547 CUSIP: 044820454 BLOOMBERG: ESIGX US TICKER: ESIGX RETAIL CLASS A Launch date: February 26, 2020 Minimum initial investment: $1,000 ISIN: US0448204703 CUSIP: 044820470 BLOOMBERG: ESAGX US TICKER: ESAGX RETAIL CLASS C Launch date: February 26, 2020 Minimum initial investment: $1,000 ISIN: US0448204620 CUSIP: 044820462 BLOOMBERG: ESCGX US TICKER: ESCGX All sources are Ashmore unless otherwise indicated.
Please refer to page 1 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2022	1 Year		Since incpt¹
Institutional Class		-40.10%		-3.78%
Retail Class A (load-waived)		-40.26%		-4.01%
Retail Class A (unadjusted)¹		-43.41%		-5.91%
Retail Class C (load-waived)		-40.76%		-4.65%
Retail Class C (unadjusted)¹		-41.26%		-4.65%
MSCI EM Net²		-31.03%		-5.12%
Cumulative Returns Through Oct 31, 2022 (% of NAV)

The above cumulative returns graph assumes $1,000,000 invested at the beginning of the first full month following the inception of the Institutional Class. The minimum initial investment amount for Institutional Class Shares is $1,000,000. The minimum initial investment amount for Retail Shares Class A and C is $1,000. All Fund returns are net of fees and expenses, except for the load-waived return information for Class A and Class C shares. Performance calculations assume that all dividend, capital gain and other distributions were reinvested. The graph does not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares.

Please refer to page 2 herein for an explanation of the Expense Example information presented below.



Expense example	Actual performance			Hypothetical performance

	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C

Beginning Account Value (5/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (10/31/2022)	$835.40	$834.40	$830.90	$1,019.31	$1,018.05	$1,014.27

Expense Ratio (Gross / Net)	2.36% / 1.17%	2.70% / 1.42%	3.44% / 2.17%	2.36% / 1.17%	2.70% / 1.42%	3.44% / 2.17%

Expenses Paid*	$5.41	$6.57	$10.01	$5.96	$7.22	$11.02

Ashmore Emerging Markets Short Duration Select Fund

FUND SUMMARY (UNAUDITED)


Ashmore Emerging Markets Short Duration Select Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in short-term debt instruments of, and derivative instruments related to, Sovereign, Quasi-Sovereign and Corporate issuers of Emerging 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 and an Investment Grade weighted average credit rating. The Fund has no restrictions on individual security duration.					Share class information INSTITUTIONAL CLASS Launch date: June 15, 2020 Minimum initial investment: $1,000,000 ISIN: US0448204216 CUSIP: 044820421 BLOOMBERG: ESDIX US TICKER: ESDIX RETAIL CLASS A Launch date: June 15, 2020 Minimum initial investment: $1,000 ISIN: US0448204471 CUSIP: 044820447 BLOOMBERG: ESDAX US TICKER: ESDAX RETAIL CLASS C Launch date: June 15, 2020 Minimum initial investment: $1,000 ISIN: US0448204398 CUSIP: 044820439 BLOOMBERG: ESDCX US TICKER: ESDCX All sources are Ashmore unless otherwise indicated.
Please refer to page 1 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2022	1 Year		Since incpt¹
Institutional Class		-12.16%		-3.79%
Retail Class A (load-waived)		-12.27%		-3.97%
Retail Class A (unadjusted)¹		-14.28%		-4.89%
Retail Class C (load-waived)		-12.94%		-4.70%
Retail Class C (unadjusted)¹		-13.79%		-4.70%
JP Morgan CEMBI BD IG 1-3 Year²		-10.85%		-3.16%
Cumulative Returns Through Oct 31, 2022 (% of NAV)

Please refer to page 2 herein for an explanation of the Expense Example information presented below.



Expense example	Actual performance			Hypothetical performance

	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C

Beginning Account Value (5/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (10/31/2022)	$949.10	$948.60	$944.70	$1,021.83	$1,020.57	$1,016.79

Expense Ratio (Gross / Net)	1.30% / 0.67%	1.88% / 0.92%	2.46% / 1.67%	1.30% / 0.67%	1.88% / 0.92%	2.46% / 1.67%

Expenses Paid*	$3.29	$4.52	$8.19	$3.41	$4.69	$8.49

Ashmore Emerging Markets Investment Grade Income Fund

FUND SUMMARY (UNAUDITED)


Ashmore Emerging Markets Investment Grade Income Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in debt instruments of, and derivative instruments related to, Sovereigns, Quasi-Sovereigns, Corporate issuers of EM Countries and EM Supra-Nationals denominated exclusively in Hard Currencies (i.e., the U.S. dollar or any currency of a nation in the G-7). The Fund has no restrictions on individual security duration. The Fund observes a policy to normally invest at least 80% of its net assets in Investment Grade bonds and other Investment Grade debt instruments of Sovereign, Quasi-Sovereign or Corporate Issuers of Emerging Market Countries and EM Supra-Nationals.					Share class information INSTITUTIONAL CLASS Launch date: September 17, 2020 Minimum initial investment: $1,000,000 ISIN: US0448203895 CUSIP: 044820389 BLOOMBERG: IGIEX US TICKER: IGIEX RETAIL CLASS A Launch date: September 17, 2020 Minimum initial investment: $1,000 ISIN: US0448204133 CUSIP: 044820413 BLOOMBERG: IGAEX US TICKER: IGAEX RETAIL CLASS C Launch date: September 17, 2020 Minimum initial investment: $1,000 ISIN: US0448203978 CUSIP: 044820397 BLOOMBERG: IGCEX US TICKER: IGCEX All sources are Ashmore unless otherwise indicated.
Please refer to page 1 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2022	1 Year		Since incpt¹
Institutional Class		-21.02%		-9.35%
Retail Class A (load-waived)		-21.27%		-9.57%
Retail Class A (unadjusted)¹		-24.40%		-11.31%
Retail Class C (load-waived)		-21.84%		-10.23%
Retail Class C (unadjusted)¹		-22.60%		-10.23%
JP Morgan CEMBI IG BD²		-18.26%		-8.14%
Cumulative Returns Through Oct 31, 2022 (% of NAV)

Please refer to page 2 herein for an explanation of the Expense Example information presented below.



Expense example	Actual performance			Hypothetical performance

	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C

Beginning Account Value (5/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (10/31/2022)	$906.20	$904.40	$901.00	$1,021.58	$1,020.32	$1,016.53

Expense Ratio (Gross / Net)	1.12% / 0.72%	1.62% / 0.97%	2.08% / 1.72%	1.12% / 0.72%	1.62% / 0.97%	2.08% / 1.72%

Expenses Paid*	$3.46	$4.66	$8.24	$3.67	$4.94	$8.74

Ashmore Emerging Markets Corporate Income ESG Fund

FUND SUMMARY (UNAUDITED)


Ashmore Emerging Markets Corporate Income ESG Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in debt instruments of Corporate issuers, which may be denominated principally in Hard Currencies (i.e., the U.S. dollar or any currency of a nation in the G-7), focusing on issuers that the Investment Manager believes satisfy the ESG Criteria.					Share class information INSTITUTIONAL CLASS Launch date: February 26, 2021 Minimum initial investment: $1,000,000 ISIN: US0448203556 CUSIP: 044820355 BLOOMBERG: ECIEX US TICKER: ECIEX RETAIL CLASS A Launch date: February 26, 2021 Minimum initial investment: $1,000 ISIN: US0448203713 CUSIP: 044820371 BLOOMBERG: ECAEX US TICKER: ECAEX RETAIL CLASS C Launch date: February 26, 2021 Minimum initial investment: $1,000 ISIN: US0448203630 CUSIP: 044820363 BLOOMBERG: ECCEX US TICKER: ECCEX All sources are Ashmore unless otherwise indicated.
Please refer to page 1 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2022	1 Year		Since incpt¹
Institutional Class		-27.56%		-20.46%
Retail Class A (load-waived)		-27.67%		-20.61%
Retail Class A (unadjusted)¹		-30.57%		-22.53%
Retail Class C (load-waived)		-28.23%		-21.20%
Retail Class C (unadjusted)¹		-28.91%		-21.20%
JP Morgan CEMBI BD²		-18.06%		-10.58%
Cumulative Returns Through Oct 31, 2022 (% of NAV)

Please refer to page 2 herein for an explanation of the Expense Example information presented below.



Expense example	Actual performance			Hypothetical performance

	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C

Beginning Account Value (5/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (10/31/2022)	$869.00	$868.40	$865.00	$1,020.82	$1,019.56	$1,015.78

Expense Ratio (Gross / Net)	1.65%/0.87%	2.06%/1.12%	2.94%/1.87%	1.65%/0.87%	2.06%/1.12%	2.94%/1.87%

Expenses Paid*	$4.10	$5.27	$8.79	$4.43	$5.70	$9.50

LOGO

KPMG LLP

Aon Center

Suite 5500

200 E. Randolph Street

Chicago, IL 60601-6436

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Funds and Board of Trustees

Ashmore Funds:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Active Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Frontier Equity Fund, Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Equity ESG Fund, Ashmore Emerging Markets Short Duration Select Fund, Ashmore Emerging Markets Investment Grade Income Fund, and Ashmore Emerging Markets Corporate Income ESG Fund (collectively, the Funds), including the schedule of investments, as of October 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended (period from February 26, 2021, [commencement of operations] to October 31, 2022 for Ashmore Emerging Markets Corporate Income ESG Fund), and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended (periods from February 26, 2020, June 15, 2020, September 17, 2020, and February 26, 2021 [commencement of operations] to October 31, 2022 for Ashmore Emerging Markets Equity ESG Fund, Ashmore Emerging Markets Short Duration Select Fund, Ashmore Emerging Markets Investment Grade Income Fund, and Ashmore Emerging Markets Corporate Income ESG Fund, respectively). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2022, the results of their operations for the year or period then ended (period from February 26, 2021 [commencement of operations] to October 31, 2022 for Ashmore Emerging Markets Corporate Income ESG Fund), the changes in its net assets for each of the years or periods in the two-year period then ended (period from February 26, 2021 [commencement of operations] to October 31, 2022 for Ashmore Emerging Markets Coporate Income ESG Fund) and the financial highlights for each of the years or periods in the five-year period then ended (periods from February 26, 2020, June 15, 2020, September 17, 2020, and February 26, 2021, [commencement of operations] to October 31, 2022 for Ashmore Emerging Markets Equity ESG Fund, Ashmore Emerging Markets Short Duration Select Fund, Ashmore Emerging Markets Investment Grade Income Fund, and Ashmore Emerging Markets Corporate Income ESG Fund, respectively), in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures

KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

LOGO

included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2022, by correspondence with custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more Ashmore Funds investment companies since 2010.

Chicago, Illinois

December 20, 2022

(THIS PAGE INTENTIONALLY LEFT BLANK)

ASHMORE FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

As of October 31, 2022


	Ashmore Emerging Markets Total Return Fund			Ashmore Emerging Markets Local Currency Bond Fund			Ashmore Emerging Markets Corporate Income Fund			Ashmore Emerging Markets Short Duration Fund
ASSETS:
Investments in securities, at value	$	407,570,575		$	4,512,378		$	91,013,181		$	52,918,705
Deposit held at broker		1,576,977			55,484			—			—
Cash		78,704,694			828,484			808,827			1,751,939
Foreign currency, at value		664,899			20,483			23,808			70,129
Unrealized appreciation on forward foreign currency exchange contracts		1,127,443			27,957			32,751			—
Variation margin receivable on centrally cleared swap contracts		4,607			199			—			—
Due from broker		104,045			—			—			—
Receivable for securities and currencies sold		3,830,058			28,907			—			—
Receivable for fund shares sold		8,475			—			470,869			—
Receivable from Investment Manager		30,521			9,578			14,603			11,726
Interest and dividends receivable		8,050,125			95,667			1,614,960			819,763
Other assets		48,328			9,035			20,213			9,226
Total Assets		501,720,747			5,588,172			93,999,212			55,581,488
LIABILITIES:
Unrealized depreciation on forward foreign currency exchange contracts		4,688,277			82,107			9,254			—
Variation margin payable on centrally cleared swap contracts		—			174			—			—
Upfront premiums received from interest rate swap contracts		—			1,166			—			—
Unrealized depreciation on interest rate swap contracts		—			4,216			—			—
Payable for securities and currencies purchased		3,257,853			24,061			507,904			—
Payable for fund shares redeemed		85,933			—			284,736			13,852
Distributions payable		454,668			—			94,467			84,868
Due to broker		311,309			33,263			—			—
Investment Manager fee payable		416,590			4,322			69,328			30,741
Trustees’ fees payable		33,264			350			6,816			3,813
Deferred foreign capital gains taxes payable		—			—			—			—
Administration fees payable		114,221			1,048			27,309			13,643
Custody fees payable		303,410			22,260			45,342			20,969
Professional fees payable		159,804			24,896			61,629			59,551
Regulatory fees payable		28,639			8,869			15,840			13,522
Other liabilities		2,585			620			5,756			1,401
Total Liabilities		9,856,553			207,352			1,128,381			242,360
Net Assets	$	491,864,194		$	5,380,820		$	92,870,831		$	55,339,128
NET ASSETS:
Paid in capital	$	1,029,596,572		$	7,412,686		$	265,301,145		$	471,219,744
Distributable earnings/(Accumulated loss)		(537,732,378	)		(2,031,866	)		(172,430,314	)		(415,880,616	)
Net Assets	$	491,864,194		$	5,380,820		$	92,870,831		$	55,339,128

Net Assets:
Class A	$	1,919,606		$	1,247,693		$	4,742,019		$	2,974,944
Class C		1,080,339			2,366			1,782,076			290,793
Institutional Class		488,864,249			4,130,761			86,346,736			52,073,391

Shares Issued and Outstanding (no par value, unlimited shares authorized):
Class A		444,453			222,083			955,296			695,803
Class C		251,090			435			359,881			71,081
Institutional Class		111,548,408			700,575			16,685,969			12,395,494

Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding):
Class A	$	4.32		$	5.62		$	4.96		$	4.28
Class C		4.30			5.44			4.95			4.09
Institutional Class		4.38			5.90			5.17			4.20

Cost of Investments in securities	$	676,163,056		$	5,507,312		$	159,797,287		$	133,418,000
Cost of foreign currency held	$	616,665		$	20,612		$	24,282		$	69,959

See accompanying notes to the financial statements.


Ashmore Emerging Markets Active Equity Fund			Ashmore Emerging Markets Small-Cap Equity Fund			Ashmore Emerging Markets Frontier Equity Fund			Ashmore Emerging Markets Equity Fund			Ashmore Emerging Markets Equity ESG Fund			Ashmore Emerging Markets Short Duration Select Fund			Ashmore Emerging Markets Investment Grade Income Fund			Ashmore Emerging Markets Corporate Income ESG Fund

$	74,823,778		$	6,641,507		$	66,191,094		$	91,832,167		$	8,690,166		$	8,740,061		$	15,449,136		$	5,503,103
	—			—			—			—			—			—			—			—
	3,214,319			50,374			5,929,300			2,545,414			216,944			203,088			442,768			1,174,446
	18,967			594			843,858			11,593			—			7,983			10,789			8,543
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	1,861,601			—			—			—			—			—			—			—
	2,840			—			24,087			11,118			—			—			—			—
	16,105			8,198			25,287			20,593			15,706			—			—			—
	126,602			15,656			100,463			24,480			3,513			105,345			215,055			92,724
	10,464			5,851			9,499			13,220			3,645			1,758			2,472			1,637
	80,074,676			6,722,180			73,123,588			94,458,585			8,929,974			9,058,235			16,120,220			6,780,453

	—			—			—			—			—			1,514			4,649			1,042
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	3,537,054			—			—			—			—			—			—			—
	244,932			—			53,151			73,746			—			—			—			—
	—			—			—			—			—			3,986			7,845			4,215
	—			—			65,611			—			—			—			—			—
	67,633			8,519			91,970			95,298			8,914			19,795			24,381			19,644
	5,897			440			4,822			6,590			608			596			1,081			453
	54,384			1,437			83,911			57,689			135			—			—			—
	14,553			1,393			12,063			19,175			1,823			1,574			2,948			1,281
	43,775			12,837			142,539			55,140			7,093			2,364			4,088			2,096
	28,539			19,580			28,686			34,286			18,710			20,411			21,354			20,117
	7,644			6,496			7,524			7,996			6,532			9,015			9,139			8,901
	1,050			647			1,933			1,655			589			589			589			589
	4,005,461			51,349			492,210			351,575			44,404			59,844			76,074			58,338
$	76,069,215		$	6,670,831		$	72,631,378		$	94,107,010		$	8,885,570		$	8,998,391		$	16,044,146		$	6,722,115

$	116,192,962		$	12,409,401		$	80,782,129		$	131,923,616		$	11,875,370		$	10,797,778		$	21,228,531		$	10,617,191
	(40,123,747	)		(5,738,570	)		(8,150,751	)		(37,816,606	)		(2,989,800	)		(1,799,387	)		(5,184,385	)		(3,895,076	)
$	76,069,215		$	6,670,831		$	72,631,378		$	94,107,010		$	8,885,570		$	8,998,391		$	16,044,146		$	6,722,115


$	804,390		$	392,828		$	3,017,822		$	3,080,629		$	883		$	896		$	799		$	670
	1,066			41,421			293,371			104,843			868			882			788			663
	75,263,759			6,236,582			69,320,185			90,921,538			8,883,819			8,996,613			16,042,559			6,720,782


	131,641			39,022			361,045			371,606			116			108			106			107
	179			3,999			36,534			13,614			116			106			105			106
	12,209,172			476,499			7,122,316			11,405,464			1,161,618			1,080,680			2,131,592			1,073,739


$	6.11		$	10.07		$	8.36		$	8.29		$	7.61		$	8.32		$	7.52		$	6.26
	5.96			10.36			8.03			7.70			7.47			8.32			7.52			6.26
	6.16			13.09			9.73			7.97			7.65			8.32			7.53			6.26
$	90,974,492		$	8,973,811		$	69,616,720		$	122,926,092		$	11,329,934		$	9,689,928		$	18,885,021		$	8,676,057
$	19,243		$	596		$	843,353		$	11,686		$	—		$	8,144		$	11,006		$	8,715

See accompanying notes to the financial statements.

ASHMORE FUNDS

STATEMENTS OF OPERATIONS

For the Year Ended October 31, 2022


	Ashmore Emerging Markets Total Return Fund			Ashmore Emerging Markets Local Currency Bond Fund			Ashmore Emerging Markets Corporate Income Fund			Ashmore Emerging Markets Short Duration Fund
INVESTMENT INCOME:
Interest, net of foreign tax withholdings*	$	53,447,130		$	408,796		$	14,164,965		$	6,140,672
Payment-in-kind interest		—			—			696,438			—
Dividends, net of foreign tax withholdings*		—			—			—			—
Non-cash dividends		—			—			—			—
Total Income		53,447,130			408,796			14,861,403			6,140,672
EXPENSES:
Investment Manager fees		7,685,326			62,114			1,820,663			560,989
Administration fees		154,264			1,309			36,960			18,554
Custody fees		382,074			16,184			61,921			24,512
Professional fees		433,966			39,890			140,482			73,795
Trustees’ fees		117,174			1,106			27,197			13,275
Offering expenses and registration fees		53,011			44,839			51,683			50,940
Insurance fees		81,853			615			20,786			11,704
Printing fees		16,630			6,528			22,429			8,020
Distribution and servicing fees - Class A		8,961			3,514			20,976			9,799
Distribution and servicing fees - Class C		17,009			91			33,433			4,932
Regulatory fees		37,752			12,670			21,748			18,488
Interest expense		22,812			—			—			—
Total Expenses		9,010,832			188,860			2,258,278			795,008
Less expenses reimbursed by the Investment Manager		(1,119,411	)		(121,907	)		(345,989	)		(216,728	)
Net Expenses		7,891,421			66,953			1,912,289			578,280
Net Investment Income		45,555,709			341,843			12,949,114			5,562,392
NET REALIZED AND UNREALIZED GAINS (LOSSES):
NET REALIZED GAIN (LOSS) ON:
Investments in securities (net of increase (decrease) in deferred foreign taxes of $-, $-, $-, $-, $(5,176), $(2,207), $20,740, $(3,687), $1, $-, $-, and $-, respectively)		(178,351,460	)		(751,366	)		(36,637,265	)		(61,853,315	)
Forward foreign currency exchange contracts		(29,961,809	)		(330,741	)		599,723			52,514
Interest rate swap contracts		(121,222	)		(3,638	)		—			—
Foreign exchange transactions		(688,451	)		(16,263	)		34,085			192
Net Realized Gain (Loss)		(209,122,942	)		(1,102,008	)		(36,003,457	)		(61,800,609	)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities (net of increase (decrease) in deferred foreign taxes of $-, $-, $-, $-, $(65,296), $(66,749), $2,315, $(160,378), $135, $-, $-, and $-, respectively)		(105,327,203	)		(391,423	)		(39,375,490	)		22,923,297
Forward foreign currency exchange contracts		(5,414,719	)		(98,688	)		17,247			(286	)
Interest rate swap contracts		638,780			(22,384	)		—			—
Foreign exchange translations		66,869			497			(1,170	)		(710	)
Change in Net Unrealized Appreciation (Depreciation)		(110,036,273	)		(511,998	)		(39,359,413	)		22,922,301
Net Realized and Unrealized Losses		(319,159,215	)		(1,614,006	)		(75,362,870	)		(38,878,308	)
Net Decrease in Net Assets Resulting from Operations	$	(273,603,506	)	$	(1,272,163	)	$	(62,413,756	)	$	(33,315,916	)
* Foreign Tax Withholdings	$	556,579		$	6		$	—		$	13,954

See accompanying notes to the financial statements.


Ashmore Emerging Markets Active Equity Fund			Ashmore Emerging Markets Small-Cap Equity Fund			Ashmore Emerging Markets Frontier Equity Fund			Ashmore Emerging Markets Equity Fund			Ashmore Emerging Markets Equity ESG Fund			Ashmore Emerging Markets Short Duration Select Fund			Ashmore Emerging Markets Investment Grade Income Fund			Ashmore Emerging Markets Corporate Income ESG Fund

$	31,768		$	299		$	34,383		$	8,452		$	1,461		$	385,938		$	802,303		$	460,601
	—			—			—			—			—			—			—			—
	1,850,564			187,340			1,921,935			2,901,815			141,245			—			—			—
	—			—			—			—			16,816			—			—			—
	1,882,332			187,639			1,956,318			2,910,267			159,522			385,938			802,303			460,601

	877,840			133,218			1,119,197			1,331,083			133,131			62,439			127,610			67,726
	17,608			1,758			14,546			23,052			2,305			1,911			3,608			1,589
	54,626			16,587			191,304			87,937			9,482			3,361			5,647			2,737
	63,900			30,067			63,944			79,633			33,211			33,731			37,952			32,829
	16,559			1,471			13,530			20,499			1,944			1,733			3,223			1,374
	50,737			45,289			45,811			51,842			44,993			18,058			18,208			41,769
	8,065			893			6,365			10,764			1,104			898			1,717			705
	8,103			6,308			10,685			10,476			6,399			6,417			6,416			6,416
	2,736			896			7,464			6,280			4			4			4			2
	14			1,035			2,881			1,167			12			10			9			8
	19,404			10,284			11,736			21,433			13,078			13,287			13,118			14,179
	—			—			—			—			—			—			—			—
	1,119,592			247,806			1,487,463			1,644,166			245,663			141,849			217,512			169,334
	(220,507	)		(110,918	)		(342,706	)		(280,776	)		(110,142	)		(77,472	)		(86,233	)		(99,997	)
	899,085			136,888			1,144,757			1,363,390			135,521			64,377			131,279			69,337
	983,247			50,751			811,561			1,546,877			24,001			321,561			671,024			391,264

	(21,627,167	)		(408,480	)		3,454,458			(5,695,471	)		(289,848	)		(540,306	)		(1,666,618	)		(655,195	)
	(61,366	)		—			25			(1,482	)		—			34,134			114,629			37,156
	—			—			—			—			—			—			—			—
	(17,773	)		(7,358	)		(255,924	)		(86,559	)		(7,594	)		5,165			15,671			2,421
	(21,706,306	)		(415,838	)		3,198,559			(5,783,512	)		(297,442	)		(501,007	)		(1,536,318	)		(615,618	)

	(16,849,669	)		(3,452,851	)		(17,057,736	)		(53,868,984	)		(5,696,026	)		(1,062,385	)		(3,427,788	)		(2,347,998	)
	—			—			—			—			—			(1,314	)		(4,908	)		(1,137	)
	—			—			—			—			—			—			—			—
	(17,426	)		(2,174	)		21,293			(3,307	)		138			(148	)		(421	)		(174	)
	(16,867,095	)		(3,455,025	)		(17,036,443	)		(53,872,291	)		(5,695,888	)		(1,063,847	)		(3,433,117	)		(2,349,309	)
	(38,573,401	)		(3,870,863	)		(13,837,884	)		(59,655,803	)		(5,993,330	)		(1,564,854	)		(4,969,435	)		(2,964,927	)
$	(37,590,154	)	$	(3,820,112	)	$	(13,026,323	)	$	(58,108,926	)	$	(5,969,329	)	$	(1,243,293	)	$	(4,298,411	)	$	(2,573,663	)
$	245,301		$	21,976		$	78,238		$	232,277		$	15,259		$	954		$	1,759		$	776

See accompanying notes to the financial statements.

ASHMORE FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

For the Fiscal Years Ended October 31, 2022


	Ashmore Emerging Markets Total Return Fund						Ashmore Emerging Markets Local Currency Bond Fund						Ashmore Emerging Markets Corporate Income Fund
	2022			2021			2022			2021			2022			2021
OPERATIONS:
Net investment income (loss)	$	45,555,709		$	64,577,741		$	341,843		$	373,782		$	12,949,114		$	15,574,393
Net realized gain (loss)		(209,122,942	)		1,670,365			(1,102,008	)		(1,421,218	)		(36,003,457	)		3,663,306
Net change in unrealized appreciation (depreciation)		(110,036,273	)		(42,133,329	)		(511,998	)		2,543,237			(39,359,413	)		(4,664,716	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(273,603,506	)		24,114,777			(1,272,163	)		1,495,801			(62,413,756	)		14,572,983
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(37,990	)		(422,026	)		—			—			(591,756	)		(593,913	)
Class C		(13,646	)		(124,931	)		—			—			(213,937	)		(274,818	)
Institutional Class		(8,198,044	)		(59,387,157	)		—			—			(12,611,307	)		(14,732,728	)

Total Distributions to Shareholders		(8,249,680	)		(59,934,114	)		—			—			(13,417,000	)		(15,601,459	)
TAX RETURN OF CAPITAL DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(156,233	)		(21,221	)		(20,107	)		—			—			—
Class C		(66,934	)		(7,549	)		(298	)		—			—			—
Institutional Class		(34,684,669	)		(4,504,710	)		(76,188	)		—			—			—

Total Tax Return of Capital Distributions to Shareholders		(34,907,836	)		(4,533,480	)		(96,593	)		—			—			—
FUND SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from Class A share transactions		(2,480,460	)		(4,504,034	)		(51,180	)		(190,704	)		(2,985,423	)		(12,862	)
Net increase (decrease) in net assets resulting from Class C share transactions		(582,173	)		(1,508,514	)		(21,775	)		(5,053	)		(2,614,851	)		(1,808,354	)
Net increase (decrease) in net assets resulting from Institutional Class share transactions		(413,280,851	)		27,871,350			(1,104,070	)		(23,415,847	)		(119,801,222	)		16,981,637


Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions		(416,343,484	)		21,858,802			(1,177,025	)		(23,611,604	)		(125,401,496	)		15,160,421
Total Increase (Decrease) in Net Assets		(733,104,506	)		(18,494,015	)		(2,545,781	)		(22,115,803	)		(201,232,252	)		14,131,945
NET ASSETS:
Net Assets at the Beginning of year		1,224,968,700			1,243,462,715			7,926,601			30,042,404			294,103,083			279,971,138
Net Assets at the End of year	$	491,864,194		$	1,224,968,700		$	5,380,820		$	7,926,601		$	92,870,831		$	294,103,083

See accompanying notes to the financial statements.


Ashmore Emerging Markets Short Duration Fund					Ashmore Emerging Markets Active Equity Fund						Ashmore Emerging Markets Small-Cap Equity Fund

2022		2021			2022			2021			2022			2021

	$ 5,562,392	$	14,791,789		$	983,247		$	1,303,433		$	50,751		$	(13,215	)
	(61,800,609)		(101,476,001	)		(21,706,306	)		17,192,177			(415,838	)		3,680,979

	22,922,301		93,786,911			(16,867,095	)		(6,047,071	)		(3,455,025	)		(541,465	)


	(33,315,916)		7,102,699			(37,590,154	)		12,448,539			(3,820,112	)		3,126,299


	(336,688)		(810,413	)		(396,907	)		(17,346	)		—			—
	(36,298)		(82,934	)		(433	)		(6	)		—			—
	(7,232,408)		(13,801,736	)		(17,159,925	)		(1,053,611	)		—			—

	(7,605,394)		(14,695,083	)		(17,557,265	)		(1,070,963	)		—			—



	—		—			(1,429	)		—			(4,734	)		—
	—		—			(1	)		—			(704	)		—
	—		—			(177,587	)		—			(88,237	)		—


	—		—			(179,017	)		—			(93,675	)		—




	(1,945,708)		(12,717,230	)		10,980			(213,713	)		213,811			(212,657	)


	(696,358)		(225,817	)		383			7			(69,661	)		(23,421	)



	(34,104,155)		(309,361,929	)		33,353,791			4,775,044			(1,036,778	)		645,168



	(36,746,221)		(322,304,976	)		33,365,154			4,561,338			(892,628	)		409,090

	(77,667,531)		(329,897,360	)		(21,961,282	)		15,938,914			(4,806,415	)		3,535,389


	133,006,659		462,904,019			98,030,497			82,091,583			11,477,246			7,941,857
	$ 55,339,128	$	133,006,659		$	76,069,215		$	98,030,497		$	6,670,831		$	11,477,246

See accompanying notes to the financial statements.

ASHMORE FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

For the Fiscal Years Ended October 31, 2022


	Ashmore Emerging Markets Frontier Equity Fund						Ashmore Emerging Markets Equity Fund						Ashmore Emerging Markets Equity ESG Fund

	2022			2021			2022			2021			2022			2021
OPERATIONS:
Net investment income (loss)	$	811,561		$	381,769		$	1,546,877		$	(137,875	)	$	24,001		$	(52,419	)
Net realized gain (loss)		3,198,559			7,845,828			(5,783,512	)		22,014,134			(297,442	)		2,214,008
Net change in unrealized appreciation (depreciation)		(17,036,443	)		15,377,668			(53,872,291	)		4,897,637			(5,695,888	)		831,053
Net Increase (Decrease) in Net Assets Resulting from Operations		(13,026,323	)		23,605,265			(58,108,926	)		26,773,896			(5,969,329	)		2,992,642

DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(52,312	)		(4,973	)		(638,531	)		(42,189	)		(204	)		(9	)
Class C		(3,008	)		(335	)		(9,143	)		(34	)		(204	)		(8	)
Institutional Class		(1,320,948	)		(438,612	)		(20,900,163	)		(2,151,050	)		(2,040,719	)		(87,850	)

Total Distributions to Shareholders		(1,376,268	)		(443,920	)		(21,547,837	)		(2,193,273	)		(2,041,127	)		(87,867	)
Class A		—			—			(3,640	)		—			(1	)		—
Class C		—			—			(98	)		—			—			—
Institutional Class		—			—			(247,762	)		—			(25,235	)		—

Total Tax Return of Capital Distributions to Shareholders		—			—			(251,500	)		—			(25,236	)		—
FUND SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from Class A share transactions		1,042,220			1,542,536			1,135,776			2,015,785			186			8
Net increase (decrease) in net assets resulting from Class C share transactions		147,108			(170,063	)		67,535			108,537			186			9
Net increase (decrease) in net assets resulting from Institutional Class share transactions		5,534,158			1,780,510			52,105,586			10,220,879			1,877,075			74,670


Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions		6,723,486			3,152,983			53,308,897			12,345,201			1,877,447			74,687
Total Increase (Decrease) in Net Assets		(7,679,105	)		26,314,328			(26,599,366	)		36,925,824			(6,158,245	)		2,979,462
NET ASSETS:
Net Assets at the Beginning of year		80,310,483			53,996,155			120,706,376			83,780,552			15,043,815			12,064,353
Net Assets at the End of year	$	72,631,378		$	80,310,483		$	94,107,010		$	120,706,376		$	8,885,570		$	15,043,815

See accompanying notes to the financial statements.


Ashmore Emerging Markets Short Duration Select Fund						Ashmore Emerging Markets Investment Grade Income Fund						Ashmore Emerging Markets Corporate Income ESG Fund
2022			2021			2022			2021			2022			2021¹

	$ 321,561			$ 415,475			$ 671,024			$ 703,270			$ 391,264			$ 314,455
	(501,007	)		(346,084	)		(1,536,318	)		(191,033	)		(615,618	)		(80,687	)
	(1,063,847	)		(39,815	)		(3,433,117	)		279,281			(2,349,309	)		(824,873	)
	(1,243,293	)		29,576			(4,298,411	)		791,518			(2,573,663	)		(591,105	)


	(32	)		(42	)		(32	)		(33	)		(41	)		(30	)
	(23	)		(34	)		(25	)		(26	)		(34	)		(25	)
	(324,438	)		(445,368	)		(675,972	)		(708,604	)		(415,833	)		(314,348	)

	(324,493	)		(445,444	)		(676,029	)		(708,663	)		(415,908	)		(314,403	)
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—


	—			—			—			—			—			—

	27			37			28			28			34			1,025
	19			30			21			22			29			1,021
	278,378			384,902			574,521			601,809			353,954			10,261,131


	278,424			384,969			574,570			601,859			354,017			10,263,177
	(1,289,362	)		(30,899	)		(4,399,870	)		684,714			(2,635,554	)		9,357,669

	10,287,753			10,318,652			20,444,016			19,759,302			9,357,669			—
	$ 8,998,391			$ 10,287,753			$ 16,044,146			$ 20,444,016			$ 6,722,115			$ 9,357,669

¹	The Fund commenced investment operations on February 26, 2021.

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Total Return Fund


							Class A

	Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2018

Net asset value at beginning of year		$ 6.60			$ 6.80			$ 7.54			$ 7.31			$ 8.22

Income (loss) from investment operations:
Net investment income		0.32	¹		0.33	¹		0.34			0.40			0.36	¹
Net realized and unrealized gain (loss)		(2.30	)		(0.20	)		(0.74	)		0.24			(0.82	)

Total from investment operations		(1.98	)		0.13			(0.40	)		0.64			(0.46	)

Less distributions:

From net investment income		(0.05	)		(0.31	)		(0.12	)		(0.33	)		(0.16	)
From net realized gain		—			—			—			—			(0.11	)
Tax return of capital		(0.25	)		(0.02	)		(0.22	)		(0.08	)		(0.18	)


Total distributions		(0.30	)		(0.33	)		(0.34	)		(0.41	)		(0.45	)

Net asset value at end of year		$ 4.32			$ 6.60			$ 6.80			$ 7.54			$ 7.31


Total return²		(30.79	)%		1.68	%		(5.31	)%		8.68	%		(5.65	)%

Portfolio turnover rate³		32	%		54	%		67	%		49	%		66	%

Net assets, end of year (in thousands)		$ 1,920			$5,917			$10,377			$11,108			$8,347

Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		1.42	%		1.37	%⁴		1.42	%⁴		1.36	%		1.36	%
Expenses after reimbursements		1.27	%		1.28	%⁴		1.32	%⁴		1.27	%		1.27	%

Net investment income to average net assets:
Net investment income before reimbursements		5.50	%		4.53	%⁴		4.72	%⁴		5.16	%		4.42	%
Net investment income after reimbursements		5.65	%		4.62	%⁴		4.82	%⁴		5.25	%		4.51	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Total Return Fund


							Class C

	Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2018

Net asset value at beginning of year		$ 6.58			$ 6.78			$ 7.53			$ 7.29			$ 8.21

Income (loss) from investment operations:

Net investment income		0.27	¹		0.27	¹		0.30			0.34			0.31	¹

Net realized and unrealized gain (loss)		(2.29	)		(0.19	)		(0.76	)		0.25			(0.83	)


Total from investment operations		(2.02	)		0.08			(0.46	)		0.59			(0.52	)

Less distributions:

From net investment income		(0.04	)		(0.26	)		(0.11	)		(0.28	)		(0.14	)

From net realized gain		—			—			—			—			(0.11	)

Tax return of capital		(0.22	)		(0.02	)		(0.18	)		(0.07	)		(0.15	)


Total distributions		(0.26	)		(0.28	)		(0.29	)		(0.35	)		(0.40	)

Net asset value at end of year		$ 4.30			$ 6.58			$ 6.78			$ 7.53			$ 7.29


Total return²		(31.39	)%		0.93	%		(6.09	)%		8.02	%		(6.43	)%

Portfolio turnover rate³		32	%		54	%		67	%		49	%		66	%

Net assets, end of year (in thousands)		$ 1,080			$2,386			$3,905			$5,506			$4,278

Ratios to average net assets:

Total expenses to average net assets:

Expenses before reimbursements		2.17	%		2.12	%⁵		2.17	%⁵		2.11	%		2.12	%

Expenses after reimbursements		2.02	%		2.03	%⁵		2.06	%⁵		2.02	%		2.02	%

Net investment income to average net assets:

Net investment income before reimbursements		4.74	%		3.76	%⁵		4.01	%⁵		4.41	%		3.92	%

Net investment income after reimbursements		4.89	%		3.85	%⁵		4.12	%⁵		4.50	%		4.02	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Total Return Fund


	Institutional Class

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value at beginning of year	$	6.70		$	6.90		$	7.65		$	7.41		$	8.34
Income (loss) from investment operations:
Net investment income		0.33	¹		0.35	¹		0.36			0.44			0.40	¹
Net realized and unrealized gain (loss)		(2.34	)		(0.20	)		(0.75	)		0.24			(0.85	)

Total from investment operations		(2.01	)		0.15			(0.39	)		0.68			(0.45	)

Less distributions:

From net investment income		(0.05	)		(0.33	)		(0.13	)		(0.35	)		(0.17	)
From net realized gain		—			—			—			—			(0.11	)
Tax return of capital		(0.26	)		(0.02	)		(0.23	)		(0.09	)		(0.20	)


Total distributions		(0.31	)		(0.35	)		(0.36	)		(0.44	)		(0.48	)

Net asset value at end of year	$	4.38		$	6.70		$	6.90		$	7.65		$	7.41


Total return²		(30.74	)%		1.94	%		(5.09	)%		9.04	%		(5.53	)%

Portfolio turnover rate³		32	%		54	%		67	%		49	%		66	%

Net assets, end of year (in thousands)	$	488,864		$	1,216,666		$	1,229,181		$	1,528,196		$	1,313,660

Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		1.17	%		1.12	%⁶		1.17	%⁶		1.11	%		1.12	%
Expenses after reimbursements		1.02	%		1.03	%⁶		1.07	%⁶		1.02	%		1.02	%

Net investment income to average net assets:
Net investment income before reimbursements		5.79	%		4.78	%⁶		4.99	%⁶		5.40	%		4.97	%
Net investment income after reimbursements		5.94	%		4.87	%⁶		5.09	%⁶		5.49	%		5.07	%

¹	Per share amounts are based on average number of shares outstanding during the period.

²	Assumes investment at net asset value at the beginning of the year, reinvestment of all distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the year, excluding the impact of sales charges.

³	The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities, including fully funded total return swaps, by the monthly average of the value of the long term portfolio securities.

⁴

Ratios include legal expenses of $3,181 and $5,146 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2021 and 2020, respectively. Expense ratios would have been lower by 0.01% and 0.05% and Net investment income ratios would have been higher by 0.01% and 0.05% excluding these expenses.

⁵

Ratios include legal expenses of $1,113 and $1,990 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2021 and 2020, respectively. Expense ratios would have been lower by 0.01% and 0.04% and Net investment income ratios would have been higher by 0.01% and 0.04% excluding these expenses.

⁶

Ratios include legal expenses of $433,533 and $640,665 that are outside of the expense cap under the expense limitation agreement for the years ended October, 2021 and 2020, respectively. Expense ratios would have been lower by 0.01% and 0.05% and Net investment income ratios would have been higher by 0.01% and 0.05% excluding these expenses.

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Local Currency Bond Fund


	Class A

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value at beginning of year	$	6.92		$	6.86		$	7.35		$	6.53		$	7.22

Income (loss) from investment operations:
Net investment income		0.32	¹		0.28	¹		0.35	¹		0.59			0.36
Net realized and unrealized gain (loss)		(1.53	)		(0.22	)		(0.75	)		0.27			(0.88	)

Total from investment operations		(1.21	)		0.06			(0.40	)		0.86			(0.52	)

Less distributions:

From net investment income		—			—			—			—			(0.08	)
From net realized gain		—			—			—			—			—
Tax return of capital		(0.09	)		—			(0.09	)		(0.04	)		(0.09	)


Total distributions		(0.09	)		—			(0.09	)		(0.04	)		(0.17	)

Net asset value at end of year	$	5.62		$	6.92		$	6.86		$	7.35		$	6.53


Total return²		(17.75	)%		0.87	%		(5.51	)%		13.24	%		(7.47	)%

Portfolio turnover rate³		53	%		34	%		47	%		56	%		75	%

Net assets, end of year (in thousands)	$	1,248		$	1,592		$	1,755		$	1,933		$	1,259

Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		3.10	%		2.97	%		1.75	%		1.55	%		1.57	%
Expenses after reimbursements		1.22	%		1.22	%		1.22	%		1.22	%		1.22	%

Net investment income to average net assets:
Net investment income before reimbursements		3.16	%		2.11	%		4.45	%		5.08	%		4.63	%
Net investment income after reimbursements		5.04	%		3.86	%		4.98	%		5.41	%		4.98	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Local Currency Bond Fund


	Class C

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value at beginning of year	$	6.75		$	6.74		$	7.27		$	6.47		$	7.18

Income (loss) from investment operations:
Net investment income		0.30	¹		0.22	¹		0.29	¹		0.34			0.30
Net realized and unrealized gain (loss)		(1.53	)		(0.21	)		(0.74	)		0.47			(0.88	)

Total from investment operations		(1.23	)		0.01			(0.45	)		0.81			(0.58	)

Less distributions:

From net investment income		—			—			—			—			(0.07	)
From net realized gain		—			—			—			—			—
Tax return of capital		(0.08	)		—			(0.08	)		(0.01	)		(0.06	)


Total distributions		(0.08	)		—			(0.08	)		(0.01	)		(0.13	)

Net asset value at end of year	$	5.44		$	6.75		$	6.74		$	7.27		$	6.47


Total return²		(18.30	)%		0.15	%		(6.25	)%		12.54	%		(8.24	)%

Portfolio turnover rate³		53	%		34	%		47	%		56	%		75	%

Net assets, end of year (in thousands)	$	2		$	25		$	30		$	55		$	77

Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		3.74	%		3.75	%		2.50	%		2.29	%		2.31	%
Expenses after reimbursements		1.97	%		1.97	%		1.97	%		1.97	%		1.97	%

Net investment income to average net assets:
Net investment income before reimbursements		2.85	%		1.35	%		3.77	%		4.33	%		3.85	%
Net investment income after reimbursements		4.62	%		3.13	%		4.30	%		4.65	%		4.19	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Local Currency Bond Fund


	Institutional Class

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value at beginning of year	$	7.24		$	7.16		$	7.66		$	6.79		$	7.50
Income (loss) from investment operations:
Net investment income		0.35	¹		0.31	¹		0.38	¹		0.65			0.41
Net realized and unrealized gain (loss)		(1.60	)		(0.23	)		(0.78	)		0.27			(0.94	)

Total from investment operations		(1.25	)		0.08			(0.40	)		0.92			(0.53	)

Less distributions:

From net investment income		—			—			—			—			(0.09	)
From net realized gain		—			—			—			—			—
Tax return of capital		(0.09	)		—			(0.10	)		(0.05	)		(0.09	)


Total distributions		(0.09	)		—			(0.10	)		(0.05	)		(0.18	)

Net asset value at end of year	$	5.90		$	7.24		$	7.16		$	7.66		$	6.79


Total return²		(17.49	)%		1.12	%		(5.38	)%		13.59	%		(7.33	)%

Portfolio turnover rate³		53	%		34	%		47	%		56	%		75	%

Net assets, end of year (in thousands)	$	4,131		$	6,310		$	28,257		$	42,545		$	63,009

Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		2.83	%		2.61	%		1.50	%		1.28	%		1.32	%
Expenses after reimbursements		0.97	%		0.97	%		0.97	%		0.97	%		0.97	%

Net investment income to average net assets:
Net investment income before reimbursements		3.43	%		2.46	%		4.75	%		5.31	%		4.87	%
Net investment income after reimbursements		5.29	%		4.10	%		5.28	%		5.62	%		5.22	%

¹	Per share amounts are based on average number of shares outstanding during the period.

²	Assumes investment at net asset value at the beginning of the year, reinvestment of all distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the year, excluding the impact of sales charges.

³	The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities, including fully funded total return swaps, by the monthly average of the value of the long term portfolio securities.

