UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number          811-22468                             

                                         Ashmore Funds                                        

(Exact name of registrant as specified in charter)

c/o Ashmore Investment Advisors Limited

61 Aldwych

London WC2B 4AE

                             England                            

(Address of principal executive offices) (Zip code)

Corporation Service Company

84 State Street

                             Boston, MA 20109                            

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2023

Item 1. Reports to Stockholders.

(a) Report pursuant to Rule 30e-1

ASHMORE FUNDS

SEMI ANNUAL FINANCIAL STATEMENTS

April 30, 2023

(THIS PAGE INTENTIONALLY LEFT BLANK)

ASHMORE FUNDS

TABLE OF CONTENTS

	Page
FINANCIAL STATEMENTS:
Glossary of Terms		1
Important Information about the Funds		3
Fund Summaries		5
Statements of Assets and Liabilities		19
Statements of Operations		21
Statements of Changes in Net Assets		23
Financial Highlights		27
Schedules of Investments		63
Ashmore Emerging Markets Total Return Fund		63
Ashmore Emerging Markets Local Currency Bond Fund		82
Ashmore Emerging Markets Corporate Income Fund		92
Ashmore Emerging Markets Short Duration Fund		104
Ashmore Emerging Markets Active Equity Fund		108
Ashmore Emerging Markets Small-Cap Equity Fund		113
Ashmore Emerging Markets Frontier Equity Fund		117
Ashmore Emerging Markets Equity Fund		122
Ashmore Emerging Markets Equity ESG Fund		128
Ashmore Emerging Markets Short Duration Select Fund		133
Ashmore Emerging Markets Investment Grade Income Fund		137
Ashmore Emerging Markets Corporate Income ESG Fund		142
Notes to Financial Statements		146
Liquidity Risk Management Program		174
Advisory Agreement Approval		175
Supplementary Information		179
For More Information		181
Privacy Policy		182
Other Information		183

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.

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%.

1

GLOSSARY OF TERMS (CONTINUED)

MSCI Frontier Markets Index Net TR: MSCI Frontier Market Index captures large and mid cap representation across Frontier Market Countries.

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.

2

IMPORTANT INFORMATION ABOUT THE FUNDS

Ashmore Investment Advisors Limited

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.

3

IMPORTANT INFORMATION ABOUT THE FUNDS (CONTINUED)

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

EXPENSE EXAMPLE

Fund Expenses

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in Dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, from November 1, 2022 or the inception date (if later), through April 30, 2023.

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.

4

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.

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 Apr 30, 2023	1 Year		5 Year		10 Year
Institutional Class		-4.68%		-4.78%		-1.59%
Retail Class A (load-waived)		-5.03%		-5.03%		-1.85%3
Retail Class A (unadjusted)1		-8.82%		-5.80%		-2.25%3
Retail Class C (load-waived)		-5.54%		-5.70%		-2.44%3
Retail Class C (unadjusted)1		-6.44%		-5.70%		-2.44%3
50/25/25 Composite Benchmark2		2.45%		-0.64%		0.30%

Cumulative Returns Through Apr 30, 2023 (% of NAV)

Share class information

INSTITUTIONAL CLASS

Launch date: December 8, 2010

Minimum initial investment:

$1,000,000

ISIN: US0448204059

CUSIP: 044820405

BLOOMBERG: EMKIX US

TICKER: EMKIX

RETAIL CLASS A

Launch date: May 12, 2011

Minimum initial investment: $1,000

ISIN: US0448208357

CUSIP: 044820835

BLOOMBERG: EMKAX US

TICKER: EMKAX

RETAIL CLASS C

Launch date: May 12, 2011

Minimum initial investment: $1,000

ISIN: US0448208274

CUSIP: 044820827

BLOOMBERG: EMKCX US

TICKER: EMKCX

All sources are Ashmore unless otherwise indicated.

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

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 (11/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (4/30/2023)	$1,134.40	$1,129.90	$1,128.90	$1,019.74	$1,018.50	$1,014.78
Expense Ratio (Gross / Net)	1.21% / 1.02%	1.46% / 1.27%	2.22% / 2.02%	1.21% / 1.02%	1.46% / 1.27%	2.22% / 2.02%
Expenses Paid*	$5.40	$6.71	$10.66	$5.11	$6.36	$10.09

*Expenses are equal to the Fund’s annualized expense ratios for the period November 1, 2022 through April 30, 2023, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

5

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.

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 Apr 30, 2023	1 Year		5 Year		10 Year
Institutional Class		7.09%		-1.88%		-2.01%
Retail Class A (load-waived)		6.77%		-2.12%		-2.25%3
Retail Class A (unadjusted)1		2.54%		-2.91%		-2.64%3
Retail Class C (load-waived)		6.12%		-2.85%		-2.85%3
Retail Class C (unadjusted)1		5.12%		-2.85%		-2.85%3
JP Morgan GBI-EM GD2		6.56%		-1.62%		-1.77%

Cumulative Returns Through Apr 30, 2023 (% of NAV)

Share class information

INSTITUTIONAL CLASS

Launch date: December 8, 2010

Minimum initial investment:

$1,000,000

ISIN: US0448202079

CUSIP: 044820207

BLOOMBERG: ELBIX US

TICKER: ELBIX

RETAIL CLASS A

Launch date: May 12, 2011

Minimum initial investment: $1,000

ISIN: US0448208761

CUSIP: 044820876

BLOOMBERG: ELBAX US

TICKER: ELBAX

RETAIL CLASS C

Launch date: May 12, 2011

Minimum initial investment: $1,000

ISIN: US0448208688

CUSIP: 044820868

BLOOMBERG: ELBCX US

TICKER: ELBCX

All sources are Ashmore unless otherwise indicated.

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

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 (11/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (4/30/2023)	$1,152.50	$1,151.20	$1,147.10	$1,020.38	$1,019.14	$1,015.42
Expense Ratio (Gross / Net)	2.58% / 0.89%	3.00% / 1.14%	3.74% / 1.89%	2.58% / 0.89%	3.00% / 1.14%	3.74% / 1.89%
Expenses Paid*	$4.75	$6.08	$10.06	$4.46	$5.71	$9.44

*Expenses are equal to the Fund’s annualized expense ratios for the period November 1, 2022 through April 30, 2023, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

6

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.

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 Apr 30, 2023	1 Year		5 Year		10 Year
Institutional Class		-5.56%		-2.11%		1.03%
Retail Class A (load-waived)		-5.86%		-2.38%		0.77%3
Retail Class A (unadjusted)1		-9.57%		-3.17%		0.36%3
Retail Class C (load-waived)		-6.54%		-3.09%		0.17%3
Retail Class C (unadjusted)1		-7.40%		-3.09%		0.17%3
JP Morgan CEMBI BD2		1.33%		2.07%		2.91%

Cumulative Returns Through Apr 30, 2023 (% of NAV)

Share class information

INSTITUTIONAL CLASS

Launch date: December 8, 2010

Minimum initial investment: $1,000,000

ISIN: US044825049

CUSIP: 044820504

BLOOMBERG: EMCIX US

TICKER: EMCIX

RETAIL CLASS A

Launch date: May 12, 2011

Minimum initial investment: $1,000

ISIN: US0448206039

CUSIP: 044820603

BLOOMBERG: ECDAX US

TICKER: ECDAX

RETAIL CLASS C

Launch date: May 12, 2011

Minimum initial investment: $1,000

ISIN: US0448207029

CUSIP: 044820702

BLOOMBERG: ECDCX US

TICKER: ECDCX

All sources are Ashmore unless otherwise indicated.

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

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 CEMBI Broad 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 (11/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (4/30/2023)	$1,121.40	$1,118.90	$1,115.20	$1,020.43	$1,019.19	$1,015.47
Expense Ratio (Gross / Net)	1.20% / 0.88%	1.45% / 1.13%	2.21% / 1.88%	1.20% / 0.88%	1.45% / 1.13%	2.21% / 1.88%
Expenses Paid*	$4.63	$5.94	$9.86	$4.41	$5.66	$9.39

*Expenses are equal to the Fund’s annualized expense ratios for the period November 1, 2022 through April 30, 2023, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

7

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.

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 Apr 30, 2023	1 Year		5 Year		Since incpt1
Institutional Class		-9.62%		-8.49%		-1.27%
Retail Class A (load-waived)		-9.90%		-8.74%		-1.50%
Retail Class A (unadjusted)1		-11.85%		-9.48%		-1.97%
Retail Class C (load-waived)		-10.56%		-9.45%		-7.44%
Retail Class C (unadjusted)1		-11.38%		-9.45%		-7.44%
JP Morgan CEMBI BD 1-3 Year2		3.27%		2.00%		2.44%

Cumulative Returns Through Apr 30, 2023 (% of NAV)

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.

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.

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 (11/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (4/30/2023)	$1,104.20	$1,099.70	$1,098.00	$1,021.37	$1,020.13	$1,016.41
Expense Ratio (Gross / Net)	1.04% / 0.69%	1.29% / 0.94%	2.05% / 1.69%	1.04% / 0.69%	1.29% / 0.94%	2.05% / 1.69%
Expenses Paid*	$3.60	$4.89	$8.79	$3.46	$4.71	$8.45

*Expenses are equal to the Fund’s annualized expense ratios for the period November 1, 2022 through April 30, 2023, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

8

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.

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 Apr 30, 2023	1 Year		5 Year		Since incpt1
Institutional Class		-7.74%		-1.83%	3.18%
Retail Class A (load-waived)		-8.12%		-2.10%	2.93%
Retail Class A (unadjusted)1		-12.97%		-3.15%	2.08%
Retail Class C (load-waived)		-8.73%		-2.83%	2.17%
Retail Class C (unadjusted)1		-9.64%		-2.83%	2.17%
MSCI EM Net2		-6.51%		-1.04%	3.63%

Cumulative Returns Through Apr 30, 2023 (% of NAV)

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.

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 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.

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 (11/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (4/30/2023)	$1,156.50	$1,153.50	$1,150.00	$1,019.74	$1,018.50	$1,014.78
Expense Ratio (Gross / Net)	1.44% / 1.02%	1.63% / 1.27%	2.65% / 2.02%	1.44% / 1.02%	1.63% / 1.27%	2.65% / 2.02%
Expenses Paid*	$5.45	$6.78	$10.77	$5.11	$6.36	$10.09

*Expenses are equal to the Fund’s annualized expense ratios for the period November 1, 2022 through April 30, 2023, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

9

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.

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 Apr 30, 2023	1 Year		5 Year		10 Year
Institutional Class		0.59%		1.96%		3.88%
Retail Class A (load-waived)		0.39%		1.70%		3.62%3
Retail Class A (unadjusted)1		-4.91%		0.61%		3.07%3
Retail Class C (load-waived)		-0.48%		0.98%		3.01%3
Retail Class C (unadjusted)1		-1.47%		0.98%		3.01%3
MSCI EM Small Cap Net2		-5.67%		1.95%		3.04%

Cumulative Returns Through Apr 30, 2023 (% of NAV)

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.

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 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 Small Cap Net. 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 (11/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (4/30/2023)	$1,155.10	$1,153.90	$1,148.60	$1,017.70	$1,016.46	$1,012.74
Expense Ratio (Gross / Net)	2.83% / 1.43%	3.10% / 1.68%	3.86% / 2.43%	2.83% / 1.43%	3.10% / 1.68%	3.86% / 2.43%
Expenses Paid*	$7.64	$8.97	$12.95	$7.15	$8.40	$12.13

*Expenses are equal to the Fund’s annualized expense ratios for the period November 1, 2022 through April 30, 2023, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

10

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.

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 Apr 30, 2023	1 Year		5 Year		Since incpt1
Institutional Class		-10.79%		-1.05%		3.06%
Retail Class A (load-waived)		-11.05%		-1.38%		1.66%2
Retail Class A (unadjusted)1		-15.73%		-2.43%		1.05%2
Retail Class C (load-waived)		-11.76%		-2.16%		0.93%2
Retail Class C (unadjusted)1		-12.64%		-2.16%		0.93%2
MSCI FM + Select EM3		-14.78%		N/A		N/A
MSCI Frontier Markets Net3		-14.81%		-2.13%		1.72%

Cumulative Returns Through Apr 30, 2023 (% of NAV)

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.

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.

³The 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, the 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.

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.

11

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 (11/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (4/30/2023)	$1,030.10	$1,028.00	$1,024.30	$1,017.26	$1,016.02	$1,012.30
Expense Ratio (Gross / Net)	1.99% / 1.52%	2.24% / 1.77%	2.99% / 2.52%	1.99% / 1.52%	2.24% / 1.77%	2.99% / 2.52%
Expenses Paid*	$7.65	$8.90	$12.65	$7.60	$8.85	$12.57

*Expenses are equal to the Fund’s annualized expense ratios for the period November 1, 2022 through April 30, 2023, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

12

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.

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 Apr 30, 2023	1 Year		5 Year		10 Year
Institutional Class		-1.34%		2.36%		3.91%
Retail Class A (load-waived)		-1.50%		2.12%		3.65%4
Retail Class A (unadjusted)1		-6.68%		1.02%		3.09%4
Retail Class C (load-waived)3		-2.22%		1.39%		1.45%4
Retail Class C (unadjusted)1,3		-3.19%		1.39%		1.45%4
MSCI EM Net2		-6.51%		-1.04%		1.80%

Cumulative Returns Through Apr 30, 2023 (% of NAV)

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.

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 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.

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 (11/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (4/30/2023)	$1,189.40	$1,188.10	$1,183.90	$1,019.24	$1,018.00	$1,014.28
Expense Ratio (Gross / Net)	1.42% / 1.12%	1.66% / 1.37%	2.42% / 2.12%	1.42% / 1.12%	1.66% / 1.37%	2.42% / 2.12%
Expenses Paid*	$6.08	$7.43	$11.48	$5.61	$6.85	$10.59

*Expenses are equal to the Fund’s annualized expense ratios for the period November 1, 2022 through April 30, 2023, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

13

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.

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 Apr 30, 2023	1 Year		Since incpt1
Institutional Class		2.07%	3.10%
Retail Class A (load-waived)		1.87%	2.87%
Retail Class A (unadjusted)1		-3.52%	1.15%
Retail Class C (load-waived)		1.04%	2.16%
Retail Class C (unadjusted)1		0.04%	2.16%
MSCI EM Net2		-6.51%	0.34%

Cumulative Returns Through Apr 30, 2023 (% of NAV)

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.

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.

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.

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 (11/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (4/30/2023)	$1,221.90	$1,220.90	$1,216.00	$1,019.24	$1,018.00	$1,014.28
Expense Ratio (Gross / Net)	2.14% / 1.12%	2.49% / 1.37%	3.22% / 2.12%	2.14% / 1.12%	2.49% / 1.37%	3.22% / 2.12%
Expenses Paid*	$6.17	$7.54	$11.65	$5.61	$6.85	$10.59

*Expenses are equal to the Fund’s annualized expense ratios for the period November 1, 2022 through April 30, 2023, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

14

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.

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 Apr 30, 2023	1 Year		Since incpt1
Institutional Class		0.90%	-1.06%
Retail Class A (load-waived)		0.66%	-1.28%
Retail Class A (unadjusted)1		-1.65%	-2.06%
Retail Class C (load-waived)		-0.14%	-2.03%
Retail Class C (unadjusted)1		-1.11%	-2.03%
JP Morgan CEMBI BD IG 1-3 Year2		2.02%	-1.28%

Cumulative Returns Through Apr 30, 2023 (% of NAV)

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.

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 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 Investment Grade 1-3 Year.

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 (11/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (4/30/2023)	$1,063.10	$1,061.10	$1,057.10	$1,021.47	$1,020.23	$1,016.51
Expense Ratio (Gross / Net)	1.53% / 0.67%	1.96% / 0.92%	2.65% / 1.67%	1.53% / 0.67%	1.96% / 0.92%	2.65% / 1.67%
Expenses Paid*	$3.43	$4.70	$8.52	$3.36	$4.61	$8.35

*Expenses are equal to the Fund’s annualized expense ratios for the period November 1, 2022 through April 30, 2023, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

15

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.

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 Apr 30, 2023	1 Year		Since incpt1
Institutional Class		-0.13%	-4.15%
Retail Class A (load-waived)		-0.37%	-4.36%
Retail Class A (unadjusted)1		-4.32%	-5.85%
Retail Class C (load-waived)		-1.07%	-5.04%
Retail Class C (unadjusted)1		-2.02%	-5.04%
JP Morgan CEMBI IG BD2		0.67%	-3.65%

Cumulative Returns Through Apr 30, 2023 (% of NAV)

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.

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 the JP Morgan CEMBI Investment Grade Broad Diversified.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please 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 (11/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (4/30/2023)	$1,102.10	$1,101.70	$1,098.00	$1,021.22	$1,019.98	$1,016.27
Expense Ratio (Gross / Net)	1.25% / 0.72%	1.70% / 0.97%	2.16% / 1.72%	1.25% / 0.72%	1.70% / 0.97%	2.16% / 1.72%
Expenses Paid*	$3.75	$5.05	$8.95	$3.61	$4.86	$8.60

*Expenses are equal to the Fund’s annualized expense ratios for the period November 1, 2022 through April 30, 2023, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

16

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.

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 Apr 30, 2023	1 Year		Since incpt1
Institutional Class		-7.10%	-13.58%
Retail Class A (load-waived)		-7.42%	-13.82%
Retail Class A (unadjusted)1		-11.14%	-15.43%
Retail Class C (load-waived)		-8.05%	-14.42%
Retail Class C (unadjusted)1		-8.92%	-14.42%
JP Morgan CEMBI BD2		1.33%	-4.03%

Cumulative Returns Through Apr 30, 2023 (% of NAV)

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.

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 the JP Morgan CEMBI Broad Diversified.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, please 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 (11/1/2022)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (4/30/2023)	$1,069.10	$1,066.10	$1,063.00	$1,020.48	$1,019.24	$1,015.52
Expense Ratio (Gross / Net)	1.96% / 0.87%	2.11% / 1.12%	3.11% / 1.87%	1.96% / 0.87%	2.11% / 1.12%	3.11% / 1.87%
Expenses Paid*	$4.46	$5.74	$9.57	$4.36	$5.61	$9.35

*Expenses are equal to the Fund’s annualized expense ratios for the period November 1, 2022 through April 30, 2023, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

17

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18

ASHMORE FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

As of April 30, 2023 (Unaudited)

	Ashmore Emerging Markets Total Return Fund				Ashmore Emerging Markets Local Currency Bond Fund				Ashmore Emerging Markets Corporate Income Fund				Ashmore Emerging Markets Short Duration Fund
ASSETS:
Investments in securities, at value		$	434,233,188			$	9,300,562			$	81,726,366			$	56,866,549
Deposit held at broker			1,939,279				41,026				—				—
Cash			58,155,048				995,671				3,651,741				2,638,048
Foreign currency, at value			745,860				28,759				460				12,427
Unrealized appreciation on forward foreign currency exchange contracts			1,653,860				50,382				—				—
Variation margin receivable on centrally cleared swap contracts			646				25				—				—
Unrealized appreciation on interest rate swap contracts			—				3,317				—				—
Due from broker			96,629				4,820				—				—
Receivable for securities and currencies sold			1,268,474				277,326				1,028,447				—
Receivable for fund shares sold			12				35,000				32,006				—
Receivable from Investment Manager			73,791				12,310				21,956				18,347
Interest and dividends receivable			7,605,279				210,343				1,165,827				701,583
Other assets			22,136				19,372				20,690				16,707
Total Assets			505,794,202				10,978,913				87,647,493				60,253,661
LIABILITIES:
Cash overdraft			—				—				—				—
Unrealized depreciation on forward foreign currency exchange contracts			3,024,968				73,737				16,674				—
Variation margin payable on centrally cleared swap contracts			—				74				—				—
Payable for securities and currencies purchased			178,218				242,828				232,011				273,939
Payable for when-issued securities			2,154,990				—				379,863				—
Payable for fund shares redeemed			151,536				—				403				4,255
Distributions payable			1,091,291				—				102,637				98,851
Due to broker			617,898				28,835				—				—
Investment Manager fee payable			409,710				6,344				61,559				33,656
Trustees’ fees payable			34,390				525				6,566				3,914
Deferred foreign capital gains taxes payable			—				—				—				—
Administration fees payable			28,335				610				4,219				4,172
Custody fees payable			125,571				8,036				21,759				10,616
Professional fees payable			232,602				23,099				68,473				77,512
Regulatory fees payable			10,776				2,136				5,554				4,467
Other liabilities			7,056				403				10,783				2,768
Total Liabilities			8,067,341				386,627				910,501				514,150
Net Assets		$	497,726,861			$	10,592,286			$	86,736,992			$	59,739,511
NET ASSETS:
Paid in capital		$	989,969,724			$	11,557,766			$	253,391,623			$	473,720,859
Distributable earnings/(Accumulated loss)			(492,242,863	)			(965,480	)			(166,654,631	)			(413,981,348	)
Net Assets		$	497,726,861			$	10,592,286			$	86,736,992			$	59,739,511
Net Assets:
Class A		$	2,337,222			$	1,437,326			$	4,173,151			$	7,799,413
Class C			952,927				2,714				1,592,726				244,431
Institutional Class			494,436,712				9,152,246				80,971,115				51,695,667
Shares Issued and Outstanding (no par value, unlimited shares authorized):
Class A			492,646				222,119				789,815				1,755,936
Class C			201,632				435				302,273				57,532
Institutional Class			102,687,649				1,346,173				14,698,018				11,842,891
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding):
Class A		$	4.74			$	6.47			$	5.28			$	4.44
Class C			4.73				6.24				5.27				4.25
Institutional Class			4.81				6.80				5.51				4.37
Cost of Investments in securities		$	618,863,886			$	9,341,122			$	132,717,179			$	129,160,055
Cost of foreign currency held		$	650,957			$	28,790			$	459			$	12,092

See accompanying notes to the financial statements.

19

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
	$	24,963,603			$	8,771,209			$	63,341,592			$	109,594,959			$	10,666,361			$	9,128,687			$	16,805,716			$	5,897,035
		—				—				—				—				—				—				—				—
		1,994,700				286,939				5,278,507				—				212,468				312,053				640,176				903,718
		27,091				771				1,903,614				101,367				5,504				3,558				9,793				813
		—				—				—				—				—				—				—				—
		—				—				—				—				—				—				—				—
		—				—				—				—				—				—				—				—
		—				—				—				—				—				—				—				—
		31				58,119				3,144,099				2,080,446				3				—				—				263,175
		—				—				40,545				106,318				—				—				—				—
		26,234				10,330				25,827				33,552				9,301				6,667				7,590				6,451
		88,945				6,627				233,646				374,483				1,059				100,443				211,215				95,418
		14,475				3,540				—				37,224				20,722				7,775				3				8,325
		27,115,079				9,137,535				73,967,830				112,328,349				10,915,418				9,559,183				17,674,493				7,174,935
		—				—				—				241,548				—				—				—				—
		—				—				—				—				—				464				2,106				—
		—				—				—				—				—				—				—				—
		266,495				102,911				2,717,477				943,644				26,888				—				—				129
		—				—				—				—				—				—				—				—
		—				145				51,672				182,260				—				—				—				—
		—				—				—				—				—				7,512				14,249				8,327
		—				—				65,611				—				—				—				—				—
		23,093				9,294				85,850				93,188				9,044				5,080				10,098				4,981
		6,369				528				5,184				7,366				687				632				1,151				482
		—				3,455				18,757				85,376				226				—				—				—
		3,282				552				4,304				7,267				677				607				1,100				452
		8,043				3,281				63,487				19,079				1,905				981				1,816				876
		33,201				20,134				36,832				49,125				20,232				19,875				21,988				19,271
		1,567				1,347				1,598				1,223				1,351				2,393				2,416				2,335
		1,124				4,612				6,678				2,295				542				460				3,680				459
		343,174				146,259				3,057,450				1,632,371				61,552				38,004				58,604				37,312
	$	26,771,905			$	8,991,276			$	70,910,380			$	110,695,978			$	10,853,866			$	9,521,179			$	17,615,889			$	7,137,623
	$	49,890,200			$	13,611,758			$	77,238,500			$	132,407,154			$	11,912,056			$	10,982,086			$	21,653,530			$	10,847,727
		(23,118,295	)			(4,620,482	)			(6,328,120	)			(21,711,176	)			(1,058,190	)			(1,460,907	)			(4,037,641	)			(3,710,104	)
	$	26,771,905			$	8,991,276			$	70,910,380			$	110,695,978			$	10,853,866			$	9,521,179			$	17,615,889			$	7,137,623
	$	47,845			$	445,574			$	2,797,027			$	4,597,678			$	1,078			$	947			$	876			$	711
		1,226				34,767				214,692				80,011				1,055				929				862				701
		26,722,834				8,510,935				67,898,661				106,018,289				10,851,733				9,519,303				17,614,151				7,136,211
		6,806				38,363				326,447				468,719				116				110				109				111
		179				2,921				26,127				8,785				116				108				107				109
		3,764,792				563,097				6,799,984				11,239,562				1,165,575				1,102,146				2,184,610				1,108,897
	$	7.03			$	11.61			$	8.57			$	9.81			$	9.25			$	8.63			$	8.05			$	6.43
		6.85				11.90				8.22				9.11				9.07				8.63				8.05				6.43
		7.10				15.11				9.99				9.43				9.31				8.64				8.06				6.44
	$	27,723,779			$	9,825,467			$	63,976,032			$	120,121,098			$	10,852,558			$	9,460,682			$	18,544,585			$	8,243,467
	$	27,135			$	771			$	1,904,149			$	102,600			$	5,511			$	3,563			$	9,807			$	815

See accompanying notes to the financial statements.

20

ASHMORE FUNDS

STATEMENTS OF OPERATIONS

For the Six Month Period Ended April 30, 2023 (Unaudited)

	Ashmore Emerging Markets Total Return Fund			Ashmore Emerging Markets Local Currency Bond Fund			Ashmore Emerging Markets Corporate Income Fund			Ashmore Emerging Markets Short Duration Fund
INVESTMENT INCOME:
Interest, net of foreign tax withholdings*	$	17,585,875		$	298,460		$	3,322,559		$	2,855,165
Dividends, net of foreign tax withholdings*		—			—			—			—
Non-cash dividends		—			—			—			—
Total Income		17,585,875			298,460			3,322,559			2,855,165
EXPENSES:
Investment Manager fees		2,458,712			35,667			382,596			198,675
Administration fees		49,170			822			9,002			6,112
Custody fees		110,084			15,607			15,776			7,371
Professional fees		227,501			21,405			64,743			57,005
Trustees’ fees		58,617			960			10,859			6,984
Offering expenses and registration fees		26,724			22,984			25,319			24,368
Insurance fees		37,816			415			11,550			4,814
Printing fees		9,324			2,962			9,659			5,088
Distribution and servicing fees - Class A		2,681			1,699			5,525			8,389
Distribution and servicing fees - Class C		5,364			13			8,459			1,278
Regulatory fees		15,748			6,515			9,984			9,051
Interest expense		—			—			—			—
Total Expenses		3,001,741			109,049			553,472			329,135
Less expenses reimbursed by the Investment Manager		(478,226	)		(70,751	)		(145,688	)		(108,039	)
Net Expenses		2,523,515			38,298			407,784			221,096
Net Investment Income (Loss)		15,062,360			260,162			2,914,775			2,634,069
NET REALIZED AND UNREALIZED GAINS (LOSSES):
NET REALIZED GAIN (LOSS) ON:
Investments in securities (net of increase (decrease) in deferred foreign taxes of $-, $-, $-, $-, $(90), $277, $17,098, $1,327, $1, $-, $-, and $-, respectively)		(46,159,877	)		(209,357	)		(9,981,409	)		(5,301,459	)
Forward foreign currency exchange contracts		4,649,450			3,564			(253,850	)		—
Interest rate swap contracts		48,826			(15,879	)		—			—
Foreign exchange transactions		709,182			11,143			63,865			4,362
Net Realized Gain (Loss)		(40,752,419	)		(210,529	)		(10,171,394	)		(5,297,097	)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities (net of increase (decrease) in deferred foreign taxes of $-, $-, $-, $-, $(54,384), $2,018, $(65,154), $27,687, $91, $-, $-, and $-, respectively)		83,961,783			954,374			17,793,293			8,205,789
Forward foreign currency exchange contracts		2,189,726			30,795			(40,171	)		—
Interest rate swap contracts		(67,121	)		16,533			—			—
Foreign exchange translations		205,091			15,051			2,447			164
Change in Net Unrealized Appreciation (Depreciation)		86,289,479			1,016,753			17,755,569			8,205,953
Net Realized and Unrealized Gains		45,537,060			806,224			7,584,175			2,908,856
Net Increase in Net Assets Resulting from Operations	$	60,599,420		$	1,066,386		$	10,498,950		$	5,542,925
* Foreign Tax Withholdings	$	55,273		$	5,125		$	—		$	—

See accompanying notes to the financial statements.

21

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
$	43,921		$	3,130		$	67,148		$	18,937		$	2,248		$	218,626		$	427,856		$	217,569
	489,470			42,973			1,126,981			1,051,974			53,500			—			—			—
	—			3,149			—			—			—			—			—			—
	533,391			49,252			1,194,129			1,070,911			55,748			218,626			427,856			217,569
	324,905			59,295			522,936			612,422			58,063			30,163			59,900			30,101
	6,498			842			6,972			11,154			1,058			928			1,711			708
	40,554			10,192			80,576			58,434			5,411			1,604			2,704			1,244
	40,779			16,468			35,935			49,427			16,131			17,713			20,128			17,097
	10,276			989			8,653			13,310			1,260			1,103			2,024			842
	26,694			22,469			22,739			25,996			22,412			9,477			9,551			9,513
	6,051			610			5,087			7,939			719			647			1,208			530
	3,526			3,084			4,693			4,603			2,927			2,965			2,964			2,964
	489			566			3,591			5,420			2			2			2			—
	6			191			1,014			453			5			5			4			4
	6,238			5,065			5,943			6,544			5,101			6,531			6,649			6,537
	—			—			—			—			—			—			—			—
	466,016			119,771			698,139			795,702			113,089			71,138			106,845			69,540
	(135,989	)		(58,833	)		(163,779	)		(166,228	)		(53,963	)		(40,038	)		(45,220	)		(38,721	)
	330,027			60,938			534,360			629,474			59,126			31,100			61,625			30,819
	203,364			(11,686	)		659,769			441,437			(3,378	)		187,526			366,231			186,750
	3,659,148			(144,987	)		(1,449,755	)		(4,292,451	)		(470,570	)		(217,683	)		(331,612	)		(534,943	)
	(1,576	)		—			664			—			—			(37,674	)		(106,953	)		(25,792	)
	—			—			—			—			—			—			—			—
	(120,294	)		(1,345	)		(39,832	)		(11,949	)		(4,725	)		7,547			25,311			6,538
	3,537,278			(146,332	)		(1,488,923	)		(4,304,400	)		(475,295	)		(247,810	)		(413,254	)		(554,197	)
	13,444,922			1,276,028			2,856,340			20,540,100			2,453,480			617,872			1,697,016			826,522
	—			—			—			—			—			1,050			2,543			1,042
	—			—			—			—			—			—			—			—
	11,400			78			14,236			(30	)		(36	)		201			611			185
	13,456,322			1,276,106			2,870,576			20,540,070			2,453,444			619,123			1,700,170			827,749
	16,993,600			1,129,774			1,381,653			16,235,670			1,978,149			371,313			1,286,916			273,552
$	17,196,964		$	1,118,088		$	2,041,422		$	16,677,107		$	1,974,771		$	558,839		$	1,653,147		$	460,302
$	64,922		$	4,759		$	35,650		$	80,783		$	8,198		$	—		$	—		$	318

See accompanying notes to the financial statements.

22

ASHMORE FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

For the Six Month Period Ended April 30, 2023 (Unaudited) and the Fiscal Year Ended October 31, 2022

	Ashmore Emerging Markets Total Return Fund								Ashmore Emerging Markets Local Currency Bond Fund								Ashmore Emerging Markets Corporate Income Fund
	2023				2022				2023				2022				2023				2022
OPERATIONS:
Net investment income (loss)		$	15,062,360			$	45,555,709			$	260,162			$	341,843			$	2,914,775			$	12,949,114
Net realized gain (loss)			(40,752,419	)			(209,122,942	)			(210,529	)			(1,102,008	)			(10,171,394	)			(36,003,457	)
Net change in unrealized appreciation (depreciation)			86,289,479				(110,036,273	)			1,016,753				(511,998	)			17,755,569				(39,359,413	)
Net Increase (Decrease) in Net Assets Resulting from Operations			60,599,420				(273,603,506	)			1,066,386				(1,272,163	)			10,498,950				(62,413,756	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A			(63,490	)			(37,990	)			—				—				(228,706	)			(591,756	)
Class C			(28,140	)			(13,646	)			—				—				(80,876	)			(213,937	)
Institutional Class			(15,018,275	)			(8,198,044	)			—				—				(4,413,685	)			(12,611,307	)
Total Distributions to Shareholders			(15,109,905	)			(8,249,680	)			—				—				(4,723,267	)			(13,417,000	)
TAX RETURN OF CAPITAL DISTRIBUTIONS TO SHAREHOLDERS:
Class A			—				(156,233	)			—				(20,107	)			—				—
Class C			—				(66,934	)			—				(298	)			—				—
Institutional Class			—				(34,684,669	)			—				(76,188	)			—				—
Total Tax Return of Capital Distributions to Shareholders			—				(34,907,836	)			—				(96,593	)			—				—
FUND SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from Class A share transactions			268,529				(2,480,460	)			224				(51,180	)			(878,481	)			(2,985,423	)
Net increase (decrease) in net assets resulting from Class C share transactions			(236,175	)			(582,173	)			—				(21,775	)			(305,377	)			(2,614,851	)
Net increase (decrease) in net assets resulting from Institutional Class share transactions			(39,659,202	)			(413,280,851	)			4,144,856				(1,104,070	)			(10,725,664	)			(119,801,222	)
Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions			(39,626,848	)			(416,343,484	)			4,145,080				(1,177,025	)			(11,909,522	)			(125,401,496	)
Total Increase (Decrease) in Net Assets			5,862,667				(733,104,506	)			5,211,466				(2,545,781	)			(6,133,839	)			(201,232,252	)
NET ASSETS:
Net Assets at the Beginning of period			491,864,194				1,224,968,700				5,380,820				7,926,601				92,870,831				294,103,083
Net Assets at the End of period		$	497,726,861			$	491,864,194			$	10,592,286			$	5,380,820			$	86,736,992			$	92,870,831

See accompanying notes to the financial statements.

23

Ashmore Emerging Markets Short Duration Fund						Ashmore Emerging Markets Active Equity Fund						Ashmore Emerging Markets Small-Cap Equity Fund
2023			2022			2023			2022			2023			2022
	$  2,634,069			$    5,562,392			$      203,364			$      983,247			$  (11,686	)		$      50,751
	(5,297,097	)		(61,800,609	)		3,537,278			(21,706,306	)		(146,332	)		(415,838	)
	8,205,953			22,922,301			13,456,322			(16,867,095	)		1,276,106			(3,455,025	)
	5,542,925			(33,315,916	)		17,196,964			(37,590,154	)		1,118,088			(3,820,112	)
	(375,994	)		(336,688	)		(943	)		(396,907	)		—			—
	(14,446	)		(36,298	)		(1	)		(433	)		—			—
	(3,253,217	)		(7,232,408	)		(190,568	)		(17,159,925	)		—			—
	(3,643,657	)		(7,605,394	)		(191,512	)		(17,557,265	)		—			—
	—			—			—			(1,429	)		—			(4,734	)
	—			—			—			(1	)		—			(704	)
	—			—			—			(177,587	)		—			(88,237	)
	—			—			—			(179,017	)		—			(93,675	)
	4,855,164			(1,945,708	)		(872,066	)		10,980			(22,869	)		213,811
	(57,289	)		(696,358	)		1			383			(12,745	)		(69,661	)
	(2,296,760	)		(34,104,155	)		(65,430,697	)		33,353,791			1,237,971			(1,036,778	)
	2,501,115			(36,746,221	)		(66,302,762	)		33,365,154			1,202,357			(892,628	)
	4,400,383			(77,667,531	)		(49,297,310	)		(21,961,282	)		2,320,445			(4,806,415	)
	55,339,128			133,006,659			76,069,215			98,030,497			6,670,831			11,477,246
	$59,739,511			$  55,339,128			$ 26,771,905			$ 76,069,215			$8,991,276			$   6,670,831

See accompanying notes to the financial statements.

24

ASHMORE FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

For the Six Month Period Ended April 30, 2023 (Unaudited) and the Fiscal Year Ended October 31, 2022

	Ashmore Emerging Markets Frontier Equity Fund								Ashmore Emerging Markets Equity Fund								Ashmore Emerging Markets Equity ESG Fund
	2023				2022				2023				2022				2023				2022
OPERATIONS:
Net investment income (loss)		$	659,769			$	811,561			$	441,437			$	1,546,877			$	(3,378	)		$	24,001
Net realized gain (loss)			(1,488,923	)			3,198,559				(4,304,400	)			(5,783,512	)			(475,295	)			(297,442	)
Net change in unrealized appreciation (depreciation)			2,870,576				(17,036,443	)			20,540,070				(53,872,291	)			2,453,444				(5,695,888	)
Net Increase (Decrease) in Net Assets Resulting from Operations			2,041,422				(13,026,323	)			16,677,107				(58,108,926	)			1,974,771				(5,969,329	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A			(7,487	)			(52,312	)			(16,391	)			(638,531	)			(4	)			(204	)
Class C			(128	)			(3,008	)			(55	)			(9,143	)			(2	)			(204	)
Institutional Class			(211,176	)			(1,320,948	)			(555,231	)			(20,900,163	)			(43,155	)			(2,040,719	)
Total Distributions to Shareholders			(218,791	)			(1,376,268	)			(571,677	)			(21,547,837	)			(43,161	)			(2,041,127	)
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			(292,144	)			1,042,220				954,135				1,135,776				3				186
Net increase (decrease) in net assets resulting from Class C share transactions			(84,703	)			147,108				(44,615	)			67,535				1				186
Net increase (decrease) in net assets resulting from Institutional Class share transactions			(3,166,782	)			5,534,158				(425,982	)			52,105,586				36,682				1,877,075
Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions			(3,543,629	)			6,723,486				483,538				53,308,897				36,686				1,877,447
Total Increase (Decrease) in Net Assets			(1,720,998	)			(7,679,105	)			16,588,968				(26,599,366	)			1,968,296				(6,158,245	)
NET ASSETS:
Net Assets at the Beginning of period			72,631,378				80,310,483				94,107,010				120,706,376				8,885,570				15,043,815
Net Assets at the End of period		$	70,910,380			$	72,631,378			$	110,695,978			$	94,107,010			$	10,853,866			$	8,885,570

See accompanying notes to the financial statements.

25

Ashmore Emerging Markets Short Duration Select Fund						Ashmore Emerging Markets Investment Grade Income Fund						Ashmore Emerging Markets Corporate Income ESG Fund
2023			2022			2023			2022			2023			2022
	$   187,526			$      321,561			$   366,231			$     671,024			$   186,750			$    391,264
	(247,810	)		(501,007	)		(413,254	)		(1,536,318	)		(554,197	)		(615,618	)
	619,123			(1,063,847	)		1,700,170			(3,433,117	)		827,749			(2,349,309	)
	558,839			(1,243,293	)		1,653,147			(4,298,411	)		460,302			(2,573,663	)
	(21	)		(32	)		(25	)		(32	)		(27	)		(41	)
	(17	)		(23	)		(22	)		(25	)		(24	)		(34	)
	(220,321	)		(324,438	)		(506,356	)		(675,972	)		(275,279	)		(415,833	)
	(220,359	)		(324,493	)		(506,403	)		(676,029	)		(275,330	)		(415,908	)
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	18			27			21			28			22			34
	14			19			18			21			20			29
	184,276			278,378			424,960			574,521			230,494			353,954
	184,308			278,424			424,999			574,570			230,536			354,017
	522,788			(1,289,362	)		1,571,743			(4,399,870	)		415,508			(2,635,554	)
	8,998,391			10,287,753			16,044,146			20,444,016			6,722,115			9,357,669
	$9,521,179			$   8,998,391			$17,615,889			$16,044,146			$7,137,623			$ 6,722,115

See accompanying notes to the financial statements.

26

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Total Return Fund

	Class A
	Six Months Ended April 30, 2023 (Unaudited)				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 period		$	4.32			$	6.60			$	6.80			$	7.54			$	7.31			$	8.22
Income (loss) from investment operations:
Net investment income			0.14	1			0.32	1			0.33	1			0.34				0.40				0.36	1
Net realized and unrealized gain (loss)			0.42				(2.30	)			(0.20	)			(0.74	)			0.24				(0.82	)
Total from investment operations			0.56				(1.98	)			0.13				(0.40	)			0.64				(0.46	)
Less distributions:
From net investment income			(0.14	)			(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			(0.14	)			(0.30	)			(0.33	)			(0.34	)			(0.41	)			(0.45	)
Net asset value at end of period		$	4.74			$	4.32			$	6.60			$	6.80			$	7.54			$	7.31
Total return2			12.99	%			(30.79	)%			1.68	%			(5.31	)%			8.68	%			(5.65	)%
Portfolio turnover rate3			36	%			32	%			54	%			67	%			49	%			66	%
Net assets, end of period (in thousands)		$	2,337			$	1,920			$	5,917			$	10,377			$	11,108			$	8,347
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements			1.46	%			1.42	%			1.37	%5			1.42	%5			1.36	%			1.36	%
Expenses after reimbursements			1.27	%			1.27	%			1.28	%5			1.32	%5			1.27	%			1.27	%
Net investment income to average net assets:
Net investment income before reimbursements			5.66	%			5.50	%			4.53	%5			4.72	%5			5.16	%			4.42	%
Net investment income after reimbursements			5.85	%			5.65	%			4.62	%5			4.82	%5			5.25	%			4.51	%

See accompanying notes to the financial statements.

