UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number          811-22468                             

                                         Ashmore Funds                                        

(Exact name of registrant as specified in charter)

c/o Ashmore Investment Advisors Limited

61 Aldwych

London WC2B 4AE

                             England                            

(Address of principal executive offices) (Zip code)

Corporation Service Company

84 State Street

                         Boston, MA 20109                        

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2023

Item 1. Reports to Stockholders.

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

ASHMORE FUNDS

ANNUAL FINANCIAL STATEMENTS

October 31, 2023

(THIS PAGE INTENTIONALLY LEFT BLANK)

ASHMORE FUNDS

TABLE OF CONTENTS

	Page
FINANCIAL STATEMENTS:
Investment Manager’s Report		1
Glossary of Terms		9
Important Information about the Funds		10
Fund Summaries		12
Report of Independent Registered Public Accounting Firm		26
Statements of Assets and Liabilities		29
Statements of Operations		31
Statements of Changes in Net Assets		33
Financial Highlights		37
Schedules of Investments		73
Ashmore Emerging Markets Total Return Fund		73
Ashmore Emerging Markets Local Currency Bond Fund		93
Ashmore Emerging Markets Corporate Income Fund		103
Ashmore Emerging Markets Short Duration Fund		116
Ashmore Emerging Markets Active Equity Fund		122
Ashmore Emerging Markets Small-Cap Equity Fund		126
Ashmore Emerging Markets Frontier Equity Fund		129
Ashmore Emerging Markets Equity Fund		133
Ashmore Emerging Markets Equity ESG Fund		138
Ashmore Emerging Markets Low Duration Fund (formerly, Ashmore Emerging Markets Short Duration Select Fund)		141
Ashmore Emerging Markets Debt Fund (formerly, Ashmore Emerging Markets Investment Grade Income Fund)		146
Ashmore Emerging Markets Corporate Income ESG Fund		153
Notes to Financial Statements		158
Supplementary Information		187
For More Information		189
Privacy Policy		190
Other Information		191
Trustees and Officers		193

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.

ASHMORE FUNDS

INVESTMENT MANAGER’S REPORT

For the period November 1, 2022 to October 31, 2023

Overview

Q4 2022 was a strong quarter for global bonds and equities, with positive returns across all the main asset classes and indices – closing the chapter on three consecutive quarters of across-the-board negative returns. The rally kicked off in October 2022 after US inflation surprised on the downside and the markets started to price in a slower pace of rate hikes by the US Federal Reserve (Fed). This coincided with the date of China’s 20th Party Congress, which led to the swift relaxation of COVID-19 policy measures: equity markets cheered China’s re-opening, but economists soon warned of growth headwinds when millions of Chinese got sick and household demand slumped yet again. Global equities jumped by 9.4% in Q4 2022, led by European stocks (DAX Index +14.9%) and Asian stocks (MSCI Asia +10.8%). Cyclical stock sectors out-performed (S&P Financials +13.0%), and tech stocks lagged (NASDAQ -0.3%). Emerging Markets (EM) equities kept pace with global markets (MSCI EM +9.2%), led by Turkey (+62.0%), China (+13.5%) and Korea (+18.1%), while Indonesia (-3.6%) and Brazil (+2.3%) lagged.

In Q1 2023, markets climbed the wall of worry and defied the bearish market expectations and a banking sector crisis to post strong returns across all asset classes. This was driven notably by strong gains in January as global markets celebrated the re-opening of China. Despite lingering inflation concerns, the rally was sustained by positive surprises in economic data releases, particularly in the US and EM. Global equities jumped by 7.2% in Q1 2023, led by European stocks (DAX Index +13.7%) and tech stocks (NASDAQ +20.5%). After a strong start, cyclical stock sectors retreated: notably financials (S&P Financials -1.6%), hit by the Silicon Valley bank (SVB) and Credit Suisse debacles. EM equities lagged the global markets’ rally (MSCI EM +4.0%), despite strong performance from EM heavyweights such as Mexico, Taiwan, and Korea (MSCI country Indices were up 20.3%, 14.8% and 9.5%, respectively). In credit markets, the lower core bond yields allowed indices to post strong returns despite tighter financial conditions: JP Morgan JULI, an Index of US IG corporate bonds rose by 3.6% in Q1 2023, as spreads widened by 4 basis points (bps) to 156 bps. This was matched by US High Yield (HY) bond prices, which posted a JP Morgan US Domestic High Yield Index return of 3.80% and saw spreads move tighter by 2 bps to 500 bps. Euro-denominated corporate IG bond prices rose by 2.0% as spreads widened by 6 bps to 1,170 bps. In a topsy turvy quarter for short-term interest rate expectations, the US dollar ended the period 1.1% lower versus developed market (DM) trading partners. EM FX outperformed, posting a 2.2% gain in nominal exchange rates owing notably to a strong rebound in Latin America and Central Europe. The uncertain growth outlook weighed on oil and gas prices, but other commodities performed well. Precious metals were buoyed by the lower interest rates, and gold rallied by 8%.

The banking crisis that started in Q1 2023 in the US continued to weigh on financial markets through the start of Q2 2023, when First Republic bank came under pressure and was eventually bought by JPMorgan Chase. This allowed global banking stocks to settle in early May, giving markets the space to focus on other things. The debt ceiling debate in the US briefly caused another period of heightened uncertainty during the month of May, when T-bill rates shot up, but the swift resolution of the issue allowed risk premia to ease again in June and markets to rally. The VIX Index of equity volatility fell back from 18 to 13.6 at the end of Q2 2023, its lowest level since the start of the pandemic. While headline inflation continued to decline in Q2 2023 (June US Consumer Price Index (CPI) 3.0% versus 5.0% in March), core inflation remained sticky (June Core CPI 4.8% versus 5.6% in March). Likewise, European core inflation came in at 5.4% in June versus 5.7% in March. Services inflation and upward pressure on wages from tight labour markets have been of concern to central banks, who tightened their policy rates further: the Fed hiked interest rates by another 25 bps in May, and then paused at the June Federal Open Market Committee (“FOMC”) for the first time in over a year but then signalled two further rate hikes for the remainder of 2023. The European Central Bank (ECB) hiked interest rates by 25 bps in both May and June, taking their deposit rate up to 3.5%. This upward pressure on funding costs caused further inversion in the core bond yield curves, especially in the US: the 2-year US treasury yield rose by 87 bps to 4.90%, and the 10-year treasury yield rose by 37 bps to 3.84%. In the UK, the 2-year Gilt yield rose by a whopping 183 bps to 5.27% during the quarter.

After a strong month in July 2023, adverse market ‘seasonality’ struck again for the rest of Q3 2023 – the weakest quarter for periodic returns for risky assets (0.09% average over 20 years), as bond and equity prices both posted losses owing to increasing signs that the Fed would be keeping interest rates higher for longer. That said, commodity prices posted strong gains, especially oil and gas prices, with Brent Crude Oil futures gaining 27% in Q3 2023. Global equities weakened by 3.8% (MSCI World), driven by European stocks (Eurostoxx50 -5.1%) and small-cap stocks (Rusell 2000 -5.5%). US stocks out-performed (S&P -3.6%), and EM were in-line (MSCI EM -3.7%), as Latin America lagged (-4.8%). The commodity-heavy UK FTSE 100 bucked the trend with a 1.0% positive return over the quarter. The bond market recorded a vicious move higher in core bond yields, led by the back end of the yield curve: the US treasury curve ‘bear-steepened’, as the ‘long bond’ (30-year) widened by 84 bps to 4.70 while the 2-year yield widened by just 15 bps

1

ASHMORE FUNDS

INVESTMENT MANAGER’S REPORT (CONTINUED)

to 5.05%. The reference 10-year bond yield widened by 73 bps to 4.57%, of which 61 bps came from higher real yields. The US 10-year real yield closed the quarter at 2.23%, the highest level since November 2008, but still 50 bps below the average of the decade prior to the global financial crisis.

Bond and equity prices fell again in October 2023, as Hamas’ attack on Israel on October 7 sent the oil prices higher and risk assets lower. In addition, a slew of stronger than expected US economic data solidified the ‘higher for longer’ narrative on US Fed funds, creating strong headwinds for financial markets. Global equities weakened by 3.0% (MSCI World), driven by small caps (Russell -6.91%). US stocks out-performed (S&P -2.2%), and EM lagged (MSCI EM -3.9%), led by Latin America (-4.8%). The bond market recorded another move higher in core bond yields, led by the back end of the yield curve: the US treasury curve ‘bear-steepened’, as the ‘long bond’ (30-year) widened by 39 bps to 5.10 while the 2-year yield widened by just 4 bps to 5.09%. The reference 10-year bond yield widened by 36 bps to 4.93%, of which 29 bps came from higher real yields (the US 10-year real yield went up to 2.51%).

Portfolio Overview

Ashmore Emerging Markets Total Return Fund

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

Over the period, the Fund’s institutional class outperformed its benchmark, returning +12.06% (net of fees) versus +10.06% for the composite 50% JP Morgan Emerging Markets Bond Index Global Diversified (“JP Morgan EMBI GD”), 25% JP Morgan Emerging Local Markets Index Plus (“JP Morgan ELMI+”), 25% JP Morgan Government Bond Index - Emerging Markets Global Diversified (“JP Morgan GBI-EM GD”). Security selection within local currency and external debt were contributors to performance. The Fund’s off benchmark allocation to Corporate Debt was the largest detractor from performance over the period. China and Brazil also were amongst the largest detractors from Fund performance. Venezuela was the largest contributor to Fund performance over the period.

China’s underperformance was driven by exposure to the property sector, with bonds revisiting the lows seen late last year (2022). Property sales in China started the year strong, +8.2% in Q1 2023 (for top 100 developers in the country) but by the end of Q2 2023 the numbers turned back into the red with June numbers showing a year on year (yoy) decline of 40%. The post COVID-19 economic rebound in China seems to have run out of steam in Q2 2023 and the Chinese Government delivered more economic stimulus in Q3 which resulted in property sales picking up in September. Average credit spreads in China were wider by 43 bps during the quarter compared to an average tightening of 38 bps for the broad index.

Security selection and exposure to high yield bonds in the petrochemicals sector in Brazil was one of the main sources of negative alpha. With liquidity conditions remaining very tight in the country, after aggressive monetary tightening by the Central Bank to tackle inflation, the more levered names have been struggling to refinance and have been underperforming the rest of the market.

Negotiations between the Venezuelan government and opposition representatives in Barbados resulted in a political agreement on the conditions for free and fair elections. This satisfied the US Government, which announced a broad license temporarily authorising transactions involving the oil and gas sector in Venezuela, which, in our view, should lead to a rapid increase in oil and gas production and thus better recovery value for Venezuelan bonds. Moreover, the US also removed the ban on secondary trading of Venezuelan bonds by US persons, prompting many US based brokers and investors to start participating in the market for Venezuelan and Petroleos de Venezuela, S.A (PDVSA) debt again and creating sudden demand for the bonds.

Ashmore Emerging Markets Local Currency Bond Fund

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

Over the period, the Fund’s institutional class underperformed its benchmark, returning +12.33% (net of fees) versus +13.50% for the JP Morgan GBI-EM GD. Allocations to the Turkish lira, Russian ruble and Brazilian real were the main contributors to Fund performance. Allocations to the Chinese yuan, Czech koruna and Thai bhat were the main detractors from Fund performance.