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Income Fund


	Class A

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value at beginning of year	$	7.53		$	7.53		$	7.92		$	7.87		$	8.56

Income (loss) from investment operations:
Net investment income		0.40			0.37			0.44			0.52			0.51
Net realized and unrealized gain (loss)		(2.54	)		—			(0.39	)		0.03			(0.71	)

Total from investment operations		(2.14	)		0.37			0.05			0.55			(0.20	)

Less distributions:

From net investment income		(0.42	)		(0.37	)		(0.44	)		(0.50	)		(0.49	)
From net realized gain		(0.01	)		—			—			(—	)¹		—
Tax return of capital		—			—			(—	)¹		—			—


Total distributions		(0.43	)		(0.37	)		(0.44	)		(0.50	)		(0.49	)

Net asset value at end of year	$	4.96		$	7.53		$	7.53		$	7.92		$	7.87


Total return²		(29.30	)%		4.85	%		0.85	%		7.37	%		(2.58	)%

Portfolio turnover rate³		55	%		73	%		117	%		96	%		88	%

Net assets, end of year (in thousands)	$	4,742		$	11,153		$	11,198		$	13,383		$	8,616

Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		1.44	%⁴		1.55	%⁴		1.58	%⁴		1.51	%		1.53	%
Expenses after reimbursements		1.24	%⁴		1.43	%⁴		1.47	%⁴		1.42	%		1.42	%

Net investment income to average net assets:
Net investment income before reimbursements		6.62	%⁴		4.61	%⁴		5.76	%⁴		6.39	%		6.09	%
Net investment income after reimbursements		6.82	%⁴		4.73	%⁴		5.87	%⁴		6.48	%		6.20	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Income Fund


	Class C

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value at beginning of year	$	7.52		$	7.51		$	7.91		$	7.86		$	8.55

Income (loss) from investment operations:
Net investment income		0.35			0.31			0.39			0.45			0.46
Net realized and unrealized gain (loss)		(2.53	)		0.02			(0.40	)		0.04			(0.72	)

Total from investment operations		(2.18	)		0.33			(0.01	)		0.49			(0.26	)

Less distributions:

From net investment income		(0.38	)		(0.32	)		(0.39	)		(0.44	)		(0.43	)
From net realized gain		(0.01	)		—			—			(—	)¹		—
Tax return of capital		—			—			(—	)¹		—			—


Total distributions		(0.39	)		(0.32	)		(0.39	)		(0.44	)		(0.43	)

Net asset value at end of year	$	4.95		$	7.52		$	7.51		$	7.91		$	7.86


Total return²		(29.86	)%		4.25	%		(0.01	)%		6.58	%		(3.30	)%

Portfolio turnover rate³		55	%		73	%		117	%		96	%		88	%

Net assets, end of year (in thousands)	$	1,782		$	5,762		$	7,466		$	10,745		$	8,785

Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		2.20	%⁵		2.30	%⁵		2.33	%⁵		2.26	%		2.29	%
Expenses after reimbursements		2.01	%⁵		2.18	%⁵		2.22	%⁵		2.17	%		2.17	%

Net investment income to average net assets:
Net investment income before reimbursements		5.89	%⁵		3.88	%⁵		5.01	%⁵		5.65	%		5.38	%
Net investment income after reimbursements		6.08	%⁵		4.00	%⁵		5.12	%⁵		5.74	%		5.50	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Income Fund


	Institutional Class

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value at beginning of year	$	7.85		$	7.84		$	8.25		$	8.20		$	8.92
Income (loss) from investment operations:
Net investment income		0.45			0.41			0.48			0.55			0.56
Net realized and unrealized gain (loss)		(2.66	)		0.01			(0.41	)		0.04			(0.75	)

Total from investment operations		(2.21	)		0.42			0.07			0.59			(0.19	)

Less distributions:

From net investment income		(0.46	)		(0.41	)		(0.48	)		(0.54	)		(0.53	)
From net realized gain		(0.01	)		—			—			(—	)¹		—
Tax return of capital		—			—			(—	)¹		—			—


Total distributions		(0.47	)		(0.41	)		(0.48	)		(0.54	)		(0.53	)

Net asset value at end of year	$	5.17		$	7.85		$	7.84		$	8.25		$	8.20


Total return²		(29.15	)%		5.24	%		1.04	%		7.61	%		(2.34	)%

Portfolio turnover rate³		55	%		73	%		117	%		96	%		88	%

Net assets, end of year (in thousands)	$	86,347		$	277,188		$	261,307		$	443,880		$	319,419

Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		1.20	%⁶		1.30	%⁶		1.32	%⁶		1.26	%		1.29	%
Expenses after reimbursements		1.01	%⁶		1.18	%⁶		1.21	%⁶		1.17	%		1.17	%

Net investment income to average net assets:
Net investment income before reimbursements		6.90	%⁶		4.86	%⁶		6.00	%⁶		6.66	%		6.40	%
Net investment income after reimbursements		7.09	%⁶		4.98	%⁶		6.11	%⁶		6.75	%		6.52	%

¹	Amount is less than $0.005 per share.

²	Assumes investment at net asset value at the beginning of the year, reinvestment of all distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the year, excluding the impact of sales charges.

³	The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities.

⁴

Ratios include legal expenses of $63, $1,438 and $6,538 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.12%, 0.01% and 0.05% and Net investment income ratios would have been higher by 0.07%, 0.01% and 0.05% excluding these expenses.

⁵

Ratios include legal expenses of $79, $756 and $4,394 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.14%, 0.01% and 0.05% and Net investment income ratios would have been higher by 0.07%, 0.01% and 0.05% excluding these expenses.

⁶

Ratios include legal expenses of $3,742, $34,379 and $153,663 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.14%, 0.01% and 0.04% and Net investment income ratios would have been higher by 0.07%, 0.01% and 0.04% excluding these expenses.

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Short Duration Fund


	Class A

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value at beginning of year	$	6.80		$	7.52		$	9.00		$	9.78		$	10.60

Income (loss) from investment operations:
Net investment income		0.32			0.44			0.46			0.68			0.55
Net realized and unrealized loss		(2.39	)		(0.69	)		(1.46	)		(0.75	)		(0.58	)

Total from investment operations		(2.07	)		(0.25	)		(1.00	)		(0.07	)		(0.03	)

Less distributions:

From net investment income		(0.34	)		(0.47	)		(0.48	)		(0.68	)		(0.57	)
From net realized gain		(0.11	)		—			—			(0.03	)		(0.22	)
Tax return of capital		—			—			—			—			—


Total distributions		(0.45	)		(0.47	)		(0.48	)		(0.71	)		(0.79	)

Net asset value at end of year	$	4.28		$	6.80		$	7.52		$	9.00		$	9.78


Total return¹		(31.54	)%		(4.07	)%		(11.25	)%		(1.22	)%		(0.12	)%

Portfolio turnover rate²		41	%		32	%		80	%		53	%		37	%

Net assets, end of year (in thousands)	$	2,975		$	6,834		$	19,865		$	110,771		$	83,290

Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		1.14	%³		1.10	%³		1.13	%³		1.00	%		1.05	%
Expenses after reimbursements		0.89	%³		1.00	%³		0.99	%³		0.92	%		0.92	%

Net investment income to average net assets:
Net investment income before reimbursements		6.06	%³		6.17	%³		7.07	%³		6.74	%		7.00	%
Net investment income after reimbursements		6.31	%³		6.27	%³		7.21	%³		6.82	%		7.13	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Short Duration Fund


	Class C

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value at beginning of year	$	6.53		$	7.22		$	8.66		$	9.41		$	10.22

Income (loss) from investment operations:
Net investment income		0.29			0.40			0.42			0.58			0.52
Net realized and unrealized loss		(2.33	)		(0.69	)		(1.45	)		(0.72	)		(0.64	)

Total from investment operations		(2.04	)		(0.29	)		(1.03	)		(0.14	)		(0.12	)

Less distributions:

From net investment income		(0.29	)		(0.40	)		(0.41	)		(0.58	)		(0.47	)
From net realized gain		(0.11	)		—			—			(0.03	)		(0.22	)
Tax return of capital		—			—			—			—			—


Total distributions		(0.40	)		(0.40	)		(0.41	)		(0.61	)		(0.69	)

Net asset value at end of year	$	4.09		$	6.53		$	7.22		$	8.66		$	9.41


Total return¹		(32.29	)%		(4.56	)%		(12.05	)%		(1.94	)%		(0.98	)%

Portfolio turnover rate²		41	%		32	%		80	%		53	%		37	%

Net assets, end of year (in thousands)	$	291		$	1,219		$	1,572		$	2,342		$	2,012

Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		1.91	%⁴		1.84	%⁴		1.96	%⁴		1.75	%		1.79	%
Expenses after reimbursements		1.66	%⁴		1.76	%⁴		1.83	%⁴		1.67	%		1.67	%

Net investment income to average net assets:
Net investment income before reimbursements		5.09	%⁴		5.36	%⁴		5.20	%⁴		5.96	%		5.93	%
Net investment income after reimbursements		5.34	%⁴		5.44	%⁴		5.33	%⁴		6.04	%		6.05	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Short Duration Fund


	Institutional Class

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value at beginning of year	$	6.69		$	7.40		$	8.83		$	9.60		$	10.41
Income (loss) from investment operations:
Net investment income		0.37			0.50			0.49			0.69			0.60
Net realized and unrealized loss		(2.40	)		(0.73	)		(1.44	)		(0.74	)		(0.61	)

Total from investment operations		(2.03	)		(0.23	)		(0.95	)		(0.05	)		(0.01	)

Less distributions:

From net investment income		(0.35	)		(0.48	)		(0.48	)		(0.69	)		(0.58	)
From net realized gain		(0.11	)		—			—			(0.03	)		(0.22	)
Tax return of capital		—			—			—			—			—


Total distributions		(0.46	)		(0.48	)		(0.48	)		(0.72	)		(0.80	)

Net asset value at end of year	$	4.20		$	6.69		$	7.40		$	8.83		$	9.60


Total return¹		(31.54	)%		(3.75	)%		(10.94	)%		(1.01	)%		0.11	%

Portfolio turnover rate²		41	%		32	%		80	%		53	%		37	%

Net assets, end of year (in thousands)	$	52,073		$	124,954		$	441,467		$	1,195,492		$	693,577

Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		0.90	%⁵		0.84	%⁵		0.91	%⁵		0.75	%		0.79	%
Expenses after reimbursements		0.65	%⁵		0.75	%⁵		0.79	%⁵		0.67	%		0.67	%

Net investment income to average net assets:
Net investment income before reimbursements		6.22	%⁵		6.38	%⁵		6.98	%⁵		7.04	%		7.30	%
Net investment income after reimbursements		6.47	%⁵		6.47	%⁵		7.10	%⁵		7.12	%		7.42	%

¹	Assumes investment at net asset value at the beginning of the year, reinvestment of all distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the year, excluding the impact of sales charges.

²	The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities.

Ratios include legal expenses of $(1,101), $10,827 and $37,676 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2022, 2021 and 2020, respectively. Expense ratios would have been higher by 0.03% and lower by 0.08% and 0.07% and Net investment income ratios would have been lower by 0.03% and higher by 0.08% and 0.07% excluding these expenses.

⁴

Ratios include legal expenses of $(46), $1,388 and $2,841 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2022, 2021 and 2020, respectively. Expense ratios would have been higher by 0.01% and lower by 0.09% and 0.16% and Net investment income ratios would have been lower by 0.01% and higher by 0.09% and 0.16% excluding these expenses.

⁵

Ratios include legal expenses of $(12,847), $182,441 and $835,457 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2022, 2021 and 2020, respectively. Expense ratios would have been higher by 0.02% and lower by 0.08% and 0.12% and Net investment income ratios would have been lower by 0.02% and higher by 0.08% and 0.12% excluding these expenses.

See accompanying notes to the financial statements.

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Active Equity Fund


	Class A

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value at beginning of year	$	12.55		$	11.08		$	10.46		$	10.53		$	12.72

Income (loss) from investment operations:
Net investment income		0.08	¹		0.15			0.11	¹		0.13			0.08
Net realized and unrealized gain (loss)		(3.26	)		1.44			0.56			0.85			(1.05	)

Total from investment operations		(3.18	)		1.59			0.67			0.98			(0.97	)

Less distributions:

From net investment income		(0.18	)		(0.12	)		(0.05	)		(0.09	)		(0.20	)
From net realized gain		(3.07	)		—			—			(0.94	)		(1.02	)
Tax return of capital		(0.01	)		—			—			(0.02	)		—


Total distributions		(3.26	)		(0.12	)		(0.05	)		(1.05	)		(1.22	)

Net asset value at end of year	$	6.11		$	12.55		$	11.08		$	10.46		$	10.53


Total return²		(33.53	)%		14.23	%		6.49	%		10.73	%		(8.59	)%

Portfolio turnover rate³		264	%		206	%		228	%		153	%		164	%

Net assets, end of year (in thousands)	$	804		$	1,611		$	1,616		$	209		$	223

Ratios to average net assets:

Total expenses to average net assets:
Expenses before reimbursements		1.52	%		1.49	%		1.55	%		1.96	%		2.20	%
Expenses after reimbursements		1.27	%		1.27	%		1.27	%		1.27	%		1.27	%

Net investment income to average net assets:
Net investment income before reimbursements		0.68	%		0.91	%		0.73	%		0.55	%		0.56	%
Net investment income after reimbursements		0.93	%		1.13	%		1.01	%		1.24	%		1.49	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Active Equity Fund


	Class C

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value at beginning of year	$	12.33		$	10.90		$	10.32		$	10.43		$	12.65

Income (loss) from investment operations:
Net investment income		0.01	¹		0.05			—	^1,4		0.07			0.03
Net realized and unrealized gain (loss)		(3.18	)		1.42			0.58			0.83			(1.10	)

Total from investment operations		(3.17	)		1.47			0.58			0.90			(1.07	)

Less distributions:

From net investment income		(0.13	)		(0.04	)		(—	)⁴		(0.05	)		(0.13	)
From net realized gain		(3.07	)		—			—			(0.94	)		(1.02	)
Tax return of capital		(—	)⁴		—			—			(0.02	)		—


Total distributions		(3.20	)		(0.04	)		—			(1.01	)		(1.15	)

Net asset value at end of year	$	5.96		$	12.33		$	10.90		$	10.32		$	10.43


Total return²		(34.05	)%		13.41	%		5.76	%		9.88	%		(9.40	)%

Portfolio turnover rate³		264	%		206	%		228	%		153	%		164	%

Net assets, end of year (in thousands)	$	1		$	2		$	2		$	12		$	11

Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		2.30	%		2.25	%		2.31	%		2.71	%		2.73	%
Expenses after reimbursements		2.02	%		2.02	%		2.02	%		2.02	%		2.02	%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		(0.10	)%		0.14	%		(0.30	)%		(0.17	)%		(0.51	)%
Net investment income (loss) after reimbursements		0.18	%		0.37	%		(0.01	)%		0.52	%		0.20	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Active Equity Fund


	Institutional Class

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value at beginning of year	$	12.63		$	11.15		$	10.51		$	10.56		$	12.74
Income (loss) from investment operations:
Net investment income		0.09	¹		0.18			0.10	¹		0.16			0.14
Net realized and unrealized gain (loss)		(3.28	)		1.45			0.60			0.86			(1.09	)

Total from investment operations		(3.19	)		1.63			0.70			1.02			(0.95	)

Less distributions:

From net investment income		(0.20	)		(0.15	)		(0.06	)		(0.10	)		(0.21	)
From net realized gain		(3.07	)		—			—			(0.94	)		(1.02	)
Tax return of capital		(0.01	)		—			—			(0.03	)		—


Total distributions		(3.28	)		(0.15	)		(0.06	)		(1.07	)		(1.23	)

Net asset value at end of year	$	6.16		$	12.63		$	11.15		$	10.51		$	10.56


Total return²		(33.40	)%		14.50	%		6.79	%		11.05	%		(8.41	)%

Portfolio turnover rate³		264	%		206	%		228	%		153	%		164	%

Net assets, end of year (in thousands)	$	75,264		$	96,417		$	80,474		$	20,502		$	17,436

Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		1.27	%		1.24	%		1.29	%		1.72	%		1.73	%
Expenses after reimbursements		1.02	%		1.02	%		1.02	%		1.02	%		1.02	%

Net investment income to average net assets:
Net investment income before reimbursements		0.87	%		1.15	%		0.67	%		0.83	%		0.47	%
Net investment income after reimbursements		1.12	%		1.37	%		0.94	%		1.53	%		1.18	%

¹	Per share amounts are based on average number of shares outstanding during the period.

²	Assumes investment at net asset value at the beginning of the year, reinvestment of all distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the year, excluding the impact of sales charges.

³	The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities.

⁴	Amount is less than $0.005 per share.

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Small-Cap Equity Fund


	Class A

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value at beginning of year	$	15.32		$	10.99		$	8.84		$	8.02		$	10.33

Income (loss) from investment operations:
Net investment income (loss)		0.06	¹		(0.18	)		(0.20	)		(0.01	)		0.04
Net realized and unrealized gain (loss)		(5.15	)		4.51			2.35			0.83			(2.17	)

Total from investment operations		(5.09	)		4.33			2.15			0.82			(2.13	)

Less distributions:

From net investment income		—			—			—			(—	)²		(0.17	)
From net realized gain		—			—			—			—			—
Tax return of capital		(0.16	)		—			—			(—	)²		(0.01	)


Total distributions		(0.16	)		—			—			—			(0.18	)

Net asset value at end of year	$	10.07		$	15.32		$	10.99		$	8.84		$	8.02


Total return³		(33.37	)%		39.40	%		24.32	%		10.27	%		(20.96	)%

Portfolio turnover rate⁴		50	%		77	%		62	%		60	%		112	%

Net assets, end of year (in thousands)	$	393		$	321		$	388		$	1,356		$	1,447

Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		3.08	%		2.75	%		2.78	%		2.30	%		2.37	%
Expenses after reimbursements		1.77	%		1.77	%		1.77	%		1.77	%		1.77	%

Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(0.78	)%		(1.48	)%		(1.74	)%		(0.62	)%		(0.31	)%
Net investment income (loss) after reimbursements		0.53	%		(0.50	)%		(0.73	)%		(0.09	)%		0.29	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Small-Cap Equity Fund


	Class C

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value at beginning of year	$	15.79		$	11.40		$	9.22		$	8.42		$	10.90

Income (loss) from investment operations:
Net investment income (loss)		(0.06	)¹		(0.32	)		(0.34	)		(0.38	)		0.01
Net realized and unrealized gain (loss)		(5.28	)		4.71			2.52			1.18			(2.33	)

Total from investment operations		(5.34	)		4.39			2.18			0.80			(2.32	)

Less distributions:

From net investment income		—			—			—			—			(0.16	)
From net realized gain		—			—			—			—			—
Tax return of capital		(0.09	)		—			—			—			—	²


Total distributions		(0.09	)		—			—			—			(0.16	)

Net asset value at end of year	$	10.36		$	15.79		$	11.40		$	9.22		$	8.42


Total return³		(33.91	)%		38.51	%		23.64	%		9.50	%		(21.62	)%

Portfolio turnover rate⁴		50	%		77	%		62	%		60	%		112	%

Net assets, end of year (in thousands)	$	41		$	162		$	135		$	144		$	272

Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		3.72	%		3.47	%		3.91	%		3.05	%		3.09	%
Expenses after reimbursements		2.52	%		2.52	%		2.52	%		2.52	%		2.52	%

Net investment loss to average net assets:
Net investment loss before reimbursements		(1.67	)%		(2.09	)%		(2.70	)%		(1.48	)%		(1.30	)%
Net investment loss after reimbursements		(0.47	)%		(1.14	)%		(1.31	)%		(0.95	)%		(0.73	)%

See accompanying notes to the financial statements.

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Small-Cap Equity Fund


	Institutional Class

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value at beginning of year	$	19.82		$	14.19		$	11.39		$	10.32		$	13.19
Income (loss) from investment operations:
Net investment income (loss)		0.09	¹		(0.02	)		(0.10	)		0.02			0.05
Net realized and unrealized gain (loss)		(6.65	)		5.65			2.90			1.06			(2.73	)

Total from investment operations		(6.56	)		5.63			2.80			1.08			(2.68	)

Less distributions:

From net investment income		—			—			—			(0.01	)		(0.18	)
From net realized gain		—			—			—			—			—
Tax return of capital		(0.17	)		—			—			(—	)²		(0.01	)


Total distributions		(0.17	)		—			—			(0.01	)		(0.19	)

Net asset value at end of year	$	13.09		$	19.82		$	14.19		$	11.39		$	10.32


Total return³		(33.21	)%		39.68	%		24.58	%		10.52	%		(20.60	)%

Portfolio turnover rate⁴		50	%		77	%		62	%		60	%		112	%

Net assets, end of year (in thousands)	$	6,237		$	10,994		$	7,419		$	26,296		$	32,456

Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		2.77	%		2.45	%		2.56	%		2.05	%		2.06	%
Expenses after reimbursements		1.52	%		1.52	%		1.52	%		1.52	%		1.52	%

Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(0.66	)%		(1.02	)%		(1.51	)%		(0.38	)%		(0.16	)%
Net investment income (loss) after reimbursements		0.59	%		(0.09	)%		(0.47	)%		0.15	%		0.38	%

¹	Per share amounts are based on average number of shares outstanding during the period.

²	Amount is less than $0.005 per share.

³	Assumes investment at net asset value at the beginning of the year, reinvestment of all distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the year, excluding the impact of sales charges.

⁴	The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities.

See accompanying notes to the financial statements.

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Frontier Equity Fund


	Class A

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value at beginning of year	$	10.13		$	7.07		$	8.02		$	7.66		$	9.99

Income (loss) from investment operations:
Net investment income (loss)		0.08	¹		0.02	¹		(0.01	)¹		0.14			0.08
Net realized and unrealized gain (loss)		(1.67	)		3.10			(0.91	)		0.37			(1.47	)

Total from investment operations		(1.59	)		3.12			(0.92	)		0.51			(1.39	)

Less distributions:

From net investment income		(0.18	)		(0.06	)		(0.03	)		(0.15	)		(0.08	)
From net realized gain		—			—			—			—			(0.82	)
Tax return of capital		—			—			—			—			(0.04	)


Total distributions		(0.18	)		(0.06	)		(0.03	)		(0.15	)		(0.94	)

Net asset value at end of year	$	8.36		$	10.13		$	7.07		$	8.02		$	7.66


Total return²		(15.92	)%		44.20	%		(11.47	)%		6.58	%		(15.44	)%

Portfolio turnover rate³		95	%		87	%		108	%		93	%		80	%

Net assets, end of year (in thousands)	$	3,018		$	2,561		$	656		$	6,985		$	7,645

Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		2.24	%		2.11	%		2.18	%		2.12	%		2.20	%
Expenses after reimbursements		1.77	%		1.77	%		1.77	%		1.77	%		1.77	%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		0.49	%		(0.09	)%		(0.59	)%		1.61	%		0.46	%
Net investment income (loss) after reimbursements		0.96	%		0.25	%		(0.18	)%		1.96	%		0.89	%

See accompanying notes to the financial statements.

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Frontier Equity Fund


	Class C

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value at beginning of year	$	9.75		$	6.82		$	7.80		$	7.47		$	9.82

Income (loss) from investment operations:
Net investment income (loss)		0.02	¹		(0.03	)¹		0.01	¹		0.02			0.03
Net realized and unrealized gain (loss)		(1.62	)		2.97			(0.96	)		0.42			(1.48	)

Total from investment operations		(1.60	)		2.94			(0.95	)		0.44			(1.45	)

Less distributions:

From net investment income		(0.12	)		(0.01	)		(0.03	)		(0.11	)		(0.05	)
From net realized gain		—			—			—			—			(0.82	)
Tax return of capital		—			—			—			—			(0.03	)


Total distributions		(0.12	)		(0.01	)		(0.03	)		(0.11	)		(0.90	)

Net asset value at end of year	$	8.03		$	9.75		$	6.82		$	7.80		$	7.47


Total return²		(16.58	)%		43.13	%		(12.13	)%		5.87	%		(16.30	)%

Portfolio turnover rate³		95	%		87	%		108	%		93	%		80	%

Net assets, end of year (in thousands)	$	293		$	209		$	286		$	305		$	408

Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		3.00	%		2.89	%		3.01	%		2.88	%		2.94	%
Expenses after reimbursements		2.52	%		2.52	%		2.52	%		2.52	%		2.52	%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		(0.21	)%		(0.77	)%		(0.41	)%		0.48	%		(0.18	)%
Net investment income (loss) after reimbursements		0.27	%		(0.40	)%		0.08	%		0.84	%		0.24	%

See accompanying notes to the financial statements.

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Frontier Equity Fund


	Institutional Class

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value at beginning of year	$	11.77		$	8.20		$	9.32		$	8.86		$	11.38
Income (loss) from investment operations:
Net investment income		0.11	¹		0.06	¹		0.09	¹		0.16			0.12
Net realized and unrealized gain (loss)		(1.95	)		3.58			(1.13	)		0.46			(1.69	)

Total from investment operations		(1.84	)		3.64			(1.04	)		0.62			(1.57	)

Less distributions:

From net investment income		(0.20	)		(0.07	)		(0.08	)		(0.16	)		(0.08	)
From net realized gain		—			—			—			—			(0.82	)
Tax return of capital		—			—			—			—			(0.05	)


Total distributions		(0.20	)		(0.07	)		(0.08	)		(0.16	)		(0.95	)

Net asset value at end of year	$	9.73		$	11.77		$	8.20		$	9.32		$	8.86


Total return²		(15.78	)%		44.50	%		(11.17	)%		6.97	%		(15.11	)%

Portfolio turnover rate³		95	%		87	%		108	%		93	%		80	%

Net assets, end of year (in thousands)	$	69,320		$	77,540		$	53,053		$	81,047		$	77,788

Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		1.98	%		1.88	%		2.00	%		1.88	%		1.95	%
Expenses after reimbursements		1.52	%		1.52	%		1.52	%		1.52	%		1.52	%

Net investment income to average net assets:
Net investment income before reimbursements		0.64	%		0.23	%		0.58	%		1.39	%		0.78	%
Net investment income after reimbursements		1.10	%		0.59	%		1.06	%		1.75	%		1.21	%

¹	Per share amounts are based on average number of shares outstanding during the period.

²	Assumes investment at net asset value at the beginning of the year, reinvestment of all distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the year, excluding the impact of sales charges.

³	The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities.

See accompanying notes to the financial statements.

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Equity Fund


	Class A

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value at beginning of year	$	16.77		$	13.08		$	11.18		$	9.38		$	11.16

Income (loss) from investment operations:
Net investment income (loss)		0.13			(0.06	)¹		0.08			0.05			0.01
Net realized and unrealized gain (loss)		(5.67	)		4.07			1.84			1.97			(1.55	)

Total from investment operations		(5.54	)		4.01			1.92			2.02			(1.54	)

Less distributions:

From net investment income		(0.09	)		(0.10	)		(0.02	)		(0.22	)		(0.23	)
From net realized gain		(2.83	)		(0.22	)		—			—			—
Tax return of capital		(0.02	)		—			—			—			(0.01	)


Total distributions		(2.94	)		(0.32	)		(0.02	)		(0.22	)		(0.24	)

Net asset value at end of year	$	8.29		$	16.77		$	13.08		$	11.18		$	9.38


Total return²		(39.01	)%		30.92	%		17.21	%		21.66	%		(14.16	)%

Portfolio turnover rate³		85	%		77	%		76	%		76	%		113	%

Net assets, end of year (in thousands)	$	3,081		$	3,872		$	1,394		$	641		$	303

Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		1.65	%		1.56	%		1.81	%		1.91	%		2.19	%
Expenses after reimbursements		1.42	%		1.42	%		1.42	%		1.42	%		1.42	%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		0.75	%		(0.48	)%		(0.42	)%		(0.01	)%		(0.06	)%
Net investment income (loss) after reimbursements		0.98	%		(0.34	)%		(0.03	)%		0.48	%		0.71	%

See accompanying notes to the financial statements.

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Equity Fund


	Class C

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value at beginning of year	$	15.80		$	12.39		$	10.64		$	8.96		$	10.73

Income (loss) from investment operations:
Net investment income (loss)		0.02			(0.16	)¹		(0.10	)		(0.04	)		(0.13	)
Net realized and unrealized gain (loss)		(5.25	)		3.86			1.85			1.91			(1.44	)

Total from investment operations		(5.23	)		3.70			1.75			1.87			(1.57	)

Less distributions:

From net investment income		(0.03	)		(0.07	)		—			(0.19	)		(0.19	)
From net realized gain		(2.83	)		(0.22	)		—			—			—
Tax return of capital		(0.01	)		—			—			—			(0.01	)


Total distributions		(2.87	)		(0.29	)		—			(0.19	)		(0.20	)

Net asset value at end of year	$	7.70		$	15.80		$	12.39		$	10.64		$	8.96


Total return²		(39.46	)%		30.13	%		16.45	%		20.89	%		(14.92	)%

Portfolio turnover rate³		85	%		77	%		76	%		76	%		113	%

Net assets, end of year (in thousands)	$	105		$	107		$	2		$	1		$	1

Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		2.42	%		2.29	%		2.49	%		2.66	%		2.96	%
Expenses after reimbursements		2.17	%		2.17	%		2.17	%		2.17	%		2.17	%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		0.12	%		(1.11	)%		(1.22	)%		(0.95	)%		(1.25	)%
Net investment income (loss) after reimbursements		0.37	%		(0.99	)%		(0.90	)%		(0.46	)%		(0.46	)%

See accompanying notes to the financial statements.

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Equity Fund


	Institutional Class

	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value at beginning of year	$	16.23		$	12.65		$	10.81		$	9.06		$	10.78
Income (loss) from investment operations:
Net investment income (loss)		0.17			(0.02	)¹		0.11			0.06			0.07
Net realized and unrealized gain (loss)		(5.47	)		3.92			1.77			1.93			(1.54	)

Total from investment operations		(5.30	)		3.90			1.88			1.99			(1.47	)

Less distributions:

From net investment income		(0.11	)		(0.10	)		(0.04	)		(0.24	)		(0.24	)
From net realized gain		(2.83	)		(0.22	)		—			—			—
Tax return of capital		(0.02	)		—			—			—			(0.01	)


Total distributions		(2.96	)		(0.32	)		(0.04	)		(0.24	)		(0.25	)

Net asset value at end of year	$	7.97		$	16.23		$	12.65		$	10.81		$	9.06


Total return²		(38.85	)%		31.24	%		17.41	%		22.05	%		(14.01	)%

Portfolio turnover rate³		85	%		77	%		76	%		76	%		113	%

Net assets, end of year (in thousands)	$	90,921		$	116,727		$	82,385		$	35,011		$	24,162

Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		1.41	%		1.32	%		1.56	%		1.66	%		1.95	%
Expenses after reimbursements		1.17	%		1.17	%		1.17	%		1.17	%		1.17	%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		1.10	%		(0.26	)%		(0.22	)%		0.09	%		0.10	%
Net investment income (loss) after reimbursements		1.34	%		(0.11	)%		0.17	%		0.58	%		0.88	%

¹	Per share amounts are based on average number of shares outstanding during the period.

²	Assumes investment at net asset value at the beginning of the year, reinvestment of all distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the year, excluding the impact of sales charges.

³	The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities.

See accompanying notes to the financial statements.

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Ashmore Emerging Markets Equity ESG Fund


	Class A

	Year Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,
	2022			2021			2020¹

Net asset value at beginning of period	$	14.91		$	12.05		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.01			(0.09	)		(0.01	)
Net realized and unrealized gain (loss)		(5.27	)		3.04			2.06

Total from investment operations		(5.26	)		2.95			2.05

Less distributions:

From net investment income		—			(0.09	)		—
From net realized gain		(2.03	)		—			—
Tax return of capital		(0.01	)		—			—


Total distributions		(2.04	)		(0.09	)		—

Net asset value at end of period	$	7.61		$	14.91		$	12.05


Total return²		(40.26	)%		24.50	%		20.50	%

Portfolio turnover rate³		49	%		55	%		45	%

Net assets, end of period (in thousands)	$	1		$	2		$	1

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		2.49	%		2.39	%		4.16	%
Expenses after reimbursements		1.42	%		1.42	%		1.42	%

Net investment loss to average net assets:
Net investment loss before reimbursements		(1.12	)%		(1.56	)%		(2.89	)%
Net investment loss after reimbursements		(0.05	)%		(0.59	)%		(0.15	)%

See accompanying notes to the financial statements.

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Equity ESG Fund


				Class C

	Year Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,
	2022			2021			2020¹

Net asset value at beginning of period	$	14.77		$	12.00		$	10.00

Income (loss) from investment operations:
Net investment loss		(0.04	)		(0.20	)		(0.06	)
Net realized and unrealized gain (loss)		(5.23	)		3.05			2.06

Total from investment operations		(5.27	)		2.85			2.00

Less distributions:

From net investment income		—			(0.08	)		—
From net realized gain		(2.03	)		—			—
Tax return of capital		—			—			—


Total distributions		(2.03	)		(0.08	)		—

Net asset value at end of period	$	7.47		$	14.77		$	12.00


Total return²		(40.76	)%		23.81	%		20.00	%

Portfolio turnover rate³		49	%		55	%		45	%

Net assets, end of period (in thousands)	$	1		$	1		$	1

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		3.22	%		3.14	%		4.77	%
Expenses after reimbursements		2.17	%		2.17	%		2.17	%

Net investment loss to average net assets:
Net investment loss before reimbursements		(1.85	)%		(2.32	)%		(3.50	)%
Net investment loss after reimbursements		(0.80	)%		(1.35	)%		(0.90	)%

See accompanying notes to the financial statements.

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Equity ESG Fund


	Institutional Class

	Year Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,
	2022			2021			2020¹

Net asset value at beginning of period	$	14.96		$	12.06		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		0.03			(0.05	)		0.01
Net realized and unrealized gain (loss)		(5.29	)		3.04			2.05

Total from investment operations		(5.26	)		2.99			2.06

Less distributions:

From net investment income		—			(0.09	)		(—	)⁵
From net realized gain		(2.03	)		—			—
Tax return of capital		(0.02	)		—			—


Total distributions		(2.05	)		(0.09	)		—

Net asset value at end of period	$	7.65		$	14.96		$	12.06


Total return²		(40.10	)%		24.82	%		20.60	%

Portfolio turnover rate³		49	%		55	%		45	%

Net assets, end of period (in thousands)	$	8,884		$	15,041		$	12,062

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		2.12	%		2.16	%		3.68	%
Expenses after reimbursements		1.17	%		1.17	%		1.17	%

Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(0.74	)%		(1.34	)%		(2.41	)%
Net investment income (loss) after reimbursements		0.21	%		(0.35	)%		0.10	%

¹	Class A, Class C and the Institutional Class commenced investment operations on February 26, 2020.

Assumes investment at net asset value at the beginning of the period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year.

³	The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.

⁴	Annualized for periods less than one year.

⁵	Amount is less than $0.005 per share.

See accompanying notes to the financial statements.

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Ashmore Emerging Markets Short Duration Select Fund


				Class A

	Year Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,
	2022			2021			2020¹

Net asset value at beginning of period	$	9.80		$	10.18		$	10.00

Income (loss) from investment operations:
Net investment income		0.29			0.38			0.14
Net realized and unrealized gain (loss)		(1.48	)		(0.35	)		0.19

Total from investment operations		(1.19	)		0.03			0.33

Less distributions:

From net investment income		(0.29	)		(0.38	)		(0.15	)
From net realized gain		(—	)²		(0.03	)		—
Tax return of capital		—			—			—


Total distributions		(0.29	)		(0.41	)		(0.15	)

Net asset value at end of period	$	8.32		$	9.80		$	10.18


Total return³		(12.27	)%		0.20	%		3.30	%

Portfolio turnover rate⁴		52	%		43	%		12	%

Net assets, end of period (in thousands)	$	1		$	1		$	1

Ratios to average net assets:⁵
Total expenses to average net assets:
Expenses before reimbursements		2.05	%		1.71	%		4.87	%
Expenses after reimbursements		0.92	%		0.92	%		0.92	%

Net investment income to average net assets:
Net investment income before reimbursements		2.06	%		2.88	%		0.05	%
Net investment income after reimbursements		3.19	%		3.67	%		4.00	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Short Duration Select Fund


				Class C

	Year Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,
	2022			2021			2020¹

Net asset value at beginning of period	$	9.80		$	10.18		$	10.00

Income (loss) from investment operations:
Net investment income		0.22			0.30			0.12
Net realized and unrealized gain (loss)		(1.48	)		(0.35	)		0.18

Total from investment operations		(1.26	)		(0.05	)		0.30

Less distributions:

From net investment income		(0.22	)		(0.30	)		(0.12	)
From net realized gain		(—	)²		(0.03	)		—
Tax return of capital		—			—			—


Total distributions		(0.22	)		(0.33	)		(0.12	)

Net asset value at end of period	$	8.32		$	9.80		$	10.18


Total return³		(12.94	)%		(0.57	)%		3.03	%

Portfolio turnover rate⁴		52	%		43	%		12	%

Net assets, end of period (in thousands)	$	1		$	1		$	1

Ratios to average net assets:⁵
Total expenses to average net assets:
Expenses before reimbursements		2.72	%		2.42	%		5.60	%
Expenses after reimbursements		1.67	%		1.67	%		1.67	%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		1.39	%		2.16	%		(0.68	)%
Net investment income after reimbursements		2.44	%		2.91	%		3.25	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Short Duration Select Fund


	Institutional Class

	Year Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,
	2022			2021			2020¹

Net asset value at beginning of period	$	9.80		$	10.18		$	10.00

Income (loss) from investment operations:
Net investment income		0.30			0.40			0.16
Net realized and unrealized gain (loss)		(1.48	)		(0.35	)		0.18

Total from investment operations		(1.18	)		0.05			0.34

Less distributions:

From net investment income		(0.30	)		(0.40	)		(0.16	)
From net realized gain		(—	)²		(0.03	)		—
Tax return of capital		—			—			—


Total distributions		(0.30	)		(0.43	)		(0.16	)

Net asset value at end of period	$	8.32		$	9.80		$	10.18


Total return³		(12.16	)%		0.40	%		3.43	%

Portfolio turnover rate⁴		52	%		43	%		12	%

Net assets, end of period (in thousands)	$	8,996		$	10,286		$	10,317

Ratios to average net assets:⁵
Total expenses to average net assets:
Expenses before reimbursements		1.48	%		1.38	%		4.58	%
Expenses after reimbursements		0.67	%		0.67	%		0.67	%

Net investment income to average net assets:
Net investment income before reimbursements		2.54	%		3.21	%		0.29	%
Net investment income after reimbursements		3.35	%		3.92	%		4.20	%

¹	Class A, Class C and the Institutional Class commenced investment operations on June 15, 2020.

²	Amount is less than $0.005 per share.

⁴	The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.

⁵	Annualized for periods less than one year.

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Investment Grade Income Fund


				Class A

	Year Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,
	2022			2021			2020¹

Net asset value at beginning of period	$	9.90		$	9.85		$	10.00

Income (loss) from investment operations:
Net investment income		0.30			0.32			0.03
Net realized and unrealized gain (loss)		(2.37	)		0.06			(0.15	)

Total from investment operations		(2.07	)		0.38			(0.12	)

Less distributions:

From net investment income		(0.31	)		(0.33	)		(0.03	)
From net realized gain		—			—			—
Tax return of capital		—			—			—


Total distributions		(0.31	)		(0.33	)		(0.03	)

Net asset value at end of period	$	7.52		$	9.90		$	9.85


Total return²		(21.27	)%		3.85	%		(1.19	)%

Portfolio turnover rate³		53	%		44	%		3	%

Net assets, end of period (in thousands)	$	1		$	1		$	1

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		1.56	%		1.77	%		4.88	%
Expenses after reimbursements		0.97	%		0.97	%		0.97	%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		2.87	%		2.42	%		(1.27	)%
Net investment income after reimbursements		3.46	%		3.22	%		2.64	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Investment Grade Income Fund


				Class C

	Year Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,
	2022			2021			2020¹

Net asset value at beginning of period	$	9.90		$	9.85		$	10.00

Income (loss) from investment operations:
Net investment income		0.24			0.25			0.02
Net realized and unrealized gain (loss)		(2.38	)		0.05			(0.15	)

Total from investment operations		(2.14	)		0.30			(0.13	)

Less distributions:

From net investment income		(0.24	)		(0.25	)		(0.02	)
From net realized gain		—			—			—
Tax return of capital		—			—			—


Total distributions		(0.24	)		(0.25	)		(0.02	)

Net asset value at end of period	$	7.52		$	9.90		$	9.85


Total return²		(21.84	)%		3.08	%		(1.26	)%

Portfolio turnover rate³		53	%		44	%		3	%

Net assets, end of period (in thousands)	$	1		$	1		$	1

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		2.12	%		2.49	%		5.62	%
Expenses after reimbursements		1.72	%		1.72	%		1.72	%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		2.34	%		1.70	%		(2.02	)%
Net investment income after reimbursements		2.74	%		2.47	%		1.88	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Investment Grade Income Fund


	Institutional Class

	Year Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,
	2022			2021			2020¹

Net asset value at beginning of period	$	9.90		$	9.85		$	10.00

Income (loss) from investment operations:
Net investment income		0.32			0.35			0.03
Net realized and unrealized gain (loss)		(2.37	)		0.05			(0.15	)

Total from investment operations		(2.05	)		0.40			(0.12	)

Less distributions:

From net investment income		(0.32	)		(0.35	)		(0.03	)
From net realized gain		—			—			—
Tax return of capital		—			—			—


Total distributions		(0.32	)		(0.35	)		(0.03	)

Net asset value at end of period	$	7.53		$	9.90		$	9.85


Total return²		(21.02	)%		4.03	%		(1.16	)%

Portfolio turnover rate³		53	%		44	%		3	%

Net assets, end of period (in thousands)	$	16,042		$	20,442		$	19,757

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		1.19	%		1.48	%		4.43	%
Expenses after reimbursements		0.72	%		0.72	%		0.72	%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		3.21	%		2.66	%		(0.92	)%
Net investment income after reimbursements		3.68	%		3.42	%		2.79	%

¹	Class A, Class C and the Institutional Class commenced investment operations on September 17, 2020.

³	The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.

⁴	Annualized for periods less than one year.

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Income ESG Fund


	Class A

	Year Ended			Period Ended
	October 31,			October 31,
	2022			2021¹

Net asset value at beginning of period	$	9.11		$	10.00

Income (loss) from investment operations:
Net investment income		0.36			0.29
Net realized and unrealized loss		(2.83	)		(0.89	)

Total from investment operations		(2.47	)		(0.60	)

Less distributions:

From net investment income		(0.36	)		(0.29	)
From net realized gain		(0.02	)		—
Tax return of capital		—			—


Total distributions		(0.38	)		(0.29	)

Net asset value at end of period	$	6.26		$	9.11


Total return²		(27.67	)%		(6.11	)%

Portfolio turnover rate³		34	%		15	%

Net assets, end of period (in thousands)	$	1		$	1

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		2.59	%		3.35	%
Expenses after reimbursements		1.12	%		1.12	%

Net investment income to average net assets:
Net investment income before reimbursements		3.26	%		2.26	%
Net investment income after reimbursements		4.73	%		4.49	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Income ESG Fund


	Class C

	Year Ended			Period Ended
	October 31,			October 31,
	2022			2021¹

Net asset value at beginning of period	$	9.11		$	10.00

Income (loss) from investment operations:
Net investment income		0.30			0.24
Net realized and unrealized loss		(2.82	)		(0.88	)

Total from investment operations		(2.52	)		(0.64	)

Less distributions:

From net investment income		(0.31	)		(0.25	)
From net realized gain		(0.02	)		—
Tax return of capital		—			—


Total distributions		(0.33	)		(0.25	)

Net asset value at end of period	$	6.26		$	9.11


Total return²		(28.23	)%		(6.55	)%

Portfolio turnover rate³		34	%		15	%

Net assets, end of period (in thousands)	$	1		$	1

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		3.32	%		4.10	%
Expenses after reimbursements		1.87	%		1.87	%

Net investment income to average net assets:
Net investment income before reimbursements		2.53	%		1.52	%
Net investment income after reimbursements		3.98	%		3.75	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Income ESG Fund


	Institutional Class

	Year Ended			Period Ended
	October 31,			October 31,
	2022			2021¹

Net asset value at beginning of period	$	9.11		$	10.00

Income (loss) from investment operations:
Net investment income		0.37			0.31
Net realized and unrealized loss		(2.83	)		(0.89	)

Total from investment operations		(2.46	)		(0.58	)

Less distributions:

From net investment income		(0.37	)		(0.31	)
From net realized gain		(0.02	)		—
Tax return of capital		—			—


Total distributions		(0.39	)		(0.31	)

Net asset value at end of period	$	6.26		$	9.11


Total return²		(27.56	)%		(5.96	)%

Portfolio turnover rate³		34	%		15	%

Net assets, end of period (in thousands)	$	6,720		$	9,356

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		2.12	%		3.08	%
Expenses after reimbursements		0.87	%		0.87	%

Net investment income to average net assets:
Net investment income before reimbursements		3.66	%		2.52	%
Net investment income after reimbursements		4.91	%		4.73	%

¹	Class A, Class C and the Institutional Class commenced investment operations on February 26, 2021.

³	The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.

⁴	Annualized for periods less than one year.