27

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Total Return Fund

	Class C
	Six Months Ended April 30, 2023 (Unaudited)				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 period		$	4.30			$	6.58			$	6.78			$	7.53			$	7.29			$	8.21
Income (loss) from investment operations:
Net investment income			0.12	1			0.27	1			0.27	1			0.30				0.34				0.31	1
Net realized and unrealized gain (loss)			0.43				(2.29	)			(0.19	)			(0.76	)			0.25				(0.83	)
Total from investment operations			0.55				(2.02	)			0.08				(0.46	)			0.59				(0.52	)
Less distributions:
From net investment income			(0.12	)			(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			(0.12	)			(0.26	)			(0.28	)			(0.29	)			(0.35	)			(0.40	)
Net asset value at end of period		$	4.73			$	4.30			$	6.58			$	6.78			$	7.53			$	7.29
Total return2			12.89	%			(31.39	)%			0.93	%			(6.09	)%			8.02	%			(6.43	)%
Portfolio turnover rate3			36	%			32	%			54	%			67	%			49	%			66	%
Net assets, end of period (in thousands)		$	953			$	1,080			$	2,386			$	3,905			$	5,506			$	4,278
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements			2.22	%			2.17	%			2.12	%6			2.17	%6			2.11	%			2.12	%
Expenses after reimbursements			2.02	%			2.02	%			2.03	%6			2.06	%6			2.02	%			2.02	%
Net investment income to average net assets:
Net investment income before reimbursements			4.92	%			4.74	%			3.76	%6			4.01	%6			4.41	%			3.92	%
Net investment income after reimbursements			5.12	%			4.89	%			3.85	%6			4.12	%6			4.50	%			4.02	%

See accompanying notes to the financial statements.

28

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Total Return Fund

	Institutional Class
	Six Months Ended April 30, 2023 (Unaudited)				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 period		$	4.38			$	6.70			$	6.90			$	7.65			$	7.41			$	8.34
Income (loss) from investment operations:
Net investment income			0.15	1			0.33	1			0.35	1			0.36				0.44				0.40	1
Net realized and unrealized gain (loss)			0.42				(2.34	)			(0.20	)			(0.75	)			0.24				(0.85	)
Total from investment operations			0.57				(2.01	)			0.15				(0.39	)			0.68				(0.45	)
Less distributions:
From net investment income			(0.14	)			(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			(0.14	)			(0.31	)			(0.35	)			(0.36	)			(0.44	)			(0.48	)
Net asset value at end of period		$	4.81			$	4.38			$	6.70			$	6.90			$	7.65			$	7.41
Total return2			13.44	%			(30.74	)%			1.94	%			(5.09	)%			9.04	%			(5.53	)%
Portfolio turnover rate3			36	%			32	%			54	%			67	%			49	%			66	%
Net assets, end of period (in thousands)		$	494,437			$	488,864			$	1,216,666			$	1,229,181			$	1,528,196			$	1,313,660
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements			1.21	%			1.17	%			1.12	%7			1.17	%7			1.11	%			1.12	%
Expenses after reimbursements			1.02	%			1.02	%			1.03	%7			1.07	%7			1.02	%			1.02	%
Net investment income to average net assets:
Net investment income before reimbursements			5.94	%			5.79	%			4.78	%7			4.99	%7			5.40	%			4.97	%
Net investment income after reimbursements			6.13	%			5.94	%			4.87	%7			5.09	%7			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 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, including fully funded total return swaps, by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.

⁴  Annualized for periods less than one year.

⁵  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.

⁶  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.

⁷  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.

29

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Local Currency Bond Fund

	Class A
	Six Months Ended April 30, 2023 (Unaudited)				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 period		$	5.62			$	6.92			$	6.86			$	7.35			$	6.53			$	7.22
Income (loss) from investment operations:
Net investment income			0.18	1			0.32	1			0.28	1			0.35	1			0.59				0.36
Net realized and unrealized gain (loss)			0.67				(1.53	)			(0.22	)			(0.75	)			0.27				(0.88	)
Total from investment operations			0.85				(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 period		$	6.47			$	5.62			$	6.92			$	6.86			$	7.35			$	6.53
Total return2			15.12	%			(17.75	)%			0.87	%			(5.51	)%			13.24	%			(7.47	)%
Portfolio turnover rate3			55	%			53	%			34	%			47	%			56	%			75	%
Net assets, end of period (in thousands)		$	1,437			$	1,248			$	1,592			$	1,755			$	1,933			$	1,259
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements			3.00	%			3.10	%			2.97	%			1.75	%			1.55	%			1.57	%
Expenses after reimbursements			1.14	%			1.22	%			1.22	%			1.22	%			1.22	%			1.22	%
Net investment income to average net assets:
Net investment income before reimbursements			4.17	%			3.16	%			2.11	%			4.45	%			5.08	%			4.63	%
Net investment income after reimbursements			6.03	%			5.04	%			3.86	%			4.98	%			5.41	%			4.98	%

See accompanying notes to the financial statements.

30

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Local Currency Bond Fund

	Class C
	Six Months Ended April 30, 2023 (Unaudited)				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 period		$	5.44			$	6.75			$	6.74			$	7.27			$	6.47			$	7.18
Income (loss) from investment operations:
Net investment income			0.15	1			0.30	1			0.22	1			0.29	1			0.34				0.30
Net realized and unrealized gain (loss)			0.65				(1.53	)			(0.21	)			(0.74	)			0.47				(0.88	)
Total from investment operations			0.80				(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 period		$	6.24			$	5.44			$	6.75			$	6.74			$	7.27			$	6.47
Total return2			14.71	%			(18.30	)%			0.15	%			(6.25	)%			12.54	%			(8.24	)%
Portfolio turnover rate3			55	%			53	%			34	%			47	%			56	%			75	%
Net assets, end of period (in thousands)		$	3			$	2			$	25			$	30			$	55			$	77
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements			3.74	%			3.74	%			3.75	%			2.50	%			2.29	%			2.31	%
Expenses after reimbursements			1.89	%			1.97	%			1.97	%			1.97	%			1.97	%			1.97	%
Net investment income to average net assets:
Net investment income before reimbursements			3.39	%			2.85	%			1.35	%			3.77	%			4.33	%			3.85	%
Net investment income after reimbursements			5.24	%			4.62	%			3.13	%			4.30	%			4.65	%			4.19	%

See accompanying notes to the financial statements.

31

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Local Currency Bond Fund

	Institutional Class
	Six Months Ended April 30, 2023 (Unaudited)				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 period		$	5.90			$	7.24			$	7.16			$	7.66			$	6.79			$	7.50
Income (loss) from investment operations:
Net investment income			0.21	1			0.35	1			0.31	1			0.38	1			0.65				0.41
Net realized and unrealized gain (loss)			0.69				(1.60	)			(0.23	)			(0.78	)			0.27				(0.94	)
Total from investment operations			0.90				(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 period		$	6.80			$	5.90			$	7.24			$	7.16			$	7.66			$	6.79
Total return2			15.25	%			(17.49	)%			1.12	%			(5.38	)%			13.59	%			(7.33	)%
Portfolio turnover rate3			55	%			53	%			34	%			47	%			56	%			75	%
Net assets, end of period (in thousands)		$	9,152			$	4,131			$	6,310			$	28,257			$	42,545			$	63,009
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements			2.58	%			2.83	%			2.61	%			1.50	%			1.28	%			1.32	%
Expenses after reimbursements			0.89	%			0.97	%			0.97	%			0.97	%			0.97	%			0.97	%
Net investment income to average net assets:
Net investment income before reimbursements			4.68	%			3.43	%			2.46	%			4.75	%			5.31	%			4.87	%
Net investment income after reimbursements			6.37	%			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 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, including fully funded total return swaps, by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year.

⁴  Annualized for periods less than one year.

See accompanying notes to the financial statements.

32

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Income Fund

	Class A
	Six Months Ended April 30, 2023 (Unaudited)				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 period		$	4.96			$	7.53			$	7.53			$	7.92			$	7.87			$	8.56
Income (loss) from investment operations:
Net investment income			0.15				0.40				0.37				0.44				0.52				0.51
Net realized and unrealized gain (loss)			0.44				(2.54	)			—				(0.39	)			0.03				(0.71	)
Total from investment operations			0.59				(2.14	)			0.37				0.05				0.55				(0.20	)
Less distributions:
From net investment income			(0.27	)			(0.42	)			(0.37	)			(0.44	)			(0.50	)			(0.49	)
From net realized gain			—				(0.01	)			—				—				(—	)1			—
Tax return of capital			—				—				—				(—	)1			—				—
Total distributions			(0.27	)			(0.43	)			(0.37	)			(0.44	)			(0.50	)			(0.49	)
Net asset value at end of period		$	5.28			$	4.96			$	7.53			$	7.53			$	7.92			$	7.87
Total return2			11.89	%			(29.30	)%			4.85	%			0.85	%			7.37	%			(2.58	)%
Portfolio turnover rate3			26	%			55	%			73	%			117	%			96	%			88	%
Net assets, end of period (in thousands)		$	4,173			$	4,742			$	11,153			$	11,198			$	13,383			$	8,616
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements			1.45	%5			1.44	%5			1.55	%5			1.58	%5			1.51	%			1.53	%
Expenses after reimbursements			1.13	%5			1.24	%5			1.43	%5			1.47	%5			1.42	%			1.42	%
Net investment income to average net assets:
Net investment income before reimbursements			5.97	%5			6.62	%5			4.61	%5			5.76	%5			6.39	%			6.09	%
Net investment income after reimbursements			6.29	%5			6.82	%5			4.73	%5			5.87	%5			6.48	%			6.20	%

See accompanying notes to the financial statements.

33

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Income Fund

	Class C
	Six Months Ended April 30, 2023 (Unaudited)				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 period		$	4.95			$	7.52			$	7.51			$	7.91			$	7.86			$	8.55
Income (loss) from investment operations:
Net investment income			0.13				0.35				0.31				0.39				0.45				0.46
Net realized and unrealized gain (loss)			0.44				(2.53	)			0.02				(0.40	)			0.04				(0.72	)
Total from investment operations			0.57				(2.18	)			0.33				(0.01	)			0.49				(0.26	)
Less distributions:
From net investment income			(0.25	)			(0.38	)			(0.32	)			(0.39	)			(0.44	)			(0.43	)
From net realized gain			—				(0.01	)			—				—				(—	)1			—
Tax return of capital			—				—				—				(—	)1			—				—
Total distributions			(0.25	)			(0.39	)			(0.32	)			(0.39	)			(0.44	)			(0.43	)
Net asset value at end of period		$	5.27			$	4.95			$	7.52			$	7.51			$	7.91			$	7.86
Total return2			11.52	%			(29.86	)%			4.25	%			(0.01	)%			6.58	%			(3.30	)%
Portfolio turnover rate3			26	%			55	%			73	%			117	%			96	%			88	%
Net assets, end of period (in thousands)		$	1,593			$	1,782			$	5,762			$	7,466			$	10,745			$	8,785
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements			2.21	%6			2.20	%6			2.30	%6			2.33	%6			2.26	%			2.29	%
Expenses after reimbursements			1.88	%6			2.01	%6			2.18	%6			2.22	%6			2.17	%			2.17	%
Net investment income to average net assets:
Net investment income before reimbursements			5.21	%6			5.89	%6			3.88	%6			5.01	%6			5.65	%			5.38	%
Net investment income after reimbursements			5.54	%6			6.08	%6			4.00	%6			5.12	%6			5.74	%			5.50	%

See accompanying notes to the financial statements.

34

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Income Fund

	Institutional Class
	Six Months Ended April 30, 2023 (Unaudited)				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 period		$	5.17			$	7.85			$	7.84			$	8.25			$	8.20			$	8.92
Income (loss) from investment operations:
Net investment income			0.17				0.45				0.41				0.48				0.55				0.56
Net realized and unrealized gain (loss)			0.45				(2.66	)			0.01				(0.41	)			0.04				(0.75	)
Total from investment operations			0.62				(2.21	)			0.42				0.07				0.59				(0.19	)
Less distributions:
From net investment income			(0.28	)			(0.46	)			(0.41	)			(0.48	)			(0.54	)			(0.53	)
From net realized gain			—				(0.01	)			—				—				(—	)1			—
Tax return of capital			—				—				—				(—	)1			—				—
Total distributions			(0.28	)			(0.47	)			(0.41	)			(0.48	)			(0.54	)			(0.53	)
Net asset value at end of period		$	5.51			$	5.17			$	7.85			$	7.84			$	8.25			$	8.20
Total return2			12.14	%			(29.15	)%			5.24	%			1.04	%			7.61	%			(2.34	)%
Portfolio turnover rate3			26	%			55	%			73	%			117	%			96	%			88	%
Net assets, end of period (in thousands)		$	80,971			$	86,347			$	277,188			$	261,307			$	443,880			$	319,419
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements			1.20	%7			1.20	%7			1.30	%7			1.32	%7			1.26	%			1.29	%
Expenses after reimbursements			0.88	%7			1.01	%7			1.18	%7			1.21	%7			1.17	%			1.17	%
Net investment income to average net assets:
Net investment income before reimbursements			6.19	%7			6.90	%7			4.86	%7			6.00	%7			6.66	%			6.40	%
Net investment income after reimbursements			6.51	%7			7.09	%7			4.98	%7			6.11	%7			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 period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year.

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

⁴  Annualized for periods less than one year.

⁵  Ratios include legal expenses of $123, $63, $1,438 and $6,538 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2023 and the years ended October 31, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.01%, 0.12%, 0.01% and 0.05% and Net investment income ratios would have been higher by 0.01%, 0.07%, 0.01% and 0.05% excluding these expenses.

⁶  Ratios include legal expenses of $47, $79, $756 and $4,394 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2023 and the years ended October 31, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.01%, 0.14%, 0.01% and 0.05% and Net investment income ratios would have been higher by 0.01%, 0.07%, 0.01% and 0.05% excluding these expenses.

⁷  Ratios include legal expenses of $2,327, $3,742, $34,379 and $153,663 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2023 and the years ended October 31, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.01%, 0.14%, 0.01% and 0.04% and Net investment income ratios would have been higher by 0.01%, 0.07%, 0.01% and 0.04% excluding these expenses.

See accompanying notes to the financial statements.

35

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Short Duration Fund

	Class A
	Six Months Ended April 30, 2023 (Unaudited)				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 period		$	4.28			$	6.80			$	7.52			$	9.00			$	9.78			$	10.60
Income (loss) from investment operations:
Net investment income			0.19	1			0.32				0.44				0.46				0.68				0.55
Net realized and unrealized gain (loss)			0.24				(2.39	)			(0.69	)			(1.46	)			(0.75	)			(0.58	)
Total from investment operations			0.43				(2.07	)			(0.25	)			(1.00	)			(0.07	)			(0.03	)
Less distributions:
From net investment income			(0.27	)			(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			(0.27	)			(0.45	)			(0.47	)			(0.48	)			(0.71	)			(0.79	)
Net asset value at end of period		$	4.44			$	4.28			$	6.80			$	7.52			$	9.00			$	9.78
Total return2			9.97	%			(31.54	)%			(4.07	)%			(11.25	)%			(1.22	)%			(0.12	)%
Portfolio turnover rate3			33	%			41	%			32	%			80	%			53	%			37	%
Net assets, end of period (in thousands)		$	7,800			$	2,975			$	6,834			$	19,865			$	110,771			$	83,290
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements			1.29	%5			1.14	%5			1.10	%5			1.13	%5			1.00	%			1.05	%
Expenses after reimbursements			0.94	%5			0.89	%5			1.00	%5			0.99	%5			0.92	%			0.92	%
Net investment income to average net assets:
Net investment income before reimbursements			8.19	%5			6.06	%5			6.17	%5			7.07	%5			6.74	%			7.00	%
Net investment income after reimbursements			8.54	%5			6.31	%5			6.27	%5			7.21	%5			6.82	%			7.13	%

See accompanying notes to the financial statements.

36

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Short Duration Fund

	Class C
	Six Months Ended April 30, 2023 (Unaudited)				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 period		$	4.09			$	6.53			$	7.22			$	8.66			$	9.41			$	10.22
Income (loss) from investment operations:
Net investment income			0.17	1			0.29				0.40				0.42				0.58				0.52
Net realized and unrealized gain (loss)			0.23				(2.33	)			(0.69	)			(1.45	)			(0.72	)			(0.64	)
Total from investment operations			0.40				(2.04	)			(0.29	)			(1.03	)			(0.14	)			(0.12	)
Less distributions:
From net investment income			(0.24	)			(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			(0.24	)			(0.40	)			(0.40	)			(0.41	)			(0.61	)			(0.69	)
Net asset value at end of period		$	4.25			$	4.09			$	6.53			$	7.22			$	8.66			$	9.41
Total return2			9.80	%			(32.29	)%			(4.56	)%			(12.05	)%			(1.94	)%			(0.98	)%
Portfolio turnover rate3			33	%			41	%			32	%			80	%			53	%			37	%
Net assets, end of period (in thousands)		$	244			$	291			$	1,219			$	1,572			$	2,342			$	2,012
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements			2.05	%6			1.91	%6			1.84	%6			1.96	%6			1.75	%			1.79	%
Expenses after reimbursements			1.69	%6			1.66	%6			1.76	%6			1.83	%6			1.67	%			1.67	%
Net investment income to average net assets:
Net investment income before reimbursements			7.39	%6			5.09	%6			5.36	%6			5.20	%6			5.96	%			5.93	%
Net investment income after reimbursements			7.75	%6			5.34	%6			5.44	%6			5.33	%6			6.04	%			6.05	%

See accompanying notes to the financial statements.

37

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Short Duration Fund

	Institutional Class
	Six Months Ended April 30, 2023 (Unaudited)				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 period		$	4.20			$	6.69			$	7.40			$	8.83			$	9.60			$	10.41
Income (loss) from investment operations:
Net investment income			0.19	1			0.37				0.50				0.49				0.69				0.60
Net realized and unrealized gain (loss)			0.25				(2.40	)			(0.73	)			(1.44	)			(0.74	)			(0.61	)
Total from investment operations			0.44				(2.03	)			(0.23	)			(0.95	)			(0.05	)			(0.01	)
Less distributions:
From net investment income			(0.27	)			(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			(0.27	)			(0.46	)			(0.48	)			(0.48	)			(0.72	)			(0.80	)
Net asset value at end of period		$	4.37			$	4.20			$	6.69			$	7.40			$	8.83			$	9.60
Total return2			10.42	%			(31.54	)%			(3.75	)%			(10.94	)%			(1.01	)%			0.11	%
Portfolio turnover rate3			33	%			41	%			32	%			80	%			53	%			37	%
Net assets, end of period (in thousands)		$	51,696			$	52,073			$	124,954			$	441,467			$	1,195,492			$	693,577
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements			1.04	%7			0.90	%7			0.84	%7			0.91	%7			0.75	%			0.79	%
Expenses after reimbursements			0.69	%7			0.65	%7			0.75	%7			0.79	%7			0.67	%			0.67	%
Net investment income to average net assets:
Net investment income before reimbursements			8.28	%7			6.22	%7			6.38	%7			6.98	%7			7.04	%			7.30	%
Net investment income after reimbursements			8.63	%7			6.47	%7			6.47	%7			7.10	%7			7.12	%			7.42	%

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

²  Assumes investment at net asset value at the beginning of the period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year.

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

⁴  Annualized for periods less than one year.

⁵  Ratios include legal expenses of $717, $(1,101), $10,827 and $37,676 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2023 and for the years ended October 31, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.02%, higher by 0.03% and lower by 0.08% and 0.07% and Net investment income ratios would have been higher by 0.02%, lower by 0.03% and higher by 0.08% and 0.07% excluding these expenses.

⁶  Ratios include legal expenses of $28, $(46), $1,388 and $2,841 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2023 and for the years ended October 31, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.02%, higher by 0.01% and lower by 0.09% and 0.16% and Net investment income ratios would have been higher by 0.02%, lower by 0.01% and higher by 0.09% and 0.16% excluding these expenses.

⁷  Ratios include legal expenses of $5,818, $(12,847), $182,441 and $835,457 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30,2023 and for the years ended October 31, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.02%, higher by 0.02% and lower by 0.08% and 0.12% and Net investment income ratios would have been higher by 0.02%, lower by 0.02% and higher by 0.08% and 0.12% excluding these expenses.

See accompanying notes to the financial statements.

38

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Active Equity Fund

	Class A
	Six Months Ended April 30, 2023 (Unaudited)				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 period		$	6.11			$	12.55			$	11.08			$	10.46			$	10.53			$	12.72
Income (loss) from investment operations:
Net investment income (loss)			(0.01	)1			0.08	1			0.15				0.11	1			0.13				0.08
Net realized and unrealized gain (loss)			0.95				(3.26	)			1.44				0.56				0.85				(1.05	)
Total from investment operations			0.94				(3.18	)			1.59				0.67				0.98				(0.97	)
Less distributions:
From net investment income			(0.02	)			(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			(0.02	)			(3.26	)			(0.12	)			(0.05	)			(1.05	)			(1.22	)
Net asset value at end of period		$	7.03			$	6.11			$	12.55			$	11.08			$	10.46			$	10.53
Total return2			15.35	%			(33.53	)%			14.23	%			6.49	%			10.73	%			(8.59	)%
Portfolio turnover rate3			113	%			264	%			206	%			228	%			153	%			164	%
Net assets, end of period (in thousands)		$	48			$	804			$	1,611			$	1,616			$	209			$	223
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements			1.63	%			1.52	%			1.49	%			1.55	%			1.96	%			2.20	%
Expenses after reimbursements			1.27	%			1.27	%			1.27	%			1.27	%			1.27	%			1.27	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements			(0.53	)%			0.68	%			0.91	%			0.73	%			0.55	%			0.56	%
Net investment income (loss) after reimbursements			(0.17	)%			0.93	%			1.13	%			1.01	%			1.24	%			1.49	%

See accompanying notes to the financial statements.

39

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Active Equity Fund

	Class C
	Six Months Ended April 30, 2023 (Unaudited)				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 period		$	5.96			$	12.33			$	10.90			$	10.32			$	10.43			$	12.65
Income (loss) from investment operations:
Net investment income (loss)			(0.01	)1			0.01	1			0.05				—	1,5			0.07				0.03
Net realized and unrealized gain (loss)			0.90				(3.18	)			1.42				0.58				0.83				(1.10	)
Total from investment operations			0.89				(3.17	)			1.47				0.58				0.90				(1.07	)
Less distributions:
From net investment income			(—	)5			(0.13	)			(0.04	)			(—	)5			(0.05	)			(0.13	)
From net realized gain			—				(3.07	)			—				—				(0.94	)			(1.02	)
Tax return of capital			—				(—	)5			—				—				(0.02	)			—
Total distributions			—				(3.20	)			(0.04	)			—				(1.01	)			(1.15	)
Net asset value at end of period		$	6.85			$	5.96			$	12.33			$	10.90			$	10.32			$	10.43
Total return2			15.00	%			(34.05	)%			13.41	%			5.76	%			9.88	%			(9.40	)%
Portfolio turnover rate3			113	%			264	%			206	%			228	%			153	%			164	%
Net assets, end of period (in thousands)		$	1			$	1			$	2			$	2			$	12			$	11
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements			2.65	%			2.30	%			2.25	%			2.31	%			2.71	%			2.73	%
Expenses after reimbursements			2.02	%			2.02	%			2.02	%			2.02	%			2.02	%			2.02	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements			(0.91	)%			(0.10	)%			0.14	%			(0.30	)%			(0.17	)%			(0.51	)%
Net investment income (loss) after reimbursements			(0.28	)%			0.18	%			0.37	%			(0.01	)%			0.52	%			0.20	%

See accompanying notes to the financial statements.

40

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Active Equity Fund

	Institutional Class
	Six Months Ended April 30, 2023 (Unaudited)				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 period		$	6.16			$	12.63			$	11.15			$	10.51			$	10.56			$	12.74
Income (loss) from investment operations:
Net investment income			0.02	1			0.09	1			0.18				0.10	1			0.16				0.14
Net realized and unrealized gain (loss)			0.94				(3.28	)			1.45				0.60				0.86				(1.09	)
Total from investment operations			0.96				(3.19	)			1.63				0.70				1.02				(0.95	)
Less distributions:
From net investment income			(0.02	)			(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			(0.02	)			(3.28	)			(0.15	)			(0.06	)			(1.07	)			(1.23	)
Net asset value at end of period		$	7.10			$	6.16			$	12.63			$	11.15			$	10.51			$	10.56
Total return2			15.65	%			(33.40	)%			14.50	%			6.79	%			11.05	%			(8.41	)%
Portfolio turnover rate3			113	%			264	%			206	%			228	%			153	%			164	%
Net assets, end of period (in thousands)		$	26,723			$	75,264			$	96,417			$	80,474			$	20,502			$	17,436
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements			1.44	%			1.27	%			1.24	%			1.29	%			1.72	%			1.73	%
Expenses after reimbursements			1.02	%			1.02	%			1.02	%			1.02	%			1.02	%			1.02	%
Net investment income to average net assets:
Net investment income before reimbursements			0.21	%			0.87	%			1.15	%			0.67	%			0.83	%			0.47	%
Net investment income after reimbursements			0.63	%			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 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.

41

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Small-Cap Equity Fund

	Class A
	Six Months Ended April 30, 2023 (Unaudited)				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 period		$	10.07			$	15.32			$	10.99			$	8.84			$	8.02			$	10.33
Income (loss) from investment operations:
Net investment income (loss)			(0.03	)			0.06	1			(0.18	)			(0.20	)			(0.01	)			0.04
Net realized and unrealized gain (loss)			1.57				(5.15	)			4.51				2.35				0.83				(2.17	)
Total from investment operations			1.54				(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 period		$	11.61			$	10.07			$	15.32			$	10.99			$	8.84			$	8.02
Total return3			15.39	%			(33.37	)%			39.40	%			24.32	%			10.27	%			(20.96	)%
Portfolio turnover rate4			43	%			50	%			77	%			62	%			60	%			112	%
Net assets, end of period (in thousands)		$	445			$	393			$	321			$	388			$	1,356			$	1,447
Ratios to average net assets:5
Total expenses to average net assets:
Expenses before reimbursements			3.10	%			3.08	%			2.75	%			2.78	%			2.30	%			2.37	%
Expenses after reimbursements			1.68	%			1.77	%			1.77	%			1.77	%			1.77	%			1.77	%
Net investment income (loss) to average net assets:
Net investment loss before reimbursements			(1.83	)%			(0.78	)%			(1.48	)%			(1.74	)%			(0.62	)%			(0.31	)%
Net investment income (loss) after reimbursements			(0.41	)%			0.53	%			(0.50	)%			(0.73	)%			(0.09	)%			0.29	%

See accompanying notes to the financial statements.

42

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Small-Cap Equity Fund

	Class C
	Six Months Ended April 30, 2023 (Unaudited)				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 period		$	10.36			$	15.79			$	11.40			$	9.22			$	8.42			$	10.90
Income (loss) from investment operations:
Net investment income (loss)			(1.37	)			(0.06	)1			(0.32	)			(0.34	)			(0.38	)			0.01
Net realized and unrealized gain (loss)			2.91				(5.28	)			4.71				2.52				1.18				(2.33	)
Total from investment operations			1.54				(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 period		$	11.90			$	10.36			$	15.79			$	11.40			$	9.22			$	8.42
Total return3			14.86	%			(33.91	)%			38.51	%			23.64	%			9.50	%			(21.62	)%
Portfolio turnover rate4			43	%			50	%			77	%			62	%			60	%			112	%
Net assets, end of period (in thousands)		$	35			$	41			$	162			$	135			$	144			$	272
Ratios to average net assets:5
Total expenses to average net assets:
Expenses before reimbursements			3.86	%			3.72	%			3.47	%			3.91	%			3.05	%			3.09	%
Expenses after reimbursements			2.43	%			2.52	%			2.52	%			2.52	%			2.52	%			2.52	%
Net investment loss to average net assets:
Net investment loss before reimbursements			(2.69	)%			(1.67	)%			(2.09	)%			(2.70	)%			(1.48	)%			(1.30	)%
Net investment loss after reimbursements			(1.26	)%			(0.47	)%			(1.14	)%			(1.31	)%			(0.95	)%			(0.73	)%

See accompanying notes to the financial statements.

43

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Small-Cap Equity Fund

	Institutional Class
	Six Months Ended April 30, 2023 (Unaudited)				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 period		$	13.09			$	19.82			$	14.19			$	11.39			$	10.32			$	13.19
Income (loss) from investment operations:
Net investment income (loss)			(0.02	)			0.09	1			(0.02	)			(0.10	)			0.02				0.05
Net realized and unrealized gain (loss)			2.04				(6.65	)			5.65				2.90				1.06				(2.73	)
Total from investment operations			2.02				(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 period		$	15.11			$	13.09			$	19.82			$	14.19			$	11.39			$	10.32
Total return3			15.51	%			(33.21	)%			39.68	%			24.58	%			10.52	%			(20.60	)%
Portfolio turnover rate4			43	%			50	%			77	%			62	%			60	%			112	%
Net assets, end of period (in thousands)		$	8,511			$	6,237			$	10,994			$	7,419			$	26,296			$	32,456
Ratios to average net assets:5
Total expenses to average net assets:
Expenses before reimbursements			2.83	%			2.77	%			2.45	%			2.56	%			2.05	%			2.06	%
Expenses after reimbursements			1.43	%			1.52	%			1.52	%			1.52	%			1.52	%			1.52	%
Net investment income (loss) to average net assets:
Net investment loss before reimbursements			(1.66	)%			(0.66	)%			(1.02	)%			(1.51	)%			(0.38	)%			(0.16	)%
Net investment income (loss) after reimbursements			(0.26	)%			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 period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year.

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

⁵ Annualized for periods less than one year.

See accompanying notes to the financial statements.

44

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Frontier Equity Fund

	Class A
	Six Months Ended April 30, 2023 (Unaudited)				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 period		$	8.36			$	10.13			$	7.07			$	8.02			$	7.66			$	9.99
Income (loss) from investment operations:
Net investment income (loss)			0.05				0.08	1			0.02	1			(0.01	)1			0.14				0.08
Net realized and unrealized gain (loss)			0.18				(1.67	)			3.10				(0.91	)			0.37				(1.47	)
Total from investment operations			0.23				(1.59	)			3.12				(0.92	)			0.51				(1.39	)
Less distributions:
From net investment income			(0.02	)			(0.18	)			(0.06	)			(0.03	)			(0.15	)			(0.08	)
From net realized gain			—				—				—				—				—				(0.82	)
Tax return of capital			—				—				—				—				—				(0.04	)
Total distributions			(0.02	)			(0.18	)			(0.06	)			(0.03	)			(0.15	)			(0.94	)
Net asset value at end of period		$	8.57			$	8.36			$	10.13			$	7.07			$	8.02			$	7.66
Total return2			2.80	%			(15.92	)%			44.20	%			(11.47	)%			6.58	%			(15.44	)%
Portfolio turnover rate3			43	%			95	%			87	%			108	%			93	%			80	%
Net assets, end of period (in thousands)		$	2,797			$	3,018			$	2,561			$	656			$	6,985			$	7,645
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements			2.24	%			2.24	%			2.11	%			2.18	%			2.12	%			2.20	%
Expenses after reimbursements			1.77	%			1.77	%			1.77	%			1.77	%			1.77	%			1.77	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements			1.06	%			0.49	%			(0.09	)%			(0.59	)%			1.61	%			0.46	%
Net investment income (loss) after reimbursements			1.53	%			0.96	%			0.25	%			(0.18	)%			1.96	%			0.89	%

See accompanying notes to the financial statements.

45

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Ashmore Emerging Markets Frontier Equity Fund

	Class C
	Six Months Ended April 30,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2023			October 31,			October 31,			October 31,			October 31,			October 31,
	(Unaudited)			2022			2021			2020			2019			2018
Net asset value at beginning of period	$	8.03		$	9.75		$	6.82		$	7.80		$	7.47		$	9.82
Income (loss) from investment operations:
Net investment income (loss)		(0.09	)		0.02	1		(0.03	)1		0.01	1		0.02			0.03
Net realized and unrealized gain (loss)		0.28			(1.62	)		2.97			(0.96	)		0.42			(1.48	)
Total from investment operations		0.19			(1.60	)		2.94			(0.95	)		0.44			(1.45	)
Less distributions:
From net investment income		(—	)5		(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 period	$	8.22		$	8.03		$	9.75		$	6.82		$	7.80		$	7.47
Total return2		2.43	%		(16.58	)%		43.13	%		(12.13	)%		5.87	%		(16.30	)%
Portfolio turnover rate3		43	%		95	%		87	%		108	%		93	%		80	%
Net assets, end of period (in thousands)	$	215		$	293		$	209		$	286		$	305		$	408
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements		2.99	%		3.00	%		2.89	%		3.01	%		2.88	%		2.94	%
Expenses after reimbursements		2.52	%		2.52	%		2.52	%		2.52	%		2.52	%		2.52	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		0.56	%		(0.21	)%		(0.77	)%		(0.41	)%		0.48	%		(0.18	)%
Net investment income (loss) after reimbursements		1.03	%		0.27	%		(0.40	)%		0.08	%		0.84	%		0.24	%

See accompanying notes to the financial statements.

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Ashmore Emerging Markets Frontier Equity Fund

	Institutional Class
	Six Months Ended April 30,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2023			October 31,			October 31,			October 31,			October 31,			October 31,
	(Unaudited)			2022			2021			2020			2019			2018
Net asset value at beginning of period	$	9.73		$	11.77		$	8.20		$	9.32		$	8.86		$	11.38
Income (loss) from investment operations:
Net investment income		0.09			0.11	1		0.06	1		0.09	1		0.16			0.12
Net realized and unrealized gain (loss)		0.20			(1.95	)		3.58			(1.13	)		0.46			(1.69	)
Total from investment operations		0.29			(1.84	)		3.64			(1.04	)		0.62			(1.57	)
Less distributions:
From net investment income		(0.03	)		(0.20	)		(0.07	)		(0.08	)		(0.16	)		(0.08	)
From net realized gain		—			—			—			—			—			(0.82	)
Tax return of capital		—			—			—			—			—			(0.05	)
Total distributions		(0.03	)		(0.20	)		(0.07	)		(0.08	)		(0.16	)		(0.95	)
Net asset value at end of period	$	9.99		$	9.73		$	11.77		$	8.20		$	9.32		$	8.86
Total return2		3.01	%		(15.78	)%		44.50	%		(11.17	)%		6.97	%		(15.11	)%
Portfolio turnover rate3		43	%		95	%		87	%		108	%		93	%		80	%
Net assets, end of period (in thousands)	$	67,898		$	69,320		$	77,540		$	53,053		$	81,047		$	77,788
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements		1.99	%		1.98	%		1.88	%		2.00	%		1.88	%		1.95	%
Expenses after reimbursements		1.52	%		1.52	%		1.52	%		1.52	%		1.52	%		1.52	%
Net investment income to average net assets:
Net investment income before reimbursements		1.44	%		0.64	%		0.23	%		0.58	%		1.39	%		0.78	%
Net investment income after reimbursements		1.91	%		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 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.

47

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Equity Fund

	Class A
	Six Months Ended April 30,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2023			October 31,			October 31,			October 31,			October 31,			October 31,
	(Unaudited)			2022			2021			2020			2019			2018
Net asset value at beginning of period	$	8.29		$	16.77		$	13.08		$	11.18		$	9.38		$	11.16
Income (loss) from investment operations:
Net investment income (loss)		0.03	1		0.13			(0.06	)1		0.08			0.05			0.01
Net realized and unrealized gain (loss)		1.53			(5.67	)		4.07			1.84			1.97			(1.55	)
Total from investment operations		1.56			(5.54	)		4.01			1.92			2.02			(1.54	)
Less distributions:
From net investment income		(0.04	)		(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		(0.04	)		(2.94	)		(0.32	)		(0.02	)		(0.22	)		(0.24	)
Net asset value at end of period	$	9.81		$	8.29		$	16.77		$	13.08		$	11.18		$	9.38
Total return2		18.81	%		(39.01	)%		30.92	%		17.21	%		21.66	%		(14.16	)%
Portfolio turnover rate3		44	%		85	%		77	%		76	%		76	%		113	%
Net assets, end of period (in thousands)	$	4,598		$	3,081		$	3,872		$	1,394		$	641		$	303
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements		1.66	%		1.65	%		1.56	%		1.81	%		1.91	%		2.19	%
Expenses after reimbursements		1.37	%		1.42	%		1.42	%		1.42	%		1.42	%		1.42	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		0.26	%		0.75	%		(0.48	)%		(0.42	)%		(0.01	)%		(0.06	)%
Net investment income (loss) after reimbursements		0.55	%		0.98	%		(0.34	)%		(0.03	)%		0.48	%		0.71	%

See accompanying notes to the financial statements.

48

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Equity Fund

	Class C
	Six Months Ended April 30,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2023			October 31,			October 31,			October 31,			October 31,			October 31,
	(Unaudited)			2022			2021			2020			2019			2018
Net asset value at beginning of period	$	7.70		$	15.80		$	12.39		$	10.64		$	8.96		$	10.73
Income (loss) from investment operations:
Net investment income (loss)		—	1,5		0.02			(0.16	)1		(0.10	)		(0.04	)		(0.13	)
Net realized and unrealized gain (loss)		1.42			(5.25	)		3.86			1.85			1.91			(1.44	)
Total from investment operations		1.42			(5.23	)		3.70			1.75			1.87			(1.57	)
Less distributions:
From net investment income		(0.01	)		(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		(0.01	)		(2.87	)		(0.29	)		—			(0.19	)		(0.20	)
Net asset value at end of period	$	9.11		$	7.70		$	15.80		$	12.39		$	10.64		$	8.96
Total return2		18.39	%		(39.46	)%		30.13	%		16.45	%		20.89	%		(14.92	)%
Portfolio turnover rate3		44	%		85	%		77	%		76	%		76	%		113	%
Net assets, end of period (in thousands)	$	80		$	105		$	107		$	2		$	1		$	1
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements		2.42	%		2.42	%		2.29	%		2.49	%		2.66	%		2.96	%
Expenses after reimbursements		2.12	%		2.17	%		2.17	%		2.17	%		2.17	%		2.17	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		(0.28	)%		0.12	%		(1.11	)%		(1.22	)%		(0.95	)%		(1.25	)%
Net investment income (loss) after reimbursements		0.02	%		0.37	%		(0.99	)%		(0.90	)%		(0.46	)%		(0.46	)%

See accompanying notes to the financial statements.

49

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Equity Fund

	Institutional Class
	Six Months Ended April 30,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2023			October 31,			October 31,			October 31,			October 31,			October 31,
	(Unaudited)			2022			2021			2020			2019			2018
Net asset value at beginning of period	$	7.97		$	16.23		$	12.65		$	10.81		$	9.06		$	10.78
Income (loss) from investment operations:
Net investment income (loss)		0.04	1		0.17			(0.02	)1		0.11			0.06			0.07
Net realized and unrealized gain (loss)		1.47			(5.47	)		3.92			1.77			1.93			(1.54	)
Total from investment operations		1.51			(5.30	)		3.90			1.88			1.99			(1.47	)
Less distributions:
From net investment income		(0.05	)		(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		(0.05	)		(2.96	)		(0.32	)		(0.04	)		(0.24	)		(0.25	)
Net asset value at end of period	$	9.43		$	7.97		$	16.23		$	12.65		$	10.81		$	9.06
Total return2		18.94	%		(38.85	)%		31.24	%		17.41	%		22.05	%		(14.01	)%
Portfolio turnover rate3		44	%		85	%		77	%		76	%		76	%		113	%
Net assets, end of period (in thousands)	$	106,018		$	90,921		$	116,727		$	82,385		$	35,011		$	24,162
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements		1.42	%		1.41	%		1.32	%		1.56	%		1.66	%		1.95	%
Expenses after reimbursements		1.12	%		1.17	%		1.17	%		1.17	%		1.17	%		1.17	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		0.50	%		1.10	%		(0.26	)%		(0.22	)%		0.09	%		0.10	%
Net investment income (loss) after reimbursements		0.80	%		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 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.

50

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Ashmore Emerging Markets Equity ESG Fund

	Class A
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Year Ended October 31, 2021			Period Ended October 31, 20201
Net asset value at beginning of period	$	7.61		$	14.91		$	12.05		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		0.01			(0.09	)		(0.01	)
Net realized and unrealized gain (loss)		1.68			(5.27	)		3.04			2.06
Total from investment operations		1.67			(5.26	)		2.95			2.05
Less distributions:
From net investment income		(0.03	)		—			(0.09	)		—
From net realized gain		—			(2.03	)		—			—
Tax return of capital		—			(0.01	)		—			—
Total distributions		(0.03	)		(2.04	)		(0.09	)		—
Net asset value at end of period	$	9.25		$	7.61		$	14.91		$	12.05
Total return2		22.09	%		(40.26	)%		24.50	%		20.50	%
Portfolio turnover rate3		25	%		49	%		55	%		45	%
Net assets, end of period (in thousands)	$	1		$	1		$	2		$	1
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements		2.49	%		2.49	%		2.39	%		4.16	%
Expenses after reimbursements		1.37	%		1.42	%		1.42	%		1.42	%
Net investment loss to average net assets:
Net investment loss before reimbursements		(1.48	)%		(1.12	)%		(1.56	)%		(2.89	)%
Net investment loss after reimbursements		(0.36	)%		(0.05	)%		(0.59	)%		(0.15	)%

See accompanying notes to the financial statements.