2

ASHMORE FUNDS

INVESTMENT MANAGER’S REPORT (CONTINUED)

The Turkish core CPI inflation rose by 8.8% to 64.9% and PPI inflation increased by 4.9% to 49.4% in August 2023. The move highlights the challenges faced by the new economy team headed by Mehmet Simsek. Real GDP growth rose by 3.5% quarter on quarter (qoq) in Q2 2023 as the yoy rate declined by only 10 bps to 3.8% (market consensus 3.1% yoy). Trade deficit widened to USD -12.2bn in July from USD -5.2bn the previous month, below consensus by USD 0.2bn. The manufacturing PMI declined 0.9pts to 49.0pts in August.

The Brazilian Ministry of Finance provided updated growth forecasts for the economy, upping its 2023 forecast to 3.2% from its earlier 2.5% projection. The Ministry also updated its inflation forecast to 4.9% for 2023 and to 3.4% for 2024. The rapid decline of inflation has permitted the Central Bank to commence its rate normalization, cutting its policy rate to 12.75% in September, in line with market expectations, and indicated that a steady pace of cuts would follow. President Lula’s cabinet reshuffle increased the government’s political base in Congress to 349 deputies and 58 senators, aiding the president’s reform agenda with more than sufficient representatives for a 3/5 constitutional majority. Lula acknowledged that the government will not likely meet its 0% primary fiscal target in 2024, as the administration does not intend to cut investments which are driving growth.

The Bank of Thailand increased its policy rate to 2.50%. This brings the policy rate to its highest level since November 2013. Following the eighth consecutive 25 bps hike, the central bank signalled rates do not need to go higher from here, stating the rate is “appropriate for supporting long-term sustainable growth”. This comes after the removal of language stating that decisions were “gradual and measured” in the August 2023 statement. Looking to 2024, we believe upside risks to inflation still exist, the government’s expansionary fiscal policy will support consumer demand, and El Niño may have an uncertain impact on the agriculture industry. In other news, Thailand’s current account balance was USD 401m in August, below the expected figure of USD 660m, although up from the revised July figure of USD -508m.

Ashmore Emerging Markets Corporate Income Fund

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

Over the period, the Fund’s institutional class outperformed its benchmark, returning +12.06% (net of fees) versus +9.18% for the JP Morgan Corporate Emerging Markets Bond Index Broad Diversified (“JP Morgan CEMBI BD”). Venezuela was the main contributor to Fund performance. China and Brail were amongst the largest detractors from Fund performance.

In Venezuela, the gradual relaxation of restrictions on Venezuelan oil production and export over the period have boosted asset prices. Negotiations between the Venezuelan government and opposition representatives in Barbados resulted in a political agreement on the conditions for free and fair elections. This satisfied the US Government, which announced a broad license temporarily authorising transactions involving the oil and gas sector in Venezuela, which, in our view, should lead to a rapid increase in oil and gas production and thus better recovery value for Venezuelan bonds. Moreover, the US also removed the ban on secondary trading of Venezuelan bonds by US persons, prompting many US based brokers and investors to start participating in the market for Venezuelan and Petroleos de Venezuela, S.A (PDVSA) debt again and creating sudden demand for the bonds.

China underperformance was driven by exposure to the property sector, with bonds revisiting the lows seen late last year (2022). Property sales in China started the year strong, +8.2% in Q1 2023 (for top 100 developers in the country) but by the end of Q2 2023 the numbers turned back into the red with June numbers showing a yoy decline of 40%. The post COVID-19 economic rebound in China seems to have run out of steam in Q2 2023 and the Chinese Government delivered more economic stimulus in Q3 which resulted in property sales picking up in September. Average credit spreads in China were wider by 43 bps during the quarter compared to an average tightening of 38 bps for the broad index.

Security selection and exposure to high yield bonds in the Petrochemicals sector in Brazil was the main source of negative alpha. With liquidity conditions remaining very tight in the country, after aggressive monetary tightening by the Central Bank to effectively tackle inflation, the more levered names have been struggling to refinance and have been underperforming the rest of the market.

3

ASHMORE FUNDS

INVESTMENT MANAGER’S REPORT (CONTINUED)

Ashmore Emerging Markets Short Duration Fund

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

Over the period, the Fund’s institutional class outperformed its benchmark, returning +22.63% (net of fees) versus +8.65% for the JP Morgan CEMBI BD 1-3 Year. Venezuela was the main country contributor to Fund performance. Positions in China and Brazil were amongst the largest detractors from Fund performance.

In Venezuela, the gradual relaxation of restrictions on Venezuelan oil production and export over the period have boosted asset prices. Negotiations between the Venezuelan government and opposition representatives in Barbados resulted in a political agreement on the conditions for free and fair elections. This satisfied the US Administration, which announced a broad license temporarily authorising transactions involving the oil and gas sector in Venezuela, which should lead to a rapid increase in oil and gas production and thus better recovery value for the bonds. Moreover, the US also removed the ban on secondary trading of Venezuelan bonds by US persons, prompting many US based brokers and investors to start participating in the market for Venezuela and Petroleos de Venezuela, S.A (PDVSA) debt again and creating sudden demand for the bonds.

China underperformance was driven by exposure to the Property sector, with bonds there revisiting the lows seen late last year (2022). Property sales started the year strong, +8.2% in Q1 (for top 100 developers in the country) but by the end of Q2 the numbers turned back into the red with June numbers showing a yoy decline of 40%. The post COVID-19 economic rebound in China seems to have run out of steam in Q2 2023 and the Government is now expected to deliver more economic stimulus in the next quarter to avoid the economy being trapped in a negative loop of disappointing economic growth, leading to a further drop in consumer confidence and thus impacting consumer spending going forward. Average credit spreads in China were wider by 43 bps during the quarter compared to an average tightening of 38 bps for the broad index.

Security selection and exposure to high yield bonds in the petrochemicals sector in Brazil was one of the main sources of negative alpha. With liquidity conditions remaining very tight in the country, after aggressive monetary tightening by the Central Bank to tackle inflation, the more levered names have been struggling to refinance and have been underperforming the rest of the market.

Ashmore Emerging Markets Active Equity Fund

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

Over the period, the Fund’s institutional class underperformed its benchmark, returning +7.95% (net of fees) versus +10.80% for the MSCI Emerging Markets Net.

India Banks (HDFC Bank) was amongst one of the weaker performers over the period. The company recently merged with HDFC LTD and saw market performance driven by one-off impacts from the merger. Another poor performer included South Korean Materials (LG Chem), which is home to one of the largest global producers of EV batteries. In our view, the company is well positioned to capture long-term structural growth drivers in the industry, but performance lagged as projected short-term growth in electric vehicle (EV) distribution from incumbent car manufacturers was moderated.

In October 2023, our position in Zambian Materials (First Quantum) performed poorly. The business has significant copper mines in Panama and performed poorly after the President announced a national referendum on a 20-year contract that has faced local opposition.

4

ASHMORE FUNDS

INVESTMENT MANAGER’S REPORT (CONTINUED)

Areas of the market that contributed to performance include Chinese (Xpeng) & Indian (Maruti Suzuki) autos. In the former, the company benefited from an 8.5% increase in EV sales in August as China surpassed both Germany and Japan as the largest exporter of electric vehicles in the world. In the latter, the company benefitted from a strong growth in volume and an improving product mix as SUVs increased in popularity.

The strategy’s exposure to the Gulf Cooperation Council (GCC) was a positive driver of performance. UAE Real Estate (Emaar Properties, Aldar Properties) benefitted from tight land supply and positive demand/pricing trends from overseas investors.

South Korean Capital Goods (HD Korea Shipbuilding & Offshore Engineering) contributed to performance. The company benefitted from multiple new contracts that were awarded to build Liquefied Natural Gas (LNG) carriers.

Ashmore Emerging Markets Small-Cap Equity Fund

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

Over the period, the Fund’s institutional class underperformed its benchmark, returning +9.85% (net of fees) versus +17.20% for the MSCI Emerging Markets Small Cap Index. Positions in South Korea, Thailand and Indonesia were amongst the largest contributors to Fund performance. Positions in Taiwan, India, Brazil and Malaysia were amongst the largest detractors from performance.

Strategy headwinds included poor performance from My EG Services, a Malaysian e-service provider for the national government. At the beginning of February, a rumour emerged that suggested the company would no longer be involved in the country’s immigration services. The stock sold-off despite indications that this rumour was unfounded. Later in the year management announced a slower role out of new projects.

In Brazil our weakness was driven by Vasta Platform (education provider) and TOTVS (ERP software provider), two domestic oriented companies that fell on fiscal policy uncertainty despite what we believe to be decent financial results.

Our investment in Dentium, a South Korean dental implant company, was the strongest performer over the period. This is a long-standing investment that was supported by a high level of profitability and a strong ROE which aided an earnings multiple re-rate.

Multi Commodity Exchange of India was the strongest performing company in Q3 2023. In our view, the exchange operates with significant market share and has proven to be resilient to new entrants over time and produces high return on invested capital.

Ashmore Emerging Markets Frontier Equity Fund

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

Over the period, the Fund’s institutional class outperformed its benchmark, returning -0.42% (net of fees) versus -2.57% for the MSCI Frontier Markets + Select EM Countries Capped Index.

In the UAE, Network International was the primary driver of returns. The payments solution company received multiple takeover proposals that drove the stock higher. Ultimately the company was purchased by Brookfield AM in June. Other investments that performed well include Emaar Properties and Emaar Development in the UAE. These companies benefitted from tight land supply and positive demand/pricing trends from overseas investors. In Saudi Arabia, United International transportation and Al Hammadi were the best performing companies. The former is a car rental company that has benefitted from increased tourism, while the latter is a hospital operating company that has benefitted from a significant growth in earnings over the past year.

5

ASHMORE FUNDS

INVESTMENT MANAGER’S REPORT (CONTINUED)

The Fund’s investments in Vietnam’s FPT, one of country’s largest technology companies, was supported by significant growth in top-line revenue, and strong guidance from overseas expansion. The company also expects future growth will be aided by Artificial Intelligence (AI) adoption, and predictions that Vietnam will play a larger role in the global semiconductor industry.

In Kazakhstan, our holding in Kaspi, a digital ecosystem that serves an underpenetrated market, performed well. The company has three primary verticals focused on ecommerce, financial technology and payments that all saw significant growth in revenue and profit. Growth has also been aided by selective acquisitions.

From a country perspective, Egypt was the largest headwind to performance over the period. Our exposure to Fertiglobe had performed well over the first nine months of 2022, but sold off at the end of the year on a dampened outlook for urea prices, and an investor rotation into other areas of the market.

In October 2023, our position in Zambian mining company First Quantum performed poorly. The business has significant copper mines in Panama and performed poorly after the President announced a national referendum on a 20-year contract that has faced local opposition.

In Europe, our exposure to Bank of Georgia and Banca Transilvania supported returns with net profit increasing by 40% in the first half of 2023.

Ashmore Emerging Markets Equity Fund

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

Over the period, the Fund’s institutional class outperformed its benchmark, returning +13.65% (net of fees) versus +10.80% for the MSCI Emerging Markets Net.

Positions in South Korea, Mexico and Saudi Arabia were amongst the largest contributors to performance.

In South Korea, SK Hynix (manufacturer of memory semiconductor chips) benefitted from structural opportunities presented by AI and the increased demand for high-end memory technology while Classys (producer of beauty/pharmaceutical devices) saw growth driven by new product launches and geographic expansion to the US and China. Our exposure to Fomento Economico (‘FEMSA’), a Mexican conglomerate driven by growth in its convenient store operations (‘Oxxo’), was the top performing company. To-date FEMSA has also seen geographic expansion across Latin America and simplified the company structure. Other companies that did well include Elm, a Saudi Arabian application developer that is well positioned to benefit from the country’s digital transformation initiatives and e-government services. In India, the Multi Commodity Exchange saw a large increase in option ADTV.