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2022


	Currency¹		Par		Value		% of Net Assets
Debt Securities

Angola (Cost $7,751,878)
Angola (Rep of), 8.250%, 05/09/2028				1,105,000	$	929,305		0.19
Angola (Rep of), 8.000%, 11/26/2029				1,471,000		1,194,011		0.24
Angola (Rep of), 8.750%, 04/14/2032				794,000		639,567		0.13
Angola (Rep of), 9.375%, 05/08/2048				3,507,000		2,661,111		0.54
Angola (Rep of), 9.125%, 11/26/2049				1,480,000		1,112,960		0.23
						6,536,954		1.33

Argentina (Cost $20,692,962)
Argentina (Rep of), 1.000%, 07/09/2029				1,727,840		354,278		0.07
Argentina (Rep of), (Step to 0.750% on 07/09/2023), 0.500%, 07/09/2030²				20,083,451		4,233,116		0.86
Argentina (Rep of), (Step to 3.625% on 07/09/2023), 1.500%, 07/09/2035²				11,747,271		2,331,505		0.47
Argentina (Rep of), (Step to 4.250% on 07/09/2023), 3.875%, 01/09/2038²				2,172,373		562,075		0.12
Argentina (Rep of), (Step to 4.875% on 07/09/2029), 3.500%, 07/09/2041²				4,573,926		1,089,534		0.22
YPF S.A., (Step to 9.000% on 01/01/2023), 4.000%, 02/12/2026²				770,000		675,714		0.14
YPF S.A., (Step to 9.000% on 01/01/2023), 2.500%, 06/30/2029²				3,500,000		2,197,440		0.45
						11,443,662		2.33

Azerbaijan (Cost $3,222,746)
Southern Gas Corridor CJSC, 6.875%, 03/24/2026				1,941,000		1,907,071		0.39
State Oil Co. of the Azerbaijan Republic, 6.950%, 03/18/2030				961,000		933,208		0.19
						2,840,279		0.58

Bahrain (Cost $3,401,500)
Bahrain (Rep of), 7.500%, 09/20/2047				1,598,000		1,275,108		0.26
Oil and Gas Holding (The) Co. BSCC, 7.625%, 11/07/2024				937,000		927,817		0.19
Oil and Gas Holding (The) Co. BSCC, 8.375%, 11/07/2028				750,000		734,549		0.15
						2,937,474		0.60

Brazil (Cost $67,209,172)
Banco do Brasil S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 4.398%), 6.250%, 04/15/2024³				5,595,000		4,916,942		1.00
Brazil (Rep of), 4.250%, 01/07/2025				2,732,000		2,658,955		0.54
Brazil (Rep of), 2.875%, 06/06/2025				1,475,000		1,382,622		0.28
Brazil (Rep of), 6.000%, 04/07/2026				830,000		847,778		0.17
Brazil (Rep of), 4.625%, 01/13/2028				820,000		769,457		0.16
Brazil (Rep of), 8.250%, 01/20/2034				607,000		655,665		0.13
Brazil (Rep of), 5.000%, 01/27/2045				1,451,000		1,041,536		0.21
Brazil (Rep of), 5.625%, 02/21/2047				739,000		560,475		0.11
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2025⁴		BRL		89,511,000		13,618,235		2.77
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/2025⁴		BRL		220,000		31,774		0.01

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹	Par		Value		% of Net Assets
Brazil (continued)
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027	BRL		78,100,000	$	14,331,786		2.91
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2029	BRL		13,380,000		2,397,016		0.49
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2031	BRL		3,075,000		540,982		0.11
MC Brazil Downstream Trading S.A.R.L., 7.250%, 06/30/2031			1,535,000		1,172,894		0.24
Oi S.A., 10.000%, 07/27/2025⁵			23,583,000		6,132,827		1.25
					51,058,944		10.38

Chile (Cost $18,177,310)
Bonos de la Tesoreria de la Republica en pesos, 5.000%, 10/01/2028⁶	CLP		455,000,000		441,725		0.09
Bonos de la Tesoreria de la Republica en pesos, 7.000%, 05/01/2034⁶	CLP		1,535,000,000		1,692,918		0.34
Chile (Rep of), 2.750%, 01/31/2027			473,000		424,219		0.09
Chile (Rep of), 3.240%, 02/06/2028			493,000		442,381		0.09
Chile (Rep of), 2.550%, 07/27/2033			547,000		406,737		0.08
Chile (Rep of), 3.100%, 05/07/2041			1,950,000		1,286,997		0.26
Chile (Rep of), 3.500%, 01/25/2050			2,763,000		1,814,622		0.37
Chile (Rep of), 3.100%, 01/22/2061			1,327,000		741,893		0.15
Corp. Nacional del Cobre de Chile, 5.625%, 10/18/2043			1,209,000		1,072,485		0.22
Corp. Nacional del Cobre de Chile, 4.875%, 11/04/2044			390,000		319,233		0.06
Corp. Nacional del Cobre de Chile, 4.500%, 08/01/2047			368,000		277,076		0.06
Corp. Nacional del Cobre de Chile, 4.375%, 02/05/2049			779,000		573,808		0.12
Corp. Nacional del Cobre de Chile, 3.150%, 01/15/2051			446,000		270,553		0.05
Empresa de Transporte de Pasajeros Metro S.A., 4.700%, 05/07/2050			1,581,000		1,175,872		0.24
Empresa Nacional del Petroleo, 3.750%, 08/05/2026			730,000		647,898		0.13
Empresa Nacional del Petroleo, 4.500%, 09/14/2047			1,207,000		769,462		0.16
Latam Airlines Group S.A., 13.375%, 10/15/2029⁶			1,730,000		1,721,350		0.35
					14,079,229		2.86

China (Cost $83,044,819)
Central China Real Estate Ltd., 7.650%, 08/27/2023			3,520,000		533,703		0.11
Central China Real Estate Ltd., 7.750%, 05/24/2024			4,550,000		622,865		0.13
CFLD Cayman Investment Ltd., 9.000%, 07/31/2021^7,8			6,142,000		307,100		0.06
CFLD Cayman Investment Ltd., 6.900%, 01/13/2023⁷			5,000,000		250,000		0.05
China (Rep of), 2.750%, 02/17/2032	CNY		16,430,000		2,255,661		0.46
China (Rep of), 3.720%, 04/12/2051	CNY		7,150,000		1,082,072		0.22
China Evergrande Group, 8.250%, 03/23/2022^7,8			2,055,000		71,846		0.01
China Evergrande Group, 11.500%, 01/22/2023⁷			2,800,000		98,234		0.02
China Evergrande Group, 7.500%, 06/28/2023⁷			10,500,000		367,500		0.07
China Evergrande Group, 10.500%, 04/11/2024⁷			2,300,000		80,441		0.02
China Evergrande Group, 8.750%, 06/28/2025⁷			2,745,000		99,506		0.02
Fantasia Holdings Group Co. Ltd., 15.000%, 12/18/2021^7,8			4,515,000		219,062		0.04
Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/2022^7,8			5,635,000		307,681		0.06

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹	Par		Value		% of Net Assets
China (continued)
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/2022^7,8			1,189,000	$	59,104		0.01
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/2023⁷			2,175,000		108,619		0.02
Kaisa Group Holdings Ltd., 11.250%, 04/09/2022^7,8			1,260,000		76,958		0.02
Kaisa Group Holdings Ltd., 8.500%, 06/30/2022^7,8			4,150,000		276,842		0.06
Kaisa Group Holdings Ltd., 11.950%, 10/22/2022^7,8			1,300,000		90,348		0.02
Kaisa Group Holdings Ltd., 11.500%, 01/30/2023⁷			2,270,000		146,044		0.03
Kaisa Group Holdings Ltd., 10.875%, 07/23/2023⁷			2,900,000		181,250		0.04
Kaisa Group Holdings Ltd., 9.375%, 06/30/2024⁷			3,350,000		226,125		0.05
Kaisa Group Holdings Ltd., 11.700%, 11/11/2025⁷			2,400,000		165,600		0.03
Kaisa Group Holdings Ltd., 11.650%, 06/01/2026⁷			1,300,000		82,349		0.02
Scenery Journey Ltd., 11.500%, 10/24/2022^7,8			3,140,000		70,798		0.01
Scenery Journey Ltd., 12.000%, 10/24/2023⁷			1,880,000		42,016		0.01
Scenery Journey Ltd., 13.750%, 11/06/2023⁷			500,000		10,096		—
Shimao Group Holdings Ltd., 4.750%, 07/03/2022^7,8			200,000		9,046		—
Sinopec Group Overseas Development 2012 Ltd., 4.875%, 05/17/2042			710,000		625,600		0.13
Sinopec Group Overseas Development 2018 Ltd., 2.700%, 05/13/2030			1,180,000		993,246		0.20
Sinopec Group Overseas Development 2018 Ltd., 3.350%, 05/13/2050			231,000		150,706		0.03
Sunac China Holdings Ltd., 7.250%, 06/14/2022^7,8			3,157,000		188,589		0.04
Sunac China Holdings Ltd., 7.950%, 08/08/2022^7,8			3,200,000		192,779		0.04
Sunac China Holdings Ltd., 8.350%, 04/19/2023⁷			2,565,000		147,380		0.03
Sunac China Holdings Ltd., 7.950%, 10/11/2023⁷			3,700,000		210,085		0.04
Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/2023⁷			1,000,000		28,561		0.01
Yuzhou Group Holdings Co. Ltd., 8.500%, 02/04/2023⁷			2,425,000		70,441		0.01
Yuzhou Group Holdings Co. Ltd., 9.950%, 06/08/2023⁷			2,595,000		76,164		0.02
Yuzhou Group Holdings Co. Ltd., 6.000%, 10/25/2023⁷			3,065,000		91,730		0.02
Yuzhou Group Holdings Co. Ltd., 7.375%, 01/13/2026⁷			2,013,000		58,419		0.01
Yuzhou Group Holdings Co. Ltd., 6.350%, 01/13/2027⁷			2,440,000		70,888		0.01
Zhenro Properties Group Ltd., 8.700%, 08/03/2022^7,8			1,110,000		44,400		0.01
Zhenro Properties Group Ltd., 8.000%, 03/06/2023⁷			488,000		14,640		—
Zhenro Properties Group Ltd., 14.724%, 03/06/2023⁷			1,360,000		26,289		0.01
Zhenro Properties Group Ltd., 8.300%, 09/15/2023⁷			3,313,000		60,770		0.01
Zhenro Properties Group Ltd., 7.875%, 04/14/2024⁷			1,269,000		24,503		0.01
					10,916,056		2.22

Colombia (Cost $22,130,747)
Colombia (Rep of), 8.125%, 05/21/2024			1,404,000		1,407,422		0.29
Colombia (Rep of), 3.875%, 04/25/2027			1,383,000		1,152,103		0.23
Colombia (Rep of), 7.375%, 09/18/2037			977,000		820,836		0.17
Colombia (Rep of), 6.125%, 01/18/2041			1,771,000		1,259,161		0.26
Colombia (Rep of), 5.625%, 02/26/2044			1,730,000		1,120,308		0.23
Colombia (Rep of), 5.000%, 06/15/2045			344,000		208,326		0.04
Colombia (Rep of), 4.125%, 05/15/2051			783,000		415,227		0.08
Colombian TES, 4.750%, 02/23/2023	COP		16,910,000		1,106,937		0.22

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹	Par		Value		% of Net Assets
Colombia (continued)
Colombian TES, 10.000%, 07/24/2024	COP		4,248,800,000	$	826,743		0.17
Colombian TES, 6.250%, 11/26/2025	COP		2,582,700,000		434,843		0.09
Colombian TES, 6.000%, 04/28/2028	COP		5,447,800,000		785,455		0.16
Colombian TES, 7.000%, 03/26/2031	COP		982,900,000		133,042		0.03
Colombian TES, 7.250%, 10/18/2034	COP		5,009,900,000		631,206		0.13
Colombian TES, 6.250%, 07/09/2036	COP		6,516,700,000		712,940		0.14
Colombian TES, 9.250%, 05/28/2042	COP		6,113,000,000		853,085		0.17
Colombian TES, 7.250%, 10/26/2050	COP		2,506,000,000		270,784		0.05
Empresas Publicas de Medellin ESP, 8.375%, 11/08/2027	COP		8,747,000,000		1,258,638		0.26
					13,397,056		2.72

Costa Rica (Cost $1,890,505)
Costa Rica (Rep of), 6.125%, 02/19/2031			1,041,000		965,414		0.20
Costa Rica (Rep of), 5.625%, 04/30/2043			960,000		696,112		0.14
					1,661,526		0.34

Croatia (Cost $1,996,079)
Croatia (Rep of), 6.000%, 01/26/2024			1,894,000		1,906,504		0.39
					1,906,504		0.39

Czech Republic (Cost $9,093,076)
Czech (Rep of), 2.500%, 08/25/2028	CZK		26,480,000		885,147		0.18
Czech (Rep of), 2.750%, 07/23/2029	CZK		78,880,000		2,607,779		0.53
Czech (Rep of), 0.050%, 11/29/2029	CZK		20,170,000		537,484		0.11
Czech (Rep of), 0.950%, 05/15/2030	CZK		1,580,000		44,429		0.01
Czech (Rep of), 1.750%, 06/23/2032	CZK		14,820,000		418,249		0.08
Czech (Rep of), 2.000%, 10/13/2033	CZK		8,260,000		229,244		0.05
Czech (Rep of), 4.200%, 12/04/2036	CZK		6,350,000		216,999		0.04
New World Resources N.V., 8.000%, 04/07/2020^7,8,9	EUR		1,938,518		—		—
New World Resources N.V., 4.000%, 10/07/2020^7,8,9	EUR		669,526		—		—
					4,939,331		1.00

Dominican Republic (Cost $17,260,835)
Dominican (Rep of), 5.500%, 01/27/2025			714,000		697,856		0.14
Dominican (Rep of), 6.875%, 01/29/2026			1,331,000		1,304,571		0.26
Dominican (Rep of), 9.750%, 06/05/2026	DOP		29,950,000		529,394		0.11
Dominican (Rep of), 6.000%, 07/19/2028			710,000		646,992		0.13
Dominican (Rep of), 5.500%, 02/22/2029			483,000		421,724		0.09
Dominican (Rep of), 4.875%, 09/23/2032			3,740,000		2,881,690		0.59
Dominican (Rep of), 5.300%, 01/21/2041			1,173,000		807,935		0.16
Dominican (Rep of), 6.850%, 01/27/2045			363,000		279,860		0.06
Dominican (Rep of), 6.500%, 02/15/2048			367,000		267,816		0.05
Dominican (Rep of), 6.400%, 06/05/2049			553,000		397,637		0.08
Dominican (Rep of), 5.875%, 01/30/2060			7,179,000		4,714,867		0.96
					12,950,342		2.63

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹	Par		Value		% of Net Assets
Ecuador (Cost $11,919,094)
Ecuador (Rep of), (Step to 3.500% on 07/31/2023), 2.500%, 07/31/2035^2,6			15,483,434	$	5,656,487		1.15
Ecuador (Rep of), (Step to 2.500% on 07/31/2023), 1.500%, 07/31/2040²			3,544,828		1,170,405		0.24
					6,826,892		1.39

Egypt (Cost $12,755,227)
Egypt (Rep of), 6.588%, 02/21/2028			391,000		280,305		0.06
Egypt (Rep of), 7.600%, 03/01/2029			995,000		712,599		0.15
Egypt (Rep of), 5.875%, 02/16/2031			1,310,000		805,650		0.16
Egypt (Rep of), 7.625%, 05/29/2032			844,000		540,604		0.11
Egypt (Rep of), 8.500%, 01/31/2047			2,838,000		1,673,058		0.34
Egypt (Rep of), 7.903%, 02/21/2048			2,194,000		1,238,048		0.25
Egypt (Rep of), 8.700%, 03/01/2049			2,280,000		1,356,600		0.28
Egypt (Rep of), 8.875%, 05/29/2050			1,443,000		855,087		0.17
Egypt (Rep of), 8.750%, 09/30/2051			1,257,000		747,161		0.15
Egypt (Rep of), 8.150%, 11/20/2059			200,000		114,777		0.02
					8,323,889		1.69

Gabon (Cost $1,113,812)
Gabon (Rep of), 6.625%, 02/06/2031			1,534,000		1,073,217		0.22
					1,073,217		0.22

Ghana (Cost $8,676,381)
Ghana (Rep of), 8.125%, 03/26/2032			433,000		124,687		0.03
Ghana (Rep of), 8.625%, 04/07/2034			1,441,000		414,288		0.08
Ghana (Rep of), 7.875%, 02/11/2035			438,000		122,675		0.02
Ghana (Rep of), 8.875%, 05/07/2042			2,279,000		621,027		0.13
Ghana (Rep of), 8.950%, 03/26/2051			1,885,000		536,848		0.11
Ghana (Rep of), 8.750%, 03/11/2061			226,000		63,822		0.01
Tullow Oil PLC, 7.000%, 03/01/2025			2,170,000		1,410,500		0.29
Tullow Oil PLC, 10.250%, 05/15/2026			1,697,000		1,444,181		0.29
					4,738,028		0.96

Guatemala (Cost $1,645,419)
Guatemala (Rep of), 5.375%, 04/24/2032			242,000		222,882		0.05
Guatemala (Rep of), 4.650%, 10/07/2041			408,000		299,893		0.06
Guatemala (Rep of), 6.125%, 06/01/2050			865,000		742,241		0.15
					1,265,016		0.26

Hungary (Cost $5,348,885)
Hungary (Rep of), 5.375%, 03/25/2024			1,370,000		1,356,933		0.28
Hungary (Rep of), 6.750%, 10/22/2028	HUF		216,810,000		425,722		0.09
Hungary (Rep of), 3.000%, 08/21/2030	HUF		443,460,000		665,403		0.13
Hungary (Rep of), 2.125%, 09/22/2031			554,000		396,101		0.08
Hungary (Rep of), 3.000%, 10/27/2038	HUF		248,590,000		287,314		0.06
Hungary (Rep of), 3.125%, 09/21/2051			630,000		344,582		0.07
					3,476,055		0.71

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹	Par		Value		% of Net Assets
India (Cost $9,649,595)
Export-Import Bank of India, 4.000%, 01/14/2023			1,109,000	$	1,106,183		0.22
Export-Import Bank of India, 3.375%, 08/05/2026			440,000		399,594		0.08
Export-Import Bank of India, 2.250%, 01/13/2031			789,000		578,140		0.12
Greenko Solar Mauritius Ltd., 5.950%, 07/29/2026			1,725,000		1,385,175		0.28
Vedanta Resources Finance II PLC, 13.875%, 01/21/2024			1,890,000		1,579,690		0.32
Vedanta Resources Finance II PLC, 8.950%, 03/11/2025			3,120,000		1,966,754		0.40
Vedanta Resources Ltd., 6.125%, 08/09/2024			900,000		532,978		0.11
					7,548,514		1.53

Indonesia (Cost $35,768,734)
Indonesia (Rep of), 8.375%, 03/15/2024	IDR		49,215,000,000		3,224,203		0.66
Indonesia (Rep of), 8.125%, 05/15/2024	IDR		19,857,000,000		1,301,221		0.27
Indonesia (Rep of), 4.150%, 09/20/2027			420,000		397,921		0.08
Indonesia (Rep of), 9.000%, 03/15/2029	IDR		11,300,000,000		781,712		0.16
Indonesia (Rep of), 8.250%, 05/15/2029	IDR		23,273,000,000		1,554,298		0.32
Indonesia (Rep of), 10.500%, 08/15/2030	IDR		8,356,000,000		626,499		0.13
Indonesia (Rep of), 7.000%, 09/15/2030	IDR		7,151,000,000		444,477		0.09
Indonesia (Rep of), 7.750%, 04/15/2031	IDR		16,825,000,000		1,092,345		0.22
Indonesia (Rep of), 8.750%, 05/15/2031	IDR		16,566,000,000		1,141,398		0.23
Indonesia (Rep of), 8.375%, 03/15/2034	IDR		12,504,000,000		840,435		0.17
Indonesia (Rep of), 7.500%, 06/15/2035	IDR		10,880,000,000		689,204		0.14
Indonesia (Rep of), 8.500%, 10/12/2035			624,000		734,676		0.15
Indonesia (Rep of), 8.250%, 05/15/2036	IDR		10,391,000,000		693,011		0.14
Indonesia (Rep of), 6.625%, 02/17/2037			751,000		777,206		0.16
Indonesia (Rep of), 7.750%, 01/17/2038			1,071,000		1,187,746		0.24
Indonesia (Rep of), 7.500%, 05/15/2038	IDR		8,539,000,000		543,879		0.11
Indonesia (Rep of), 8.375%, 04/15/2039	IDR		12,332,000,000		834,716		0.17
Indonesia (Rep of), 5.250%, 01/17/2042			833,000		757,169		0.15
Indonesia (Rep of), 5.125%, 01/15/2045			2,183,000		1,923,282		0.39
Indonesia (Rep of), 5.950%, 01/08/2046			766,000		741,771		0.15
Indonesia (Rep of), 5.250%, 01/08/2047			546,000		489,599		0.10
Indonesia (Rep of), 4.750%, 07/18/2047			750,000		625,992		0.13
Indonesia (Rep of), 4.200%, 10/15/2050			976,000		736,790		0.15
Indonesia Asahan Aluminium Persero PT, 4.750%, 05/15/2025			376,000		358,152		0.07
Indonesia Asahan Aluminium Persero PT, 5.450%, 05/15/2030			1,299,000		1,137,517		0.23
Indonesia Asahan Aluminium Persero PT, 5.800%, 05/15/2050			200,000		144,500		0.03
Pertamina Persero PT, 6.000%, 05/03/2042			529,000		450,731		0.09
Pertamina Persero PT, 6.450%, 05/30/2044			831,000		745,771		0.15
Pertamina Persero PT, 6.500%, 11/07/2048			567,000		508,883		0.10
Pertamina Persero PT, 4.175%, 01/21/2050			622,000		412,074		0.08
Perusahaan Penerbit SBSN Indonesia III, 4.325%, 05/28/2025			217,000		213,549		0.04
Perusahaan Penerbit SBSN Indonesia III, 4.550%, 03/29/2026			1,329,000		1,302,162		0.27
Perusahaan Penerbit SBSN Indonesia III, 4.700%, 06/06/2032			453,000		423,253		0.09
Perusahaan Penerbit SBSN Indonesia III, 3.800%, 06/23/2050			298,000		210,191		0.04

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹	Par		Value		% of Net Assets
Indonesia (continued)
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.250%, 10/24/2042			620,000	$	450,706		0.09
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.250%, 05/15/2047			388,000		275,965		0.06
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.150%, 05/21/2048			1,672,000		1,316,700		0.27
					30,089,704		6.12

Ivory Coast (Cost $4,637,040)
Ivory Coast (Rep of), 5.875%, 10/17/2031	EUR		1,353,000		1,012,187		0.21
Ivory Coast (Rep of), 4.875%, 01/30/2032	EUR		1,170,000		809,862		0.16
Ivory Coast (Rep of), 6.875%, 10/17/2040	EUR		1,015,000		669,552		0.14
Ivory Coast (Rep of), 6.625%, 03/22/2048	EUR		976,000		607,655		0.12
					3,099,256		0.63

Jamaica (Cost $3,509,417)
Digicel Group Holdings Ltd., 7.000%, (49% PIK), 11/16/2022⁵			182,108		12,747		—
Digicel Group Holdings Ltd., 8.000%, 04/01/2025⁵			1,751,382		525,415		0.11
Digicel International Finance Ltd./Digicel International Holdings Ltd., 8.750%, 05/25/2024			720,000		614,441		0.12
Digicel International Finance Ltd./Digicel International Holdings Ltd., 8.000%, 12/31/2026			400,000		200,000		0.04
Jamaica (Rep of), 7.875%, 07/28/2045			950,000		1,012,535		0.21
					2,365,138		0.48

Kazakhstan (Cost $6,652,271)
Kazakhstan (Rep of), 6.500%, 07/21/2045			1,217,000		1,077,045		0.22
Kazakhstan Temir Zholy Finance B.V., 6.950%, 07/10/2042			1,031,000		1,015,535		0.20
KazMunayGas National Co. JSC, 5.375%, 04/24/2030			1,385,000		1,136,154		0.23
KazMunayGas National Co. JSC, 3.500%, 04/14/2033			491,000		329,304		0.07
KazMunayGas National Co. JSC, 6.375%, 10/24/2048			1,088,000		780,705		0.16
					4,338,743		0.88

Lebanon (Cost $12,091,493)
Lebanon (Rep of), 6.375%, 03/09/2020^7,8			1,855,000		106,662		0.02
Lebanon (Rep of), 5.800%, 04/14/2020^7,8			1,719,000		100,699		0.02
Lebanon (Rep of), 6.150%, 06/19/2020^7,8			3,148,000		184,410		0.04
Lebanon (Rep of), 8.250%, 04/12/2021^7,8			1,610,000		96,922		0.02
Lebanon (Rep of), 6.100%, 10/04/2022^7,8			4,808,000		289,442		0.06
Lebanon (Rep of), 6.000%, 01/27/2023⁷			1,000		60		—
Lebanon (Rep of), 6.600%, 11/27/2026⁷			1,089,000		64,171		0.01
Lebanon (Rep of), 6.850%, 03/23/2027⁷			2,314,000		136,526		0.03
Lebanon (Rep of), 7.000%, 03/23/2032⁷			1,395,000		82,305		0.02
Lebanon (Rep of), 7.050%, 11/02/2035⁷			244,000		14,396		—
Lebanon (Rep of), 7.250%, 03/23/2037⁷			867,000		51,638		0.01
					1,127,231		0.23

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹	Par		Value		% of Net Assets
Malaysia (Cost $24,274,443)
Malaysia (Rep of), 3.757%, 04/20/2023	MYR		45,306,000	$	9,626,761		1.96
Malaysia (Rep of), 3.478%, 06/14/2024	MYR		6,560,000		1,388,264		0.28
Malaysia (Rep of), 4.232%, 06/30/2031	MYR		2,488,000		515,675		0.11
Malaysia (Rep of), 3.582%, 07/15/2032	MYR		2,208,000		438,130		0.09
Malaysia (Rep of), 3.828%, 07/05/2034	MYR		3,842,000		750,835		0.15
Malaysia (Rep of), 4.254%, 05/31/2035	MYR		2,888,000		585,722		0.12
Malaysia (Rep of), 4.893%, 06/08/2038	MYR		1,707,000		363,559		0.07
Malaysia (Rep of), 3.757%, 05/22/2040	MYR		2,004,000		365,892		0.07
Malaysia (Rep of), 4.935%, 09/30/2043	MYR		747,000		157,681		0.03
Malaysia (Rep of), 4.921%, 07/06/2048	MYR		1,743,000		365,341		0.07
Malaysia (Rep of), 4.065%, 06/15/2050	MYR		2,911,000		532,446		0.11
Petronas Capital Ltd., 2.480%, 01/28/2032			1,120,000		890,042		0.18
Petronas Capital Ltd., 4.550%, 04/21/2050			2,081,000		1,706,219		0.35
Petronas Capital Ltd., 4.800%, 04/21/2060			918,000		759,636		0.16
Petronas Capital Ltd., 3.404%, 04/28/2061			1,513,000		932,909		0.19
					19,379,112		3.94

Mexico (Cost $55,404,963)
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.643%), 5.875%, 01/24/2027³			1,004,000		765,364		0.16
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 5.470%), 7.500%, 06/27/2029³			226,000		176,408		0.04
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.760%), 8.375%, 10/14/2030³			200,000		173,926		0.03
Comision Federal de Electricidad, 8.180%, 12/23/2027	MXN		24,850,000		1,102,083		0.22
Comision Federal de Electricidad, 3.875%, 07/26/2033⁶			736,000		524,400		0.11
Mexican Bonos, 10.000%, 12/05/2024	MXN		93,970,000		4,720,701		0.96
Mexican Bonos, 5.750%, 03/05/2026	MXN		108,590,000		4,832,233		0.98
Mexican Bonos, 5.500%, 03/04/2027	MXN		79,490,000		3,396,570		0.69
Mexican Bonos, 7.750%, 05/29/2031	MXN		51,490,000		2,287,379		0.46
Mexican Bonos, 7.750%, 11/23/2034	MXN		32,200,000		1,382,333		0.28
Mexican Bonos, 10.000%, 11/20/2036	MXN		40,020,000		2,028,627		0.41
Mexican Bonos, 8.500%, 11/18/2038	MXN		30,270,000		1,345,205		0.27
Mexican Bonos, 7.750%, 11/13/2042	MXN		29,770,000		1,210,821		0.25
Mexico (Rep of), 2.659%, 05/24/2031			692,000		535,706		0.11
Mexico (Rep of), 4.875%, 05/19/2033			711,000		625,552		0.13
Mexico (Rep of), 6.050%, 01/11/2040			582,000		535,255		0.11
Mexico (Rep of), 4.280%, 08/14/2041			858,000		620,839		0.13
Mexico (Rep of), 4.750%, 03/08/2044			450,000		341,141		0.07
Mexico (Rep of), 5.550%, 01/21/2045			924,000		780,003		0.16
Mexico (Rep of), 3.771%, 05/24/2061			4,491,000		2,606,517		0.53
Mexico (Rep of), 3.750%, 04/19/2071			3,424,000		1,956,324		0.40
Mexico (Rep of), 5.750%, 10/12/2110			1,116,000		846,474		0.17
Petroleos Mexicanos, 7.190%, 09/12/2024	MXN		44,460,000		2,032,525		0.41
Petroleos Mexicanos, 6.750%, 09/21/2047			4,035,000		2,430,203		0.49
Petroleos Mexicanos, 6.350%, 02/12/2048			1,400,000		803,348		0.16

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹	Par		Value		% of Net Assets
Mexico (continued)
Petroleos Mexicanos, 7.690%, 01/23/2050			5,101,000	$	3,323,152		0.68
Petroleos Mexicanos, 6.950%, 01/28/2060			6,933,000		4,160,685		0.85
					45,543,774		9.26

Mongolia (Cost $816,249)
Development Bank of Mongolia LLC, 7.250%, 10/23/2023			470,000		413,130		0.08
Mongolia (Rep of), 5.625%, 05/01/2023			203,000		191,327		0.04
Mongolian Mining Corp., 2.259%, 04/01/2023^5,10			471,317		158,363		0.03
					762,820		0.15

Morocco (Cost $1,994,316)
Morocco (Rep of), 4.250%, 12/11/2022			1,015,000		1,011,653		0.21
Morocco (Rep of), 5.500%, 12/11/2042			533,000		399,750		0.08
Morocco (Rep of), 4.000%, 12/15/2050			410,000		241,934		0.05
					1,653,337		0.34

Nigeria (Cost $6,630,796)
Nigeria (Rep of), 6.500%, 11/28/2027			736,000		520,720		0.11
Nigeria (Rep of), 8.375%, 03/24/2029			886,000		640,135		0.13
Nigeria (Rep of), 7.375%, 09/28/2033⁶			1,379,000		830,847		0.17
Nigeria (Rep of), 7.696%, 02/23/2038			963,000		563,355		0.11
Nigeria (Rep of), 7.625%, 11/28/2047			1,280,000		724,480		0.15
Nigeria (Rep of), 9.248%, 01/21/2049			480,000		310,301		0.06
Nigeria (Rep of), 8.250%, 09/28/2051⁶			1,017,000		587,989		0.12
					4,177,827		0.85

Oman (Cost $11,423,901)
Oman (Rep of), 4.750%, 06/15/2026			1,545,000		1,460,353		0.30
Oman (Rep of), 6.750%, 10/28/2027			1,857,000		1,860,469		0.38
Oman (Rep of), 6.000%, 08/01/2029			1,511,000		1,434,187		0.29
Oman (Rep of), 6.250%, 01/25/2031			430,000		409,575		0.08
Oman (Rep of), 6.500%, 03/08/2047			3,384,000		2,783,996		0.57
Oman (Rep of), 6.750%, 01/17/2048			1,674,000		1,404,067		0.28
Oman (Rep of), 7.000%, 01/25/2051			1,040,000		886,026		0.18
					10,238,673		2.08

Pakistan (Cost $11,178,024)
Pakistan (Rep of), 8.250%, 04/15/2024			2,690,000		1,149,975		0.23
Pakistan (Rep of), 8.250%, 09/30/2025			794,000		281,870		0.06
Pakistan (Rep of), 6.875%, 12/05/2027			1,277,000		396,636		0.08
Pakistan (Rep of), 7.375%, 04/08/2031			2,662,000		825,220		0.17
Pakistan (Rep of), 8.875%, 04/08/2051			2,419,000		735,981		0.15
Pakistan Water & Power Development Authority, 7.500%, 06/04/2031			761,000		229,974		0.05
Third Pakistan International Sukuk (The) Co. Ltd., 5.625%, 12/05/2022			1,336,000		1,203,629		0.24
					4,823,285		0.98

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹	Par		Value		% of Net Assets
Panama (Cost $6,328,553)
Panama (Rep of), 4.000%, 09/22/2024			270,000	$	261,254		0.05
Panama (Rep of), 7.125%, 01/29/2026			309,000		323,043		0.07
Panama (Rep of), 8.875%, 09/30/2027			663,000		750,511		0.15
Panama (Rep of), 9.375%, 04/01/2029			737,000		850,616		0.17
Panama (Rep of), 6.700%, 01/26/2036			1,477,000		1,435,006		0.29
Panama (Rep of), 4.500%, 05/15/2047			460,000		317,896		0.07
Panama (Rep of), 4.300%, 04/29/2053			1,281,000		830,567		0.17
					4,768,893		0.97

Paraguay (Cost $1,430,448)
Paraguay (Rep of), 4.700%, 03/27/2027			446,000		426,225		0.08
Paraguay (Rep of), 5.400%, 03/30/2050			890,000		682,380		0.14
					1,108,605		0.22

Peru (Cost $17,288,441)
Peru (Rep of), 7.350%, 07/21/2025			1,433,000		1,491,148		0.30
Peru (Rep of), 5.940%, 02/12/2029	PEN		5,105,000		1,149,178		0.23
Peru (Rep of), 6.950%, 08/12/2031	PEN		5,476,000		1,262,979		0.26
Peru (Rep of), 8.750%, 11/21/2033			2,336,000		2,760,065		0.56
Peru (Rep of), 5.400%, 08/12/2034	PEN		7,841,000		1,518,620		0.31
Peru (Rep of), 3.300%, 03/11/2041			343,000		230,673		0.05
Peru (Rep of), 5.625%, 11/18/2050			1,268,000		1,160,005		0.24
Peru (Rep of), 2.780%, 12/01/2060			1,655,000		882,021		0.18
Peru (Rep of), 3.230%, 07/28/2121			675,000		358,809		0.07
Petroleos del Peru S.A., 5.625%, 06/19/2047			3,239,000		2,077,592		0.42
					12,891,090		2.62

Philippines (Cost $10,215,067)
Philippines (Rep of), 3.900%, 11/26/2022	PHP		35,000,000		597,906		0.12
Philippines (Rep of), 10.625%, 03/16/2025			647,000		722,032		0.15
Philippines (Rep of), 9.500%, 02/02/2030			1,380,000		1,652,526		0.33
Philippines (Rep of), 7.750%, 01/14/2031			1,245,000		1,407,966		0.29
Philippines (Rep of), 6.375%, 10/23/2034			1,040,000		1,073,270		0.22
Philippines (Rep of), 6.250%, 01/14/2036	PHP		12,000,000		187,471		0.04
Philippines (Rep of), 3.950%, 01/20/2040			2,155,000		1,664,738		0.34
Philippines (Rep of), 2.950%, 05/05/2045			784,000		510,984		0.10
Philippines (Rep of), 4.200%, 03/29/2047			456,000		354,188		0.07
					8,171,081		1.66

Poland (Cost $9,351,913)
Poland (Rep of), 2.500%, 04/25/2024	PLN		29,369,000		5,659,597		1.15
Poland (Rep of), 2.500%, 07/25/2026	PLN		1,468,000		246,978		0.05
Poland (Rep of), 0.250%, 10/25/2026	PLN		1,469,000		222,068		0.05
Poland (Rep of), 3.750%, 05/25/2027	PLN		10,579,000		1,817,493		0.37
Poland (Rep of), 2.500%, 07/25/2027	PLN		1,529,000		246,864		0.05
					8,193,000		1.67

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹	Par		Value		% of Net Assets
Qatar (Cost $9,617,504)
Qatar (Rep of), 3.250%, 06/02/2026			2,037,000	$	1,924,794		0.39
Qatar (Rep of), 4.817%, 03/14/2049			2,592,000		2,307,004		0.47
Qatar (Rep of), 4.400%, 04/16/2050			530,000		445,200		0.09
Qatar Energy, 3.125%, 07/12/2041			3,659,000		2,593,499		0.53
					7,270,497		1.48

Romania (Cost $9,369,767)
Romania (Rep of), 3.000%, 02/27/2027			558,000		478,148		0.10
Romania (Rep of), 5.800%, 07/26/2027	RON		10,340,000		1,814,562		0.37
Romania (Rep of), 4.150%, 10/24/2030	RON		6,725,000		976,251		0.20
Romania (Rep of), 3.000%, 02/14/2031			400,000		295,456		0.06
Romania (Rep of), 3.625%, 03/27/2032			1,046,000		770,462		0.16
Romania (Rep of), 6.125%, 01/22/2044			340,000		271,639		0.05
Romania (Rep of), 4.000%, 02/14/2051			2,728,000		1,593,283		0.32
					6,199,801		1.26

Russian Federation (Cost $4,860,792)
Russian Federal Bond - OFZ, 6.900%, 05/23/2029^7,11	RUB		177,590,000		143,103		0.03
Russian Federal Bond - OFZ, 8.500%, 09/17/2031^7,11	RUB		142,679,000		114,971		0.02
Russian Federal Bond - OFZ, 7.250%, 05/10/2034^7,11	RUB		13,248,000		10,675		—
					268,749		0.05

Saudi Arabia (Cost $13,492,873)
Saudi (Rep of), 4.375%, 04/16/2029			840,000		801,696		0.16
Saudi (Rep of), 5.500%, 10/25/2032⁶			895,000		906,188		0.18
Saudi (Rep of), 4.625%, 10/04/2047			1,008,000		810,069		0.17
Saudi (Rep of), 5.000%, 04/17/2049			1,903,000		1,617,550		0.33
Saudi (Rep of), 5.250%, 01/16/2050			1,801,000		1,592,048		0.32
Saudi (Rep of), 3.750%, 01/21/2055			1,657,000		1,153,686		0.24
Saudi (Rep of), 4.500%, 04/22/2060			1,128,000		884,792		0.18
Saudi (Rep of), 3.450%, 02/02/2061			3,142,000		2,013,708		0.41
					9,779,737		1.99

South Africa (Cost $24,471,181)
South Africa (Rep of), 4.300%, 10/12/2028			3,024,000		2,579,049		0.53
South Africa (Rep of), 8.000%, 01/31/2030	ZAR		64,736,360		3,021,706		0.62
South Africa (Rep of), 5.875%, 06/22/2030			357,000		316,266		0.06
South Africa (Rep of), 8.250%, 03/31/2032	ZAR		78,210,939		3,505,894		0.71
South Africa (Rep of), 5.875%, 04/20/2032			998,000		852,611		0.17
South Africa (Rep of), 8.875%, 02/28/2035	ZAR		35,859,000		1,590,631		0.32
South Africa (Rep of), 8.500%, 01/31/2037	ZAR		61,447,260		2,572,129		0.52
South Africa (Rep of), 9.000%, 01/31/2040	ZAR		25,913,520		1,110,393		0.23
South Africa (Rep of), 8.750%, 01/31/2044	ZAR		3,000		124		—
South Africa (Rep of), 5.000%, 10/12/2046			467,000		292,940		0.06
South Africa (Rep of), 5.650%, 09/27/2047			1,588,000		1,056,020		0.22
South Africa (Rep of), 8.750%, 02/28/2048	ZAR		7,000		287		—

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹	Par		Value		% of Net Assets
South Africa (continued)
South Africa (Rep of), 5.750%, 09/30/2049			1,648,000	$	1,093,118		0.22
					17,991,168		3.66

Sri Lanka (Cost $2,320,884)
Sri Lanka (Rep of), 6.750%, 04/18/2028⁷			470,000		103,548		0.02
Sri Lanka (Rep of), 7.850%, 03/14/2029⁷			1,248,000		276,209		0.06
Sri Lanka (Rep of), 7.550%, 03/28/2030⁷			1,078,000		238,098		0.05
					617,855		0.13

Thailand (Cost $5,537,945)
Thailand (Rep of), 2.000%, 12/17/2031	THB		24,345,000		581,724		0.12
Thailand (Rep of), 1.585%, 12/17/2035	THB		44,395,000		919,542		0.19
Thailand (Rep of), 3.400%, 06/17/2036	THB		17,483,000		445,676		0.09
Thailand (Rep of), 3.300%, 06/17/2038	THB		27,502,000		675,725		0.14
Thailand (Rep of), 2.000%, 06/17/2042	THB		44,923,000		867,367		0.17
Thailand (Rep of), 2.875%, 06/17/2046	THB		4,854,000		102,319		0.02
Thailand (Rep of), 3.600%, 06/17/2067	THB		18,378,000		382,161		0.08
					3,974,514		0.81

Turkey (Cost $6,199,787)
Turkey (Rep of), 3.250%, 03/23/2023			890,000		884,696		0.18
Turkey (Rep of), 6.000%, 01/14/2041			465,000		299,497		0.06
Turkey (Rep of), 4.875%, 04/16/2043			2,105,000		1,229,025		0.25
Turkey (Rep of), 5.750%, 05/11/2047			4,410,000		2,709,963		0.55
					5,123,181		1.04

Ukraine (Cost $3,240,353)
Ukraine (Rep of), 9.750%, 11/01/2030⁷			1,055,000		189,077		0.04
Ukraine (Rep of), 6.876%, 05/21/2031⁷			1,468,000		207,722		0.04
Ukraine (Rep of), 7.375%, 09/25/2034⁷			621,000		96,255		0.02
Ukraine (Rep of), 7.253%, 03/15/2035⁷			1,153,000		176,354		0.04
					669,408		0.14

United Arab Emirates (Cost $5,512,140)
Abu Dhabi (Gov’t of), 3.125%, 09/30/2049			1,846,000		1,241,509		0.25
Abu Dhabi (Gov’t of), 3.875%, 04/16/2050			1,881,000		1,455,217		0.29
DP World Crescent Ltd., 3.875%, 07/18/2029			641,000		570,271		0.12
DP World Crescent Ltd., 3.750%, 01/30/2030			604,000		529,714		0.11
					3,796,711		0.77

Uruguay (Cost $13,023,508)
Uruguay (Rep of), 8.500%, 03/15/2028	UYU		15,190,000		329,955		0.07
Uruguay (Rep of), 4.375%, 12/15/2028	UYU		8,870,757		556,196		0.11
Uruguay (Rep of), 8.250%, 05/21/2031	UYU		63,603,828		1,296,165		0.26
Uruguay (Rep of), 7.875%, 01/15/2033			1,417,380		1,662,213		0.34
Uruguay (Rep of), 5.750%, 10/28/2034			1,045,000		1,063,861		0.22
Uruguay (Rep of), 7.625%, 03/21/2036			993,660		1,173,117		0.24
Uruguay (Rep of), 3.875%, 07/02/2040	UYU		38,736,000		1,145,003		0.23

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹	Par		Value		% of Net Assets
Uruguay (continued)
Uruguay (Rep of), 4.125%, 11/20/2045			890,665	$	750,761		0.15
Uruguay (Rep of), 5.100%, 06/18/2050			1,034,264		923,825		0.19
Uruguay (Rep of), 4.975%, 04/20/2055			2,123,300		1,839,767		0.37
Uruguay Monetary Regulation Bill, 0.000%, 10/26/2023^4,11	UYU		3,921,000		86,071		0.02
					10,826,934		2.20

Venezuela (Cost $49,980,026)
Petroleos de Venezuela S.A., 8.500%, 10/27/2020^7,8			28,100,000		4,917,500		1.00
Petroleos de Venezuela S.A., 9.000%, 11/17/2021^7,8			3,789,076		75,782		0.01
Petroleos de Venezuela S.A., 12.750%, 02/17/2022^7,8			1,695,000		33,900		0.01
Petroleos de Venezuela S.A., 5.375%, 04/12/2027⁷			1,590,000		31,800		0.01
Petroleos de Venezuela S.A., 9.750%, 05/17/2035⁷			5,253,147		105,063		0.02
Venezuela (Rep of), 7.750%, 10/13/2019^7,8			1,638,000		94,185		0.02
Venezuela (Rep of), 12.750%, 08/23/2022^7,8			3,246,000		227,220		0.05
Venezuela (Rep of), 9.000%, 05/07/2023⁷			1,407,000		80,903		0.02
Venezuela (Rep of), 8.250%, 10/13/2024⁷			3,213,200		208,858		0.04
Venezuela (Rep of), 11.750%, 10/21/2026⁷			12,976,000		875,880		0.18
Venezuela (Rep of), 9.250%, 09/15/2027⁷			3,647,000		246,172		0.05
Venezuela (Rep of), 9.250%, 05/07/2028⁷			2,317,000		156,397		0.03
Venezuela (Rep of), 11.950%, 08/05/2031⁷			21,478,800		1,449,819		0.29
					8,503,479		1.73

Vietnam (Cost $1,268,287)
Vietnam (Rep of), 4.800%, 11/19/2024			1,241,000		1,194,462		0.24
					1,194,462		0.24

Zambia (Cost $1,291,898)
Zambia (Rep of), 8.970%, 07/30/2027⁷			1,787,000		703,542		0.14
					703,542		0.14

Total Debt Securities (Cost $676,163,056)					407,570,575		82.86

Total Investments (Total Cost $676,163,056)					407,570,575		82.86

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					84,293,619		17.14

Net Assets				$	491,864,194		100.00

¹	Local currency is United States Dollars unless otherwise noted below.

²	Step coupon bond. Rate as of October 31, 2022 is disclosed.

³	Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

⁴	Zero coupon bond.

⁵	Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis.

⁶	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

⁷	Issuer has defaulted on terms of debt obligation.

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

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

⁹	Security has been deemed worthless and is a Level 3 investment.

¹⁰	Zero coupon bond – interest rate reflects effective yield on the date of purchase.

¹¹	Security is a Level 3 investment.

Percentages shown are based on net assets.