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Ashmore Emerging Markets Equity ESG Fund

	Class C
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Year Ended October 31, 2021			Period Ended October 31, 20201
Net asset value at beginning of period	$	7.47		$	14.77		$	12.00		$	10.00
Income (loss) from investment operations:
Net investment loss		(0.05	)		(0.04	)		(0.20	)		(0.06	)
Net realized and unrealized gain (loss)		1.66			(5.23	)		3.05			2.06
Total from investment operations		1.61			(5.27	)		2.85			2.00
Less distributions:
From net investment income		(0.01	)		—			(0.08	)		—
From net realized gain		—			(2.03	)		—			—
Tax return of capital		—			—			—			—
Total distributions		(0.01	)		(2.03	)		(0.08	)		—
Net asset value at end of period	$	9.07		$	7.47		$	14.77		$	12.00
Total return2		21.60	%		(40.76	)%		23.81	%		20.00	%
Portfolio turnover rate3		25	%		49	%		55	%		45	%
Net assets, end of period (in thousands)	$	1		$	1		$	1		$	1
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements		3.22	%		3.22	%		3.14	%		4.77	%
Expenses after reimbursements		2.12	%		2.17	%		2.17	%		2.17	%
Net investment loss to average net assets:
Net investment loss before reimbursements		(2.22	)%		(1.85	)%		(2.32	)%		(3.50	)%
Net investment loss after reimbursements		(1.12	)%		(0.80	)%		(1.35	)%		(0.90	)%

See accompanying notes to the financial statements.

52

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Equity ESG Fund

	Institutional Class
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Year Ended October 31, 2021			Period Ended October 31, 20201
Net asset value at beginning of period	$	7.65		$	14.96		$	12.06		$	10.00
Income (loss) from investment operations:
Net investment income (loss)		(—	)5		0.03			(0.05	)		0.01
Net realized and unrealized gain (loss)		1.70			(5.29	)		3.04			2.05
Total from investment operations		1.70			(5.26	)		2.99			2.06
Less distributions:
From net investment income		(0.04	)		—			(0.09	)		(—	)5
From net realized gain		—			(2.03	)		—			—
Tax return of capital		—			(0.02	)		—			—
Total distributions		(0.04	)		(2.05	)		(0.09	)		—
Net asset value at end of period	$	9.31		$	7.65		$	14.96		$	12.06
Total return2		22.19	%		(40.10	)%		24.82	%		20.60	%
Portfolio turnover rate3		25	%		49	%		55	%		45	%
Net assets, end of period (in thousands)	$	10,852		$	8,884		$	15,041		$	12,062
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements		2.14	%		2.12	%		2.16	%		3.68	%
Expenses after reimbursements		1.12	%		1.17	%		1.17	%		1.17	%
Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(1.08	)%		(0.74	)%		(1.34	)%		(2.41	)%
Net investment income (loss) after reimbursements		(0.06	)%		0.21	%		(0.35	)%		0.10	%

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

²  Assumes investment at net asset value at the beginning of the period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year.

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

⁴  Annualized for periods less than one year.

⁵  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
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Year Ended October 31, 2021			Period Ended October 31, 20201
Net asset value at beginning of period	$	8.32		$	9.80		$	10.18		$	10.00
Income (loss) from investment operations:
Net investment income		0.16			0.29			0.38			0.14
Net realized and unrealized gain (loss)		0.34			(1.48	)		(0.35	)		0.19
Total from investment operations		0.50			(1.19	)		0.03			0.33
Less distributions:
From net investment income		(0.19	)		(0.29	)		(0.38	)		(0.15	)
From net realized gain		—			(—	)2		(0.03	)		—
Tax return of capital		—			—			—			—
Total distributions		(0.19	)		(0.29	)		(0.41	)		(0.15	)
Net asset value at end of period	$	8.63		$	8.32		$	9.80		$	10.18
Total return3		6.11	%		(12.27	)%		0.20	%		3.30	%
Portfolio turnover rate4		39	%		52	%		43	%		12	%
Net assets, end of period (in thousands)	$	1		$	1		$	1		$	1
Ratios to average net assets:5
Total expenses to average net assets:
Expenses before reimbursements		1.96	%		2.05	%		1.71	%		4.87	%
Expenses after reimbursements		0.92	%		0.92	%		0.92	%		0.92	%
Net investment income to average net assets:
Net investment income before reimbursements		2.81	%		2.06	%		2.88	%		0.05	%
Net investment income after reimbursements		3.85	%		3.19	%		3.67	%		4.00	%

See accompanying notes to the financial statements.

54

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Ashmore Emerging Markets Short Duration Select Fund

	Class C
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Year Ended October 31, 2021			Period Ended October 31, 20201
Net asset value at beginning of period	$	8.32		$	9.80		$	10.18		$	10.00
Income (loss) from investment operations:
Net investment income		0.13			0.22			0.30			0.12
Net realized and unrealized gain (loss)		0.34			(1.48	)		(0.35	)		0.18
Total from investment operations		0.47			(1.26	)		(0.05	)		0.30
Less distributions:
From net investment income		(0.16	)		(0.22	)		(0.30	)		(0.12	)
From net realized gain		—			(—	)2		(0.03	)		—
Tax return of capital		—			—			—			—
Total distributions		(0.16	)		(0.22	)		(0.33	)		(0.12	)
Net asset value at end of period	$	8.63		$	8.32		$	9.80		$	10.18
Total return3		5.71	%		(12.94	)%		(0.57	)%		3.03	%
Portfolio turnover rate4		39	%		52	%		43	%		12	%
Net assets, end of period (in thousands)	$	1		$	1		$	1		$	1
Ratios to average net assets:5
Total expenses to average net assets:
Expenses before reimbursements		2.65	%		2.72	%		2.42	%		5.60	%
Expenses after reimbursements		1.67	%		1.67	%		1.67	%		1.67	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		2.11	%		1.39	%		2.16	%		(0.68	)%
Net investment income after reimbursements		3.09	%		2.44	%		2.91	%		3.25	%

See accompanying notes to the financial statements.

55

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Ashmore Emerging Markets Short Duration Select Fund

	Institutional Class
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Year Ended October 31, 2021			Period Ended October 31, 20201
Net asset value at beginning of period	$	8.32		$	9.80		$	10.18		$	10.00
Income (loss) from investment operations:
Net investment income		0.17			0.30			0.40			0.16
Net realized and unrealized gain (loss)		0.35			(1.48	)		(0.35	)		0.18
Total from investment operations		0.52			(1.18	)		0.05			0.34
Less distributions:
From net investment income		(0.20	)		(0.30	)		(0.40	)		(0.16	)
From net realized gain		—			(—	)2		(0.03	)		—
Tax return of capital		—			—			—			—
Total distributions		(0.20	)		(0.30	)		(0.43	)		(0.16	)
Net asset value at end of period	$	8.64		$	8.32		$	9.80		$	10.18
Total return3		6.31	%		(12.16	)%		0.40	%		3.43	%
Portfolio turnover rate4		39	%		52	%		43	%		12	%
Net assets, end of period (in thousands)	$	9,519		$	8,996		$	10,286		$	10,317
Ratios to average net assets:5
Total expenses to average net assets:
Expenses before reimbursements		1.53	%		1.48	%		1.38	%		4.58	%
Expenses after reimbursements		0.67	%		0.67	%		0.67	%		0.67	%
Net investment income to average net assets:
Net investment income before reimbursements		3.18	%		2.54	%		3.21	%		0.29	%
Net investment income after reimbursements		4.04	%		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.

³  Assumes investment at net asset value at the beginning of the period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year.

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

⁵  Annualized for periods less than one year.

See accompanying notes to the financial statements.

56

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Ashmore Emerging Markets Investment Grade Income Fund

	Class A
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Year Ended October 31, 2021			Period Ended October 31, 20201
Net asset value at beginning of period	$	7.52		$	9.90		$	9.85		$	10.00
Income (loss) from investment operations:
Net investment income		0.16			0.30			0.32			0.03
Net realized and unrealized gain (loss)		0.60			(2.37	)		0.06			(0.15	)
Total from investment operations		0.76			(2.07	)		0.38			(0.12	)
Less distributions:
From net investment income		(0.23	)		(0.31	)		(0.33	)		(0.03	)
From net realized gain		—			—			—			—
Tax return of capital		—			—			—			—
Total distributions		(0.23	)		(0.31	)		(0.33	)		(0.03	)
Net asset value at end of period	$	8.05		$	7.52		$	9.90		$	9.85
Total return2		10.17	%		(21.27	)%		3.85	%		(1.19	)%
Portfolio turnover rate3		10	%		53	%		44	%		3	%
Net assets, end of period (in thousands)	$	1		$	1		$	1		$	1
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements		1.70	%		1.56	%		1.77	%		4.88	%
Expenses after reimbursements		0.97	%		0.97	%		0.97	%		0.97	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		3.44	%		2.87	%		2.42	%		(1.27	)%
Net investment income after reimbursements		4.17	%		3.46	%		3.22	%		2.64	%

See accompanying notes to the financial statements.

57

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Ashmore Emerging Markets Investment Grade Income Fund

	Class C
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Year Ended October 31, 2021			Period Ended October 31, 20201
Net asset value at beginning of period	$	7.52		$	9.90		$	9.85		$	10.00
Income (loss) from investment operations:
Net investment income		0.14			0.24			0.25			0.02
Net realized and unrealized gain (loss)		0.59			(2.38	)		0.05			(0.15	)
Total from investment operations		0.73			(2.14	)		0.30			(0.13	)
Less distributions:
From net investment income		(0.20	)		(0.24	)		(0.25	)		(0.02	)
From net realized gain		—			—			—			—
Tax return of capital		—			—			—			—
Total distributions		(0.20	)		(0.24	)		(0.25	)		(0.02	)
Net asset value at end of period	$	8.05		$	7.52		$	9.90		$	9.85
Total return2		9.80	%		(21.84	)%		3.08	%		(1.26	)%
Portfolio turnover rate3		10	%		53	%		44	%		3	%
Net assets, end of period (in thousands)	$	1		$	1		$	1		$	1
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements		2.16	%		2.12	%		2.49	%		5.62	%
Expenses after reimbursements		1.72	%		1.72	%		1.72	%		1.72	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		3.06	%		2.34	%		1.70	%		(2.02	)%
Net investment income after reimbursements		3.50	%		2.74	%		2.47	%		1.88	%

See accompanying notes to the financial statements.

58

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Investment Grade Income Fund

	Institutional Class
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Year Ended October 31, 2021			Period Ended October 31, 20201
Net asset value at beginning of period	$	7.53		$	9.90		$	9.85		$	10.00
Income (loss) from investment operations:
Net investment income		0.17			0.32			0.35			0.03
Net realized and unrealized gain (loss)		0.59			(2.37	)		0.05			(0.15	)
Total from investment operations		0.76			(2.05	)		0.40			(0.12	)
Less distributions:
From net investment income		(0.23	)		(0.32	)		(0.35	)		(0.03	)
From net realized gain		—			—			—			—
Tax return of capital		—			—			—			—
Total distributions		(0.23	)		(0.32	)		(0.35	)		(0.03	)
Net asset value at end of period	$	8.06		$	7.53		$	9.90		$	9.85
Total return2		10.21	%		(21.02	)%		4.03	%		(1.16	)%
Portfolio turnover rate3		10	%		53	%		44	%		3	%
Net assets, end of period (in thousands)	$	17,614		$	16,042		$	20,442		$	19,757
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements		1.25	%		1.19	%		1.48	%		4.43	%
Expenses after reimbursements		0.72	%		0.72	%		0.72	%		0.72	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		3.75	%		3.21	%		2.66	%		(0.92	)%
Net investment income after reimbursements		4.28	%		3.68	%		3.42	%		2.79	%

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

²  Assumes investment at net asset value at the beginning of the period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year.

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

⁴  Annualized for periods less than one year.

See accompanying notes to the financial statements.

59

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Ashmore Emerging Markets Corporate Income ESG Fund

	Class A
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended October 31, 20211
Net asset value at beginning of period	$	6.26		$	9.11		$	10.00
Income (loss) from investment operations:
Net investment income		0.16			0.36			0.29
Net realized and unrealized gain (loss)		0.25			(2.83	)		(0.89	)
Total from investment operations		0.41			(2.47	)		(0.60	)
Less distributions:
From net investment income		(0.24	)		(0.36	)		(0.29	)
From net realized gain		—			(0.02	)		—
Tax return of capital		—			—			—
Total distributions		(0.24	)		(0.38	)		(0.29	)
Net asset value at end of period	$	6.43		$	6.26		$	9.11
Total return2		6.61	%		(27.67	)%		(6.11	)%
Portfolio turnover rate3		17	%		34	%		15	%
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		2.11	%		2.59	%		3.35	%
Expenses after reimbursements		1.12	%		1.12	%		1.12	%
Net investment income to average net assets:
Net investment income before reimbursements		4.00	%		3.26	%		2.26	%
Net investment income after reimbursements		4.99	%		4.73	%		4.49	%

See accompanying notes to the financial statements.

60

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Ashmore Emerging Markets Corporate Income ESG Fund

	Class C
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended October 31, 20211
Net asset value at beginning of period	$	6.26		$	9.11		$	10.00
Income (loss) from investment operations:
Net investment income		0.14			0.30			0.24
Net realized and unrealized gain (loss)		0.25			(2.82	)		(0.88	)
Total from investment operations		0.39			(2.52	)		(0.64	)
Less distributions:
From net investment income		(0.22	)		(0.31	)		(0.25	)
From net realized gain		—			(0.02	)		—
Tax return of capital		—			—			—
Total distributions		(0.22	)		(0.33	)		(0.25	)
Net asset value at end of period	$	6.43		$	6.26		$	9.11
Total return2		6.30	%		(28.23	)%		(6.55	)%
Portfolio turnover rate3		17	%		34	%		15	%
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		3.11	%		3.32	%		4.10	%
Expenses after reimbursements		1.87	%		1.87	%		1.87	%
Net investment income to average net assets:
Net investment income before reimbursements		3.06	%		2.53	%		1.52	%
Net investment income after reimbursements		4.30	%		3.98	%		3.75	%

See accompanying notes to the financial statements.

61

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Income ESG Fund

	Institutional Class
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022			Period Ended October 31, 20211
Net asset value at beginning of period	$	6.26		$	9.11		$	10.00
Income (loss) from investment operations:
Net investment income		0.17			0.37			0.31
Net realized and unrealized gain (loss)		0.26			(2.83	)		(0.89	)
Total from investment operations		0.43			(2.46	)		(0.58	)
Less distributions:
From net investment income		(0.25	)		(0.37	)		(0.31	)
From net realized gain		—			(0.02	)		—
Tax return of capital		—			—			—
Total distributions		(0.25	)		(0.39	)		(0.31	)
Net asset value at end of period	$	6.44		$	6.26		$	9.11
Total return2		6.91	%		(27.56	)%		(5.96	)%
Portfolio turnover rate3		17	%		34	%		15	%
Net assets, end of period (in thousands)	$	7,136		$	6,720		$	9,356
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements		1.96	%		2.12	%		3.08	%
Expenses after reimbursements		0.87	%		0.87	%		0.87	%
Net investment income to average net assets:
Net investment income before reimbursements		4.18	%		3.66	%		2.52	%
Net investment income after reimbursements		5.27	%		4.91	%		4.73	%

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

²  Assumes investment at net asset value at the beginning of the period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year.

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

⁴  Annualized for periods less than one year.

See accompanying notes to the financial statements.

62

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2023 (Unaudited)

	Currency1		Par	Value		% of Net Assets
Debt Securities
Angola (Cost $5,840,270)
Angola (Rep of), 8.250%, 05/09/2028			825,000	$	721,413		0.15
Angola (Rep of), 8.000%, 11/26/2029			1,271,000		1,067,640		0.21
Angola (Rep of), 8.750%, 04/14/2032			814,000		672,706		0.14
Angola (Rep of), 9.375%, 05/08/2048			2,501,000		1,912,765		0.38
Angola (Rep of), 9.125%, 11/26/2049			1,080,000		804,474		0.16
					5,178,998		1.04
Argentina (Cost $16,506,417)
Argentina (Rep of), 1.000%, 07/09/2029			1,608,920		378,046		0.07
Argentina (Rep of), (Step to 0.750% on 07/09/2023), 0.500%, 07/09/20302			19,073,451		4,619,910		0.93
Argentina (Rep of), (Step to 3.625% on 07/09/2023), 1.500%, 07/09/20352			11,867,271		2,625,347		0.53
Argentina (Rep of), (Step to 4.250% on 07/09/2023), 3.875%, 01/09/20382			2,622,373		720,441		0.14
Argentina (Rep of), (Step to 4.875% on 07/09/2029), 3.500%, 07/09/20412			4,313,926		1,075,125		0.22
YPF S.A., 9.000%, 02/12/2026			507,692		480,032		0.10
YPF S.A., 9.000%, 06/30/2029			780,000		622,209		0.12
					10,521,110		2.11
Azerbaijan (Cost $2,963,146)
Southern Gas Corridor CJSC, 6.875%, 03/24/2026			1,491,000		1,531,883		0.31
State Oil Co. of the Azerbaijan Republic, 6.950%, 03/18/2030			1,191,000		1,233,305		0.25
					2,765,188		0.56
Bahrain (Cost $2,780,955)
Bahrain (Rep of), 7.500%, 09/20/2047			1,348,000		1,217,996		0.24
Oil and Gas Holding (The) Co. BSCC, 7.625%, 11/07/2024			737,000		747,833		0.15
Oil and Gas Holding (The) Co. BSCC, 8.375%, 11/07/2028			750,000		789,375		0.16
					2,755,204		0.55
Brazil (Cost $73,261,777)
Banco do Brasil S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 4.398%), 6.250%, 04/15/20243			2,715,000		2,463,862		0.50
Brazil (Rep of), 4.250%, 01/07/2025			2,121,000		2,095,411		0.42
Brazil (Rep of), 2.875%, 06/06/2025			1,505,000		1,440,621		0.29
Brazil (Rep of), 6.000%, 04/07/2026			830,000		859,279		0.17
Brazil (Rep of), 4.625%, 01/13/2028			820,000		802,873		0.16
Brazil (Rep of), 8.250%, 01/20/2034			518,000		596,015		0.12
Brazil (Rep of), 5.000%, 01/27/2045			1,251,000		982,829		0.20
Brazil (Rep of), 5.625%, 02/21/2047			739,000		624,025		0.13
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/20254		BRL	78,458,000		12,334,082		2.48
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/20264		BRL	18,185,000		2,551,248		0.51
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027		BRL	86,318,000		16,393,979		3.29

See accompanying notes to the financial statements.

63

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1	Par	Value		% of Net Assets
Brazil (continued)
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2029	BRL	49,838,000	$	9,155,211		1.84
MC Brazil Downstream Trading S.A.R.L., 7.250%, 06/30/2031		1,289,946		991,283		0.20
Oi S.A., 0.000%, 07/15/20245,6,7		2,145,455		2,145,455		0.43
Oi S.A., 10.000%, (100% Cash), 07/27/20256,8		23,583,000		1,753,986		0.35
				55,190,159		11.09
Chile (Cost $10,882,754)
Chile (Rep of), 2.750%, 01/31/2027		273,000		257,562		0.05
Chile (Rep of), 3.240%, 02/06/2028		493,000		471,936		0.10
Chile (Rep of), 2.550%, 07/27/2033		547,000		457,801		0.09
Chile (Rep of), 3.100%, 05/07/2041		1,728,000		1,331,748		0.27
Chile (Rep of), 3.500%, 01/25/2050		200,000		153,945		0.03
Chile (Rep of), 3.100%, 01/22/2061		1,327,000		886,143		0.18
Corp. Nacional del Cobre de Chile, 5.625%, 10/18/2043		1,009,000		1,003,652		0.20
Corp. Nacional del Cobre de Chile, 4.875%, 11/04/2044		390,000		356,295		0.07
Corp. Nacional del Cobre de Chile, 4.500%, 08/01/2047		368,000		314,695		0.06
Corp. Nacional del Cobre de Chile, 4.375%, 02/05/2049		979,000		825,821		0.17
Corp. Nacional del Cobre de Chile, 3.150%, 01/15/2051		446,000		311,259		0.06
Empresa de Transporte de Pasajeros Metro S.A., 4.700%, 05/07/2050		1,081,000		940,470		0.19
Empresa Nacional del Petroleo, 3.750%, 08/05/2026		530,000		500,114		0.10
Empresa Nacional del Petroleo, 3.450%, 09/16/2031		200,000		168,588		0.03
Empresa Nacional del Petroleo, 4.500%, 09/14/2047		617,000		475,412		0.10
Latam Airlines Group S.A., 13.375%, 10/15/2029		750,000		787,410		0.16
				9,242,851		1.86
China (Cost $87,353,354)
Agile Group Holdings Ltd., 5.750%, 01/02/2025		5,665,000		2,810,570		0.56
Agile Group Holdings Ltd., 5.500%, 04/21/2025		200,000		90,209		0.02
Central China Real Estate Ltd., 7.250%, 04/24/20238,9		2,070,000		541,840		0.11
Central China Real Estate Ltd., 7.650%, 08/27/2023		2,500,000		552,576		0.11
Central China Real Estate Ltd., 7.900%, 11/07/2023		1,910,000		391,925		0.08
Central China Real Estate Ltd., 7.750%, 05/24/2024		3,100,000		623,403		0.13
Central China Real Estate Ltd., 7.250%, 08/13/2024		740,000		132,242		0.03
CFLD Cayman Investment Ltd., 0.000%, 01/31/20314,10		563,003		19,705		—
CFLD Cayman Investment Ltd., 2.500%, 01/31/203110		10,830,024		1,351,335		0.27
China (Rep of), 2.750%, 02/17/2032	CNY	16,430,000		2,357,714		0.47
China Evergrande Group, 8.250%, 03/23/20228,9		2,055,000		131,805		0.03
China Evergrande Group, 11.500%, 01/22/20238,9		2,800,000		178,962		0.04
China Evergrande Group, 7.500%, 06/28/20238		10,500,000		671,215		0.13
China Evergrande Group, 10.500%, 04/11/20248		2,300,000		150,650		0.03
China Evergrande Group, 8.750%, 06/28/20258		2,745,000		179,798		0.04
China SCE Group Holdings Ltd., 7.375%, 04/09/2024		1,840,000		1,021,200		0.21
CIFI Holdings Group Co. Ltd., 6.450%, 11/07/20248		380,000		56,149		0.01
CIFI Holdings Group Co. Ltd., 6.000%, 07/16/20258		1,300,000		191,447		0.04

See accompanying notes to the financial statements.

64

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1	Par	Value		% of Net Assets
China (continued)
CIFI Holdings Group Co. Ltd., 5.950%, 10/20/20258		1,936,000	$	286,715		0.06
CIFI Holdings Group Co. Ltd., 5.250%, 05/13/20268		3,374,000		496,874		0.10
CIFI Holdings Group Co. Ltd., 4.375%, 04/12/20278		801,000		116,920		0.02
CIFI Holdings Group Co. Ltd., 4.800%, 05/17/20288		470,000		68,738		0.01
Country Garden Holdings Co. Ltd., 5.625%, 01/14/2030		1,965,000		860,247		0.17
Fantasia Holdings Group Co. Ltd., 15.000%, 12/18/20218,9		4,515,000		428,497		0.09
Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/20228,9		5,635,000		534,606		0.11
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/20228,9		1,189,000		118,900		0.02
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/20238,9		2,175,000		206,348		0.04
Kaisa Group Holdings Ltd., 11.250%, 04/09/20228,9		1,260,000		118,162		0.02
Kaisa Group Holdings Ltd., 8.500%, 06/30/20228,9		3,500,000		328,227		0.07
Kaisa Group Holdings Ltd., 11.950%, 10/22/20228,9		1,300,000		117,000		0.02
Kaisa Group Holdings Ltd., 11.500%, 01/30/20238,9		1,700,000		169,054		0.03
Kaisa Group Holdings Ltd., 10.875%, 07/23/20238		2,500,000		239,949		0.05
Kaisa Group Holdings Ltd., 9.375%, 06/30/20248		2,600,000		249,547		0.05
Kaisa Group Holdings Ltd., 11.700%, 11/11/20258		2,000,000		191,959		0.04
Kaisa Group Holdings Ltd., 11.650%, 06/01/20268		1,300,000		124,456		0.02
KWG Group Holdings Ltd., 6.000%, 01/14/2024		1,200,000		490,618		0.10
Scenery Journey Ltd., 11.500%, 10/24/20228,9		3,140,000		305,204		0.06
Scenery Journey Ltd., 12.000%, 10/24/20238		1,880,000		182,787		0.04
Scenery Journey Ltd., 13.750%, 11/06/20238		500,000		45,250		0.01
Shimao Group Holdings Ltd., 4.750%, 07/03/20228,9		200,000		25,000		0.01
Sinopec Group Overseas Development 2012 Ltd., 4.875%, 05/17/2042		710,000		703,775		0.14
Sinopec Group Overseas Development 2018 Ltd., 2.700%, 05/13/2030		980,000		885,285		0.18
Sinopec Group Overseas Development 2018 Ltd., 3.350%, 05/13/2050		231,000		176,104		0.04
Sunac China Holdings Ltd., 7.250%, 06/14/20228,9		3,157,000		632,858		0.13
Sunac China Holdings Ltd., 7.950%, 08/08/20228,9		3,200,000		641,478		0.13
Sunac China Holdings Ltd., 8.350%, 04/19/20238,9		4,040,000		813,291		0.16
Sunac China Holdings Ltd., 7.950%, 10/11/20238		3,900,000		781,802		0.16
Sunac China Holdings Ltd., 7.500%, 02/01/20248		200,000		40,092		0.01
Sunac China Holdings Ltd., 5.950%, 04/26/20248		1,660,000		332,767		0.07
Sunac China Holdings Ltd., 6.650%, 08/03/20248		475,000		95,219		0.02
Sunac China Holdings Ltd., 6.500%, 01/10/20258		450,000		90,208		0.02
Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/20238,9		1,000,000		65,500		0.01
Yuzhou Group Holdings Co. Ltd., 8.500%, 02/04/20238,9		5,620,000		368,110		0.07
Yuzhou Group Holdings Co. Ltd., 9.950%, 06/08/20238		1,595,000		104,473		0.02
Yuzhou Group Holdings Co. Ltd., 6.000%, 10/25/20238		3,962,000		262,722		0.05
Yuzhou Group Holdings Co. Ltd., 8.500%, 02/26/20248		425,000		28,237		0.01
Yuzhou Group Holdings Co. Ltd., 7.700%, 02/20/20258		1,080,000		71,756		0.01
Yuzhou Group Holdings Co. Ltd., 7.375%, 01/13/20268		5,250,000		348,814		0.07
Yuzhou Group Holdings Co. Ltd., 7.850%, 08/12/20268		1,330,000		88,366		0.02
Yuzhou Group Holdings Co. Ltd., 6.350%, 01/13/20278		2,620,000		174,075		0.03

See accompanying notes to the financial statements.

65

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1	Par	Value		% of Net Assets
China (continued)
Zhenro Properties Group Ltd., 8.700%, 08/03/20228,9		1,110,000	$	74,925		0.02
Zhenro Properties Group Ltd., 8.000%, 03/06/20238,9		1,532,000		91,920		0.02
Zhenro Properties Group Ltd., 9.150%, 05/06/20238		400,000		24,200		—
Zhenro Properties Group Ltd., 14.724%, 06/01/20238		1,360,000		78,200		0.02
Zhenro Properties Group Ltd., 8.300%, 09/15/20238		3,158,000		189,480		0.04
Zhenro Properties Group Ltd., 8.350%, 03/10/20248		387,000		23,220		—
Zhenro Properties Group Ltd., 7.875%, 04/14/20248		3,591,000		215,460		0.04
Zhenro Properties Group Ltd., 7.100%, 09/10/20248		4,406,000		264,360		0.05
Zhenro Properties Group Ltd., 7.350%, 02/05/20258		8,407,000		504,420		0.10
Zhenro Properties Group Ltd., 6.630%, 01/07/20268		2,065,000		123,900		0.02
Zhenro Properties Group Ltd., 6.700%, 08/04/20268		5,713,000		342,780		0.07
				25,795,600		5.18
Colombia (Cost $14,815,699)
Colombia (Rep of), 3.875%, 04/25/2027		1,183,000		1,065,349		0.22
Colombia (Rep of), 7.375%, 09/18/2037		977,000		907,102		0.18
Colombia (Rep of), 5.625%, 02/26/2044		1,530,000		1,113,801		0.22
Colombia (Rep of), 5.000%, 06/15/2045		544,000		364,940		0.07
Colombia (Rep of), 4.125%, 05/15/2051		813,000		480,398		0.10
Colombian TES, 7.500%, 08/26/2026	COP	5,307,300,000		1,013,123		0.20
Colombian TES, 5.750%, 11/03/2027	COP	9,276,700,000		1,594,176		0.32
Colombian TES, 6.000%, 04/28/2028	COP	6,214,400,000		1,059,740		0.21
Colombian TES, 7.000%, 03/26/2031	COP	982,900,000		159,787		0.03
Colombian TES, 13.250%, 02/09/2033	COP	2,965,300,000		672,250		0.14
Colombian TES, 7.250%, 10/18/2034	COP	8,973,300,000		1,358,909		0.27
Empresas Publicas de Medellin ESP, 8.375%, 11/08/2027	COP	8,747,000,000		1,465,064		0.30
				11,254,639		2.26
Costa Rica (Cost $2,060,049)
Costa Rica (Rep of), 6.125%, 02/19/2031		841,000		845,260		0.17
Costa Rica (Rep of), 6.550%, 04/03/2034		369,000		375,304		0.08
Costa Rica (Rep of), 5.625%, 04/30/2043		710,000		617,521		0.12
Costa Rica (Rep of), 7.000%, 04/04/2044		200,000		196,936		0.04
				2,035,021		0.41
Croatia (Cost $1,942,770)
Croatia (Rep of), 6.000%, 01/26/2024		1,894,000		1,904,356		0.38
				1,904,356		0.38
Czech Republic (Cost $8,684,356)
Czech (Rep of), 2.500%, 08/25/2028	CZK	24,570,000		1,027,741		0.21
Czech (Rep of), 2.750%, 07/23/2029	CZK	72,900,000		3,051,390		0.61
Czech (Rep of), 0.050%, 11/29/2029	CZK	18,410,000		636,095		0.13
Czech (Rep of), 0.950%, 05/15/2030	CZK	1,580,000		57,538		0.01
Czech (Rep of), 1.750%, 06/23/2032	CZK	14,820,000		549,672		0.11
Czech (Rep of), 2.000%, 10/13/2033	CZK	8,260,000		303,384		0.06
Czech (Rep of), 4.200%, 12/04/2036	CZK	6,350,000		284,290		0.06

See accompanying notes to the financial statements.

66

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1	Par	Value		% of Net Assets
Czech Republic (continued)
New World Resources N.V., 8.000%, 04/07/20208,9,11	EUR	1,938,518	$	—		—
New World Resources N.V., 4.000%, 10/07/20208,9,11	EUR	669,526		—		—
				5,910,110		1.19
Dominican Republic (Cost $12,553,751)
Dominican (Rep of), 5.500%, 01/27/2025		614,000		607,579		0.12
Dominican (Rep of), 6.875%, 01/29/2026		1,288,000		1,311,952		0.26
Dominican (Rep of), 9.750%, 06/05/2026	DOP	29,950,000		544,595		0.11
Dominican (Rep of), 6.000%, 07/19/2028		710,000		699,921		0.14
Dominican (Rep of), 5.500%, 02/22/2029		483,000		459,606		0.09
Dominican (Rep of), 4.875%, 09/23/2032		2,764,000		2,379,779		0.48
Dominican (Rep of), 13.625%, 02/03/203310	DOP	15,000,000		321,539		0.06
Dominican (Rep of), 5.300%, 01/21/2041		1,173,000		923,565		0.19
Dominican (Rep of), 6.850%, 01/27/2045		363,000		326,101		0.07
Dominican (Rep of), 6.500%, 02/15/2048		367,000		312,684		0.06
Dominican (Rep of), 6.400%, 06/05/2049		403,000		337,786		0.07
Dominican (Rep of), 5.875%, 01/30/2060		3,530,000		2,689,623		0.54
Dominican Republic Central Bank Notes, 13.000%, 01/30/202610	DOP	18,550,000		347,855		0.07
				11,262,585		2.26
Ecuador (Cost $4,008,115)
Ecuador (Rep of), (Step to 3.500% on 07/31/2023), 2.500%, 07/31/20352,10		4,349,850		1,589,285		0.32
Ecuador (Rep of), (Step to 2.500% on 07/31/2023), 1.500%, 07/31/20402		3,386,968		1,100,765		0.22
				2,690,050		0.54
Egypt (Cost $9,933,809)
Egypt (Rep of), 6.588%, 02/21/2028		391,000		239,918		0.05
Egypt (Rep of), 7.600%, 03/01/2029		795,000		485,316		0.10
Egypt (Rep of), 5.875%, 02/16/2031		1,110,000		591,008		0.12
Egypt (Rep of), 7.625%, 05/29/2032		844,000		472,390		0.10
Egypt (Rep of), 8.500%, 01/31/2047		2,028,000		1,066,282		0.21
Egypt (Rep of), 7.903%, 02/21/2048		1,744,000		876,970		0.18
Egypt (Rep of), 8.700%, 03/01/2049		1,780,000		943,934		0.19
Egypt (Rep of), 8.875%, 05/29/2050		1,443,000		765,171		0.15
Egypt (Rep of), 8.750%, 09/30/2051		1,057,000		555,728		0.11
Egypt (Rep of), 8.150%, 11/20/2059		200,000		101,648		0.02
				6,098,365		1.23
Gabon (Cost $1,366,283)
Gabon (Rep of), 6.625%, 02/06/2031		1,815,000		1,335,404		0.27
				1,335,404		0.27
Ghana (Cost $8,398,834)
Ghana (Rep of), 6.375%, 02/11/20278		2,107,000		784,857		0.16
Ghana (Rep of), 7.750%, 04/07/20298		606,000		221,311		0.04

See accompanying notes to the financial statements.

67

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1	Par	Value		% of Net Assets
Ghana (continued)
Ghana (Rep of), 7.625%, 05/16/20298		2,879,000	$	1,053,576		0.21
Ghana (Rep of), 8.125%, 03/26/20328		633,000		232,953		0.05
Ghana (Rep of), 8.625%, 04/07/20348		1,441,000		532,046		0.11
Ghana (Rep of), 7.875%, 02/11/20358		438,000		161,710		0.03
Ghana (Rep of), 8.875%, 05/07/20428		1,740,000		607,260		0.12
Ghana (Rep of), 8.950%, 03/26/20518		273,000		95,468		0.02
Tullow Oil PLC, 7.000%, 03/01/2025		2,170,000		1,320,421		0.26
Tullow Oil PLC, 10.250%, 05/15/2026		1,697,000		1,325,357		0.27
				6,334,959		1.27
Guatemala (Cost $1,394,627)
Guatemala (Rep of), 5.375%, 04/24/2032		242,000		235,222		0.05
Guatemala (Rep of), 4.650%, 10/07/2041		408,000		332,987		0.07
Guatemala (Rep of), 6.125%, 06/01/2050		665,000		622,187		0.12
				1,190,396		0.24
Hungary (Cost $5,169,451)
Hungary (Rep of), 5.375%, 03/25/2024		1,224,000		1,224,497		0.24
Hungary (Rep of), 6.750%, 10/22/2028	HUF	216,810,000		585,823		0.12
Hungary (Rep of), 3.000%, 08/21/2030	HUF	443,460,000		955,880		0.19
Hungary (Rep of), 2.125%, 09/22/2031		564,000		439,322		0.09
Hungary (Rep of), 3.000%, 10/27/2038	HUF	248,590,000		428,376		0.09
Hungary (Rep of), 3.125%, 09/21/2051		630,000		389,349		0.08
				4,023,247		0.81
India (Cost $1,859,590)
Export-Import Bank of India, 3.375%, 08/05/2026		440,000		417,116		0.08
Export-Import Bank of India, 2.250%, 01/13/2031		589,000		479,733		0.10
Export-Import Bank of India, 5.500%, 01/18/2033		851,000		863,444		0.17
				1,760,293		0.35
Indonesia (Cost $32,785,992)
Indonesia (Rep of), 8.375%, 03/15/2024	IDR	45,715,000,000		3,181,172		0.64
Indonesia (Rep of), 8.125%, 05/15/2024	IDR	19,857,000,000		1,382,893		0.28
Indonesia (Rep of), 4.150%, 09/20/2027		420,000		416,752		0.08
Indonesia (Rep of), 4.550%, 01/11/2028		917,000		923,115		0.19
Indonesia (Rep of), 6.375%, 08/15/2028	IDR	6,882,000,000		471,949		0.09
Indonesia (Rep of), 9.000%, 03/15/2029	IDR	11,300,000,000		866,819		0.17
Indonesia (Rep of), 8.250%, 05/15/2029	IDR	23,273,000,000		1,733,180		0.35
Indonesia (Rep of), 7.000%, 09/15/2030	IDR	7,151,000,000		500,771		0.10
Indonesia (Rep of), 7.750%, 04/15/2031	IDR	12,825,000,000		930,941		0.19
Indonesia (Rep of), 8.750%, 05/15/2031	IDR	16,566,000,000		1,280,509		0.26
Indonesia (Rep of), 7.000%, 02/15/2033	IDR	21,271,000,000		1,500,107		0.30
Indonesia (Rep of), 8.375%, 03/15/2034	IDR	12,504,000,000		959,572		0.19
Indonesia (Rep of), 7.500%, 06/15/2035	IDR	10,880,000,000		783,801		0.16
Indonesia (Rep of), 8.500%, 10/12/2035		624,000		821,829		0.16
Indonesia (Rep of), 8.250%, 05/15/2036	IDR	10,391,000,000		789,482		0.16

See accompanying notes to the financial statements.

68

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1	Par	Value		% of Net Assets
Indonesia (continued)
Indonesia (Rep of), 6.625%, 02/17/2037		751,000	$	872,260		0.18
Indonesia (Rep of), 7.750%, 01/17/2038		971,000		1,231,311		0.25
Indonesia (Rep of), 7.500%, 05/15/2038	IDR	8,539,000,000		613,827		0.12
Indonesia (Rep of), 8.375%, 04/15/2039	IDR	12,332,000,000		953,919		0.19
Indonesia (Rep of), 5.250%, 01/17/2042		833,000		843,423		0.17
Indonesia (Rep of), 5.950%, 01/08/2046		866,000		939,175		0.19
Indonesia (Rep of), 5.250%, 01/08/2047		546,000		549,720		0.11
Indonesia (Rep of), 4.750%, 07/18/2047		750,000		714,478		0.14
Indonesia (Rep of), 4.200%, 10/15/2050		976,000		850,596		0.17
Indonesia Asahan Aluminium Persero PT, 5.450%, 05/15/2030		899,000		896,707		0.18
Indonesia Asahan Aluminium Persero PT, 5.800%, 05/15/2050		200,000		181,025		0.04
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT, 4.750%, 05/15/2025		576,000		569,261		0.11
Pertamina Persero PT, 6.000%, 05/03/2042		329,000		326,378		0.07
Pertamina Persero PT, 6.450%, 05/30/2044		631,000		655,386		0.13
Pertamina Persero PT, 6.500%, 11/07/2048		367,000		377,384		0.08
Pertamina Persero PT, 4.175%, 01/21/2050		622,000		485,566		0.10
Perusahaan Penerbit SBSN Indonesia III, 4.325%, 05/28/2025		217,000		217,377		0.04
Perusahaan Penerbit SBSN Indonesia III, 4.550%, 03/29/2026		929,000		936,709		0.19
Perusahaan Penerbit SBSN Indonesia III, 4.700%, 06/06/2032		453,000		459,841		0.09
Perusahaan Penerbit SBSN Indonesia III, 3.800%, 06/23/2050		298,000		240,722		0.05
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.250%, 10/24/2042		620,000		558,868		0.11
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.250%, 05/15/2047		388,000		339,157		0.07
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.150%, 05/21/2048		1,272,000		1,240,306		0.25
				31,596,288		6.35
Ivory Coast (Cost $3,949,250)
Ivory Coast (Rep of), 5.875%, 10/17/2031	EUR	1,089,000		974,368		0.20
Ivory Coast (Rep of), 4.875%, 01/30/2032	EUR	947,000		788,639		0.16
Ivory Coast (Rep of), 6.875%, 10/17/2040	EUR	999,000		795,591		0.16
Ivory Coast (Rep of), 6.625%, 03/22/2048	EUR	965,000		712,008		0.14
				3,270,606		0.66
Jamaica (Cost $993,981)
Jamaica (Rep of), 7.875%, 07/28/2045		750,000		874,211		0.18
				874,211		0.18
Kazakhstan (Cost $1,738,092)
Kazakhstan (Rep of), 6.500%, 07/21/2045		1,217,000		1,292,712		0.26
				1,292,712		0.26
Lebanon (Cost $12,091,493)
Lebanon (Rep of), 6.375%, 03/09/20208,9		1,855,000		109,445		0.02
Lebanon (Rep of), 5.800%, 04/14/20208,9		1,719,000		101,421		0.02
Lebanon (Rep of), 6.150%, 06/19/20208,9		3,148,000		188,880		0.04

See accompanying notes to the financial statements.