Positions in China, Brazil and Taiwan were amongst the largest detractors from performance.

Our expectation for a non-linear economic recovery was realized and driven by dampened consumer sentiment and a weak property sector. While we reduced our exposure to the country in the first quarter of the year, our position in companies like Xiabuxiabu (restaurant operator), JD.com (e-commerce) and Meituan (online marketplace/food delivery) ultimately weighed on performance. While we remain mindful of the macro challenges the country faces, and our underweight position relative to the index, we have used this period of market weakness to add to our positions in companies with strong structural growth opportunities that, in our view, are trading at attractive valuations.

Ashmore Emerging Markets Equity ESG Fund

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

6

ASHMORE FUNDS

INVESTMENT MANAGER’S REPORT (CONTINUED)

Over the period, the Fund’s institutional class outperformed its benchmark, returning +14.45% (net of fees) versus +10.80% for the MSCI Emerging Markets Net.

Our investment in Dentium, a South Korean dental implant company, was the strongest performer over the period. This is a long-standing investment that was supported by a high level of profitability and a strong ROE which aided an earnings multiple re-rate. Our exposure to Fomento Economico (‘FEMSA’), a Mexican conglomerate driven by growth in its convenient store operations (‘Oxxo’), was the top performing company. To-date FEMSA has also seen geographic expansion across Latin America and simplified the company structure. Other companies that did well include Elm, a Saudi Arabian application developer that is well positioned to benefit from the country’s digital transformation initiatives and e-government services.

The weakest performing company over the period was our investment in TOTVS, a Brazilian ERP software provider that was hurt by weak domestic demand. Arezzo Industria was another company hurt by a poor Brazilian domestic backdrop. HDFC Bank was another poor performer after the company recently merged with HDFC LTD and saw market performance driven by one-off impacts from the merger.

Ashmore Emerging Markets Low Duration Fund (formerly, Ashmore Emerging Markets Short Duration Select Fund)

The Ashmore Emerging Markets Short Duration Select Fund was renamed Ashmore Emerging Markets Low Duration Fund on August 1, 2023.

The Ashmore Emerging Markets Low Duration Fund (the “Fund”) seeks to achieve its objective by investing principally in short-term debt instruments of, and derivative instruments related to, Sovereign, Quasi-Sovereign and Corporate issuers of 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.

Over the period, the Fund’s institutional class outperformed its benchmark, returning +6.88% (net of fees) versus +5.20% for the JP Morgan CEMBI Broad Diversified Investment Grade 1-3 Year.

Security selection in Mexico and India contributed to performance whilst security selection in Colombia detracted from performance over the period.

Mexico’s government submitted its 2024 budget proposal with a 1.2% of Gross Domestic Product (GDP) primary deficit and a 5.4% of GDP total deficit, wider than had been expected, with GDP growth of 2.5%-3.5% based on a conservative oil price. Net debt is expected to reach 48.8% of GDP at the end of Andrés Manuel López Obrador’s presidency in 2024, 5.2% higher than at the start of his presidency.

Growth estimates for India were marked up following strong Q2 2023 data, with Gross Domestic Product up 7.8% year on year. The announcement that JP Morgan will add Indian government bonds to its Global Bond Index in June 2024 is expected to trigger sizeable inflows into the domestic bond market and, in our view, should produce wider benefits for Indian securities in general while pushing the balance of payments further into surplus.

The underperformance in Colombia was driven by exposure to an airline that has recently gone through a corporate merger.

Ashmore Emerging Markets Debt Fund (formerly, Ashmore Emerging Markets Investment Grade Income Fund)

The Ashmore Emerging Markets Investment Grade Income Fund was renamed Ashmore Emerging Markets Debt Fund on August 1, 2023.

Also effective August 1, 2023, the principal investment strategy of Ashmore Emerging Markets Debt Fund changed to (i) focus on investments in debt instruments of Sovereigns and Quasi-Sovereigns denominated principally in Hard Currencies (i.e., the U.S. dollar or any currency of a nation in the G-7); (ii) invest at least 80% of the Fund’s net assets in bonds and other debt instruments; (iii) reflect more limited derivatives usage; and (iv) permit investments in obligations of any credit quality, including in securities rated below investment grade.

7

ASHMORE FUNDS

INVESTMENT MANAGER’S REPORT (CONTINUED)

Over the period, the Fund’s institutional class underperformed its benchmark, returning +3.41% (net of fees) versus +8.36% for the JP Morgan EMBI GD.

Positions in the UAE, Argentina and Venezuela were the largest country detractors over the period, as was the underweight position in Turkey. The largest contributors were Pakistan and an underweight position in Panama.

Ashmore Emerging Markets Corporate Income ESG Fund

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

Over the period, the Fund’s institutional class underperformed its benchmark, returning +3.36% (net of fees) versus +9.18% for the JP Morgan CEMBI BD. Positions in Brazil, Chile and Macau were amongst the largest detractors from Fund performance. Security selection in Mexico and South Africa contributed to Fund performance.

Positions in a Brazilian retailer and a telecom company, as well as a Chilean telecom company, were the main detractors from performance. Positions in Mexico, notably in the finance sector, South Africa and Poland were the main contributors to performance.

Security selection in Consumer Cyclical and communication names were the main detractors over the period. Utilities and financials were positive over the period.

8

GLOSSARY OF TERMS

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.

JP Morgan EMBI Global Diversified (“JP Morgan EMBI GD)”: 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.

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%.

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

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.

9

IMPORTANT INFORMATION ABOUT THE FUNDS

Ashmore Investment Advisors Limited

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

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

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

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

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

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

10

IMPORTANT INFORMATION ABOUT THE FUNDS (CONTINUED)

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

EXPENSE EXAMPLE

Fund Expenses

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in Dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, from May 1, 2023 or the inception date (if later), through October 31, 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.

11

Ashmore Emerging Markets Total Return Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Total Return Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in debt instruments of sovereign, quasi-sovereign, and corporate issuers of Emerging Market countries, which may be denominated in any currency, including the local currency of the issuer. The Fund tactically allocates assets between external debt, corporate debt and local currency.							Share class information INSTITUTIONAL CLASS Launch date: December 8, 2010 Minimum initial investment: $1,000,000 ISIN: CUSIP: 044820405 BLOOMBERG: TICKER: EMKIX RETAIL CLASS A Launch date: May 12, 2011 Minimum initial investment: $1,000 ISIN: CUSIP: 044820835 BLOOMBERG: TICKER: EMKAX RETAIL CLASS C Launch date: May 12, 2011 Minimum initial investment: $1,000 ISIN: CUSIP: 044820827 BLOOMBERG: TICKER: EMKCX All sources are Ashmore unless otherwise indicated.
Please refer to page 11 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2023	1 Year		5 Year		10 Year
Institutional Class		12.06%		-3.92%		-1.07%
Retail Class A (load-waived)		11.65%		-4.16%		-1.32%3
Retail Class A (unadjusted)1		7.18%		-4.93%		-1.72%3
Retail Class C (load-waived)		11.14%		-4.83%		-1.90%3
Retail Class C (unadjusted)1		10.14%		-4.83%		-1.90%3
50/25/25 Composite Benchmark2		10.06%		0.12%		0.63%
Cumulative Returns Through Oct 31, 2023 (% of NAV)

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

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

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

Please refer to page 12 herein for an explanation of the Expense Example information presented below.

Expense example	Actual performance			Hypothetical performance
	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C
Beginning Account Value (5/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (10/31/2023)	$987.80	$988.10	$984.40	$1,019.96	$1,018.72	$1,014.92
Expense Ratio (Gross / Net)	1.26% / 1.04%	1.49% / 1.29%	2.26% / 2.04%	1.26% / 1.04%	1.49% / 1.29%	2.26% / 2.04%
Expenses Paid*	$5.21	$6.45	$10.20	$5.30	$6.55	$10.36

*Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2023 through October 31, 2023, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

12

Ashmore Emerging Markets Local Currency Bond Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Local Currency Bond Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in debt instruments of sovereign and quasi-sovereign issuers of Emerging Market countries that are denominated in the local currency of the issuer.							Share class information INSTITUTIONAL CLASS Launch date: December 8, 2010 Minimum initial investment: $1,000,000 ISIN: CUSIP: 044820207 BLOOMBERG: TICKER: ELBIX RETAIL CLASS A Launch date: May 12, 2011 Minimum initial investment: $1,000 ISIN: CUSIP: 044820876 BLOOMBERG: TICKER: ELBAX RETAIL CLASS C Launch date: May 12, 2011 Minimum initial investment: $1,000 ISIN: CUSIP: 044820868 BLOOMBERG: TICKER: ELBCX All sources are Ashmore unless otherwise indicated.
Please refer to page 11 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2023	1 Year		5 Year		10 Year
Institutional Class		12.33%		0.14%		-1.20%
Retail Class A (load-waived)		12.11%		-0.09%		-1.44%3
Retail Class A (unadjusted)1		7.71%		-0.90%		-1.84%3
Retail Class C (load-waived)		11.41%		-0.81%		-2.05%3
Retail Class C (unadjusted)1		10.41%		-0.81%		-2.05%3
JP Morgan GBI-EM GD2		13.50%		0.29%		-1.16%
Cumulative Returns Through Oct 31, 2023 (% of NAV)

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

¹Unadjusted Performance accounts for a maximum sales load of 4% for Class A shares and maximum deferred sales charge of 1% for the 1 year return for the Class C shares. ²The index for the Fund is 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 12 herein for an explanation of the Expense Example information presented below.

Expense example	Actual performance			Hypothetical performance
	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C
Beginning Account Value (5/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (10/31/2023)	$974.60	$973.80	$971.30	$1,021.32	$1,020.06	$1,016.27
Expense Ratio (Gross / Net)	2.57% / 0.77%	2.79% / 1.02%	3.42% / 1.77%	2.57% / 0.77%	2.79% / 1.02%	3.42% / 1.77%
Expenses Paid*	$3.83	$5.07	$8.81	$3.92	$5.19	$9.01

*Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2023 through October 31, 2023, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

13

Ashmore Emerging Markets Corporate Income Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Corporate Income Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in debt instruments of Emerging Market corporate issuers, which may be denominated in any currency, including the local currency of the issuer.							Share class information INSTITUTIONAL CLASS Launch date: December 8, 2010 Minimum initial investment: $1,000,000 ISIN: CUSIP: 044820504 BLOOMBERG: TICKER: EMCIX RETAIL CLASS A Launch date: May 12, 2011 Minimum initial investment: $1,000 ISIN: CUSIP: 044820603 BLOOMBERG: TICKER: ECDAX RETAIL CLASS C Launch date: May 12, 2011 Minimum initial investment: $1,000 ISIN: CUSIP: 044820702 BLOOMBERG: TICKER: ECDCX All sources are Ashmore unless otherwise indicated.
Please refer to page 11 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2023	1 Year		5 Year		10 Year
Institutional Class		12.06%		-1.90%		1.32%
Retail Class A (load-waived)		11.75%		-2.15%		1.06%3
Retail Class A (unadjusted)1		7.21%		-2.95%		0.65%3
Retail Class C (load-waived)		10.75%		-2.90%		0.47%3
Retail Class C (unadjusted)1		9.75%		-2.90%		0.47%3
JP Morgan CEMBI BD2		9.18%		1.95%		3.06%
Cumulative Returns Through Oct 31, 2023 (% of NAV)

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

¹Unadjusted Performance accounts for a maximum sales load of 4% for Class A shares and maximum deferred sales charge of 1% for the 1 year return for the Class C shares. ²The index for the Fund is 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 12 herein for an explanation of the Expense Example information presented below.