At October 31, 2022, the Ashmore Emerging Markets Total Return Fund had outstanding forward foreign currency exchange contracts as follows:


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)


11/03/2022	HSBC Bank	Brazilian Real		7,475,815	United States Dollar		1,385,000	$	61,276

11/03/2022	JP Morgan	Brazilian Real		1,900,000	United States Dollar		362,229		5,346

11/03/2022	Merrill Lynch	Brazilian Real		26,019,451	United States Dollar		4,863,449		170,293

11/09/2022	HSBC Bank	United States Dollar		865,000	Chinese Offshore Yuan		6,259,378		11,416

11/09/2022	Barclays	United States Dollar		1,571,884	Indonesian Rupiah		23,388,067,690		73,504

11/29/2022	Merrill Lynch	Romanian Leu		14,823,170	United States Dollar		2,971,766		3,236

11/30/2022	Citibank	Czech Koruna		37,734,844	United States Dollar		1,509,829		9,944

11/30/2022	HSBC Bank	Czech Koruna		85,690,556	United States Dollar		3,407,382		43,808

11/30/2022	Morgan Stanley	Czech Koruna		9,051,447	United States Dollar		363,351		1,196

11/30/2022	HSBC Bank	Hungarian Forint		13,492,500	United States Dollar		31,257		1,003

11/30/2022	BNP Paribas	Polish Zloty		27,125,956	United States Dollar		5,601,428		59,258

11/30/2022	HSBC Bank	Polish Zloty		2,049,343	United States Dollar		427,107		553

11/30/2022	Citibank	United States Dollar		2,497,030	South African Rand		44,647,146		72,171

11/30/2022	HSBC Bank	United States Dollar		1,856,045	South African Rand		33,432,918		40,248

12/07/2022	BNP Paribas	Thai Baht		41,736,000	United States Dollar		1,099,126		911

12/09/2022	BNP Paribas	Singapore Dollar		4,658,000	United States Dollar		3,277,175		14,088

12/09/2022	Merrill Lynch	Turkish Lira		65,798,612	United States Dollar		3,299,830		131,588

12/09/2022	HSBC Bank	United States Dollar		530,481	Indonesian Rupiah		7,897,000,000		25,673

12/12/2022	Standard Chartered	United States Dollar		225,000	Taiwan Dollar		7,138,013		3,633

01/12/2023	Standard Chartered	Singapore Dollar		4,659,000	United States Dollar		3,279,231		13,830

01/12/2023	Merrill Lynch	United States Dollar		325,000	Indian Rupee		26,736,418		4,855

01/12/2023	Merrill Lynch	United States Dollar		686,906	Indonesian Rupiah		10,518,597,703		15,830

01/31/2023	Morgan Stanley	Chilean Peso		3,527,931,152	United States Dollar		3,547,085		130,451

01/31/2023	HSBC Bank	Philippine Peso		89,058,071	United States Dollar		1,504,677		16,122

01/31/2023	Union Bank of Switzerland	Polish Zloty		33,606,688	United States Dollar		6,815,943		104,587

01/31/2023	ANZ Banking	Thai Baht		54,706,000	United States Dollar		1,444,383		5,634

01/31/2023	HSBC Bank	Thai Baht		28,518,000	United States Dollar		750,762		5,126

01/31/2023	Morgan Stanley	United States Dollar		2,390,517	Colombian Peso		11,571,299,165		88,338

02/10/2023	Citibank	Singapore Dollar		3,612,650	United States Dollar		2,544,192		10,668

02/10/2023	Barclays	United States Dollar		1,492,443	Indonesian Rupiah		23,388,067,690		2,857


Subtotal Appreciation									1,127,443


11/02/2022	HSBC Bank	United States Dollar		1,515,689	Philippine Peso		89,058,071		(21,120	)

11/03/2022	HSBC Bank	United States Dollar		5,975,056	Brazilian Real		32,023,613		(220,254	)

11/03/2022	JP Morgan	United States Dollar		620,000	Brazilian Real		3,371,653		(32,282	)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)


11/09/2022	HSBC Bank	Chinese Offshore Yuan		156,682,740	United States Dollar		23,266,989		(1,900,349	)

11/09/2022	Barclays	Indonesian Rupiah		23,388,067,690	United States Dollar		1,499,812		(1,432	)

11/09/2022	BNP Paribas	United States Dollar		3,730,000	Chinese Offshore Yuan		27,453,546		(13,808	)

11/23/2022	Deutsche Bank	Thai Baht		5,123,327	United States Dollar		142,121		(7,268	)

11/23/2022	HSBC Bank	Thai Baht		2,094,708	United States Dollar		58,581		(3,445	)

11/23/2022	JP Morgan	Thai Baht		7,272,747	United States Dollar		203,263		(11,834	)

11/25/2022	Banco Santander	United States Dollar		1,646,938	Chilean Peso		1,606,209,310		(47,533	)

11/29/2022	Morgan Stanley	Romanian Leu		3,187,213	United States Dollar		650,000		(10,328	)

11/30/2022	Union Bank of Switzerland	Czech Koruna		10,246,345	United States Dollar		420,000		(7,328	)

11/30/2022	HSBC Bank	Hungarian Forint		628,722,390	United States Dollar		1,525,259		(21,972	)

11/30/2022	Morgan Stanley	Hungarian Forint		263,212,834	United States Dollar		636,641		(7,294	)

11/30/2022	Standard Chartered	Hungarian Forint		1,226,113,414	United States Dollar		2,935,955		(4,294	)

11/30/2022	Barclays	Indonesian Rupiah		12,300,300,000	United States Dollar		790,000		(3,335	)

11/30/2022	HSBC Bank	Israeli Shekel		904,478	United States Dollar		270,000		(13,552	)

11/30/2022	Morgan Stanley	Israeli Shekel		5,829,616	United States Dollar		1,780,174		(127,292	)

11/30/2022	BNP Paribas	Polish Zloty		1,346,816	United States Dollar		286,891		(5,835	)

11/30/2022	Morgan Stanley	Polish Zloty		5,595,517	United States Dollar		1,195,000		(27,319	)

11/30/2022	BNP Paribas	South African Rand		73,332,627	United States Dollar		4,265,434		(282,620	)

11/30/2022	HSBC Bank	South African Rand		7,505,792	United States Dollar		434,783		(27,131	)

11/30/2022	Morgan Stanley	South African Rand		23,804,703	United States Dollar		1,372,493		(79,621	)

11/30/2022	HSBC Bank	Thai Baht		25,126,000	United States Dollar		711,482		(49,771	)

11/30/2022	Merrill Lynch	Thai Baht		52,708,753	United States Dollar		1,428,898		(40,775	)

11/30/2022	Morgan Stanley	Thai Baht		9,342,489	United States Dollar		253,627		(7,586	)

11/30/2022	Deutsche Bank	United States Dollar		3,182,236	Euro		3,229,783		(16,393	)

11/30/2022	HSBC Bank	United States Dollar		250,000	Hungarian Forint		109,595,175		(12,044	)

11/30/2022	HSBC Bank	United States Dollar		250,000	Israeli Shekel		884,380		(750	)

11/30/2022	Morgan Stanley	United States Dollar		500,000	Polish Zloty		2,510,945		(23,988	)

11/30/2022	Union Bank of Switzerland	United States Dollar		6,898,633	Polish Zloty		33,606,688		(114,463	)

12/02/2022	Merrill Lynch	United States Dollar		4,833,005	Brazilian Real		26,019,451		(167,907	)

12/07/2022	BNP Paribas	Thai Baht		33,389,000	United States Dollar		882,851		(2,817	)

12/07/2022	Deutsche Bank	Thai Baht		47,456,000	United States Dollar		1,262,296		(11,496	)

12/07/2022	HSBC Bank	Thai Baht		61,505,000	United States Dollar		1,645,889		(24,800	)

12/12/2022	Barclays	Taiwan Dollar		262,413,695	United States Dollar		8,682,506		(544,432	)

12/13/2022	Barclays	United States Dollar		2,375,000	Turkish Lira		46,348,061		(33,249	)

12/19/2022	HSBC Bank	Egyptian Pound		2,547,434	United States Dollar		113,725		(9,762	)

12/20/2022	HSBC Bank	Egyptian Pound		3,396,579	United States Dollar		151,633		(13,060	)

12/21/2022	HSBC Bank	Egyptian Pound		1,583,148	United States Dollar		72,621		(8,053	)

12/21/2022	Citibank	Thai Baht		412,573,318	United States Dollar		11,317,269		(425,475	)

01/12/2023	Citibank	Egyptian Pound		4,288,024	United States Dollar		194,292		(20,611	)

01/12/2023	Morgan Stanley	Indian Rupee		866,102,235	United States Dollar		10,500,118		(129,308	)

01/12/2023	Merrill Lynch	Korean Won		16,362,901,837	United States Dollar		11,489,995		(3,320	)

01/12/2023	State Street	United States Dollar		230,000	Korean Won		328,787,875		(807	)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)


01/17/2023	Merrill Lynch	Egyptian Pound		23,153,368	United States Dollar		1,026,757	$	(90,416	)

01/18/2023	Citibank	Egyptian Pound		4,317,168	United States Dollar		194,292		(19,756	)

01/19/2023	Citibank	Egyptian Pound		1,973,577	United States Dollar		88,620		(8,857	)

01/19/2023	HSBC Bank	Egyptian Pound		1,717,243	United States Dollar		75,816		(6,413	)

01/31/2023	HSBC Bank	Indonesian Rupiah		29,365,460,658	United States Dollar		1,871,305		(50	)

01/31/2023	Standard Chartered	Peruvian Nuevo Sol		4,118,736	United States Dollar		1,024,434		(260	)

01/31/2023	Barclays	Thai Baht		29,678,000	United States Dollar		789,834		(3,199	)

01/31/2023	Citibank	Thai Baht		32,922,492	United States Dollar		880,869		(8,238	)

01/31/2023	HSBC Bank	United States Dollar		466,973	Malaysian Ringgit		2,198,276		(1,259	)

01/31/2023	Barclays	United States Dollar		540,514	Mexican Peso		11,094,693		(9,872	)

01/31/2023	Standard Chartered	United States Dollar		1,144,458	Peruvian Nuevo Sol		4,609,877		(1,844	)


Subtotal Depreciation									(4,688,277	)


Total								$	(3,560,834	)

At October 31, 2022, the Ashmore Emerging Markets Total Return Fund had the following centrally cleared interest rate swap contracts outstanding:

Pay Rate Index/

Pay Rate

Receive Rate/

Receive Rate

Index

Notional

Amount

Expiration
Date

Fair Value/
Unrealized
Appreciation
(Depreciation)**

Variation
Margin
Receivable
(Payable)

Counterparty

CFETS China Fixing Repo Rates 7 Day

2.580% (Receive

Quarterly)

CNY

39,814,000

3/18/2025

$ 63,237

$1,650

JP Morgan

CFETS China Fixing Repo Rates 7 Day

2.325% (Receive

Quarterly)

CNY

28,220,000

9/16/2025

17,695

1,841

Merrill Lynch

CFETS China Fixing Repo Rates 7 Day

2.535% (Receive

Quarterly)

CNY

19,040,000

9/16/2025

27,720

1,116

Merrill Lynch

$108,652

$4,607

**Includes cumulative appreciation/depreciation on centrally cleared interest rate swap agreements. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Total Return Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2022:


	Level 1		Level 2			Level 3		Total
Investments

Assets:

Debt Securities

Corporate Bonds	$	—	$	58,011,413		$	—	$	58,011,413

Corporate Convertible Bonds		—		350,334			—		350,334

Financial Certificates		—		4,452,769			—		4,452,769

Government Agencies		—		28,137,408			—		28,137,408

Government Bonds		—		313,455,695			268,749		313,724,444

Index Linked Government Bonds		—		2,808,136			—		2,808,136

Short Term Bills and Notes		—		—			86,071		86,071


Total Debt Securities		—		407,215,755			354,820		407,570,575


Total Investments	$	—	$	407,215,755		$	354,820	$	407,570,575


Other Financial Instruments

Assets:

Forward Foreign Currency Exchange Contracts	$	—	$	1,127,443			$—		$ 1,127,443

Centrally Cleared Interest Rate Swap Contracts^†		—		108,652			—		108,652

Liabilities:

Forward Foreign Currency Exchange Contracts		—		(4,688,277	)		—		(4,688,277	)


Total Other Financial Instruments	$	—	$	(3,452,182	)		$—		$(3,452,182	)

^†Includes cumulative appreciation/depreciation on centrally cleared interest rate swap agreements. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended October 31, 2022:


																														Change in
																														Unrealized
																														Appreciation
																	Change in													(Depreciation)
	Beginning			Accrued										Realized			Unrealized				Transfers			Transfers			Ending			from Investments
Category and	Balance			Discounts										Gains			Appreciation				into			out of			Balance			still held
Subcategory	at 10/31/2021			(Premiums)			Purchases			Sales				(Losses)			(Depreciation)				Level 3			Level 3			at 10/31/2022			10/31/2022

Investments, at value

Bank Loans

Brazil		$	7,950,000		$	—		$	—		$	(8,035,425	)		$	1,576,050		$	(1,490,625	)		$	—		$	—		$	—		$	—

Government Bonds

Russian Federation			—			—			—			—				—			—				268,749			—			268,749			(4,592,044	)

Short Term Bills And Notes

Uruguay			—			—			85,795			—				—			276				—			—			86,071			276

Total		$	7,950,000		$	—		$	85,795		$	(8,035,425	)		$	1,576,050		$	(1,490,349	)		$	268,749		$	—		$	354,820		$	(4,591,768	)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

The following table on “Quantitative information about Level 3 Fair Value measurements” provides information on the valuation techniques and inputs used to value Level 3 securities at October 31, 2022:

Quantitative Information about Level 3 Fair Value Measurements

Fair Value at

Valuation

Unobservable

10/31/2022

Technique

Input

Bank Loans

—

Zero priced asset

Inputs to model

Government Bonds

268,749

Last observable vendor price

Short Term Bills and Notes

86,071

Priced at cost

Cost

Total

354,820

The following is a summary of the fair values of the Fund’s derivative instruments*:

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2022:


	Derivatives Not Accounted for as Hedging Instruments
	Foreign			Interest
	Exchange Risk			Rate Risk

Assets:
Unrealized Appreciation on Centrally Cleared Interest Rate Swap Contracts	$	—		$	108,652	^†
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		1,127,443			—

	$	1,127,443		$	108,652


Liabilities:
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	$	(4,688,277	)	$	—

	$	(4,688,277	)	$	—

^†	Includes cumulative appreciation/depreciation on centrally cleared interest rate swap agreements. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2022:


	Derivatives Not Accounted for as Hedging Instruments
	Foreign			Interest
	Exchange Risk			Rate Risk

Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Loss on Forward Foreign Currency Exchange Contracts	$	(29,961,809	)	$	—
Net Realized Loss on Interest Rate Swap Contracts		—			(121,222	)

	$	(29,961,809	)	$	(121,222	)


Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	$	(5,414,719	)	$	—
Net Change in Unrealized Appreciation on Interest Rate Swap Contracts		—			638,780

	$	(5,414,719	)	$	638,780

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

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2022


	Currency¹	Par		Value		% of Net Assets

Debt Securities

Brazil (Cost $1,050,809)
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2024²	BRL		1,070,000	$	179,914		3.34
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/2025²	BRL		1,000,000		144,428		2.68
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2025	BRL		1,026,000		191,785		3.57
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027	BRL		1,539,000		282,415		5.25
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2029	BRL		832,000		149,052		2.77
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2031	BRL		130,000		22,871		0.43
					970,465		18.04

Chile (Cost $106,540)
Bonos de la Tesoreria de la Republica en pesos, 5.000%, 10/01/2028³	CLP		30,000,000		29,125		0.54
Bonos de la Tesoreria de la Republica en pesos, 7.000%, 05/01/2034³	CLP		60,000,000		66,173		1.23
					95,298		1.77

China (Cost $220,234)
China (Rep of), 1.990%, 04/09/2025	CNY		260,000		35,441		0.66
China (Rep of), 2.850%, 06/04/2027	CNY		610,000		85,078		1.58
China (Rep of), 2.680%, 05/21/2030	CNY		290,000		39,736		0.74
China (Rep of), 3.720%, 04/12/2051	CNY		360,000		54,482		1.01
					214,737		3.99

Colombia (Cost $357,269)
Colombian TES, 7.500%, 08/26/2026	COP		30,000,000		5,020		0.09
Colombian TES, 3.300%, 03/17/2027	COP		493,000		29,156		0.54
Colombian TES, 5.750%, 11/03/2027	COP		204,300,000		29,945		0.56
Colombian TES, 6.000%, 04/28/2028	COP		151,700,000		21,872		0.41
Colombian TES, 7.750%, 09/18/2030	COP		142,400,000		20,613		0.38
Colombian TES, 7.000%, 03/26/2031	COP		132,400,000		17,921		0.33
Colombian TES, 7.000%, 06/30/2032	COP		143,600,000		18,706		0.35
Colombian TES, 7.250%, 10/18/2034	COP		150,200,000		18,924		0.35
Colombian TES, 6.250%, 07/09/2036	COP		187,000,000		20,458		0.38
Colombian TES, 9.250%, 05/28/2042	COP		138,100,000		19,272		0.36
Colombian TES, 7.250%, 10/26/2050	COP		32,600,000		3,523		0.07
					205,410		3.82

Czech Republic (Cost $203,149)
Czech (Rep of), 2.500%, 08/25/2028	CZK		1,060,000		35,433		0.66
Czech (Rep of), 2.750%, 07/23/2029	CZK		1,300,000		42,978		0.80
Czech (Rep of), 0.050%, 11/29/2029	CZK		390,000		10,393		0.19
Czech (Rep of), 0.950%, 05/15/2030	CZK		30,000		843		0.01
Czech (Rep of), 1.750%, 06/23/2032	CZK		870,000		24,553		0.46

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹		Par		Value		% of Net Assets

Czech Republic (continued)
Czech (Rep of), 2.000%, 10/13/2033		CZK		1,090,000	$	30,251		0.56
						144,451		2.68

Hungary (Cost $246,575)
Hungary (Rep of), 3.000%, 06/26/2024		HUF		17,910,000		36,798		0.68
Hungary (Rep of), 5.500%, 06/24/2025		HUF		25,740,000		51,950		0.97
Hungary (Rep of), 3.000%, 10/27/2027		HUF		8,090,000		13,432		0.25
Hungary (Rep of), 4.500%, 03/23/2028		HUF		6,800,000		11,884		0.22
Hungary (Rep of), 6.750%, 10/22/2028		HUF		1,470,000		2,886		0.05
Hungary (Rep of), 3.000%, 08/21/2030		HUF		9,050,000		13,579		0.25
Hungary (Rep of), 4.750%, 11/24/2032		HUF		4,740,000		7,633		0.14
Hungary (Rep of), 3.000%, 10/27/2038		HUF		3,470,000		4,011		0.08
						142,173		2.64

Indonesia (Cost $699,687)
Indonesia (Rep of), 5.625%, 05/15/2023		IDR		806,000,000		51,771		0.96
Indonesia (Rep of), 8.125%, 05/15/2024		IDR		2,725,000,000		178,568		3.32
Indonesia (Rep of), 7.000%, 05/15/2027		IDR		1,698,000,000		107,941		2.01
Indonesia (Rep of), 10.500%, 08/15/2030		IDR		274,000,000		20,543		0.38
Indonesia (Rep of), 7.000%, 09/15/2030		IDR		375,000,000		23,309		0.43
Indonesia (Rep of), 6.500%, 02/15/2031		IDR		294,000,000		17,657		0.33
Indonesia (Rep of), 8.750%, 05/15/2031		IDR		709,000,000		48,850		0.91
Indonesia (Rep of), 7.500%, 08/15/2032		IDR		751,000,000		47,870		0.89
Indonesia (Rep of), 8.375%, 03/15/2034		IDR		595,000,000		39,992		0.74
Indonesia (Rep of), 8.250%, 05/15/2036		IDR		818,000,000		54,555		1.01
Indonesia (Rep of), 8.375%, 04/15/2039		IDR		482,000,000		32,625		0.61
						623,681		11.59

Malaysia (Cost $304,724)
Malaysia (Rep of), 3.955%, 09/15/2025		MYR		178,000		37,707		0.70
Malaysia (Rep of), 3.906%, 07/15/2026		MYR		190,000		40,086		0.74
Malaysia (Rep of), 3.733%, 06/15/2028		MYR		74,000		15,159		0.28
Malaysia (Rep of), 3.885%, 08/15/2029		MYR		118,000		24,181		0.45
Malaysia (Rep of), 4.642%, 11/07/2033		MYR		152,000		32,182		0.60
Malaysia (Rep of), 3.828%, 07/05/2034		MYR		247,000		48,271		0.90
Malaysia (Rep of), 3.757%, 05/22/2040		MYR		62,000		11,320		0.21
Malaysia (Rep of), 4.065%, 06/15/2050		MYR		188,000		34,387		0.64
Malaysia Government Investment Issue, 3.465%, 10/15/2030		MYR		34,000		6,756		0.13
						250,049		4.65

Mexico (Cost $581,910)
Comision Federal de Electricidad, 8.180%, 12/23/2027		MXN		420,000		18,627		0.35
Mexican Bonos, 10.000%, 12/05/2024		MXN		1,620,000		81,383		1.51
Mexican Bonos, 5.750%, 03/05/2026		MXN		1,500,000		66,750		1.24
Mexican Bonos, 5.500%, 03/04/2027		MXN		1,200,000		51,275		0.95
Mexican Bonos, 7.500%, 06/03/2027		MXN		520,000		24,013		0.45
Mexican Bonos, 7.750%, 05/29/2031		MXN		1,150,000		51,087		0.95

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹		Par		Value		% of Net Assets

Mexico (continued)
Mexican Bonos, 10.000%, 11/20/2036		MXN		1,540,000	$	78,063		1.45
Mexican Bonos, 8.500%, 11/18/2038		MXN		1,260,000		55,995		1.04
Mexican Bonos, 7.750%, 11/13/2042		MXN		1,000,000		40,673		0.76
Mexican Bonos, 8.000%, 11/07/2047		MXN		520,000		21,474		0.40
Petroleos Mexicanos, 7.190%, 09/12/2024		MXN		1,320,000		60,345		1.12
Petroleos Mexicanos, 7.470%, 11/12/2026		MXN		210,000		8,820		0.16
						558,505		10.38

Peru (Cost $227,269)
Fondo MIVIVIENDA S.A., 7.000%, 02/14/2024		PEN		133,000		32,759		0.61
Peru (Rep of), 6.350%, 08/12/2028		PEN		115,000		26,826		0.50
Peru (Rep of), 5.940%, 02/12/2029		PEN		93,000		20,935		0.39
Peru (Rep of), 6.950%, 08/12/2031		PEN		213,000		49,126		0.91
Peru (Rep of), 6.150%, 08/12/2032		PEN		102,000		21,800		0.40
Peru (Rep of), 5.400%, 08/12/2034		PEN		134,000		25,953		0.48
Peru (Rep of), 5.350%, 08/12/2040		PEN		39,000		6,925		0.13
						184,324		3.42

Poland (Cost $300,046)
Poland (Rep of), 2.250%, 10/25/2024		PLN		248,000		46,129		0.86
Poland (Rep of), 0.750%, 04/25/2025		PLN		141,000		24,460		0.45
Poland (Rep of), 3.250%, 07/25/2025		PLN		56,000		10,224		0.19
Poland (Rep of), 2.500%, 07/25/2026		PLN		291,000		48,958		0.91
Poland (Rep of), 3.750%, 05/25/2027		PLN		471,000		80,919		1.50
Poland (Rep of), 2.750%, 10/25/2029		PLN		166,000		24,677		0.46
Poland (Rep of), 1.750%, 04/25/2032		PLN		136,000		16,454		0.31
						251,821		4.68

Romania (Cost $147,191)
Romania (Rep of), 5.800%, 07/26/2027		RON		270,000		47,382		0.88
Romania (Rep of), 4.150%, 01/26/2028		RON		190,000		30,346		0.56
Romania (Rep of), 4.850%, 07/25/2029		RON		85,000		13,372		0.25
Romania (Rep of), 4.150%, 10/24/2030		RON		70,000		10,162		0.19
						101,262		1.88

Russian Federation (Cost $94,979)
Russian Federal Bond - OFZ, 7.250%, 05/10/2034⁴		RUB		6,038,000		4,866		0.09
						4,866		0.09

South Africa (Cost $595,494)
South Africa (Rep of), 10.500%, 12/21/2026		ZAR		552,943		31,394		0.58
South Africa (Rep of), 8.000%, 01/31/2030		ZAR		1,413,030		65,956		1.22
South Africa (Rep of), 7.000%, 02/28/2031		ZAR		1,030,350		43,438		0.81
South Africa (Rep of), 8.250%, 03/31/2032		ZAR		1,639,566		73,495		1.37
South Africa (Rep of), 8.875%, 02/28/2035		ZAR		414,885		18,404		0.34
South Africa (Rep of), 8.500%, 01/31/2037		ZAR		2,118,020		88,659		1.65
South Africa (Rep of), 9.000%, 01/31/2040		ZAR		787,361		33,738		0.63

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹		Par		Value		% of Net Assets

South Africa (continued)
South Africa (Rep of), 6.500%, 02/28/2041		ZAR		580,000	$	19,122		0.35
South Africa (Rep of), 8.750%, 01/31/2044		ZAR		1,103,000		45,525		0.85
South Africa (Rep of), 8.750%, 02/28/2048		ZAR		1,597,940		65,462		1.22
						485,193		9.02

Thailand (Cost $296,942)
Thailand (Rep of), 1.000%, 06/17/2027		THB		929,000		22,652		0.42
Thailand (Rep of), 3.775%, 06/25/2032		THB		945,000		25,929		0.48
Thailand (Rep of), 1.585%, 12/17/2035		THB		990,000		20,506		0.38
Thailand (Rep of), 3.400%, 06/17/2036		THB		1,686,000		42,979		0.80
Thailand (Rep of), 3.300%, 06/17/2038		THB		1,217,000		29,902		0.56
Thailand (Rep of), 2.000%, 06/17/2042		THB		1,358,000		26,220		0.49
Thailand (Rep of), 2.875%, 06/17/2046		THB		1,222,000		25,759		0.48
Thailand (Rep of), 3.600%, 06/17/2067		THB		555,000		11,541		0.21
						205,488		3.82

Uruguay (Cost $74,494)
Uruguay (Rep of), 8.500%, 03/15/2028		UYU		200,000		4,344		0.08
Uruguay (Rep of), 4.375%, 12/15/2028		UYU		113,754		7,133		0.13
Uruguay (Rep of), 8.250%, 05/21/2031		UYU		456,361		9,300		0.17
Uruguay (Rep of), 3.875%, 07/02/2040		UYU		1,721,000		50,871		0.95
Uruguay Monetary Regulation Bill, 0.000%, 10/26/2023^2,4		UYU		137,000		3,007		0.06
						74,655		1.39

Total Debt Securities (Cost $5,507,312)						4,512,378		83.86

Total Investments in Securities (Cost $5,507,312)						4,512,378		83.86

Total Investments (Total Cost $5,507,312)						4,512,378		83.86

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)						868,442		16.14

Net Assets					$	5,380,820		100.00

¹	Local currency is United States Dollars unless otherwise noted below.

²	Zero coupon bond.

³	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

⁴	Security is a Level 3 investment.

Percentages shown are based on net assets.

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

At October 31, 2022, the Ashmore Emerging Markets Local Currency Bond Fund had outstanding forward foreign currency exchange contracts as follows:


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)

11/03/2022	HSBC Bank	Brazilian Real		134,943	United States Dollar		25,000	$	1,106

11/03/2022	JP Morgan	Brazilian Real		580,000	United States Dollar		110,753		1,454

11/03/2022	Merrill Lynch	Brazilian Real		1,244,020	United States Dollar		232,527		8,142

11/09/2022	HSBC Bank	United States Dollar		20,000	Chinese Offshore Yuan		144,726		264

11/09/2022	Barclays	United States Dollar		44,870	Indonesian Rupiah		667,626,533		2,098

11/29/2022	Merrill Lynch	Romanian Leu		322,970	United States Dollar		64,749		71

11/30/2022	Citibank	Czech Koruna		840,038	United States Dollar		33,611		221

11/30/2022	HSBC Bank	Czech Koruna		1,886,610	United States Dollar		75,019		964

11/30/2022	Morgan Stanley	Czech Koruna		450,380	United States Dollar		18,089		51

11/30/2022	HSBC Bank	Hungarian Forint		3,161,416	United States Dollar		7,324		235

11/30/2022	BNP Paribas	Polish Zloty		347,343	United States Dollar		71,519		965

11/30/2022	HSBC Bank	Polish Zloty		43,603	United States Dollar		9,087		12

11/30/2022	Standard Chartered	United States Dollar		30,132	Hungarian Forint		12,583,585		44

11/30/2022	Citibank	United States Dollar		56,300	South African Rand		1,006,650		1,627

11/30/2022	HSBC Bank	United States Dollar		40,305	South African Rand		722,899		1,043

12/07/2022	BNP Paribas	Thai Baht		945,000	United States Dollar		24,887		21

12/09/2022	HSBC Bank	United States Dollar		39,297	Indonesian Rupiah		585,000,000		1,902

01/12/2023	HSBC Bank	United States Dollar		46,776	Indonesian Rupiah		733,076,155		7

01/12/2023	Merrill Lynch	United States Dollar		50,846	Indonesian Rupiah		778,605,411		1,172

01/31/2023	Merrill Lynch	Chilean Peso		4,936,200	United States Dollar		5,000		145

01/31/2023	Morgan Stanley	Chilean Peso		67,060,531	United States Dollar		67,425		2,480

01/31/2023	HSBC Bank	Malaysian Ringgit		1,299,909	United States Dollar		276,136		745

01/31/2023	HSBC Bank	Philippine Peso		398,637	United States Dollar		6,735		72

01/31/2023	Union Bank Of Switzerland	Polish Zloty		541,052	United States Dollar		109,733		1,684

01/31/2023	ANZ Banking	Thai Baht		1,638,000	United States Dollar		43,248		169

01/31/2023	HSBC Bank	Thai Baht		854,000	United States Dollar		22,482		153

01/31/2023	Morgan Stanley	United States Dollar		36,995	Colombian Peso		180,826,364		1,018

01/31/2023	Standard Chartered	United States Dollar		38,038	Peruvian Nuevo Sol		152,933		10

02/10/2023	Barclays	United States Dollar		42,603	Indonesian Rupiah		667,626,533		82


Subtotal Appreciation									27,957


11/02/2022	HSBC Bank	United States Dollar		6,784	Philippine Peso		398,637		(95	)

11/03/2022	HSBC Bank	United States Dollar		365,509	Brazilian Real		1,958,963		(13,474	)

11/09/2022	HSBC Bank	Chinese Offshore Yuan		2,237,726	United States Dollar		331,237		(26,081	)

11/09/2022	Barclays	Indonesian Rupiah		667,626,533	United States Dollar		42,813		(41	)

11/09/2022	BNP Paribas	United States Dollar		55,000	Chinese Offshore Yuan		404,811		(204	)

11/23/2022	Deutsche Bank	Thai Baht		304,175	United States Dollar		8,438		(432	)

11/23/2022	HSBC Bank	Thai Baht		1,012,313	United States Dollar		28,485		(1,840	)

11/23/2022	JP Morgan	Thai Baht		312,249	United States Dollar		8,727		(508	)

11/25/2022	Banco Santander	United States Dollar		64,375	Chilean Peso		62,783,426		(1,858	)

11/29/2022	Morgan Stanley	Romanian Leu		110,202	United States Dollar		22,520		(403	)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)

11/29/2022	Morgan Stanley	United States Dollar		9,000	Romanian Leu		45,918		$ (216	)

11/30/2022	HSBC Bank	Hungarian Forint		13,071,834	United States Dollar		31,489		(234	)

11/30/2022	Morgan Stanley	Hungarian Forint		6,602,930	United States Dollar		15,971		(183	)

11/30/2022	Barclays	Indonesian Rupiah		311,400,000	United States Dollar		20,000		(84	)

11/30/2022	BNP Paribas	Polish Zloty		28,134	United States Dollar		5,993		(122	)

11/30/2022	Morgan Stanley	Polish Zloty		132,020	United States Dollar		27,626		(76	)

11/30/2022	BNP Paribas	South African Rand		869,582	United States Dollar		50,580		(3,351	)

11/30/2022	HSBC Bank	South African Rand		675,238	United States Dollar		38,376		(1,702	)

11/30/2022	Morgan Stanley	South African Rand		802,912	United States Dollar		44,820		(1,212	)

11/30/2022	HSBC Bank	Thai Baht		1,078,000	United States Dollar		30,525		(2,135	)

11/30/2022	Merrill Lynch	Thai Baht		1,448,756	United States Dollar		39,778		(1,624	)

11/30/2022	Morgan Stanley	Thai Baht		197,980	United States Dollar		5,375		(161	)

11/30/2022	HSBC Bank	United States Dollar		6,141	Hungarian Forint		2,628,999		(145	)

11/30/2022	Merrill Lynch	United States Dollar		6,491	Hungarian Forint		2,783,730		(165	)

11/30/2022	Morgan Stanley	United States Dollar		3,281	Hungarian Forint		1,392,289		(48	)

11/30/2022	Standard Chartered	United States Dollar		2,036	Hungarian Forint		864,864		(32	)

11/30/2022	BNP Paribas	United States Dollar		2,063	Polish Zloty		10,049		(34	)

11/30/2022	Union Bank Of Switzerland	United States Dollar		111,065	Polish Zloty		541,052		(1,843	)

12/02/2022	Merrill Lynch	United States Dollar		231,072	Brazilian Real		1,244,020		(8,028	)

12/07/2022	BNP Paribas	Thai Baht		757,000	United States Dollar		20,016		(64	)

12/07/2022	Deutsche Bank	Thai Baht		811,000	United States Dollar		21,572		(196	)

12/07/2022	HSBC Bank	Thai Baht		1,050,000	United States Dollar		28,098		(423	)

12/13/2022	Barclays	United States Dollar		56,000	Turkish Lira		1,092,838		(784	)

12/19/2022	HSBC Bank	Egyptian Pound		151,531	United States Dollar		6,765		(580	)

12/20/2022	HSBC Bank	Egyptian Pound		202,041	United States Dollar		9,020		(776	)

12/21/2022	HSBC Bank	Egyptian Pound		94,172	United States Dollar		4,320		(479	)

12/21/2022	Citibank	Thai Baht		7,059,876	United States Dollar		193,658		(7,281	)

01/12/2023	Citibank	Egyptian Pound		255,068	United States Dollar		11,557		(1,226	)

01/17/2023	Merrill Lynch	Egyptian Pound		277,571	United States Dollar		12,309		(1,084	)

01/18/2023	Citibank	Egyptian Pound		256,801	United States Dollar		11,557		(1,175	)

01/19/2023	Citibank	Egyptian Pound		117,396	United States Dollar		5,271		(526	)

01/19/2023	HSBC Bank	Egyptian Pound		102,148	United States Dollar		4,510		(381	)

01/31/2023	HSBC Bank	Colombian Peso		48,150,800	United States Dollar		10,000		(420	)

01/31/2023	Barclays	Thai Baht		888,000	United States Dollar		23,633		(96	)

01/31/2023	Citibank	Thai Baht		985,567	United States Dollar		26,370		(247	)

01/31/2023	State Street	United States Dollar		10,000	Mexican Peso		201,654		(4	)

01/31/2023	Standard Chartered	United States Dollar		20,849	Peruvian Nuevo Sol		83,980		(34	)


Subtotal Depreciation									(82,107	)


Total									$(54,150	)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

At October 31, 2022, the Ashmore Emerging Markets Local Currency Bond Fund had the following over the counter interest rate swap contracts outstanding:


Pay Rate Index/ Pay Rate	Receive Rate/ Receive Rate Index	Notional Amount			Expiration Date		Fair Value			Premiums Paid/ (Received)	Unrealized Appreciation (Depreciation)	Counterparty

MYR-KLIBOR-BNM 3 Month (Pay Quarterly)	3.070% (Receive Quarterly)		MYR	453,000		3/7/2027	$	(4,064	)	$—	$(4,064)		HSBC Bank

MYR-KLIBOR-BNM 3 Month (Pay Quarterly)	3.070% (Receive Quarterly)		MYR	147,000		3/7/2027		(1,318	)	(1,166)	(152)		HSBC Bank


											$(4,216)

At October 31, 2022, the Ashmore Emerging Markets Local Currency Bond Fund had the following centrally cleared interest rate swap contracts outstanding:

Pay Rate Index/

Pay Rate

Receive Rate/

Receive Rate

Index

Notional

Amount

Expiration

Date

Fair Value/

Unrealized

Appreciation

(Depreciation)**

Variation

Margin

Receivable

(Payable)

Counterparty

CFETS China Fixing Repo Rates 7 Day (Pay Quarterly)

2.010% (Receive Quarterly)

CNY

900,000

9/16/2025

$ (555)

BNP Paribas

CFETS China Fixing Repo Rates 7 Day (Pay Quarterly)

2.828% (Receive Quarterly)

CNY

281,000

6/16/2026

783

Merrill Lynch

CFETS China Fixing Repo Rates 7 Day (Pay Quarterly)

2.437% (Receive Quarterly)

CNY

1,050,000

3/16/2027

680

114

HSBC Bank

MXN-TIIE-BANXICO 28 Day Rate (Pay Lunar)

6.563% (Pay Lunar)

MXN

8,800,000

12/31/2024

(30,695)

(174

)

Merrill Lynch

$(29,787)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Local Currency Bond Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2022:


	Level 1		Level 2		Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds		$—		$ 87,792		$ —		$ 87,792
Government Agencies		—		32,759		—		32,759
Government Bonds		—		4,296,795		4,866		4,301,661
Index Linked Government Bonds		—		87,159		—		87,159
Short Term Bills and Notes		—		—		3,007		3,007

Total Debt Securities		—		4,504,505		7,873		4,512,378
Total Investments		$—		$4,504,505		$7,873		$4,512,378

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts	$—	$ 27,957	$—	$ 27,957
Centrally Cleared Interest Rate Swap Contracts^†	—	1,463	—	1,463
Liabilities:
Forward Foreign Currency Exchange Contracts	—	(82,107)	—	(82,107	)
Over the Counter Interest Rate Swap Contracts	—	(4,216)	—	(4,216	)
Centrally Cleared Interest Rate Swap Contracts^†	—	(31,250)	—	(31,250	)
Total Other Financial Instruments	$—	$(88,153)	$—	$(88,153	)

†Includes cumulative appreciation/depreciation on centrally cleared interest rate swap agreements. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended October 31, 2022:


Category and Subcategory	Beginning Balance at 10/31/2021			Accrued Discounts (Premiums)			Purchases			Sales			Realized Gains (Losses)			Change in Unrealized Appreciation (Depreciation)			Transfers into Level 3			Transfers out of Level 3			Ending Balance at 10/31/2022			Change in Unrealized Appreciation (Depreciation) from Investments still held 10/31/2022

Investments, at value

Government Bonds Russian Federation		$	—		$	—		$	—		$	—		$	—		$	—		$	4,866		$	—		$	4,866		$	(90,113	)

Short Term Bills And Notes Uruguay			—			—			2,997			—			—			10			—			—			3,007			10

Total		$	—		$	—		$	2,997		$	—		$	—		$	10		$	4,866		$	—		$	7,873		$	(90,103	)


Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at 10/31/2022	Valuation Technique	Unobservable Input
Government Bonds	$4,866	Last observable vendor price	Last observable vendor price
Short Term Bills and Notes	3,007	Priced at cost	Cost
Total	$7,873

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

The following is a summary of the fair values of the Fund’s derivative instruments*:

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2022:


	Derivatives Not Accounted for as
	Hedging Instruments

	Foreign Exchange Risk			Interest Rate Risk

Assets:
Unrealized Appreciation on Centrally Cleared Interest Rate Swap Contracts		$ —			$ 1,463	^†
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		27,957			—

		$27,957			$ 1,463

Liabilities:
Unrealized Depreciation on Centrally Cleared Interest Rate Swap Contracts		$ —			$(31,250	)^†
Unrealized Depreciation on Over the Counter Interest Rate Swap Contracts		—			(4,216	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(82,107	)		—

		$(82,107	)		$(35,466	)

†	Includes cumulative appreciation/depreciation on centrally cleared interest rate swap agreements. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2022:


	Derivatives Not Accounted for as
	Hedging Instruments

	Foreign Exchange Risk			Interest Rate Risk

Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Loss on Forward Foreign Currency Exchange Contracts		$(330,741	)	$	—
Net Realized Loss on Interest Rate Swap Contracts		—			(3,638	)

		$(330,741	)	$	(3,638	)

Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		$ (98,688	)	$	—
Net Change in Unrealized Depreciation on Interest Rate Swap Contracts		—			(22,384	)

		$ (98,688	)	$	(22,384	)

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

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2022


						% of Net
	Currency¹	Par		Value		Assets

Debt Securities

Argentina (Cost $2,229,418)
YPF S.A., 8.750%, 04/04/2024			630,000	$	545,154		0.59
YPF S.A., (Step to 9.000% on 01/01/2023), 4.000%, 02/12/2026²			1,700,000		1,491,835		1.60
YPF S.A., (Step to 9.000% on 01/01/2023), 2.500%, 06/30/2029²			279,200		175,293		0.19
					2,212,282		2.38

Brazil (Cost $15,142,828)
Banco do Brasil S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 4.398%), 6.250%, 04/15/2024³			908,000		797,959		0.86
Braskem Netherlands Finance B.V., 4.500%, 01/10/2028			485,000		421,106		0.45
Braskem Netherlands Finance B.V., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 8.220%), 8.500%, 01/23/2081³			350,000		332,500		0.36
BRF S.A., 5.750%, 09/21/2050			715,000		480,880		0.52
CSN Inova Ventures, 6.750%, 01/28/2028			1,200,000		1,027,889		1.11
Globo Comunicacao e Participacoes S.A., 5.500%, 01/14/2032			400,000		303,625		0.33
Gol Finance S.A., 7.000%, 01/31/2025			117,000		50,895		0.06
Gol Finance S.A., 8.000%, 06/30/2026			990,000		576,957		0.62
InterCement Financial Operations B.V., 5.750%, 07/17/2024			1,605,000		1,113,710		1.20
Klabin Austria GmbH, 7.000%, 04/03/2049			355,000		315,197		0.34
MC Brazil Downstream Trading S.A.R.L., 7.250%, 06/30/2031			1,615,000		1,234,022		1.33
Movida Europe S.A., 5.250%, 02/08/2031			375,000		275,955		0.30
Oi S.A., 10.000%, 07/27/2025⁴			4,374,000		1,137,471		1.22
Simpar Europe S.A., 5.200%, 01/26/2031			170,000		122,754		0.13
St Marys Cement, Inc., 5.750%, 01/28/2027			245,000		241,105		0.26
Suzano Austria GmbH, 6.000%, 01/15/2029			470,000		448,145		0.48
Suzano Austria GmbH, 7.000%, 03/16/2047			415,000		380,763		0.41
Unigel Luxembourg S.A., 8.750%, 10/01/2026			475,000		458,986		0.49
Vale Overseas Ltd., 8.250%, 01/17/2034			500,000		543,073		0.58
					10,262,992		11.05

Chile (Cost $6,198,476)
AES Andes S.A., (Variable, USD Swap 5Y + 4.644%), 7.125%, 03/26/2079³			1,155,000		947,945		1.02
BPCE S.A., 3.150%, 03/06/2030			245,000		197,289		0.21
Celulosa Arauco y Constitucion S.A., 4.200%, 01/29/2030			555,000		468,975		0.51
Empresa de los Ferrocarriles del Estado, 3.830%, 09/14/2061⁵			300,000		182,791		0.20
GNL Quintero S.A., 4.634%, 07/31/2029			564,166		523,264		0.56
Guacolda Energia S.A., 4.560%, 04/30/2025			1,832,000		572,386		0.62
Inversiones CMPC S.A., 3.850%, 01/13/2030			400,000		333,500		0.36
VTR Comunicaciones S.p.A., 5.125%, 01/15/2028			500,000		317,962		0.34
VTR Finance N.V., 6.375%, 07/15/2028			1,000,000		524,367		0.56
					4,068,479		4.38

China (Cost $39,127,579)
Central China Real Estate Ltd., 7.250%, 04/24/2023			465,000		137,934		0.15

See accompanying notes to the financial statements.

100

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


						% of Net
	Currency¹	Par		Value		Assets

China (continued)
Central China Real Estate Ltd., 7.250%, 08/13/2024			1,475,000	$	187,277		0.20
CFLD Cayman Investment Ltd., 8.625%, 02/28/2021^6,7			600,000		30,000		0.03
CFLD Cayman Investment Ltd., 8.600%, 04/08/2024⁶			4,880,000		246,928		0.27
China Evergrande Group, 8.250%, 03/23/2022^6,7			585,000		20,453		0.02
China Evergrande Group, 10.000%, 04/11/2023⁶			1,035,000		36,194		0.04
China Evergrande Group, 7.500%, 06/28/2023⁶			4,600,000		161,000		0.17
China Evergrande Group, 8.750%, 06/28/2025⁶			765,000		27,731		0.03
China SCE Group Holdings Ltd., 7.250%, 04/19/2023			420,000		51,240		0.06
Fantasia Holdings Group Co. Ltd., 15.000%, 12/18/2021^6,7			830,000		40,271		0.04
Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/2022^6,7			3,360,000		183,462		0.20
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/2022^6,7			1,840,000		91,464		0.10
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/2023⁶			925,000		46,194		0.05
Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/2023⁶			770,000		38,454		0.04
Huarong Finance 2017 Co. Ltd., (Floating, ICE LIBOR USD 3M + 1.150%), 4.013%, 11/07/2022			200,000		199,500		0.21
Huarong Finance 2017 Co. Ltd., (Floating, ICE LIBOR USD 3M + 1.325%), 5.068%, 07/03/2023			295,000		284,710		0.31
Huarong Finance 2019 Co. Ltd., (Floating, ICE LIBOR USD 3M + 1.125%), 4.105%, 02/24/2023			265,000		260,031		0.28
Huarong Finance II Co. Ltd., 5.500%, 01/16/2025			595,000		502,775		0.54
Kaisa Group Holdings Ltd., 8.500%, 06/30/2022^6,7			1,577,000		105,200		0.11
Kaisa Group Holdings Ltd., 11.500%, 01/30/2023⁶			1,850,000		119,023		0.13
Kaisa Group Holdings Ltd., 10.875%, 07/23/2023⁶			690,000		43,125		0.05
Kaisa Group Holdings Ltd., 9.375%, 06/30/2024⁶			1,350,000		91,125		0.10
Kaisa Group Holdings Ltd., 11.250%, 04/16/2025⁶			1,180,000		78,175		0.08
Kaisa Group Holdings Ltd., 11.700%, 11/11/2025⁶			625,000		43,125		0.05
Prime Bloom Holdings Ltd., 6.950%, 07/05/2022^6,7			960,000		124,800		0.13
Redco Properties Group Ltd., 9.900%, 02/17/2024⁶			980,000		140,532		0.15
Scenery Journey Ltd., 11.500%, 10/24/2022^6,7			800,000		18,038		0.02
Scenery Journey Ltd., 12.000%, 10/24/2023⁶			2,380,000		53,191		0.06
Shimao Group Holdings Ltd., 4.750%, 07/03/2022^6,7			860,000		38,900		0.04
Sunac China Holdings Ltd., 7.250%, 06/14/2022^6,7			1,675,000		100,059		0.11
Sunac China Holdings Ltd., 7.500%, 02/01/2024⁶			1,015,000		58,443		0.06
Sunac China Holdings Ltd., 6.650%, 08/03/2024⁶			200,000		11,226		0.01
Sunac China Holdings Ltd., 6.500%, 01/10/2025⁶			725,000		39,930		0.04
Tunghsu Venus Holdings Ltd., 7.000%, 06/12/2020^6,7			2,785,000		768,660		0.83
Xiaomi Best Time International Ltd., 0.000%, 12/17/2027⁸			400,000		291,000		0.31
Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/2023⁶			3,200,550		91,412		0.10
Yuzhou Group Holdings Co. Ltd., 6.350%, 01/13/2027⁶			810,000		23,532		0.03
Zhenro Properties Group Ltd., 8.700%, 08/03/2022^6,7			1,360,000		54,400		0.06
Zhenro Properties Group Ltd., 6.500%, 09/01/2022^6,7			2,095,000		83,800		0.09
Zhenro Properties Group Ltd., 9.150%, 05/06/2023⁶			700,000		13,265		0.01
Zhenro Properties Group Ltd., 7.875%, 04/14/2024⁶			2,315,000		44,701		0.05
					4,981,280		5.36

See accompanying notes to the financial statements.