69

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1		Par	Value		% of Net Assets
Lebanon (continued)
Lebanon (Rep of), 8.250%, 04/12/20218,9			1,610,000	$	96,600		0.02
Lebanon (Rep of), 6.100%, 10/04/20228,9			4,808,000		283,672		0.06
Lebanon (Rep of), 6.000%, 01/27/20238,9			1,000		57		—
Lebanon (Rep of), 6.600%, 11/27/20268			1,089,000		62,117		0.01
Lebanon (Rep of), 6.850%, 03/23/20278			2,314,000		131,990		0.03
Lebanon (Rep of), 7.000%, 03/23/20328			1,395,000		79,571		0.01
Lebanon (Rep of), 7.050%, 11/02/20358			244,000		13,918		—
Lebanon (Rep of), 7.250%, 03/23/20378			867,000		49,454		0.01
					1,117,125		0.22
Malaysia (Cost $25,247,939)
Malaysia (Rep of), 3.478%, 06/14/2024		MYR	54,561,000		12,308,985		2.47
Malaysia (Rep of), 4.504%, 04/30/2029		MYR	4,435,000		1,040,272		0.21
Malaysia (Rep of), 4.498%, 04/15/2030		MYR	565,000		133,050		0.03
Malaysia (Rep of), 4.232%, 06/30/2031		MYR	2,488,000		572,421		0.11
Malaysia (Rep of), 3.582%, 07/15/2032		MYR	4,569,000		1,011,387		0.20
Malaysia (Rep of), 3.828%, 07/05/2034		MYR	2,342,000		520,317		0.10
Malaysia (Rep of), 4.254%, 05/31/2035		MYR	2,888,000		661,020		0.13
Malaysia (Rep of), 4.893%, 06/08/2038		MYR	1,707,000		423,430		0.08
Malaysia (Rep of), 3.757%, 05/22/2040		MYR	2,004,000		430,369		0.09
Malaysia (Rep of), 4.935%, 09/30/2043		MYR	747,000		184,908		0.04
Malaysia (Rep of), 4.921%, 07/06/2048		MYR	1,743,000		434,444		0.09
Malaysia (Rep of), 4.065%, 06/15/2050		MYR	2,911,000		628,607		0.13
Malaysia Government Investment Issue, 4.193%, 10/07/2032		MYR	329,000		75,623		0.01
Petronas Capital Ltd., 2.480%, 01/28/2032			1,150,000		984,124		0.20
Petronas Capital Ltd., 4.550%, 04/21/2050			1,644,000		1,536,337		0.31
Petronas Capital Ltd., 4.800%, 04/21/2060			718,000		693,384		0.14
Petronas Capital Ltd., 3.404%, 04/28/2061			1,543,000		1,127,074		0.23
					22,765,752		4.57
Mexico (Cost $51,600,799)
Comision Federal de Electricidad, 8.180%, 12/23/2027		MXN	24,850,000		1,237,624		0.25
Comision Federal de Electricidad, 3.875%, 07/26/2033			536,000		413,578		0.08
Mexican Bonos, 10.000%, 12/05/2024		MXN	9,790,000		538,040		0.11
Mexican Bonos, 5.750%, 03/05/2026		MXN	93,590,000		4,713,153		0.95
Mexican Bonos, 5.500%, 03/04/2027		MXN	125,790,000		6,176,965		1.24
Mexican Bonos, 7.750%, 05/29/2031		MXN	89,490,000		4,669,437		0.94
Mexican Bonos, 7.500%, 05/26/2033		MXN	33,920,000		1,720,252		0.35
Mexican Bonos, 7.750%, 11/23/2034		MXN	32,200,000		1,644,914		0.33
Mexican Bonos, 10.000%, 11/20/2036		MXN	37,020,000		2,243,293		0.45
Mexican Bonos, 8.500%, 11/18/2038		MXN	30,270,000		1,596,913		0.32
Mexican Bonos, 7.750%, 11/13/2042		MXN	47,640,000		2,309,253		0.46
Mexico (Rep of), 5.400%, 02/09/2028			412,000		425,342		0.09
Mexico (Rep of), 2.659%, 05/24/2031			692,000		584,163		0.12
Mexico (Rep of), 4.875%, 05/19/2033			911,000		882,764		0.18
Mexico (Rep of), 6.050%, 01/11/2040			556,000		573,624		0.11

See accompanying notes to the financial statements.

70

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1		Par	Value		% of Net Assets
Mexico (continued)
Mexico (Rep of), 4.750%, 03/08/2044			488,000	$	424,393		0.09
Mexico (Rep of), 5.550%, 01/21/2045			807,000		776,905		0.16
Mexico (Rep of), 6.338%, 05/04/2053			545,000		561,926		0.11
Mexico (Rep of), 3.771%, 05/24/2061			2,492,000		1,716,063		0.34
Mexico (Rep of), 3.750%, 04/19/2071			3,044,000		2,066,514		0.41
Mexico (Rep of), 5.750%, 10/12/2110			974,000		866,786		0.17
Petroleos Mexicanos, 7.190%, 09/12/2024		MXN	44,460,000		2,271,882		0.46
Petroleos Mexicanos, 6.750%, 09/21/2047			3,754,000		2,313,472		0.46
Petroleos Mexicanos, 6.350%, 02/12/2048			1,346,000		799,105		0.16
Petroleos Mexicanos, 7.690%, 01/23/2050			4,903,000		3,267,910		0.66
Petroleos Mexicanos, 6.950%, 01/28/2060			5,303,000		3,253,108		0.65
					48,047,379		9.65
Mongolia (Cost $741,539)
Development Bank of Mongolia LLC, 7.250%, 10/23/2023			470,000		461,027		0.09
Mongolia (Rep of), 8.650%, 01/19/2028			276,000		278,712		0.06
					739,739		0.15
Morocco (Cost $3,513,819)
Morocco (Rep of), 2.375%, 12/15/2027			723,000		640,094		0.13
Morocco (Rep of), 5.950%, 03/08/202810			453,000		463,772		0.09
Morocco (Rep of), 3.000%, 12/15/2032			774,000		625,036		0.12
Morocco (Rep of), 6.500%, 09/08/203310			850,000		880,486		0.18
Morocco (Rep of), 5.500%, 12/11/2042			533,000		462,449		0.09
Morocco (Rep of), 4.000%, 12/15/2050			410,000		280,827		0.06
					3,352,664		0.67
Nigeria (Cost $4,309,672)
Nigeria (Rep of), 6.500%, 11/28/2027			536,000		426,120		0.09
Nigeria (Rep of), 7.375%, 09/28/2033			1,179,000		813,510		0.16
Nigeria (Rep of), 7.696%, 02/23/2038			963,000		635,580		0.13
Nigeria (Rep of), 7.625%, 11/28/2047			1,957,000		1,216,878		0.24
Nigeria (Rep of), 9.248%, 01/21/2049			480,000		345,600		0.07
					3,437,688		0.69
Oman (Cost $9,191,452)
Oman (Rep of), 4.750%, 06/15/2026			1,444,000		1,416,275		0.28
Oman (Rep of), 6.750%, 10/28/2027			1,645,000		1,732,609		0.35
Oman (Rep of), 6.000%, 08/01/2029			1,411,000		1,440,575		0.29
Oman (Rep of), 6.250%, 01/25/2031			430,000		444,581		0.09
Oman (Rep of), 6.500%, 03/08/2047			1,786,000		1,672,518		0.34
Oman (Rep of), 6.750%, 01/17/2048			1,674,000		1,615,179		0.32
Oman (Rep of), 7.000%, 01/25/2051			830,000		822,737		0.17
					9,144,474		1.84
Pakistan (Cost $7,646,033)
Pakistan (Rep of), 8.250%, 04/15/2024			1,691,000		843,200		0.17

See accompanying notes to the financial statements.

71

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1		Par	Value		% of Net Assets
Pakistan (continued)
Pakistan (Rep of), 8.250%, 09/30/2025			794,000	$	325,254		0.06
Pakistan (Rep of), 6.875%, 12/05/2027			1,467,000		514,653		0.10
Pakistan (Rep of), 7.375%, 04/08/2031			2,752,000		928,580		0.19
Pakistan (Rep of), 8.875%, 04/08/2051			2,357,000		777,810		0.16
Pakistan Water & Power Development Authority, 7.500%, 06/04/2031			761,000		243,520		0.05
					3,633,017		0.73
Panama (Cost $5,636,190)
Panama (Rep of), 7.125%, 01/29/2026			309,000		327,208		0.07
Panama (Rep of), 8.875%, 09/30/2027			617,000		717,263		0.15
Panama (Rep of), 3.875%, 03/17/2028			266,000		255,899		0.05
Panama (Rep of), 9.375%, 04/01/2029			870,000		1,060,546		0.21
Panama (Rep of), 6.700%, 01/26/2036			1,097,000		1,177,748		0.24
Panama (Rep of), 4.500%, 05/15/2047			460,000		368,331		0.07
Panama (Rep of), 4.300%, 04/29/2053			1,081,000		810,847		0.16
					4,717,842		0.95
Paraguay (Cost $979,992)
Paraguay (Rep of), 4.700%, 03/27/2027			246,000		241,125		0.05
Paraguay (Rep of), 5.400%, 03/30/2050			690,000		586,695		0.12
					827,820		0.17
Peru (Cost $14,310,592)
Peru (Rep of), 7.350%, 07/21/2025			1,323,000		1,393,705		0.28
Peru (Rep of), 5.940%, 02/12/2029		PEN	5,105,000		1,301,956		0.26
Peru (Rep of), 6.950%, 08/12/2031		PEN	4,476,000		1,176,475		0.24
Peru (Rep of), 8.750%, 11/21/2033			2,097,000		2,677,938		0.54
Peru (Rep of), 5.400%, 08/12/2034		PEN	6,591,000		1,498,463		0.30
Peru (Rep of), 3.300%, 03/11/2041			344,000		264,479		0.05
Peru (Rep of), 5.625%, 11/18/2050			739,000		763,291		0.15
Peru (Rep of), 2.780%, 12/01/2060			1,451,000		886,789		0.18
Peru (Rep of), 3.230%, 07/28/2121			635,000		386,314		0.08
Petroleos del Peru S.A., 5.625%, 06/19/2047			2,739,000		1,737,579		0.35
					12,086,989		2.43
Philippines (Cost $8,780,951)
Philippines (Rep of), 10.625%, 03/16/2025			588,000		653,033		0.13
Philippines (Rep of), 9.500%, 02/02/2030			1,278,000		1,636,866		0.33
Philippines (Rep of), 7.750%, 01/14/2031			1,103,000		1,321,847		0.27
Philippines (Rep of), 5.000%, 07/17/2033			274,000		282,603		0.06
Philippines (Rep of), 6.375%, 10/23/2034			991,000		1,118,198		0.22
Philippines (Rep of), 6.250%, 01/14/2036		PHP	12,000,000		211,355		0.04
Philippines (Rep of), 3.950%, 01/20/2040			2,087,000		1,834,044		0.37
Philippines (Rep of), 2.950%, 05/05/2045			784,000		574,601		0.11
Philippines (Rep of), 4.200%, 03/29/2047			216,000		189,010		0.04
					7,821,557		1.57

See accompanying notes to the financial statements.

72

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1		Par	Value		% of Net Assets
Poland (Cost $13,197,909)
Poland (Rep of), 2.500%, 04/25/2024		PLN	28,186,000	$	6,565,514		1.32
Poland (Rep of), 2.500%, 07/25/2026		PLN	1,468,000		317,521		0.06
Poland (Rep of), 0.250%, 10/25/2026		PLN	1,469,000		291,457		0.06
Poland (Rep of), 3.750%, 05/25/2027		PLN	10,121,000		2,237,023		0.45
Poland (Rep of), 2.500%, 07/25/2027		PLN	1,529,000		321,442		0.07
Poland (Rep of), 5.500%, 11/16/2027			787,000		823,989		0.17
Poland (Rep of), 2.750%, 04/25/2028		PLN	5,360,000		1,116,187		0.22
Poland (Rep of), 4.875%, 10/04/2033			1,582,000		1,605,559		0.32
Poland (Rep of), 5.500%, 04/04/2053			613,000		634,546		0.13
					13,913,238		2.80
Qatar (Cost $8,315,959)
Qatar (Rep of), 3.250%, 06/02/2026			1,837,000		1,791,406		0.36
Qatar (Rep of), 4.817%, 03/14/2049			2,592,000		2,562,555		0.51
Qatar (Rep of), 4.400%, 04/16/2050			530,000		496,213		0.10
Qatar Energy, 3.125%, 07/12/2041			2,762,000		2,171,622		0.44
					7,021,796		1.41
Romania (Cost $11,091,053)
Romania (Rep of), 3.000%, 02/27/2027			494,000		450,509		0.09
Romania (Rep of), 5.800%, 07/26/2027		RON	9,470,000		2,012,932		0.40
Romania (Rep of), 4.150%, 01/26/2028		RON	5,100,000		1,002,037		0.20
Romania (Rep of), 8.000%, 04/29/2030		RON	3,705,000		856,908		0.17
Romania (Rep of), 4.150%, 10/24/2030		RON	6,155,000		1,127,039		0.23
Romania (Rep of), 3.000%, 02/14/2031			354,000		295,272		0.06
Romania (Rep of), 3.625%, 03/27/2032			756,000		645,370		0.13
Romania (Rep of), 8.250%, 09/29/2032		RON	4,545,000		1,068,385		0.21
Romania (Rep of), 6.125%, 01/22/2044			302,000		290,373		0.06
Romania (Rep of), 4.000%, 02/14/2051			2,498,000		1,730,465		0.35
					9,479,290		1.90
Russian Federation (Cost $208,329)
Russian Federal Bond - OFZ, 7.250%, 05/10/20348,11		RUB	13,248,000		—		—
					—		—
Saudi Arabia (Cost $13,941,702)
Gaci First Investment Co., 5.000%, 10/13/2027			710,000		725,087		0.15
Gaci First Investment Co., 5.250%, 10/13/2032			1,217,000		1,274,954		0.26
Gaci First Investment Co., 5.125%, 02/14/2053			1,360,000		1,264,990		0.25
Saudi (Rep of), 4.750%, 01/18/2028			1,032,000		1,050,246		0.21
Saudi (Rep of), 5.500%, 10/25/2032			695,000		751,612		0.15
Saudi (Rep of), 4.625%, 10/04/2047			808,000		733,519		0.15
Saudi (Rep of), 5.000%, 04/17/2049			1,903,000		1,800,790		0.36
Saudi (Rep of), 5.250%, 01/16/2050			1,310,000		1,289,538		0.26
Saudi (Rep of), 3.750%, 01/21/2055			1,457,000		1,123,769		0.23
Saudi (Rep of), 4.500%, 04/22/2060			1,128,000		999,374		0.20

See accompanying notes to the financial statements.

73

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1		Par	Value		% of Net Assets
Saudi Arabia (continued)
Saudi (Rep of), 3.450%, 02/02/2061			2,042,000	$	1,462,685		0.29
					12,476,564		2.51
South Africa (Cost $24,960,005)
South Africa (Rep of), 4.300%, 10/12/2028			2,754,000		2,469,705		0.50
South Africa (Rep of), 8.000%, 01/31/2030		ZAR	65,701,170		3,215,828		0.65
South Africa (Rep of), 8.250%, 03/31/2032		ZAR	73,679,059		3,430,905		0.69
South Africa (Rep of), 5.875%, 04/20/2032			1,509,000		1,368,663		0.27
South Africa (Rep of), 8.875%, 02/28/2035		ZAR	54,822,225		2,514,165		0.51
South Africa (Rep of), 8.500%, 01/31/2037		ZAR	85,411,880		3,669,547		0.74
South Africa (Rep of), 9.000%, 01/31/2040		ZAR	24,527,240		1,064,356		0.21
South Africa (Rep of), 8.750%, 01/31/2044		ZAR	3,000		124		—
South Africa (Rep of), 5.000%, 10/12/2046			467,000		317,298		0.06
South Africa (Rep of), 5.650%, 09/27/2047			1,155,000		832,681		0.17
South Africa (Rep of), 8.750%, 02/28/2048		ZAR	7,000		288		—
South Africa (Rep of), 5.750%, 09/30/2049			1,338,000		958,244		0.19
					19,841,804		3.99
South Korea (Cost $5,692,143)
Korea (Rep of), 4.250%, 12/10/2032		KRW	7,054,930,000		5,631,447		1.13
					5,631,447		1.13
Thailand (Cost $8,325,734)
Thailand (Rep of), 2.350%, 06/17/2026		THB	88,425,000		2,614,395		0.52
Thailand (Rep of), 2.650%, 06/17/2028		THB	23,434,000		702,006		0.14
Thailand (Rep of), 2.000%, 12/17/2031		THB	24,345,000		686,242		0.14
Thailand (Rep of), 1.585%, 12/17/2035		THB	19,716,000		512,494		0.10
Thailand (Rep of), 3.400%, 06/17/2036		THB	17,483,000		547,866		0.11
Thailand (Rep of), 3.300%, 06/17/2038		THB	27,502,000		845,118		0.17
Thailand (Rep of), 2.000%, 06/17/2042		THB	44,923,000		1,124,279		0.23
Thailand (Rep of), 2.875%, 06/17/2046		THB	4,854,000		137,194		0.03
Thailand (Rep of), 3.600%, 06/17/2067		THB	18,378,000		536,456		0.11
					7,706,050		1.55
Turkey (Cost $5,241,637)
Turkey (Rep of), 6.000%, 01/14/2041			465,000		348,750		0.07
Turkey (Rep of), 4.875%, 04/16/2043			2,888,000		1,922,328		0.38
Turkey (Rep of), 5.750%, 05/11/2047			3,910,000		2,770,860		0.56
					5,041,938		1.01
Ukraine (Cost $2,958,943)
Ukraine (Rep of), 9.750%, 11/01/20308			1,255,000		219,776		0.04
Ukraine (Rep of), 6.876%, 05/21/20318			1,468,000		238,385		0.05
Ukraine (Rep of), 7.375%, 09/25/20348			621,000		99,360		0.02
Ukraine (Rep of), 7.253%, 03/15/20358			1,183,000		193,965		0.04
					751,486		0.15

See accompanying notes to the financial statements.

74

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1		Par	Value		% of Net Assets
United Arab Emirates (Cost $5,906,874)
Abu Dhabi (Gov’t of), 3.125%, 09/30/2049			1,436,000	$	1,081,638		0.22
Abu Dhabi (Gov’t of), 3.875%, 04/16/2050			2,124,000		1,819,206		0.37
DP World Crescent Ltd., 3.875%, 07/18/2029			641,000		607,827		0.12
DP World Crescent Ltd., 3.750%, 01/30/2030			804,000		757,742		0.15
Finance Department Government of Sharjah, 6.500%, 11/23/203210			671,000		694,820		0.14
					4,961,233		1.00
Uruguay (Cost $11,273,698)
Uruguay (Rep of), 8.500%, 03/15/2028		UYU	15,190,000		366,705		0.07
Uruguay (Rep of), 4.375%, 12/15/2028		UYU	8,870,757		598,019		0.12
Uruguay (Rep of), 8.250%, 05/21/2031		UYU	63,603,828		1,472,379		0.30
Uruguay (Rep of), 7.875%, 01/15/2033			1,327,380		1,664,771		0.34
Uruguay (Rep of), 5.750%, 10/28/2034			915,000		1,015,830		0.20
Uruguay (Rep of), 7.625%, 03/21/2036			953,660		1,208,380		0.24
Uruguay (Rep of), 3.875%, 07/02/2040		UYU	18,506,980		622,686		0.13
Uruguay (Rep of), 4.125%, 11/20/2045			800,665		746,818		0.15
Uruguay (Rep of), 5.100%, 06/18/2050			834,264		853,299		0.17
Uruguay (Rep of), 4.975%, 04/20/2055			1,803,300		1,809,484		0.36
Uruguay Monetary Regulation Bill, 0.000%, 10/26/20234		UYU	7,906,000		192,735		0.04
					10,551,106		2.12
Venezuela (Cost $49,980,026)
Petroleos de Venezuela S.A., 8.500%, 10/27/20208,9			28,100,000		7,446,500		1.50
Petroleos de Venezuela S.A., 9.000%, 11/17/20218,9			3,789,076		142,090		0.03
Petroleos de Venezuela S.A., 12.750%, 02/17/20228,9			1,695,000		72,038		0.01
Petroleos de Venezuela S.A., 5.375%, 04/12/20278			1,590,000		51,675		0.01
Petroleos de Venezuela S.A., 9.750%, 05/17/20358			5,253,147		210,126		0.04
Venezuela (Rep of), 7.750%, 10/13/20198,9			1,638,000		106,470		0.02
Venezuela (Rep of), 12.750%, 08/23/20228,9			3,246,000		324,600		0.07
Venezuela (Rep of), 9.000%, 05/07/20238			1,407,000		140,700		0.03
Venezuela (Rep of), 8.250%, 10/13/20248			3,213,200		321,320		0.06
Venezuela (Rep of), 11.750%, 10/21/20268			12,976,000		1,297,600		0.26
Venezuela (Rep of), 9.250%, 09/15/20278			3,647,000		364,700		0.07
Venezuela (Rep of), 9.250%, 05/07/20288			2,317,000		231,700		0.05
Venezuela (Rep of), 11.950%, 08/05/20318			21,478,800		2,147,880		0.43
					12,857,399		2.58
Vietnam (Cost $1,255,114)
Vietnam (Rep of), 4.800%, 11/19/2024			1,241,000		1,211,967		0.24
					1,211,967		0.24

See accompanying notes to the financial statements.

75

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1	Par	Value		% of Net Assets
Zambia (Cost $1,220,967)
Zambia (Rep of), 8.970%, 07/30/20278		1,760,000	$	813,472		0.16
				813,472		0.16
Total Debt Securities (Cost $618,863,886)				434,233,188		87.24
Total Investments (Total Cost $618,863,886)				434,233,188		87.24
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)				63,493,673		12.76
Net Assets			$	497,726,861		100.00

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

²  Step coupon bond. Rate as of April 30, 2023 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 Level 3 investment.

⁶  Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis.

⁷  When issued security. Coupon rate was not in effect at January 31, 2019.

⁸  Issuer has defaulted on terms of debt obligation.

⁹  Maturity has been extended under the terms of a plan of reorganization.

¹⁰  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.

¹¹  Security has been deemed worthless and is a Level 3 investment.

Percentages shown are based on net assets.

At April 30, 2023, the Ashmore Emerging Markets Total Return Fund had outstanding forward foreign currency exchange contracts as follows:

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
05/03/2023	Citibank	Brazilian Real		107,725,679	United States Dollar		21,247,668	$	335,757
05/03/2023	Banco Santander	United States Dollar		2,492,270	Brazilian Real		12,405,274		6,806
05/04/2023	HSBC Bank	Egyptian Pound		9,597,900	United States Dollar		299,000		7,029
05/09/2023	State Street	United States Dollar		317,000	Singapore Dollar		419,463		2,533
05/10/2023	Citibank	Indian Rupee		674,661,000	United States Dollar		8,193,082		49,687
05/10/2023	HSBC Bank	Indian Rupee		225,199,966	United States Dollar		2,727,234		24,180
05/10/2023	Morgan Stanley	Indian Rupee		49,692,885	United States Dollar		605,000		2,130
05/10/2023	Citibank	United States Dollar		11,305,277	Indian Rupee		923,641,164		20,557
05/10/2023	BNP Paribas	United States Dollar		4,326,608	Korean Won		5,618,141,940		125,934
05/10/2023	Citibank	United States Dollar		2,540,000	Korean Won		3,307,134,610		67,262
05/10/2023	HSBC Bank	United States Dollar		1,380,163	Korean Won		1,844,587,710		968
05/31/2023	Barclays	Indonesian Rupiah		71,699,164,887	United States Dollar		4,718,292		167,074
05/31/2023	BNP Paribas	Indonesian Rupiah		25,702,942,000	United States Dollar		1,712,854		38,468

See accompanying notes to the financial statements.

76

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
06/06/2023	Standard Chartered	Malaysian Ringgit		5,162,612	United States Dollar		1,160,000	$	550
06/06/2023	HSBC Bank	United States Dollar		587,301	Malaysian Ringgit		2,596,045		3,712
06/09/2023	Citibank	Singapore Dollar		4,333,000	United States Dollar		3,221,430		30,801
06/21/2023	Citibank	Thai Baht		129,490,000	United States Dollar		3,733,852		78,364
06/21/2023	Deutsche Bank	Thai Baht		246,981,000	United States Dollar		7,190,786		80,393
06/21/2023	Standard Chartered	Thai Baht		15,016,000	United States Dollar		438,402		3,673
06/30/2023	Deutsche Bank	Thai Baht		57,978,000	United States Dollar		1,690,715		17,581
06/30/2023	Morgan Stanley	Thai Baht		24,001,000	United States Dollar		703,182		3,997
07/31/2023	BNP Paribas	Czech Koruna		214,970,777	United States Dollar		10,006,320		18,292
07/31/2023	Citibank	Czech Koruna		18,157,428	United States Dollar		845,000		1,725
07/31/2023	BNP Paribas	Hungarian Forint		2,493,494,737	United States Dollar		7,018,393		148,599
07/31/2023	State Street	Hungarian Forint		178,134,748	United States Dollar		510,000		2,008
07/31/2023	Morgan Stanley	Israeli Shekel		6,202,106	United States Dollar		1,704,054		11,043
07/31/2023	HSBC Bank	Philippine Peso		124,524,759	United States Dollar		2,206,243		39,178
07/31/2023	BNP Paribas	Polish Zloty		35,278,244	United States Dollar		8,338,364		93,126
07/31/2023	Deutsche Bank	Polish Zloty		8,718,216	United States Dollar		2,080,000		3,651
07/31/2023	Merrill Lynch	Polish Zloty		4,930,811	United States Dollar		1,155,000		23,462
07/31/2023	BNP Paribas	Romanian Leu		2,259,355	United States Dollar		500,000		4,183
07/31/2023	JP Morgan	Romanian Leu		13,500,238	United States Dollar		2,992,143		20,485
07/31/2023	BNP Paribas	Thai Baht		27,829,000	United States Dollar		817,586		4,944
07/31/2023	Citibank	Thai Baht		21,564,731	United States Dollar		633,884		3,496
07/31/2023	Morgan Stanley	United States Dollar		3,634,079	Colombian Peso		16,825,057,156		127,030
08/10/2023	HSBC Bank	Chinese Offshore Yuan		155,841,606	United States Dollar		22,644,814		44,548
08/10/2023	BNP Paribas	Korean Won		13,286,015,718	United States Dollar		9,955,241		39,125
08/10/2023	Citibank	Singapore Dollar		4,744,205	United States Dollar		3,568,144		1,509
Subtotal Appreciation									1,653,860
05/03/2023	BNP Paribas	Brazilian Real		4,262,816	United States Dollar		855,000		(922	)
05/03/2023	HSBC Bank	United States Dollar		19,246,736	Brazilian Real		99,583,221		(705,304	)
05/09/2023	Barclays	Singapore Dollar		985,684	United States Dollar		740,000		(1,043	)
05/09/2023	BNP Paribas	Singapore Dollar		3,946,425	United States Dollar		3,010,240		(51,648	)
05/09/2023	HSBC Bank	Singapore Dollar		249,043	United States Dollar		189,920		(3,215	)
05/09/2023	Citibank	United States Dollar		3,568,144	Singapore Dollar		4,761,689		(1,642	)
05/10/2023	HSBC Bank	Chinese Offshore Yuan		155,841,606	United States Dollar		22,611,793		(95,963	)
05/10/2023	Barclays	Korean Won		2,558,773,700	United States Dollar		1,943,000		(29,810	)
05/10/2023	BNP Paribas	Korean Won		194,797,601	United States Dollar		147,902		(2,252	)
05/10/2023	Merrill Lynch	Korean Won		3,499,807,950	United States Dollar		2,675,000		(58,200	)
05/10/2023	Morgan Stanley	Korean Won		17,878,409,438	United States Dollar		14,562,139		(1,194,489	)
05/10/2023	HSBC Bank	United States Dollar		22,481,478	Chinese Offshore Yuan		155,841,606		(34,352	)
05/10/2023	HSBC Bank	United States Dollar		315,000	Indian Rupee		25,912,688		(1,592	)
05/10/2023	BNP Paribas	United States Dollar		9,955,241	Korean Won		13,361,924,430		(35,443	)
05/15/2023	Citibank	Egyptian Pound		17,108,800	United States Dollar		530,670		(7,623	)
05/31/2023	JP Morgan	Turkish Lira		35,157,353	United States Dollar		1,710,820		(54,293	)

See accompanying notes to the financial statements.

77

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
05/31/2023	Barclays	United States Dollar		242,000	Indonesian Rupiah		3,613,423,000	$	(4,208	)
05/31/2023	BNP Paribas	United States Dollar		750,418	Indonesian Rupiah		11,141,454,628		(8,727	)
05/31/2023	Deutsche Bank	United States Dollar		849,000	Indonesian Rupiah		12,723,114,000		(17,915	)
05/31/2023	HSBC Bank	United States Dollar		1,541,593	Indonesian Rupiah		22,996,383,255		(25,312	)
05/31/2023	Standard Chartered	United States Dollar		729,000	Indonesian Rupiah		10,935,000,000		(16,078	)
06/02/2023	Citibank	United States Dollar		21,118,541	Brazilian Real		107,725,679		(325,250	)
06/06/2023	Deutsche Bank	Malaysian Ringgit		3,584,161	United States Dollar		806,000		(284	)
06/07/2023	Deutsche Bank	United States Dollar		3,629,031	Euro		3,298,092		(13,558	)
06/09/2023	HSBC Bank	Korean Won		1,844,587,710	United States Dollar		1,382,594		(531	)
06/09/2023	Standard Chartered	Korean Won		3,148,643,500	United States Dollar		2,396,000		(36,869	)
06/09/2023	Barclays	Taiwan Dollar		267,210,941	United States Dollar		8,830,209		(113,950	)
06/09/2023	Merrill Lynch	Taiwan Dollar		15,787,460	United States Dollar		520,000		(5,023	)
06/30/2023	BNP Paribas	Thai Baht		31,213,000	United States Dollar		924,830		(5,152	)
06/30/2023	Deutsche Bank	Thai Baht		34,514,000	United States Dollar		1,022,274		(5,334	)
07/12/2023	HSBC Bank	Korean Won		1,100,610,000	United States Dollar		850,943		(24,562	)
07/12/2023	HSBC Bank	Singapore Dollar		4,659,000	United States Dollar		3,520,613		(19,261	)
07/31/2023	Merrill Lynch	Chilean Peso		2,136,989,199	United States Dollar		2,662,417		(48,448	)
07/31/2023	BNP Paribas	South African Rand		12,126,328	United States Dollar		660,000		(2,867	)
07/31/2023	Morgan Stanley	South African Rand		24,830,516	United States Dollar		1,354,931		(9,351	)
07/31/2023	Merrill Lynch	United States Dollar		2,911,816	Mexican Peso		53,568,670		(11,685	)
07/31/2023	Deutsche Bank	United States Dollar		1,960,000	Romanian Leu		8,811,837		(6,394	)
07/31/2023	Standard Chartered	United States Dollar		997,118	Romanian Leu		4,508,261		(8,918	)
07/31/2023	Citibank	United States Dollar		1,285,000	South African Rand		23,753,482		(2,215	)
08/10/2023	Citibank	Indian Rupee		928,298,938	United States Dollar		11,305,277		(10,037	)
01/16/2024	Morgan Stanley	Egyptian Pound		4,276,628	United States Dollar		127,356		(25,248	)
Subtotal Depreciation									(3,024,968	)
Total								$	(1,371,108	)

At April 30, 2023, 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
Brazil CETIP Interbank Deposit Rate (Pay At Maturity)	11.920% (Receive At Maturity)		BRL	38,300,000		1/2/2025	$  21,497	$—		Deutsche Bank
CFETS China Fixing Repo Rates 7 Day (Pay Quarterly)	2.580% (Receive Quarterly)		CNY	39,814,000		3/18/2025	18,767	—		JP Morgan
CFETS China Fixing Repo Rates 7 Day (Pay Quarterly)	2.325% (Receive Quarterly)		CNY	28,220,000		9/16/2025	(14,327)	—		Deutsche Bank
CFETS China Fixing Repo Rates 7 Day (Pay Quarterly)	2.535% (Receive Quarterly)		CNY	19,040,000		9/16/2025	4,304	—		Merrill Lynch

See accompanying notes to the financial statements.

78

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

Pay Rate Index/ Pay Rate	Receive Rate/ Receive Rate Index	Notional Amount			Expiration Date		Fair Value/ Unrealized Appreciation (Depreciation)**		Variation Margin Receivable (Payable)		Counterparty
MXN-TIIE-BANXICO 28 Day Rate (Pay Lunar)	9.883% (Receive Lunar)		MXN	253,800,000		3/21/2025	$	52,707	$	646		BNP Paribas
Thai Overnight Repurchase Rate (THOR) (Pay Quarterly)	2.425% (Receive Quarterly)		THB	122,170,000		6/21/2028		(41,417)		—		Merrill Lynch
							$	41,531	$	646

**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 inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Total Return Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2023:

	Level 1		Level 2			Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds	$	—	$	52,725,885		$	2,145,455	$	54,871,340
Corporate Convertible Bonds		—		1,351,335			—		1,351,335
Financial Certificates		—		3,295,840			—		3,295,840
Government Agencies		—		30,858,129			—		30,858,129
Government Bonds		—		342,443,103			—		342,443,103
Index Linked Government Bonds		—		1,220,705			—		1,220,705
Short Term Bills and Notes		—		192,736			—		192,736
Total Debt Securities		—		432,087,733			2,145,455		434,233,188
Total Investments	$	—	$	432,087,733		$	2,145,455	$	434,233,188
Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts	$	—	$	1,653,860			$—		$  1,653,860
Centrally Cleared Interest Rate Swap Contracts†		—		97,275			—		97,275
Liabilities:
Forward Foreign Currency Exchange Contracts		—		(3,024,968	)		—		(3,024,968	)
Centrally Cleared Interest Rate Swap Contracts†		—		(55,744	)		—		(55,744	)
Total Other Financial Instruments	$	—	$	(1,329,577	)		$—		$(1,329,577)

†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.

79

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended April 30, 2023:

																															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 10/31/2022			(Premiums)			Purchases			Sales				(Losses)				(Depreciation)			Level 3			Level 3				at 04/30/2023			04/30/2023
Investments, at value
Corporate Bonds
Brazil		$	—		$	—		$	2,145,455		$	—			$	—			$	—		$	—		$	—			$	2,145,455		$	—
Government Bonds
Russian
Federation			268,749			—			—			(1,812,836	)			(2,839,628	)			4,383,715			—			—				—			(10,675	)
Short Term Bills And
Notes
Uruguay			86,071			27,216			371,002			(311,956	)			14,440				5,962			—			(192,735	)			—			—
Total		$	354,820		$	27,216		$	2,516,457		$	(2,124,792	)		$	(2,825,188	)		$	4,389,677		$	—		$	(192,735	)		$	2,145,455		$	(10,675	)

The following table on “Quantitative information about Level 3 Fair Value measurements” provides information on the valuation techniques and inputs used to value Level 3 securities at April 30, 2023:

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at		Valuation		Unobservable
	04/30/2023		Technique		Input
Corporate Bonds	$	2,145,455		Priced at cost		Cost Price
Government Bonds		—		Zero Priced Asset		Inputs to Model
Total	$	2,145,455

The following is a summary of the fair values of the Fund’s derivative instruments*:

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2023:

	Derivatives Not Accounted for as Hedging Instruments
	Foreign			Interest
	Exchange Risk			Rate Risk
Assets:
Unrealized Appreciation on Centrally Cleared Interest Rate Swap Contracts	$	—		$	97,275	†
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		1,653,860			—
	$	1,653,860		$	97,275
Liabilities:
Unrealized Depreciation on Centrally Cleared Interest Rate Swap Contracts	$	—		$	(55,744	)†
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(3,024,968	)		—
	$	(3,024,968	)	$	(55,744	)

† 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.

80

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2023:

	Derivatives Not Accounted for as Hedging Instruments
	Foreign		Interest
	Exchange Risk		Rate Risk
Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Gain on Forward Foreign Currency Exchange Contracts	$	4,649,450		$        —
Net Realized Gain on Interest Rate Swap Contracts		—		48,826
	$	4,649,450		$ 48,826
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts	$	2,189,726		$        —
Net Change in Unrealized Depreciation on Interest Rate Swap Contracts		—		(67,121	)
	$	2,189,726		$(67,121	)

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

See accompanying notes to the financial statements.

81

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2023 (Unaudited)

	Currency1		Par	Value		% of Net Assets
Debt Securities
Brazil (Cost $1,764,951)
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/20252		BRL	1,762,000	$	276,998		2.62
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/20262		BRL	2,190,000		325,061		3.07
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/20262		BRL	735,000		103,116		0.97
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027		BRL	3,503,000		665,309		6.28
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2029		BRL	2,660,000		488,500		4.61
					1,858,984		17.55
Chile (Cost $46,679)
Bonos de la Tesoreria de la Republica en pesos, 5.000%, 10/01/20283		CLP	20,000,000		23,852		0.22
Bonos de la Tesoreria de la Republica en pesos, 7.000%, 05/01/20343		CLP	20,000,000		28,117		0.27
					51,969		0.49
China (Cost $434,512)
China (Rep of), 1.990%, 04/09/2025		CNY	330,000		47,246		0.45
China (Rep of), 2.850%, 06/04/2027		CNY	980,000		142,823		1.35
China (Rep of), 2.620%, 09/25/2029		CNY	440,000		62,990		0.59
China (Rep of), 2.680%, 05/21/2030		CNY	400,000		57,380		0.54
China (Rep of), 2.750%, 02/17/2032		CNY	170,000		24,395		0.23
China (Rep of), 2.800%, 11/15/2032		CNY	120,000		17,275		0.16
China (Rep of), 3.720%, 04/12/2051		CNY	540,000		85,285		0.81
					437,394		4.13
Colombia (Cost $434,136)
Colombian TES, 3.300%, 03/17/2027		COP	449,000		31,374		0.29
Colombian TES, 5.750%, 11/03/2027		COP	881,100,000		151,415		1.43
Colombian TES, 6.000%, 04/28/2028		COP	271,400,000		46,282		0.44
Colombian TES, 7.750%, 09/18/2030		COP	219,000,000		37,834		0.36
Colombian TES, 7.250%, 10/18/2034		COP	341,200,000		51,671		0.49
Colombian TES, 9.250%, 05/28/2042		COP	611,000,000		102,519		0.97
					421,095		3.98
Czech Republic (Cost $482,832)
Czech (Rep of), 2.500%, 08/25/2028		CZK	3,010,000		125,906		1.19
Czech (Rep of), 5.500%, 12/12/2028		CZK	2,050,000		99,171		0.94
Czech (Rep of), 2.750%, 07/23/2029		CZK	2,120,000		88,737		0.84
Czech (Rep of), 0.050%, 11/29/2029		CZK	630,000		21,768		0.20
Czech (Rep of), 0.950%, 05/15/2030		CZK	860,000		31,318		0.30
Czech (Rep of), 1.750%, 06/23/2032		CZK	1,430,000		53,038		0.50
Czech (Rep of), 2.000%, 10/13/2033		CZK	1,790,000		65,745		0.62
					485,683		4.59

See accompanying notes to the financial statements.

82

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1		Par	Value		% of Net Assets
Dominican Republic (Cost $47,945)
Dominican Republic Central Bank Notes, 13.000%, 01/30/20263		DOP	2,800,000	$	52,507		0.50
					52,507		0.50
Hungary (Cost $220,485)
Hungary (Rep of), 5.500%, 06/24/2025		HUF	33,680,000		88,594		0.84
Hungary (Rep of), 3.000%, 10/27/2027		HUF	13,320,000		30,732		0.29
Hungary (Rep of), 4.500%, 03/23/2028		HUF	11,150,000		27,502		0.26
Hungary (Rep of), 6.750%, 10/22/2028		HUF	2,410,000		6,512		0.06
Hungary (Rep of), 3.000%, 08/21/2030		HUF	14,890,000		32,095		0.30
Hungary (Rep of), 4.750%, 11/24/2032		HUF	7,690,000		18,133		0.17
Hungary (Rep of), 3.000%, 10/27/2038		HUF	5,640,000		9,719		0.09
					213,287		2.01
Indonesia (Cost $1,243,509)
Indonesia (Rep of), 5.625%, 05/15/2023		IDR	1,173,000,000		79,965		0.75
Indonesia (Rep of), 8.125%, 05/15/2024		IDR	4,660,000,000		324,535		3.06
Indonesia (Rep of), 7.000%, 05/15/2027		IDR	1,318,000,000		92,235		0.87
Indonesia (Rep of), 6.375%, 08/15/2028		IDR	2,621,000,000		179,741		1.70
Indonesia (Rep of), 10.500%, 08/15/2030		IDR	213,000,000		17,832		0.17
Indonesia (Rep of), 7.000%, 09/15/2030		IDR	897,000,000		62,815		0.59
Indonesia (Rep of), 6.500%, 02/15/2031		IDR	480,000,000		32,673		0.31
Indonesia (Rep of), 8.750%, 05/15/2031		IDR	1,159,000,000		89,588		0.85
Indonesia (Rep of), 6.375%, 04/15/2032		IDR	702,000,000		47,362		0.45
Indonesia (Rep of), 7.500%, 08/15/2032		IDR	583,000,000		42,065		0.40
Indonesia (Rep of), 7.000%, 02/15/2033		IDR	966,000,000		68,126		0.64
Indonesia (Rep of), 8.375%, 03/15/2034		IDR	974,000,000		74,746		0.71
Indonesia (Rep of), 8.250%, 05/15/2036		IDR	635,000,000		48,246		0.45
Indonesia (Rep of), 7.125%, 06/15/2038		IDR	920,000,000		64,209		0.61
Indonesia (Rep of), 8.375%, 04/15/2039		IDR	788,000,000		60,954		0.57
					1,285,092		12.13
Malaysia (Cost $507,998)
Malaysia (Rep of), 3.906%, 07/15/2026		MYR	100,000		22,794		0.22
Malaysia (Rep of), 3.733%, 06/15/2028		MYR	119,000		26,898		0.25
Malaysia (Rep of), 3.885%, 08/15/2029		MYR	193,000		43,681		0.41
Malaysia (Rep of), 4.642%, 11/07/2033		MYR	246,000		58,872		0.56
Malaysia (Rep of), 3.828%, 07/05/2034		MYR	479,000		106,418		1.00
Malaysia (Rep of), 4.893%, 06/08/2038		MYR	268,000		66,479		0.63
Malaysia (Rep of), 3.757%, 05/22/2040		MYR	100,000		21,475		0.20
Malaysia (Rep of), 4.696%, 10/15/2042		MYR	80,000		19,497		0.18
Malaysia (Rep of), 4.065%, 06/15/2050		MYR	412,000		88,968		0.84
Malaysia Government Investment Issue, 3.465%, 10/15/2030		MYR	55,000		12,050		0.11
Malaysia Government Investment Issue, 5.357%, 05/15/2052		MYR	95,000		24,903		0.24
					492,035		4.64

See accompanying notes to the financial statements.