Expense example	Actual performance			Hypothetical performance
	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C
Beginning Account Value (5/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (10/31/2023)	$999.20	$998.70	$993.10	$1,020.66	$1,019.40	$1,015.61
Expense Ratio (Gross / Net)	1.23% / 0.90%	1.48% / 1.15%	2.23% / 1.90%	1.23% / 0.90%	1.48% / 1.15%	2.23% / 1.90%
Expenses Paid*	$4.54	$5.80	$9.56	$4.59	$5.86	$9.67

*Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2023 through October 31, 2023, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

14

Ashmore Emerging Markets Short Duration Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Short Duration Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in short-term debt instruments of, and derivative instruments related to, sovereign, quasi-sovereign and corporate issuers of Emerging Markets countries denominated exclusively in hard currencies (i.e., the U.S. dollar or any currency of a nation in the G-7). The Fund normally seeks to maintain a weighted average portfolio duration of between 1 and 3 years. The Fund has no restrictions on individual security duration.							Share class information INSTITUTIONAL CLASS Launch date: June 24, 2014 Minimum initial investment: $1,000,000 ISIN: CUSIP: 044820694 BLOOMBERG: TICKER: ESFIX RETAIL CLASS A Launch date: September 23, 2014 Minimum initial investment: $1,000 ISIN: CUSIP: 044820728 BLOOMBERG: TICKER: ESFAX RETAIL CLASS C Launch date: June 13, 2017 Minimum initial investment: $1,000 ISIN: CUSIP: 044820710 BLOOMBERG: TICKER: ESFCX All sources are Ashmore unless otherwise indicated.
Please refer to page 11 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2023	1 Year		5 Year		Since incpt1
Institutional Class		22.63%		-6.56%		-0.09%
Retail Class A (load-waived)		22.36%		-6.77%		-0.25%
Retail Class A (unadjusted)1		19.57%		-7.53%		-0.70%
Retail Class C (load-waived)		21.32%		-7.53%		-5.41%
Retail Class C (unadjusted)1		20.32%		-7.53%		-5.41%
JP Morgan CEMBI BD 1-3 Year2		8.65%		2.19%		2.52%
Cumulative Returns Through Oct 31, 2023 (% of NAV)

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

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

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 12 herein for an explanation of the Expense Example information presented below.

Expense example	Actual performance			Hypothetical performance
	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C
Beginning Account Value (5/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (10/31/2023)	$1,110.50	$1,112.60	$1,104.90	$1,021.26	$1,020.01	$1,016.23
Expense Ratio (Gross / Net)	1.19% / 0.78%	1.44% / 1.03%	2.18% / 1.78%	1.19% / 0.78%	1.44% / 1.03%	2.18% / 1.78%
Expenses Paid*	$4.17	$5.48	$9.44	$3.99	$5.24	$9.04

*Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2023 through October 31, 2023, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

15

Ashmore Emerging Markets Active Equity Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Active Equity Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Emerging Market issuers, which may be denominated in any currency, including the local currency of the issuer.							Share class information INSTITUTIONAL CLASS Launch date: November 1, 2016 Minimum initial investment: $1,000,000 ISIN: CUSIP: 044820595 BLOOMBERG: TICKER: EMQIX RETAIL CLASS A Launch date: November 1, 2016 Minimum initial investment: $1,000 ISIN: CUSIP: 044820629 BLOOMBERG: TICKER: EMQAX RETAIL CLASS C Launch date: November 1, 2016 Minimum initial investment: $1,000 ISIN: CUSIP: 044820611 BLOOMBERG: TICKER: EMQCX All sources are Ashmore unless otherwise indicated.
Please refer to page 11 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2023	1 Year		5 Year		Since incpt1
Institutional Class		7.95%		-0.48%		1.94%
Retail Class A (load-waived)		7.68%		-0.73%		1.71%
Retail Class A (unadjusted)1		2.00%		-1.79%		0.93%
Retail Class C (load-waived)		6.89%		-1.46%		0.95%
Retail Class C (unadjusted)1		5.89%		-1.46%		0.95%
MSCI EM Net2		10.80%		1.59%		2.65%
Cumulative Returns Through Oct 31, 2023 (% of NAV)

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

¹Unadjusted Performance accounts for a maximum sales load of 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 12 herein for an explanation of the Expense Example information presented below.

Expense example	Actual performance			Hypothetical performance
	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C
Beginning Account Value (5/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (10/31/2023)	$933.40	$933.50	$929.50	$1,020.06	$1,018.80	$1,015.04
Expense Ratio (Gross / Net)	2.03% / 1.02%	2.28% / 1.27%	2.93% / 2.02%	2.03% / 1.02%	2.28% / 1.27%	2.93% / 2.02%
Expenses Paid*	$4.97	$6.19	$9.81	$5.19	$6.46	$10.24

*Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2023 through October 31, 2023, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

16

Ashmore Emerging Markets Small-Cap Equity Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Small-Cap Equity Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing at least 80% of its net assets in equity securities and equity-related investments of Small-Capitalization Emerging Market Issuers, which may be denominated in any currency, including the local currency of the issuer.							Share class information INSTITUTIONAL CLASS Launch date: October 4, 2011 Minimum initial investment: $1,000,000 ISIN: CUSIP: 044820116 BLOOMBERG: TICKER: ESCIX RETAIL CLASS A Launch date: February 1, 2012 Minimum initial investment: $1,000 ISIN: CUSIP: 044820793 BLOOMBERG: TICKER: ESSAX RETAIL CLASS C Launch date: August 23, 2012 Minimum initial investment: $1,000 ISIN: CUSIP: 044820785 BLOOMBERG: TICKER: ESSCX All sources are Ashmore unless otherwise indicated.
Please refer to page 11 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2023	1 Year		5 Year		10 Year
Institutional Class		9.85%		7.13%		2.86%
Retail Class A (load-waived)		9.53%		6.88%		2.60%3
Retail Class A (unadjusted)1		3.76%		5.74%		2.04%3
Retail Class C (load-waived)		8.69%		6.15%		2.00%3
Retail Class C (unadjusted)1		7.69%		6.15%		2.00%3
MSCI EM Small Cap Net2		17.20%		7.78%		3.68%
Cumulative Returns Through Oct 31, 2023 (% of NAV)

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

¹Unadjusted Performance accounts for a maximum sales load of 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 12 herein for an explanation of the Expense Example information presented below.

Expense example	Actual performance			Hypothetical performance
	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C
Beginning Account Value (5/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (10/31/2023)	$951.10	$949.20	$946.20	$1,018.80	$1,017.54	$1,013.76
Expense Ratio (Gross / Net)	3.21% / 1.27%	3.46% / 1.52%	4.18% / 2.27%	3.21% / 1.27%	3.46% / 1.52%	4.18% / 2.27%
Expenses Paid*	$6.25	$7.47	$11.13	$6.46	$7.73	$11.52

*Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2023 through October 31, 2023, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

17

Ashmore Emerging Markets Frontier Equity Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Frontier Equity Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Frontier Market issuers, which may be denominated in any currency, including the local currency of the issuer.							Share class information INSTITUTIONAL CLASS Launch date: November 1, 2013 Minimum initial investment: $1,000,000 ISIN: CUSIP: 044820736 BLOOMBERG: TICKER: EFEIX RETAIL CLASS A Launch date: May 7, 2014 Minimum initial investment: $1,000 ISIN: CUSIP: 044820751 BLOOMBERG: TICKER: EFEAX RETAIL CLASS C Launch date: May 7, 2014 Minimum initial investment: $1,000 ISIN: CUSIP: 044820744 BLOOMBERG: TICKER: EFECX All sources are Ashmore unless otherwise indicated.
Please refer to page 11 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2023	1 Year		5 Year		Since incpt1
Institutional Class		-0.42%		2.86%		2.56%
Retail Class A (load-waived)		-0.72%		2.58%		1.20%2
Retail Class A (unadjusted)1		-5.89%		1.49%		0.63%2
Retail Class C (load-waived)		-1.51%		1.81%		0.51%2
Retail Class C (unadjusted)1		-2.48%		1.81%		0.51%2
MSCI FM + Select EM3		-2.57%		N/A		N/A
MSCI Frontier Markets Net3		4.82%		1.15%		1.38%
Cumulative Returns Through Oct 31, 2023 (% of NAV)

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

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

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.

18

Ashmore Emerging Markets Frontier Equity Fund

FUND SUMMARY (UNAUDITED) (CONTINUED)

Please refer to page 12 herein for an explanation of the Expense Example information presented below.

Expense example	Actual performance			Hypothetical performance
	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C
Beginning Account Value (5/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (10/31/2023)	$966.70	$965.80	$961.60	$1,017.54	$1,016.28	$1,012.50
Expense Ratio (Gross / Net)	2.08% / 1.52%	2.32% / 1.77%	3.08% / 2.52%	2.08% / 1.52%	2.32% / 1.77%	3.08% / 2.52%
Expenses Paid*	$7.53	$8.77	$12.46	$7.73	$9.00	$12.78

*Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2023 through October 31, 2023, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

19

Ashmore Emerging Markets Equity Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Equity Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Emerging Market issuers, which may be denominated in any currency, including the local currency of the issuer.							Share class information INSTITUTIONAL CLASS Launch date: June 21, 2011 Minimum initial investment: $1,000,000 ISIN: CUSIP: 044820819 BLOOMBERG: TICKER: EMFIX RETAIL CLASS A Launch date: February 24, 2012 Minimum initial investment: $1,000 ISIN: CUSIP: 044820777 BLOOMBERG: TICKER: EMEAX RETAIL CLASS C Launch date: August 23, 2012 Minimum initial investment: $1,000 ISIN: CUSIP: 044820769 BLOOMBERG: TICKER: EMECX All sources are Ashmore unless otherwise indicated.
Please refer to page 11 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2023	1 Year		5 Year		10 Year
Institutional Class		13.65%		5.50%		3.15%
Retail Class A (load-waived)		13.26%		5.22%		2.89%4
Retail Class A (unadjusted)1		7.31%		4.09%		2.34%4
Retail Class C (load-waived)		12.45%		4.52%		2.30%4
Retail Class C (unadjusted)1		11.45%		4.52%		2.30%4
MSCI EM Net2		10.80%		1.59%		1.19%
Cumulative Returns Through Oct 31, 2023 (% of NAV)

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

¹Unadjusted Performance accounts for a maximum sales load of 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 12 herein for an explanation of the Expense Example information presented below.

Expense example	Actual performance			Hypothetical performance
	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C
Beginning Account Value (5/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (10/31/2023)	$955.60	$953.30	$949.80	$1,020.06	$1,018.80	$1,015.02
Expense Ratio (Gross / Net)	1.47% / 1.02%	1.72% / 1.27%	2.47% / 2.02%	1.47% / 1.02%	1.72% / 1.27%	2.47% / 2.02%
Expenses Paid*	$5.03	$6.25	$9.93	$5.19	$6.46	$10.26

*Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2023 through October 31, 2023, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

20

Ashmore Emerging Markets Equity ESG Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Equity ESG Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Emerging Market issuers which may be denominated in any currency, including the local currency of the issuer, focusing on issuers that the Investment Manager believes satisfy the ESG Criteria.					Share class information INSTITUTIONAL CLASS Launch date: February 26, 2020 Minimum initial investment: $1,000,000 ISIN: CUSIP: 044820454 BLOOMBERG: TICKER: ESIGX RETAIL CLASS A Launch date: February 26, 2020 Minimum initial investment: $1,000 ISIN: CUSIP: 044820470 BLOOMBERG: TICKER: ESAGX RETAIL CLASS C Launch date: February 26, 2020 Minimum initial investment: $1,000 ISIN: CUSIP: 044820462 BLOOMBERG: TICKER: ESCGX All sources are Ashmore unless otherwise indicated.
Please refer to page 11 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2023	1 Year		Since incpt1
Institutional Class		14.45%		0.86%
Retail Class A (load-waived)		14.21%		0.63%
Retail Class A (unadjusted)1		8.24%		-0.82%
Retail Class C (load-waived)		13.32%		-0.07%
Retail Class C (unadjusted)1		12.32%		-0.07%
MSCI EM Net2		10.80%		-1.04%
Cumulative Returns Through Oct 31, 2023 (% of NAV)

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

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 12 herein for an explanation of the Expense Example information presented below.