101

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


							% of Net
	Currency¹		Par		Value		Assets

Colombia (Cost $6,031,714)
Canacol Energy Ltd., 5.750%, 11/24/2028				455,000	$	342,101		0.37
Ecopetrol S.A., 6.875%, 04/29/2030				230,000		189,267		0.20
Ecopetrol S.A., 5.875%, 05/28/2045				660,000		401,821		0.43
Empresas Publicas de Medellin ESP, 4.375%, 02/15/2031				365,000		247,375		0.27
Frontera Energy Corp., 7.875%, 06/21/2028				1,420,000		1,061,450		1.14
Geopark Ltd., 5.500%, 01/17/2027				500,000		407,604		0.44
Grupo Aval Ltd., 4.375%, 02/04/2030				400,000		277,376		0.30
Millicom International Cellular S.A., 6.250%, 03/25/2029				369,000		322,875		0.35
Millicom International Cellular S.A., 4.500%, 04/27/2031				965,000		723,431		0.78
Oleoducto Central S.A., 4.000%, 07/14/2027				440,000		358,380		0.39
Promigas S.A. ESP/Gases del Pacifico SAC, 3.750%, 10/16/2029				200,000		148,941		0.16
SURA Asset Management S.A., 4.875%, 04/17/2024				215,000		207,817		0.22
						4,688,438		5.05

Czech Republic (Cost $1,965,282)
New World Resources N.V., 8.000%, 04/07/2020^6,7,9		EUR		1,685,299		—		—
New World Resources N.V., 0.000%, 10/07/2020^5,6,7,9,10		EUR		101,612		—		—
New World Resources N.V., 4.000%, 10/07/2020^6,7,9		EUR		700,590		—		—
						—		—

Ecuador (Cost $1,696,470)
International Airport Finance S.A., 12.000%, 03/15/2033				1,755,444		1,518,470		1.63
						1,518,470		1.63

Ghana (Cost $1,567,494)
Kosmos Energy Ltd., 7.750%, 05/01/2027				1,240,000		1,001,300		1.08
Tullow Oil PLC, 10.250%, 05/15/2026				361,000		307,218		0.33
						1,308,518		1.41

Guatemala (Cost $849,527)
CT Trust, 5.125%, 02/03/2032				930,000		742,910		0.80
						742,910		0.80

Hong Kong (Cost $883,757)
AIA Group Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.758%), 2.700%, 04/07/2026³				200,000		158,098		0.17
Airport Authority, (Variable, 4.697% - U.S. Treasury Yield Curve Rate CMT 5Y), 2.100%, 03/08/2026³				215,000		185,545		0.20
Phoenix Lead Ltd., 4.850%, 02/23/2023				475,000		313,595		0.34
						657,238		0.71

India (Cost $6,482,132)
Bharti Airtel Ltd., 3.250%, 06/03/2031				565,000		437,567		0.47
Greenko Power II Ltd., 4.300%, 12/13/2028				342,125		263,436		0.28
Greenko Solar Mauritius Ltd., 5.950%, 07/29/2026				523,000		419,969		0.45
India Green Energy Holdings, 5.375%, 04/29/2024				250,000		233,448		0.25
Indian Railway Finance Corp. Ltd., 3.570%, 01/21/2032				200,000		155,640		0.17

See accompanying notes to the financial statements.

102

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


							% of Net
	Currency¹		Par		Value		Assets

India (continued)
Network i2i Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.390%), 3.975%, 03/03/2026³				700,000	$	553,917		0.60
NTPC Ltd., 4.500%, 03/19/2028				210,000		192,596		0.21
Power Finance Corp. Ltd., 4.500%, 06/18/2029				640,000		548,355		0.59
Reliance Industries Ltd., 2.875%, 01/12/2032				250,000		188,430		0.20
Vedanta Resources Finance II PLC, 8.000%, 04/23/2023				960,000		896,277		0.97
Vedanta Resources Finance II PLC, 8.950%, 03/11/2025				1,105,000		696,559		0.75
Vedanta Resources Ltd., 6.125%, 08/09/2024				1,000,000		592,197		0.64
						5,178,391		5.58

Indonesia (Cost $2,941,426)
Freeport Indonesia PT, 4.763%, 04/14/2027				295,000		265,058		0.29
Freeport Indonesia PT, 6.200%, 04/14/2052				400,000		301,440		0.33
Indonesia Asahan Aluminium Persero PT, 6.530%, 11/15/2028				280,000		272,303		0.29
Medco Bell Pte. Ltd., 6.375%, 01/30/2027				535,000		427,975		0.46
Minejesa Capital B.V., 4.625%, 08/10/2030				485,000		372,722		0.40
Minejesa Capital B.V., 5.625%, 08/10/2037				360,000		230,400		0.25
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.850%, 10/14/2038				705,000		523,965		0.56
						2,393,863		2.58

Iraq (Cost $1,180,916)
DNO A.S.A., 7.875%, 09/09/2026⁵				1,180,000		1,067,900		1.15
						1,067,900		1.15

Israel (Cost $8,369,480)
Altice Financing S.A., 5.750%, 08/15/2029				470,000		368,837		0.40
Bank Hapoalim B.M., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.155%), 3.255%, 01/21/2032^3,5				640,000		523,200		0.56
Bank Leumi Le-Israel B.M., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.631%), 3.275%, 01/29/2031^3,5				720,000		614,700		0.66
Leviathan Bond Ltd., 6.125%, 06/30/2025⁵				470,000		446,181		0.48
Leviathan Bond Ltd., 6.500%, 06/30/2027⁵				363,000		338,498		0.37
Leviathan Bond Ltd., 6.750%, 06/30/2030⁵				900,000		801,918		0.87
Mizrahi Tefahot Bank Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.250%), 3.077%, 04/07/2031^3,5				700,000		588,000		0.63
Teva Pharmaceutical Finance Co. LLC, 6.150%, 02/01/2036				1,000,000		819,510		0.88
Teva Pharmaceutical Finance Netherlands II B.V., 4.375%, 05/09/2030		EUR		900,000		714,875		0.77
Teva Pharmaceutical Finance Netherlands III B.V., 6.750%, 03/01/2028				1,735,000		1,635,238		1.76
						6,850,957		7.38

Jamaica (Cost $1,078,437)
Digicel Group Holdings Ltd., 7.000%, 11/16/2022⁴				1,337,980		93,659		0.10
Digicel Ltd., 6.750%, 03/01/2023				625,000		331,250		0.36
						424,909		0.46

See accompanying notes to the financial statements.

103

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


						% of Net
	Currency¹	Par		Value		Assets

Jordan (Cost $196,510)
Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025			200,000	$	183,997		0.20
					183,997		0.20

Kazakhstan (Cost $713,625)
Kazakhstan Temir Zholy Finance B.V., 6.950%, 07/10/2042			380,000		374,300		0.40
Tengizchevroil Finance Co. International Ltd., 4.000%, 08/15/2026			210,000		170,948		0.19
					545,248		0.59

Kuwait (Cost $1,518,413)
MEGlobal Canada ULC, 5.875%, 05/18/2030			380,000		366,046		0.39
NBK Tier 1 Financing 2 Ltd., (Variable, USD CMT 6Y + 2.832%), 4.500%, 08/27/2025³			465,000		409,898		0.44
NBK Tier 1 Ltd., (Variable, USD CMT 6Y + 2.875%), 3.625%, 08/24/2026³			600,000		499,260		0.54
					1,275,204		1.37

Malaysia (Cost $299,311)
Misc Capital Two Labuan Ltd., 3.750%, 04/06/2027			315,000		285,972		0.31
					285,972		0.31

Mexico (Cost $15,868,238)
Alfa S.A.B. de C.V., 6.875%, 03/25/2044			440,000		383,882		0.41
America Movil S.A.B. de C.V., 5.375%, 04/04/2032			475,000		402,088		0.43
Axtel S.A.B. de C.V., 6.375%, 11/14/2024			786,000		523,382		0.56
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 5.353%), 7.625%, 01/10/2028³			485,000		398,129		0.43
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.760%), 8.375%, 10/14/2030³			415,000		360,896		0.39
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 5.034%), 6.625%, 01/24/2032³			500,000		375,000		0.41
BBVA Bancomer S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.650%), 5.125%, 01/18/2033³			935,000		756,240		0.82
Braskem Idesa S.A.P.I., 7.450%, 11/15/2029			620,000		474,269		0.51
Braskem Idesa S.A.P.I., 6.990%, 02/20/2032			350,000		234,108		0.25
Cemex S.A.B. de C.V., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.534%), 5.125%, 06/08/2026³			900,000		742,995		0.80
CIBANCO S.A. Institucion de Banca Multiple Trust CIB/3332, 4.375%, 07/22/2031			1,020,000		640,050		0.69
Cometa Energia S.A. de C.V., 6.375%, 04/24/2035			492,775		426,250		0.46
Comision Federal de Electricidad, 3.348%, 02/09/2031			280,000		206,858		0.22
Comision Federal de Electricidad, 6.264%, 02/15/2052			750,000		554,576		0.60
Corp. Inmobiliaria Vesta S.A.B. de C.V., 3.625%, 05/13/2031			200,000		145,766		0.16
Electricidad Firme de Mexico Holdings S.A. de C.V., 4.900%, 11/20/2026			600,000		477,018		0.51
Grupo Axo S.A.P.I. de C.V., 5.750%, 06/08/2026			395,000		313,326		0.34
Metalsa S.A.P.I de C.V., 3.750%, 05/04/2031			500,000		345,069		0.37
Mexico Generadora de Energia S. de r.l., 5.500%, 12/06/2032			470,614		428,656		0.46
Nemak S.A.B. de C.V., 3.625%, 06/28/2031			400,000		291,000		0.31

See accompanying notes to the financial statements.

104

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


						% of Net
	Currency¹	Par		Value		Assets

Mexico (continued)
Petroleos Mexicanos, 6.700%, 02/16/2032			440,000	$	332,750		0.36
Petroleos Mexicanos, 6.750%, 09/21/2047			1,300,000		782,965		0.84
Petroleos Mexicanos, 7.690%, 01/23/2050			1,030,000		671,015		0.72
Petroleos Mexicanos, 6.950%, 01/28/2060			1,360,000		816,174		0.88
Trust Fibra Uno, 4.869%, 01/15/2030			825,000		621,435		0.67
Trust Fibra Uno, 6.390%, 01/15/2050			623,000		412,737		0.45
					12,116,634		13.05

Mongolia (Cost $547,234)
Mongolian Mining Corp., 1.569%, 04/01/2023^4,11			1,006,671		338,241		0.36
					338,241		0.36

Morocco (Cost $584,929)
OCP S.A., 5.125%, 06/23/2051			600,000		367,236		0.40
					367,236		0.40

Nigeria (Cost $881,034)
IHS Netherlands Holdco B.V., 8.000%, 09/18/2027			900,000		694,692		0.75
					694,692		0.75

Oman (Cost $628,150)
Oryx Funding Ltd., 5.800%, 02/03/2031			300,000		262,362		0.28
Oztel Holdings SPC Ltd., 5.625%, 10/24/2023			335,000		331,882		0.36
					594,244		0.64

Panama (Cost $1,811,734)
AES Panama Generation Holdings SRL, 4.375%, 05/31/2030			575,000		452,534		0.49
C&W Senior Financing DAC, 6.875%, 09/15/2027			1,260,000		1,092,649		1.17
					1,545,183		1.66

Peru (Cost $3,835,222)
Banco de Credito del Peru S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.000%), 3.125%, 07/01/2030³			255,000		224,446		0.24
Banco de Credito del Peru S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.450%), 3.250%, 09/30/2031³			340,000		285,090		0.31
Banco Internacional del Peru S.A.A. Interbank, (Variable, ICE LIBOR USD 3M + 5.760%), 6.625%, 03/19/2029³			230,000		223,675		0.24
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.375%, 06/01/2028			366,400		331,702		0.36
InRetail Consumer, 3.250%, 03/22/2028			270,000		213,502		0.23
InRetail Shopping Malls, 5.750%, 04/03/2028			245,000		217,131		0.23
Intercorp Peru Ltd., 3.875%, 08/15/2029			420,000		325,954		0.35
Kallpa Generacion S.A., 4.125%, 08/16/2027			310,000		272,002		0.29
Minsur S.A., 4.500%, 10/28/2031			815,000		656,792		0.71
Peru LNG S.R.L., 5.375%, 03/22/2030			225,000		176,917		0.19
Petroleos del Peru S.A., 5.625%, 06/19/2047			590,000		378,444		0.41
					3,305,655		3.56

See accompanying notes to the financial statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


							% of Net
	Currency¹		Par		Value		Assets

Poland (Cost $946,877)
GTC Aurora Luxembourg S.A., 2.250%, 06/23/2026		EUR		885,000	$	577,377		0.62
						577,377		0.62

Qatar (Cost $556,438)
Nakilat, Inc., 6.067%, 12/31/2033				128,811		126,879		0.13
QIB Sukuk Ltd., (Floating, ICE LIBOR USD 3M + 1.350%), 5.858%, 02/07/2025				400,000		397,998		0.43
						524,877		0.56

Romania (Cost $552,898)
NE Property B.V., 1.875%, 10/09/2026		EUR		285,000		223,043		0.24
NE Property B.V., 2.000%, 01/20/2030		EUR		310,000		201,941		0.22
						424,984		0.46

Russian Federation (Cost $1,481,647)
Sovcombank Via SovCom Capital DAC, 7.600%, 02/17/2027^6,12				1,605,000		2		—
						2		—

Saudi Arabia (Cost $3,795,140)
Acwa Power Management And Investments One Ltd., 5.950%, 12/15/2039				958,080		834,488		0.90
Arabian Centres Sukuk II Ltd., 5.625%, 10/07/2026				800,000		683,808		0.74
Dar Al-Arkan Sukuk Co. Ltd., 6.750%, 02/15/2025				600,000		572,928		0.62
EIG Pearl Holdings S.a.r.l., 3.545%, 08/31/2036				420,000		322,350		0.35
EIG Pearl Holdings S.a.r.l., 4.387%, 11/30/2046				320,000		217,600		0.23
SA Global Sukuk Ltd., 2.694%, 06/17/2031				240,000		196,200		0.21
Saudi Arabian Oil Co., 4.250%, 04/16/2039				535,000		438,967		0.47
						3,266,341		3.52

Singapore (Cost $2,493,550)
DBS Group Holdings Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.915%), 3.300%, 02/27/2025³				370,000		324,490		0.35
Puma International Financing S.A., 5.000%, 01/24/2026				2,000,000		1,775,000		1.91
United Overseas Bank Ltd., (Variable, USD Swap 5Y + 1.794%), 3.875%, 10/19/2023³				255,000		242,888		0.26
						2,342,378		2.52

South Africa (Cost $5,301,821)
Absa Group Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.411%), 6.375%, 05/27/2026³				600,000		510,000		0.55
AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028				270,000		218,054		0.23
AngloGold Ashanti Holdings PLC, 3.750%, 10/01/2030				345,000		264,507		0.28
Gold Fields Orogen Holdings BVI Ltd., 6.125%, 05/15/2029				210,000		196,332		0.21
Liquid Telecommunications Financing PLC, 5.500%, 09/04/2026				800,000		552,000		0.59
MTN Mauritius Investments Ltd., 6.500%, 10/13/2026				775,000		738,498		0.80
Prosus N.V., 3.680%, 01/21/2030				300,000		220,778		0.24
Prosus N.V., 3.061%, 07/13/2031				320,000		214,927		0.23

See accompanying notes to the financial statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


						% of Net
	Currency¹	Par		Value		Assets

South Africa (continued)
Sasol Financing U.S.A. LLC, 4.375%, 09/18/2026			300,000	$	262,500		0.28
Sasol Financing U.S.A. LLC, 6.500%, 09/27/2028			815,000		719,579		0.78
Sasol Financing U.S.A. LLC, 5.500%, 03/18/2031			445,000		333,292		0.36
					4,230,467		4.55

South Korea (Cost $990,807)
Kyobo Life Insurance Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.887%), 5.900%, 06/15/2052³			425,000		386,750		0.42
Shinhan Financial Group Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.051%), 5.875%, 08/13/2023³			235,000		228,244		0.24
Shinhan Financial Group Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.500%), 3.340%, 02/05/2030³			315,000		289,815		0.31
					904,809		0.97

Tanzania (Cost $1,049,233)
HTA Group Ltd., 7.000%, 12/18/2025			515,000		450,625		0.49
HTA Group Ltd., 2.875%, 03/18/2027			600,000		459,000		0.49
					909,625		0.98

Thailand (Cost $1,265,668)
Bangkok Bank PCL, 9.025%, 03/15/2029			430,000		474,074		0.51
GC Treasury Center Co. Ltd., 2.980%, 03/18/2031			585,000		431,537		0.47
GC Treasury Center Co. Ltd., 4.400%, 03/30/2032			200,000		160,620		0.17
					1,066,231		1.15

Turkey (Cost $2,233,402)
Akbank T.A.S., (Variable, USD Swap 5Y + 4.029%), 6.797%, 04/27/2028³			319,000		286,274		0.31
Turk Telekomunikasyon A.S., 6.875%, 02/28/2025			315,000		274,050		0.29
Turkcell Iletisim Hizmetleri A.S., 5.800%, 04/11/2028			140,000		111,896		0.12
Turkiye Garanti Bankasi A.S., (Variable, USD ICE Swap Rate 5Y + 4.220%), 7.177%, 05/24/2027³			245,000		209,659		0.23
Turkiye Is Bankasi A.S., (Variable, USD Swap 5Y + 5.117%), 7.000%, 06/29/2028³			340,000		308,645		0.33
Yapi ve Kredi Bankasi A.S., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 7.415%), 7.875%, 01/22/2031³			275,000		242,655		0.26
Zorlu Yenilenebilir Enerji A.S., 9.000%, 06/01/2026			690,000		494,247		0.53
					1,927,426		2.07

United Arab Emirates (Cost $3,297,177)
DP World Ltd., 6.850%, 07/02/2037			660,000		632,806		0.68
DP World Salaam, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.750%), 6.000%, 10/01/2025³			830,000		803,878		0.87
First Abu Dhabi Bank PJSC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.138%), 4.500%, 04/05/2026³			500,000		456,375		0.49
Galaxy Pipeline Assets Bidco Ltd., 2.940%, 09/30/2040			753,893		565,015		0.61
MAF Global Securities Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.539%), 6.375%, 03/20/2026³			380,000		348,384		0.37
					2,806,458		3.02

See accompanying notes to the financial statements.

107

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


							% of Net
	Currency¹		Par		Value		Assets

Venezuela (Cost $8,318,882)
Petroleos de Venezuela S.A., 8.500%, 10/27/2020^6,7				7,112,500	$	1,244,687		1.34
Petroleos de Venezuela S.A., 9.750%, 05/17/2035⁶				6,744,093		134,882		0.15
						1,379,569		1.49

Vietnam (Cost $542,653)
Mong Duong Finance Holdings B.V., 5.125%, 05/07/2029				635,000		439,960		0.47
						439,960		0.47

Zambia (Cost $2,008,075)
First Quantum Minerals Ltd., 6.875%, 03/01/2026				1,520,000		1,426,368		1.54
First Quantum Minerals Ltd., 6.875%, 10/15/2027				500,000		464,914		0.50
						1,891,282		2.04

Total Debt Securities (Cost $157,463,604)						90,300,719		97.23

Bank Loans

Czech Republic (Cost $362,933)
New World Resources N.V., 8.500%, 10/07/2016^7,9		EUR		827,337		—		—
						—		—

Total Bank Loans (Cost $362,933)						—		—

							% of Net
	Currency¹		Shares		Value		Assets

Equity Securities

Czech Republic (Cost $1,093,254)
New World Resources PLC, Class A*^,9		GBP		36,580,138	$	—		—
						—		—

Niger (Cost $877,496)
Savannah Energy PLC*		GBP		2,258,852		712,462		0.77
						712,462		0.77

Total Equity Securities (Cost $1,970,750)						712,462		0.77

Total Investments (Total Cost $159,797,287)						91,013,181		98.00

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)						1,857,650		2.00

Net Assets					$	92,870,831		100.00

*	Non-income producing security.

¹	Local currency is United States Dollars unless otherwise noted below.

²	Step coupon bond. Rate as of October 31, 2022 is disclosed.

³	Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

⁴	Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis.

See accompanying notes to the financial statements.

108

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

⁵	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

⁶	Issuer has defaulted on terms of debt obligation.

⁷	Maturity has been extended under the terms of a plan of reorganization.

⁸	Zero coupon bond.

⁹	Security has been deemed worthless and is a Level 3 investment.

¹⁰	Restricted security that has been deemed illiquid. At October 31, 2022 the value of these restricted illiquid securities amount to $0 or 0.00% of net assets. Additional information on each restricted illiquid security is as follows:


SECURITY	ACQUISITION DATE	ACQUISITION COST

New World Resources N.V., 0.0000%, 10/07/2020	10/7/14	$—

¹¹	Zero coupon bond – interest rate reflects effective yield on the date of purchase.

¹²	Security is a Level 3 investment.

Percentages shown are based on net assets.

At October 31, 2022, the Ashmore Emerging Markets Corporate Income Fund had outstanding forward foreign currency exchange contracts as follows:

Currency

Buy Amount

Sell Amount

Settlement

Currency

(Local

Currency

(Local

Unrealized

Date

Counterparty

Buy

Currency)

Sell

Currency)

Gain/(Loss)

11/30/2022

Deutsche Bank

British Pound

229,871

United States Dollar

255,572

$ 8,260

11/30/2022

State Street

United States Dollar

942,683

British Pound

800,000

24,491

Subtotal Appreciation

32,751

11/30/2022

Deutsche Bank

United States Dollar

1,796,444

Euro

1,823,285

(9,254)

Subtotal Depreciation

(9,254)

Total

$23,497

See accompanying notes to the financial statements.

109

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Corporate Income Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2022:


	Level 1		Level 2			Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds		$—		$74,055,976			$ 2		$74,055,978
Corporate Convertible Bonds		—		4,876,165			—		4,876,165
Financial Certificates		—		2,654,813			—		2,654,813
Government Agencies		—		8,713,763			—		8,713,763

Total Debt Securities		—		90,300,717			2		90,300,719
Bank Loans
Equity Securities
Common Stock
Niger		—		712,462			—		712,462

Total Common Stock		—		712,462			—		712,462

Total Investments		$—		$91,013,179			$ 2		$91,013,181


Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts		$—		$32,751			$—		$32,751
Liabilities:
Forward Foreign Currency Exchange Contracts		—		(9,254	)		—		(9,254	)

Total Other Financial Instruments		$—		$23,497			$—		$23,497

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended October 31, 2022:


																															Change in
																															Unrealized
																															Appreciation
																		Change in													(Depreciation)
	Beginning			Accrued										Realized				Unrealized				Transfers			Transfers			Ending			from Investments
Category and	Balance			Discounts										Gains				Appreciation				into			out of			Balance			still held
Subcategory	at 10/31/2021			(Premiums)			Purchases			Sales				(Losses)				(Depreciation)				Level 3			Level 3			at 10/31/2022			10/31/2022

Investments, at value

Bank Loans

Brazil		$	1,800,000		$	—		$	—		$	(1,818,800	)		$	(281,200	)		$	300,000			$	—		$	—		$	—		$	—

Ghana			2,121,750			—			—			(2,131,859	)			(11,323	)			21,432				—			—			—			—

Common Stock

Niger			598,176			—			—			—				—				(598,176	)			—			—			—			—

Corporate Bonds

Russian Federation			—			—			—			—				—				—				2			—			2			(1,481,646	)

Total		$	4,519,926		$	—		$	—		$	(3,950,659	)		$	(292,523	)		$	(276,744	)		$	2		$	—		$	2		$	(1,481,646	)

See accompanying notes to the financial statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


Quantitative Information about Level 3 Fair Value Measurements

	Fair Value at		Valuation	Unobservable
	10/31/2022		Technique	Input

Bank Loans		$—	Zero priced asset	Inputs to model
Common Stock		—	Zero priced asset	Inputs to model
Corporate Bonds		2	Zero priced asset	Inputs to model

Total		$ 2

The following is a summary of the fair values of the Fund’s derivative instruments*:

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2022:


	Derivatives Not Accounted for as
	Hedging Instruments
	Foreign
	Exchange Risk

Assets:

Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$32,751


Liabilities:

Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		$ (9,254	)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2022:


	Derivatives Not Accounted for as
	Hedging Instruments
	Foreign
	Exchange Risk

Realized Gain (Loss) on Derivatives Recognized resulting from Operations:

Net Realized Gain on Forward Foreign Currency Exchange Contracts		$599,723


Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:

Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$ 17,247

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

See accompanying notes to the financial statements.

111

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SCHEDULE OF INVESTMENTS

As of October 31, 2022


	Currency¹	Par		Value		% of Net Assets

Debt Securities

Argentina (Cost $1,655,597)
YPF S.A., (Step to 9.000% on 01/01/2023), 4.000%, 02/12/2026²			1,950,000	$	1,711,222		3.09
					1,711,222		3.09

Bahrain (Cost $585,285)
BBK BSC, 5.500%, 07/09/2024			600,000		581,651		1.05
					581,651		1.05

Brazil (Cost $17,033,530)
Azul Investments LLP, 5.875%, 10/26/2024			2,630,000		1,981,976		3.58
Banco do Brasil S.A., 4.625%, 01/15/2025			600,000		582,660		1.05
Banco Votorantim S.A., 4.500%, 09/24/2024			600,000		580,738		1.05
CSN Resources S.A., 7.625%, 04/17/2026			1,150,000		1,100,816		1.99
Gol Finance S.A., 7.000%, 01/31/2025			3,480,000		1,513,800		2.74
InterCement Financial Operations B.V., 5.750%, 07/17/2024			4,350,000		3,018,465		5.45
Itau Unibanco Holding S.A., 3.250%, 01/24/2025			600,000		576,954		1.04
Oi S.A., 10.000%, 07/27/2025³			5,400,000		1,404,286		2.54
					10,759,695		19.44

Chile (Cost $591,340)
Inversiones CMPC S.A., 4.750%, 09/15/2024			600,000		589,500		1.07
					589,500		1.07

China (Cost $50,317,144)
Central China Real Estate Ltd., 7.250%, 04/24/2023			875,000		259,553		0.47
CFLD Cayman Investment Ltd., 8.625%, 02/28/2021^4,5			600,000		30,000		0.05
CFLD Cayman Investment Ltd., 9.000%, 07/31/2021^4,5			780,000		39,000		0.07
CFLD Cayman Investment Ltd., 8.600%, 04/08/2024⁴			1,035,000		52,371		0.09
CFLD Cayman Investment Ltd., 8.050%, 01/13/2025⁴			2,975,000		148,750		0.27
China Evergrande Group, 8.250%, 03/23/2022^4,5			4,707,000		164,564		0.30
China Evergrande Group, 10.000%, 04/11/2023⁴			5,150,000		180,097		0.33
Country Garden Holdings Co. Ltd., 4.750%, 01/17/2023			400,000		282,302		0.51
Country Garden Holdings Co. Ltd., 8.000%, 01/27/2024			400,000		65,047		0.12
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/2022^4,5			4,000,000		198,835		0.36
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/2023⁴			4,160,000		207,750		0.38
Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/2023⁴			1,510,000		75,409		0.14
Kaisa Group Holdings Ltd., 11.500%, 01/30/2023⁴			4,875,000		313,641		0.57
Kaisa Group Holdings Ltd., 10.875%, 07/23/2023⁴			3,930,000		245,625		0.44
Kaisa Group Holdings Ltd., 11.250%, 04/16/2025⁴			4,280,000		283,550		0.51
Prime Bloom Holdings Ltd., 6.950%, 07/05/2022^4,5			6,470,000		841,100		1.52
Scenery Journey Ltd., 11.500%, 10/24/2022^4,5			1,490,000		33,595		0.06
Shimao Group Holdings Ltd., 4.750%, 07/03/2022^4,5			200,000		9,046		0.02
Sunac China Holdings Ltd., 7.250%, 06/14/2022^4,5			690,000		41,218		0.07
Sunac China Holdings Ltd., 7.950%, 08/08/2022^4,5			730,000		43,978		0.08
Sunac China Holdings Ltd., 8.350%, 04/19/2023⁴			200,000		11,492		0.02
Sunac China Holdings Ltd., 6.650%, 08/03/2024⁴			250,000		14,033		0.02

See accompanying notes to the financial statements.

112

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹	Par		Value		% of Net Assets

China (continued)
Tunghsu Venus Holdings Ltd., 7.000%, 06/12/2020^4,5			2,640,000	$	728,640		1.32
Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/2023⁴			670,000		19,136		0.03
Yuzhou Group Holdings Co. Ltd., 6.000%, 10/25/2023⁴			4,940,000		147,846		0.27
Zhenro Properties Group Ltd., 8.000%, 03/06/2023⁴			4,920,000		147,600		0.27
Zhenro Properties Group Ltd., 9.150%, 05/06/2023⁴			813,000		15,407		0.03
Zhenro Properties Group Ltd., 8.300%, 09/15/2023⁴			1,017,000		18,655		0.03
Zhenro Properties Group Ltd., 7.875%, 04/14/2024⁴			575,000		11,103		0.02
					4,629,343		8.37

Colombia (Cost $1,348,984)
Ecopetrol S.A., 4.125%, 01/16/2025			1,350,000		1,244,750		2.25
					1,244,750		2.25

Ghana (Cost $1,444,108)
Tullow Oil PLC, 10.250%, 05/15/2026			1,405,000		1,195,683		2.16
					1,195,683		2.16

India (Cost $3,175,240)
Bharti Airtel Ltd., 4.375%, 06/10/2025			1,195,000		1,135,177		2.05
Greenko Solar Mauritius Ltd., 5.950%, 07/29/2026			1,360,000		1,092,080		1.98
Vedanta Resources Finance II PLC, 8.000%, 04/23/2023			760,000		709,553		1.28
					2,936,810		5.31

Jamaica (Cost $3,262,937)
Digicel Group Holdings Ltd., 7.000%, 11/16/2022³			123,394		8,638		0.02
Digicel International Finance Ltd./Digicel International Holdings Ltd., 8.750%, 05/25/2024			3,200,000		2,730,848		4.93
					2,739,486		4.95

Jordan (Cost $1,005,817)
Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025			1,000,000		919,986		1.66
					919,986		1.66

Kazakhstan (Cost $830,915)
KazMunayGas National Co. JSC, 4.750%, 04/19/2027			978,000		848,693		1.53
					848,693		1.53

Kuwait (Cost $539,827)
MEGlobal Canada ULC, 5.000%, 05/18/2025			550,000		531,437		0.96
					531,437		0.96

Lebanon (Cost $13,433,289)
Lebanon (Rep of), 6.375%, 03/09/2020^4,5			1,527,000		87,803		0.16
Lebanon (Rep of), 5.800%, 04/14/2020^4,5			7,070,000		414,161		0.75
Lebanon (Rep of), 6.150%, 06/19/2020^4,5			6,506,000		381,121		0.69
					883,085		1.60

Mexico (Cost $9,888,074)
Alfa S.A.B. de C.V., 5.250%, 03/25/2024			1,080,000		1,072,440		1.94
Axtel S.A.B. de C.V., 6.375%, 11/14/2024			700,000		466,116		0.84

See accompanying notes to the financial statements.

113

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹	Par		Value		% of Net Assets

Mexico (continued)
Banco Santander Mexico S.A. Institucion de Banca Multiple
Grupo Financiero Santander, 5.375%, 04/17/2025			1,000,000	$	970,000		1.75
Grupo Axo S.A.P.I. de C.V., 5.750%, 06/08/2026			1,025,000		813,061		1.47
Petroleos Mexicanos, 6.875%, 10/16/2025			5,652,000		5,432,985		9.82
					8,754,602		15.82

Morocco (Cost $1,143,333)
OCP S.A., 4.500%, 10/22/2025			1,100,000		1,047,011		1.89
					1,047,011		1.89

Oman (Cost $2,319,540)
National Bank of Oman SAOG, 5.625%, 09/25/2023			1,200,000		1,189,320		2.15
Oztel Holdings SPC Ltd., 5.625%, 10/24/2023			1,100,000		1,089,761		1.97
					2,279,081		4.12

Pakistan (Cost $1,839,100)
Third Pakistan International Sukuk (The) Co. Ltd., 5.625%, 12/05/2022			1,981,000		1,784,723		3.23
					1,784,723		3.23

Saudi Arabia (Cost $1,558,759)
Arabian Centres Sukuk Ltd., 5.375%, 11/26/2024			1,600,000		1,478,976		2.67
					1,478,976		2.67

South Africa (Cost $1,776,890)
Liquid Telecommunications Financing PLC, 5.500%, 09/04/2026			700,000		483,000		0.87
Sasol Financing U.S.A. LLC, 5.875%, 03/27/2024			1,100,000		1,074,150		1.94
					1,557,150		2.81

Tanzania (Cost $1,172,314)
HTA Group Ltd., 7.000%, 12/18/2025			1,300,000		1,137,500		2.06
					1,137,500		2.06

United States (Cost $841,699)
U.S. Treasury Bill, 2.360%, 12/29/2022⁶			845,000		839,799		1.52
					839,799		1.52

Venezuela (Cost $16,453,222)
Petroleos de Venezuela S.A., 8.500%, 10/27/2020^4,5			18,697,500		3,272,062		5.91
					3,272,062		5.91

See accompanying notes to the financial statements.

114

ASHMORE EMERGING MARKETS SHORT DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

Currency¹

Par

Value

% of Net
Assets

Zambia (Cost $1,201,056)

First Quantum Minerals Ltd., 6.875%, 03/01/2026

1,275,000

1,196,460

2.16

1,196,460

2.16

Total Debt Securities (Cost $133,418,000)

52,918,705

95.63

Total Investments (Total Cost $133,418,000)

52,918,705

95.63

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)

2,420,423

4.37

Net Assets

55,339,128

100.00

¹	Local currency is United States Dollars unless otherwise noted below.

²	Step coupon bond. Rate as of October 31, 2022 is disclosed.

³	Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis.

⁴	Issuer has defaulted on terms of debt obligation.

⁵	Maturity has been extended under the terms of a plan of reorganization.

⁶	Zero coupon bond – interest rate reflects effective yield on the date of purchase.

Percentages shown are based on net assets.

The inputs ormethodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Short Duration Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2022:


	Level 1		Level 2		Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds		$—		$39,543,165		$—	$	39,543,165
Financial Certificates		—		3,263,699		—		3,263,699
Government Agencies		—		8,388,957		—		8,388,957
Government Bonds		—		883,085		—		883,085
Short Term Bills and Notes		—		839,799		—		839,799

Total Debt Securities		—		52,918,705		—		52,918,705

Total Investments		$—	$	52,918,705		$—	$	52,918,705

See accompanying notes to the financial statements.

115

ASHMOREE MERGING MARKETS SHORT DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

The following is a summary of the fair values of the Fund’s derivative instruments*:

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2022:


	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange Risk
Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Gain on Forward Foreign Currency Exchange Contracts		$ 52,514


Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$ (286)

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

See accompanying notes to the financial statements.

116

ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2022


	Currency¹		Shares		Value		% of Net Assets
Common Stocks

Argentina (Cost $779,241)
Globant S.A.*				4,560	$	860,381		1.13
						860,381		1.13

Brazil (Cost $5,838,035)
Banco do Brasil S.A.		BRL		104,300		747,495		0.98
Hypera S.A.*		BRL		151,100		1,486,282		1.95
Lojas Renner S.A.*		BRL		156,000		933,191		1.23
Magazine Luiza S.A.*		BRL		478,200		413,814		0.54
MercadoLibre, Inc.*				1,870		1,686,030		2.22
Rumo S.A.		BRL		194,500		833,652		1.10
TOTVS S.A.*		BRL		66,200		424,972		0.56
						6,525,436		8.58

China (Cost $30,650,681)
Alibaba Group Holding Ltd.*		HKD		291,700		2,322,362		3.05
ANTA Sports Products Ltd.		HKD		195,800		1,722,023		2.27
Baidu, Inc. ADR*				23,180		1,774,893		2.33
China International Capital Corp. Ltd., Class H²		HKD		841,200		1,164,961		1.53
China Mengniu Dairy Co. Ltd.*		HKD		521,000		1,669,943		2.20
China Vanke Co. Ltd., Class H		HKD		960,900		1,234,624		1.62
JD.com, Inc., Class A		HKD		89,373		1,668,852		2.20
Meituan, Class B*^,2		HKD		161,300		2,565,843		3.37
NARI Technology Co. Ltd., Class A		CNH		548,820		1,826,131		2.40
NetEase, Inc.		HKD		119,200		1,326,266		1.74
Shenzhen Inovance Technology Co. Ltd., Class A		CNH		197,197		1,793,283		2.36
Tencent Holdings Ltd.		HKD		62,300		1,634,737		2.15
Yum China Holdings, Inc.				27,100		1,120,585		1.47
						21,824,503		28.69

Hong Kong (Cost $2,837,531)
AIA Group Ltd.		HKD		306,200		2,312,330		3.04
						2,312,330		3.04

India (Cost $11,803,386)
Axis Bank Ltd.		INR		90,059		984,776		1.29
HDFC Bank Ltd. ADR				56,755		3,536,404		4.65
Infosys Ltd. ADR				162,400		3,041,752		4.00
Larsen & Toubro Ltd.		INR		31,675		773,679		1.02
Reliance Industries Ltd.		INR		91,630		2,819,810		3.70
Tata Consultancy Services Ltd.		INR		21,265		819,620		1.08
						11,976,041		15.74

Indonesia (Cost $948,662)
Bank Central Asia Tbk PT		IDR		1,740,100		980,525		1.29
						980,525		1.29

See accompanying notes to the financial statements.

117

ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹		Shares		Value		% of Net Assets
Mexico (Cost $2,846,895)
Grupo Financiero Banorte S.A.B. de C.V., Class O		MXN		78,900	$	641,339		0.84
Sitios Latinoamerica S.A.B. de C.V.*		MXN		52,093		15,197		0.02
Wal-Mart de Mexico S.A.B. de C.V.		MXN		658,750		2,544,498		3.35
						3,201,034		4.21

Russian Federation (Cost $2,514,310)
Gazprom PJSC³		RUB		84,440		—		—
LUKOIL PJSC³		RUB		12,180		—		—
Moscow Exchange MICEX-RTS PJSC*^,4		RUB		528,670		1		—
						1		—

Saudi Arabia (Cost $5,244,633)
Al Rajhi Bank*		SAR		30,842		698,782		0.92
Saudi Arabian Oil Co.²		SAR		215,239		1,998,439		2.63
Saudi National Bank (The)		SAR		124,331		1,964,233		2.58
						4,661,454		6.13

South Africa (Cost $2,065,610)
Clicks Group Ltd.		ZAR		50,758		860,250		1.13
FirstRand Ltd.		ZAR		283,446		993,764		1.30
						1,854,014		2.43

South Korea (Cost $8,331,007)
Korea Shipbuilding & Offshore Engineering Co. Ltd.*		KRW		22,598		1,150,279		1.51
LG H&H Co. Ltd.		KRW		1,548		552,803		0.73
Samsung Electronics Co. Ltd.		KRW		77,058		3,204,341		4.21
SK Telecom Co. Ltd.		KRW		53,396		1,876,132		2.47
						6,783,555		8.92

Taiwan (Cost $13,290,465)
Chunghwa Telecom Co. Ltd.		TWD		273,000		939,535		1.24
Delta Electronics, Inc.		TWD		90,000		717,264		0.94
Hon Hai Precision Industry Co. Ltd.		TWD		534,000		1,694,625		2.23
MediaTek, Inc.		TWD		21,000		382,606		0.50
Taiwan Semiconductor Manufacturing Co. Ltd.		TWD		339,021		4,079,813		5.36
Taiwan Semiconductor Manufacturing Co. Ltd. ADR				36,947		2,274,088		2.99
						10,087,931		13.26

United Arab Emirates (Cost $3,824,036)
Dubai Islamic Bank PJSC		AED		815,248		1,291,265		1.70
Emaar Properties PJSC		AED		779,933		1,287,819		1.69

See accompanying notes to the financial statements.

118

ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

Currency¹

Shares

Value

% of Net
Assets

United Arab Emirates (continued)

First Abu Dhabi Bank PJSC

AED

241,581

1,177,489

1.55

3,756,573

4.94

Total Common Stocks (Cost $90,974,492)

74,823,778

98.36

Total Investments (Total Cost $90,974,492)

74,823,778

98.36

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)

1,245,437

1.64

Net Assets

76,069,215

100.00

^*	Non-income producing security.

¹	Local currency is United States Dollars unless otherwise noted below.

²	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

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

⁴	Security is a Level 3 investment.

Percentages shown are based on net assets.

At October 31, 2022, the industry sectors for the Ashmore Emerging Markets Active Equity Fund were:


Sector	Percentage of Net Assets
Communication Services		10.0	%
Consumer Discretionary		16.3
Consumer Staples		7.4
Energy		6.3
Financials		21.7
Health Care		2.0
Industrials		8.4
Information Technology		23.0
Real Estate		3.3
Total Investments		98.4
Other Assets Less Liabilities		1.6
Net Assets		100.0	%

See accompanying notes to the financial statements.

119

ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Active Equity Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2022:


	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Argentina		$ 860,381		$ —		$—		$ 860,381
Brazil		6,525,436		—		—		6,525,436
China		2,895,478		18,929,025		—		21,824,503
Hong Kong		—		2,312,330		—		2,312,330
India		6,578,156		5,397,885		—		11,976,041
Indonesia		—		980,525		—		980,525
Mexico		3,201,034		—		—		3,201,034
Russian Federation		—		—		1		1
Saudi Arabia		—		4,661,454		—		4,661,454
South Africa		—		1,854,014		—		1,854,014
South Korea		—		6,783,555		—		6,783,555
Taiwan		2,274,088		7,813,843		—		10,087,931
United Arab Emirates		—		3,756,573		—		3,756,573

Total Common Stocks		22,334,573		52,489,204		1		74,823,778

Total Investments		$22,334,573		$52,489,204		$ 1		$74,823,778

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended October 31, 2022:


Category and Subcategory	Beginning Balance at 10/31/2021		Accrued Discounts (Premiums)		Purchases		Sales		Realized Gains (Losses)		Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at 10/31/2022		Change in Unrealized Appreciation (Depreciation) from Investments still held 10/31/2022

Investments, at value

Common Stock

Russian Federation		$—		$—		$2,969,278		$(1,303,062)		$(228,097)		$(1,438,118)		$—		$—		$1		$(2,939,896)


Total		$—		$—		$2,969,278		$(1,303,062)		$(228,097)		$(1,438,118)		$—		$—		$1		$(2,939,896)

Quantitative Information about Level 3 Fair Value Measurements

Fair Value at

Valuation

Unobservable

10/31/2022

Technique

Input

Common Stock

Zero priced asset

Inputs to model

See accompanying notes to the financial statements.

120

ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

The following is a summary of the fair values of the Fund’s derivative instruments*:

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2022:


	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange Risk

Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Loss on Forward Foreign Currency Exchange Contracts		$(61,366)

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

See accompanying notes to the financial statements.

121

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2022


	Currency¹		Shares		Value		% of Net Assets
Common Stocks

Brazil (Cost $757,698)
Arezzo Industria e Comercio S.A.		BRL		6,300	$	127,451		1.91
Sinqia S.A.*		BRL		49,600		196,844		2.95
TOTVS S.A.*		BRL		32,000		205,425		3.08
Vasta Platform Ltd.*				28,125		154,125		2.31
Zenvia, Inc., Class A*				16,400		29,520		0.44
						713,365		10.69

China (Cost $1,481,711)
Baozun, Inc. ADR*				9,290		36,603		0.55
CIMC Enric Holdings Ltd.		HKD		70,000		68,233		1.02
Fu Shou Yuan International Group Ltd.		HKD		242,000		120,774		1.81
Hongfa Technology Co. Ltd., Class A		CNH		12,400		57,903		0.87
JNBY Design Ltd.		HKD		186,500		146,874		2.20
Noah Holdings Ltd. ADR*				8,400		110,208		1.65
Xiabuxiabu Catering Management China Holdings Co. Ltd.²		HKD		247,500		127,728		1.92
						668,323		10.02

India (Cost $1,391,962)
Granules India Ltd.		INR		60,929		274,136		4.11
Indian Energy Exchange Ltd.²		INR		52,025		87,848		1.32
JB Chemicals & Pharmaceuticals Ltd.		INR		3,456		82,459		1.24
Multi Commodity Exchange of India Ltd.		INR		8,247		153,168		2.29
Prince Pipes & Fittings Ltd.		INR		19,853		126,552		1.90
PVR Ltd.*		INR		6,159		132,207		1.98
Quess Corp. Ltd.²		INR		50,850		339,757		5.09
Radico Khaitan Ltd.		INR		9,599		120,701		1.81
						1,316,828		19.74

Indonesia (Cost $110,858)
Indofood CBP Sukses Makmur Tbk PT		IDR		190,000		118,385		1.77
						118,385		1.77

Kazakhstan (Cost $115,409)
NAC Kazatomprom JSC GDR (Registered)				3,839		101,350		1.52
						101,350		1.52

Kuwait (Cost $173,226)
Humansoft Holding Co. K.S.C.		KWD		15,601		169,202		2.54
						169,202		2.54

Malaysia (Cost $405,544)
My EG Services Bhd.		MYR		2,232,824		417,733		6.26
						417,733		6.26

Mexico (Cost $414,040)
Genomma Lab Internacional S.A.B. de C.V., Class B		MXN		217,600		167,706		2.52

See accompanying notes to the financial statements.