83

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1		Par	Value		% of Net Assets
Mexico (Cost $979,758)
Comision Federal de Electricidad, 8.180%, 12/23/2027		MXN	420,000	$	20,917		0.20
Mexican Bonos, 5.750%, 03/05/2026		MXN	920,000		46,331		0.44
Mexican Bonos, 5.500%, 03/04/2027		MXN	1,290,000		63,346		0.60
Mexican Bonos, 7.500%, 06/03/2027		MXN	840,000		44,176		0.42
Mexican Bonos, 7.750%, 05/29/2031		MXN	5,910,000		308,374		2.91
Mexican Bonos, 10.000%, 11/20/2036		MXN	2,510,000		152,098		1.44
Mexican Bonos, 8.500%, 11/18/2038		MXN	2,050,000		108,149		1.02
Mexican Bonos, 7.750%, 11/13/2042		MXN	3,640,000		176,442		1.66
Petroleos Mexicanos, 7.190%, 09/12/2024		MXN	2,290,000		117,018		1.10
Petroleos Mexicanos, 7.470%, 11/12/2026		MXN	160,000		7,546		0.07
					1,044,397		9.86
Peru (Cost $363,643)
Fondo MIVIVIENDA S.A., 7.000%, 02/14/2024		PEN	133,000		35,364		0.33
Peru (Rep of), 6.350%, 08/12/2028		PEN	295,000		77,368		0.73
Peru (Rep of), 5.940%, 02/12/2029		PEN	152,000		38,765		0.37
Peru (Rep of), 6.950%, 08/12/2031		PEN	397,000		104,348		0.98
Peru (Rep of), 6.150%, 08/12/2032		PEN	166,000		40,961		0.39
Peru (Rep of), 5.400%, 08/12/2034		PEN	219,000		49,790		0.47
Peru (Rep of), 5.350%, 08/12/2040		PEN	63,000		13,378		0.13
					359,974		3.40
Poland (Cost $470,142)
Poland (Rep of), 2.250%, 10/25/2024		PLN	43,000		9,818		0.09
Poland (Rep of), 0.750%, 04/25/2025		PLN	230,000		50,094		0.48
Poland (Rep of), 2.500%, 07/25/2026		PLN	476,000		102,956		0.97
Poland (Rep of), 3.750%, 05/25/2027		PLN	771,000		170,412		1.61
Poland (Rep of), 2.750%, 04/25/2028		PLN	194,000		40,399		0.38
Poland (Rep of), 7.500%, 07/25/2028		PLN	96,000		24,645		0.23
Poland (Rep of), 2.750%, 10/25/2029		PLN	271,000		54,289		0.51
Poland (Rep of), 1.750%, 04/25/2032		PLN	302,000		52,214		0.50
					504,827		4.77
Romania (Cost $362,763)
Romania (Rep of), 5.800%, 07/26/2027		RON	440,000		93,526		0.88
Romania (Rep of), 4.150%, 01/26/2028		RON	315,000		61,890		0.58
Romania (Rep of), 4.850%, 07/25/2029		RON	240,000		47,152		0.45
Romania (Rep of), 8.000%, 04/29/2030		RON	305,000		70,542		0.67
Romania (Rep of), 4.150%, 10/24/2030		RON	115,000		21,058		0.20
Romania (Rep of), 6.700%, 02/25/2032		RON	65,000		13,850		0.13
Romania (Rep of), 8.250%, 09/29/2032		RON	65,000		15,279		0.14
Romania (Rep of), 4.750%, 10/11/2034		RON	185,000		32,863		0.31
					356,160		3.36
Russian Federation (Cost $94,978)
Russian Federal Bond - OFZ, 7.250%, 05/10/20344,5		RUB	6,038,000		—		—
					—		—

See accompanying notes to the financial statements.

84

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1		Par	Value		% of Net Assets
South Africa (Cost $1,120,296)
South Africa (Rep of), 8.000%, 01/31/2030		ZAR	2,288,380	$	112,008		1.06
South Africa (Rep of), 7.000%, 02/28/2031		ZAR	2,800,562		124,117		1.17
South Africa (Rep of), 8.250%, 03/31/2032		ZAR	3,768,314		175,474		1.66
South Africa (Rep of), 8.875%, 02/28/2035		ZAR	2,273,358		104,257		0.98
South Africa (Rep of), 8.500%, 01/31/2037		ZAR	4,804,950		206,435		1.95
South Africa (Rep of), 9.000%, 01/31/2040		ZAR	1,269,211		55,077		0.52
South Africa (Rep of), 6.500%, 02/28/2041		ZAR	937,450		31,312		0.29
South Africa (Rep of), 8.750%, 01/31/2044		ZAR	1,777,570		73,761		0.70
South Africa (Rep of), 8.750%, 02/28/2048		ZAR	2,575,020		105,872		1.00
					988,313		9.33
South Korea (Cost $127,087)
Korea (Rep of), 4.250%, 12/10/2032		KRW	157,660,000		125,849		1.19
					125,849		1.19
Thailand (Cost $517,118)
Thailand (Rep of), 2.650%, 06/17/2028		THB	789,000		23,636		0.22
Thailand (Rep of), 3.775%, 06/25/2032		THB	1,527,000		49,474		0.47
Thailand (Rep of), 1.585%, 12/17/2035		THB	2,210,000		57,446		0.54
Thailand (Rep of), 3.400%, 06/17/2036		THB	2,736,000		85,738		0.81
Thailand (Rep of), 3.390%, 06/17/2037		THB	2,450,000		76,958		0.73
Thailand (Rep of), 3.300%, 06/17/2038		THB	1,967,000		60,445		0.57
Thailand (Rep of), 2.000%, 06/17/2042		THB	2,203,000		55,134		0.52
Thailand (Rep of), 2.875%, 06/17/2046		THB	1,983,000		56,048		0.53
Thailand (Rep of), 3.600%, 06/17/2067		THB	901,000		26,300		0.25
					491,179		4.64
Uruguay (Cost $122,290)
Uruguay (Rep of), 8.500%, 03/15/2028		UYU	155,000		3,742		0.04
Uruguay (Rep of), 4.375%, 12/15/2028		UYU	238,464		16,076		0.15
Uruguay (Rep of), 8.250%, 05/21/2031		UYU	743,171		17,204		0.16
Uruguay (Rep of), 3.875%, 07/02/2040		UYU	2,488,480		83,727		0.79
Uruguay Monetary Regulation Bill, 0.000%, 10/26/20232		UYU	454,000		11,068		0.10
					131,817		1.24
Total Debt Securities (Cost $9,341,122)					9,300,562		87.81
Total Investments in Securities (Cost $9,341,122)					9,300,562		87.81
Total Investments (Total Cost $9,341,122)					9,300,562		87.81
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					1,291,724		12.19
Net Assets				$	10,592,286		100.00

See accompanying notes to the financial statements.

85

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

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  Issuer has defaulted on terms of debt obligation.

⁵  Security has been deemed worthless and is a Level 3 investment.

Percentages shown are based on net assets.

At April 30, 2023, the Ashmore Emerging Markets Local Currency Bond Fund had outstanding forward foreign currency exchange contracts as follows:

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
05/03/2023	Citibank	Brazilian Real		4,167,028	United States Dollar		821,899	$	12,988
05/04/2023	HSBC Bank	Egyptian Pound		288,900	United States Dollar		9,000		212
05/10/2023	Citibank	Indian Rupee		8,668,000	United States Dollar		105,264		638
05/10/2023	Citibank	United States Dollar		2,086	Indian Rupee		170,496		3
05/10/2023	BNP Paribas	United States Dollar		51,000	Korean Won		65,384,040		2,112
05/10/2023	Citibank	United States Dollar		55,000	Korean Won		71,611,183		1,457
05/10/2023	HSBC Bank	United States Dollar		5,371	Korean Won		7,177,700		4
05/30/2023	Barclays	United States Dollar		38,000	Turkish Lira		776,150		1,365
05/31/2023	Barclays	Indonesian Rupiah		364,176,000	United States Dollar		24,000		814
05/31/2023	BNP Paribas	Indonesian Rupiah		427,700,000	United States Dollar		28,323		820
05/31/2023	State Street	Indonesian Rupiah		89,866,740	United States Dollar		6,000		123
05/31/2023	JP Morgan	United States Dollar		95,898	Turkish Lira		1,970,698		3,043
06/06/2023	Standard Chartered	Malaysian Ringgit		186,923	United States Dollar		42,000		20
06/21/2023	Citibank	Thai Baht		5,020,000	United States Dollar		144,752		3,038
06/21/2023	Deutsche Bank	Thai Baht		10,059,000	United States Dollar		292,865		3,275
06/21/2023	Standard Chartered	Thai Baht		749,000	United States Dollar		21,868		183
06/30/2023	Deutsche Bank	Thai Baht		2,891,000	United States Dollar		84,305		877
06/30/2023	Morgan Stanley	Thai Baht		1,197,000	United States Dollar		35,070		199
07/31/2023	State Street	Chilean Peso		3,284,160	United States Dollar		4,000		17
07/31/2023	BNP Paribas	Czech Koruna		4,790,651	United States Dollar		222,992		408
07/31/2023	Barclays	Hungarian Forint		8,158,424	United States Dollar		23,400		50
07/31/2023	BNP Paribas	Hungarian Forint		22,609,360	United States Dollar		63,638		1,347
07/31/2023	Morgan Stanley	Hungarian Forint		3,192,000	United States Dollar		9,077		98
07/31/2023	Standard Chartered	Mexican Peso		293,857	United States Dollar		16,000		37
07/31/2023	BNP Paribas	Polish Zloty		1,166,901	United States Dollar		275,903		2,986
07/31/2023	Deutsche Bank	Polish Zloty		251,487	United States Dollar		60,000		105
07/31/2023	Merrill Lynch	Polish Zloty		188,941	United States Dollar		44,258		899
07/31/2023	Morgan Stanley	Polish Zloty		37,939	United States Dollar		9,000		67
07/31/2023	Deutsche Bank	Romanian Leu		25,000	United States Dollar		5,559		20
07/31/2023	JP Morgan	Romanian Leu		199,734	United States Dollar		44,200		371
07/31/2023	BNP Paribas	South African Rand		756,000	United States Dollar		40,876		92

See accompanying notes to the financial statements.

86

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
07/31/2023	BNP Paribas	Thai Baht		1,388,000	United States Dollar		40,778	$	247
07/31/2023	Citibank	Thai Baht		1,075,132	United States Dollar		31,603		174
07/31/2023	Morgan Stanley	United States Dollar		139,510	Colombian Peso		645,905,536		4,877
08/10/2023	HSBC Bank	Chinese Offshore Yuan		4,127,939	United States Dollar		599,817		1,180
08/10/2023	BNP Paribas	Korean Won		51,698,833	United States Dollar		38,738		152
01/12/2024	HSBC Bank	Hungarian Forint		26,854,452	United States Dollar		68,427		6,084
Subtotal Appreciation									50,382
05/03/2023	Merrill Lynch	Brazilian Real		139,000	United States Dollar		28,100		(250	)
05/03/2023	HSBC Bank	United States Dollar		831,755	Brazilian Real		4,306,028		(30,981	)
05/10/2023	HSBC Bank	Chinese Offshore Yuan		4,127,939	United States Dollar		598,942		(2,542	)
05/10/2023	Barclays	Korean Won		96,135,200	United States Dollar		73,000		(1,120	)
05/10/2023	BNP Paribas	Korean Won		8,410,624	United States Dollar		6,386		(97	)
05/10/2023	Merrill Lynch	Korean Won		71,634,750	United States Dollar		55,000		(1,439	)
05/10/2023	Standard Chartered	Korean Won		14,652,000	United States Dollar		11,193		(238	)
05/10/2023	State Street	Korean Won		5,334,560	United States Dollar		4,000		(11	)
05/10/2023	HSBC Bank	United States Dollar		595,490	Chinese Offshore Yuan		4,127,939		(910	)
05/10/2023	HSBC Bank	United States Dollar		102,907	Indian Rupee		8,497,504		(912	)
05/10/2023	BNP Paribas	United States Dollar		38,738	Korean Won		51,994,211		(138	)
05/15/2023	Citibank	Egyptian Pound		134,292	United States Dollar		4,165		(60	)
05/31/2023	JP Morgan	Turkish Lira		586,720	United States Dollar		28,156		(512	)
05/31/2023	Barclays	United States Dollar		191,214	Indonesian Rupiah		2,905,690,369		(6,771	)
05/31/2023	Deutsche Bank	United States Dollar		30,000	Indonesian Rupiah		449,580,000		(633	)
05/31/2023	HSBC Bank	United States Dollar		29,000	Indonesian Rupiah		434,942,000		(636	)
05/31/2023	Standard Chartered	United States Dollar		44,068	Indonesian Rupiah		657,191,000		(710	)
06/02/2023	Citibank	United States Dollar		816,904	Brazilian Real		4,167,028		(12,581	)
06/06/2023	Deutsche Bank	Malaysian Ringgit		128,959	United States Dollar		29,000		(10	)
06/06/2023	HSBC Bank	Malaysian Ringgit		1,975,214	United States Dollar		446,845		(2,819	)
06/06/2023	Standard Chartered	Malaysian Ringgit		95,890	United States Dollar		21,681		(125	)
06/09/2023	HSBC Bank	Korean Won		7,177,700	United States Dollar		5,380		(2	)
06/09/2023	Standard Chartered	Korean Won		135,354,875	United States Dollar		103,000		(1,585	)
06/30/2023	BNP Paribas	Thai Baht		1,620,000	United States Dollar		48,000		(268	)
06/30/2023	Deutsche Bank	Thai Baht		1,791,000	United States Dollar		53,048		(277	)
07/12/2023	HSBC Bank	Korean Won		47,500,000	United States Dollar		36,725		(1,060	)
07/31/2023	Merrill Lynch	Chilean Peso		55,101,744	United States Dollar		68,650		(1,249	)
07/31/2023	Morgan Stanley	Colombian Peso		27,573,780	United States Dollar		6,000		(252	)
07/31/2023	Barclays	Czech Koruna		214,228	United States Dollar		10,000		(10	)
07/31/2023	BNP Paribas	Czech Koruna		369,000	United States Dollar		17,316		(108	)
07/31/2023	Deutsche Bank	Malaysian Ringgit		66,167	United States Dollar		15,000		(70	)
07/31/2023	Morgan Stanley	South African Rand		665,945	United States Dollar		36,336		(248	)
07/31/2023	Morgan Stanley	United States Dollar		15,000	Mexican Peso		276,154		(71	)
07/31/2023	Citibank	United States Dollar		120,683	Peruvian Nuevo Sol		456,700		(1,843	)
07/31/2023	Deutsche Bank	United States Dollar		49,000	Romanian Leu		220,296		(160	)

See accompanying notes to the financial statements.

87

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
07/31/2023	Citibank	United States Dollar		55,000	South African Rand		1,016,686	$	(95	)
07/31/2023	Morgan Stanley	United States Dollar		52,045	South African Rand		963,396		(162	)
08/07/2023	Citibank	Egyptian Pound		181,196	United States Dollar		5,545		(660	)
01/16/2024	Morgan Stanley	Egyptian Pound		359,485	United States Dollar		10,705		(2,122	)
Subtotal Depreciation									(73,737	)
Total								$	(23,355	)

At April 30, 2023, the Ashmore Emerging Markets Local Currency Bond Fund had the following over the counter interest rate swap contracts outstanding:

Receive Rate/

Premiums

Unrealized

Pay Rate Index/

Receive Rate

Notional

Expiration

Fair

Paid/

Appreciation

Pay Rate

Index

Amount

Date

Value

(Received)

(Depreciation)

Counterparty

MYR-KLIBOR-BNM 3 Month (Pay Quarterly)

3.622% (Receive Quarterly)

MYR

500,000

3/15/2028

$

908

$—

$   908

HSBC Bank

MYR-KLIBOR-BNM 3 Month (Pay Quarterly)

3.680% (Receive Quarterly)

MYR

1,000,000

3/15/2028

2,409

—

2,409

HSBC Bank

$3,317

At April 30, 2023, the Ashmore Emerging Markets Local Currency Bond Fund had the following centrally cleared interest rate swap contracts outstanding:

Fair Value/

Variation

Receive Rate/

Unrealized

Margin

Pay Rate Index/

Receive Rate

Notional

Expiration

Appreciation

Receivable

Pay Rate

Index

Amount

Date

(Depreciation)**

(Payable)

Counterparty

Brazil CETIP Interbank Deposit Rate

12.690% (Receive At Maturity)

BRL

715,128

1/2/2025

$   1,219

$—

Deutsche Bank

Brazil CETIP Interbank Deposit Rate

11.920% (Receive At Maturity)

BRL

1,500,000

1/2/2025

842

—

Deutsche Bank

CFETS China Fixing Repo Rates 7 Day

2.775% (Receive Quarterly)

CNY

1,700,000

3/15/2028

707

—

HSBC Bank

MXN-TIIE-BANXICO 28 Day Rate

6.563% (Pay Lunar)

MXN

7,300,000

12/31/2024

(23,908

)

(56

)

BNP Paribas

MXN-TIIE-BANXICO 28 Day Rate

8.510% (Pay Lunar)

MXN

4,000,000

3/8/2028

(476

)

(18

)

BNP Paribas

MXN-TIIE-BANXICO 28 Day Rate

9.883% (Receive Lunar)

MXN

10,000,000

3/21/2025

2,077

25

BNP Paribas

Thai Overnight Repurchase Rate (THOR)

2.425% (Receive Quarterly)

THB

3,680,000

6/21/2028

(1,248

)

—

Merrill Lynch

$(20,787

)

$(49

)

** 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.

88

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Local Currency Bond Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2023:

	Level 1		Level 2			Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds		$—		$   145,482			$—		$   145,482
Government Agencies		—		35,364			—		35,364
Government Bonds		—		8,977,471			—		8,977,471
Index Linked Government Bonds		—		131,177			—		131,177
Short Term Bills and Notes		—		11,068			—		11,068
Total Debt Securities		—		9,300,562			—		9,300,562
Total Investments		$—		$9,300,562			$—		$9,300,562
Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts		$—		$ 50,382			$—		$  50,382
Over the Counter Interest Rate Swap Contracts		—		3,317			—		3,317
Centrally Cleared Interest Rate Swap Contracts†		—		4,845			—		4,845
Liabilities:
Forward Foreign Currency Exchange Contracts		—		(73,737	)		—		(73,737	)
Centrally Cleared Interest Rate Swap Contracts†		—		(25,632	)		—		(25,632	)
Total Other Financial Instruments		$—		$(40,825	)		$—		$(40,825)

† 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.

89

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended April 30, 2023:

																															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 10/31/2022			(Premiums)			Purchases			Sales				(Losses)			(Depreciation)				Level 3			Level 3				at 04/30/2023			04/30/2023
Investments, at value
Government Bonds
Russian Federation		$	4,866		$	—		$	—		$	—			$	—		$	(4,866	)		$	—		$	—			$	—		$	(4,866	)
Short Term Bills And Notes
Uruguay			3,007			1,334			27,270			(21,663	)			865			255				—			(11,068	)			—			—
Total		$	7,873		$	1,334		$	27,270		$	(21,663	)		$	865		$	(4,611	)		$	—		$	(11,068	)		$	—		$	(4,866	)

The following table on “Quantitative information about Level 3 Fair Value measurements” provides information on the valuation techniques and inputs used to value Level 3 securities at April 30, 2023:

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at	Valuation	Unobservable
	04/30/2023	Technique	Input
Government Bonds	$—	Zero Priced Asset	Inputs to Model

The following is a summary of the fair values of the Fund’s derivative instruments*:

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2023:

	Derivatives Not Accounted for as     Hedging Instruments
	Foreign			Interest
	Exchange Risk			Rate Risk
Assets:
Unrealized Appreciation on Centrally Cleared Interest Rate Swap Contracts		$        —			$   4,845	†
Unrealized Appreciation on Over the Counter Interest Rate Swap Contracts		—			3,317
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		50,382			—
		$50,382			$8,162
Liabilities:
Unrealized Depreciation on Centrally Cleared Interest Rate Swap Contracts		$        —			$(25,632	)†
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(73,737	)		—
		$(73,737	)		$(25,632	)

^†  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.

90

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2023:

	Derivatives Not Accounted for as     Hedging Instruments
	Foreign		Interest
	Exchange Risk		Rate Risk
Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Gain on Forward Foreign Currency Exchange Contracts		$  3,564		$        —
Net Realized Loss on Interest Rate Swap Contracts		—		(15,879	)
		$  3,564		$(15,879	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$30,795		$        —
Net Change in Unrealized Appreciation on Interest Rate Swap Contracts		—		16,533
		$30,795		$ 16,533

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

See accompanying notes to the financial statements.

91

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2023 (Unaudited)

	Currency1	Par	Value		% of Net Assets
Debt Securities
Argentina (Cost $763,113)
YPF S.A., 8.750%, 04/04/2024		150,000	$	141,719		0.16
YPF S.A., 9.000%, 02/12/20262		646,153		610,950		0.71
YPF S.A., 9.000%, 06/30/20292		55,000		43,874		0.05
				796,543		0.92
Brazil (Cost $12,988,586)
Banco do Brasil S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 4.398%), 6.250%, 04/15/20243		708,000		642,510		0.74
Banco do Brasil S.A., 6.250%, 04/18/20304		200,000		198,800		0.23
Braskem Netherlands Finance B.V., 4.500%, 01/10/2028		285,000		260,817		0.30
Braskem Netherlands Finance B.V., 4.500%, 01/31/2030		200,000		167,908		0.19
Braskem Netherlands Finance B.V., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 8.220%), 8.500%, 01/23/20813		350,000		348,250		0.40
BRF S.A., 5.750%, 09/21/2050		1,000,000		625,118		0.72
CSN Inova Ventures, 6.750%, 01/28/2028		690,000		655,826		0.76
Globo Comunicacao e Participacoes S.A., 5.500%, 01/14/2032		400,000		320,151		0.37
InterCement Financial Operations B.V., 5.750%, 07/17/2024		990,000		678,888		0.78
JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc., 3.625%, 01/15/2032		100,000		83,969		0.10
Klabin Austria GmbH, 7.000%, 04/03/2049		355,000		343,088		0.40
MC Brazil Downstream Trading S.A.R.L., 7.250%, 06/30/2031		1,280,283		983,858		1.13
Oi S.A., 07/15/20245,6,7		378,182		378,182		0.44
Oi S.A., 10.000%, (100% Cash), 07/27/20256,8		4,374,000		325,316		0.38
Petrobras Global Finance B.V., 6.850%, 06/05/2115		220,000		192,576		0.22
Sitios Latinoamerica S.A.B. de C.V., 5.375%, 04/04/2032		275,000		251,142		0.29
St Marys Cement, Inc., 5.750%, 01/28/2027		200,000		199,045		0.23
Suzano Austria GmbH, 6.000%, 01/15/2029		270,000		268,137		0.31
Suzano Austria GmbH, 3.125%, 01/15/2032		360,000		286,227		0.33
Unigel Luxembourg S.A., 8.750%, 10/01/2026		475,000		437,954		0.50
Vale Overseas Ltd., 8.250%, 01/17/2034		625,000		727,486		0.84
				8,375,248		9.66
Chile (Cost $5,421,041)
AES Andes S.A., (Variable, USD Swap 5Y + 4.644%), 7.125%, 03/26/20793		755,000		711,210		0.82
Banco de Chile, 2.990%, 12/09/2031		370,000		318,552		0.37
BPCE S.A., 3.150%, 03/06/2030		245,000		215,341		0.25
Celulosa Arauco y Constitucion S.A., 4.200%, 01/29/2030		600,000		560,154		0.65
Cencosud S.A., 4.375%, 07/17/2027		200,000		193,497		0.22
Corp. Nacional del Cobre de Chile, 3.750%, 01/15/2031		200,000		184,502		0.21
Empresa de los Ferrocarriles del Estado, 3.830%, 09/14/20614		300,000		206,538		0.24
GNL Quintero S.A., 4.634%, 07/31/2029		638,608		621,524		0.72
Inversiones CMPC S.A., 4.750%, 09/15/2024		210,000		208,014		0.24
Inversiones CMPC S.A., 3.850%, 01/13/2030		400,000		360,295		0.41
VTR Comunicaciones S.p.A., 5.125%, 01/15/2028		500,000		277,500		0.32

See accompanying notes to the financial statements.

92

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1	Par	Value		% of Net Assets
Chile (continued)
VTR Finance N.V., 6.375%, 07/15/2028		1,000,000	$	340,000		0.39
				4,197,127		4.84
China (Cost $36,451,788)
Agile Group Holdings Ltd., 5.500%, 04/21/2025		260,000		117,272		0.13
Bank of China Ltd., 5.000%, 11/13/2024		295,000		293,856		0.34
Central China Real Estate Ltd., 7.250%, 04/24/20238,9		465,000		121,718		0.14
Central China Real Estate Ltd., 7.250%, 08/13/2024		1,475,000		263,590		0.30
CFLD Cayman Investment Ltd., 0.000%, 01/31/20314,10		318,289		11,140		0.01
CFLD Cayman Investment Ltd., 2.500%, 01/31/20314		5,326,560		664,631		0.77
China Evergrande Group, 8.250%, 03/23/20228,9		585,000		37,521		0.04
China Evergrande Group, 10.000%, 04/11/20238,9		1,035,000		66,152		0.08
China Evergrande Group, 7.500%, 06/28/20238		4,600,000		294,056		0.34
China Evergrande Group, 8.750%, 06/28/20258		765,000		50,108		0.06
CIFI Holdings Group Co. Ltd., 5.950%, 10/20/20258		560,000		82,934		0.10
Country Garden Holdings Co. Ltd., 8.000%, 01/27/2024		200,000		162,592		0.19
ENN Energy Holdings Ltd., 4.625%, 05/17/2027		200,000		197,634		0.23
ENN Energy Holdings Ltd., 2.625%, 09/17/2030		200,000		169,584		0.19
Fantasia Holdings Group Co. Ltd., 15.000%, 12/18/20218,9		830,000		78,771		0.09
Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/20228,9		3,360,000		318,771		0.37
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/20228,9		1,840,000		184,000		0.21
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/20238,9		925,000		87,757		0.10
Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/20238		770,000		73,550		0.08
Huarong Finance II Co. Ltd., 5.500%, 01/16/2025		595,000		563,669		0.65
Kaisa Group Holdings Ltd., 8.500%, 06/30/20228,9		1,577,000		147,890		0.17
Kaisa Group Holdings Ltd., 11.500%, 01/30/20238,9		1,850,000		183,970		0.21
Kaisa Group Holdings Ltd., 10.875%, 07/23/20238		690,000		66,226		0.08
Kaisa Group Holdings Ltd., 9.375%, 06/30/20248		1,350,000		129,572		0.15
Kaisa Group Holdings Ltd., 11.250%, 04/16/20258		1,180,000		113,256		0.13
Kaisa Group Holdings Ltd., 11.700%, 11/11/20258		625,000		59,987		0.07
KWG Group Holdings Ltd., 6.000%, 01/14/2024		490,000		200,336		0.23
New Metro Global Ltd., 4.625%, 10/15/2025		210,000		131,775		0.15
Prime Bloom Holdings Ltd., 6.950%, 07/05/20228,9		960,000		57,600		0.07
Redco Properties Group Ltd., 9.900%, 02/17/20248		980,000		97,314		0.11
Scenery Journey Ltd., 11.500%, 10/24/20228,9		800,000		77,759		0.09
Scenery Journey Ltd., 12.000%, 10/24/20238		2,380,000		231,401		0.27
Shimao Group Holdings Ltd., 4.750%, 07/03/20228,9		860,000		107,500		0.12
Sunac China Holdings Ltd., 7.250%, 06/14/20228,9		1,675,000		335,774		0.39
Sunac China Holdings Ltd., 7.500%, 02/01/20248		1,015,000		203,469		0.23
Sunac China Holdings Ltd., 6.650%, 08/03/20248		200,000		40,092		0.05
Sunac China Holdings Ltd., 6.500%, 01/10/20258		725,000		145,335		0.17
Tencent Holdings Ltd., 3.975%, 04/11/2029		220,000		208,729		0.24
Tunghsu Venus Holdings Ltd., 7.000%, 06/12/20208,9		2,785,000		696,250		0.80
Xiaomi Best Time International Ltd., 0.000%, 12/17/202710		200,000		165,200		0.19
Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/20238,9		3,200,550		209,636		0.24

See accompanying notes to the financial statements.

93

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1		Par	Value		% of Net Assets
China (continued)
Yuzhou Group Holdings Co. Ltd., 6.350%, 01/13/20278			810,000	$	53,817		0.06
Zhenro Properties Group Ltd., 8.700%, 08/03/20228,9			1,360,000		91,800		0.11
Zhenro Properties Group Ltd., 6.500%, 09/01/20228,9			2,095,000		172,838		0.20
Zhenro Properties Group Ltd., 9.150%, 05/06/20238			700,000		42,350		0.05
Zhenro Properties Group Ltd., 7.875%, 04/14/20248			2,315,000		138,900		0.16
					7,948,082		9.16
Colombia (Cost $3,406,446)
ABRA Global Finance, 11.500%, 03/02/20284,6			867,678		694,266		0.80
Ecopetrol S.A., 6.875%, 04/29/2030			230,000		207,801		0.24
Ecopetrol S.A., 5.875%, 05/28/2045			525,000		342,746		0.40
Frontera Energy Corp., 7.875%, 06/21/2028			935,000		721,211		0.83
Grupo Aval Ltd., 4.375%, 02/04/2030			400,000		306,000		0.35
Oleoducto Central S.A., 4.000%, 07/14/2027			440,000		389,942		0.45
Promigas S.A. ESP/Gases del Pacifico SAC, 3.750%, 10/16/2029			200,000		162,000		0.19
					2,823,966		3.26
Czech Republic (Cost $2,378,709)
CETIN Group N.V., 3.125%, 04/14/2027		EUR	400,000		412,972		0.48
New World Resources N.V., 8.000%, 04/07/20208,9,11		EUR	1,685,299		—		—
New World Resources N.V., 0.000%, 10/07/20204,8,9,11,12		EUR	101,612		—		—
New World Resources N.V., 4.000%, 10/07/20208,9,11		EUR	700,590		—		—
					412,972		0.48
Ecuador (Cost $875,783)
International Airport Finance S.A., 12.000%, 03/15/2033			992,096		933,555		1.08
					933,555		1.08
Ghana (Cost $1,316,512)
Kosmos Energy Ltd., 7.750%, 05/01/2027			1,000,000		864,181		1.00
Tullow Oil PLC, 10.250%, 05/15/2026			361,000		281,941		0.32
					1,146,122		1.32
Guatemala (Cost $1,131,968)
Millicom International Cellular S.A., 6.250%, 03/25/2029			369,000		330,627		0.38
Millicom International Cellular S.A., 4.500%, 04/27/2031			765,000		592,190		0.68
					922,817		1.06
Hong Kong (Cost $1,488,489)
AIA Group Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.758%), 2.700%, 04/07/20263			200,000		174,553		0.20
Airport Authority, (Variable, 4.697% - U.S. Treasury Yield Curve Rate CMT 5Y), 2.100%, 03/08/20263			215,000		197,138		0.23
HKT Capital No. 6 Ltd., 3.000%, 01/18/2032			240,000		206,657		0.24
Phoenix Lead Ltd., 4.850%, 08/23/2023			475,000		403,750		0.46
Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 3.100%), 7.776%, 11/16/20253			385,000		396,103		0.46
					1,378,201		1.59

See accompanying notes to the financial statements.

94

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1		Par	Value		% of Net Assets
India (Cost $4,350,029)
ABJA Investment Co. Pte. Ltd., 5.450%, 01/24/2028			200,000	$	195,717		0.23
Bharti Airtel Ltd., 3.250%, 06/03/2031			365,000		317,971		0.37
Greenko Power II Ltd., 4.300%, 12/13/2028			334,250		289,271		0.33
Greenko Solar Mauritius Ltd., 5.950%, 07/29/2026			523,000		489,790		0.56
HDFC Bank Ltd., 5.686%, 03/02/2026			400,000		405,948		0.47
Indian Railway Finance Corp. Ltd., 3.570%, 01/21/2032			470,000		414,150		0.48
Network i2i Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.390%), 3.975%, 03/03/20263			700,000		616,896		0.71
NTPC Ltd., 4.500%, 03/19/2028			425,000		418,562		0.48
Power Finance Corp. Ltd., 4.500%, 06/18/2029			640,000		607,998		0.70
Reliance Industries Ltd., 2.875%, 01/12/2032			500,000		418,688		0.48
					4,174,991		4.81
Indonesia (Cost $2,498,105)
Freeport Indonesia PT, 4.763%, 04/14/2027			295,000		290,649		0.34
Freeport Indonesia PT, 5.315%, 04/14/2032			200,000		192,223		0.22
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT, 6.530%, 11/15/2028			280,000		296,215		0.34
Medco Bell Pte. Ltd., 6.375%, 01/30/2027			335,000		305,308		0.35
Minejesa Capital B.V., 4.625%, 08/10/2030			400,000		351,000		0.41
Minejesa Capital B.V., 5.625%, 08/10/2037			360,000		285,361		0.33
Pertamina Persero PT, 6.000%, 05/03/2042			200,000		198,406		0.23
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.850%, 10/14/2038			505,000		436,691		0.50
					2,355,853		2.72
Iraq (Cost $711,813)
DNO A.S.A., 7.875%, 09/09/20264			711,000		668,340		0.77
					668,340		0.77
Israel (Cost $6,561,523)
Altice Financing S.A., 5.750%, 08/15/2029			470,000		374,897		0.43
Bank Hapoalim B.M., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.155%), 3.255%, 01/21/20323,4			440,000		367,941		0.43
Bank Leumi Le-Israel B.M., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.631%), 3.275%, 01/29/20313,4			440,000		384,437		0.44
Leviathan Bond Ltd., 6.125%, 06/30/20254			400,000		389,000		0.45
Leviathan Bond Ltd., 6.500%, 06/30/20274			413,000		390,285		0.45
Leviathan Bond Ltd., 6.750%, 06/30/20304			830,000		768,796		0.89
Mizrahi Tefahot Bank Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.250%), 3.077%, 04/07/20313,4			500,000		426,125		0.49
Teva Pharmaceutical Finance Co. LLC, 6.150%, 02/01/2036			1,090,000		998,116		1.15
Teva Pharmaceutical Finance Netherlands II B.V., 4.375%, 05/09/2030		EUR	800,000		740,477		0.85
Teva Pharmaceutical Finance Netherlands III B.V., 6.750%, 03/01/2028			950,000		945,154		1.09
					5,785,228		6.67

See accompanying notes to the financial statements.

95

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1	Par		Value		% of Net Assets
Jordan (Cost $197,128)
Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025			200,000	$	189,354		0.22
				189,354		0.22
Kazakhstan (Cost $1,081,315)
KazMunayGas National Co. JSC, 5.375%, 04/24/2030			330,000		301,949		0.35
KazMunayGas National Co. JSC, 6.375%, 10/24/2048			230,000		193,531		0.22
Tengizchevroil Finance Co. International Ltd., 4.000%, 08/15/2026			630,000		561,488		0.65
				1,056,968		1.22
Kuwait (Cost $1,292,650)
MEGlobal Canada ULC, 5.875%, 05/18/2030			380,000		389,075		0.45
NBK Tier 1 Financing 2 Ltd., (Variable, USD CMT 6Y + 2.832%), 4.500%, 08/27/20253			465,000		426,675		0.49
NBK Tier 1 Ltd., (Variable, USD CMT 6Y + 2.875%), 3.625%, 08/24/20263			400,000		344,910		0.40
				1,160,660		1.34
Malaysia (Cost $300,905)
MISC Capital Two Labuan Ltd., 3.750%, 04/06/2027			315,000		298,523		0.34
				298,523		0.34
Mexico (Cost $9,189,465)
Alfa S.A.B. de C.V., 6.875%, 03/25/2044			240,000		232,816		0.27
Axtel S.A.B. de C.V., 6.375%, 11/14/2024			440,000		382,800		0.44
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.967%), 6.750%, 09/27/20243			800,000		764,000		0.88
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.760%), 8.375%, 10/14/20303			415,000		392,590		0.45
BBVA Bancomer S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.650%), 5.125%, 01/18/20333			535,000		472,039		0.54
Braskem Idesa S.A.P.I., 7.450%, 11/15/2029			300,000		237,384		0.27
Cemex S.A.B. de C.V., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.534%), 5.125%, 06/08/20263			700,000		620,165		0.72
Cemex S.A.B. de C.V., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.907%), 9.125%, 03/14/20283,4			330,000		327,690		0.38
Cometa Energia S.A. de C.V., 6.375%, 04/24/2035			258,615		247,562		0.29
Comision Federal de Electricidad, 3.348%, 02/09/2031			280,000		222,183		0.26
Comision Federal de Electricidad, 6.264%, 02/15/2052			550,000		461,644		0.53
Corp. Inmobiliaria Vesta S.A.B. de C.V., 3.625%, 05/13/2031			200,000		165,732		0.19
Metalsa S.A.P.I de C.V., 3.750%, 05/04/2031			350,000		265,825		0.31
Mexico Generadora de Energia S. de r.l., 5.500%, 12/06/2032			454,528		443,733		0.51
Nemak S.A.B. de C.V., 3.625%, 06/28/2031			200,000		149,500		0.17
Orbia Advance Corp. S.A.B. de C.V., 4.000%, 10/04/2027			200,000		188,000		0.22
Petroleos Mexicanos, 6.750%, 09/21/2047			1,000,000		616,268		0.71
Petroleos Mexicanos, 7.690%, 01/23/2050			680,000		453,228		0.52
Petroleos Mexicanos, 6.950%, 01/28/2060			750,000		460,085		0.53
Trust Fibra Uno, 4.869%, 01/15/2030			625,000		529,673		0.61

See accompanying notes to the financial statements.

96

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1		Par		Value		% of Net Assets
Mexico (continued)
Trust Fibra Uno, 6.390%, 01/15/2050				423,000	$	321,480		0.37
					7,954,397		9.17
Morocco (Cost $390,029)
OCP S.A., 5.125%, 06/23/2051				400,000		294,456		0.34
					294,456		0.34
Nigeria (Cost $539,388)
IHS Netherlands Holdco B.V., 8.000%, 09/18/2027				550,000		483,285		0.56
					483,285		0.56
Oman (Cost $627,583)
Oryx Funding Ltd., 5.800%, 02/03/2031				300,000		291,000		0.34
Oztel Holdings SPC Ltd., 5.625%, 10/24/2023				335,000		333,740		0.38
					624,740		0.72
Panama (Cost $1,335,769)
AES Panama Generation Holdings SRL, 4.375%, 05/31/2030				375,000		325,316		0.37
C&W Senior Financing DAC, 6.875%, 09/15/2027				1,000,000		875,000		1.01
					1,200,316		1.38
Papua New Guinea (Cost $759,918)
Puma International Financing S.A., 5.000%, 01/24/2026				800,000		718,699		0.83
					718,699		0.83
Peru (Cost $2,184,288)
Banco de Credito del Peru S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.000%), 3.125%, 07/01/20303				175,000		160,333		0.18
Banco de Credito del Peru S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.450%), 3.250%, 09/30/20313				180,000		157,885		0.18
Banco Internacional del Peru S.A.A. Interbank, (Variable, ICE LIBOR USD 3M + 5.760%), 6.625%, 03/19/20293				150,000		149,730		0.17
InRetail Consumer, 3.250%, 03/22/2028				270,000		231,930		0.27
InRetail Shopping Malls, 5.750%, 04/03/2028				245,000		230,402		0.27
Intercorp Peru Ltd., 3.875%, 08/15/2029				420,000		351,750		0.41
Kallpa Generacion S.A., 4.125%, 08/16/2027				200,000		184,199		0.21
Minsur S.A., 4.500%, 10/28/2031				615,000		535,314		0.62
					2,001,543		2.31
Poland (Cost $448,912)
GTC Aurora Luxembourg S.A., 2.250%, 06/23/2026		EUR		461,000		398,433		0.46
					398,433		0.46
Qatar (Cost $1,796,218)
ABQ Finance Ltd., 3.125%, 09/24/2024				325,000		314,233		0.36
Doha Finance Ltd., 2.375%, 03/31/2026				235,000		216,788		0.25
Nakilat, Inc., 6.067%, 12/31/2033				124,854		129,827		0.15
Ooredoo International Finance Ltd., 5.000%, 10/19/2025				300,000		302,061		0.35
QatarEnergy, 1.375%, 09/12/2026				230,000		208,734		0.24

See accompanying notes to the financial statements.