Expense example	Actual performance			Hypothetical performance
	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C
Beginning Account Value (5/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (10/31/2023)	$936.70	$935.50	$931.90	$1,020.06	$1,018.79	$1,015.04
Expense Ratio (Gross / Net)	2.23% / 1.02%	2.48% / 1.27%	3.22% / 2.02%	2.23% / 1.02%	2.48% / 1.27%	3.22% / 2.02%
Expenses Paid*	$4.98	$6.21	$9.82	$5.19	$6.47	$10.24

*Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2023 through October 31, 2023, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

21

Ashmore Emerging Markets Low Duration Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Low Duration Fund is an open-end U.S. mutual fund. The Ashmore Emerging Markets Short Duration Select Fund was renamed Ashmore Emerging Markets Low Duration Fund on August 1, 2023. The Fund seeks to achieve its objective by investing principally in short-term debt instruments of, and derivative instruments related to, Sovereign, Quasi-Sovereign and Corporate issuers of Emerging Market Countries denominated exclusively in Hard Currencies (i.e., the U.S. dollar or any currency of a nation in the G-7). The Fund normally seeks to maintain a weighted average portfolio duration of between 1 and 3 years and an Investment Grade weighted average credit rating. The Fund has no restrictions on individual security duration.					Share class information INSTITUTIONAL CLASS Launch date: June 15, 2020 Minimum initial investment: $1,000,000 ISIN: CUSIP: 044820421 BLOOMBERG: TICKER: ESDIX RETAIL CLASS A Launch date: June 15, 2020 Minimum initial investment: $1,000 ISIN: CUSIP: 044820447 BLOOMBERG: TICKER: ESDAX RETAIL CLASS C Launch date: June 15, 2020 Minimum initial investment: $1,000 ISIN: CUSIP: 044820439 BLOOMBERG: TICKER: ESDCX All sources are Ashmore unless otherwise indicated.
Please refer to page 11 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2023	1 Year		Since incpt1
Institutional Class		6.88%		-0.75%
Retail Class A (load-waived)		6.60%		-0.96%
Retail Class A (unadjusted)1		4.22%		-1.62%
Retail Class C (load-waived)		5.68%		-1.74%
Retail Class C (unadjusted)1		4.68%		-1.74%
JP Morgan CEMBI BD IG 1-3 Year2		5.20%		-0.76%
Cumulative Returns Through Oct 31, 2023 (% of NAV)

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

¹Unadjusted Performance accounts for a maximum sales load of 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 12 herein for an explanation of the Expense Example information presented below.

Expense example	Actual performance			Hypothetical performance
	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C
Beginning Account Value (5/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (10/31/2023)	$1,005.30	$1,004.60	$999.70	$1,021.83	$1,020.56	$1,016.78
Expense Ratio (Gross / Net)	1.73% / 0.67%	2.32% / 0.92%	2.99% / 1.67%	1.73% / 0.67%	2.32% / 0.92%	2.99% / 1.67%
Expenses Paid*	$3.39	$4.66	$8.43	$3.41	$4.69	$8.50

*Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2023 through October 31, 2023, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

22

Ashmore Emerging Markets Debt Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Debt Fund is an open-end U.S. mutual fund. The Ashmore Emerging Markets Investment Grade Income Fund was renamed Ashmore Emerging Markets Debt Fund on August 1, 2023. The Fund seeks to achieve its objective by investing principally in debt instruments of Sovereigns and Quasi-Sovereigns of Emerging Market Countries and EM Supra-Nationals denominated principally 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 (plus borrowings made for investment purposes) in bonds and other debt instruments of Sovereign or Quasi-Sovereign issues of Emerging Market Countries and EM Supra-Nationals.					Share class information INSTITUTIONAL CLASS Launch date: September 17, 2020 Minimum initial investment: $1,000,000 ISIN: CUSIP: 044820389 BLOOMBERG: TICKER: IGIEX RETAIL CLASS A Launch date: September 17, 2020 Minimum initial investment: $1,000 ISIN: CUSIP: 044820413 BLOOMBERG: TICKER: IGAEX RETAIL CLASS C Launch date: September 17, 2020 Minimum initial investment: $1,000 ISIN: CUSIP: 044820397 BLOOMBERG: TICKER: IGCEX All sources are Ashmore unless otherwise indicated.
Please refer to page 11 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2023	1 Year		Since incpt1
Institutional Class		3.41%		-5.44%
Retail Class A (load-waived)		3.31%		-5.63%
Retail Class A (unadjusted)1		-0.78%		-6.87%
Retail Class C (load-waived)		2.59%		-6.31%
Retail Class C (unadjusted)1		1.61%		-6.31%
JP Morgan EMBI GD*,2		8.36%		-5.42%
JP Morgan CEMBI IG BD3		5.80%		-3.89%
Cumulative Returns Through Oct 31, 2023 (% of NAV)

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

*Effective August 1, 2023, the JP Morgan EMBI GD replaced the JP Morgan CEMBI BD Investment Grade Index as the primary benchmark for Ashmore Emerging Markets Debt Fund because Ashmore believes the JP Morgan EMBI GD is a more appropriate broad-based securities market index representing the universe of securities in which the Fund may invest. 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 EMBI Global Diversified. ³Prior to August 1, 2023, the index for the Fund was 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.

23

Ashmore Emerging Markets Debt Fund

FUND SUMMARY (UNAUDITED) (CONTINUED)

Please refer to page 12 herein for an explanation of the Expense Example information presented below.

Expense example	Actual performance			Hypothetical performance
	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C
Beginning Account Value (5/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (10/31/2023)	$938.30	$937.70	$934.30	$1,021.70	$1,020.44	$1,016.66
Expense Ratio (Gross / Net)	1.37% / 0.70%	1.77% / 0.95%	2.18% / 1.70%	1.37% / 0.70%	1.77% / 0.95%	2.18% / 1.70%
Expenses Paid*	$3.40	$4.62	$8.26	$3.54	$4.81	$8.62

*Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2023 through October 31, 2023, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

24

Ashmore Emerging Markets Corporate Income ESG Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Corporate Income ESG Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in debt instruments of Corporate issuers, which may be denominated principally in Hard Currencies (i.e., the U.S. dollar or any currency of a nation in the G-7), focusing on issuers that the Investment Manager believes satisfy the ESG Criteria.					Share class information INSTITUTIONAL CLASS Launch date: February 26, 2021 Minimum initial investment: $1,000,000 ISIN: CUSIP: 044820355 BLOOMBERG: TICKER: ECIEX RETAIL CLASS A Launch date: February 26, 2021 Minimum initial investment: $1,000 ISIN: CUSIP: 044820371 BLOOMBERG: TICKER: ECAEX RETAIL CLASS C Launch date: February 26, 2021 Minimum initial investment: $1,000 ISIN: CUSIP: 044820363 BLOOMBERG: TICKER: ECCEX All sources are Ashmore unless otherwise indicated.
Please refer to page 11 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.
Average Annual Total Return For The Period Ended Oct 31, 2023	1 Year		Since incpt1
Institutional Class		3.36%		-12.28%
Retail Class A (load-waived)		2.98%		-12.51%
Retail Class A (unadjusted)1		-1.13%		-13.84%
Retail Class C (load-waived)		2.33%		-13.12%
Retail Class C (unadjusted)1		1.37%		-13.12%
JP Morgan CEMBI BD2		9.18%		-3.64%
Cumulative Returns Through Oct 31, 2023 (% of NAV)

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

¹Unadjusted Performance accounts for a maximum sales load of 4% for Class A shares and maximum deferred sales charge of 1% for the 1 year return for the Class C shares. ²The index for the Fund is 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 12 herein for an explanation of the Expense Example information presented below.

Expense example	Actual performance			Hypothetical performance
	Institutional Class	Class A	Class C	Institutional Class	Class A	Class C
Beginning Account Value (5/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (10/31/2023)	$966.90	$966.00	$962.60	$1,020.82	$1,019.54	$1,015.78
Expense Ratio (Gross / Net)	2.17% / 0.87%	2.15% / 1.12%	3.24% / 1.87%	2.17% / 0.87%	2.15% / 1.12%	3.24% / 1.87%
Expenses Paid*	$4.31	$5.57	$9.25	$4.43	$5.72	$9.50

*Expenses are equal to the Fund’s annualized expense ratios for the period May 1, 2023 through October 31, 2023, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). As such, these may differ from the prospectus.

25

	KPMG LLP Aon Center Suite 5500 200 E. Randolph Street Chicago, IL 60601-6436

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Funds and Board of Trustees

Ashmore Funds:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Active Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Frontier Equity Fund, Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Equity ESG Fund, Ashmore Emerging Markets Low Duration Fund (formerly, Ashmore Emerging Markets Short Duration Select Fund), Ashmore Emerging Markets Debt Fund (formerly, Ashmore Emerging Markets Investment Grade Income Fund), and Ashmore Emerging Markets Corporate Income ESG Fund (collectively, the Funds), including the schedule of investments, as of October 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended (periods from February 26, 2020, June 15, 2020, September 17, 2020, and February 26, 2021 [commencement of operations] to October 31, 2023 for Ashmore Emerging Markets Equity ESG Fund, Ashmore Emerging Markets Low Duration Fund (formerly, Ashmore Emerging Markets Short Duration Select Fund), Ashmore Emerging Markets Debt Fund (formerly, Ashmore Emerging Markets Investment Grade Income Fund), and Ashmore Emerging Markets Corporate Income ESG Fund, respectively). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2023, the results of their operations for the year then ended, the changes in its net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods as described above, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2023, by correspondence with custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the

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

the KPMG global organization of independent member firms affiliated with

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

financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Chicago, Illinois

December 20, 2023

(THIS PAGE INTENTIONALLY LEFT BLANK)