122

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹		Shares		Value		% of Net Assets
Mexico (continued)
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR				4,500	$	286,965		4.30
						454,671		6.82

Peru (Cost $146,883)
Alicorp S.A.A.		PEN		95,320		150,775		2.26
						150,775		2.26

Poland (Cost $135,261)
Dino Polska S.A.*^,2		PLN		2,104		137,462		2.06
						137,462		2.06

Russian Federation (Cost $586,207)
Detsky Mir PJSC^2,3,4		RUB		131,200		—		—
Fix Price Group Ltd. GDR^2,4,5				24,412		2		—
Fix Price Group Ltd. GDR (Registered)⁵				16,317		2		—
						4		—

South Africa (Cost $183,184)
Karooooo Ltd.				6,318		157,950		2.37
						157,950		2.37

South Korea (Cost $1,565,608)
Classys, Inc.		KRW		9,487		102,990		1.54
Dentium Co. Ltd.		KRW		5,471		292,357		4.38
Hana Materials, Inc.		KRW		4,181		89,591		1.34
Hansol Chemical Co. Ltd.		KRW		1,187		154,004		2.31
Hugel, Inc.*		KRW		1,875		146,822		2.20
KoMiCo Ltd.		KRW		5,776		187,995		2.82
Orion Corp.		KRW		1,835		130,595		1.96
Park Systems Corp.		KRW		1,472		113,039		1.70
					1,217,393		18.25

Taiwan (Cost $1,506,220)
Andes Technology Corp.		TWD		11,000		126,496		1.90
E Ink Holdings, Inc.		TWD		27,000		171,376		2.57
eCloudvalley Digital Technology Co. Ltd.		TWD		16,977		44,000		0.66
Parade Technologies Ltd.		TWD		4,000		75,181		1.13
Poya International Co. Ltd.		TWD		23,755		301,556		4.52
Sensortek Technology Corp.		TWD		12,000		73,080		1.09
Silergy Corp.		TWD		4,000		46,005		0.69
Sinbon Electronics Co. Ltd.		TWD		12,000		93,091		1.39

See accompanying notes to the financial statements.

123

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

Currency¹

Shares

Value

% of Net
Assets

Taiwan (continued)

Sporton International, Inc.

TWD

13,900

87,281

1.31

1,018,066

15.26

Total Common Stocks (Cost $8,973,811)

6,641,507

99.56

Total Investments (Total Cost $8,973,811)

6,641,507

99.56

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)

29,324

0.44

Net Assets

6,670,831

100.00

^*	Non-income producing security.

¹	Local currency is United States Dollars unless otherwise noted below.

²	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

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

⁴	Restricted security that has been deemed illiquid. At October 31, 2022 the value of these restricted illiquid securities amount to $0 or 0.00% of net assets. Additional information on each restricted illiquid security is as follows:


SECURITY	ACQUISITION DATE	ACQUISITION COST
Detsky Mir PJSC	5/7/21-2/2/22	$258,305
Fix Price Group Ltd. GDR	3/5/21-12/17/21	235,528

⁵	Security is a Level 3 investment.

Percentages shown are based on net assets.

At October 31, 2022, the industry sectors for the Ashmore Emerging Markets Small-Cap Equity Fund were:


Sector	Percentage of Net Assets
Communication Services		2.0	%
Consumer Discretionary		17.7
Consumer Staples		9.9
Energy		1.5
Financials		5.3
Health Care		16.0
Industrials		14.5
Information Technology		30.4
Materials		2.3
Total Investments		99.6
Other Assets Less Liabilities		0.4
Net Assets		100.0	%

See accompanying notes to the financial statements.

124

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Small-Cap Equity Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2022:


	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Brazil	$	713,365	$	—	$	—	$	713,365
China		146,811		521,512		—		668,323
India		—		1,316,828		—		1,316,828
Indonesia		—		118,385		—		118,385
Kazakhstan		101,350		—		—		101,350
Kuwait		—		169,202		—		169,202
Malaysia		—		417,733		—		417,733
Mexico		454,671		—		—		454,671
Peru		150,775		—		—		150,775
Poland		—		137,462		—		137,462
Russian Federation		—		—		4		4
South Africa		157,950		—		—		157,950
South Korea		—		1,217,393		—		1,217,393
Taiwan		—		1,018,066		—		1,018,066

Total Common Stocks		1,724,922		4,916,581		4		6,641,507
Total Investments	$	1,724,922	$	4,916,581	$	4	$	6,641,507

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended October 31, 2022:


Category and Subcategory	Beginning Balance at 10/31/2021		Accrued Discounts (Premiums)		Purchases		Sales		Realized Gains (Losses)		Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at 10/31/2022		Change in Unrealized Appreciation (Depreciation) from Investments still held 10/31/2022

Investments, at value
Common Stock
Russian Federation		$—		$—		$93,602		$(1,271)		$42		$(92,372)		$3		$—		$4		$	(547,869)
Total		$—		$—		$93,602		$(1,271)		$42		$(92,372)		$3		$—		$4		$	(547,869)

Quantitative Information about Level 3 Fair Value Measurements

Fair Value at
10/31/2022

Valuation Technique

Unobservable
Input

Common Stock

Zero priced asset

Inputs to model

See accompanying notes to the financial statements.

125

ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2022


	Currency¹		Shares		Value		% of Net Assets
Common Stocks

Argentina (Cost $666,653)
Globant S.A.*				3,450	$	650,946		0.90
						650,946		0.90

Cambodia (Cost $956,788)
NagaCorp. Ltd.*		HKD		1,193,493		543,616		0.75
						543,616		0.75

Egypt (Cost $839,331)
Fertiglobe PLC		AED		782,134		1,084,142		1.49
						1,084,142		1.49

Ghana (Cost $602,568)
Kosmos Energy Ltd.*				97,800		634,722		0.87
						634,722		0.87

Iceland (Cost $2,609,179)
Arion Banki HF²		ISK		822,121		920,433		1.27
Islandsbanki HF		ISK		877,492		777,699		1.07
Marel HF		ISK		175,231		613,712		0.84
						2,311,844		3.18

Kazakhstan (Cost $2,911,789)
Halyk Savings Bank of Kazakhstan JSC GDR (Registered)				78,162		788,948		1.09
Kaspi.KZ JSC GDR (Registered)				34,513		2,258,755		3.11
						3,047,703		4.20

Kenya (Cost $1,838,710)
Equity Group Holdings PLC		KES		1,739,900		670,170		0.92
Safaricom PLC		KES		4,043,000		836,459		1.15
						1,506,629		2.07

Kuwait (Cost $5,911,276)
Boubyan Bank K.S.C.P.		KWD		736,597		1,959,458		2.70
Humansoft Holding Co. K.S.C.		KWD		82,155		891,018		1.23
National Bank of Kuwait S.A.K.P.		KWD		1,011,378		3,517,038		4.84
						6,367,514		8.77

Mauritius (Cost $1,186,646)
MCB Group Ltd.		MUR		181,385		1,325,200		1.82
						1,325,200		1.82

Morocco (Cost $3,788,207)
Attijariwafa Bank		MAD		38,961		1,369,091		1.88
Itissalat Al-Maghrib		MAD		51,093		476,392		0.66
Label Vie		MAD		2,516		1,033,160		1.42
						2,878,643		3.96

See accompanying notes to the financial statements.

126

ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹		Shares		Value		% of Net Assets
Pakistan (Cost $429,604)
Systems Ltd.		PKR		256,180	$	515,588		0.71
						515,588		0.71

Peru (Cost $1,328,699)
Credicorp Ltd.				10,993		1,608,935		2.21
						1,608,935		2.21
Philippines (Cost $4,888,427)
ACEN Corp.		PHP		284,640		30,882		0.04
Ayala Corp.		PHP		59,430		689,936		0.95
BDO Unibank, Inc.		PHP		694,460		1,534,903		2.11
Converge Information and Communications Technology Solutions, Inc.*		PHP		2,126,600		454,664		0.63
SM Prime Holdings, Inc.		PHP		1,042,200		569,561		0.79
Wilcon Depot, Inc.		PHP		1,158,300		589,454		0.81
						3,869,400		5.33

Qatar (Cost $7,302,469)
Commercial Bank PSQC (The)		QAR		842,764		1,456,035		2.00
Industries Qatar QSC		QAR		216,742		938,784		1.29
Qatar Electricity & Water Co. QSC		QAR		239,362		1,216,569		1.68
Qatar Islamic Bank S.A.Q.		QAR		248,858		1,665,446		2.29
Qatar National Bank QPSC		QAR		429,556		2,351,544		3.24
						7,628,378		10.50

Romania (Cost $2,018,986)
Banca Transilvania S.A.		RON		188,569		644,862		0.89
OMV Petrom S.A.		RON		11,116,528		1,011,054		1.39
						1,655,916		2.28

Saudi Arabia (Cost $1,881,209)
Al Hammadi Holding		SAR		91,991		1,101,052		1.52
Saudi British Bank (The)		SAR		119,960		1,387,944		1.91
						2,488,996		3.43

Slovenia (Cost $481,078)
Nova Ljubljanska Banka dd GDR (Registered)		EUR		41,090		418,096		0.58
						418,096		0.58

Tanzania (Cost $595,715)
Helios Towers PLC*		GBP		286,681		412,752		0.57
						412,752		0.57

United Arab Emirates (Cost $13,628,783)
Abu Dhabi Islamic Bank PJSC		AED		950,131		2,458,264		3.38
ADNOC Drilling Co. PJSC		AED		999,437		911,404		1.26
Dubai Electricity & Water Authority PJSC		AED		2,538,099		1,686,198		2.32
Dubai Islamic Bank PJSC		AED		1,261,932		1,998,764		2.75
Emaar Properties PJSC		AED		861,418		1,422,367		1.96

See accompanying notes to the financial statements.

127

ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹		Shares		Value		% of Net Assets
United Arab Emirates (continued)
Emirates Telecommunications Group Co. PJSC		AED		230,269	$	1,617,833		2.23
First Abu Dhabi Bank PJSC		AED		576,050		2,807,723		3.87
Network International Holdings PLC*^,2		GBP		210,530		785,963		1.08
Salik Co. PJSC*		AED		1,026,190		639,780		0.88
					14,328,296		19.73

Vietnam (Cost $13,782,293)
Bank for Foreign Trade of Vietnam JSC		VND		518,500		1,539,327		2.12
Digiworld Corp.		VND		467,964		1,144,964		1.58
FPT Corp.		VND		902,657		2,741,484		3.77
Hoa Phat Group JSC		VND		711,579		447,083		0.61
Military Commercial Joint Stock Bank*		VND		1,286,254		913,776		1.26
Mobile World Investment Corp.		VND		1,358,798		2,809,629		3.87
Phu Nhuan Jewelry JSC		VND		169,400		704,409		0.97
Vingroup JSC*		VND		306,449		682,320		0.94
Vinhomes JSC²		VND		370,711		670,248		0.92
						11,653,240		16.04

Zambia (Cost $646,077)
First Quantum Minerals Ltd.		CAD		23,300		410,980		0.57
					410,980		0.57

Total Common Stocks (Cost $68,294,487)						65,341,536		89.96

Investment Companies

Vietnam Enterprise Investments Ltd., Class C *		GBP		135,019		849,558		1.17
Total Investment Companies (Cost $1,322,233)						849,558		1.17

Total Investments (Total Cost $69,616,720)						66,191,094		91.13

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)						6,440,284		8.87

Net Assets					$	72,631,378		100.00

*	Non-income producing security.

1	Local currency is United States Dollars unless otherwise noted below.

2	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

Percentages shown are based on net assets.

See accompanying notes to the financial statements.

128

ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

At October 31, 2022, the industry sectors for the Ashmore Emerging Markets Frontier Equity Fund were:


Sector	Percentage of Net Assets
Communication Services		5.2	%
Consumer Discretionary		7.6
Consumer Staples		1.4
Energy		3.5
Financials		48.5
Health Care		1.5
Industrials		4.0
Information Technology		8.1
Materials		2.7
Real Estate		4.6
Utilities		4.0
Total Investments		91.1
Other Assets Less Liabilities		8.9
Net Assets		100.0	%

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Frontier Equity Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2022:


	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Argentina	$	650,946	$	—		$—	$	650,946
Cambodia		—		543,616		—		543,616
Egypt		—		1,084,142		—		1,084,142
Ghana		634,722		—		—		634,722
Iceland		—		2,311,844		—		2,311,844
Kazakhstan		—		3,047,703		—		3,047,703
Kenya		—		1,506,629		—		1,506,629
Kuwait		—		6,367,514		—		6,367,514
Mauritius		—		1,325,200		—		1,325,200
Morocco		—		2,878,643		—		2,878,643
Pakistan		—		515,588		—		515,588
Peru		1,608,935		—		—		1,608,935
Philippines		—		3,869,400		—		3,869,400
Qatar		—		7,628,378		—		7,628,378
Romania		—		1,655,916		—		1,655,916
Saudi Arabia		—		2,488,996		—		2,488,996
Slovenia		—		418,096		—		418,096
Tanzania		—		412,752		—		412,752
United Arab Emirates		639,780		13,688,516		—		14,328,296
Vietnam		—		11,653,240		—		11,653,240
Zambia		410,980		—		—		410,980

Total Common Stocks		3,945,363		61,396,173		—		65,341,536
Investment Companies
Vietnam		—		849,558		—		849,558
Total Investments	$	3,945,363	$	62,245,731		$—	$	66,191,094

See accompanying notes to the financial statements.

129

ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

The following is a summary of the fair values of the Fund’s derivative instruments*:

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2022:


	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange Risk

Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Gain on Forward Foreign Currency Exchange Contracts	$	25

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

See accompanying notes to the financial statements.

130

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SCHEDULE OF INVESTMENTS

As of October 31, 2022


	Currency¹		Shares		Value		% of Net Assets
Common Stocks

Brazil (Cost $5,489,984)
Arezzo Industria e Comercio S.A.		BRL		66,300	$	1,341,274		1.43
Hapvida Participacoes e Investimentos S/A*^,2		BRL		973,782		1,470,429		1.56
MercadoLibre, Inc.*				630		568,020		0.60
TOTVS S.A.*		BRL		463,000		2,972,235		3.16
						6,351,958		6.75

China (Cost $36,819,680)
ANTA Sports Products Ltd.		HKD		122,200		1,074,726		1.14
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		CNH		235,870		786,834		0.84
China Mengniu Dairy Co. Ltd.*		HKD		440,000		1,410,317		1.50
China Merchants Bank Co. Ltd., Class H		HKD		212,500		698,729		0.74
CIMC Enric Holdings Ltd.		HKD		958,000		933,822		0.99
ENN Energy Holdings Ltd.		HKD		86,000		853,077		0.91
Hongfa Technology Co. Ltd., Class A		CNH		229,100		1,069,810		1.14
JD.com, Inc. ADR				59,112		2,204,287		2.34
JD.com, Inc., Class A		HKD		3,623		67,652		0.07
Meituan, Class B*^,2		HKD		142,200		2,262,014		2.40
NetEase, Inc. ADR				38,460		2,139,145		2.27
Noah Holdings Ltd. ADR*				49,900		654,688		0.70
Prosus N.V.*		EUR		17,422		758,250		0.81
Tencent Holdings Ltd.		HKD		185,500		4,867,476		5.17
Wuliangye Yibin Co. Ltd., Class A		CNH		70,400		1,282,065		1.36
WuXi AppTec Co. Ltd., Class H²		HKD		98,200		787,956		0.84
						21,850,848		23.22

Hong Kong (Cost $2,859,742)
AIA Group Ltd.		HKD		282,600		2,134,110		2.27
						2,134,110		2.27

India (Cost $16,537,213)
Alkem Laboratories Ltd.		INR		26,343		1,003,803		1.07
Granules India Ltd.		INR		367,677		1,654,278		1.76
HDFC Bank Ltd. ADR				50,495		3,146,343		3.34
Hindalco Industries Ltd.		INR		102,625		502,233		0.53
ICICI Bank Ltd. ADR				96,771		2,132,833		2.27
Indian Energy Exchange Ltd.²		INR		303,602		512,657		0.54
Larsen & Toubro Ltd.		INR		42,697		1,042,898		1.11
Larsen & Toubro Ltd. GDR (Registered)				24,194		582,327		0.62
Multi Commodity Exchange of India Ltd.		INR		41,485		770,483		0.82
PVR Ltd.*		INR		47,943		1,029,128		1.09
Reliance Industries Ltd. GDR²				16,523		1,010,135		1.07
Sun Pharmaceutical Industries Ltd.		INR		111,786		1,374,056		1.46
Tata Consultancy Services Ltd.		INR		42,900		1,653,501		1.76
						16,414,675		17.44

See accompanying notes to the financial statements.

131

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹		Shares		Value		% of Net Assets
Indonesia (Cost $1,071,585)
Indofood CBP Sukses Makmur Tbk PT		IDR		1,833,000	$	1,142,106		1.21
						1,142,106		1.21

Kazakhstan (Cost $2,681,047)
Kaspi.KZ JSC GDR (Registered)				18,298		1,197,540		1.27
NAC Kazatomprom JSC GDR (Registered)				34,381		907,658		0.97
						2,105,198		2.24

Malaysia (Cost $1,709,819)
My EG Services Bhd.		MYR		8,576,754		1,604,603		1.70
						1,604,603		1.70

Mexico (Cost $6,462,423)
Fomento Economico Mexicano S.A.B. de C.V. ADR				53,736		3,848,572		4.09
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		MXN		121,700		1,885,112		2.00
Grupo Financiero Banorte S.A.B. de C.V., Class O		MXN		160,400		1,303,812		1.39
						7,037,496		7.48

Peru (Cost $1,344,522)
Credicorp Ltd.				10,407		1,523,169		1.62
						1,523,169		1.62

Philippines (Cost $618,416)
BDO Unibank, Inc.		PHP		246,410		544,618		0.58
						544,618		0.58

Poland (Cost $2,639,858)
Dino Polska S.A.*^,2		PLN		37,737		2,465,496		2.62
						2,465,496		2.62

Russian Federation (Cost $6,693,747)
Fix Price Group Ltd. GDR^2,3,4				297,371		30		—
Fix Price Group Ltd. GDR (Registered)³				124,253		12		—
HeadHunter Group PLC ADR³				7,572		1		—
LUKOIL PJSC³		RUB		21,299		—		—
Yandex N.V., Class A*^,3				24,800		2		—
						45		—

Saudi Arabia (Cost $2,746,892)
Saudi British Bank (The)		SAR		103,680		1,199,584		1.28
Saudi National Bank (The)		SAR		90,051		1,422,663		1.51
						2,622,247		2.79

South Korea (Cost $14,462,459)
Classys, Inc.		KRW		89,315		969,598		1.03
Dentium Co. Ltd.		KRW		22,310		1,192,191		1.27
Hansol Chemical Co. Ltd.		KRW		12,924		1,676,785		1.78
Hugel, Inc.*		KRW		14,689		1,150,219		1.22
KoMiCo Ltd.		KRW		24,868		809,394		0.86

See accompanying notes to the financial statements.

132

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹		Shares		Value		% of Net Assets
South Korea (continued)
LG Chem Ltd.		KRW		1,528	$	669,556		0.71
Orion Corp.		KRW		20,438		1,454,552		1.55
SK Hynix, Inc.		KRW		43,587		2,522,571		2.68
						10,444,866		11.10

Taiwan (Cost $15,254,106)
E Ink Holdings, Inc.		TWD		194,000		1,231,369		1.31
Parade Technologies Ltd.		TWD		51,000		958,559		1.02
Silergy Corp.		TWD		52,928		608,735		0.64
Sinbon Electronics Co. Ltd.		TWD		122,000		946,428		1.00
Taiwan Semiconductor Manufacturing Co. Ltd.		TWD		333,000		4,007,356		4.26
Taiwan Semiconductor Manufacturing Co. Ltd. ADR				46,455		2,859,305		3.04
						10,611,752		11.27

United Arab Emirates (Cost $1,935,821)
Abu Dhabi Islamic Bank PJSC		AED		381,396		986,782		1.05
Emaar Properties PJSC		AED		583,079		962,775		1.02
						1,949,557		2.07

Total Common Stocks (Cost $119,327,314)						88,802,744		94.36

Preferred Stocks

Brazil (Cost $1,939,437)
Petroleo Brasileiro S.A. ADR, 45.157%⁵				156,354		1,799,635		1.91
						1,799,635		1.91

South Korea (Cost $1,659,341)
LG Chem Ltd., 4.170%⁵		KRW		6,075		1,229,788		1.31
						1,229,788		1.31

Total Preferred Stocks (Cost $3,598,778)						3,029,423		3.22

Total Investments (Total Cost $122,926,092)						91,832,167		97.58

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)						2,274,843		2.42

Net Assets					$	94,107,010		100.00

*	Non-income producing security.

¹	Local currency is United States Dollars unless otherwise noted below.

²	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

³	Security is a Level 3 investment.

⁴	Restricted security that has been deemed illiquid. At October 31, 2022 the value of these restricted illiquid securities amount to $30 or 0.00% of net assets. Additional information on each restricted illiquid security is as follows:


SECURITY	ACQUISITION DATE		ACQUISITION COST
Fix Price Group Ltd. GDR		3/10/21 - 4/20/21	$	2,917,220

See accompanying notes to the financial statements.

133

ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

⁵	Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

Percentages shown are based on net assets.

At October 31, 2022, the industry sectors for the Ashmore Emerging Markets Equity Fund were:


Sector	Percentage of Net Assets
Communication Services		8.5	%
Consumer Discretionary		8.8
Consumer Staples		12.3
Energy		4.0
Financials		19.4
Health Care		10.2
Industrials		5.9
Information Technology		21.4
Materials		5.2
Real Estate		1.0
Utilities		0.9

Total Investments		97.6
Other Assets Less Liabilities		2.4
Net Assets		100.0	%

See accompanying notes to the financial statements.

134

ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Equity Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2022:


	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Brazil	$	6,351,958	$	—	$	—	$	6,351,958
China		5,756,370		16,094,478		—		21,850,848
Hong Kong		—		2,134,110		—		2,134,110
India		5,279,176		11,135,499		—		16,414,675
Indonesia		—		1,142,106		—		1,142,106
Kazakhstan		907,658		1,197,540		—		2,105,198
Malaysia		—		1,604,603		—		1,604,603
Mexico		7,037,496		—		—		7,037,496
Peru		1,523,169		—		—		1,523,169
Philippines		—		544,618		—		544,618
Poland		—		2,465,496		—		2,465,496
Russian Federation		—		—		45		45
Saudi Arabia		—		2,622,247		—		2,622,247
South Korea		—		10,444,866		—		10,444,866
Taiwan		2,859,305		7,752,447		—		10,611,752
United Arab Emirates		—		1,949,557		—		1,949,557

Total Common Stocks		29,715,132		59,087,567		45		88,802,744
Preferred Stocks
Brazil		1,799,635		—		—		1,799,635
South Korea		—		1,229,788		—		1,229,788

Total Preferred Stocks		1,799,635		1,229,788		—		3,029,423

Total Investments	$	31,514,767	$	60,317,355	$	45	$	91,832,167

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended October 31, 2022:


Category and Subcategory	Beginning Balance at 10/31/2021		Accrued Discounts (Premiums)		Purchases		Sales		Realized Gains (Losses)		Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at 10/31/2022		Change in Unrealized Appreciation (Depreciation) from Investments still held 10/31/2022

Investments, at value

Common Stock

Russian Federation		$—		$—		$—		$—		$—		$—		$45		$—		$45		$(7,671,665)

Total		$—		$—		$—		$—		$—		$—		$45		$—		$45		$(7,671,665)

See accompanying notes to the financial statements.

135

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

The following table on “Quantitative information about Level 3 Fair Value measurements ”provides information on the valuation techniques and inputs used to value Level 3 securities at October 31, 2022:

The following is a summary of the fair values of the Fund’s derivative instruments*:

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2022:


	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange Risk
Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Loss on Forward Foreign Currency Exchange Contracts		$(1,482)

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

See accompanying notes to the financial statements.

136

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SCHEDULE OF INVESTMENTS

As of October 31, 2022


	Currency¹		Shares		Value		% of Net Assets
Common Stocks

Brazil (Cost $808,745)
Arezzo Industria e Comercio S.A.		BRL		12,000	$	242,764		2.73
Hapvida Participacoes e Investimentos S/A*^,2		BRL		126,293		190,705		2.15
MercadoLibre, Inc.*				100		90,162		1.01
TOTVS S.A.*		BRL		50,400		323,544		3.64
						847,175		9.53

China (Cost $3,317,461)
ANTA Sports Products Ltd.		HKD		14,800		130,163		1.46
Beijing Oriental Yuhong Waterproof Technology Co. Ltd.,
Class A		CNH		26,300		87,734		0.99
China Merchants Bank Co. Ltd., Class H		HKD		30,000		98,644		1.11
Hongfa Technology Co. Ltd., Class A		CNH		28,300		132,150		1.49
JD.com, Inc. ADR				6,854		255,586		2.87
JD.com, Inc., Class A		HKD		461		8,608		0.10
NetEase, Inc. ADR				3,577		198,953		2.24
Prosus N.V.*		EUR		2,351		102,321		1.15
Tencent Holdings Ltd.		HKD		19,000		498,555		5.61
WuXi AppTec Co. Ltd., Class H²		HKD		22,780		182,787		2.06
Xiabuxiabu Catering Management China Holdings Co. Ltd.²		HKD		215,000		110,956		1.25
						1,806,457		20.33

Hong Kong (Cost $415,994)
AIA Group Ltd.		HKD		41,600		314,151		3.53
						314,151		3.53

India (Cost $1,411,745)
Alkem Laboratories Ltd.		INR		3,754		143,047		1.61
Granules India Ltd.		INR		62,526		281,321		3.17
HDFC Bank Ltd. ADR				6,391		398,223		4.48
ICICI Bank Ltd. ADR				11,751		258,992		2.91
Quess Corp. Ltd.²		INR		22,951		153,349		1.73
Tata Consultancy Services Ltd.		INR		6,928		267,027		3.00
						1,501,959		16.90

Malaysia (Cost $241,809)
My EG Services Bhd.		MYR		1,518,480		284,089		3.20
						284,089		3.20

Mexico (Cost $511,099)
Fomento Economico Mexicano S.A.B. de C.V. ADR				5,703		408,449		4.60
Grupo Financiero Banorte S.A.B. de C.V., Class O		MXN		22,100		179,640		2.02
						588,089		6.62

Peru (Cost $181,505)
Credicorp Ltd.				1,404		205,489		2.31
						205,489		2.31

See accompanying notes to the financial statements.

137

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹		Shares		Value		% of Net Assets
Poland (Cost $349,946)
Dino Polska S.A.*^,2		PLN		4,934	$	322,356		3.63
						322,356		3.63

Qatar (Cost $101,722)
Qatar National Bank QPSC		QAR		16,872		92,363		1.04
						92,363		1.04

Russian Federation (Cost $686,783)
Fix Price Group Ltd. GDR^2,3,4				56,671		6		—
HeadHunter Group PLC ADR⁵				1,035		—		—
Yandex N.V., Class A*^,5				2,600		—		—
						6		—

Saudi Arabia (Cost $252,335)
Saudi National Bank (The)		SAR		12,991		205,237		2.31
						205,237		2.31

South Korea (Cost $1,124,523)
Dentium Co. Ltd.		KRW		5,423		289,792		3.26
Hansol Chemical Co. Ltd.		KRW		1,676		217,447		2.45
Hugel, Inc.*		KRW		1,907		149,327		1.68
LG Chem Ltd.		KRW		92		40,314		0.45
SK Hynix, Inc.		KRW		3,646		211,010		2.38
						907,890		10.22

Taiwan (Cost $1,501,620)
Andes Technology Corp.		TWD		13,000		149,494		1.68
E Ink Holdings, Inc.		TWD		42,000		266,585		3.00
Parade Technologies Ltd.		TWD		6,000		112,772		1.27
Silergy Corp.		TWD		8,000		92,009		1.04
Taiwan Semiconductor Manufacturing Co. Ltd.		TWD		27,000		324,921		3.66
Taiwan Semiconductor Manufacturing Co. Ltd. ADR				5,607		345,111		3.88
						1,290,892		14.53

United Arab Emirates (Cost $138,856)
Abu Dhabi Islamic Bank PJSC		AED		53,563		138,583		1.56
						138,583		1.56

Total Common Stocks (Cost $11,044,143)						8,504,736		95.71

See accompanying notes to the financial statements.

138

ASHMORE EMERGING MARKETS EQUITY ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

Currency¹

Shares

Value

% of Net
Assets

Preferred Stocks

South Korea (Cost $285,791)

LG Chem Ltd., 4.170%⁶

KRW

916

185,430

2.09

185,430

2.09

Total Preferred Stocks (Cost $285,791)

185,430

2.09

Total Investments (Total Cost $11,329,934)

8,690,166

97.80

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)

195,404

2.20

Net Assets

8,885,570

100.00

^*	Non-income producing security.

¹	Local currency is United States Dollars unless otherwise noted below.

²	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

³	Security is a Level 3 investment.

⁴	Restricted security that has been deemed illiquid. At October 31, 2022 the value of these restricted illiquid securities amount to $6 or 0.00% of net assets. Additional information on each restricted illiquid security is as follows:


SECURITY	ACQUISITION DATE		ACQUISITION COST

Fix Price Group Ltd. GDR		3/5/21-3/10/21	$	556,805

⁵	Security has been deemed worthless and is a Level 3 investment.

⁶	Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

Percentages shown are based on net assets.

At October 31, 2022, the industry sectors for the Ashmore Emerging Markets Equity ESG Fund were:


Sector	Percentage of Net Assets
Communication Services		7.9	%
Consumer Discretionary		10.6
Consumer Staples		8.2
Financials		21.3
Health Care		13.9
Industrials		3.2
Information Technology		26.7
Materials		6.0
Total Investments		97.8
Other Assets Less Liabilities		2.2
Net Assets		100.0	%

See accompanying notes to the financial statements.

139

ASHMORE EMERGING MARKETS EQUITY ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used invaluing the Ashmore Emerging Markets Equity ESG Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2022:


	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Brazil	$	847,175	$	—	$	—	$	847,175
China		556,860		1,249,597		—		1,806,457
Hong Kong		—		314,151		—		314,151
India		657,215		844,744		—		1,501,959
Malaysia		—		284,089		—		284,089
Mexico		588,089		—		—		588,089
Peru		205,489		—		—		205,489
Poland		—		322,356		—		322,356
Qatar		—		92,363		—		92,363
Russian Federation		—		—		6		6
Saudi Arabia		—		205,237		—		205,237
South Korea		—		907,890		—		907,890
Taiwan		345,111		945,781		—		1,290,892
United Arab Emirates		—		138,583		—		138,583

Total Common Stocks		3,199,939		5,304,791		6		8,504,736
Preferred Stocks
South Korea		—		185,430		—		185,430
Total Investments	$	3,199,939	$	5,490,221	$	6	$	8,690,166

The following is a reconciliation of investments in which significant unobservable inputs (Level3)were used for the Fund during the period ended October 31, 2022:


Category and Subcategory	Beginning Balance at 10/31/2021		Accrued Discounts (Premiums)		Purchases		Sales		Realized Gains (Losses)		Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at 10/31/2022		Change in Unrealized Appreciation (Depreciation) from Investments still held 10/31/2022
Investments, at value
Common Stock
Russian Federation		$—		$—		$—		$—		$—		$—		$6		$—		$6		$(903,515)
Total		$—		$—		$—		$—		$—		$—		$6		$—		$6		$(903,515)

The following table on “Quantitative information about Level 3 Fair Value measurements ”provides information on the valuation techniques and inputs used to value Leve l3 securities at October 31, 2022:


	Quantitative Information about Level 3 Fair Value Measurements

	Fair Value at 10/31/2022	Valuation Technique	Unobservable Input

Common Stock	$6	Zero priced asset	Inputs to model

See accompanying notes to the financial statements.

140

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SCHEDULE OF INVESTMENTS

As of October 31, 2022


	Currency¹		Par		Value		% of Net Assets
Debt Securities

Brazil (Cost $1,205,898)
Banco do Brasil S.A., 4.625%, 01/15/2025				200,000	$	194,220		2.16
BRF GmbH, 4.350%, 09/29/2026				200,000		178,004		1.98
Gol Finance S.A., 8.000%, 06/30/2026				200,000		116,557		1.29
MercadoLibre, Inc., 2.375%, 01/14/2026				200,000		173,315		1.92
St Marys Cement, Inc., 5.750%, 01/28/2027				200,000		196,820		2.19
Unigel Luxembourg S.A., 8.750%, 10/01/2026				200,000		193,257		2.15
						1,052,173		11.69

Chile (Cost $200,242)
Inversiones CMPC S.A., 4.750%, 09/15/2024				200,000		196,500		2.18
						196,500		2.18

China (Cost $577,012)
ENN Energy Holdings Ltd., 4.625%, 05/17/2027				200,000		188,580		2.10
Huarong Finance 2017 Co. Ltd., (Floating, ICE LIBOR USD 3M + 1.325%), 5.068%, 07/03/2023				210,000		202,675		2.25
Xiaomi Best Time International Ltd., 0.000%, 12/17/2027²				200,000		145,500		1.62
						536,755		5.97

Colombia (Cost $248,425)
Ecopetrol S.A., 4.125%, 01/16/2025				140,000		129,085		1.43
Ecopetrol S.A., 5.375%, 06/26/2026				100,000		90,860		1.01
						219,945		2.44

Czech Republic (Cost $91,664)
CETIN Group N.V., 3.125%, 04/14/2027		EUR		100,000		86,620		0.96
						86,620		0.96

India (Cost $603,930)
ABJA Investment Co. Pte. Ltd., 5.950%, 07/31/2024				200,000		195,874		2.18
Greenko Solar Mauritius Ltd., 5.550%, 01/29/2025				200,000		174,100		1.94
Greenko Solar Mauritius Ltd., 5.950%, 07/29/2026				200,000		160,600		1.78
						530,574		5.90

Indonesia (Cost $421,550)
Indonesia Asahan Aluminium Persero PT, 4.750%, 05/15/2025				400,000		381,013		4.23
						381,013		4.23

Jordan (Cost $204,000)
Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025				200,000		183,997		2.04
						183,997		2.04

Kuwait (Cost $212,433)
MEGlobal Canada ULC, 5.000%, 05/18/2025				200,000		193,250		2.15
						193,250		2.15

See accompanying notes to the financial statements.

141

ASHMORE EMERGING MARKETS SHORT DURATION SELECT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹		Par		Value		% of Net Assets
Malaysia (Cost $187,896)
Misc Capital Two Labuan Ltd., 3.750%, 04/06/2027				200,000	$	181,569		2.02
						181,569		2.02

Mexico (Cost $1,147,053)
Axtel S.A.B. de C.V., 6.375%, 11/14/2024				173,000		115,197		1.28
Electricidad Firme de Mexico Holdings S.A. de C.V., 4.900%, 11/20/2026				200,000		159,006		1.77
Grupo Axo S.A.P.I. de C.V., 5.750%, 06/08/2026				200,000		158,646		1.76
Petroleos Mexicanos, 6.875%, 10/16/2025				331,000		318,174		3.54
Trust Fibra Uno, 5.250%, 01/30/2026				200,000		181,000		2.01
						932,023		10.36

Oman (Cost $613,605)
Bank Muscat SAOG, 4.750%, 03/17/2026				200,000		188,975		2.10
National Bank of Oman SAOG, 5.625%, 09/25/2023				200,000		198,220		2.21
Oztel Holdings SPC Ltd., 5.625%, 10/24/2023				200,000		198,138		2.20
						585,333		6.51

Panama (Cost $203,352)
Banco Latinoamericano de Comercio Exterior S.A., 2.375%, 09/14/2025				200,000		180,000		2.00
						180,000		2.00

Peru (Cost $200,444)
Credicorp Ltd., 2.750%, 06/17/2025				200,000		184,313		2.05
						184,313		2.05

Poland (Cost $151,564)
GTC Aurora Luxembourg S.A., 2.250%, 06/23/2026		EUR		130,000		84,813		0.94
						84,813		0.94

Romania (Cost $138,235)
NE Property B.V., 3.375%, 07/14/2027		EUR		150,000		116,057		1.29
						116,057		1.29

Saudi Arabia (Cost $776,823)
Arabian Centres Sukuk Ltd., 5.375%, 11/26/2024				256,000		236,636		2.63
Dar Al-Arkan Sukuk Co. Ltd., 6.750%, 02/15/2025				200,000		190,976		2.12
SNB Funding Ltd., 2.750%, 10/02/2024				333,000		314,352		3.50
						741,964		8.25

Singapore (Cost $227,593)
Puma International Financing S.A., 5.125%, 10/06/2024				240,000		223,800		2.49
						223,800		2.49

South Africa (Cost $592,954)
Liquid Telecommunications Financing PLC, 5.500%, 09/04/2026				200,000		138,000		1.53
Prosus N.V., 3.257%, 01/19/2027				205,000		168,795		1.88

See accompanying notes to the financial statements.

142

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


Currency¹	Par		Value		% of Net Assets
South Africa (continued)
Sasol Financing U.S.A. LLC, 5.875%, 03/27/2024		200,000	$	195,300		2.17
			502,095		5.58

Tanzania (Cost $207,560)
HTA Group Ltd., 7.000%, 12/18/2025		200,000		175,000		1.94
			175,000		1.94

United Arab Emirates (Cost $1,280,999)
Abu Dhabi Commercial Bank PJSC, 4.000%, 03/13/2023		213,000		211,730		2.35
ADCB Finance Cayman Ltd., 4.000%, 03/29/2023		214,000		212,484		2.36
DIB Sukuk Ltd., 3.625%, 02/06/2023		200,000		198,500		2.21
Fab Sukuk Co. Ltd., 3.625%, 03/05/2023		321,000		318,582		3.54
Mashreqbank PSC, 4.250%, 02/26/2024		322,000		314,835		3.50
				1,256,131		13.96

Zambia (Cost $196,696)
First Quantum Minerals Ltd., 6.500%, 03/01/2024		200,000		196,136		2.18
				196,136		2.18

Total Debt Securities (Cost $9,689,928)				8,740,061		97.13

Total Investments (Total Cost $9,689,928)				8,740,061		97.13

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)				258,330		2.87

Net Assets			$	8,998,391		100.00

¹	Local currency is United States Dollars unless otherwise noted below.

²	Zero coupon bond.

Percentages shown are based on net assets.

At October 31, 2022, the Ashmore Emerging Markets Short Duration Select Fund had outstanding forward foreign currency exchange contracts as follows:


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)			Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/ (Loss)

11/30/2022	Morgan Stanley	United States Dollar		326,487	Euro			331,196	$	(1,514	)

Subtotal Depreciation										(1,514	)

Total									$	(1,514	)

See accompanying notes to the financial statements.

143

ASHMORE EMERGING MARKETS SHORT DURATION SELECT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Short Duration Select Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2022:


	Level 1		Level 2			Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds	$	—	$	6,460,026		$	—	$	6,460,026
Corporate Convertible Bonds		—		145,500			—		145,500
Financial Certificates		—		944,694			—		944,694
Government Agencies		—		1,009,841			—		1,009,841
Municipal Bonds		—		180,000			—		180,000

Total Debt Securities		—		8,740,061			—		8,740,061
Total Investments	$	—	$	8,740,061		$	—	$	8,740,061

Other Financial Instruments
Liabilities:
Forward Foreign Currency Exchange Contracts	$	—	$	(1,514	)	$	—	$	(1,514	)
Total Other Financial Instruments	$	—	$	(1,514	)	$	—	$	(1,514	)

The following is a summary of the fair values of the Fund’s derivative instruments*:

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2022:


	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange Risk

Liabilities:
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	$	(1,514	)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2022:


	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange Risk
Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Gain on Forward Foreign Currency Exchange Contracts	$	34,134


Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	$	(1,314	)

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

See accompanying notes to the financial statements.

144

ASHMORE EMERGING MARKETS INVESTMENT GRADE INCOME FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2022


	Currency¹		Par		Value		% of Net Assets
Debt Securities

Brazil (Cost $1,138,778)
Braskem Netherlands Finance B.V., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 8.220%), 8.500%, 01/23/2081²				200,000	$	190,000		1.18
JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc., 3.625%, 01/15/2032³				200,000		155,000		0.97
St Marys Cement, Inc., 5.750%, 01/28/2027				220,000		216,502		1.35
Suzano Austria GmbH, 5.000%, 01/15/2030				225,000		198,888		1.24
Vale Overseas Ltd., 8.250%, 01/17/2034				190,000		206,368		1.29
					966,758		6.03

Chile (Cost $1,121,123)
Celulosa Arauco y Constitucion S.A., 4.200%, 01/29/2030				200,000		169,000		1.05
Cencosud S.A., 6.625%, 02/12/2045				200,000		191,385		1.19
Empresa Nacional del Petroleo, 5.250%, 11/06/2029				268,000		244,920		1.53
GNL Quintero S.A., 4.634%, 07/31/2029				189,428		175,694		1.10
Inversiones CMPC S.A., 3.850%, 01/13/2030				200,000		166,750		1.04
						947,749		5.91

China (Cost $928,366)
Huarong Finance 2017 Co. Ltd., (Floating, ICE LIBOR USD 3M + 1.325%), 5.068%, 07/03/2023				210,000		202,675		1.26
Huarong Finance 2019 Co. Ltd., (Floating, ICE LIBOR USD 3M + 1.125%), 4.105%, 02/24/2023				200,000		196,250		1.22
Tencent Holdings Ltd., 3.975%, 04/11/2029				200,000		168,484		1.05
Xiaomi Best Time International Ltd., 0.000%, 12/17/2027⁴				400,000		291,000		1.82
						858,409		5.35

Czech Republic (Cost $263,548)
CETIN Group N.V., 3.125%, 04/14/2027		EUR		275,000		238,204		1.49
						238,204		1.49

Hong Kong (Cost $201,674)
Phoenix Lead Ltd., 4.850%, 02/23/2023				200,000		132,040		0.82
						132,040		0.82

India (Cost $1,419,448)
ABJA Investment Co. Pte. Ltd., 5.450%, 01/24/2028				200,000		177,083		1.10
Bharti Airtel Ltd., 4.375%, 06/10/2025				200,000		189,988		1.18
Bharti Airtel Ltd., 3.250%, 06/03/2031				200,000		154,891		0.97
Indian Railway Finance Corp. Ltd., 3.570%, 01/21/2032				200,000		155,640		0.97
NTPC Ltd., 4.500%, 03/19/2028				200,000		183,425		1.14
Power Finance Corp. Ltd., 4.500%, 06/18/2029				240,000		205,633		1.28
Reliance Industries Ltd., 2.875%, 01/12/2032				250,000		188,430		1.18
						1,255,090		7.82

Indonesia (Cost $1,306,658)
Freeport Indonesia PT, 4.763%, 04/14/2027				200,000		179,700		1.12
Indonesia Asahan Aluminium Persero PT, 4.750%, 05/15/2025				200,000		190,506		1.19

See accompanying notes to the financial statements.

145

ASHMORE EMERGING MARKETS INVESTMENT GRADE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹		Par		Value		% of Net Assets
Indonesia (continued)
Minejesa Capital B.V., 4.625%, 08/10/2030				385,000	$	295,873		1.84
Pertamina Persero PT, 6.500%, 11/07/2048				200,000		179,500		1.12
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.150%, 05/21/2048				200,000		157,500		0.98
						1,003,079		6.25

Israel (Cost $1,348,305)
Bank Hapoalim B.M., (Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.155%), 3.255%, 01/21/2032^2,3				200,000		163,500		1.02
Bank Leumi Le-Israel B.M., (Variable, U.S. Treasury Yield
Curve Rate CMT 5Y + 1.631%), 3.275%, 01/29/2031^2,3				245,000		209,169		1.30
Leviathan Bond Ltd., 6.750%, 06/30/2030³				135,000		120,288		0.75
Mizrahi Tefahot Bank Ltd., (Variable, U.S. Treasury Yield
Curve Rate CMT 5Y + 2.250%), 3.077%, 04/07/2031^2,3				310,000		260,400		1.62
Teva Pharmaceutical Finance Netherlands II B.V., 4.375%, 05/09/2030		EUR		200,000		158,861		0.99
Teva Pharmaceutical Finance Netherlands III B.V., 6.750%, 03/01/2028				200,000		188,500		1.18
						1,100,718		6.86

Kazakhstan (Cost $281,809)
KazMunayGas National Co. JSC, 6.375%, 10/24/2048				211,000		151,405		0.94
						151,405		0.94

Kuwait (Cost $715,068)
MEGlobal Canada ULC, 5.875%, 05/18/2030				200,000		192,656		1.20
NBK Tier 1 Financing 2 Ltd., (Variable, USD CMT 6Y + 2.832%), 4.500%, 08/27/2025²				490,000		431,935		2.69
						624,591		3.89

Malaysia (Cost $189,215)
Misc Capital Two Labuan Ltd., 3.750%, 04/06/2027				200,000		181,569		1.13
						181,569		1.13

Mexico (Cost $2,847,432)
Alfa S.A.B. de C.V., 6.875%, 03/25/2044				205,000		178,854		1.11
Axtel S.A.B. de C.V., 6.375%, 11/14/2024				173,000		115,197		0.72
Banco Santander Mexico S.A. Institucion de Banca Multiple
Grupo Financiero Santander, 5.375%, 04/17/2025				220,000		213,400		1.33
BBVA Bancomer S.A., (Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.650%), 5.125%, 01/18/2033²				200,000		161,762		1.01
CIBANCO S.A. Institucion de Banca Multiple Trust CIB/3332, 4.375%, 07/22/2031				200,000		125,500		0.78
Cometa Energia S.A. de C.V., 6.375%, 04/24/2035				244,245		211,272		1.32
Corp. Inmobiliaria Vesta S.A.B. de C.V., 3.625%, 05/13/2031				300,000		218,648		1.36
Infraestructura Energetica Nova S.A.P.I. de C.V., 4.750%, 01/15/2051				275,000		184,547		1.15
Mexico Generadora de Energia S. de r.l., 5.500%, 12/06/2032				194,615		177,264		1.10
Petroleos Mexicanos, 7.690%, 01/23/2050				450,000		293,162		1.83

See accompanying notes to the financial statements.