97

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1		Par		Value		% of Net Assets
Qatar (continued)
QIB Sukuk Ltd., (Floating, ICE LIBOR USD 3M + 1.350%), 6.184%, 02/07/2025				600,000	$	601,903		0.69
					1,773,546		2.04
Romania (Cost $239,615)
NE Property B.V., 2.000%, 01/20/2030		EUR		310,000		246,842		0.28
					246,842		0.28
Russian Federation (Cost $1,481,647)
Sovcombank Via SovCom Capital DAC, 7.600%, 04/07/20265,8				1,605,000		2		—
						2		—
Saudi Arabia (Cost $4,604,531)
Acwa Power Management And Investments One Ltd., 5.950%, 12/15/2039				758,480		730,985		0.84
Arabian Centres Sukuk II Ltd., 5.625%, 10/07/2026				800,000		744,789		0.86
BSF Finance, 5.500%, 11/23/2027				200,000		205,000		0.24
Dar Al-Arkan Sukuk Co. Ltd., 6.750%, 02/15/2025				600,000		593,343		0.68
EIG Pearl Holdings S.a.r.l., 3.545%, 08/31/2036				420,000		361,725		0.42
EIG Pearl Holdings S.a.r.l., 4.387%, 11/30/2046				320,000		255,600		0.29
Gaci First Investment Co., 5.000%, 10/13/2027				200,000		204,250		0.24
Greensaif Pipelines Bidco S.a.r.l, 6.129%, 02/23/20384				200,000		210,300		0.24
Greensaif Pipelines Bidco S.a.r.l, 6.129%, 02/23/2038				200,000		210,300		0.24
SA Global Sukuk Ltd., 1.602%, 06/17/2026				450,000		413,226		0.48
Saudi Arabian Oil Co., 4.250%, 04/16/2039				625,000		572,826		0.66
					4,502,344		5.19
Singapore (Cost $641,914)
DBS Group Holdings Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.915%), 3.300%, 02/27/20253				370,000		348,201		0.40
United Overseas Bank Ltd., (Variable, USD Swap 5Y + 1.794%), 3.875%, 10/19/20233				255,000		250,312		0.29
					598,513		0.69
South Africa (Cost $3,983,673)
Absa Group Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.411%), 6.375%, 05/27/20263				400,000		365,616		0.42
AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028				270,000		243,782		0.28
AngloGold Ashanti Holdings PLC, 3.750%, 10/01/2030				345,000		304,445		0.35
Gold Fields Orogen Holdings BVI Ltd., 6.125%, 05/15/2029				210,000		215,039		0.25
Liquid Telecommunications Financing PLC, 5.500%, 09/04/2026				800,000		476,000		0.55
MTN Mauritius Investments Ltd., 6.500%, 10/13/2026				325,000		323,440		0.37
Prosus N.V., 3.257%, 01/19/2027				200,000		182,901		0.21
Prosus N.V., 3.680%, 01/21/2030				300,000		255,495		0.30
Prosus N.V., 3.061%, 07/13/2031				320,000		252,058		0.29
Sasol Financing U.S.A. LLC, 4.375%, 09/18/2026				300,000		272,113		0.31
Sasol Financing U.S.A. LLC, 5.500%, 03/18/2031				445,000		368,446		0.43
					3,259,335		3.76

See accompanying notes to the financial statements.

98

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1	Par		Value		% of Net Assets
South Korea (Cost $789,619)
Kyobo Life Insurance Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.887%), 5.900%, 06/15/20523			225,000	$	216,842		0.25
Shinhan Financial Group Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.051%), 5.875%, 08/13/20233			235,000		233,002		0.27
Shinhan Financial Group Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.500%), 3.340%, 02/05/20303			315,000		301,531		0.35
				751,375		0.87
Taiwan (Cost $163,653)
Foxconn Far East Ltd., 2.500%, 10/28/2030			200,000		167,904		0.19
				167,904		0.19
Tanzania (Cost $1,054,274)
HTA Group Ltd., 7.000%, 12/18/2025			515,000		484,615		0.56
HTA Group Ltd., 2.875%, 03/18/2027			600,000		488,100		0.56
				972,715		1.12
Thailand (Cost $1,615,750)
Bangkok Bank PCL, 9.025%, 03/15/2029			430,000		490,248		0.56
GC Treasury Center Co. Ltd., 2.980%, 03/18/2031			800,000		667,595		0.77
GC Treasury Center Co. Ltd., 4.400%, 03/30/2032			200,000		183,535		0.21
Kasikornbank PCL, 5.458%, 03/07/2028			200,000		205,176		0.24
				1,546,554		1.78
Turkey (Cost $1,578,289)
Turk Telekomunikasyon A.S., 6.875%, 02/28/2025			315,000		299,638		0.34
Turkcell Iletisim Hizmetleri A.S., 5.800%, 04/11/2028			340,000		300,152		0.35
Turkiye Garanti Bankasi A.S., (Variable, USD ICE Swap Rate 5Y + 4.220%), 7.177%, 05/24/20273			245,000		226,013		0.26
Yapi ve Kredi Bankasi A.S., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 7.415%), 7.875%, 01/22/20313			275,000		258,500		0.30
Zorlu Yenilenebilir Enerji A.S., 9.000%, 06/01/2026			490,000		415,569		0.48
				1,499,872		1.73
United Arab Emirates (Cost $4,876,038)
Abu Dhabi National Energy Co. PJSC, 4.375%, 01/24/20294			200,000		201,154		0.23
Abu Dhabi National Energy Co. PJSC, 4.696%, 04/24/20334			200,000		203,048		0.24
DP World Ltd., 6.850%, 07/02/2037			820,000		915,535		1.06
DP World Salaam, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.750%), 6.000%, 10/01/20253			1,030,000		1,026,333		1.18
Emirates NBD Bank PJSC, 5.625%, 10/21/2027			220,000		228,325		0.26
First Abu Dhabi Bank PJSC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.138%), 4.500%, 04/05/20263			500,000		471,250		0.54
First Abu Dhabi Bank PJSC, 5.125%, 10/13/2027			200,000		205,461		0.24
Galaxy Pipeline Assets Bidco Ltd., 2.940%, 09/30/2040			1,016,340		833,115		0.96
MAF Global Securities Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.539%), 6.375%, 03/20/20263			380,000		370,808		0.43

See accompanying notes to the financial statements.

99

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1	Par		Value		% of Net Assets
United Arab Emirates (continued)
MAF Global Securities Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.893%), 7.875%, 06/30/20273			200,000	$	202,471		0.23
				4,657,500		5.37
Venezuela (Cost $8,318,882)
Petroleos de Venezuela S.A., 8.500%, 10/27/20208,9			7,112,500		1,884,812		2.17
Petroleos de Venezuela S.A., 9.750%, 05/17/20358			6,744,093		269,764		0.31
				2,154,576		2.48
Vietnam (Cost $548,138)
Mong Duong Finance Holdings B.V., 5.125%, 05/07/2029			635,000		549,681		0.63
				549,681		0.63
Total Debt Securities (Cost $130,383,496)					80,981,178		93.36
Bank Loans
Czech Republic (Cost $362,933)
New World Resources N.V., 8.500%, 10/07/20169,11	EUR		865,926		—		—
					—		—
Total Bank Loans (Cost $362,933)				—		—

	Currency1	Shares		Value		% of Net Assets
Equity Securities
Czech Republic (Cost $1,093,254)
New World Resources PLC, Class A*,11	GBP		36,580,138	$	—		—
					—		—
Niger (Cost $877,496)
Savannah Energy PLC*,5	GBP		2,258,852		745,188		0.86
					745,188		0.86
Total Equity Securities (Cost $1,970,750)					745,188		0.86
Total Investments (Total Cost $132,717,179)					81,726,366		94.22
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					5,010,626		5.78
Net Assets				$	86,736,992		100.00

* Non-income producing security.

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

²  Step coupon bond. Rate as of April 30, 2023 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  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

See accompanying notes to the financial statements.

100

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

⁵  Security is a Level 3 investment.

⁶  Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis.

⁷  When issued security. Coupon rate was not in effect at July 15, 2024.

⁸  Issuer has defaulted on terms of debt obligation.

⁹  Maturity has been extended under the terms of a plan of reorganization.

¹⁰  Zero coupon bond.

¹¹  Security has been deemed worthless and is a Level 3 investment.

¹²  Restricted security that has been deemed illiquid. At April 30, 2023 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	$—
Percentages shown are based on net assets.

At April 30, 2023, the Ashmore Emerging Markets Corporate Income Fund had outstanding forward foreign currency exchange contracts as follows:

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
05/31/2023	Standard Chartered	United States Dollar		707,178	British Pound		570,129		$(9,859	)
06/07/2023	Deutsche Bank	United States Dollar		1,824,172	Euro		1,657,822		(6,815	)
Subtotal Depreciation									(16,674	)
Total								$	(16,674	)

See accompanying notes to the financial statements.

101

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Corporate Income Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2023:

	Level 1		Level 2			Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds		$—	$	64,367,235		$	378,184	$	64,745,419
Corporate Convertible Bonds		—		4,490,679			—		4,490,679
Financial Certificates		—		3,379,594			—		3,379,594
Government Agencies		—		8,365,486			—		8,365,486
Total Debt Securities		—		80,602,994			378,184		80,981,178
Equity Securities
Common Stock
Niger		—		—			745,188		745,188
Total Common Stock		—		—			745,188		745,188
Total Investments		$—	$	80,602,994		$	1,123,372	$	81,726,366
Other Financial Instruments
Liabilities:
Forward Foreign Currency Exchange Contracts		$—	$	(16,674	)	$	—	$	(16,674	)
Total Other Financial Instruments		$—	$	(16,674	)	$	—	$	(16,674	)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended April 30, 2023:

Category and Subcategory	Beginning Balance at 10/31/2022		Accrued Discounts (Premiums)		Purchases		Sales		Realized Gains (Losses)		Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at 04/30/2023		Change in Unrealized Appreciation (Depreciation) from Investments still held 04/30/2023
Investments, at value
Common Stock Niger		$—		$—	$	—		$—		$—		$—	$	745,188		$—	$	745,188	$	745,188
Corporate Bonds
Russian Federation		2		—		—		—		—		—		—		—		2		—
Brazil		—		—		378,182		—		—		—		—		—		378,182		—
Total		$2		$—	$	378,182		$—		$—		$—	$	745,188		$—	$	1,123,372	$	745,188

See accompanying notes to the financial statements.

102

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

The following table on “Quantitative information about Level 3 Fair Value measurements” provides information on the valuation techniques and inputs used to value Level 3 securities at April 30, 2023:

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at		Valuation	Unobservable
	04/30/2023		Technique	Input
Common Stock		$745,188	Last available list price	Last available list price
Corporate Bonds		378,182	Priced at cost	Cost Price
Corporate Bonds		2	Zero Priced Asset	Inputs to Model
Total	$	1,123,372

The following is a summary of the fair values of the Fund’s derivative instruments*:

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2023:

	Derivatives Not Accounted for as
	Hedging Instruments
	Foreign
	Exchange Risk
Liabilities:
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		$(16,674)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2023:

	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		$(253,850	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		$  (40,171	)

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

See accompanying notes to the financial statements.

103

ASHMORE EMERGING MARKETS SHORT DURATION FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2023 (Unaudited)

						% of Net
	Currency1	Par		Value		Assets
Debt Securities
Argentina (Cost $2,075,470)
YPF S.A., 9.000%, 02/12/2026			2,353,846	$	2,225,605		3.73
					2,225,605		3.73
Bahrain (Cost $863,948)
BBK BSC, 5.500%, 07/09/2024			880,000		868,014		1.45
					868,014		1.45
Brazil (Cost $11,501,040)
CSN Resources S.A., 7.625%, 04/17/2026			1,150,000		1,153,316		1.93
InterCement Financial Operations B.V., 5.750%, 07/17/2024			4,350,000		2,982,994		4.99
Oi S.A., 0.000%, 07/15/20242,3			272,727		272,727		0.46
Oi S.A., 10.000%, (100% Cash), 07/27/20253,4			5,400,000		401,625		0.67
Unigel Luxembourg S.A., 8.750%, 10/01/2026			1,273,000		1,173,715		1.97
					5,984,377		10.02
Chile (Cost $871,060)
Inversiones CMPC S.A., 4.750%, 09/15/2024			880,000		871,677		1.46
					871,677		1.46
China (Cost $48,799,131)
Agile Group Holdings Ltd., 5.750%, 01/02/2025			380,000		188,529		0.32
Central China Real Estate Ltd., 7.250%, 04/24/20234,5			1,275,000		333,742		0.56
Central China Real Estate Ltd., 7.900%, 11/07/2023			560,000		114,910		0.19
CFLD Cayman Investment Ltd., 0.000%, 01/31/20316,7			287,395		10,059		0.02
CFLD Cayman Investment Ltd., 2.500%, 01/31/20316			2,872,870		258,558		0.43
CFLD Cayman Investment Ltd., 2.500%, 01/31/20316			2,366,210		395,157		0.66
China Evergrande Group, 8.250%, 03/23/20224,5			4,707,000		301,901		0.51
China Evergrande Group, 10.000%, 04/11/20234,5			5,150,000		329,163		0.55
China SCE Group Holdings Ltd., 7.375%, 04/09/2024			410,000		227,550		0.38
Country Garden Holdings Co. Ltd., 8.000%, 01/27/2024			900,000		731,663		1.22
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/20224,5			4,000,000		400,000		0.67
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/20234,5			4,160,000		394,670		0.66
Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/20234			1,510,000		144,234		0.24
Kaisa Group Holdings Ltd., 11.500%, 01/30/20234,5			4,875,000		484,787		0.81
Kaisa Group Holdings Ltd., 10.875%, 07/23/20234			3,930,000		377,199		0.63
Kaisa Group Holdings Ltd., 11.250%, 04/16/20254			4,280,000		410,792		0.69
KWG Group Holdings Ltd., 6.000%, 01/14/2024			410,000		167,628		0.28
New Metro Global Ltd., 4.625%, 10/15/2025			310,000		194,525		0.33
Prime Bloom Holdings Ltd., 6.950%, 07/05/20224,5			6,470,000		388,200		0.65
Scenery Journey Ltd., 11.500%, 10/24/20224,5			1,490,000		144,826		0.24
Shimao Group Holdings Ltd., 4.750%, 07/03/20224,5			200,000		25,000		0.04
Sunac China Holdings Ltd., 7.250%, 06/14/20224,5			690,000		138,319		0.23
Sunac China Holdings Ltd., 7.950%, 08/08/20224,5			730,000		146,337		0.25
Sunac China Holdings Ltd., 8.350%, 04/19/20234,5			200,000		40,262		0.07
Sunac China Holdings Ltd., 6.650%, 08/03/20244			250,000		50,116		0.08

See accompanying notes to the financial statements.

104

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

						% of Net
	Currency1	Par		Value		Assets
China (continued)
Tunghsu Venus Holdings Ltd., 7.000%, 06/12/20204,5			2,640,000	$	660,000		1.11
Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/20234,5			670,000		43,885		0.07
Yuzhou Group Holdings Co. Ltd., 6.000%, 10/25/20234			4,940,000		327,574		0.55
Zhenro Properties Group Ltd., 8.000%, 03/06/20234,5			4,920,000		295,200		0.49
Zhenro Properties Group Ltd., 9.150%, 05/06/20234			813,000		49,187		0.08
Zhenro Properties Group Ltd., 8.300%, 09/15/20234			1,017,000		61,020		0.10
Zhenro Properties Group Ltd., 7.875%, 04/14/20244			575,000		34,500		0.06
					7,869,493		13.17
Colombia (Cost $4,890,140)
ABRA Global Finance, 11.500%, 03/02/20283,6			3,785,679		3,029,084		5.07
Bancolombia S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.929%), 6.909%, 10/18/20278			680,000		635,800		1.06
Ecopetrol S.A., 4.125%, 01/16/2025			610,000		585,140		0.98
					4,250,024		7.11
Ghana (Cost $2,028,879)
Kosmos Energy Ltd., 7.125%, 04/04/2026			650,000		580,125		0.97
Tullow Oil PLC, 10.250%, 05/15/2026			1,405,000		1,097,305		1.84
					1,677,430		2.81
India (Cost $3,272,458)
Clean Renewable Power Mauritius Pte. Ltd., 4.250%, 03/25/2027			735,630		643,741		1.08
Greenko Solar Mauritius Ltd., 5.950%, 07/29/2026			1,360,000		1,273,640		2.13
India Airport Infra, 6.250%, 10/25/2025			711,000		678,397		1.14
Power Finance Corp. Ltd., 3.750%, 06/18/2024			655,000		641,879		1.07
					3,237,657		5.42
Indonesia (Cost $614,306)
Medco Bell Pte. Ltd., 6.375%, 01/30/2027			670,000		610,616		1.02
					610,616		1.02
Jordan (Cost $1,325,720)
Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025			1,340,000		1,268,674		2.12
					1,268,674		2.12
Kazakhstan (Cost $844,607)
KazMunayGas National Co. JSC, 4.750%, 04/19/2027			978,000		928,118		1.55
					928,118		1.55
Lebanon (Cost $13,433,289)
Lebanon (Rep of), 6.375%, 03/09/20204,5			1,527,000		90,093		0.15
Lebanon (Rep of), 5.800%, 04/14/20204,5			7,070,000		417,130		0.70
Lebanon (Rep of), 6.150%, 06/19/20204,5			6,506,000		390,360		0.65
					897,583		1.50
Mexico (Cost $8,807,496)
Axtel S.A.B. de C.V., 6.375%, 11/14/2024			525,000		456,750		0.76

See accompanying notes to the financial statements.

105

ASHMORE EMERGING MARKETS SHORT DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

						% of Net
	Currency1	Par		Value		Assets
Mexico (continued)
Grupo Axo S.A.P.I. de C.V., 5.750%, 06/08/2026			1,802,000	$	1,582,534		2.65
Petroleos Mexicanos, 6.875%, 10/16/2025			5,652,000		5,567,527		9.32
Trust Fibra Uno, 5.250%, 01/30/2026			630,000		606,446		1.02
					8,213,257		13.75
Morocco (Cost $1,136,359)
OCP S.A., 4.500%, 10/22/2025			1,100,000		1,067,722		1.79
					1,067,722		1.79
Oman (Cost $2,309,846)
National Bank of Oman SAOG, 5.625%, 09/25/2023			1,200,000		1,196,280		2.00
Oztel Holdings SPC Ltd., 5.625%, 10/24/2023			1,100,000		1,095,862		1.84
					2,292,142		3.84
Papua New Guinea (Cost $698,520)
Puma International Financing S.A., 5.000%, 01/24/2026			750,000		673,780		1.13
					673,780		1.13
Saudi Arabia (Cost $4,799,744)
Arabian Centres Sukuk Ltd., 5.375%, 11/26/2024			2,385,000		2,318,220		3.88
Dar Al-Arkan Sukuk Co. Ltd., 6.750%, 02/15/2025			2,502,000		2,474,238		4.14
					4,792,458		8.02
South Africa (Cost $1,773,989)
Liquid Telecommunications Financing PLC, 5.500%, 09/04/2026			700,000		416,500		0.70
Sasol Financing U.S.A. LLC, 5.875%, 03/27/2024			1,100,000		1,087,899		1.82
					1,504,399		2.52
Tanzania (Cost $1,189,888)
HTA Group Ltd., 7.000%, 12/18/2025			1,300,000		1,223,300		2.05
					1,223,300		2.05
Turkey (Cost $1,470,944)
Turk Telekomunikasyon A.S., 6.875%, 02/28/2025			1,530,000		1,455,385		2.44
					1,455,385		2.44
Venezuela (Cost $16,453,221)
Petroleos de Venezuela S.A., 8.500%, 10/27/20204,5			18,697,500		4,954,838		8.29
					4,954,838		8.29
Total Debt Securities (Cost $129,160,055)					56,866,549		95.19
Total Investments (Total Cost $129,160,055)					56,866,549		95.19
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					2,872,962		4.81
Net Assets				$	59,739,511		100.00

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

See accompanying notes to the financial statements.

106

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

²  Security is a Level 3 investment.

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  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  Zero coupon bond.

⁸  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.

Percentages shown are based on net assets.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Short Duration Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2023:

	Level 1		Level 2		Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds		$—		$42,130,351		$272,727	$	42,403,078
Corporate Convertible Bonds		—		395,157		—		395,157
Financial Certificates		—		4,792,458		—		4,792,458
Government Agencies		—		8,378,273		—		8,378,273
Government Bonds		—		897,583		—		897,583
Total Debt Securities		—		56,593,822		272,727		56,866,549
Total Investments		$—	$	56,593,822		$272,727	$	56,866,549

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended April 30, 2023:

Category and Subcategory	Beginning Balance at 10/31/2022		Accrued Discounts (Premiums)		Purchases		Sales		Realized Gains (Losses)		Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at 04/30/2023		Change in Unrealized Appreciation (Depreciation) from Investments still held 04/30/2023
Investments, at value
Corporate Bonds
Brazil		$—		$—		$272,727		$—		$—		$—		$—		$—		$272,727		$—
Total		$—		$—		$272,727		$—		$—		$—		$—		$—		$272,727		$—

The following table on “Quantitative information about Level 3 Fair Value measurements” provides information on the valuation techniques and inputs used to value Level 3 securities at April 30, 2023:

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at		Valuation		Unobservable
	04/30/2023		Technique		Input
Corporate Bonds	$	272,727		Priced at cost		Cost Price

See accompanying notes to the financial statements.

107

ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2023 (Unaudited)

	Currency1		Shares		Value		% of Net Assets
Common Stocks
Brazil (Cost $2,075,314)
B3 S.A. - Brasil Bolsa Balcao		BRL		106,260	$	248,831		0.93
Banco do Brasil S.A.		BRL		19,300		165,844		0.62
Magazine Luiza S.A.*		BRL		638,100		427,293		1.60
MercadoLibre, Inc.*				232		296,378		1.11
Petroleo Brasileiro S.A. ADR				51,441		546,303		2.04
Sao Martinho S.A.		BRL		24,300		152,977		0.57
Vale S.A.		BRL		16,080		233,408		0.87
						2,071,034		7.74
China (Cost $9,504,637)
Alibaba Group Holding Ltd.*		HKD		60,500		634,602		2.37
ANTA Sports Products Ltd.		HKD		48,800		606,743		2.27
Baidu, Inc. ADR*				4,938		595,572		2.22
Baidu, Inc., Class A*		HKD		34,250		515,355		1.93
China International Capital Corp. Ltd., Class H2		HKD		284,000		597,145		2.23
China Vanke Co. Ltd., Class H		HKD		440,300		687,697		2.57
JD.com, Inc., Class A		HKD		10,073		178,931		0.67
Meituan, Class B*,2		HKD		70,740		1,207,268		4.51
NARI Technology Co. Ltd., Class A		CNH		44,120		166,653		0.62
Shenzhen Inovance Technology Co. Ltd., Class A		CNH		39,897		356,423		1.33
Tencent Holdings Ltd.		HKD		44,600		1,972,981		7.37
Wuxi Biologics Cayman, Inc.*,2		HKD		17,000		101,692		0.38
Yum China Holdings, Inc.				12,166		744,316		2.78
Zijin Mining Group Co. Ltd., Class H		HKD		380,000		638,274		2.38
						9,003,652		33.63
India (Cost $3,430,551)
HDFC Bank Ltd. ADR				15,292		1,067,381		3.99
Hindalco Industries Ltd.		INR		53,654		287,429		1.07
ICICI Bank Ltd. ADR				17,268		392,847		1.47
Infosys Ltd. ADR				29,616		460,233		1.72
Larsen & Toubro Ltd.		INR		8,352		241,686		0.90
Maruti Suzuki India Ltd.		INR		5,833		613,250		2.29
Reliance Industries Ltd.		INR		12,864		381,618		1.43
						3,444,444		12.87
Indonesia (Cost $358,408)
Bank Central Asia Tbk PT		IDR		642,800		397,307		1.48
						397,307		1.48
Mexico (Cost $1,103,354)
Grupo Financiero Banorte S.A.B. de C.V., Class O		MXN		24,700		213,596		0.80
Wal-Mart de Mexico S.A.B. de C.V.		MXN		232,950		939,211		3.51
						1,152,807		4.31

See accompanying notes to the financial statements.

108

ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1		Shares		Value		% of Net Assets
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 $1,063,332)
Saudi Arabian Oil Co.2		SAR		121,752		1,169,825		4.37
						1,169,825		4.37
South Africa (Cost $436,281)
Clicks Group Ltd.		ZAR		16,144		235,955		0.88
Naspers Ltd., Class N		ZAR		916		163,609		0.61
						399,564		1.49
South Korea (Cost $3,092,112)
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.*		KRW		6,637		422,605		1.58
LG Chem Ltd.		KRW		545		303,919		1.13
LG H&H Co. Ltd.		KRW		549		255,754		0.96
NAVER Corp.		KRW		2,103		305,240		1.14
Samsung Biologics Co. Ltd.*,2		KRW		703		411,489		1.54
Samsung Electronics Co. Ltd.		KRW		26,094		1,285,610		4.80
						2,984,617		11.15
Taiwan (Cost $2,649,960)
Delta Electronics, Inc.		TWD		28,000		275,122		1.03
Hon Hai Precision Industry Co. Ltd.		TWD		80,000		272,407		1.02
MediaTek, Inc.		TWD		19,000		412,917		1.54
Realtek Semiconductor Corp.		TWD		13,000		152,873		0.57
Taiwan Semiconductor Manufacturing Co. Ltd.		TWD		104,021		1,705,892		6.37
						2,819,211		10.53
United Arab Emirates (Cost $1,101,735)
Aldar Properties PJSC		AED		220,220		324,287		1.21
Dubai Islamic Bank PJSC		AED		246,884		374,761		1.40
Emaar Properties PJSC		AED		253,493		410,194		1.53
						1,109,242		4.14
Total Common Stocks (Cost $27,329,994)						24,551,704		91.71
Preferred Stocks
Brazil (Cost $393,785)
Gerdau S.A. ADR, 2.874%5				26,095		130,214		0.49

See accompanying notes to the financial statements.

109

ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1	Shares		Value		% of Net Assets
Brazil (continued)
Itau Unibanco Holding S.A. ADR*			54,696	$	281,685		1.05
					411,899		1.54
Total Preferred Stocks (Cost $393,785)					411,899		1.54
Total Investments (Total Cost $27,723,779)					24,963,603		93.25
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					1,808,302		6.75
Net Assets				$	26,771,905		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.

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 April 30, 2023, the industry sectors for the Ashmore Emerging Markets Active Equity Fund were:

Sector	Percentage of Net Assets
Communication Services		12.7	%
Consumer Discretionary		18.2
Consumer Staples		5.9
Energy		7.8
Financials		14.0
Health Care		1.9
Industrials		4.4
Information Technology		17.1
Materials		5.9
Real Estate		5.3
Total Investments		93.2
Other Assets Less Liabilities		6.8
Net Assets		100.0	%

See accompanying notes to the financial statements.

110

ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Active Equity Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2023:

	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Brazil		$2,071,034		$              —		$—		$ 2,071,034
China		1,339,888		7,663,764		—		9,003,652
India		1,920,461		1,523,983		—		3,444,444
Indonesia		—		397,307		—		397,307
Mexico		1,152,807		—		—		1,152,807
Russian Federation		—		—		1		1
Saudi Arabia		—		1,169,825		—		1,169,825
South Africa		—		399,564		—		399,564
South Korea		—		2,984,617		—		2,984,617
Taiwan		—		2,819,211		—		2,819,211
United Arab Emirates		—		1,109,242		—		1,109,242
Total Common Stocks		6,484,190		18,067,513		1		24,551,704
Preferred Stocks
Brazil		411,899		—		—		411,899
Total Investments		$6,896,089		$18,067,513		$  1		$24,963,603

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended April 30, 2023:

Category and Subcategory	Beginning Balance at 10/31/2022		Accrued Discounts (Premiums)		Purchases		Sales		Realized Gains (Losses)		Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at 04/30/2023		Change in Unrealized Appreciation (Depreciation) from Investments still held 04/30/2023
Investments, at value
Common Stock
Russian Federation		$1		$—		$—		$—		$—		$—		$—		$—		$1		$—
Total		$1		$—		$—		$—		$—		$—		$—		$—		$1		$—

The following table on “Quantitative information about Level 3 Fair Value measurements” provides information on the valuation techniques and inputs used to value Level 3 securities at April 30, 2023:

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at		Valuation		Unobservable
	04/30/2023		Technique		Input
Common Stock		$1		Zero Priced Asset		Inputs to Model

See accompanying notes to the financial statements.

111

ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

The following is a summary of the fair values of the Fund’s derivative instruments*:

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2023:

	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		$(1,576)

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

See accompanying notes to the financial statements.

112

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SCHEDULE OF INVESTMENTS

As of April 30, 2023 (Unaudited)

	Currency1		Shares		Value		% of Net Assets
Common Stocks
Argentina (Cost $95,713)
Globant S.A.*				600	$	94,122		1.05
						94,122		1.05
Brazil (Cost $571,315)
Arezzo Industria e Comercio S.A.		BRL		7,400		98,483		1.10
Sinqia S.A.*		BRL		57,700		184,166		2.05
TOTVS S.A.*		BRL		30,300		155,880		1.73
Zenvia, Inc., Class A*				15,700		13,659		0.15
						452,188		5.03
China (Cost $2,001,528)
A-Living Smart City Services Co. Ltd.2		HKD		67,750		54,367		0.61
Baozun, Inc. ADR*				10,790		49,957		0.56
CIMC Enric Holdings Ltd.		HKD		218,000		200,891		2.23
Fu Shou Yuan International Group Ltd.		HKD		281,000		228,625		2.54
Hongfa Technology Co. Ltd., Class A		CNH		61,500		278,246		3.09
JNBY Design Ltd.		HKD		216,500		239,029		2.66
Noah Holdings Ltd. ADR*				11,800		187,148		2.08
Xiabuxiabu Catering Management China Holdings Co. Ltd.2		HKD		323,500		247,508		2.75
						1,485,771		16.52
India (Cost $2,104,596)
Aarti Industries Ltd.		INR		21,377		147,443		1.64
APL Apollo Tubes Ltd.		INR		9,477		138,454		1.54
Granules India Ltd.		INR		60,723		223,400		2.49
Indian Energy Exchange Ltd.2		INR		168,944		323,844		3.60
JB Chemicals & Pharmaceuticals Ltd.		INR		4,013		104,649		1.16
Multi Commodity Exchange of India Ltd.		INR		12,171		208,822		2.32
PB Fintech Ltd.*		INR		25,401		186,679		2.08
Prince Pipes & Fittings Ltd.		INR		23,054		166,708		1.85
Quess Corp. Ltd.2		INR		59,055		262,530		2.92
Radico Khaitan Ltd.		INR		11,148		153,732		1.71
						1,916,261		21.31
Indonesia (Cost $267,059)
Ciputra Development Tbk PT		IDR		2,912,900		197,565		2.20
Indofood CBP Sukses Makmur Tbk PT		IDR		133,700		96,238		1.07
						293,803		3.27
Kazakhstan (Cost $124,184)
NAC Kazatomprom JSC GDR (Registered)				4,221		119,898		1.33
						119,898		1.33
Kuwait (Cost $136,350)
Humansoft Holding Co. K.S.C.*		KWD		12,148		155,310		1.73
						155,310		1.73

See accompanying notes to the financial statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1		Shares		Value		% of Net Assets
Malaysia (Cost $446,712)
AGMO HOLDINGS Bhd.*		MYR		199	$	28		—
My EG Services Bhd.		MYR		2,141,724		380,136		4.23
						380,164		4.23
Mexico (Cost $221,903)
Genomma Lab Internacional S.A.B. de C.V., Class B		MXN		106,800		88,745		0.99
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR				2,200		192,456		2.14
						281,201		3.13
Peru (Cost $134,835)
Alicorp S.A.A.		PEN		82,189		142,145		1.58
						142,145		1.58
Poland (Cost $145,323)
Dino Polska S.A.*,2		PLN		2,071		211,070		2.35
						211,070		2.35
Russian Federation (Cost $586,207)
Detsky Mir PJSC*,2,3,4		RUB		131,200		—		—
Fix Price Group PLC GDR*,2,4,5				24,412		2		—
Fix Price Group PLC GDR (Registered)*,5				16,317		2		—
						4		—
South Africa (Cost $200,448)
Karooooo Ltd.				7,218		168,035		1.87
						168,035		1.87
South Korea (Cost $1,462,953)
Classys, Inc.		KRW		11,017		195,980		2.18
Dentium Co. Ltd.		KRW		3,308		357,737		3.98
Eugene Technology Co. Ltd.		KRW		6,743		145,989		1.62
Hana Materials, Inc.		KRW		4,855		155,274		1.73
Hansol Chemical Co. Ltd.		KRW		1,991		332,269		3.70
KoMiCo Ltd.		KRW		8,018		261,225		2.90
Park Systems Corp.		KRW		1,709		187,461		2.08
						1,635,935		18.19
Taiwan (Cost $1,255,700)
Andes Technology Corp.		TWD		16,000		237,110		2.64
E Ink Holdings, Inc.		TWD		51,000		317,519		3.53
eCloudvalley Digital Technology Co. Ltd.		TWD		42,977		189,854		2.11
Parade Technologies Ltd.		TWD		5,000		153,757		1.71
Poya International Co. Ltd.		TWD		11,755		220,531		2.45
Silergy Corp.		TWD		5,000		79,626		0.88
Sinbon Electronics Co. Ltd.		TWD		13,000		144,572		1.61
						1,342,969		14.93

See accompanying notes to the financial statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1		Shares		Value		% of Net Assets
United Arab Emirates (Cost $70,641)
Americana Restaurants International PLC		AED		86,516	$	92,333		1.03
						92,333		1.03
Total Common Stocks (Cost $9,825,467)						8,771,209		97.55
Total Investments (Total Cost $9,825,467)						8,771,209		97.55
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)						220,067		2.45
Net Assets					$	8,991,276		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 April 30, 2023 the value of these restricted illiquid securities amount to $2 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 PLC GDR	3/5/21-12/17/21	235,528

⁵ Security is a Level 3 investment.

Percentages shown are based on net assets.

At April 30, 2023, the industry sectors for the Ashmore Emerging Markets Small-Cap Equity Fund were:

Sector	Percentage of Net Assets
Consumer Discretionary	14.8%
Consumer Staples	6.7
Energy	1.3
Financials	10.1
Health Care	10.8
Industrials	16.5
Information Technology	27.7
Materials	6.9
Real Estate	2.8
Total Investments	97.6
Other Assets Less Liabilities	2.4
Net Assets	100.0%

See accompanying notes to the financial statements.

115

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Small-Cap Equity Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2023:

	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Argentina	$	94,122	$	—	$	—	$	94,122
Brazil		452,188		—		—		452,188
China		237,105		1,248,666		—		1,485,771
India		—		1,916,261		—		1,916,261
Indonesia		—		293,803		—		293,803
Kazakhstan		—		119,898		—		119,898
Kuwait		—		155,310		—		155,310
Malaysia		—		380,164		—		380,164
Mexico		281,201		—		—		281,201
Peru		142,145		—		—		142,145
Poland		—		211,070		—		211,070
Russian Federation		—		—		4		4
South Africa		168,035		—		—		168,035
South Korea		—		1,635,935		—		1,635,935
Taiwan		—		1,342,969		—		1,342,969
United Arab Emirates		—		92,333		—		92,333
Total Common Stocks		1,374,796		7,396,409		4		8,771,209
Total Investments	$	1,374,796	$	7,396,409	$	4	$	8,771,209

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended April 30, 2023:

Category and Subcategory	Beginning Balance at 10/31/2022		Accrued Discounts (Premiums)		Purchases		Sales		Realized Gains (Losses)		Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at 04/30/2023		Change in Unrealized Appreciation (Depreciation) from Investments still held 04/30/2023
Investments, at value
Common Stock
Russian Federation		$4		$—		$—		$—		$—		$—		$—		$—		$4		$—
Total		$4		$—		$—		$—		$—		$—		$—		$—		$4		$—

The following table on “Quantitative information about Level 3 Fair Value measurements” provides information on the valuation techniques and inputs used to value Level 3 securities at April 30, 2023:

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at 04/30/2023	Valuation Technique		Unobservable Input
Common Stock	$4		Zero Priced Asset		Inputs to Model

See accompanying notes to the financial statements.

116

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SCHEDULE OF INVESTMENTS

As of April 30, 2023 (Unaudited)

	Currency1		Shares		Value		% of Net Assets
Common Stocks
Argentina (Cost $1,229,830)
Globant S.A.*				6,650	$	1,043,186		1.47
						1,043,186		1.47
Cambodia (Cost $1,003,503)
NagaCorp. Ltd.*		HKD		1,323,493		1,071,400		1.51
						1,071,400		1.51
Egypt (Cost $1,104,122)
Commercial International Bank Egypt S.A.E. GDR (Registered)				425,000		513,918		0.73
Fertiglobe PLC		AED		468,385		490,408		0.69
						1,004,326		1.42
Georgia (Cost $844,178)
Bank of Georgia Group PLC		GBP		25,738		957,718		1.35
						957,718		1.35
Ghana (Cost $515,377)
Kosmos Energy Ltd.*				86,400		552,960		0.78
						552,960		0.78
Iceland (Cost $2,828,209)
Arion Banki HF2		ISK		1,816,644		1,907,357		2.69
Marel HF		ISK		171,432		738,627		1.04
						2,645,984		3.73
Kazakhstan (Cost $3,310,250)
Halyk Savings Bank of Kazakhstan JSC GDR (Registered)				67,861		910,680		1.28
Kaspi.KZ JSC GDR (Registered)				40,156		3,315,431		4.68
						4,226,111		5.96
Kenya (Cost $1,830,638)
Equity Group Holdings PLC		KES		1,733,900		585,426		0.83
Safaricom PLC		KES		4,024,600		488,864		0.69
						1,074,290		1.52
Kuwait (Cost $3,751,442)
Humansoft Holding Co. K.S.C.*		KWD		122,955		1,571,962		2.22
National Bank of Kuwait S.A.K.P.		KWD		762,040		2,497,297		3.52
						4,069,259		5.74
Mauritius (Cost $1,284,631)
MCB Group Ltd.		MUR		190,485		1,292,667		1.82
						1,292,667		1.82
Morocco (Cost $4,021,675)
Attijariwafa Bank		MAD		43,594		1,754,921		2.48
Itissalat Al-Maghrib		MAD		48,300		389,439		0.55
Label Vie		MAD		2,815		1,243,745		1.75
						3,388,105		4.78

See accompanying notes to the financial statements.

117

ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1		Shares		Value		% of Net Assets
Nigeria (Cost $716,702)
Airtel Africa PLC2		GBP		485,250	$	733,502		1.03
						733,502		1.03
Pakistan (Cost $954,129)
Systems Ltd.*		PKR		550,369		882,632		1.24
						882,632		1.24
Peru (Cost $1,315,642)
Credicorp Ltd.				10,620		1,438,798		2.03
						1,438,798		2.03
Philippines (Cost $5,040,108)
ACEN Corp.*		PHP		284,640		30,984		0.04
Ayala Corp.		PHP		75,110		869,005		1.23
BDO Unibank, Inc.		PHP		945,172		2,466,120		3.48
SM Prime Holdings, Inc.		PHP		2,083,800		1,278,106		1.80
Wilcon Depot, Inc.		PHP		1,162,000		608,836		0.86
						5,253,051		7.41
Qatar (Cost $6,534,714)
Industries Qatar QSC		QAR		212,314		744,990		1.05
Qatar Electricity & Water Co. QSC		QAR		176,011		810,559		1.14
Qatar Gas Transport Co. Ltd.		QAR		696,634		759,849		1.07
Qatar Islamic Bank S.A.Q.		QAR		217,233		1,067,815		1.51
Qatar National Bank QPSC		QAR		540,420		2,285,733		3.22
						5,668,946		7.99
Romania (Cost $3,091,444)
Banca Transilvania S.A.		RON		415,643		1,779,843		2.51
OMV Petrom S.A.		RON		12,218,944		1,325,472		1.87
						3,105,315		4.38
Saudi Arabia (Cost $1,434,625)
Al Hammadi Holding		SAR		49,204		732,827		1.03
United International Transportation Co.		SAR		66,812		1,062,686		1.50
						1,795,513		2.53
Slovenia (Cost $911,964)
Nova Ljubljanska Banka dd GDR (Registered)		EUR		72,462		1,097,277		1.55
						1,097,277		1.55
United Arab Emirates (Cost $11,910,635)
Abu Dhabi Islamic Bank PJSC		AED		658,026		2,037,900		2.87
ADNOC Drilling Co. PJSC		AED		669,505		782,581		1.10
Al Ansari Financial Services PJSC*		AED		1,592,698		516,110		0.73
Aldar Properties PJSC		AED		975,531		1,436,527		2.03
Americana Restaurants International PLC		AED		341,282		364,227		0.51
Dubai Electricity & Water Authority PJSC		AED		2,028,130		1,369,397		1.93
Dubai Islamic Bank PJSC		AED		713,010		1,082,323		1.53

See accompanying notes to the financial statements.

118

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1		Shares		Value		% of Net Assets
United Arab Emirates (continued)
Emaar Properties PJSC		AED		1,073,968	$	1,737,861		2.45
Emirates Telecommunications Group Co. PJSC		AED		240,900		1,575,395		2.22
First Abu Dhabi Bank PJSC		AED		363,954		1,407,326		1.99
					12,309,647		17.36
Vietnam (Cost $8,595,739)
Bank for Foreign Trade of Vietnam JSC*		VND		403,000		1,556,709		2.19
FPT Corp.		VND		717,857		2,375,680		3.35
Military Commercial Joint Stock Bank*		VND		691,154		546,268		0.77
Phu Nhuan Jewelry JSC		VND		225,866		742,301		1.05
Vingroup JSC*		VND		476,849		1,061,335		1.50
Vinhomes JSC2		VND		832,311		1,763,803		2.49
						8,046,096		11.35
Total Common Stocks (Cost $62,229,557)						61,656,783		86.95
Preferred Stocks
Colombia (Cost $746,437)
Bancolombia S.A. ADR, 11.36%3				28,630		701,435		0.99
						701,435		0.99
Total Preferred Stocks (Cost $746,437)						701,435		0.99
Investment Companies
Vietnam Enterprise Investments Ltd., Class C *		GBP		146,793		983,374		1.39
Total Investment Companies (Cost $1,000,038)						983,374		1.39
Total Investments (Total Cost $63,976,032)						63,341,592		89.33
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)						7,568,788		10.67
Net Assets					$	70,910,380		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  Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

Percentages shown are based on net assets.

See accompanying notes to the financial statements.