28

ASHMORE FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

As of October 31, 2023

	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	$	441,497,479		$	9,957,066		$	71,175,863		$	59,803,605
Deposit held at broker		1,238,691			20			—			—
Cash		8,196,974			188,329			1,105,543			89,838
Foreign currency, at value		908,079			19,979			841			19,312
Unrealized appreciation on forward foreign currency exchange contracts		912,413			55,266			55,934			392
Variation margin receivable on centrally cleared swap contracts		11,070			962			—			—
Due from broker		499,659			47,538			—			—
Receivable for securities and currencies sold		34,914			41,794			505,345			—
Receivable for fund shares sold		—			—			19,404			6
Receivable from Investment Manager		164,852			29,653			34,040			29,524
Interest and dividends receivable		6,732,944			177,604			942,442			646,892
Other assets		28,724			631			4,758			3,375
Total Assets		460,225,799			10,518,842			73,844,170			60,592,944
LIABILITIES:
Unrealized depreciation on forward foreign currency exchange contracts		2,049,754			68,420			20,569			—
Variation margin payable on centrally cleared swap contracts		13,855			507			—			—
Unrealized depreciation on interest rate swap contracts		—			3,300			—			—
Payable for securities and currencies purchased		3,675,472			64,550			630,920			—
Payable for fund shares redeemed		352,797			—			11,702			8,082
Distributions payable		493,268			—			67,259			58,179
Due to broker		216,715			13,828			—			—
Investment Manager fee payable		393,293			6,579			51,994			31,302
Trustees’ fees payable		29,799			654			4,603			3,371
Deferred foreign capital gains taxes payable		—			—			—			—
Administration fees payable		40,654			912			6,458			4,803
Custody fees payable		93,526			18,399			11,248			6,297
Professional fees payable		250,788			28,670			67,892			79,987
Regulatory fees payable		11,794			4,455			5,626			5,164
Other liabilities		3,652			2,117			5,709			2,930
Total Liabilities		7,625,367			212,391			883,980			200,115
Net Assets	$	452,600,432		$	10,306,451		$	72,960,190		$	60,392,829
NET ASSETS:
Paid in capital	$	964,321,501		$	11,833,253		$	242,087,198		$	470,367,103
Accumulated loss		(511,721,069	)		(1,526,802	)		(169,127,008	)		(409,974,274	)
Net Assets	$	452,600,432		$	10,306,451		$	72,960,190		$	60,392,829
Net Assets:
Class A	$	1,446,251		$	1,197,329		$	3,778,955		$	8,498,825
Class C		815,282			1,013			1,491,725			170,626
Institutional Class		450,338,899			9,108,109			67,689,510			51,723,378
Shares Issued and Outstanding (no par value, unlimited shares authorized):
Class A		317,702			195,561			735,608			1,779,360
Class C		179,755			170			291,264			37,380
Institutional Class		97,442,250			1,413,338			12,639,150			11,023,865
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding):
Class A	$	4.55		$	6.12		$	5.14		$	4.78
Class C		4.54			5.95			5.12			4.56
Institutional Class		4.62			6.44			5.36			4.69
Cost of Investments in securities	$	614,120,836		$	10,439,270		$	115,003,114		$	119,244,162
Cost of foreign currency held	$	749,727		$	19,979		$	840		$	19,372

See accompanying notes to the financial statements.

29

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 Low Duration Fund			Ashmore Emerging Markets Debt Fund			Ashmore Emerging Markets Corporate Income ESG Fund
$	22,686,348		$	8,415,007		$	59,437,076		$	91,608,287		$	9,729,617		$	9,094,194		$	16,113,754		$	6,708,157
	—			—			—			—			—			—			—			—
	115,213			116,604			1,024,022			946,419			367,709			323,701			31,333			77,365
	16,564			769			1,592,735			32,867			139			170			7,281			814
	—			—			—			—			—			155			227			266
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	110,879			—			789,516			940,197			86,584			—			—			—
	—			5,900			19,493			12,089			—			935			2,240			1,027
	27,546			23,559			47,881			61,175			13,547			11,899			13,887			8,776
	33,167			18,299			130,177			111,749			2,217			104,331			274,550			81,781
	10,198			522			4,111			6,364			629			552			1,019			412
	22,999,915			8,580,660			63,045,011			93,719,147			10,200,442			9,535,937			16,444,291			6,878,598
	—			—			—			—			—			18			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			66			—			—			—			26,895			—
	—			990			5,343			752,014			—			—			—			—
	—			—			—			—			—			7,394			23,664			8,403
	—			—			—			—			—			—			—			—
	20,111			9,350			83,541			82,929			8,868			5,254			9,047			4,994
	1,478			557			4,249			5,663			646			603			1,053			442
	35,475			28,673			—			174,298			6,826			—			—			—
	2,140			789			5,653			9,156			930			798			1,445			594
	18,494			13,796			71,576			54,896			5,693			1,345			2,187			1,043
	25,629			22,797			40,174			48,154			20,921			22,943			25,031			22,220
	4,702			3,307			4,047			5,731			3,334			4,489			4,663			4,465
	2,151			2,227			3,039			3,332			2,066			1,285			1,286			1,285
	110,180			82,486			217,688			1,136,173			49,284			44,129			95,271			43,446
$	22,889,735		$	8,498,174		$	62,827,323		$	92,582,974		$	10,151,158		$	9,491,808		$	16,349,020		$	6,835,152
$	47,920,210		$	13,561,005		$	72,364,365		$	118,973,301		$	11,932,670		$	11,082,541		$	21,877,522		$	10,954,341
	(25,030,475	)		(5,062,831	)		(9,537,042	)		(26,390,327	)		(1,781,512	)		(1,590,733	)		(5,528,502	)		(4,119,189	)
$	22,889,735		$	8,498,174		$	62,827,323		$	92,582,974		$	10,151,158		$	9,491,808		$	16,349,020		$	6,835,152
$	39,653		$	440,753		$	1,597,196		$	4,469,163		$	1,007		$	944		$	813		$	680
	1,136			13,733			204,100			69,618			983			924			798			670
	22,848,946			8,043,688			61,026,027			88,044,193			10,149,168			9,489,940			16,347,409			6,833,802
	6,122			39,945			196,402			481,372			117			111			111			112
	180			1,219			26,220			8,084			116			109			109			110
	3,491,726			559,469			6,423,162			9,861,943			1,167,740			1,115,766			2,222,893			1,125,932
$	6.48		$	11.03		$	8.13		$	9.28		$	8.64		$	8.50		$	7.34		$	6.07
	6.30			11.26			7.78			8.61			8.45			8.49			7.34			6.06
	6.54			14.38			9.50			8.93			8.69			8.51			7.35			6.07
$	26,702,841		$	9,181,836		$	60,664,796		$	99,603,421		$	9,973,865		$	9,439,746		$	17,955,278		$	9,349,712
$	16,736		$	769		$	1,593,756		$	32,872		$	139		$	169		$	7,272		$	812

See accompanying notes to the financial statements.

30

ASHMORE FUNDS

STATEMENTS OF OPERATIONS

For the Year Ended October 31, 2023

	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*	$	34,739,947		$	686,684		$	5,799,901		$	5,133,226
Dividends, net of foreign tax withholdings*		—			—			—			—
Total Income		34,739,947			686,684			5,799,901			5,133,226
EXPENSES:
Investment Manager fees		4,911,140			76,648			718,948			388,786
Administration fees		103,367			1,870			18,741			11,987
Custody fees		158,418			46,129			14,594			8,765
Professional fees		625,865			47,986			153,424			161,442
Trustees’ fees		126,419			2,597			21,285			15,304
Offering expenses and registration fees		53,307			46,804			50,456			46,173
Insurance fees		65,258			980			16,572			8,179
Printing fees		15,926			11,085			17,645			13,448
Distribution and servicing fees - Class A		5,360			3,445			10,568			18,960
Distribution and servicing fees - Class C		9,917			25			16,129			2,415
Regulatory fees		29,303			13,425			15,648			15,055
Total Expenses		6,104,280			250,994			1,054,010			690,514
Less expenses reimbursed by the Investment Manager		(1,023,234	)		(168,860	)		(276,983	)		(228,856	)
Net Expenses		5,081,046			82,134			777,027			461,658
Net Investment Income		29,658,901			604,550			5,022,874			4,671,568
NET REALIZED AND UNREALIZED GAINS (LOSSES):
NET REALIZED GAIN (LOSS) ON:
Investments in securities (net of increase (decrease) in deferred foreign taxes of $-, $-, $-, $-, $51,510, $592, $11,125, $22,581, $(7), $-, $-, and $-, respectively)		(69,785,814	)		(144,230	)		(19,614,031	)		(14,191,114	)
Forward foreign currency exchange contracts		(2,364,837	)		(175,508	)		(201,130	)		12,100
Interest rate swap contracts		345,357			(28,570	)		—			—
Foreign exchange transactions		(1,131,513	)		(39,863	)		(46,902	)		472
Net Realized Gain (Loss)		(72,936,807	)		(388,171	)		(19,862,063	)		(14,178,542	)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities (net of increase (decrease) in deferred foreign taxes of $-, $-, $-, $-, $(18,909), $27,235, $(83,911), $116,609, $6,691, $-, $-, and $-, respectively)		95,969,124			512,730			24,956,855			21,058,738
Forward foreign currency exchange contracts		2,423,493			40,996			11,868			392
Interest rate swap contracts		(108,313	)		28,940			—			—
Foreign exchange translations		197,095			(1,269	)		802			(230	)
Change in Net Unrealized Appreciation (Depreciation)		98,481,399			581,397			24,969,525			21,058,900
Net Realized and Unrealized Gains (Losses)		25,544,592			193,226			5,107,462			6,880,358
Net Increase (Decrease) in Net Assets Resulting from Operations	$	55,203,493		$	797,776		$	10,130,336		$	11,551,926
* Foreign Tax Withholdings	$	177,961		$	13,429		$	—		$	—

See accompanying notes to the financial statements.

31

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 Low Duration Fund			Ashmore Emerging Markets Debt Fund			Ashmore Emerging Markets Corporate Income ESG Fund
$	63,676		$	7,131		$	136,434		$	52,027		$	6,237		$	446,852		$	975,457		$	429,579
	846,146			158,172			2,467,285			2,475,260			162,769			—			—			—
	909,822			165,303			2,603,719			2,527,287			169,006			446,852			975,457			429,579
	454,251			118,156			1,036,430			1,163,908			113,763			61,362			118,818			60,438
	9,369			1,832			14,160			22,624			2,220			1,906			3,513			1,451
	85,448			34,828			142,294			159,403			14,198			3,532			4,992			2,389
	79,999			43,423			98,236			125,338			35,528			38,373			45,305			36,357
	10,244			2,369			17,816			28,238			2,849			2,464			4,491			1,847
	56,153			47,179			46,385			53,168			45,454			20,294			20,669			19,342
	7,707			1,102			8,973			14,050			1,313			1,169			2,174			922
	11,024			11,126			28,498			14,730			11,869			12,043			12,043			10,906
	545			1,169			6,077			11,477			4			4			4			—
	12			272			2,110			824			11			10			7			7
	13,265			10,273			12,450			16,815			10,331			13,187			13,504			13,222
	728,017			271,729			1,413,429			1,610,575			237,540			154,344			225,520			146,881
	(266,050	)		(150,305	)		(355,358	)		(412,520	)		(121,592	)		(91,077	)		(103,221	)		(85,004	)
	461,967			121,424			1,058,071			1,198,055			115,948			63,267			122,299			61,877
	447,855			43,879			1,545,648			1,329,232			53,058			383,585			853,158			367,702
	3,141,415			(904,886	)		(3,828,650	)		(11,254,795	)		(1,143,560	)		(354,558	)		(1,774,981	)		(644,789	)
	(954	)		—			664			—			—			(31,340	)		(98,220	)		(6,166	)
	—			—			—			—			—			—			—			—
	(131,308	)		27,181			(70,289	)		(50,392	)		(8,164	)		4,311			(421	)		(18,634	)
	3,009,153			(877,705	)		(3,898,275	)		(11,305,187	)		(1,151,724	)		(381,587	)		(1,873,622	)		(669,589	)
	12,153,130			1,538,240			2,281,817			22,982,182			2,388,829			604,315			1,594,361			531,399
	—			—			—			—			—			1,651			4,876			1,308
	—			—			—			—			—			—			—			—
	11,532			(28,675	)		(30,685	)		42			11			164			217			50
	12,164,662			1,509,565			2,251,132			22,982,224			2,388,840			606,130			1,599,454			532,757
	15,173,815			631,860			(1,647,143	)		11,677,037			1,237,116			224,543			(274,168	)		(136,832	)
$	15,621,670		$	675,739		$	(101,495	)	$	13,006,269		$	1,290,174		$	608,128		$	578,990		$	230,870
$	113,733		$	14,373		$	104,393		$	223,718		$	21,299		$	271		$	355		$	224

See accompanying notes to the financial statements.