146

ASHMORE EMERGING MARKETS INVESTMENT GRADE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹		Par		Value		%of Net Assets
Mexico (continued)
Trust Fibra Uno, 4.869%, 01/15/2030				325,000	$	244,808		1.53
						2,124,414		13.24

Panama (Cost $799,539)
AES Panama Generation Holdings SRL, 4.375%, 05/31/2030				290,000		228,235		1.42
C&W Senior Financing DAC, 6.875%, 09/15/2027				200,000		173,436		1.08
Cable Onda S.A., 4.500%, 01/30/2030				280,000		229,040		1.43
						630,711		3.93

Peru (Cost $922,230)
Banco de Credito del Peru S.A., (Variable, U.S. Treasury Yield
Curve Rate CMT 5Y + 2.450%), 3.250%, 09/30/2031²				300,000		251,550		1.57
InRetail Consumer, 3.250%, 03/22/2028				250,000		197,687		1.23
Kallpa Generacion S.A., 4.125%, 08/16/2027				200,000		175,485		1.09
Minsur S.A., 4.500%, 10/28/2031				200,000		161,176		1.01
						785,898		4.90

Poland (Cost $209,344)
GTC Aurora Luxembourg S.A., 2.250%, 06/23/2026		EUR		175,000		114,171		0.71
						114,171		0.71

Qatar (Cost $403,889)
Doha Finance Ltd., 2.375%, 03/31/2026				200,000		175,452		1.09
QIB Sukuk Ltd., (Floating, ICE LIBOR USD 3M + 1.350%), 5.858%, 02/07/2025				200,000		198,999		1.24
						374,451		2.33

Romania (Cost $397,906)
NE Property B.V., 1.875%, 10/09/2026		EUR		375,000		293,477		1.83
						293,477		1.83

Saudi Arabia (Cost $1,130,008)
Acwa Power Management And Investments One Ltd., 5.950%, 12/15/2039				304,390		265,124		1.65
Arabian Centres Sukuk Ltd., 5.375%, 11/26/2024				200,000		184,872		1.15
EIG Pearl Holdings S.a.r.l., 3.545%, 08/31/2036				400,000		307,000		1.92
Saudi Arabian Oil Co., 4.250%, 04/16/2039				260,000		213,330		1.33
						970,326		6.05

Singapore (Cost $251,075)
DBS Group Holdings Ltd., (Variable, U.S. Treasury Yield
Curve Rate CMT 5Y + 1.915%), 3.300%, 02/27/2025²				250,000		219,250		1.37
						219,250		1.37

South Africa (Cost $1,150,195)
AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028				200,000		161,522		1.01
Gold Fields Orogen Holdings BVI Ltd., 6.125%, 05/15/2029				290,000		271,125		1.69
Prosus N.V., 3.680%, 01/21/2030				400,000		294,371		1.83
Sasol Financing U.S.A. LLC, 5.875%, 03/27/2024				200,000		195,300		1.22
						922,318		5.75

See accompanying notes to the financial statements.

147

ASHMORE EMERGING MARKETS INVESTMENT GRADE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency1	Par		Value		% of Net Assets
South Korea (Cost $393,178)
Kyobo Life Insurance Co. Ltd., (Variable, U.S. Treasury Yield
Curve Rate CMT 5Y + 2.887%), 5.900%, 06/15/2052²			200,000	$	182,000		1.14
Shinhan Bank Co. Ltd., 4.375%, 04/13/2032			200,000		170,282		1.06
				352,282		2.20

Thailand (Cost $691,152)
Bangkok Bank PCL, 9.025%, 03/15/2029			190,000		209,474		1.31
GC Treasury Center Co. Ltd., 2.980%, 03/18/2031			255,000		188,106		1.17
GC Treasury Center Co. Ltd., 4.400%, 03/30/2032			200,000		160,620		1.00
				558,200		3.48

United Arab Emirates (Cost $775,081)
DP World Crescent Ltd., 3.750%, 01/30/2030			361,000		316,601		1.97
First Abu Dhabi Bank PJSC, (Variable, U.S. Treasury Yield
Curve Rate CMT 5Y + 4.138%), 4.500%, 04/05/2026²			200,000		182,550		1.14
Galaxy Pipeline Assets Bidco Ltd., 2.940%, 09/30/2040			193,306		144,875		0.90
				644,026		4.01

Total Debt Securities (Cost $18,885,021)					15,449,136		96.29

Total Investments in Securities (Cost $18,885,021)					15,449,136		96.29

Total Investments (Total Cost $18,885,021)					15,449,136		96.29

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					595,010		3.71

Net Assets				$	16,044,146		100.00

¹	Local currency is United States Dollars unless otherwise noted below.

²	Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

³	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

⁴	Zero coupon bond.

Percentages shown are based on net assets.

At October 31, 2022, the Ashmore Emerging Markets Investment Grade Income Fund had outstanding forward foreign currency exchange contracts as follows:


Settlement Date	Counterparty		Currency Buy		Currency Buy Amount (Local Currency)		Currency Sell		Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
11/30/2022		Citibank		Euro		43,843		United States Dollar		44,000	$	(579	)
11/30/2022		Morgan Stanley		United States Dollar		877,356		Euro		890,010		(4,070	)
Subtotal Depreciation												(4,649	)
Total											$	(4,649	)

See accompanying notes to the financial statements.

148

ASHMORE EMERGING MARKETS INVESTMENT GRADE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Investment Grade Income Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2022:


	Level 1		Level 2			Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds	$	—	$	12,283,455		$	—	$	12,283,455
Corporate Convertible Bonds		—		1,085,831			—		1,085,831
Financial Certificates		—		700,472			—		700,472
Government Agencies		—		1,379,378			—		1,379,378

Total Debt Securities		—		15,449,136			—		15,449,136
Total Investments	$	—	$	15,449,136		$	—	$	15,449,136

Other Financial Instruments
Liabilities:
Forward Foreign Currency Exchange Contracts	$	—	$	(4,649	)	$	—	$	(4,649	)
Total Other Financial Instruments	$	—	$	(4,649	)	$	—	$	(4,649	)

The following is a summary of the fair values of the Fund’s derivative instruments*:

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2022:

Derivatives Not Accounted for as
Hedging Instruments

Foreign

Exchange Risk


Liabilities:
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	$	(4,649	)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October31, 2022:


	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange Risk
Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Gain on Forward Foreign Currency Exchange Contracts	$	114,629


Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	$	(4,908	)

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

See accompanying notes to the financial statements.

149

ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2022


	Currency¹	Par		Value		% of Net Assets
Debt Securities
Brazil (Cost $1,663,865)
Banco do Brasil S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 4.398%), 6.250%, 04/15/2024²			290,000	$	254,855		3.79
JSM Global S.a.r.l., 4.750%, 10/20/2030			230,000		159,275		2.37
Klabin Austria GmbH, 7.000%, 04/03/2049			230,000		204,213		3.04
MARB BondCo PLC, 3.950%, 01/29/2031			300,000		222,207		3.31
Oi S.A., 10.000%, (100% Cash), 07/27/2025³			290,000		75,415		1.12
Suzano Austria GmbH, 7.000%, 03/16/2047			200,000		183,500		2.73
					1,099,465		16.36
Chile (Cost $194,649)
VTR Finance N.V., 6.375%, 07/15/2028			200,000		104,873		1.56
					104,873		1.56
China (Cost $1,402,050)
Central China Real Estate Ltd., 7.250%, 08/13/2024			300,000		38,090		0.57
Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/2023⁴			280,000		13,983		0.21
Kaisa Group Holdings Ltd., 11.250%, 04/16/2025⁴			280,000		18,550		0.28
Sunac China Holdings Ltd., 7.500%, 02/01/2024⁴			260,000		14,970		0.22
Zhenro Properties Group Ltd., 7.875%, 04/14/2024⁴			290,000		5,600		0.08
					91,193		1.36
Colombia (Cost $175,899)
Millicom International Cellular S.A., 5.125%, 01/15/2028			180,000		153,509		2.28
					153,509		2.28
Ecuador (Cost $278,446)
International Airport Finance S.A., 12.000%, 03/15/2033			283,611		245,324		3.65
					245,324		3.65
India (Cost $188,475)
Greenko Power II Ltd., 4.300%, 12/13/2028			195,500		150,535		2.24
					150,535		2.24
Indonesia (Cost $150,841)
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.850%, 10/14/2038			200,000		148,643		2.21
					148,643		2.21
Israel (Cost $483,879)
Bank Leumi Le-Israel B.M., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.631%), 3.275%, 01/29/2031^2,5			200,000		170,750		2.54
Teva Pharmaceutical Finance Co. LLC, 6.150%, 02/01/2036			270,000		221,268		3.29
					392,018		5.83
Kuwait (Cost $430,766)
MEGlobal Canada ULC, 5.875%, 05/18/2030			200,000		192,656		2.87

See accompanying notes to the financial statements.

150

ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022


	Currency¹		Par		Value		% of Net Assets
Kuwait (continued)
NBK Tier 1 Financing 2 Ltd., (Variable, USD CMT 6Y + 2.832%), 4.500%, 08/27/2025²				200,000	$	176,300		2.62
						368,956		5.49

Mexico (Cost $1,216,124)
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.760%), 8.375%, 10/14/2030²				260,000		226,104		3.36
BBVA Bancomer S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.650%), 5.125%, 01/18/2033²				240,000		194,115		2.89
CIBANCO S.A. Institucion de Banca Multiple Trust CIB/3332, 4.375%, 07/22/2031				200,000		125,500		1.87
Orbia Advance Corp. S.A.B. de C.V., 5.875%, 09/17/2044				200,000		153,958		2.29
Trust Fibra Uno, 6.390%, 01/15/2050				220,000		145,750		2.17
						845,427		12.58

Panama (Cost $198,910)
C&W Senior Financing DAC, 6.875%, 09/15/2027				200,000		173,436		2.58
						173,436		2.58

Peru (Cost $185,233)
Intercorp Peru Ltd., 3.875%, 08/15/2029				200,000		155,216		2.31
						155,216		2.31

Poland (Cost $99,945)
GTC Aurora Luxembourg S.A., 2.250%, 06/23/2026		EUR		100,000		65,240		0.97
						65,240		0.97

Qatar (Cost $282,731)
QIB Sukuk Ltd., (Floating, ICE LIBOR USD 3M + 1.350%), 5.858%, 02/07/2025				280,000		278,599		4.14
						278,599		4.14

Romania (Cost $207,470)
NE Property B.V., 1.875%, 10/09/2026		EUR		170,000		133,043		1.98
						133,043		1.98

Russian Federation (Cost $184,629)
Sovcombank Via SovCom Capital DAC, 7.600%, 02/17/2027^4,6				200,000		—		—
						—		—

South Africa (Cost $408,640)
MTN Mauritius Investments Ltd., 6.500%, 10/13/2026				210,000		200,109		2.98
Prosus N.V., 3.680%, 01/21/2030				200,000		147,185		2.19
						347,294		5.17

Turkey (Cost $198,710)
Zorlu Yenilenebilir Enerji A.S., 9.000%, 06/01/2026				200,000		143,260		2.13
						143,260		2.13

United Arab Emirates (Cost $724,795)
DIB Sukuk Ltd., 2.950%, 01/16/2026				240,000		221,607		3.30

See accompanying notes to the financial statements.

151

ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

Currency¹

Par

Value

% of
Net
Assets

United Arab Emirates (continued)

DP World Ltd., 6.850%, 07/02/2037

200,000

191,759

2.85

DP World Salaam, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.750%), 6.000%, 10/01/2025²

200,000

193,706

2.88

607,072

9.03

Total Debt Securities (Cost $8,676,057)

5,503,103

81.87

Total Investments in Securities (Cost $8,676,057)

5,503,103

81.87

Total Investments (Total Cost $8,676,057)

5,503,103

81.87

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)

1,219,012

18.13

Net Assets

6,722,115

100.00

¹	Local currency is United States Dollars unless otherwise noted below.

²	Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

³	Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis.

⁴	Issuer has defaulted on terms of debt obligation.

⁵	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

⁶	Security has been deemed worthless and is a Level 3 investment.

Percentages shown are based on net assets.

At October 31, 2022, the Ashmore Emerging Markets Corporate Income ESG Fund had outstanding forward foreign currency exchange contracts as follows:


Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)			Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
11/30/2022	Morgan Stanley	United States Dollar		224,703	Euro			227,944	$	(1,042	)
Subtotal Depreciation										(1,042	)
Total									$	(1,042	)

See accompanying notes to the financial statements.

152

ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2022

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Corporate Income ESG Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2022:


	Level 1		Level 2			Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds	$	—	$	4,067,688		$	—	$	4,067,688
Corporate Convertible Bonds		—		590,969			—		590,969
Financial Certificates		—		693,911			—		693,911
Government Agencies		—		150,535			—		150,535

Total Debt Securities		—		5,503,103			—		5,503,103
Total Investments	$	—	$	5,503,103		$	—	$	5,503,103

Other Financial Instruments
Liabilities:
Forward Foreign Currency Exchange Contracts	$	—	$	(1,042	)	$	—	$	(1,042	)
Total Other Financial Instruments	$	—	$	(1,042	)	$	—	$	(1,042	)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the

period ended October 31, 2022:


Category and Subcategory	Beginning Balance at 10/31/2021		Accrued Discounts (Premiums)		Purchases		Sales		Realized Gains (Losses)		Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at 10/31/2022		Change in Unrealized Appreciation (Depreciation) from Investments still held 10/31/2022
Investments, at value
Corporate Bonds
Russian Federation	$	—	$	29	$	184,600	$	—	$	—	$	184,629	$	—	$	—	$	—	$	(184,629	)
Total	$	—	$	29	$	184,600	$	—	$	—	$	184,629	$	—	$	—	$	—	$	(184,629	)

The following table on “Quantitative information about Level 3 Fair Value measurements” provides information on the valuation

techniques and inputs used to value Level 3 securities at October 31, 2022:

Quantitative Information about Level 3 Fair Value Measurements

Fair Value at
10/31/2022

Valuation
Technique

Unobservable
Input

Corporate Bonds

—

Zero priced asset

Inputs to model

See accompanying notes to the financial statements.

153

ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31,2022

The following is a summary of the fair values of the Fund’s derivative instruments*:

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2022:


		Derivatives Not Accounted foras Hedging Instruments
		Foreign Exchange Risk


Liabilities:
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	$	(1,042	)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 2022:


	Derivatives Not Accounted for as Hedging Instruments

	Foreign Exchange Risk
Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Gain on Forward Foreign Currency Exchange Contracts	$	37,156


Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts	$	(1,137	)

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

See accompanying notes to the financial statements.

154

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS

As of October 31, 2022

1.	Organization

Ashmore Funds (the “Trust”) is a Massachusetts business trust organized under the laws of the Commonwealth of Massachusetts on August 6, 2010 (inception date) and is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act” or “1940 Act”), as an open-end management investment company. The Trust follows accounting and reporting guidance under Financial Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.” The Trust includes twelve funds as of October 31, 2022, each with its own investment objective. The Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Active Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Frontier Equity Fund, Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Equity ESG Fund, Ashmore Emerging Markets Short Duration Select Fund, Ashmore Emerging Markets Investment Grade Income Fund and Ashmore Emerging Markets Corporate Income ESG Fund (each a “Fund” and collectively, the “Funds”) are separate series of the Trust. The Ashmore Emerging Markets Local Currency Bond Fund and the Ashmore Emerging Markets Short Duration Fund are each non-diversified funds. Non-diversified funds may invest a relatively large portion of their net assets in a single issuer or a small number of issuers. Each of the Funds’ financial statements are presented herein.

Ashmore Investment Advisors Limited (“AIAL” or the “Investment Manager”) serves as investment manager to the Funds. AIAL is a wholly owned subsidiary of Ashmore Investments (UK) Limited, which is a wholly owned subsidiary of Ashmore Group plc (“Ashmore Group”). Ashmore Investment Management (US) Corporation (“AIMUS”) is the principal underwriter of shares of the Funds. AIMUS is an affiliate of the Investment Manager. The Northern Trust Company (“Northern Trust”) serves as the administrator, custodian and transfer agent of the Funds.

Related parties or personnel of the Investment Manager may invest in the Funds. The Investment Manager could face a conflict of interest if a related party is invested in a Fund and that party’s interests diverge from those of the Fund, but equally this co-investment may serve to better align the interests of the Funds and the personnel of the Investment Manager. When a related party provides capital for a Fund, it may do so with the intention of redeeming all or part of its interest in the Fund at a future point in time.

The Funds have assessed the impact of the Alternative Investment Fund Managers Directive (AIFMD) (the “Directive”) on the financial statements of the Trust and have concluded that the Trust is exempt from following Chapter V. Section 1. Articles 103-111 of the European Commission’s Level 2 Delegated Regulation on the basis of the operations of the Trust (i) being Non-EEA AIFs (“European Economic Area Alternative Investment Funds”), and (ii) not being marketed in the European Union, as defined by the Directive.

2.	Significant accounting policies

The significant accounting policies adopted and consistently followed in the preparation of the Funds’ financial statements are set out below:

(a) Basis of preparation

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

(b) Use of estimates

The preparation of financial statements in accordance with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues generated and expenses incurred during the reporting period. Actual

155

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022

results could differ from these estimates. These financial statements contain all adjustments which are, in the opinion of the Trust, necessary to portray a fair statement of the period presented. Such adjustments are normal and recurring in nature. Valuation models used to determine the fair value of hard to value investments require the use of a number of market based assumptions.

(c) Determination of the Net Asset Value

The net asset value (“NAV”) of a Fund’s shares is calculated at the close of regular trading (normally 4:00 p.m. Eastern time) (the “NYSE Close”) on each day that the New York Stock Exchange (“NYSE”) is open for regular trading.

(d) Investment valuation

For the purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices. With respect to any portion of a Fund’s assets that are invested in one or more open-ended investment management companies, a Fund’s NAV will be calculated based upon the NAVs of such investments. The prospectuses for these open-end management investment companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.

If a Fund’s non-U.S. (foreign) security’s value has materially changed after the close of the security’s primary exchange or principal market but before the time as of which the Funds calculate their NAVs, the security will be valued at fair value based on procedures approved by the Board. The fair value of investments may be determined based on information provided by pricing services and other third-party vendors, which may recommend fair value prices or adjustments with reference to other securities, indices or assets. The Funds may use fair value pricing more frequently for foreign securities or assets because, amongst other things, many foreign markets close well before the NAV of the Funds’ shares is next calculated. In considering whether fair value pricing is required and in determining fair values, the Valuation Designee (as defined below) may, amongst other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the time as of which the Funds calculate their NAVs. The Valuation Designee (as defined below) may utilize modeling tools provided by third-party vendors to determine the fair values of non-U.S. securities. Foreign exchanges may permit trading in foreign securities on days when the Trust is not open for business, which may result in the values of a Fund’s portfolio investments being affected when investors are unable to buy, sell or exchange shares of the Fund.

Investments initially valued in currencies other than the United States Dollar are converted to the United States Dollar using exchange rates obtained from pricing services. Foreign exchange rates are calculated as of 4:00 p.m. Eastern time on each day that the NYSE opens for regular trading. As a result, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the United States Dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the United States Dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares of the Funds.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated the Investment Manager as the valuation designee (“Valuation Designee”) for the Funds to perform the fair value determination relating to all Fund investments. The Investment Manager may carry out its designated responsibilities as Valuation Designee through various committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

156

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022

Domestic and foreign debt securities for which the close of trading does not coincide with the NYSE close and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain debt securities purchased on a delayed delivery basis are marked-to-market daily until settlement. Exchange traded options, futures and options on futures are generally valued at the settlement price determined by the exchange on which the instrument is primarily traded.

The Valuation Designee primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information to determine the fair value of an investment. The Valuation Designee may also apply a discount to the last traded price in situations where the last traded price may not represent the fair value of the security, such as if a security’s trading has been suspended on its primary trading market, a security has been de-listed from its primary trading market, a security has not traded for an extended period of time, or a security’s primary trading market is temporarily closed at a time when under normal conditions it would be open. Any such discount is based on a number of factors including but not limited to the circumstances surrounding any potential suspension or de-listing, market and industry conditions, competitor information, and the period of time since the last trading took place.

Fair valuation may require subjective determinations about the value of a security or asset. While the Funds’ and Valuation Designee’s policies and procedures are intended to result in a calculation of a Fund’s NAV that fairly reflects security and asset values as of the time of pricing, the Funds cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security or asset if it were to dispose of that security or asset at the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold.

(e) Investment transactions, income and expenses

Investment transactions are recorded at the trade date. The Funds determine the gain or loss realized from investment transactions using an identified cost basis method. Interest income is recognized on an accrual basis and includes the amortization of premiums and the accretion of discounts using the effective yield method, net of any applicable tax withholding. Dividend income is recognized on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, or as soon as such information is available, net of any applicable tax withholding. Other non-cash dividends are recognized as investment income at the fair value of the property received. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

Expenses are recorded on an accrual basis. Each Fund is charged for those expenses that are directly attributable to that Fund. Certain expenses arising in connection with a class of shares are charged to that class of shares. Expenses incurred which do not specifically relate to an individual Fund are allocated amongst all the Funds in the Trust in proportion to each Fund’s relative net assets.

(f) Foreign Currency

Assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or

157

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022

paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal year-end, resulting from changes in exchange rates. Such fluctuations are included with the net realized gain or loss and unrealized appreciation or depreciation from foreign currency exchange transactions.

(g) Equity-Linked Securities

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

(h) Inflation Index Securities

Certain Funds may invest in inflation-indexed bonds which are fixed income securities whose principal value is periodically adjusted based on a measure of rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. At October 31, 2022, all inflation-indexed bonds were shown on the Schedule of Investments with their original par and stated coupon rate.

(i) Credit-Linked Notes

Certain Funds may invest in credit-linked notes to provide exposure to the high yield or another fixed income market. The value of a credit-linked note is based on the price movements of a particular credit, known as a reference credit. Credit-linked notes that a Fund invests in are typically listed instruments that typically provide the same return as the underlying reference credit. A Fund generally will receive a fixed or floating coupon and the note’s par value upon maturity. If a specified credit event occurs, such as default or bankruptcy, the Fund may experience a delay in payment or forego interest. The maximum potential risk of loss is limited to the par amount of the credit linked note plus any accrued interest.

3.	Principal Risks

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where a risk of potential loss exists due to, amongst other things, changes in the market (market risk), or the failure or inability of the other party to a transaction to perform (credit and counterparty risk). See below for a summary description of select principal risks, some of which may not apply to a particular Fund. A discussion of the principal risks of investing in each Fund is included in that Fund’s prospectus.

Counterparty and Third Party Risk

Transactions involving a counterparty to a derivative or other instrument, or a third party responsible for servicing the instrument, are subject to the credit risk of the counterparty or third party, and to the counterparty’s or third party’s ability to perform in accordance with the terms of the transaction.

158

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022

Credit Risk

The Funds could lose money if the issuer or guarantor of a debt security or other instrument is unable or unwilling to meet its financial obligations, and the lack of ability, or perceived lack of ability, of the issuer to make timely payments of interest and/or principal will negatively affect the value of the security or instrument.

Market Risk

The value of securities and instruments owned by the Funds may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas. Recent instability in the financial markets has led governments around the world to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that have experienced extreme volatility, and in some cases a lack of liquidity. The withdrawal of this support, failure of these efforts, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the values and liquidity of a Fund’s portfolio securities and other assets.

Derivative financial instruments may result in off-balance sheet market and credit risk. If the markets should move against one or more positions that the Funds hold, the Funds could incur losses greater than the unrealized amounts recorded in the Statements of Assets and Liabilities. Derivative risk exposures are discussed in note 10.

On February 24, 2022, the Russian government invaded Ukraine. The combination of the Russian invasion and the resultant sanctions imposed by the US and other governments is impacting liquidity and asset values in Russia, Ukraine and Belarus. Consequently, the value and liquidity of the Funds’ investments in these countries, as well as the Funds’ performance, may be impacted.

Foreign/Emerging Markets Risks

Investments in foreign securities entail risks in addition to those customarily associated with investing in U.S. securities. Economic, political and social instability could disrupt financial markets in which the Fund invests and adversely affect the value of the Fund’s assets. In addition, national policies may restrict investment opportunities. In foreign markets there may be a lower degree of market volume and liquidity than in U.S. markets, and this may result in greater price volatility. The securities markets in many Emerging-Market countries are substantially smaller, less developed, less liquid and more volatile than the securities markets of developed countries. Furthermore, since the composition of each Fund will differ from that of market indexes, its performance generally will not mirror the returns provided by a specific market index.

4.	Fair value measurements

U.S. GAAP includes a topic which defines fair value as the price that the Fund would receive upon selling an investment in an orderly and timely transaction to a market participant in the principal or most advantageous market of the investment. This topic establishes a three-tier hierarchy to maximize the use of observable market data, minimize the use of unobservable inputs and establish classification of fair value measurements for disclosure purposes. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability including assumptions about risk. Such risks include the inherent risk in a particular valuation technique which is used to measure fair value. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•

Level 1 – Inputs using unadjusted quoted prices in active markets or exchanges for identical assets and liabilities.

159

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022

•

Level 2 – Significant observable inputs other than those used in Level 1, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment rates, loss severities, credit risks and default rates) or other market corroborated inputs.

•

Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their discretion that are used in determining the fair market value of investments.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agency securities, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally priced using data reflecting the earlier closing of the principal markets for those securities, subject to possible fair value adjustments. Information that becomes known to a Fund or its agents after NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or NAV determined earlier that day.

Portfolio securities and other assets for which market quotations are readily available are typically categorized as Level 1 of the fair value hierarchy. Domestic and foreign debt securities where the close of trading does not coincide with the NYSE close and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources are based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Securities using these valuation adjustments are typically categorized as Level 2 of the fair value hierarchy. Preferred securities, equity linked notes and other equities traded on inactive markets or valued by reference to similar instruments are also typically categorized as Level 2 of the fair value hierarchy.

Investments and derivatives classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 instruments may include bank loan agreements and less-liquid corporate debt securities (including distressed debt instruments). Also included in this category are certain bonds and loans for which independent broker prices are used and information relating to the inputs of the price models is not available.

In December 2020, the SEC adopted Rule 2a-5, Good Faith Determinations of Fair Value, under the 1940 Act, which addresses valuation practices and the role of the board of directors with respect to the fair value of the investments of a registered investment company, including related oversight and reporting requirements intended to ensure that the Board receives the information it needs to oversee the investment adviser’s fair value determinations. Among other things, Rule 2a-5 permits the Board to designate the Funds’ investment adviser to perform the Funds’ fair value determinations, which are subject to Board oversight. Pursuant to Rule 2a-5, the Board approved changes to the Funds’ valuation policies and procedures and designated the Funds’ investment adviser, Ashmore Investment Advisors Limited, to serve as the “valuation designee” to perform the Funds’ fair value determinations.

5.	Reverse repurchase agreements

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

As of October 31, 2022, the Funds did not hold any reverse repurchase agreements.

160

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022

6.	Capital share transactions

Transactions in Class A shares for the year ended October 31, 2022, were as follows:



Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions		Proceeds from Reinvestment of Distributions		Shares Redeemed			Payments for Shares Redeemed			Net Increase/ (Decrease) in Shares			Net Increase/ (Decrease) in Net Assets
Ashmore Emerging Markets Total Return Fund		135,533	$	746,025		29,232	$	161,915		(616,950	)	$	(3,388,400	)		(452,185	)	$	(2,480,460	)
Ashmore Emerging Markets Local Currency Bond Fund		—		—		288		1,965		(8,274	)		(53,145	)		(7,986	)		(51,180	)
Ashmore Emerging Markets Corporate Income Fund		463,186		2,972,787		73,956		460,197		(1,062,469	)		(6,418,407	)		(525,327	)		(2,985,423	)
Ashmore Emerging Markets Short Duration Fund		790,721		4,146,328		58,372		321,960		(1,157,545	)		(6,413,996	)		(308,452	)		(1,945,708	)
Ashmore Emerging Markets Active Equity Fund		66,229		829,209		12,344		110,600		(75,330	)		(928,829	)		3,243			10,980
Ashmore Emerging Markets Small-Cap Equity Fund		20,187		236,302		395		4,383		(2,514	)		(26,874	)		18,068			213,811
Ashmore Emerging Markets Frontier Equity Fund		121,153		1,162,585		5,305		49,448		(18,226	)		(169,813	)		108,232			1,042,220
Ashmore Emerging Markets Equity Fund		526,316		4,873,180		30,195		385,536		(415,892	)		(4,122,940	)		140,619			1,135,776
Ashmore Emerging Markets Equity ESG Fund		—		—		15		186		—			—			15			186
Ashmore Emerging Markets Short Duration Select Fund		—		—		3		27		—			—			3			27

161

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022



Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions		Proceeds from Reinvestment of Distributions		Shares Redeemed			Payments for Shares Redeemed			Net Increase/ (Decrease) in Shares			Net Increase/ (Decrease) in Net Assets
Ashmore Emerging Markets Investment Grade Income Fund		—	$	1		3	$	27		—		$	—			3		$	28
Ashmore Emerging Markets Corporate Income ESG Fund		—		—		4		34		—			—			4			34

Transactions in Class C shares for the year ended October 31, 2022, were as follows:

Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions		Proceeds from Reinvestment of Distributions		Shares Redeemed			Payments for Shares Redeemed			Net Increase/ (Decrease) in Shares			Net Increase/ (Decrease) in Net Assets
Ashmore Emerging Markets Total Return Fund		21,745	$	132,090		12,015	$	64,413		(145,407	)	$	(778,676	)		(111,647	)	$	(582,173	)
Ashmore Emerging Markets Local Currency Bond Fund		—		14		45		298		(3,277	)		(22,087	)		(3,232	)		(21,775	)
Ashmore Emerging Markets Corporate Income Fund		5,577		36,731		30,372		191,362		(442,674	)		(2,842,944	)		(406,725	)		(2,614,851	)
Ashmore Emerging Markets Short Duration Fund		2,014		10,128		6,702		35,870		(124,451	)		(742,356	)		(115,735	)		(696,358	)
Ashmore Emerging Markets Active Equity Fund		—		—		44		383		—			—			44			383
Ashmore Emerging Markets Small-Cap Equity Fund		3,716		57,747		58		704		(10,010	)		(128,112	)		(6,236	)		(69,661	)
Ashmore Emerging Markets Frontier Equity Fund		21,355		199,113		264		2,406		(6,547	)		(54,411	)		15,072			147,108

162

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022



Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions		Proceeds from Reinvestment of Distributions		Shares Redeemed			Payments for Shares Redeemed			Net Increase/ (Decrease) in Shares			Net Increase/ (Decrease) in Net Assets
Ashmore Emerging Markets Equity Fund		9,853	$	118,464		789	$	9,242		(3,817	)	$	(60,171	)		6,825		$	67,535
Ashmore Emerging Markets Equity ESG Fund		—		—		16		186		—			—			16			186
Ashmore Emerging Markets Short Duration Select Fund		—		—		2		20		—			(1	)		2			19
Ashmore Emerging Markets Investment Grade Income Fund		—		1		3		21		—			(1	)		3			21
Ashmore Emerging Markets Corporate Income ESG Fund		—		—		4		29		—			—			4			29

Transactions in Institutional Class shares for the year ended October 31, 2022, were as follows:

Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions		Proceeds from Reinvestment of Distributions		Shares Redeemed			Payments for Shares Redeemed			Net Increase/ (Decrease) in Shares			Net Increase/ (Decrease) in Net Assets
Ashmore Emerging Markets Total Return Fund		35,097,385	$	198,826,280		7,263,823	$	40,206,127		(112,493,148	)	$	(652,313,258	)		(70,131,940	)	$	(413,280,851	)
Ashmore Emerging Markets Local Currency Bond Fund		—		—		9,772		69,775		(180,201	)		(1,173,845	)		(170,429	)		(1,104,070	)
Ashmore Emerging Markets Corporate Income Fund		6,216,439		43,405,532		1,216,017		7,981,464		(26,058,215	)		(171,188,218	)		(18,625,759	)		(119,801,222	)
Ashmore Emerging Markets Short Duration Fund		2,592,971		14,632,635		786,529		4,355,127		(9,665,352	)		(53,091,917	)		(6,285,852	)		(34,104,155	)

163

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022



Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions		Proceeds from Reinvestment of Distributions		Shares Redeemed			Payments for Shares Redeemed			Net Increase/ (Decrease) in Shares			Net Increase/ (Decrease) in Net Assets
Ashmore Emerging Markets Active Equity Fund		10,481,613	$	85,638,558		1,843,774	$	16,690,212		(7,752,534	)	$	(68,974,979	)		4,572,853		$	33,353,791
Ashmore Emerging Markets Small-Cap Equity Fund		60,566		1,072,241		5,607		83,575		(144,386	)		(2,192,594	)		(78,213	)		(1,036,778	)
Ashmore Emerging Markets Frontier Equity Fund		2,379,362		25,822,772		114,240		1,241,797		(1,960,274	)		(21,530,411	)		533,328			5,534,158
Ashmore Emerging Markets Equity Fund		9,518,704		108,344,606		922,024		11,164,600		(6,225,169	)		(67,403,620	)		4,215,559			52,105,586
Ashmore Emerging Markets Equity ESG Fund		—		—		156,478		1,877,075		—			—			156,478			1,877,075
Ashmore Emerging Markets Short Duration Select Fund		10,968		104,841		30,711		274,449		(11,004	)		(100,912	)		30,675			278,378
Ashmore Emerging Markets Investment Grade Income Fund		—		801		67,001		573,721		—			(1	)		67,001			574,521
Ashmore Emerging Markets Corporate Income ESG Fund		—		—		47,045		353,954		—			—			47,045			353,954

Transactions in Class A shares for the year ended October 31, 2021, were as follows:

Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions		Proceeds from Reinvestment of Distributions		Shares Redeemed			Payments for Shares Redeemed			Net Increase/ (Decrease) in Shares			Net Increase/ (Decrease) in Net Assets
Ashmore Emerging Markets Total Return Fund		384,909	$	2,729,205		56,093	$	399,841		(1,069,961	)	$	(7,633,080	)		(628,959	)	$	(4,504,034	)

164

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022



Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions		Proceeds from Reinvestment of Distributions		Shares Redeemed			Payments for Shares Redeemed			Net Increase/ (Decrease) in Shares			Net Increase/ (Decrease) in Net Assets
Ashmore Emerging Markets Local Currency Bond Fund		5,341	$	38,643		—	$	—		(31,147	)	$	(229,347	)		(25,806	)	$	(190,704	)
Ashmore Emerging Markets Corporate Income Fund		596,031		4,764,320		55,076		437,597		(658,376	)		(5,214,779	)		(7,269	)		(12,862	)
Ashmore Emerging Markets Short Duration Fund		216,716		1,655,802		99,249		771,888		(1,951,638	)		(15,144,920	)		(1,635,673	)		(12,717,230	)
Ashmore Emerging Markets Active Equity Fund		4,702		62,739		1,367		17,287		(23,460	)		(293,739	)		(17,391	)		(213,713	)
Ashmore Emerging Markets Small-Cap Equity Fund		2,647		38,225		—		—		(17,044	)		(250,882	)		(14,397	)		(212,657	)
Ashmore Emerging Markets Frontier Equity Fund		179,589		1,707,937		524		4,697		(20,139	)		(170,098	)		159,974			1,542,536
Ashmore Emerging Markets Equity Fund		191,097		3,143,529		1,562		23,482		(68,277	)		(1,151,226	)		124,382			2,015,785
Ashmore Emerging Markets Equity ESG Fund		—		1		1		7		—			—			1			8
Ashmore Emerging Markets Short Duration Select Fund		—		1		4		36		—			—			4			37
Ashmore Emerging Markets Investment Grade Income Fund		—		—		3		28		—			—			3			28
Ashmore Emerging Markets Corporate Income ESG Fund		100		1,000		3		25		—			—			103			1,025

165

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022

Transactions in Class C shares for the year ended October 31, 2021, were as follows:



Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions			Proceeds from Reinvestment of Distributions		Shares Redeemed			Payments for Shares Redeemed			Net Increase/ (Decrease) in Shares			Net Increase/ (Decrease) in Net Assets
Ashmore Emerging Markets Total Return Fund		43,516	$	310,825		13,852		$	98,283		(270,589	)	$	(1,917,622	)		(213,221	)	$	(1,508,514	)
Ashmore Emerging Markets Local Currency Bond Fund		—		—		—			—		(717	)		(5,053	)		(717	)		(5,053	)
Ashmore Emerging Markets Corporate Income Fund		140,265		1,112,010		27,549			218,410		(394,926	)		(3,138,774	)		(227,112	)		(1,808,354	)
Ashmore Emerging Markets Short Duration Fund		7,258		54,685		10,852			80,634		(48,938	)		(361,136	)		(30,828	)		(225,817	)
Ashmore Emerging Markets Active Equity Fund		—		2		—	*		5		—			—			—			7
Ashmore Emerging Markets Small-Cap Equity Fund		—		339		—			—		(1,571	)		(23,760	)		(1,571	)		(23,421	)
Ashmore Emerging Markets Frontier Equity Fund		3,543		32,356		40			312		(24,143	)		(202,731	)		(20,560	)		(170,063	)
Ashmore Emerging Markets Equity Fund		6,789		110,349		2			32		(119	)		(1,844	)		6,672			108,537
Ashmore Emerging Markets Equity ESG Fund		—		2		—			7		—			—			—			9
Ashmore Emerging Markets Short Duration Select Fund		—		1		3			29		—			—			3			30
Ashmore Emerging Markets Investment Grade Income Fund		—		—		2			22		—			—			2			22

166

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022



Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions		Proceeds from Reinvestment of Distributions		Shares Redeemed		Payments for Shares Redeemed		Net Increase/ (Decrease) in Shares		Net Increase/ (Decrease) in Net Assets
Ashmore Emerging Markets Corporate Income ESG Fund		100	$	1,000		2	$	21		—	$	—		102	$	1,021

*	Amount rounds to less than 0.5 shares.

Transactions in Institutional Class shares for the year ended October 31, 2021, were as follows:



Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions		Proceeds from Reinvestment of Distributions		Shares Redeemed			Payments for Shares Redeemed			Net Increase/ (Decrease) in Shares			Net Increase/ (Decrease) in Net Assets
Ashmore Emerging Markets Total Return Fund		49,093,162	$	354,306,215		8,057,330	$	58,073,860		(53,547,100	)	$	(384,508,725	)		3,603,392		$	27,871,350
Ashmore Emerging Markets Local Currency Bond Fund		488,115		3,814,234		—		—		(3,561,069	)		(27,230,081	)		(3,072,954	)		(23,415,847	)
Ashmore Emerging Markets Corporate Income Fund		11,450,481		95,050,634		980,096		8,110,557		(10,439,616	)		(86,179,554	)		1,990,961			16,981,637
Ashmore Emerging Markets Short Duration Fund		3,680,994		28,141,184		1,299,214		9,923,146		(45,983,702	)		(347,426,259	)		(41,003,494	)		(309,361,929	)
Ashmore Emerging Markets Active Equity Fund		2,580,352		34,011,500		46,121		589,118		(2,206,032	)		(29,825,574	)		420,441			4,775,044
Ashmore Emerging Markets Small-Cap Equity Fund		82,454		1,566,505		—		—		(50,504	)		(921,337	)		31,950			645,168
Ashmore Emerging Markets Frontier Equity Fund		1,566,026		15,957,063		40,665		423,758		(1,488,253	)		(14,600,311	)		118,438			1,780,510
Ashmore Emerging Markets Equity Fund		3,070,314		48,875,902		84,075		1,221,605		(2,476,645	)		(39,876,628	)		677,744			10,220,879

167

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022



Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions		Proceeds from Reinvestment of Distributions		Shares Redeemed		Payments for Shares Redeemed			Net Increase/ (Decrease) in Shares		Net Increase/ (Decrease) in Net Assets
Ashmore Emerging Markets Equity ESG Fund		—	$	—		5,311	$	74,673		—	$	(3	)		5,311	$	74,670
Ashmore Emerging Markets Short Duration Select Fund		—		4,911		36,985		379,992		—		(1	)		36,985		384,902
Ashmore Emerging Markets Investment Grade Income Fund		—		—		59,541		601,809		—		—			59,541		601,809
Ashmore Emerging Markets Corporate Income ESG Fund		999,800		9,998,000		26,894		263,131		—		—			1,026,694		10,261,131

Capital shares

Class A shares are issued at the Fund’s relevant NAV per share plus any applicable sales charge. Institutional Class and Class C shares are issued at the Fund’s relevant NAV per share without a sales charge. Shares confer upon the holders the right to receive notice of and attend, speak and vote at shareholder meetings of the Funds. The shares confer upon the holders the right to any or all dividends or distributions which the Trustees in their sole discretion may from time to time resolve to make or declare.

7.	Investment transactions

For the year ended October 31, 2022, the aggregate cost of purchases and proceeds from sales of investments (including fully funded TRS and excluding short-term investments) for the Funds were as follows:



Fund	Purchases		Sales
Ashmore Emerging Markets Total Return Fund	$	227,197,600	$	901,708,307
Ashmore Emerging Markets Local Currency Bond Fund		2,910,112		3,904,580
Ashmore Emerging Markets Corporate Income Fund		96,078,683		228,771,165
Ashmore Emerging Markets Short Duration Fund		29,186,476		68,857,395
Ashmore Emerging Markets Active Equity Fund		241,245,797		221,336,070
Ashmore Emerging Markets Small-Cap Equity Fund		4,424,254		5,149,627
Ashmore Emerging Markets Frontier Equity Fund		67,430,496		66,722,833
Ashmore Emerging Markets Equity Fund		129,406,903		96,954,328
Ashmore Emerging Markets Equity ESG Fund		5,633,525		5,639,752
Ashmore Emerging Markets Short Duration Select Fund		5,454,956		4,835,111
Ashmore Emerging Markets Investment Grade Income Fund		9,666,689		9,332,981
Ashmore Emerging Markets Corporate Income ESG Fund		2,506,164		2,963,602

168

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, deferral of post October currency and capital losses for tax purposes, and the recharacterization of income recognition on investments in PFICs. At October 31, 2022, for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation (depreciation) on investments (including the effects of foreign currency translation and derivative instruments, if any) and the cost basis of investments (including derivative instruments, if any) were as follows:



Amounts in Thousands	Unrealized Appreciation		Unrealized Depreciation			Net Appreciation (Depreciation)			Cost Basis of Investments
Ashmore Emerging Markets Total Return Fund	$	1,059,736	$	(280,037,366	)	$	(278,977,630	)	$	683,096,023
Ashmore Emerging Markets Local Currency Bond Fund		50,619		(1,106,300	)		(1,055,681	)		5,479,906
Ashmore Emerging Markets Corporate Income Fund		50,947		(71,053,402	)		(71,002,455	)		162,037,787
Ashmore Emerging Markets Short Duration Fund		80,829		(83,216,794	)		(83,135,965	)		136,054,670
Ashmore Emerging Markets Active Equity Fund		1,662,205		(25,503,609	)		(23,841,404	)		98,665,182
Ashmore Emerging Markets Small-Cap Equity Fund		473,624		(3,118,774	)		(2,645,150	)		9,283,017
Ashmore Emerging Markets Frontier Equity Fund		4,366,987		(8,804,661	)		(4,437,674	)		70,628,768
Ashmore Emerging Markets Equity Fund		3,342,511		(37,296,726	)		(33,954,215	)		125,786,479
Ashmore Emerging Markets Equity ESG Fund		495,590		(3,170,145	)		(2,674,555	)		11,364,721
Ashmore Emerging Markets Short Duration Select Fund		—		(950,073	)		(950,073	)		9,688,414
Ashmore Emerging Markets Investment Grade Income Fund		—		(3,435,885	)		(3,435,885	)		18,880,372
Ashmore Emerging Markets Corporate Income ESG Fund		—		(3,232,252	)		(3,232,252	)		8,734,127

8.	Federal income taxes

No provision for U.S. federal income taxes has been made since each Fund’s policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute, each year, substantially all of its taxable income and capital gains to its shareholders.

For financial reporting purposes the Funds may periodically make reclassifications among components of capital accounts to reflect permanent differences between U.S. GAAP and taxable income. The reclassifications have no impact on the net assets of the Funds. During the year, revisions were also made to previously determined taxable income amounts. As a result, the following reclassifications were made to the Statements of Assets and Liabilities:



Fund	Paid in Capital		Distributable earnings/ (Accumulated loss)
Ashmore Emerging Markets Total Return Fund	$	(41,534,802)	$	41,534,802
Ashmore Emerging Markets Local Currency Bond Fund		(515,684)		515,684
Ashmore Emerging Markets Short Duration Fund		13,967		(13,967)
Ashmore Emerging Markets Active Equity Fund		(179,013)		179,013
Ashmore Emerging Markets Small-Cap Equity Fund		(146,326)		146,326
Ashmore Emerging Markets Frontier Equity Fund		1		(1)

169

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022



Fund	Paid in Capital		Distributable earnings/ (Accumulated loss)
Ashmore Emerging Markets Equity Fund	$	(251,498)	$	251,498
Ashmore Emerging Markets Equity ESG Fund		(77,060)		77,060

During the fiscal year ended October 31, 2022, the Ashmore Emerging Markets Frontier Equity Fund utilized $3,514,520 in capital loss carryforwards.