119

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

At April 30, 2023, the industry sectors for the Ashmore Emerging Markets Frontier Equity Fund were:

Sector	Percentage of Net Assets
Communication Services		4.5	%
Consumer Discretionary		6.1
Consumer Staples		1.8
Energy		4.8
Financials		46.1
Health Care		1.0
Industrials		4.8
Information Technology		6.1
Materials		0.7
Real Estate		10.3
Utilities		3.1
Total Investments		89.3
Other Assets Less Liabilities		10.7
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 April 30, 2023:

	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Argentina		$1,043,186	$	—		$—	$	1,043,186
Cambodia		—		1,071,400		—		1,071,400
Egypt		—		1,004,326		—		1,004,326
Georgia		—		957,718		—		957,718
Ghana		552,960		—		—		552,960
Iceland		—		2,645,984		—		2,645,984
Kazakhstan		—		4,226,111		—		4,226,111
Kenya		—		1,074,290		—		1,074,290
Kuwait		—		4,069,259		—		4,069,259
Mauritius		—		1,292,667		—		1,292,667
Morocco		—		3,388,105		—		3,388,105
Nigeria		—		733,502		—		733,502
Pakistan		—		882,632		—		882,632
Peru		1,438,798		—		—		1,438,798
Philippines		—		5,253,051		—		5,253,051
Qatar		—		5,668,946		—		5,668,946
Romania		—		3,105,315		—		3,105,315
Saudi Arabia		—		1,795,513		—		1,795,513
Slovenia		—		1,097,277		—		1,097,277
United Arab Emirates		516,110		11,793,537		—		12,309,647
Vietnam		—		8,046,096		—		8,046,096
Total Common Stocks		3,551,054		58,105,729		—		61,656,783
Preferred Stocks
Colombia		701,435		—		—		701,435
Investment Companies
Vietnam		—		983,374		—		983,374
Total Investments		$4,252,489	$	59,089,103		$—	$	63,341,592

See accompanying notes to the financial statements.

120

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

The following is a summary of the fair values of the Fund’s derivative instruments*:

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2023:

	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		$664

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

See accompanying notes to the financial statements.

121

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SCHEDULE OF INVESTMENTS

As of April 30, 2023 (Unaudited)

	Currency1		Shares		Value		% of Net Assets
Common Stocks
Argentina (Cost $1,167,406)
Globant S.A.*				7,100	$	1,113,777		1.01
						1,113,777		1.01
Brazil (Cost $4,836,594)
Arezzo Industria e Comercio S.A.		BRL		83,300		1,108,596		1.00
Localiza Rent a Car S.A.		BRL		157,100		1,827,132		1.65
TOTVS S.A.*		BRL		348,800		1,794,420		1.62
						4,730,148		4.27
China (Cost $42,651,050)
A-Living Smart City Services Co. Ltd.2		HKD		634,750		509,369		0.46
ANTA Sports Products Ltd.		HKD		212,200		2,638,336		2.38
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		CNH		225,670		968,756		0.88
China Merchants Bank Co. Ltd., Class H		HKD		264,500		1,272,370		1.15
China Vanke Co. Ltd., Class H		HKD		667,200		1,042,089		0.94
CIMC Enric Holdings Ltd.		HKD		914,000		842,268		0.76
ENN Energy Holdings Ltd.		HKD		109,500		1,499,401		1.35
Hongfa Technology Co. Ltd., Class A		CNH		438,111		1,982,158		1.79
JD.com, Inc. ADR				43,012		1,536,389		1.39
JD.com, Inc., Class A		HKD		3,473		61,692		0.06
Lufax Holding Ltd. ADR				529,764		900,599		0.81
Meituan, Class B*,2		HKD		167,730		2,862,526		2.59
Midea Group Co. Ltd., Class A		CNH		144,350		1,186,016		1.07
NARI Technology Co. Ltd., Class A		CNH		289,300		1,092,765		0.99
NetEase, Inc. ADR				35,817		3,192,369		2.88
Prosus N.V.*		EUR		14,221		1,064,992		0.96
Tencent Holdings Ltd.		HKD		177,100		7,834,414		7.08
Wuliangye Yibin Co. Ltd., Class A		CNH		75,400		1,847,064		1.67
WuXi AppTec Co. Ltd., Class H2		HKD		158,500		1,395,859		1.26
Wuxi Biologics Cayman, Inc.*,2		HKD		171,000		1,022,898		0.92
Xiabuxiabu Catering Management China Holdings Co. Ltd.2		HKD		2,389,000		1,827,814		1.65
						36,580,144		33.04
Hong Kong (Cost $2,230,970)
AIA Group Ltd.		HKD		211,800		2,310,989		2.09
						2,310,989		2.09
India (Cost $13,492,237)
Aarti Industries Ltd.		INR		168,080		1,159,296		1.05
Alkem Laboratories Ltd.		INR		25,141		1,081,128		0.98
Granules India Ltd.		INR		299,807		1,102,990		1.00
HDFC Bank Ltd. ADR				48,190		3,363,662		3.04
Hindalco Industries Ltd.		INR		189,685		1,016,159		0.92
ICICI Bank Ltd. ADR				61,035		1,388,546		1.25

See accompanying notes to the financial statements.

122

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1		Shares		Value		% of Net Assets
India (continued)
Indian Energy Exchange Ltd.2		INR		448,699	$	860,098		0.78
Larsen & Toubro Ltd.		INR		37,733		1,091,897		0.98
Multi Commodity Exchange of India Ltd.		INR		59,503		1,020,912		0.92
PB Fintech Ltd.*		INR		154,991		1,139,070		1.03
Sun Pharmaceutical Industries Ltd.		INR		78,280		947,174		0.85
						14,170,932		12.80
Indonesia (Cost $702,182)
Indofood CBP Sukses Makmur Tbk PT		IDR		1,180,000		849,370		0.77
						849,370		0.77
Kazakhstan (Cost $2,549,451)
Kaspi.KZ JSC GDR (Registered)				17,971		1,483,754		1.34
NAC Kazatomprom JSC GDR (Registered)				33,768		959,180		0.87
						2,442,934		2.21
Mexico (Cost $5,200,999)
Fomento Economico Mexicano S.A.B. de C.V. ADR				45,730		4,436,724		4.01
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		MXN		58,900		1,047,945		0.95
Grupo Financiero Banorte S.A.B. de C.V., Class O		MXN		153,100		1,323,952		1.19
						6,808,621		6.15
Peru (Cost $1,146,666)
Credicorp Ltd.				8,789		1,190,734		1.07
						1,190,734		1.07
Poland (Cost $1,391,891)
Dino Polska S.A.*,2		PLN		20,063		2,044,763		1.85
						2,044,763		1.85
Russian Federation (Cost $6,693,747)
Fix Price Group PLC GDR*,2,3,4				297,371		30		—
Fix Price Group PLC GDR (Registered)*,3				124,253		12		—
HeadHunter Group PLC ADR3				7,572		1		—
LUKOIL PJSC5		RUB		21,299		—		—
Yandex N.V., Class A*,3				24,800		2		—
						45		—
Saudi Arabia (Cost $2,448,177)
Elm Co.		SAR		9,689		1,145,535		1.03
Saudi British Bank (The)		SAR		130,231		1,261,817		1.14
						2,407,352		2.17
South Korea (Cost $11,519,575)
Classys, Inc.		KRW		84,148		1,496,899		1.35
Dentium Co. Ltd.		KRW		21,292		2,302,579		2.08
Hana Materials, Inc.		KRW		39,073		1,249,643		1.13
Hansol Chemical Co. Ltd.		KRW		14,038		2,342,738		2.12
KoMiCo Ltd.		KRW		23,733		773,218		0.70

See accompanying notes to the financial statements.

123

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1		Shares		Value		% of Net Assets
South Korea (continued)
LG Chem Ltd.		KRW		1,854	$	1,033,883		0.93
SK Hynix, Inc.		KRW		44,177		2,975,508		2.69
						12,174,468		11.00
Taiwan (Cost $17,834,689)
Andes Technology Corp.		TWD		65,000		963,260		0.87
E Ink Holdings, Inc.		TWD		252,000		1,568,918		1.42
Parade Technologies Ltd.		TWD		36,000		1,107,054		1.00
Poya International Co. Ltd.		TWD		63,000		1,181,920		1.07
Silergy Corp.		TWD		52,928		842,887		0.76
Sinbon Electronics Co. Ltd.		TWD		100,000		1,112,091		1.00
Taiwan Semiconductor Manufacturing Co. Ltd.		TWD		325,000		5,329,837		4.82
Taiwan Semiconductor Manufacturing Co. Ltd. ADR				50,429		4,251,165		3.84
						16,357,132		14.78
United Arab Emirates (Cost $2,390,693)
Americana Restaurants International PLC		AED		1,077,995		1,150,471		1.04
Emaar Properties PJSC		AED		958,308		1,550,704		1.40
						2,701,175		2.44
Total Common Stocks (Cost $116,256,327)						105,882,584		95.65
Preferred Stocks
Brazil (Cost $2,247,156)
Petroleo Brasileiro S.A. ADR, 9.268%6				204,169		1,937,564		1.75
						1,937,564		1.75
South Korea (Cost $1,292,180)
LG Chem Ltd., 2.577%6		KRW		5,028		1,475,344		1.34
						1,475,344		1.34
Total Preferred Stocks (Cost $3,539,336)						3,412,908		3.09
Rights
Brazil (Cost $—)
Localiza Rent a Car S.A.*		BRL		713		2,453		—
						2,453		—
Total Rights (Cost $—)						2,453		—

See accompanying notes to the financial statements.

124

ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1	Shares		Value		% of Net Assets
Equity-Linked Securities
China (Cost $325,435)
Beijing Oriental Yuhong Waterproof Technology Co. Ltd. *			69,200	$	297,014		0.27
					297,014		0.27
Total Equity-Linked Securities (Cost $325,435)					297,014		0.27
Total Investments (Total Cost $120,121,098)					109,594,959		99.01
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					1,101,019		0.99
Net Assets				$	110,695,978		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 April 30, 2023 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 PLC GDR	3/10/21 - 4/20/21	$2,917,220

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 April 30, 2023, the industry sectors for the Ashmore Emerging Markets Equity Fund were:

Sector	Percentage of Net Assets
Communication Services		10.0	%
Consumer Discretionary		13.2
Consumer Staples		8.3
Energy		2.6
Financials		15.8
Health Care		8.4
Industrials		7.1
Information Technology		21.9
Materials		7.5
Real Estate		2.8
Utilities		1.4
Total Investments		99.0
Other Assets Less Liabilities		1.0
Net Assets		100.0	%

See accompanying notes to the financial statements.

125

ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Equity Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2023:

	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Argentina		$  1,113,777	$	—	$	—	$	1,113,777
Brazil		4,730,148		—		—		4,730,148
China		5,629,357		30,950,787		—		36,580,144
Hong Kong		—		2,310,989		—		2,310,989
India		4,752,208		9,418,724		—		14,170,932
Indonesia		—		849,370		—		849,370
Kazakhstan		—		2,442,934		—		2,442,934
Mexico		6,808,621		—		—		6,808,621
Peru		1,190,734		—		—		1,190,734
Poland		—		2,044,763		—		2,044,763
Russian Federation		—		—		45		45
Saudi Arabia		—		2,407,352		—		2,407,352
South Korea		—		12,174,468		—		12,174,468
Taiwan		4,251,165		12,105,967		—		16,357,132
United Arab Emirates		—		2,701,175		—		2,701,175
Total Common Stocks		28,476,010		77,406,529		45		105,882,584
Equity-Linked Securities
China		—		297,014		—		297,014
Preferred Stocks
Brazil		1,937,564		—		—		1,937,564
South Korea		—		1,475,344		—		1,475,344
Total Preferred Stocks		1,937,564		1,475,344		—		3,412,908
Rights
Brazil		2,453		—		—		2,453
Total Investments		$30,416,027	$	79,178,887	$	45	$	109,594,959

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended April 30, 2023:

Category and Subcategory	Beginning Balance at 10/31/2022	Accrued Discounts (Premiums)	Purchases	Sales	Realized Gains (Losses)	Change in Unrealized Appreciation (Depreciation)	Transfers into Level 3	Transfers out of Level 3	Ending Balance at 04/30/2023	Change in Unrealized Appreciation (Depreciation) from Investments still held 04/30/2023
Investments, at value
Common Stock
Russian Federation	$45	$—	$—	$—	$—	$—	$—	$—	$45	$—
Total	$45	$—	$—	$—	$—	$—	$—	$—	$45	$—

See accompanying notes to the financial statements.

126

ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

The following table on “Quantitative information about Level 3 Fair Value measurements” provides information on the valuation techniques and inputs used to value Level 3 securities at April 30, 2023:

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at 04/30/2023	Valuation Technique	Unobservable Input
Common Stock	$45	Zero Priced Asset	Inputs to Model

See accompanying notes to the financial statements.

127

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SCHEDULE OF INVESTMENTS

As of April 30, 2023 (Unaudited)

							% of Net
	Currency1		Shares		Value		Assets
Common Stocks
Argentina (Cost $164,416)
Globant S.A.*				1,000	$	156,870		1.45
					156,870		1.45
Brazil (Cost $519,509)
Arezzo Industria e Comercio S.A.		BRL		11,900		158,371		1.46
MercadoLibre, Inc.*				100		127,749		1.18
TOTVS S.A.*		BRL		40,300		207,325		1.91
						493,445		4.55
China (Cost $3,373,830)
ANTA Sports Products Ltd.		HKD		14,800		184,012		1.69
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		CNH		26,300		112,901		1.04
China Merchants Bank Co. Ltd., Class H		HKD		15,500		74,562		0.69
Hongfa Technology Co. Ltd., Class A		CNH		78,200		353,802		3.26
Meituan, Class B*,2		HKD		8,750		149,330		1.38
NARI Technology Co. Ltd., Class A		CNH		103,400		390,570		3.60
NetEase, Inc. ADR				3,022		269,351		2.48
Prosus N.V.*		EUR		755		56,541		0.52
Tencent Holdings Ltd.		HKD		17,500		774,152		7.13
WuXi AppTec Co. Ltd., Class H2		HKD		37,080		326,552		3.01
Xiabuxiabu Catering Management China Holdings Co. Ltd.2		HKD		250,500		191,656		1.77
					2,883,429		26.57
Hong Kong (Cost $352,838)
AIA Group Ltd.		HKD		35,200		384,074		3.54
						384,074		3.54
India (Cost $1,163,576)
Alkem Laboratories Ltd.		INR		3,754		161,432		1.49
Granules India Ltd.		INR		51,294		188,711		1.74
HDFC Bank Ltd. ADR				6,391		446,092		4.11
ICICI Bank Ltd. ADR				8,083		183,888		1.69
PB Fintech Ltd.*		INR		22,802		167,578		1.54
Quess Corp. Ltd.2		INR		22,951		102,029		0.94
						1,249,730		11.51
Malaysia (Cost $185,681)
AGMO HOLDINGS Bhd.*		MYR		105		15		—
My EG Services Bhd.		MYR		1,132,180		200,951		1.85
					200,966		1.85
Mexico (Cost $470,491)
Fomento Economico Mexicano S.A.B. de C.V. ADR				5,104		495,190		4.56
Grupo Financiero Banorte S.A.B. de C.V., Class O		MXN		22,100		191,112		1.76
					686,302		6.32

See accompanying notes to the financial statements.

128

ASHMORE EMERGING MARKETS EQUITY ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

							% of Net
	Currency1		Shares		Value		Assets
Peru (Cost $181,504)
Credicorp Ltd.				1,404	$	190,214		1.75
						190,214		1.75
Poland (Cost $194,305)
Dino Polska S.A.*,2		PLN		2,912		296,783		2.73
						296,783		2.73
Russian Federation (Cost $686,783)
Fix Price Group PLC 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 $176,835)
Elm Co.		SAR		1,516		179,237		1.65
						179,237		1.65
South Korea (Cost $922,183)
Dentium Co. Ltd.		KRW		3,895		421,217		3.88
Hansol Chemical Co. Ltd.		KRW		2,180		363,810		3.35
LG Chem Ltd.		KRW		321		179,006		1.65
SK Hynix, Inc.		KRW		2,865		192,970		1.78
						1,157,003		10.66
Taiwan (Cost $1,954,634)
Andes Technology Corp.		TWD		13,000		192,652		1.78
E Ink Holdings, Inc.		TWD		57,000		354,874		3.27
Parade Technologies Ltd.		TWD		5,000		153,758		1.42
Poya International Co. Ltd.		TWD		11,000		206,367		1.90
Silergy Corp.		TWD		8,000		127,401		1.17
Sinbon Electronics Co. Ltd.		TWD		23,000		255,781		2.36
Taiwan Semiconductor Manufacturing Co. Ltd.		TWD		30,000		491,985		4.53
Taiwan Semiconductor Manufacturing Co. Ltd. ADR				5,607		472,670		4.35
						2,255,488		20.78
United Arab Emirates (Cost $190,027)
Abu Dhabi Islamic Bank PJSC		AED		40,505		125,444		1.16
Americana Restaurants International PLC		AED		105,731		112,839		1.04
						238,283		2.20
Total Common Stocks (Cost $10,536,612)						10,371,830		95.56
Preferred Stocks
South Korea (Cost $285,791)
LG Chem Ltd., 2.580%6		KRW		916		268,778		2.47
						268,778		2.47
Total Preferred Stocks (Cost $285,791)						268,778		2.47

See accompanying notes to the financial statements.

129

ASHMORE EMERGING MARKETS EQUITY ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

						% of Net
	Currency1	Shares		Value		Assets
Equity-Linked Securities
China (Cost $30,155)
Beijing Oriental Yuhong Waterproof Technology Co. Ltd. *			6,000	$	25,753		0.24
					25,753		0.24
Total Equity-Linked Securities (Cost $30,155)					25,753		0.24
Total Investments (Total Cost $10,852,558)					10,666,361		98.27
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					187,505		1.73
Net Assets				$	10,853,866		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 April 30, 2023 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 PLC 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 April 30, 2023, the industry sectors for the Ashmore Emerging Markets Equity ESG Fund were:

Sector	Percentage of Net Assets
Communication Services		9.6%
Consumer Discretionary		10.9
Consumer Staples		7.3
Financials		16.2
Health Care		10.1
Industrials		9.7
Information Technology		25.7
Materials		8.8
Total Investments		98.3
Other Assets Less Liabilities		1.7
Net Assets		100.0%

See accompanying notes to the financial statements.

130

ASHMORE EMERGING MARKETS EQUITY ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Equity ESG Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2023:

	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Argentina	$	156,870	$	—		$—	$	156,870
Brazil		493,445		—		—		493,445
China		269,351		2,614,078		—		2,883,429
Hong Kong		—		384,074		—		384,074
India		629,980		619,750		—		1,249,730
Malaysia		—		200,966		—		200,966
Mexico		686,302		—		—		686,302
Peru		190,214		—		—		190,214
Poland		—		296,783		—		296,783
Russian Federation		—		—		6		6
Saudi Arabia		—		179,237		—		179,237
South Korea		—		1,157,003		—		1,157,003
Taiwan		472,670		1,782,818		—		2,255,488
United Arab Emirates		—		238,283		—		238,283
Total Common Stocks		2,898,832		7,472,992		6		10,371,830
Equity-Linked Securities
China		—		25,753		—		25,753
Preferred Stocks
South Korea		—		268,778		—		268,778
Total Investments	$	2,898,832	$	7,767,523		$  6	$	10,666,361

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended April 30, 2023:

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 10/31/2022

(Premiums)

Purchases

Sales

(Losses)

(Depreciation)

Level 3

Level 3

at 04/30/2023

04/30/2023

Investments, at value

Common Stock

Russian Federation

$6

$—

$—

$—

$—

$—

$—

$—

$6

$—

Total

$6

$—

$—

$—

$—

$—

$—

$—

$6

$—

See accompanying notes to the financial statements.

131

ASHMORE EMERGING MARKETS EQUITY ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

The following table on “Quantitative information about Level 3 Fair Value measurements” provides information on the valuation techniques and inputs used to value Level 3 securities at April 30, 2023:

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at		Valuation		Unobservable
	04/30/2023		Technique		Input
Common Stock	$	6		Zero Priced Asset		Inputs to Model

See accompanying notes to the financial statements.

132

ASHMORE EMERGING MARKETS SHORT DURATION SELECT FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2023 (Unaudited)

							% of Net
	Currency1		Par		Value		Assets
Debt Securities
Brazil (Cost $1,185,573)
Banco do Brasil S.A., 4.625%, 01/15/2025				200,000	$	196,216		2.06
BRF GmbH, 4.350%, 09/29/2026				200,000		174,041		1.83
JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc., 2.500%, 01/15/2027				200,000		178,082		1.87
MercadoLibre, Inc., 2.375%, 01/14/2026				200,000		181,496		1.90
St Marys Cement, Inc., 5.750%, 01/28/2027				200,000		199,045		2.09
Unigel Luxembourg S.A., 8.750%, 10/01/2026				200,000		184,401		1.94
						1,113,281		11.69
Chile (Cost $384,572)
Celulosa Arauco y Constitucion S.A., 3.875%, 11/02/2027				200,000		186,808		1.96
Inversiones CMPC S.A., 4.750%, 09/15/2024				200,000		198,108		2.08
						384,916		4.04
China (Cost $611,740)
ENN Energy Holdings Ltd., 4.625%, 05/17/2027				200,000		197,634		2.08
Huarong Finance 2017 Co. Ltd., (Floating, ICE LIBOR USD 3M + 1.325%), 6.502%, 07/03/2023				210,000		209,530		2.20
Tencent Holdings Ltd., (Floating, ICE LIBOR USD 3M + 0.910%), 6.121%, 04/11/2024				200,000		199,987		2.10
						607,151		6.38
Colombia (Cost $246,871)
Ecopetrol S.A., 4.125%, 01/16/2025				140,000		134,295		1.41
Ecopetrol S.A., 5.375%, 06/26/2026				100,000		94,725		1.00
						229,020		2.41
Czech Republic (Cost $92,531)
CETIN Group N.V., 3.125%, 04/14/2027		EUR		100,000		103,243		1.08
						103,243		1.08
Hong Kong (Cost $394,287)
HKT Capital No. 4 Ltd., 3.000%, 07/14/2026				200,000		187,817		1.97
Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 3.100%), 7.776%, 11/16/20252				200,000		205,768		2.16
						393,585		4.13
India (Cost $798,017)
ABJA Investment Co. Pte. Ltd., 5.950%, 07/31/2024				200,000		199,000		2.09
Bharti Airtel Ltd., 4.375%, 06/10/2025				200,000		196,810		2.07
Greenko Solar Mauritius Ltd., 5.950%, 07/29/2026				200,000		187,300		1.97
HDFC Bank Ltd., 5.686%, 03/02/2026				200,000		202,974		2.13
						786,084		8.26
Indonesia (Cost $599,301)
Bank Mandiri Persero Tbk PT, 2.000%, 04/19/2026				200,000		182,786		1.92

See accompanying notes to the financial statements.

133

ASHMORE EMERGING MARKETS SHORT DURATION SELECT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

						% of Net
	Currency1	Par		Value		Assets
Indonesia (continued)
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT, 4.750%, 05/15/2025			400,000	$	395,320		4.15
					578,106		6.07
Jordan (Cost $203,280)
Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025			200,000		189,354		1.99
					189,354		1.99
Kazakhstan (Cost $367,995)
KazMunayGas National Co. JSC, 4.750%, 04/19/2027			200,000		189,799		2.00
Tengizchevroil Finance Co. International Ltd., 4.000%, 08/15/2026			200,000		178,250		1.87
					368,049		3.87
Kuwait (Cost $210,056)
MEGlobal Canada ULC, 5.000%, 05/18/2025			200,000		198,500		2.09
					198,500		2.09
Malaysia (Cost $189,118)
MISC Capital Two Labuan Ltd., 3.750%, 04/06/2027			200,000		189,538		1.99
					189,538		1.99
Mexico (Cost $562,838)
Petroleos Mexicanos, 6.875%, 10/16/2025			331,000		326,053		3.43
Trust Fibra Uno, 5.250%, 01/30/2026			200,000		192,523		2.02
					518,576		5.45
Oman (Cost $609,529)
Bank Muscat SAOG, 4.750%, 03/17/2026			200,000		192,720		2.03
National Bank of Oman SAOG, 5.625%, 09/25/2023			200,000		199,380		2.09
Oztel Holdings SPC Ltd., 5.625%, 10/24/2023			200,000		199,248		2.09
					591,348		6.21
Panama (Cost $202,782)
Banco Latinoamericano de Comercio Exterior S.A., 2.375%, 09/14/2025			200,000		184,750		1.94
					184,750		1.94
Peru (Cost $385,588)
Credicorp Ltd., 2.750%, 06/17/2025			200,000		188,066		1.98
Kallpa Generacion S.A., 4.125%, 08/16/2027			200,000		184,199		1.93
					372,265		3.91
Saudi Arabia (Cost $578,589)
Arabian Centres Sukuk Ltd., 5.375%, 11/26/2024			256,000		248,832		2.61
SNB Funding Ltd., 2.750%, 10/02/2024			333,000		320,955		3.37
					569,787		5.98

See accompanying notes to the financial statements.

134

ASHMORE EMERGING MARKETS SHORT DURATION SELECT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

						% of Net
	Currency1	Par		Value		Assets
Singapore (Cost $189,208)
BOC Aviation Ltd., 3.500%, 09/18/2027			200,000	$	189,662		1.99
					189,662		1.99
South Africa (Cost $784,096)
Gold Fields Orogen Holdings BVI Ltd., 5.125%, 05/15/2024			200,000		199,104		2.09
Liquid Telecommunications Financing PLC, 5.500%, 09/04/2026			200,000		119,000		1.25
MTN Mauritius Investments Ltd., 6.500%, 10/13/2026			200,000		199,040		2.09
Prosus N.V., 3.257%, 01/19/2027			205,000		187,473		1.97
					704,617		7.40
Thailand (Cost $204,806)
Kasikornbank PCL, 5.458%, 03/07/2028			200,000		205,176		2.16
					205,176		2.16
United Arab Emirates (Cost $659,905)
Galaxy Pipeline Assets Bidco Ltd., 1.750%, 09/30/2027			145,874		136,184		1.43
MAF Global Securities Ltd., 4.750%, 05/07/2024			200,000		197,976		2.08
Mashreqbank PSC, 4.250%, 02/26/2024			322,000		317,519		3.33
					651,679		6.84
Total Debt Securities (Cost $9,460,682)					9,128,687		95.88
Total Investments (Total Cost $9,460,682)					9,128,687		95.88
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					392,492		4.12
Net Assets				$	9,521,179		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.

Percentages shown are based on net assets.

At April 30, 2023, 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)
06/07/2023	Barclays	United States Dollar		104,074		Euro		94,651		$(464)
Subtotal Depreciation										(464)
Total										$(464)

See accompanying notes to the financial statements.

135

ASHMORE EMERGING MARKETS SHORT DURATION SELECT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Short Duration Select Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2023:

	Level 1		Level 2			Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds		$—		$7,330,930			$—		$7,330,930
Financial Certificates		—		248,832			—		248,832
Government Agencies		—		1,364,175			—		1,364,175
Municipal Bonds		—		184,750			—		184,750
Total Debt Securities		—		9,128,687			—		9,128,687
Total Investments		$—		$9,128,687			$—		$9,128,687
Other Financial Instruments
Liabilities:
Forward Foreign Currency Exchange Contracts		$—		$(464	)		$—		$(464	)
Total Other Financial Instruments		$—		$(464	)		$—		$(464	)

The following is a summary of the fair values of the Fund’s derivative instruments*:

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2023:

	Derivatives Not Accounted for as
	Hedging Instruments
	Foreign
	Exchange Risk
Liabilities:
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		$(464	)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2023:

		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		$(37,674	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$   1,050

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

See accompanying notes to the financial statements.

136

ASHMORE EMERGING MARKETS INVESTMENT GRADE INCOME FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2023 (Unaudited)

	Currency1		Par		Value		% of Net Assets
Debt Securities
Brazil (Cost $1,134,390)
Braskem Netherlands Finance B.V., (Variable, U.S. Treasury
Yield Curve Rate CMT 5Y + 8.220%), 8.500%, 01/23/20812				200,000	$	199,000		1.13
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		167,938		0.95
St Marys Cement, Inc., 5.750%, 01/28/2027				220,000		218,949		1.24
Suzano Austria GmbH, 5.000%, 01/15/2030				225,000		210,058		1.19
Vale Overseas Ltd., 8.250%, 01/17/2034				190,000		221,156		1.26
						1,017,101		5.77
Chile (Cost $1,105,173)
Celulosa Arauco y Constitucion S.A., 4.200%, 01/29/2030				200,000		186,718		1.06
Cencosud S.A., 6.625%, 02/12/2045				200,000		199,500		1.13
Empresa Nacional del Petroleo, 5.250%, 11/06/2029				268,000		260,295		1.48
GNL Quintero S.A., 4.634%, 07/31/2029				175,904		171,198		0.97
Inversiones CMPC S.A., 3.850%, 01/13/2030				200,000		180,148		1.02
						997,859		5.66
China (Cost $765,155)
Huarong Finance 2017 Co. Ltd., (Floating, ICE LIBOR USD 3M + 1.325%), 6.502%, 07/03/2023				210,000		209,530		1.19
Tencent Holdings Ltd., (Floating, ICE LIBOR USD 3M + 0.910%), 6.121%, 04/11/2024				200,000		199,987		1.13
Tencent Holdings Ltd., 3.975%, 04/11/2029				200,000		189,754		1.08
Xiaomi Best Time International Ltd., 0.000%, 12/17/20274				200,000		165,200		0.94
						764,471		4.34
Czech Republic (Cost $265,782)
CETIN Group N.V., 3.125%, 04/14/2027		EUR		275,000		283,918		1.61
						283,918		1.61
Hong Kong (Cost $407,283)
Phoenix Lead Ltd., 4.850%, 08/23/2023				200,000		170,000		0.96
Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 3.100%), 7.776%, 11/16/20252				200,000		205,768		1.17
						375,768		2.13
India (Cost $1,422,387)
ABJA Investment Co. Pte. Ltd., 5.450%, 01/24/2028				200,000		195,717		1.11
Bharti Airtel Ltd., 4.375%, 06/10/2025				200,000		196,810		1.12
Bharti Airtel Ltd., 3.250%, 06/03/2031				200,000		174,231		0.99
Indian Railway Finance Corp. Ltd., 3.570%, 01/21/2032				200,000		176,234		1.00
NTPC Ltd., 4.500%, 03/19/2028				200,000		196,970		1.12
Power Finance Corp. Ltd., 4.500%, 06/18/2029				240,000		227,999		1.29
Reliance Industries Ltd., 2.875%, 01/12/2032				250,000		209,344		1.19
					1,377,305		7.82

See accompanying notes to the financial statements.

137

ASHMORE EMERGING MARKETS INVESTMENT GRADE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1		Par		Value		% of Net Assets
Indonesia (Cost $1,306,715)
Freeport Indonesia PT, 4.763%, 04/14/2027				200,000	$	197,051		1.12
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT, 4.750%, 05/15/2025				200,000		197,660		1.12
Minejesa Capital B.V., 4.625%, 08/10/2030				385,000		337,837		1.92
Pertamina Persero PT, 6.500%, 11/07/2048				200,000		205,659		1.17
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.150%, 05/21/2048				200,000		195,017		1.10
						1,133,224		6.43
Israel (Cost $1,346,532)
Bank Hapoalim B.M., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.155%), 3.255%, 01/21/20322,3				200,000		167,246		0.95
Bank Leumi Le-Israel B.M., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.631%), 3.275%, 01/29/20312,3				245,000		214,061		1.21
Leviathan Bond Ltd., 6.750%, 06/30/20303				135,000		125,045		0.71
Mizrahi Tefahot Bank Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.250%), 3.077%, 04/07/20312,3				310,000		264,198		1.50
Teva Pharmaceutical Finance Netherlands II B.V., 4.375%, 05/09/2030		EUR		200,000		185,119		1.05
Teva Pharmaceutical Finance Netherlands III B.V., 6.750%, 03/01/2028				200,000		198,980		1.13
						1,154,649		6.55
Jordan (Cost $189,424)
Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025				200,000		189,354		1.08
						189,354		1.08
Kazakhstan (Cost $462,877)
KazMunayGas National Co. JSC, 6.375%, 10/24/2048				211,000		177,544		1.01
Tengizchevroil Finance Co. International Ltd., 4.000%, 08/15/2026				200,000		178,250		1.01
						355,794		2.02
Kuwait (Cost $712,734)
MEGlobal Canada ULC, 5.875%, 05/18/2030				200,000		204,777		1.17
NBK Tier 1 Financing 2 Ltd., (Variable, USD CMT 6Y + 2.832%), 4.500%, 08/27/20252				490,000		449,614		2.55
						654,391		3.72
Malaysia (Cost $190,309)
MISC Capital Two Labuan Ltd., 3.750%, 04/06/2027				200,000		189,538		1.08
						189,538		1.08
Mexico (Cost $2,356,850)
Alfa S.A.B. de C.V., 6.875%, 03/25/2044				205,000		198,863		1.13
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.375%, 04/17/2025				420,000		419,335		2.38
BBVA Bancomer S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.650%), 5.125%, 01/18/20332				200,000		176,463		1.00
Cometa Energia S.A. de C.V., 6.375%, 04/24/2035				233,985		223,985		1.27

See accompanying notes to the financial statements.

138

ASHMORE EMERGING MARKETS INVESTMENT GRADE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1	Par		Value		% of Net Assets
Mexico (continued)
Corp. Inmobiliaria Vesta S.A.B. de C.V., 3.625%, 05/13/2031			300,000	$	248,597		1.41
Mexico Generadora de Energia S. de r.l., 5.500%, 12/06/2032			187,963		183,499		1.04
Petroleos Mexicanos, 7.690%, 01/23/2050			450,000		299,931		1.70
Trust Fibra Uno, 4.869%, 01/15/2030			325,000		275,430		1.57
					2,026,103		11.50
Panama (Cost $590,921)
AES Panama Generation Holdings SRL, 4.375%, 05/31/2030			290,000		251,578		1.43
Telecomunicaciones Digitales S.A., 4.500%, 01/30/2030			280,000		229,600		1.30
					481,178		2.73
Peru (Cost $914,320)
Banco de Credito del Peru S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.450%), 3.250%, 09/30/20312			290,000		254,371		1.44
InRetail Consumer, 3.250%, 03/22/2028			250,000		214,750		1.22
Kallpa Generacion S.A., 4.125%, 08/16/2027			200,000		184,199		1.05
Minsur S.A., 4.500%, 10/28/2031			200,000		174,086		0.99
					827,406		4.70
Qatar (Cost $597,442)
ABQ Finance Ltd., 3.125%, 09/24/2024			200,000		193,374		1.10
Doha Finance Ltd., 2.375%, 03/31/2026			200,000		184,500		1.04
QIB Sukuk Ltd., (Floating, ICE LIBOR USD 3M + 1.350%), 6.184%, 02/07/2025			200,000		200,634		1.14
					578,508		3.28
Saudi Arabia (Cost $1,130,020)
Acwa Power Management And Investments One Ltd., 5.950%, 12/15/2039			304,390		293,356		1.67
Arabian Centres Sukuk Ltd., 5.375%, 11/26/2024			200,000		194,400		1.10
EIG Pearl Holdings S.a.r.l., 3.545%, 08/31/2036			400,000		344,500		1.96
Saudi Arabian Oil Co., 4.250%, 04/16/2039			260,000		238,296		1.35
					1,070,552		6.08
Singapore (Cost $440,163)
BOC Aviation Ltd., 3.500%, 09/18/2027			200,000		189,661		1.08
DBS Group Holdings Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.915%), 3.300%, 02/27/20252			250,000		235,271		1.33
					424,932		2.41
South Africa (Cost $939,714)
AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028			200,000		180,580		1.03
Gold Fields Orogen Holdings BVI Ltd., 6.125%, 05/15/2029			290,000		296,959		1.69
Prosus N.V., 3.680%, 01/21/2030			400,000		340,660		1.93
					818,199		4.65
South Korea (Cost $393,486)
Kyobo Life Insurance Co. Ltd., (Variable, U.S. Treasury Yield
Curve Rate CMT 5Y + 2.887%), 5.900%, 06/15/20522			200,000		192,748		1.09

See accompanying notes to the financial statements.

139

ASHMORE EMERGING MARKETS INVESTMENT GRADE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency1	Par		Value		% of Net Assets
South Korea (continued)
Shinhan Bank Co. Ltd., 4.375%, 04/13/2032			200,000	$	184,842		1.05
					377,590		2.14
Thailand (Cost $687,443)
Bangkok Bank PCL, 9.025%, 03/15/2029			190,000		216,621		1.23
GC Treasury Center Co. Ltd., 2.980%, 03/18/2031			255,000		212,796		1.21
GC Treasury Center Co. Ltd., 4.400%, 03/30/2032			200,000		183,535		1.04
					612,952		3.48
United Arab Emirates (Cost $1,185,465)
BOS Funding Ltd., 7.000%, 03/14/2028			200,000		202,472		1.15
DP World Crescent Ltd., 3.750%, 01/30/2030			361,000		340,230		1.93
First Abu Dhabi Bank PJSC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.138%), 4.500%, 04/05/20262			200,000		188,500		1.07
Galaxy Pipeline Assets Bidco Ltd., 2.940%, 09/30/2040			189,970		155,722		0.89
Mashreqbank PSC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.997%), 7.875%, 02/24/20332			200,000		208,000		1.18
					1,094,924		6.22
Total Debt Securities (Cost $18,544,585)					16,805,716		95.40
Total Investments in Securities (Cost $18,544,585)					16,805,716		95.40
Total Investments (Total Cost $18,544,585)					16,805,716		95.40
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					810,173		4.60
Net Assets				$	17,615,889		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 April 30, 2023, 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)

06/07/2023

Barclays

United States Dollar

472,232

Euro

429,478

$(2,106)

Subtotal Depreciation

(2,106)

Total

$(2,106)

See accompanying notes to the financial statements.

140

ASHMORE EMERGING MARKETS INVESTMENT GRADE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Investment Grade Income Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2023:

	Level 1		Level 2			Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds	$	—	$	13,639,354		$	—	$	13,639,354
Corporate Convertible Bonds		—		987,168			—		987,168
Financial Certificates		—		735,264			—		735,264
Government Agencies		—		1,443,930			—		1,443,930
Total Debt Securities		—		16,805,716			—		16,805,716
Total Investments	$	—	$	16,805,716		$	—	$	16,805,716
Other Financial Instruments
Liabilities:
Forward Foreign Currency Exchange Contracts	$	—	$	(2,106	)	$	—	$	(2,106	)
Total Other Financial Instruments	$	—	$	(2,106	)	$	—	$	(2,106	)
The following is a summary of the fair values of the Fund’s derivative instruments*:

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2023:

	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange Risk
Liabilities:
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		$(2,106	)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2023:

	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		$(106,953	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$     2,543

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

See accompanying notes to the financial statements.

141

ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2023 (Unaudited)

	Currency	Par		Value		% of Net Assets
Debt Securities
Brazil (Cost $1,137,128)
Klabin Austria GmbH, 7.000%, 04/03/2049			230,000	$	222,282		3.11
MARB BondCo PLC, 3.950%, 01/29/2031			300,000		220,335		3.09
Oi S.A., 0.000%, 07/15/20241,2			29,091		—		—
Oi S.A., 10.000%, (100% Cash), 07/27/20252,3			290,000		21,569		0.30
Suzano Austria GmbH, 7.000%, 03/16/2047			200,000		201,250		2.82
					665,436		9.32
Chile (Cost $362,251)
Banco de Chile, 2.990%, 12/09/2031			200,000		172,190		2.41
VTR Finance N.V., 6.375%, 07/15/2028			200,000		68,000		0.95
					240,190		3.36
China (Cost $1,139,977)
Central China Real Estate Ltd., 7.250%, 08/13/2024			300,000		53,612		0.75
Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/20233			280,000		26,745		0.38
Kaisa Group Holdings Ltd., 11.250%, 04/16/20253			280,000		26,874		0.38
Zhenro Properties Group Ltd., 7.875%, 04/14/20243			290,000		17,400		0.24
					124,631		1.75
Ecuador (Cost $277,058)
International Airport Finance S.A., 12.000%, 03/15/2033			282,067		265,422		3.72
					265,422		3.72
Guatemala (Cost $176,241)
Millicom International Cellular S.A., 5.125%, 01/15/2028			180,000		158,387		2.22
					158,387		2.22
India (Cost $513,004)
Clean Renewable Power Mauritius Pte. Ltd., 4.250%, 03/25/2027			372,000		325,533		4.56
Greenko Power II Ltd., 4.300%, 12/13/2028			191,000		165,298		2.32
					490,831		6.88
Indonesia (Cost $151,659)
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.850%, 10/14/2038			200,000		172,947		2.42
					172,947		2.42
Israel (Cost $483,788)
Bank Leumi Le-Israel B.M., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.631%), 3.275%, 01/29/20314,5			200,000		174,744		2.45
Teva Pharmaceutical Finance Co. LLC, 6.150%, 02/01/2036			270,000		247,240		3.46
					421,984		5.91
Kuwait (Cost $428,690)
MEGlobal Canada ULC, 5.875%, 05/18/2030			200,000		204,776		2.87

See accompanying notes to the financial statements.