32

ASHMORE FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

For the Fiscal Years Ended October 31, 2023

	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)	$	29,658,901		$	45,555,709		$	604,550		$	341,843		$	5,022,874		$	12,949,114
Net realized gain (loss)		(72,936,807	)		(209,122,942	)		(388,171	)		(1,102,008	)		(19,862,063	)		(36,003,457	)
Net change in unrealized appreciation (depreciation)		98,481,399			(110,036,273	)		581,397			(511,998	)		24,969,525			(39,359,413	)
Net Increase (Decrease) in Net Assets Resulting from Operations		55,203,493			(273,603,506	)		797,776			(1,272,163	)		10,130,336			(62,413,756	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(123,510	)		(37,990	)		(35,119	)		—			(331,612	)		(591,756	)
Class C		(50,117	)		(13,646	)		(19	)		—			(114,377	)		(213,937	)
Institutional Class		(29,018,557	)		(8,198,044	)		(257,574	)		—			(6,381,041	)		(12,611,307	)
Total Distributions to Shareholders		(29,192,184	)		(8,249,680	)		(292,712	)		—			(6,827,030	)		(13,417,000	)
TAX RETURN OF CAPITAL DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,789	)		(156,233	)		—			(20,107	)		—			—
Class C		(899	)		(66,934	)		—			(298	)		—			—
Institutional Class		(605,079	)		(34,684,669	)		—			(76,188	)		—			—
Total Tax Return of Capital Distributions to Shareholders		(607,767	)		(34,907,836	)		—			(96,593	)		—			—
FUND SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from Class A share transactions		(523,848	)		(2,480,460	)		(172,954	)		(51,180	)		(1,152,404	)		(2,985,423	)
Net increase (decrease) in net assets resulting from Class C share transactions		(336,451	)		(582,173	)		(1,610	)		(21,775	)		(361,460	)		(2,614,851	)
Net increase (decrease) in net assets resulting from Institutional Class share transactions		(63,807,005	)		(413,280,851	)		4,595,131			(1,104,070	)		(21,700,083	)		(119,801,222	)
Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions		(64,667,304	)		(416,343,484	)		4,420,567			(1,177,025	)		(23,213,947	)		(125,401,496	)
Total Increase (Decrease) in Net Assets		(39,263,762	)		(733,104,506	)		4,925,631			(2,545,781	)		(19,910,641	)		(201,232,252	)
NET ASSETS:
Net Assets at the Beginning of year		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 year	$	452,600,432		$	491,864,194		$	10,306,451		$	5,380,820		$	72,960,190		$	92,870,831

See accompanying notes to the financial statements.

33

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
$	4,671,568		$	5,562,392		$	447,855		$	983,247		$	43,879		$	50,751
	(14,178,542	)		(61,800,609	)		3,009,153			(21,706,306	)		(877,705	)		(415,838	)
	21,058,900			22,922,301			12,164,662			(16,867,095	)		1,509,565			(3,455,025	)
	11,551,926			(33,315,916	)		15,621,670			(37,590,154	)		675,739			(3,820,112	)
	(659,086	)		(336,688	)		(1,508	)		(396,907	)		—			—
	(21,214	)		(36,298	)		(14	)		(433	)		—			—
	(4,965,284	)		(7,232,408	)		(526,876	)		(17,159,925	)		—			—
	(5,645,584	)		(7,605,394	)		(528,398	)		(17,557,265	)		—			—
	—			—			—			(1,429	)		—			(4,734	)
	—			—			—			(1	)		—			(704	)
	—			—			—			(177,587	)		—			(88,237	)
	—			—			—			(179,017	)		—			(93,675	)
	5,102,313			(1,945,708	)		(876,851	)		10,980			(2,456	)		213,811
	(140,916	)		(696,358	)		10			383			(32,766	)		(69,661	)
	(5,814,038	)		(34,104,155	)		(67,395,911	)		33,353,791			1,186,826			(1,036,778	)
	(852,641	)		(36,746,221	)		(68,272,752	)		33,365,154			1,151,604			(892,628	)
	5,053,701			(77,667,531	)		(53,179,480	)		(21,961,282	)		1,827,343			(4,806,415	)
	55,339,128			133,006,659			76,069,215			98,030,497			6,670,831			11,477,246
$	60,392,829		$	55,339,128		$	22,889,735		$	76,069,215		$	8,498,174		$	6,670,831

See accompanying notes to the financial statements.

34

ASHMORE FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

For the Fiscal Years Ended October 31, 2023

	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)	$	1,545,648		$	811,561		$	1,329,232		$	1,546,877		$	53,058		$	24,001
Net realized gain (loss)		(3,898,275	)		3,198,559			(11,305,187	)		(5,783,512	)		(1,151,724	)		(297,442	)
Net change in unrealized appreciation (depreciation)		2,251,132			(17,036,443	)		22,982,224			(53,872,291	)		2,388,840			(5,695,888	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(101,495	)		(13,026,323	)		13,006,269			(58,108,926	)		1,290,174			(5,969,329	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(37,283	)		(52,312	)		(53,244	)		(638,531	)		(6	)		(204	)
Class C		(3,513	)		(3,008	)		(414	)		(9,143	)		(2	)		(204	)
Institutional Class		(1,244,000	)		(1,320,948	)		(1,526,332	)		(20,900,163	)		(81,878	)		(2,040,719	)
Total Distributions to Shareholders		(1,284,796	)		(1,376,268	)		(1,579,990	)		(21,547,837	)		(81,886	)		(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		(1,402,870	)		1,042,220			999,830			1,135,776			4			186
Net increase (decrease) in net assets resulting from Class C share transactions		(83,940	)		147,108			(50,648	)		67,535			1			186
Net increase (decrease) in net assets resulting from Institutional Class share transactions		(6,930,954	)		5,534,158			(13,899,497	)		52,105,586			57,295			1,877,075
Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions		(8,417,764	)		6,723,486			(12,950,315	)		53,308,897			57,300			1,877,447
Total Increase (Decrease) in Net Assets		(9,804,055	)		(7,679,105	)		(1,524,036	)		(26,599,366	)		1,265,588			(6,158,245	)
NET ASSETS:
Net Assets at the Beginning of year		72,631,378			80,310,483			94,107,010			120,706,376			8,885,570			15,043,815
Net Assets at the End of year	$	62,827,323		$	72,631,378		$	92,582,974		$	94,107,010		$	10,151,158		$	8,885,570

See accompanying notes to the financial statements.

35

Ashmore Emerging Markets Low Duration Fund						Ashmore Emerging Markets Debt Fund						Ashmore Emerging Markets Corporate Income ESG Fund
2023			2022			2023			2022			2023			2022
$	383,585		$	321,561		$	853,158		$	671,024		$	367,702		$	391,264
	(381,587	)		(501,007	)		(1,873,622	)		(1,536,318	)		(669,589	)		(615,618	)
	606,130			(1,063,847	)		1,599,454			(3,433,117	)		532,757			(2,349,309	)
	608,128			(1,243,293	)		578,990			(4,298,411	)		230,870			(2,573,663	)
	(39	)		(32	)		(45	)		(32	)		(44	)		(41	)
	(31	)		(23	)		(39	)		(25	)		(39	)		(34	)
	(399,404	)		(324,438	)		(923,023	)		(675,972	)		(454,900	)		(415,833	)
	(399,474	)		(324,493	)		(923,107	)		(676,029	)		(454,983	)		(415,908	)
	(1	)		—			(4	)		—			—			—
	(1	)		—			(3	)		—			—			—
	(16,038	)		—			(71,993	)		—			—			—
	(16,040	)		—			(72,000	)		—			—			—
	29			27			35			28			32			34
	25			19			31			21			29			29
	300,749			278,378			720,925			574,521			337,089			353,954
	300,803			278,424			720,991			574,570			337,150			354,017
	493,417			(1,289,362	)		304,874			(4,399,870	)		113,037			(2,635,554	)
	8,998,391			10,287,753			16,044,146			20,444,016			6,722,115			9,357,669
$	9,491,808		$	8,998,391		$	16,349,020		$	16,044,146		$	6,835,152		$	6,722,115

See accompanying notes to the financial statements.

36

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Total Return Fund

							Class A
	Year Ended     October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended   October 31,   2019
Net asset value at beginning of year	$	4.32		$	6.60		$	6.80		$	7.54		$	7.31
Income (loss) from investment operations:
Net investment income		0.27	1		0.32	1		0.33	1		0.34			0.40
Net realized and unrealized gain (loss)		0.23			(2.30	)		(0.20	)		(0.74	)		0.24
Total from investment operations		0.50			(1.98	)		0.13			(0.40	)		0.64
Less distributions:
From net investment income		(0.26	)		(0.05	)		(0.31	)		(0.12	)		(0.33	)
From net realized gain		—			—			—			—			—
Tax return of capital		(0.01	)		(0.25	)		(0.02	)		(0.22	)		(0.08	)
Total distributions		(0.27	)		(0.30	)		(0.33	)		(0.34	)		(0.41	)
Net asset value at end of year	$	4.55		$	4.32		$	6.60		$	6.80		$	7.54
Total return2		11.65	%		(30.79	)%		1.68	%		(5.31	)%		8.68	%
Portfolio turnover rate3		56	%		32	%		54	%		67	%		49	%
Net assets, end of year (in thousands)	$	1,446		$	1,920		$	5,917		$	10,377		$	11,108
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		1.48	%4		1.42	%		1.37	%4		1.42	%4		1.36	%
Expenses after reimbursements		1.28	%4		1.27	%		1.28	%4		1.32	%4		1.27	%
Net investment income to average net assets:
Net investment income before reimbursements		5.61	%4		5.50	%		4.53	%4		4.72	%4		5.16	%
Net investment income after reimbursements		5.81	%4		5.65	%		4.62	%4		4.82	%4		5.25	%

See accompanying notes to the financial statements.

37

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Total Return Fund

							Class C
	Year Ended     October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended   October 31,   2019
Net asset value at beginning of year	$	4.30		$	6.58		$	6.78		$	7.53		$	7.29
Income (loss) from investment operations:
Net investment income		0.24	1		0.27	1		0.27	1		0.30			0.34
Net realized and unrealized gain (loss)		0.24			(2.29	)		(0.19	)		(0.76	)		0.25
Total from investment operations		0.48			(2.02	)		0.08			(0.46	)		0.59
Less distributions:
From net investment income		(0.23	)		(0.04	)		(0.26	)		(0.11	)		(0.28	)
From net realized gain		—			—			—			—			—
Tax return of capital		(0.01	)		(0.22	)		(0.02	)		(0.18	)		(0.07	)
Total distributions		(0.24	)		(0.26	)		(0.28	)		(0.29	)		(0.35	)
Net asset value at end of year	$	4.54		$	4.30		$	6.58		$	6.78		$	7.53
Total return2		11.14	%		(31.39	)%		0.93	%		(6.09	)%		8.02	%
Portfolio turnover rate3		56	%		32	%		54	%		67	%		49	%
Net assets, end of year (in thousands)	$	815		$	1,080		$	2,386		$	3,905		$	5,506
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		2.24	%5		2.17	%		2.12	%5		2.17	%5		2.11	%
Expenses after reimbursements		2.03	%5		2.02	%		2.03	%5		2.06	%5		2.02	%
Net investment income to average net assets:
Net investment income before reimbursements		4.85	%5		4.74	%		3.76	%5		4.01	%5		4.41	%
Net investment income after reimbursements		5.06	%5		4.89	%		3.85	%5		4.12	%5		4.50	%

See accompanying notes to the financial statements.