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



Fund	Short-Term Capital Loss Carryforward at October 31, 2022			Long-Term Capital Loss Carryforward at October 31, 2022
Ashmore Emerging Markets Total Return Fund	$	(35,961,400	)	$	(222,335,661	)
Ashmore Emerging Markets Local Currency Bond Fund		(76,071	)		(877,289	)
Ashmore Emerging Markets Corporate Income Fund		(26,232,712	)		(77,019,670	)
Ashmore Emerging Markets Short Duration Fund		(97,362,829	)		(236,416,920	)
Ashmore Emerging Markets Active Equity Fund		(14,826,386	)		(1,389,521	)
Ashmore Emerging Markets Small-Cap Equity Fund		(366,128	)		(2,727,292	)
Ashmore Emerging Markets Frontier Equity Fund		(3,489,301	)		—
Ashmore Emerging Markets Equity Fund		(3,319,630	)		—
Ashmore Emerging Markets Equity ESG Fund		(307,087	)		—
Ashmore Emerging Markets Short Duration Select Fund		(518,335	)		(361,280	)
Ashmore Emerging Markets Investment Grade Income Fund		(557,237	)		(1,327,909	)
Ashmore Emerging Markets Corporate Income ESG Fund		(370,456	)		(369,044	)

The Funds are subject to the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 740-10, Income Taxes. This standard provides guidance as to how uncertain tax positions should be recognized, measured, presented and disclosed in the Funds’ financial statements. The Funds recognize the tax benefits of uncertain tax positions only where the position is more-likely-than-not (i.e. greater than 50-percent) to be sustained assuming examination by a tax authority based on the technical merits of the position. In evaluating whether a tax position has met the recognition threshold, the Funds must presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the Funds’ financial statements. Income tax and related interest and penalties would be recognized by the Funds as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. The Funds analyze all open tax years for all major taxing jurisdictions. Open tax years are those that are open to examination by taxing authorities, as defined by the Statute of Limitations in each jurisdiction. The Funds have no examinations by tax authorities in progress. The Trust has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Further, the Trust is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

170

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022

As of October 31, 2022, the components of distributable taxable earnings, including temporary differences were as follows:



Fund	Undistributed Ordinary Income		Undistributed Long Term Capital Gain		Accumulated Capital Losses and Other			Undistributed Appreciation (Depreciation) on Investments and Foreign Currencies			Total Accumulated Earnings (Deficit)
Ashmore Emerging Markets Total Return Fund	$	—	$	—	$	(258,727,583	)	$	(279,004,794	)	$	(537,732,377	)
Ashmore Emerging Markets Local Currency Bond Fund		—		—		(961,668	)		(1,070,198	)		(2,031,866	)
Ashmore Emerging Markets Corporate Income Fund		1,922,395		—		(103,350,254	)		(71,002,455	)		(172,430,314	)
Ashmore Emerging Markets Short Duration Fund		1,119,796		—		(333,864,617	)		(83,135,795	)		(415,880,616	)
Ashmore Emerging Markets Active Equity Fund		—		—		(16,215,907	)		(23,907,840	)		(40,123,747	)
Ashmore Emerging Markets Small-Cap Equity Fund		—		—		(3,093,420	)		(2,645,150	)		(5,738,570	)
Ashmore Emerging Markets Frontier Equity Fund		6,923		—		(3,492,372	)		(4,665,302	)		(8,150,751	)
Ashmore Emerging Markets Equity Fund		—		—		(3,319,710	)		(34,496,895	)		(37,816,605	)
Ashmore Emerging Markets Equity ESG Fund		—		—		(315,127	)		(2,674,673	)		(2,989,800	)
Ashmore Emerging Markets Short Duration Select Fund		38,071		—		(887,385	)		(950,073	)		(1,799,387	)
Ashmore Emerging Markets Investment Grade Income Fund		145,833		—		(1,893,845	)		(3,436,374	)		(5,184,386	)
Ashmore Emerging Markets Corporate Income ESG Fund		94,174		—		(756,998	)		(3,232,252	)		(3,895,076	)

The taxable character of distributions paid during the fiscal year ended October 31, 2022, were as follows:

	Distributions From

Fund	Ordinary Income		Short-Term Capital Gains		Long-Term Capital Gains			Return of Capital			Total Distributions Paid
Ashmore Emerging Markets Total Return Fund	$	8,689,581	$	—	$	—		$	34,907,836		$	43,597,417

171

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022



	Distributions From

Fund	Ordinary Income		Short-Term Capital Gains		Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Ashmore Emerging Markets Local Currency Bond Fund	$	—	$	—	$	—	$	96,593	$	96,593
Ashmore Emerging Markets Corporate Income Fund		13,585,220		—		—		—		13,585,220
Ashmore Emerging Markets Short Duration Fund		7,632,749		—		—		—		7,632,749
Ashmore Emerging Markets Active Equity Fund		1,317,312		12,469,758		3,770,195		179,017		17,736,282
Ashmore Emerging Markets Small-Cap Equity Fund		—		—		—		93,675		93,675
Ashmore Emerging Markets Frontier Equity Fund		1,376,268		—		—		—		1,376,268
Ashmore Emerging Markets Equity Fund		1,320,223		9,747,840		10,479,774		251,500		21,799,337
Ashmore Emerging Markets Equity ESG Fund		—		1,234,205		806,922		25,236		2,066,363
Ashmore Emerging Markets Short Duration Select Fund		322,963		—		—		—		322,963
Ashmore Emerging Markets Investment Grade Income Fund		675,024		—		—		—		675,024
Ashmore Emerging Markets Corporate Income ESG Fund		416,491		—		—		—		416,491

The taxable character of distributions paid during the fiscal year ended October 31, 2021, were as follows:

	Distributions From

Fund	Ordinary Income		Short-Term Capital Gains		Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Ashmore Emerging Markets Total Return Fund	$	59,683,830	$	—	$	—	$	4,533,480	$	64,217,310
Ashmore Emerging Markets Local Currency Bond Fund		—		—		—		—		—
Ashmore Emerging Markets Corporate Income Fund		15,503,781		—		—		—		15,503,781

172

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022



	Distributions From

Fund	Ordinary Income		Short-Term Capital Gains		Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Ashmore Emerging Markets Short Duration Fund	$	14,880,589	$	—	$	—	$	—	$	14,880,589
Ashmore Emerging Markets Active Equity Fund		1,070,963		—		—		—		1,070,963
Ashmore Emerging Markets Small-Cap Equity Fund		—		—		—		—		—
Ashmore Emerging Markets Frontier Equity Fund		443,920		—		—		—		443,920
Ashmore Emerging Markets Equity Fund		694,077		165,861		1,333,335		—		2,193,273
Ashmore Emerging Markets Equity ESG Fund		87,867		—		—		—		87,867
Ashmore Emerging Markets Short Duration Select Fund		414,206		32,919		—		—		447,125
Ashmore Emerging Markets Investment Grade Income Fund		708,069		—		—		—		708,069
Ashmore Emerging Markets Corporate Income ESG Fund		309,605		—		—		—		309,605

9.	Distributions to shareholders

The Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Short Duration Select Fund, Ashmore Emerging Markets Investment Grade Income Fund and Ashmore Emerging Markets Corporate Income ESG Fund declare distributions of their net investment income daily and pay such distributions monthly. The Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Active Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Frontier Equity Fund, Ashmore Emerging Markets Equity Fund and Ashmore Emerging Markets Equity ESG Fund declare and pay distributions of their net investment income at least quarterly.

Distributions of net realized capital gains, if any, are declared and paid at least annually. The Funds may also make a special distribution to comply with federal tax requirements. Income dividends and capital gains distributions determined in accordance with federal income tax regulations may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may change the fiscal period in which income and capital items are recognized for tax and U.S. GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of foreign currency transactions and swap transactions. As a result, income dividends and capital gain distributions declared during a fiscal period for federal tax purposes may differ significantly from the net investment income and realized capital gain reported on each Fund’s financial statements presented

173

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022

under U.S. GAAP. In general, to the extent that any differences which are permanent in nature result in over distributions to shareholders, the amount of the over distribution may be reported as return of capital. Temporary differences do not require reclassification. See note 8 for further details.

10.

Derivative instruments and hedging activities

FASB ASC Topic 815-10 (“Topic 815-10”), Disclosures about Derivative Instruments and Hedging Activities, required disclosures to enable investors to better understand how and why the Funds use derivative instruments, how these derivative instruments are accounted for and their effects on the Funds’ financial position and results of operations.

None of the derivatives held in the Funds have been designated as hedging instruments under Topic 815-10. A discussion of the strategies for these derivatives and their counterparty credit risk can be found below.

In accordance with Topic 815-10, the Funds record their trading-related derivative activities on a fair value basis (as described in note 4). Fair values represent the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

In October 2020, the SEC adopted Rule 18f-4 under the 1940 Act providing for the regulation of a registered investment company’s use of derivatives and certain related instruments. Among other things, Rule 18f-4 limits a fund’s derivatives exposure through a value-at-risk test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. Subject to certain conditions, limited derivatives users (as defined in Rule 18f-4), however, would not be subject to the full requirements of Rule 18f-4. In connection with the adoption of Rule 18f-4, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments. Rule 18f-4 may limit a Fund’s ability to use derivatives as part of its investment strategy, make derivatives more costly or otherwise adversely affect Fund performance.

The following disclosures contain information on how and why the Funds used derivative financial instruments; the credit-risk-related contingent features in certain derivative financial instruments; and how derivative financial instruments affected the Funds’ financial position, results of operations and cash flows. The location and fair value of these instruments on the Statements of Assets and Liabilities and the realized, and changes in unrealized, gains and losses on the Statements of Operations, are included in tables following each Fund’s Schedule of Investments and are categorized by type of financial derivative contract.

(a) Forward foreign currency exchange contracts

A forward foreign exchange contract involves an obligation to purchase or sell a specific currency at a future date at a price set at the time the contract is made. The Funds may enter into forward foreign currency exchange contracts in connection with settling planned purchases or sales of securities, as part of an investment strategy to protect against uncertainty in the level of future foreign exchange rates in the purchase and sale of securities, or to gain or limit exposure to foreign currencies. All forward foreign currency exchange contracts are valued daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts in the Statements of Operations. A Fund records realized gains or losses at the time the forward foreign exchange contract is offset by entering into a closing transaction with the same counterparty or is extinguished by delivery of the currency. Realized gains or losses, if any, are included in net realized gain/(loss) on forward foreign exchange contracts in the Statements of Operations.

Risks arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the United States Dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments should be considered in light of all related and offsetting transactions. The Funds bear market risk from changes in foreign currency exchange rates and credit risk if the counterparty fails to perform. Further information on the impact of these positions on the Funds’ financial statements can be found in the notes to the Schedules of Investments.

174

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022

During the year ended October 31, 2022, the Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Active Equity Fund, Ashmore Emerging Markets Frontier Equity Fund, Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Short Duration Select Fund, Ashmore Emerging Markets Investment Grade Income Fund and Ashmore Emerging Markets Corporate Income ESG Fund had average quarterly contract notional exposures of $414,379,956, $5,756,783, $3,534,062, $323,866, $341,810, $17,480, $105,009, $247,845, $770,067 and $234,313, respectively, related to forward foreign currency exchange contracts.

(b) Swap Agreements

During the reporting period, certain Funds entered into swap agreements, which are arrangements between two parties to exchange cash flows based on a notional principal amount. Swap agreements are either privately negotiated in the over-the-counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform such as a registered exchange (“centrally cleared swaps”). Swap agreements are recorded at their fair value. The fair value is based on quoted market prices or prices obtained from a third party provider at the date of the Statements of Assets and Liabilities without any deduction for estimated future selling costs. Swap agreements are marked to market daily and the change in fair value, if any, is recorded as unrealized gain or loss. Payments made or received are recorded as part of realized gains and losses. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities.

The periodic payments on the swap agreements entered into by the Funds are reflected in the Statements of Operations within net realized gain/(loss) on interest rate swap contracts. Unrealized gains are reported as an asset and unrealized losses are reported as a liability in the Statements of Assets and Liabilities for OTC swaps. Changes in the fair value are reflected in the Statements of Operations within net change in unrealized appreciation/(depreciation) on interest rate and centrally cleared swap contracts in the period in which they occur. Certain Funds could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligations to perform.

During the year ended October 31, 2022, the Ashmore Emerging Markets Total Return Fund and Ashmore Emerging Markets Local Currency Bond Fund had average quarterly notional exposures of $32,561,225 and $962,249, respectively, related to interest rate swap agreements.

The Funds may enter into transactions subject to enforceable netting agreements or other similar arrangements (“netting agreements”). Generally, netting agreements allow the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Funds manage their cash collateral and securities collateral on a counterparty basis. No amounts have been offset in the Statements of Assets and Liabilities.

Offsetting of Financial Assets and Derivative Assets as of October 31, 2022:

Over-the-Counter Financial Derivative Instruments:

Forward Currency Contracts and Interest Rate Swap Contracts




Ashmore Emerging Markets Total Return Fund


Counterparty	Gross Amounts of Derivatives Assets Presented in the Statement of Assets and Liabilities		Derivatives available for offset			Collateral Received		Net Amount Due From Counterparty

ANZ Banking	$	5,634	$	—		$	—	$	5,634
Barclays		76,361		(76,361	)		—		—
BNP Paribas		74,257		(74,257	)		—		—
Citibank		92,783		(92,783	)		—		—

175

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022




Ashmore Emerging Markets Total Return Fund


Counterparty	Gross Amounts of Derivatives Assets Presented in the Statement of Assets and Liabilities		Derivatives available for offset			Collateral Received			Net Amount Due From Counterparty

HSBC Bank	$	205,225	$	(205,225	)	$	—		$	—
JP Morgan		5,346		(5,346	)		—			—
Merrill Lynch		325,802		(302,418	)		—			23,384
Morgan Stanley		219,985		(219,985	)		—			—
Standard Chartered		17,463		(6,398	)		—			11,065
Union Bank of Switzerland		104,587		(104,587	)		—			—

Total	$	1,127,443	$	(1,087,360	)	$	—		$	40,083





Ashmore Emerging Markets Total Return Fund


Counterparty	Gross Amounts of Derivatives Liabilities Presented in the Statement of Assets and Liabilities		Derivatives available for offset			Collateral Pledged			Net Amount Due To Counterparty

Banco Santander	$	47,533	$	—		$	—		$	47,533
Barclays		595,519		(76,361	)		—			519,158
BNP Paribas		305,080		(74,257	)		—			230,823
Citibank		482,937		(92,783	)		—			390,154
Deutsche Bank		35,157		—			—			35,157
HSBC Bank		2,333,785		(205,225	)		(1,576,977	)		551,583
JP Morgan		44,116		(5,346	)		—			38,770
Merrill Lynch		302,418		(302,418	)		—			—
Morgan Stanley		412,736		(219,985	)		—			192,751
Standard Chartered		6,398		(6,398	)		—			—
State Street		807		—			—			807
Union Bank of Switzerland		121,791		(104,587	)		—			17,204

Total	$	4,688,277	$	(1,087,360	)	$	(1,576,977	)	$	2,023,940





Ashmore Emerging Markets Local Currency Bond Fund


Counterparty	Gross Amounts of Derivatives Assets Presented in the Statement of Assets and Liabilities		Derivatives available for offset			Collateral Received			Net Amount Due From Counterparty

ANZ Banking	$	169	$	—		$	—		$	169
Barclays		2,180		(1,005	)		—			1,175
BNP Paribas		986		(986	)		—			—
Citibank		1,848		(1,848	)		—			—
HSBC Bank		6,503		(6,503	)		—			—
JP Morgan		1,454		(508	)		—			946

176

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022




Ashmore Emerging Markets Local Currency Bond Fund


Counterparty	Gross Amounts of Derivatives Assets Presented in the Statement of Assets and Liabilities		Derivatives available for offset			Collateral Received			Net Amount Due From Counterparty

Merrill Lynch	$	9,530	$	(9,530	)	$	—		$	—
Morgan Stanley		3,549		(2,299	)		—			1,250
Standard Chartered		54		(54	)		—			—
Union Bank Of Switzerland		1,684		(1,684	)		—			—

Total	$	27,957	$	(24,417	)	$	—		$	3,540





Ashmore Emerging Markets Local Currency Bond Fund


Counterparty	Gross Amounts of Derivatives Liabilities Presented in the Statement of Assets and Liabilities		Derivatives available for offset			Collateral Pledged			Net Amount Due To Counterparty

Banco Santander	$	1,858	$	—		$	—		$	1,858
Barclays		1,005		(1,005	)		—			—
BNP Paribas		3,775		(986	)		—			2,789
Citibank		10,455		(1,848	)		—			8,607
Deutsche Bank		628		—			—			628
HSBC Bank		52,981		(6,503	)		(46,478	)		—
JP Morgan		508		(508	)		—			—
Merrill Lynch		10,901		(9,530	)		—			1,371
Morgan Stanley		2,299		(2,299	)		—			—
Standard Chartered		66		(54	)		—			12
State Street		4		—			—			4
Union Bank Of Switzerland		1,843		(1,684	)		—			159

Total	$	86,323	$	(24,417	)	$	(46,478	)	$	15,428





Ashmore Emerging Markets Corporate Income Fund


Counterparty	Gross Amounts of Derivatives Assets Presented in the Statement of Assets and Liabilities		Derivatives available for offset			Collateral Received			Net Amount Due From Counterparty

Deutsche Bank	$	8,260	$	(8,260	)	$	—		$	—
State Street		24,491		—			—			24,491

Total	$	32,751	$	(8,260	)	$	—		$	24,491

177

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022



Ashmore Emerging Markets Corporate Income Fund

Counterparty	Gross Amounts of Derivatives Liabilities Presented in the Statement of Assets and Liabilities		Derivatives available for offset			Collateral Pledged		Net Amount Due To Counterparty

Deutsche Bank	$	9,254	$	(8,260	)	$	—	$	994

Total	$	9,254	$	(8,260	)	$	—	$	994



Ashmore Emerging Markets Short Duration Select Fund

Counterparty	Gross Amounts of Derivatives Liabilities Presented in the Statement of Assets and Liabilities		Derivatives available for offset			Collateral Pledged		Net Amount Due To Counterparty

Morgan Stanley	$	1,514	$	—		$	—	$	1,514

Total	$	1,514	$	—		$	—	$	1,514



Ashmore Emerging Markets Investment Grade Income Fund

Counterparty	Gross Amounts of Derivatives Liabilities Presented in the Statement of Assets and Liabilities		Derivatives available for offset			Collateral Pledged		Net Amount Due To Counterparty

Citibank	$	579	$	—		$	—	$	579
Morgan Stanley		4,070		—			—		4,070

Total	$	4,649	$	—		$	—	$	4,649



Ashmore Emerging Markets Corporate Income ESG Fund

Counterparty	Gross Amounts of Derivatives Liabilities Presented in the Statement of Assets and Liabilities		Derivatives available for offset			Collateral Pledged		Net Amount Due To Counterparty

Morgan Stanley	$	1,042	$	—		$	—	$	1,042

Total	$	1,042	$	—		$	—	$	1,042

11.

Related parties

Investment management fees

The Trust has an Investment Management Agreement (the “Agreement”) with the Investment Manager, with whom certain Trustees and Officers of the Trust are affiliated, to furnish investment management services to the Funds. Under the terms of the Agreement, the Trust, on behalf of the Funds, compensates the Investment Manager for its investment management services at the following rates, based on each Fund’s average daily net assets:



Fund	Rate
Ashmore Emerging Markets Total Return Fund		1.00%
Ashmore Emerging Markets Local Currency Bond Fund		0.95%
Ashmore Emerging Markets Corporate Income Fund		0.85%*
Ashmore Emerging Markets Short Duration Fund		0.65%
Ashmore Emerging Markets Active Equity Fund		1.00%
Ashmore Emerging Markets Small-Cap Equity Fund		1.50%

178

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022



Fund	Rate
Ashmore Emerging Markets Frontier Equity Fund		1.50%
Ashmore Emerging Markets Equity Fund		1.15%
Ashmore Emerging Markets Equity ESG Fund		1.15%
Ashmore Emerging Markets Short Duration Select Fund		0.65%
Ashmore Emerging Markets Investment Grade Income Fund		0.70%
Ashmore Emerging Markets Corporate Income ESG Fund		0.85%

*Prior to February 28, 2022, the contractual management fee was 1.15% of average daily net assets.

The Investment Manager has contractually agreed to waive its fees or reimburse each Fund for other expenses until February 28, 2023 to the extent that total operating expenses (other than acquired fund fees and expenses, interest expenses, taxes, extraordinary expenses and certain credits and offset arrangements) for each class of shares of each Fund exceed the rates in the table below, based on each Fund’s average daily net assets. The expense limitation arrangement may be terminated by the Board at any time.



Fund	Class A	Class C	Institutional Class
Ashmore Emerging Markets Total Return Fund	1.27%	2.02%	1.02%
Ashmore Emerging Markets Local Currency Bond Fund	1.22%	1.97%	0.97%
Ashmore Emerging Markets Corporate Income Fund	1.12%	1.87%	0.87%
Ashmore Emerging Markets Short Duration Fund	0.92%	1.67%	0.67%
Ashmore Emerging Markets Active Equity Fund	1.27%	2.02%	1.02%
Ashmore Emerging Markets Small-Cap Equity Fund	1.77%	2.52%	1.52%
Ashmore Emerging Markets Frontier Equity Fund	1.77%	2.52%	1.52%
Ashmore Emerging Markets Equity Fund	1.42%	2.17%	1.17%
Ashmore Emerging Markets Equity ESG Fund	1.42%	2.17%	1.17%
Ashmore Emerging Markets Short Duration Select Fund	0.92%	1.67%	0.67%
Ashmore Emerging Markets Investment Grade Income Fund	0.97%	1.72%	0.72%
Ashmore Emerging Markets Corporate Income ESG Fund	1.12%	1.87%	0.87%

Any such waiver or reimbursement is subject to the Investment Manager’s right to recover amounts waived or reimbursed to the extent actual fees and expenses for a future fiscal period are less than each Fund’s expense limitation cap, provided, however, that the Investment Manager shall only be entitled to recover such amounts waived or reimbursed during the previous

179

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022

three fiscal years. The amounts recaptured pursuant to the expense limitation agreement will be limited to the lesser of (1) the expense limitation amount that was in effect at the time of the waiver or reimbursement or (2) the expense limitation amount that is in effect at the time of recapture. The total amounts subject to recovery in fiscal years are shown below:



Fund	2023		2024		2025		Total
Ashmore Emerging Markets Total Return Fund	$	1,453,580	$	1,209,234	$	1,119,411	$	3,782,225
Ashmore Emerging Markets Local Currency Bond Fund		198,265		152,924		121,907		473,096
Ashmore Emerging Markets Corporate Income Fund		404,041		361,106		345,989		1,111,136
Ashmore Emerging Markets Short Duration Fund		973,684		203,439		216,728		1,393,851
Ashmore Emerging Markets Active Equity Fund		171,181		208,770		220,507		600,458
Ashmore Emerging Markets Small-Cap Equity Fund		147,694		100,902		110,918		359,514
Ashmore Emerging Markets Frontier Equity Fund		315,267		238,815		342,706		896,788
Ashmore Emerging Markets Equity Fund		222,597		172,553		280,776		675,926
Ashmore Emerging Markets Equity ESG Fund		173,755		148,942		110,142		432,839
Ashmore Emerging Markets Short Duration Select Fund		150,410		75,473		77,472		303,355
Ashmore Emerging Markets Investment Grade Income Fund		88,408		155,066		86,233		329,707
Ashmore Emerging Markets Corporate Income ESG Fund		—		146,750		99,997		246,747

Distribution and Servicing fees

The Funds have adopted Amended Plans of Distribution and Servicing Fees pursuant to Rule 12b-1 under the 1940 Act (“Distribution and Servicing Fee Plans”). Under the Distribution and Servicing Fee Plans, each of the Funds may pay fees to the distributor on an ongoing basis as compensation for the services the distributor renders and the expenses it bears in connection with the sale and distribution of Fund shares (“distribution fees”) and/or in connection with personal services rendered to Fund shareholders and the maintenance of shareholder accounts (“servicing fees”). Class A and C shares each have a separate 12b-1 Plan. Class A shares pay only servicing fees. Class C shares pay both distribution and servicing fees. The following table lists the maximum annual rates at which the distribution and/or servicing fees may be paid under each 12b-1 Plan (calculated as a percentage of a Fund’s average daily net assets attributable to the particular class of shares):



	Servicing Fee	Distribution Fee
Class A shares	0.25%	None
Class C shares	0.25%	0.75%

Cross Trades

The 1940 Act prohibits the Funds and their affiliates from knowingly selling any security or other property to the Funds (other than securities of which the buyer is the issuer), or buying any security (other than securities of which the seller is the issuer) or other property from the Funds. Rule 17a-7 under the 1940 Act provides relief from these prohibitions for various types of “cross trades” and similar transactions that may benefit shareholders by allowing the participating funds or accounts to avoid brokerage commissions and other transaction costs of trades.

180

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022

During the year ended October 31, 2022, the following Funds bought and/or sold securities from an account or accounts that were also advised by the Trust’s investment adviser or its affiliates:



Fund	Purchases		Sales
Ashmore Emerging Markets Total Return Fund	$	—	$	1,246,680
Ashmore Emerging Markets Corporate Income Fund		3,914,904		120,445
Ashmore Emerging Markets Short Duration Fund		4,642,900		9,595,305
Ashmore Emerging Markets Investment Grade Income Fund		—		84,075

As of October 31, 2022, Ashmore Investments UK Limited owned the following percentages of the outstanding shares of each Fund:



Fund	Class A	Class C	Institutional Class
Ashmore Emerging Markets Local Currency Bond Fund	—%	—%	69.36%
Ashmore Emerging Markets Active Equity Fund	—%	100.00%	—%
Ashmore Emerging Markets Equity ESG Fund	100.00%	100.00%	100.00%
Ashmore Emerging Markets Short Duration Select Fund	100.00%	100.00%	100.00%
Ashmore Emerging Markets Investment Grade Income Fund	100.00%	100.00%	100.00%
Ashmore Emerging Markets Corporate Income ESG Fund	100.00%	100.00%	100.00%

In addition to the Ashmore Investments UK Limited ownership, shown in the table above, the following Funds had other investors owning of record or known by the Funds to own beneficially greater than 5% of the outstanding shares of such Funds:



Fund	Class	# of Investors Owning > 5% of outstanding Shares	% of Ownership by Investor

Ashmore Emerging Markets Total Return Fund	Class A	5	35.62%, 21.85%, 17.01%, 11.11%, 7.13%

	Class C	4	42.06%, 34.20%, 15.67%, 8.07%

	Institutional Class	4	39.28%, 19.88%, 8.96%, 5.75%

Ashmore Emerging Markets Local Currency Bond Fund	Class A	4	68.48%, 13.59%, 9.81%, 6.03%

	Class C	1	100%

	Institutional Class	1	29.18%

181

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022



Fund	Class	# of Investors Owning > 5% of outstanding Shares	% of Ownership by Investor

Ashmore Emerging Markets Corporate Income Fund	Class A	5	26.64%, 24.68%, 19.73%, 13.29%, 6.38%

	Class C	6	49.12%, 15.22%, 11.64%, 9.63%, 7.78%, 6.21%

	Institutional Class	5	19.86%, 11.29%, 9.35%, 8.57%, 8.30%,

Ashmore Emerging Markets Short Duration Fund	Class A	3	70.56%, 16.07%, 5.18%

	Class C	2	64.58%, 19.17%

	Institutional Class	3	44.15%, 36.94%, 7.42%

Ashmore Emerging Markets Active Equity Fund	Class A	2	70.99%, 27.94%

	Institutional Class	4	38.17%, 21.55%, 21.32%, 5.49%

Ashmore Emerging Markets Small-Cap Equity Fund	Class A	4	35.61%, 26.41%, 25.26%, 5.40%

	Class C	3	56.02%, 25.10%, 18.88%

	Institutional Class	5	28.54%, 26.76%, 15.53%, 15.50%, 8.93%

Ashmore Emerging Markets Frontier Equity Fund	Class A	2	30.08%, 15.42%

	Class C	4	64.41%, 19.08%, 9.05%, 6.13%

	Institutional Class	4	40.48%, 26.30%, 20.93%, 8.95%

Ashmore Emerging Markets Equity Fund	Class A	2	72.34%, 24.54%

	Class C	5	37.87%, 22.81%, 11.46%, 10.38%, 9.28%

	Institutional Class	5	40.69%, 21.38%, 10.01%, 9.63%, 7.28%

12.

Commitments

In relation to its investments, some of the Funds of the Trust may from time to time agree to indemnify and/or pre-fund trustees or other agents, either solely or alongside other creditors on a several basis. Generally, such agreements do not have a termination date. The Trustees are not aware of and do not currently expect any claims to be made against the Funds under any such indemnity or pre-funding agreements.

182

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2022

13.

New accounting pronouncements

In March 2020, the FASB issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848) “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021. The new guidance is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022, and the adoption of ASU 2020-04 is elective. Management does not believe this update has a material impact on the Funds’ financial statements and disclosures.

14.

Libor transition

Certain of the Funds’ investments, payment obligations, and financing terms may be based on floating rates such as LIBOR, Euro Interbank Offered Rate (“EURIBOR”), and other similar types of reference rates (each, a “Reference Rate”). In 2017 after years of regulatory and industry wide discussions about how to address issues related to Reference Rates, the UK Financial Conduct Authority (“FCA”), which regulates LIBOR announced that most LIBOR settings would no longer be published after the end of 2021 and a majority of U.S. dollar LIBOR settings would no longer be published after June 30, 2023. Accordingly, ICE Benchmark Administration (“IBA”), the administrator of LIBOR, ceased publication of such LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of the majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. As of the end of 2021, the FCA also compelled the IBA to publish on a “synthetic” basis a subset of certain non-U.S. dollar LIBOR settings for a limited period of time and has proposed compelling the IBA to publish other “synthetic” LIBOR settings after their indicated cessation dates for a limited period of time. The FCA has made clear, however, that any such publications would be considered non-representative of the underlying market and should be used in very limited circumstances. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Various financial industry groups have been planning for the transition away from LIBOR, but there are obstacles to converting certain securities and transactions to new Reference Rates. Markets are slowly developing in response to these new Reference Rates. Questions around liquidity in these rates, and how to appropriately adjust them at the time of transition remain a concern for market participants.

In addition, LIBOR, EURIBOR and other interest rates or other types of rates and indices which are classed as “benchmarks” have been the subject of ongoing national and international regulatory reform, including under the E.U. regulation on indices used as benchmarks in financial instruments and financial contracts. The implementation of these reforms can involve, among other things, changes to the manner of administration of benchmarks (with the result that they may perform differently than in the past), restrictions on the use of benchmarks that are not compliant with the new standards by certain supervised entities, and in some cases, certain benchmarks could be eliminated entirely.

The transition away from Reference Rates may lead to increased volatility and illiquidity in markets that are tied to such Reference Rates and reduced values of Reference Rate-related instruments. Any such effects of the transition away from Reference Rates, as well as other unforeseen effects, may have an adverse impact on a Fund’s investments, performance, or financial condition.

15.

Other risks

COVID-19, the novel respiratory disease also known as “coronavirus”, which was first detected in China in December 2019 and subsequently spread internationally, has resulted in closing borders, enhanced health screenings, healthcare service shortages, quarantines, cancelations, disruptions to supply chains and vendor and customer activity, as well as general concern and uncertainty. COVID-19 has negatively affected the global economy, the economies of individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways and may continue to do so in the future. Health crises caused by the coronavirus outbreak may exacerbate other pre-existing political, social and economic risks. The effects of the outbreak in developing or emerging market countries may be greater due to less established health care systems. The COVID-19 pandemic has resulted in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or

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As of October 31, 2022

recession. The COVID-19 pandemic, and other epidemics and pandemics that may arise in the future, could impair the Funds’ ability to maintain operational standards (such as with respect to satisfying redemption requests), disrupt the operations of the Funds’ service providers, adversely affect the value and liquidity of the Funds’ investments, and negatively impact the Funds’ performance and your investment in a Fund.

16.

Subsequent events

The Trust has evaluated subsequent events for the Funds through the date the financial statements were issued, and has concluded that there are no identified subsequent events relevant for financial statement adjustment or disclosure.

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SUPPLEMENTARY INFORMATION (UNAUDITED)

REMUNERATION DISCLOSURE

Ashmore Investment Advisors Limited (“AIAL”) is a full-scope UK Alternative Investment Fund Manager (“AIFM”) that manages many alternative investment funds (“AIFs”). These AIFs implement a number of investment strategies including; equity, fixed income and alternatives; and invest in many different regions and industry sectors. AIAL manages both open-ended and closed-ended AIFs, several of its AIFs are leveraged and some are listed on regulated markets. Its assets under management was approximately US$2.8 billion at June 30, 2022. AIAL’s parent company (“Ashmore”) is listed on a regulated market, counts eleven offices worldwide and has a number of subsidiaries both in the UK and abroad. Taking into account guidance from the UK Financial Conduct Authority (“FCA”), AIAL has complied with the full AIFM Remuneration Code.

AIAL does not have any direct employees, and as such the amount of remuneration paid to staff by AIAL is zero. All AIAL AIFM Remuneration Code Staff are employed and paid by Ashmore Group plc. Ashmore’s remuneration principles have remained unchanged since it was listed, and are designed to align all employees with the long-term success of the business. These include significant levels of deferral, a clear link between performance and levels of remuneration and strong alignment of executive directors and employees with shareholders and clients through significant employee share ownership. The culture is therefore a collaborative one, with clients’ interests and the creation of shareholder value, including for employee shareholders, the overarching factors for success.

Executive directors, members of the investment team, and indeed all other employees, participate in a single capped incentive pool and are paid under a similar structure, with an annual cash bonus and share award, meaning that all employees are long-term shareholders in the business.

The policy includes:

–– A capped basic salary to contain the fixed cost base;

–– A cap on the total variable compensation including any awards made under Ashmore’s share plan, available for all employees at 25% of profits, which to date has not been fully utilised; and

–– A deferral for five years of a substantial portion of variable compensation into Ashmore shares (or equivalent), which, in the case of executive directors in lieu of a separate LTIP, is also partly subject to additional performance conditions measured over five years.

AIAL’s board of directors reviews the general principles of the remuneration policy and is responsible for its implementation with regard to AIAL’s AIFM Remuneration Code Staff. Ashmore’s Remuneration Committee periodically reviews the ongoing appropriateness and relevance of the remuneration policy, including in connection with the provision of services to AIAL. Ashmore employs the services of; McLagan to provide advice on remuneration benchmarking; Deloitte to provide advice on tax compliance, share plan design and administration, and as Remuneration Committee advisors. The Remuneration Committee’s terms of reference can be found here:

https://ir.ashmoregroup.com/corporate-governance.

Performance assessment for AIAL’s AIFM Remuneration Code Staff for their work relating to AIAL is based on a combination of quantitative and qualitative criteria related to the performance of AIAL, the performance of relevant AIF(s) or business units and the performance of the individual. Qualitative criteria include adherence to Ashmore Group plc’s risk and compliance policies. This performance assessment is adjusted for relevant current and future risks related to the AIFs managed by AIAL.

The compensation of control function staff is based on function specific objectives and is independent from the performance of AIAL and/or the AIFs managed by AIAL. The remuneration of the senior officers in AIAL’s control functions is directly overseen by the Remuneration Committee.

Variable remuneration awarded to AIAL’s Remuneration Code Staff in respect of AIFMD work is subject to performance adjustment which allows Ashmore to reduce the deferred amount, including to nil, in light of the ongoing financial situation and/or performance of Ashmore, AIAL, the AIFs that AIAL manages and the individual concerned.

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SUPPLEMENTARY INFORMATION (UNAUDITED) (CONTINUED)

The total contribution of AIAL’s AIFM Remuneration Code Staff to the business of Ashmore is apportioned between work carried out for AIAL and work carried out for the other businesses and subsidiaries of Ashmore. Their remuneration is similarly apportioned between AIAL and the other businesses and subsidiaries where required.

The remuneration attributable to AIAL for its AIFMD identified staff for the financial year ended June 30, 2022 was as follows:



Fund	Number of Beneficiaries	Variable Remuneration		Fixed Remuneration		Total Remuneration
Ashmore Emerging Markets Total Return Fund	18	£	140,197	£	21,838	£	162,035
Ashmore Emerging Markets Local Currency Bond Fund	16		911		171		1,082
Ashmore Emerging Markets Corporate Income Fund	17		32,421		5,127		37,548
Ashmore Emerging Markets Short Duration Fund	17		14,373		2,273		16,646
Ashmore Emerging Markets Active Equity Fund	18		42,703		7,730		50,433
Ashmore Emerging Markets Small-Cap Equity Fund	18		3,985		721		4,706
Ashmore Emerging Markets Frontier Equity Fund	18		37,120		6,719		43,839
Ashmore Emerging Markets Equity Fund	18		57,903		10,481		68,384
Ashmore Emerging Markets Equity ESG Fund	18		5,559		1,006		6,565
Ashmore Emerging Markets Short Duration Select Fund	17		2,140		338		2,478
Ashmore Emerging Markets Investment Grade Income Fund	17		3,947		624		4,571
Ashmore Emerging Markets Corporate Income ESG Fund	17		1,676		265		1,941
Total AIAL	20	£	816,186	£	138,033	£	954,219

All of the remuneration above was attributable to senior management who have a material impact on the Funds’ risk profile. The Funds’ allocation of the AIAL remuneration has been made on the basis of NAV.

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FOR MORE INFORMATION

As of October 31, 2022

PORTFOLIO HOLDINGS

The Ashmore Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Form N-PORT is available on the SEC’s Web site at www.sec.gov within sixty days after the Funds’ first and third fiscal quarters. In addition, no later than thirty calendar days after the end of each calendar quarter, a list of all portfolio holdings in each Fund as of the end of such calendar quarter is made available at www.ashmoregroup.com.

PROXY VOTING

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

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PRIVACY POLICY

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

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

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

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

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

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

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

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OTHER INFORMATION

Administrator, Custodian and Transfer Agent

The Northern Trust Company

333 South Wabash Avenue

Chicago, Illinois 60604

312-630-6000

Investment Manager

Ashmore Investment Advisors Limited

61 Aldwych

London WC2B 4AE

United Kingdom

44-20-3077-6000

Independent Registered Public Accounting Firm

KPMG LLP

Aon Center

Suite 5500

200 East Randolph Drive

Chicago, Illinois 60601-6436

Distributor

Ashmore Investment Management (US) Corporation

475 Fifth Avenue

15^th Floor

New York, New York 10017

212-661-0061

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, Massachusetts 02199

617-951-7000

Independent Trustees’ Counsel

Dechert LLP

One International Place

40^th Floor

100 Oliver Street

Boston, Massachusetts 02110

617-728-7100

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TRUSTEES AND OFFICERS

Set forth below is information about the Trustees and Officers of the Ashmore Funds. Each Trustee has served in that capacity since he or she was originally elected or appointed to the Board of Trustees. Each Trustee oversees a total of eleven portfolios in the Ashmore Funds. The Ashmore Funds’ Statement of Additional Information contains additional information about the Trustees and is available upon request and without charge by calling 866-876-8294.

INDEPENDENT TRUSTEES



*Name, Address^and Age of Independent Trustee**	Positions(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years
Yeelong Balladon (Age 64)	Trustee; Lead Independent Trustee	Indefinite term; Trustee since inception in 2010	Freshfields Bruckhaus Deringer (a law firm) from 1982 to 2009 (Partner from 1999).	12	Microvast Board of Directors (Class III Director) since July 2022
Michael Chamberlin (Age 73)	Trustee	Indefinite term; Trustee since 2012	Executive Director and CEO, Emerging Markets Traders Association⁽¹⁾.	12	None
Joseph Grainger (Age 68)	Trustee	Indefinite term; Trustee since 2014	Ernst & Young LLP from 1988 to December 2013 (Partner from October 1990).	12	None

* Each Trustee may be contacted at 61 Aldwych, London WC2B 4AE, United Kingdom.

⁽¹⁾

Mr. Chamberlin has served as the Executive Director of the Emerging Markets Traders Association (“EMTA”) since 1994. Mark Coombs is Co-Chair of EMTA’s Board of Directors, and the Investment Manager’s ultimate parent company, Ashmore Group plc, is a member of the EMTA. Mr. Coombs is the Investment Manager’s Chief Executive Officer.

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TRUSTEES AND OFFICERS (CONTINUED)



*Name, Address^and Age of Interested Trustee**	Positions(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years
George Grunebaum⁽²⁾ (Age 59)	Trustee; Chairman of the Trustees; President and Chief Executive Officer	Indefinite term; Trustee since inception	Chief Executive Officer since November 2008, Ashmore Investment Management (US) Corporation.	12	BC Partners Lending Corp Portman Ridge Finance Corp Logan Ridge Finance Corp Alternative Credit Income Fund
Stephen Hicks⁽³⁾ (Age 62)	Trustee	Indefinite term; Trustee since 2014	CCO of Trinity Street Asset Management LLP, a UK private asset manager, since 2014.	12	None

*	Each Trustee may be contacted at 61 Aldwych, London WC2B 4AE, United Kingdom.

⁽²⁾

Mr. Grunebaum is an “interested person” of the Trust, as defined in Section 2(a)(19) of the 1940 Act, due to, among other things, his positions with the Distributor and its affiliates. Mr. Grunebaum serves or has served as a trustee or director of other pooled investment vehicles sponsored by Ashmore Group plc (“Ashmore Group”) and its affiliates, including Ashmore Global Emerging Markets Funds, LTD and Ashmore Global Opportunities Limited.

⁽³⁾

Mr. Hicks is an “interested person” of the Trust, as defined in Section 2(a)(19) of the 1940 Act, due to his former position with Ashmore Group, the parent company of Ashmore Investment Advisors Limited. Ashmore Group indirectly compensates Mr. Hicks, through a separate private company, for his service as a Trustee of the Trust and as a trustee or director of other pooled investment vehicles sponsored by Ashmore Group and its affiliates.

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TRUSTEES AND OFFICERS (CONTINUED)

OFFICERS



Name, Address^and Age of Officer**	Positions(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
George Grunebaum (Age 59)	Trustee, President and Chief Executive Officer	Indefinite term; since inception	Chief Executive Officer, Ashmore Investment Management (US) Corporation, from November 2008 – Present.
Alexandra Autrey (Age 46)	Chief Legal Officer	Indefinite term; since inception	Group General Counsel and Company Secretary, Ashmore Group plc, since May 2021; Group Head of Legal and Transaction Management, Ashmore Group plc, from January 2012 – April 2021.
Jonathan Kim (Age 36)	Treasurer and Principal Financial and Accounting Officer	Indefinite term; since 2018	Chief Financial Officer and FinOp, Ashmore Investment Management (US) Corporation, since September 2018; Institutional Account Services, Ashmore Investment Management (US) Corporation, from January 2016 - March 2021.
Matthew Butryman (Age 38)	Chief Compliance Officer and Secretary	Indefinite term; since November 2022	Senior Vice President and Senior Compliance Officer, Pacific Investment Management Company LLC (PIMCO), from January 2021 – October 2022; Vice President and Senior Compliance Officer, PIMCO, from January 2018 – December 2020; Vice President and Compliance Officer, PIMCO, from May 2015 – December 2018.
Paul Robinson (Age 49)	Assistant Chief Legal Officer	Indefinite term; since June 2011	Group Deputy Head of Legal and Transaction Management since August 2012, Ashmore Group plc.

**	Each Officer may be contacted at 61 Aldwych, London WC2B 4AE, United Kingdom.

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(b) Not applicable.

Item 2. Code of Ethics.

(a)

As of October 31, 2022, the registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(c)	The registrant has not amended its Code of Ethics during the period covered by this report.

(d)	The registrant has not granted any waivers, including an implicit waiver, from any provisions of its Code of Ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR), serving on its audit committee. Joseph Grainger is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

Under applicable securities laws and regulations, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liability that are greater than the duties, obligations, and liability imposed on such person as a member of the registrant’s Audit Committee and Board of Trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations or liability of any other member of the registrant’s Audit Committee or Board of Trustees.

Item 4. Principal Accountant Fees and Services.

Item 4(a): Audit Fees

The aggregate fees billed for each of the last two fiscal years for professional services rendered by KPMG LLP (“KPMG”), independent registered public accounting firm, for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant

in connection with statutory and regulatory filings or engagements for those fiscal years are $343,760 in 2022 and $323,870 in 2021.

Item 4 (b): Audit-Related Fees

The aggregate fees billed in each of the last two fiscal years for assurance and related services by KPMG that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are NONE.

Item 4 (c): Tax Fees

The aggregate fees billed in each of the last two fiscal years for professional services rendered by KPMG for RIC tax compliance and diversification review and tax return review are NONE in 2022 and NONE in 2021.

Item 4 (d): All Other Fees

The aggregate fees billed in each of the last two fiscal years for products and services provided by KPMG and its affiliates, other than the services reported in paragraphs (a) through (c) of this Item, are GBP 100,000 in 2022 and GBP 97,750 in 2021 for reports on internal controls.

Item 4(e)(1): Pre-Approval Policies and Procedures

Pursuant to the registrant’s Audit Committee Charter adopted on November 17, 2010, as revised on December 9, 2022, the Audit Committee shall, to the extent required by applicable regulations, pre-approve (i) all audit and permitted non-audit services rendered by the independent auditors to a Fund and (ii) all non-audit services rendered by the independent auditors to a Fund’s investment adviser(s) (including any sub-advisers) and to certain of the investment adviser’s affiliates, as applicable. The Audit Committee may implement policies and procedures by which such services are pre-approved other than by the full Committee (for example, by the Committee chair).

Item 4(e)(2): Percentage of Fees Pre-Approved Pursuant to Waiver Provision of Paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X

No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

Item 4(f): Work Performed by Persons Other than the Principal Accountant

Not applicable.

Item 4(g): Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees and services billed by KPMG and its affiliates for services rendered to the registrant and service affiliates for the last two fiscal years are GBP 100,000 for 2022 and GBP 97,750 for 2021.

Item 4(h): Non-Audit Services and Independent Accountant’s Independence

The registrant’s Audit Committee has considered whether the provision of non-audit services to service affiliates, not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the registered public accountant’s independence in performing audit services.

Item 4(i): Not applicable.

Item 4(j): Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)	The registrant has elected to include the schedule of investments in securities of unaffiliated issuers as part of the report to shareholders filed under Item 1 of this report on Form N-CSR.

(b)	Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

(a)

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

(b)

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)

Exhibit 99.CODE: Code of Ethics pursuant to Item 2 of Form N-CSR.

(a)(2)

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

(a)(3)

Not applicable.

(a)(4)

Not applicable.

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

SIGNATURES

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

Ashmore Funds


By		/s/ George Grunebaum
		George Grunebaum, President and Chief Executive Officer
		(Principal Executive Officer)

Date: March 1, 2023

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


By		/s/ George Grunebaum
		George Grunebaum, President and Chief Executive Officer
		(Principal Executive Officer)

Date: March 1, 2023


By		/s/ Jonathan Kim
		Jonathan Kim, Treasurer
		(Principal Financial and Accounting Officer)

Date: March 1, 2023