142

ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency	Par		Value		% of Net Assets
Kuwait (continued)
NBK Tier 1 Financing 2 Ltd., (Variable, USD CMT 6Y + 2.832%), 4.500%, 08/27/20255			200,000	$	183,516		2.57
					388,292		5.44
Mexico (Cost $1,211,090)
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.760%), 8.375%, 10/14/20305			260,000		245,960		3.45
BBVA Bancomer S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.650%), 5.125%, 01/18/20335			240,000		211,756		2.97
Corp. Inmobiliaria Vesta S.A.B. de C.V., 3.625%, 05/13/2031			200,000		165,732		2.32
Orbia Advance Corp. S.A.B. de C.V., 5.875%, 09/17/2044			200,000		173,068		2.42
Trust Fibra Uno, 6.390%, 01/15/2050			220,000		167,200		2.34
					963,716		13.50
Panama (Cost $199,005)
C&W Senior Financing DAC, 6.875%, 09/15/2027			200,000		175,000		2.45
					175,000		2.45
Peru (Cost $186,146)
Intercorp Peru Ltd., 3.875%, 08/15/2029			200,000		167,500		2.35
					167,500		2.35
Qatar (Cost $282,158)
QIB Sukuk Ltd., (Floating, ICE LIBOR USD 3M + 1.350%), 6.184%, 02/07/20255			280,000		280,888		3.93
					280,888		3.93
Russian Federation (Cost $184,629)
Sovcombank Via SovCom Capital DAC, 7.600%, 04/07/20263,6			200,000		—		—
					—		—
South Africa (Cost $589,831)
Absa Group Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.411%), 6.375%, 05/27/20265			200,000		182,808		2.56
MTN Mauritius Investments Ltd., 6.500%, 10/13/2026			210,000		208,992		2.93
Prosus N.V., 3.680%, 01/21/2030			200,000		170,330		2.39
					562,130		7.88
Turkey (Cost $198,865)
Zorlu Yenilenebilir Enerji A.S., 9.000%, 06/01/2026			200,000		169,620		2.38
					169,620		2.38
United Arab Emirates (Cost $721,947)
DIB Sukuk Ltd., 2.950%, 01/16/2026			240,000		227,472		3.19
DP World Ltd., 6.850%, 07/02/2037			200,000		223,301		3.13

See accompanying notes to the financial statements.

143

ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

	Currency	Par		Value		% of Net Assets
United Arab Emirates (continued)
DP World Salaam, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.750%), 6.000%, 10/01/20255			200,000	$	199,288		2.79
					650,061		9.11
Total Debt Securities (Cost $8,243,467)					5,897,035		82.62
Total Investments in Securities (Cost $8,243,467)					5,897,035		82.62
Total Investments (Total Cost $8,243,467)					5,897,035		82.62
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					1,240,588		17.38
Net Assets				$	7,137,623		100.00

¹  Security is a Level 3 investment.

²  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.

³  Issuer has defaulted on terms of debt obligation.

⁴  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.

⁵  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.

⁶  Security has been deemed worthless and is a Level 3 investment.

Percentages shown are based on net assets.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Corporate Income ESG Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2023:

	Level 1			Level 2			Level 3			Total
Investments
Assets:
Debt Securities
Corporate Bonds		$	—		$	4,208,821		$	—		$	4,208,821
Corporate Convertible Bonds			—			815,268			—			815,268
Financial Certificates			—			707,648			—			707,648
Government Agencies			—			165,298			—			165,298
Total Debt Securities			—			5,897,035			—			5,897,035
Total Investments		$	—		$	5,897,035		$	—		$	5,897,035

See accompanying notes to the financial statements.

144

ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended April 30, 2023:

Category and Subcategory	Beginning Balance at 10/31/2022		Accrued Discounts (Premiums)		Purchases		Sales		Realized Gains (Losses)		Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at 04/30/2023		Change in Unrealized Appreciation (Depreciation) from Investments still held 04/30/2023
Investments, at value
Corporate Bonds Brazil	$	—	$	—	$	29,091	$	—	$	—	$	—	$	—	$	—	$	29,091	$	—
Russian Federation		—		—		—		—		—		—		—		—		—		—
Total	$	—	$	—	$	29,091	$	—	$	—	$	—	$	—	$	—	$	29,091	$	—

The following table on “Quantitative information about Level 3 Fair Value measurements” provides information on the valuation techniques and inputs used to value Level 3 securities at April 30, 2023:

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at 04/30/2023		Valuation Technique		Unobservable Input
Corporate Bonds	$	—		Zero Priced Asset		Inputs to Model

The following is a summary of the fair values of the Fund’s derivative instruments*:

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2023:

	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		$(25,792	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$   1,042

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

See accompanying notes to the financial statements.

145

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS

As of April 30, 2023 (Unaudited)

1. Organization

Ashmore Funds (the “Trust”) is a Massachusetts business trust organized under the laws of the Commonwealth of Massachu-setts 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 April 30, 2023, 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

146

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

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”).

147

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

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

148

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

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 April 30, 2023, 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.

149

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

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, resulting in sanctions imposed upon various Russian entities and persons by the US and other governments. The Funds may invest in securities and instruments that are economically tied to Russia. Such investments may have been negatively impacted by such sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The reductions in liquidity in investments tied to Russia may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments tied to Russia that the Fund may no longer seek to hold. Ashmore will continue to actively manage these positions in the best interests of the Funds and their shareholders.

Foreign/Emerging Markets Risks

Investments in foreign securities entail risks in addition to those customarily associated with investing in U.S. securities. Economic, political and social instability could disrupt financial markets in which the Fund invests and adversely affect the value of the Fund’s assets. In addition, national policies may restrict investment opportunities. In foreign markets there may be a lower degree of market volume and liquidity than in U.S. markets, and this may result in greater price volatility. The securities markets in many Emerging-Market countries are substantially smaller, less developed, less liquid and more volatile than the securities markets of developed countries. Furthermore, since the composition of each Fund will differ from that of market indexes, its performance generally will not mirror the returns provided by a specific market index.

4. Fair value measurements

U.S. GAAP includes a topic which defines fair value as the price that the Fund would receive upon selling an investment in an orderly and timely transaction to a market participant in the principal or most advantageous market of the investment. This topic establishes a three-tier hierarchy to maximize the use of observable market data, minimize the use of unobservable inputs and establish classification of fair value measurements for disclosure purposes. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability including assumptions about risk. Such risks include the inherent risk in a particular valuation technique which is used to measure fair value. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – Inputs using unadjusted quoted prices in active markets or exchanges for identical assets and liabilities.

150

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

• 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.

Rule 2a-5, Good Faith Determinations of Fair Value, under the 1940 Act, addresses valuation practices and the role of the board of directors with respect to the fair value of the investments of a registered investment company, including related oversight and reporting requirements intended to ensure that the Board receives the information it needs to oversee the investment adviser’s fair value determinations. Among other things, Rule 2a-5 permits the Board to designate the Funds’ investment adviser to perform the Funds’ fair value determinations, which are subject to Board oversight. Pursuant to Rule 2a-5, the Board approved changes to the Funds’ valuation policies and procedures and designated the Funds’ investment adviser, Ashmore Investment Advisors Limited, to serve as the “valuation designee” to perform the Funds’ fair value determinations.

5. 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 April 30, 2023, the Funds did not hold any reverse repurchase agreements.

151

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

6. Capital share transactions

Transactions in Class A shares for the period ended April 30, 2023, 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		168,963	$	841,246		10,578		$	50,309		(131,348	)	$	(623,026	)		48,193		$	268,529
Ashmore Emerging Markets Local Currency Bond Fund		40		250		—			—		(4	)		(26	)		36			224
Ashmore Emerging Markets Corporate Income Fund		48,849		261,318		32,132			171,753		(246,462	)		(1,311,552	)		(165,481	)		(878,481	)
Ashmore Emerging Markets Short Duration Fund		1,718,840		7,795,687		79,113			358,520		(737,820	)		(3,299,043	)		1,060,133			4,855,164
Ashmore Emerging Markets Active Equity Fund		50		415		66			463		(124,951	)		(872,944	)		(124,835	)		(872,066	)
Ashmore Emerging Markets Small-Cap Equity Fund		101,626		1,085,702		—			—		(102,285	)		(1,108,571	)		(659	)		(22,869	)
Ashmore Emerging Markets Frontier Equity Fund		22,947		192,193		904			7,353		(58,449	)		(491,690	)		(34,598	)		(292,144	)
Ashmore Emerging Markets Equity Fund		346,393		3,400,274		442			4,263		(249,722	)		(2,450,402	)		97,113			954,135
Ashmore Emerging Markets Equity ESG Fund		—		—		—	*		3		—			—			—			3
Ashmore Emerging Markets Short Duration Select Fund		—		—		2			18		—			—			2			18

152

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

Fund	Shares Sold		Proceeds from   Shares Sold		Shares from   Reinvested Distributions			Proceeds from   Reinvestment of Distributions		Shares   Redeemed			Payments for   Shares Redeemed			Net Increase/   (Decrease) in Shares			Net Increase/   (Decrease) in Net Assets
Ashmore Emerging Markets Investment Grade Income Fund		—	$	—		3		$	21		—		$	—			3		$	21
Ashmore Emerging Markets Corporate Income ESG Fund		—		—		3			22		—			—			3			22
*  Amount rounds to less than 0.5 shares.
Transactions in Class C shares for the period ended April 30, 2023, 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		1,992	$	9,489		4,968		$	23,565		(56,418	)	$	(269,229	)		(49,458	)	$	(236,175	)
Ashmore Emerging Markets Local Currency Bond Fund		—		—		—			—		—			—			—			—
Ashmore Emerging Markets Corporate Income Fund		15,322		83,364		14,153			75,511		(87,083	)		(464,252	)		(57,608	)		(305,377	)
Ashmore Emerging Markets Short Duration Fund		—		—		3,319			14,371		(16,868	)		(71,660	)		(13,549	)		(57,289	)
Ashmore Emerging Markets Active Equity Fund		—		—		—	*		1		—			—			—			1
Ashmore Emerging Markets Small-Cap Equity Fund		—		—		—			—		(1,078	)		(12,745	)		(1,078	)		(12,745	)
Ashmore Emerging Markets Frontier Equity Fund		10,431		85,000		4			31		(20,842	)		(169,734	)		(10,407	)		(84,703	)

153

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

Fund	Shares Sold		Proceeds from   Shares Sold		Shares from   Reinvested Distributions			Proceeds from   Reinvestment of Distributions		Shares   Redeemed			Payments for   Shares Redeemed			Net Increase/   (Decrease) in Shares			Net Increase/   (Decrease) in Net Assets
Ashmore Emerging Markets Equity Fund		—	$	—		6		$	55		(4,835	)	$	(44,670	)		(4,829	)	$	(44,615	)
Ashmore Emerging Markets Equity ESG Fund		—		—		—	*		1		—			—			—			1
Ashmore Emerging Markets Short Duration Select Fund		—		—		2			14		—			—			2			14
Ashmore Emerging Markets Investment Grade Income Fund		—		—		2			18		—			—			2			18
Ashmore Emerging Markets Corporate Income ESG Fund		—		—		3			20		—			—			3			20
*  Amount rounds to less than 0.5 shares.
Transactions in Institutional Class shares for the period ended April 30, 2023, 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		15,471,735	$	75,498,606		2,822,846		$	13,641,657		(27,155,340	)	$	(128,799,465	)		(8,860,759	)	$	(39,659,202	)
Ashmore Emerging Markets Local Currency Bond Fund		851,315		5,441,500		—			—		(205,717	)		(1,296,644	)		645,598			4,144,856
Ashmore Emerging Markets Corporate Income Fund		3,971,536		22,483,641		586,193			3,269,049		(6,545,680	)		(36,478,354	)		(1,987,951	)		(10,725,664	)
Ashmore Emerging Markets Short Duration Fund		1,706,489		7,922,769		132,700			591,006		(2,391,792	)		(10,810,535	)		(552,603	)		(2,296,760	)

154

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

Fund	Shares Sold		Proceeds from   Shares Sold		Shares from   Reinvested Distributions		Proceeds from   Reinvestment of Distributions		Shares   Redeemed			Payments for   Shares Redeemed			Net Increase/   (Decrease) in Shares			Net Increase/   (Decrease) in Net Assets
Ashmore Emerging Markets Active Equity Fund		5,950,901	$	43,047,255		15,645	$	109,535		(14,410,926	)	$	(108,587,487	)		(8,444,380	)	$	(65,430,697	)
Ashmore Emerging Markets Small-Cap Equity Fund		92,469		1,325,232		—		—		(5,871	)		(87,261	)		86,598			1,237,971
Ashmore Emerging Markets Frontier Equity Fund		941,913		9,162,739		20,060		190,156		(1,284,305	)		(12,519,677	)		(322,332	)		(3,166,782	)
Ashmore Emerging Markets Equity Fund		3,097,794		29,843,837		33,458		310,564		(3,297,154	)		(30,580,383	)		(165,902	)		(425,982	)
Ashmore Emerging Markets Equity ESG Fund		—		—		3,957		36,682		—			—			3,957			36,682
Ashmore Emerging Markets Short Duration Select Fund		—		—		21,466		184,276		—			—			21,466			184,276
Ashmore Emerging Markets Investment Grade Income Fund		—		—		53,018		424,960		—			—			53,018			424,960
Ashmore Emerging Markets Corporate Income ESG Fund		—		—		35,158		230,494		—			—			35,158			230,494
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	)

155

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

Fund	Shares Sold		Proceeds from   Shares Sold		Shares from   Reinvested Distributions		Proceeds from   Reinvestment of Distributions		Shares   Redeemed			Payments for   Shares Redeemed			Net Increase/   (Decrease) in Shares			Net Increase/   (Decrease) in Net Assets
Ashmore Emerging Markets Local Currency Bond Fund		—	$	—		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
Ashmore Emerging Markets Investment Grade Income Fund		—		1		3		27		—			—			3			28
Ashmore Emerging Markets Corporate Income ESG Fund		—		—		4		34		—			—			4			34

156

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

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
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

157

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

Fund	Shares Sold		Proceeds from   Shares Sold		Shares from   Reinvested Distributions		Proceeds from   Reinvestment of Distributions		Shares   Redeemed			Payments for   Shares Redeemed			Net Increase/   (Decrease) in Shares			Net Increase/   (Decrease) in Net Assets
Ashmore Emerging Markets Corporate Income 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	)
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

158

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

Fund	Shares Sold		Proceeds from   Shares Sold		Shares from   Reinvested Distributions		Proceeds from   Reinvestment of Distributions		Shares   Redeemed			Payments for   Shares Redeemed			Net Increase/   (Decrease) in Shares		Net Increase/   (Decrease) in Net Assets
Ashmore Emerging Markets 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

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 period ended April 30, 2023, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) for the Funds were as follows:

Fund	Purchases		Sales
Ashmore Emerging Markets Total Return Fund	$	153,120,291	$	170,375,039
Ashmore Emerging Markets Local Currency Bond Fund		7,669,329		3,747,676
Ashmore Emerging Markets Corporate Income Fund		22,265,154		39,305,040
Ashmore Emerging Markets Short Duration Fund		21,142,598		17,596,115
Ashmore Emerging Markets Active Equity Fund		64,046,489		130,730,811
Ashmore Emerging Markets Small-Cap Equity Fund		4,533,762		3,537,402
Ashmore Emerging Markets Frontier Equity Fund		27,906,538		32,114,533
Ashmore Emerging Markets Equity Fund		50,512,719		48,590,946
Ashmore Emerging Markets Equity ESG Fund		2,600,064		2,563,326
Ashmore Emerging Markets Short Duration Select Fund		3,457,200		3,457,914
Ashmore Emerging Markets Investment Grade Income Fund		1,770,322		1,569,244
Ashmore Emerging Markets Corporate Income ESG Fund		1,193,843		1,097,228

159

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

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 April 30, 2023, 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	$	7,621,033	$	(207,464,994	)	$	(199,843,961	)	$	632,783,024
Ashmore Emerging Markets Local Currency Bond Fund		386,750		(624,505	)		(237,755	)		9,480,440
Ashmore Emerging Markets Corporate Income Fund		501,539		(53,774,841	)		(53,273,302	)		134,982,994
Ashmore Emerging Markets Short Duration Fund		480,259		(75,410,436	)		(74,930,177	)		131,796,726
Ashmore Emerging Markets Active Equity Fund		852,216		(6,235,540	)		(5,383,324	)		30,267,521
Ashmore Emerging Markets Small-Cap Equity Fund		736,343		(2,286,561	)		(1,550,218	)		10,321,427
Ashmore Emerging Markets Frontier Equity Fund		4,768,466		(6,579,804	)		(1,811,338	)		65,152,930
Ashmore Emerging Markets Equity Fund		7,921,105		(22,951,660	)		(15,030,555	)		124,625,514
Ashmore Emerging Markets Equity ESG Fund		1,494,044		(1,695,034	)		(200,990	)		10,867,351
Ashmore Emerging Markets Short Duration Select Fund		29,094		(361,553	)		(332,459	)		9,460,682
Ashmore Emerging Markets Investment Grade Income Fund		47,702		(1,788,677	)		(1,740,975	)		18,544,585
Ashmore Emerging Markets Corporate Income ESG Fund		26,493		(2,432,037	)		(2,405,544	)		8,331,670

8. Federal income taxes

No provision for U.S. federal income taxes has been made since each Fund’s policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute, each year, substantially all of its taxable income and capital gains to its shareholders.

The 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)		—

160

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As of April 30, 2023 (Unaudited)

Fund	Short-Term Capital Loss      Carryforward at October 31, 2022		Long-Term Capital Loss      Carryforward at October 31, 2022
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.

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	)

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As of April 30, 2023 (Unaudited)

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 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
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

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As of April 30, 2023 (Unaudited)

	Distributions From
Fund	Ordinary         Income		Short-Term         Capital Gains		Long-Term         Capital Gains		Return of         Capital		Total         Distributions         Paid
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

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 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.

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As of April 30, 2023 (Unaudited)

Rule 18f-4 under the 1940 Act provides for the regulation of a registered investment company’s use of derivatives and certain related instruments. Among other things, Rule 18f-4 limits a fund’s derivatives exposure through a value-at-risk test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. Subject to certain conditions, limited derivatives users (as defined in Rule 18f-4), however, 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.

During the period ended April 30, 2023, the Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Small-Cap 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 $291,111,948, $7,518,759, $2,495,313, $20,541, $8,271, $224,714, $718,215 and $118,017, 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,

164

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As of April 30, 2023 (Unaudited)

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 period ended April 30, 2023, the Ashmore Emerging Markets Total Return Fund and Ashmore Emerging Markets Local Currency Bond Fund had average quarterly notional exposures of $25,413,583 and $1,921,620, respectively, related to interest rate swap agreements.

The Funds may enter into transactions subject to enforceable netting agreements or other similar arrangements (“netting agreements”). Generally, netting agreements allow the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Funds manage their cash collateral and securities collateral on a counterparty basis. No amounts have been offset in the Statements of Assets and Liabilities.

Offsetting of Financial Assets and Derivative Assets as of April 30, 2023:

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
Banco
Santander	$	6,806	$	—		$	—		$	6,806
Barclays		167,074		(149,011	)		—			18,063
BNP Paribas		472,671		(107,011	)		—			365,660
Citibank		589,158		(346,767	)		(242,391	)		—
Deutsche Bank		101,625		(43,485	)		—			58,140
HSBC Bank		119,615		(119,615	)		—			—
JP Morgan		20,485		(20,485	)		—			—
Merrill Lynch		23,462		(23,462	)		—			—
Morgan Stanley		144,200		(144,200	)		—			—
Standard Chartered		4,223		(4,223	)		—			—
State Street		4,541		—			—			4,541
Total	$	1,653,860	$	(958,259	)	$	(242,391	)	$	453,210

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As of April 30, 2023 (Unaudited)

Ashmore Emerging Markets Total Return Fund
Counterparty	Gross Amounts of Derivatives Liabilities Presented in the Statement of Assets and Liabilities		Derivatives           available for offset			Collateral           Pledged			Net Amount Due         To Counterparty
Barclays	$	149,011	$	(149,011	)	$	—		$	—
BNP Paribas		107,011		(107,011	)		—			—
Citibank		346,767		(346,767	)		—			—
Deutsche Bank		43,485		(43,485	)		—			—
HSBC Bank		910,092		(119,615	)		(790,477	)		—
JP Morgan		54,293		(20,485	)		—			33,808
Merrill Lynch		123,356		(23,462	)		—			99,894
Morgan Stanley		1,229,088		(144,200	)		—			1,084,888
Standard Chartered		61,865		(4,223	)		—			57,642
Total	$	3,024,968	$	(958,259	)	$	(790,477	)	$	1,276,232
Ashmore Emerging Markets Local Currency Bond Fund
Counterparty	Gross Amounts of Derivatives Assets Presented in the Statement of Assets and  Liabilities		Derivatives available for offset			Collateral Received			Net Amount Due From Counterparty
Barclays	$	2,229	$	(2,229	)	$	—		$	—
BNP Paribas		8,164		(611	)		—			7,553
Citibank		18,298		(15,239	)		—			3,059
Deutsche Bank		4,277		(1,150	)		—			3,127
HSBC Bank		10,797		(10,797	)		—			—
JP Morgan		3,414		(512	)		—			2,902
Merrill Lynch		899		(899	)		—			—
Morgan Stanley		5,241		(2,855	)		—			2,386
Standard Chartered		240		(240	)		—			—
State Street		140		(11	)		—			129
Total	$	53,699	$	(34,543	)	$	—		$	19,156
Ashmore Emerging Markets Local Currency Bond Fund
Counterparty	Gross Amounts of Derivatives Liabilities Presented in the Statement of Assets and  Liabilities		Derivatives available for offset			Collateral Pledged			Net Amount Due To Counterparty
Barclays	$	7,901	$	(2,229	)	$	—		$	5,672
BNP Paribas		611		(611	)		—			—
Citibank		15,239		(15,239	)		—			—
Deutsche Bank		1,150		(1,150	)		—			—
HSBC Bank		39,862		(10,797	)		(29,065	)		—
JP Morgan		512		(512	)		—			—
Merrill Lynch		2,938		(899	)		—			2,039
Morgan Stanley		2,855		(2,855	)		—			—

166

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2023 (Unaudited)

Ashmore Emerging Markets Local Currency Bond Fund
Counterparty	Gross Amounts of Derivatives Liabilities Presented in the Statement of Assets and Liabilities		Derivatives           available for offset			Collateral           Pledged			Net Amount Due       To Counterparty
Standard Chartered	$	2,658	$	(240	)	$	—		$	2,418
State Street		11		(11	)		—			—
Total	$	73,737	$	(34,543	)	$	(29,065	)	$	10,129
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	$	6,815	$	—		$	—		$	6,815
Standard Chartered		9,859		—			—			9,859
Total	$	16,674	$	—		$	—		$	16,674
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
Barclays	$	464	$	—		$	—		$	464
Total	$	464	$	—		$	—		$	464
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
Barclays	$	2,106	$	—		$	—		$	2,106
Total	$	2,106	$	—		$	—		$	2,106

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		0.75%*
Ashmore Emerging Markets Corporate Income Fund		0.85%

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As of April 30, 2023 (Unaudited)

Fund	Rate
Ashmore Emerging Markets Short Duration Fund		0.65%
Ashmore Emerging Markets Active Equity Fund		1.00%
Ashmore Emerging Markets Small-Cap Equity Fund		1.25%**
Ashmore Emerging Markets Frontier Equity Fund		1.50%
Ashmore Emerging Markets Equity Fund		1.00%***
Ashmore Emerging Markets Equity ESG Fund		1.00%***
Ashmore Emerging Markets 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, 2023, the contractual management fee was 0.95% of average daily net assets.

**Prior to February 28, 2023, the contractual management fee was 1.50% of average daily net assets.

***Prior to February 28, 2023, 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, 2024 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	1.02%	1.77%	0.77%
Ashmore Emerging Markets Corporate Income Fund	1.12%	1.87%	0.87%
Ashmore Emerging Markets Short Duration Fund	0.92%	1.67%	0.67%
Ashmore Emerging Markets Active Equity Fund	1.27%	2.02%	1.02%
Ashmore Emerging Markets Small-Cap Equity Fund	1.52%	2.27%	1.27%
Ashmore Emerging Markets Frontier Equity Fund	1.77%	2.52%	1.52%
Ashmore Emerging Markets Equity Fund	1.27%	2.02%	1.02%
Ashmore Emerging Markets Equity ESG Fund	1.27%	2.02%	1.02%
Ashmore Emerging Markets 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

168

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As of April 30, 2023 (Unaudited)

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		2026		Total
Ashmore Emerging Markets Total Return Fund	$	1,453,580	$	1,209,234	$	1,119,411	$	478,226	$	4,260,451
Ashmore Emerging Markets Local Currency Bond Fund		198,265		152,924		121,907		70,751		543,847
Ashmore Emerging Markets Corporate Income Fund		404,041		361,106		345,989		145,688		1,256,824
Ashmore Emerging Markets Short Duration Fund		973,684		203,439		216,728		108,039		1,501,890
Ashmore Emerging Markets Active Equity Fund		171,181		208,770		220,507		135,989		736,447
Ashmore Emerging Markets Small-Cap Equity Fund		147,694		100,902		110,918		58,833		418,347
Ashmore Emerging Markets Frontier Equity Fund		315,267		238,815		342,706		163,779		1,060,567
Ashmore Emerging Markets Equity Fund		222,597		172,553		280,776		166,228		842,154
Ashmore Emerging Markets Equity ESG Fund		173,755		148,942		110,142		53,963		486,802
Ashmore Emerging Markets Short Duration Select Fund		150,410		75,473		77,472		40,038		343,393
Ashmore Emerging Markets Investment Grade Income Fund		88,408		155,066		86,233		45,220		374,927
Ashmore Emerging Markets Corporate Income ESG Fund		—		146,750		99,997		38,721		285,468

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

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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.

During the period ended April 30, 2023, none of the Funds bought and/or sold securities from an account or accounts that were also advised by the Trust’s investment adviser or its affiliates.

As of April 30, 2023, 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	—%	—%	94.86%
Ashmore Emerging Markets Active Equity Fund	—%	100.00%	69.66%
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	37.92%, 18.98%, 15.05%, 12.07%, 9.54%
	Class C	4	44.84%, 34.26%, 14.79%, 6.11%
	Institutional Class	4	47.71%, 15.03%, 12.03%, 6.82%
Ashmore Emerging Markets Local Currency Bond Fund	Class A	4	68.47%, 13.59%, 9.80%, 6.03%

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Fund	Class	# of Investors Owning > 5% of outstanding Shares	% of Ownership by Investor
	Class C	1	100.00%
Ashmore Emerging Markets Corporate Income Fund	Class A	5	30.74%, 27.11%, 18.78%, 9.54%, 5.15%
	Class C	5	57.85%, 12.02%, 10.94%, 9.43%, 5.46%
	Institutional Class	5	23.67%, 13.28%, 13.07%, 7.10%, 6.85%
Ashmore Emerging Markets Short Duration Fund	Class A	2	88.96%, 6.43%
	Class C	4	57.28%, 25.03%, 6.17%, 5.58%
	Institutional Class	3	45.35%, 38.39%, 6.28%
Ashmore Emerging Markets Active Equity Fund	Class A	2	78.63%, 13.17%
	Institutional Class	3	12.21%, 8.71%, 5.72%
Ashmore Emerging Markets Small-Cap Equity Fund	Class A	4	33.92%, 27.67%, 24.42%, 5.50%
	Class C	3	39.80%, 34.36%, 25.85%
	Institutional Class	5	25.53%, 24.15%, 22.64%, 13.07%, 7.56%
Ashmore Emerging Markets Frontier Equity Fund	Class A	2	35.18%, 17.06%
	Class C	2	89.62%, 7.89%
	Institutional Class	4	39.36%, 29.56%, 21.06%, 7.08%
Ashmore Emerging Markets Equity Fund	Class A	2	80.65%, 17.59%
	Class C	5	39.02%, 17.77%, 16.09%, 14.39%, 5.75%
	Institutional Class	5	39.28%, 19.37%, 11.01%, 8.28%, 8.10%

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.

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

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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 the remaining 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 remaining U.S. dollar LIBOR settings on a representative basis after June 30, 2023. The FCA has 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 announced that it will compel the IBA to publish other “synthetic” LIBOR settings (including certain “synthetic” U.S. dollar LIBOR settings) after the relevant cessation dates for a limited period of time. The FCA has made clear, however, that any such publications are 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 (such as the Secured Overnight Financing Rate (SOFR) for U.S. dollar LIBOR). 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 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.

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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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LIQUIDITY RISK MANAGEMENT PROGRAM

As of April 30, 2023 (Unaudited)

LIQUIDITY RISK MANAGEMENT PROGRAM

The Funds have adopted a liquidity risk management program pursuant to Rule 22e-4 under the Investment Company Act of 1940, as amended. The program’s principal objectives are to support each Fund’s compliance with limits on investments in illiquid assets and to mitigate the risk that a Fund is unable to meet its redemption obligations in a timely manner. From January 1, 2022 through December 31, 2022, the period covered by the annual liquidity risk management report to the board regarding the operation and effectiveness of the program, the program supported each Fund’s ability to meet redemption requests in a timely manner and the program administrator’s management of each Fund’s liquidity risk, including during any periods of market volatility and net redemptions. The program includes a number of elements that support the management or assessment of liquidity risk, including an annual assessment of factors that may impact a Fund’s liquidity and the periodic classification (or re-classification, as determined necessary) of a Fund’s investments into liquidity buckets that reflect the program administrator’s assessment of their relative liquidity under current market conditions. There can be no assurance that the program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding each Fund’s exposure to liquidity risk and other risks to which each Fund may be subject.

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ADVISORY AGREEMENT APPROVAL

As of April 30, 2023 (Unaudited)

ADVISORY AGREEMENT APPROVAL

At a meeting of the Board of Trustees (the “Board”) of Ashmore Funds (the “Trust”) held on March 15, 2023, the Board, including a majority of the Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), voting separately, considered and unanimously approved the continuation of the Investment Management Agreement between Ashmore Investment Advisors Limited (“AIAL”) and the Trust (the “Agreement”), on behalf of each of Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Frontier Equity Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Active Equity Fund, Ashmore Emerging Markets Equity Fund, 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 series, a “Fund,” and collectively, the “Funds”).

In determining to approve the continuation of the Agreement for a one-year period, the Trustees considered all factors that they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant to the interests of shareholders, including those listed below. In evaluating the terms of the Agreement, the Board did not identify any single factor as controlling, and individual members of the Board did not necessarily attribute the same weight or importance to each factor, nor are the items described herein all-encompassing of the matters considered by the Board. Throughout their review of the Agreement, the Independent Trustees were assisted by their own Independent Trustee legal counsel. The Independent Trustees had formally requested through their legal counsel, and AIAL had provided, certain information the Independent Trustees considered relevant to their evaluation. The Contracts Review Committee, which is comprised of all of the Independent Trustees, discussed the information on different occasions, with and without representatives of AIAL present.

Among the information and factors considered by the Board in evaluating the Agreement were the following:

NATURE, QUALITY AND EXTENT OF INVESTMENT MANAGEMENT SERVICES

The Board examined the nature, quality and extent of the services provided by AIAL to the Funds.

AIAL’s Services to All Funds

The Board considered information regarding the overall organization and resources of AIAL, including information regarding senior management, portfolio managers and other personnel providing investment management, administrative and other services to the Funds. The Board reviewed AIAL’s key personnel who provide investment management services to the Funds, as well as the fact that, under the Agreement, AIAL has the authority and responsibility, subject to the Board’s oversight, to make and execute investment decisions for the Funds within the framework of the Funds’ investment policies and restrictions.

The Board considered that AIAL’s duties include: (i) investment research and selection; (ii) adherence to (and monitoring compliance with) the Funds’ investment policies and restrictions, the 1940 Act and other relevant laws; and (iii) furnishing office space and equipment, providing bookkeeping and clerical services (excluding determination of net asset value and shareholder accounting services) and paying all salaries, fees and expenses of officers and Trustees of the Trust who are affiliated with AIAL (except to the extent such salaries, fees and expenses are paid by another AIAL affiliate other than the Trust or a Fund). The Board also evaluated the significant compliance resources available to, and utilized by, AIAL. The Board also considered that AIAL supports the Funds’ compliance control structure, and, in particular, the resources that are devoted by AIAL in support of the Funds’ obligations pursuant to Rule 38a-1 under the 1940 Act and the Funds’ liquidity and derivatives risk management programs. The Board also considered AIAL’s investments in business continuity planning designed to benefit the Funds.

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Investment Performance

In considering each Fund’s performance, the Board requested and received from AIAL data compiled by FUSE Research Network, LLC (“Fuse”). The Trustees also received information explaining the methodology for compilation of certain of this information and what it was intended to demonstrate. The Board considered the performance of each Fund in light of its investment objective on a comparable basis relative to the Fund’s peers. The Board received performance information for Institutional Shares for the one-, three-, five- and ten-year periods ended December 31, 2022 for Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Local Currency Bond Fund and Ashmore Emerging Markets Total Return Fund and for the one-, three- and five-year periods ended December 31, 2022 for Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Active Equity Fund and Ashmore Emerging Markets Frontier Equity Fund. The Board also received performance information for Institutional Shares for the one-year period ended December 31, 2022 for Ashmore Emerging Markets Corporate Income ESG Fund, Ashmore Emerging Markets Investment Grade Income Fund, Ashmore Emerging Markets Equity ESG Fund, and Ashmore Emerging Markets Short Duration Select Fund. In considering such comparative data, the Trustees noted the specialized nature and focus of many of the Funds, and for certain Funds the limited number of peer group funds, particularly for the longer performance periods. In their review, the Trustees also sought to identify Funds for which the performance, fees and total expenses appeared to be outliers within their respective peer groups or other comparative metrics, and sought to understand the reasons for such comparative positions.

Ashmore Emerging Markets Corporate Income Fund. The Board noted that the Ashmore Emerging Markets Corporate Income Fund’s performance ranked eighth out of eight, eighth out of eight, eighth out of eight and third out of three in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2022, respectively, while ranking in the fourth, fourth, fourth and second quartiles (first being the best) in its larger performance universe for the same four periods.

Ashmore Emerging Markets Corporate Income ESG Fund. The Board noted that the Ashmore Emerging Markets Corporate Income ESG Fund’s performance ranked eighth out of eight in its peer group for the one-year period ended December 31, 2022, while ranking in the fourth quartile (first being the best) in its larger performance universe for the same period.

Ashmore Emerging Markets Investment Grade Income Fund. The Board noted that the Ashmore Emerging Markets Investment Grade Income Fund’s performance ranked ninth out of fourteen in its peer group for the one-year period ended December 31, 2022, while ranking in the second quartile (first being the best) in its larger performance universe for the same period.

Ashmore Emerging Markets Short Duration Fund. The Board noted that the Ashmore Emerging Markets Short Duration Fund’s performance ranked sixth out of six, sixth out of six, and fifth out of five in its peer group for the one-, three- and five-year periods ended December 31, 2022, respectively, while ranking in the fourth quartile (first being the best) in its larger performance universe for the same three periods.

Ashmore Emerging Markets Short Duration Select Fund. The Board noted that the Ashmore Emerging Markets Short Duration Select Fund’s performance ranked third out of six in its peer group for the one-year period ended December 31, 2022, while ranking in the first quartile (first being the best) in its larger performance universe for the same period.

Ashmore Emerging Markets Equity Fund. The Board observed that Ashmore Emerging Markets Equity Fund’s performance ranked eleventh out of sixteen, second out of sixteen, second out of sixteen, and second out of ten in its peer group for the one-, three-, five-and ten-year periods ended December 31, 2022, respectively, while ranking in the fourth, first, first and first quartiles (first being the best) in its larger performance universe for the same four periods.

Ashmore Emerging Markets Equity ESG Fund. The Board observed that Ashmore Emerging Markets Equity ESG Fund’s performance ranked eleventh out of fourteen in its peer group for the one-year period ended December 31, 2022, while ranking in the fourth quartile (first being the best) in its larger performance universe for the same period.

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Ashmore Emerging Markets Frontier Equity Fund. The Board noted that the Ashmore Emerging Markets Frontier Equity Fund’s performance ranked first out of five, second out of five and first out of five in its peer group for the one-, three- and five-year periods ended December 31, 2022, respectively, while ranking in the first quartile (first being the best) in its performance universe for the same three periods.

Ashmore Emerging Markets Local Currency Bond Fund. The Board observed that the Ashmore Emerging Markets Local Currency Bond Fund’s performance ranked sixth out of fourteen, tenth out of fourteen, eighth out of thirteen and eighth out of eleven in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2022, respectively, while ranking in the second, third, third and third quartiles (first being the best) in its performance universe for the same four periods.

Ashmore Emerging Markets Small-Cap Equity Fund. The Board noted that the Ashmore Emerging Markets Small-Cap Equity Fund’s performance ranked twelfth out of sixteen, fourth out of sixteen, seventh out of fifteen, and third out of five in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2022, respectively, while ranking in the third, first, second and second quartiles (first being the best) in its performance universe for the same four periods.

Ashmore Emerging Markets Active Equity Fund. The Board noted that the Ashmore Emerging Markets Active Equity Fund’s performance ranked tenth out of sixteen, twelfth out of sixteen and seventh out of sixteen in its peer group for the one-, three- and five-year periods ended December 31, 2022, respectively, while ranking in the third, fourth, and third quartiles (first being the best) in its larger performance universe for the same three periods.

Ashmore Emerging Markets Total Return Fund. The Board observed that the Ashmore Emerging Markets Total Return Fund’s performance ranked fifteenth out of fifteen, fifteenth out of fifteen, fifteenth out of fifteen and sixth out of six in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2022, respectively, while ranking in the fourth quartile (first being the best) in its larger performance universe for the same four periods.

The Board noted AIAL’s expressed long-term approach to investment management and its favorable longer-term track record in managing accounts having similar strategies as the Funds.

The Board concluded that it was satisfied with the nature, extent and quality of services provided by AIAL to each Fund and that there was a reasonable basis on which to conclude that each Fund would continue to benefit from the services provided by AIAL.

INVESTMENT MANAGEMENT FEES AND COST OF SERVICES

The Board also considered the contractual and actual investment management fees paid by each Fund to AIAL. In doing so, the Board compared the contractual and actual investment management fees and overall net expense ratios (represented by the Funds’ Institutional Shares) to those of the Funds’ peers as determined by Fuse. The Board noted that several of the Funds were quite small in size relative to their peers. As with the performance comparisons, the Board also noted that, with respect to several of the Funds, there were only a limited number of peer funds with similar investment strategies. Where contractual or actual management fees or total expense ratios of a Fund were meaningfully above those of the Fuse peers, the Board also considered and took into account the extent to which AIAL had undertaken to waive a portion of its fees and/or reimburse expenses so as to otherwise limit these Funds’ ordinary operating expenses until at least February 28, 2024. The Board also considered the recent reduction in the management fees and expense caps for Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Equity Fund and Ashmore Emerging Markets Equity ESG Fund.

The Board reviewed AIAL’s costs and profitability as presented by it in serving as investment adviser. The Board noted that AIAL was operating at a loss with respect to Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Small-Cap 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. With respect to the remaining Funds, the Board concluded that AIAL’s profitability was not excessive.

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In evaluating the terms of the Agreement, the Board also considered the other benefits that may inure to AIAL as a result of its relationship with the Funds, such as the reputational benefit derived from serving as investment adviser to the Funds.

In light of the information provided and the quality of the services rendered and anticipated to be rendered, the Board concluded that the investment management fees to be charged to the Funds were appropriate.

ECONOMIES OF SCALE

The Board noted that the contractual investment management fees for the Funds do not contain breakpoints that would reduce the fee rate on assets above specified levels. The Board observed that many of the Funds remained quite small in size, and that the collective assets of all of the Funds averaged only approximately $1.2 billion in 2022. The Board also observed that AIAL was subsidizing all of the Funds through fee waivers and expense reimbursements. In evaluating the Funds’ contractual investment management fees, the Board considered AIAL’s representation that the contractual investment management fees were intended to reflect achievable economies of scale and also AIAL’s continuing agreement to limit certain expenses of each Fund. The Board received and evaluated information concerning whether AIAL would realize economies of scale as the assets of individual Funds grow beyond current levels. The Board noted they intend to monitor each Fund’s asset growth in connection with future reviews of the Funds’ Agreement to determine whether breakpoints may be appropriate at such time. In light of the Funds’ current sizes and expense structures, the Board concluded that breakpoints in the Funds’ contractual investment management fees were not warranted at this time.

***

The Board concluded that the fees to be paid to AIAL by each Fund were appropriate in light of the services to be provided by AIAL, the costs to AIAL of operating the Funds and the Funds’ current and reasonably foreseeable asset levels, and determined that the Agreement should, therefore, be approved.

***

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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 April 30, 2023 (Unaudited)

PORTFOLIO HOLDINGS

The Ashmore Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-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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ASHMORE FUNDS

PRIVACY POLICY

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

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

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

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

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

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

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

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ASHMORE FUNDS

OTHER INFORMATION

Administrator, Custodian and Transfer Agent

The Northern Trust Company

50 S. LaSalle Street

Chicago, Illinois 60603

312-630-6000

Investment Manager

Ashmore Investment Advisors Limited

61 Aldwych

London WC2B 4AE

United Kingdom

44-20-3077-6000

Independent Registered Public Accounting Firm

KPMG LLP

Aon Center

Suite 5500

200 East Randolph Street

Chicago, Illinois 60601-6436

Distributor

Ashmore Investment Management (US) Corporation

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 02199-3600

617-951-7000

Independent Trustees’ Counsel

Dechert LLP

One International Place

40^th Floor

100 Oliver Street

Boston, Massachusetts 02110-2605

617-728-7100

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(b) Notice pursuant to Rule 30e-3

Not applicable.

Item 2. Code of Ethics.

Not applicable for this reporting period.

Item 3. Audit Committee Financial Expert.

Not applicable for this reporting period.

Item 4. Principal Accountant Fees and Services.

Not applicable for this reporting period.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) The registrant has elected to include the schedule of investments in securities of unaffiliated issuers as part of the report to shareholders filed under Item 1 of this report on Form N-CSR.

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

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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) Not applicable for this reporting period.

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

(a)(3) Not applicable.

(a)(4) Not applicable.

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

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SIGNATURES

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

Ashmore Funds

By	/s/ George Grunebaum
	George Grunebaum, President and Chief Executive Officer
	(Principal Executive Officer)

Date:  June 28, 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:  June 28, 2023

By	/s/ Jonathan Kim
	Jonathan Kim, Treasurer
	(Principal Financial and Accounting Officer)

Date:  June 28, 2023

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