38

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Total Return Fund

	Institutional Class
	Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2019
Net asset value at beginning of year	$	4.38		$	6.70		$	6.90		$	7.65		$	7.41
Income (loss) from investment operations:
Net investment income		0.29	1		0.33	1		0.35	1		0.36			0.44
Net realized and unrealized gain (loss)		0.24			(2.34	)		(0.20	)		(0.75	)		0.24
Total from investment operations		0.53			(2.01	)		0.15			(0.39	)		0.68
Less distributions:
From net investment income		(0.28	)		(0.05	)		(0.33	)		(0.13	)		(0.35	)
From net realized gain		—			—			—			—			—
Tax return of capital		(0.01	)		(0.26	)		(0.02	)		(0.23	)		(0.09	)
Total distributions		(0.29	)		(0.31	)		(0.35	)		(0.36	)		(0.44	)
Net asset value at end of year	$	4.62		$	4.38		$	6.70		$	6.90		$	7.65
Total return2		12.06	%		(30.74	)%		1.94	%		(5.09	)%		9.04	%
Portfolio turnover rate3		56	%		32	%		54	%		67	%		49	%
Net assets, end of year (in thousands)	$	450,339		$	488,864		$	1,216,666		$	1,229,181		$	1,528,196
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		1.24	%6		1.17	%		1.12	%6		1.17	%6		1.11	%
Expenses after reimbursements		1.03	%6		1.02	%		1.03	%6		1.07	%6		1.02	%
Net investment income to average net assets:
Net investment income before reimbursements		5.84	%6		5.79	%		4.78	%6		4.99	%6		5.40	%
Net investment income after reimbursements		6.05	%6		5.94	%		4.87	%6		5.09	%6		5.49	%

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

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

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

⁴  Ratios include legal expenses of $229, $3,181 and $5,146 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2023, 2021 and 2020, respectively. Expense ratios would have been lower by 0.01%, 0.01% and 0.05% and Net investment income ratios would have been higher by 0.01%, 0.01% and 0.05% excluding these expenses.

⁵  Ratios include legal expenses of $111, $1,113 and $1,990 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2023, 2021 and 2020, respectively. Expense ratios would have been lower by 0.01%, 0.01% and 0.04% and Net investment income ratios would have been higher by 0.01%, 0.01% and 0.04% excluding these expenses.

⁶  Ratios include legal expenses of $59,051, $433,533 and $640,665 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2023, 2021 and 2020, respectively. Expense ratios would have been lower by 0.01%, 0.01% and 0.05% and Net investment income ratios would have been higher by 0.01%, 0.01% and 0.05% excluding these expenses.

See accompanying notes to the financial statements.

39

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Local Currency Bond Fund

							Class A
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			2020			2019
Net asset value at beginning of year	$	5.62		$	6.92		$	6.86		$	7.35		$	6.53
Income (loss) from investment operations:
Net investment income		0.38	1		0.32	1		0.28	1		0.35	1		0.59
Net realized and unrealized gain (loss)		0.30			(1.53	)		(0.22	)		(0.75	)		0.27
Total from investment operations		0.68			(1.21	)		0.06			(0.40	)		0.86
Less distributions:
From net investment income		(0.18	)		—			—			—			—
From net realized gain		—			—			—			—			—
Tax return of capital		—			(0.09	)		—			(0.09	)		(0.04	)
Total distributions		(0.18	)		(0.09	)		—			(0.09	)		(0.04	)
Net asset value at end of year	$	6.12		$	5.62		$	6.92		$	6.86		$	7.35
Total return2		12.11	%		(17.75	)%		0.87	%		(5.51	)%		13.24	%
Portfolio turnover rate3		79	%		53	%		34	%		47	%		56	%
Net assets, end of year (in thousands)	$	1,197		$	1,248		$	1,592		$	1,755		$	1,933
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		2.89	%		3.10	%		2.97	%		1.75	%		1.55	%
Expenses after reimbursements		1.07	%		1.22	%		1.22	%		1.22	%		1.22	%
Net investment income to average net assets:
Net investment income before reimbursements		4.23	%		3.16	%		2.11	%		4.45	%		5.08	%
Net investment income after reimbursements		6.05	%		5.04	%		3.86	%		4.98	%		5.41	%

See accompanying notes to the financial statements.

40

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Local Currency Bond Fund

	Class C
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			2020			2019
Net asset value at beginning of year	$	5.44		$	6.75		$	6.74		$	7.27		$	6.47
Income (loss) from investment operations:
Net investment income		0.32	1		0.30	1		0.22	1		0.29	1		0.34
Net realized and unrealized gain (loss)		0.30			(1.53	)		(0.21	)		(0.74	)		0.47
Total from investment operations		0.62			(1.23	)		0.01			(0.45	)		0.81
Less distributions:
From net investment income		(0.11	)		—			—			—			—
From net realized gain		—			—			—			—			—
Tax return of capital		—			(0.08	)		—			(0.08	)		(0.01	)
Total distributions		(0.11	)		(0.08	)		—			(0.08	)		(0.01	)
Net asset value at end of year	$	5.95		$	5.44		$	6.75		$	6.74		$	7.27
Total return2		11.41	%		(18.30	)%		0.15	%		(6.25	)%		12.54	%
Portfolio turnover rate3		79	%		53	%		34	%		47	%		56	%
Net assets, end of year (in thousands)	$	1		$	2		$	25		$	30		$	55
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		3.59	%		3.74	%		3.75	%		2.50	%		2.29	%
Expenses after reimbursements		1.82	%		1.97	%		1.97	%		1.97	%		1.97	%
Net investment income to average net assets:
Net investment income before reimbursements		3.52	%		2.85	%		1.35	%		3.77	%		4.33	%
Net investment income after reimbursements		5.29	%		4.62	%		3.13	%		4.30	%		4.65	%

See accompanying notes to the financial statements.

41

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Local Currency Bond Fund

	Institutional Class
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			2020			2019
Net asset value at beginning of year	$	5.90		$	7.24		$	7.16		$	7.66		$	6.79
Income (loss) from investment operations:
Net investment income		0.43	1		0.35	1		0.31	1		0.38	1		0.65
Net realized and unrealized gain (loss)		0.30			(1.60	)		(0.23	)		(0.78	)		0.27
Total from investment operations		0.73			(1.25	)		0.08			(0.40	)		0.92
Less distributions:
From net investment income		(0.19	)		—			—			—			—
From net realized gain		—			—			—			—			—
Tax return of capital		—			(0.09	)		—			(0.10	)		(0.05	)
Total distributions		(0.19	)		(0.09	)		—			(0.10	)		(0.05	)
Net asset value at end of year	$	6.44		$	5.90		$	7.24		$	7.16		$	7.66
Total return2		12.33	%		(17.49	)%		1.12	%		(5.38	)%		13.59	%
Portfolio turnover rate3		79	%		53	%		34	%		47	%		56	%
Net assets, end of year (in thousands)	$	9,108		$	4,131		$	6,310		$	28,257		$	42,545
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		2.57	%		2.83	%		2.61	%		1.50	%		1.28	%
Expenses after reimbursements		0.82	%		0.97	%		0.97	%		0.97	%		0.97	%
Net investment income to average net assets:
Net investment income before reimbursements		4.60	%		3.43	%		2.46	%		4.75	%		5.31	%
Net investment income after reimbursements		6.35	%		5.29	%		4.10	%		5.28	%		5.62	%

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

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

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

See accompanying notes to the financial statements.

42

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Income Fund

							Class A
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			2020			2019
Net asset value at beginning of year	$	4.96		$	7.53		$	7.53		$	7.92		$	7.87
Income (loss) from investment operations:
Net investment income		0.27			0.40			0.37			0.44			0.52
Net realized and unrealized gain (loss)		0.31			(2.54	)		—			(0.39	)		0.03
Total from investment operations		0.58			(2.14	)		0.37			0.05			0.55
Less distributions:
From net investment income		(0.40	)		(0.42	)		(0.37	)		(0.44	)		(0.50	)
From net realized gain		—			(0.01	)		—			—			(—	)1
Tax return of capital		—			—			—			(—	)1		—
Total distributions		(0.40	)		(0.43	)		(0.37	)		(0.44	)		(0.50	)
Net asset value at end of year	$	5.14		$	4.96		$	7.53		$	7.53		$	7.92
Total return2		11.75	%		(29.30	)%		4.85	%		0.85	%		7.37	%
Portfolio turnover rate3		56	%		55	%		73	%		117	%		96	%
Net assets, end of year (in thousands)	$	3,779		$	4,742		$	11,153		$	11,198		$	13,383
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		1.47	%4		1.44	%4		1.55	%4		1.58	%4		1.51	%
Expenses after reimbursements		1.14	%4		1.24	%4		1.43	%4		1.47	%4		1.42	%
Net investment income to average net assets:
Net investment income before reimbursements		5.40	%4		6.62	%4		4.61	%4		5.76	%4		6.39	%
Net investment income after reimbursements		5.73	%4		6.82	%4		4.73	%4		5.87	%4		6.48	%

See accompanying notes to the financial statements.

43

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Income Fund

							Class C
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			2020			2019
Net asset value at beginning of year	$	4.95		$	7.52		$	7.51		$	7.91		$	7.86
Income (loss) from investment operations:
Net investment income		0.24			0.35			0.31			0.39			0.45
Net realized and unrealized gain (loss)		0.29			(2.53	)		0.02			(0.40	)		0.04
Total from investment operations		0.53			(2.18	)		0.33			(0.01	)		0.49
Less distributions:
From net investment income		(0.36	)		(0.38	)		(0.32	)		(0.39	)		(0.44	)
From net realized gain		—			(0.01	)		—			—			(—	)1
Tax return of capital		—			—			—			(—	)1		—
Total distributions		(0.36	)		(0.39	)		(0.32	)		(0.39	)		(0.44	)
Net asset value at end of year	$	5.12		$	4.95		$	7.52		$	7.51		$	7.91
Total return2		10.75	%		(29.86	)%		4.25	%		(0.01	)%		6.58	%
Portfolio turnover rate3		56	%		55	%		73	%		117	%		96	%
Net assets, end of year (in thousands)	$	1,492		$	1,782		$	5,762		$	7,466		$	10,745
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		2.22	%5		2.20	%5		2.30	%5		2.33	%5		2.26	%
Expenses after reimbursements		1.89	%5		2.01	%5		2.18	%5		2.22	%5		2.17	%
Net investment income to average net assets:
Net investment income before reimbursements		4.65	%5		5.89	%5		3.88	%5		5.01	%5		5.65	%
Net investment income after reimbursements		4.98	%5		6.08	%5		4.00	%5		5.12	%5		5.74	%

See accompanying notes to the financial statements.

44

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Income Fund

	Institutional Class
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			2020			2019
Net asset value at beginning of year	$	5.17		$	7.85		$	7.84		$	8.25		$	8.20
Income (loss) from investment operations:
Net investment income		0.31			0.45			0.41			0.48			0.55
Net realized and unrealized gain (loss)		0.31			(2.66	)		0.01			(0.41	)		0.04
Total from investment operations		0.62			(2.21	)		0.42			0.07			0.59
Less distributions:
From net investment income		(0.43	)		(0.46	)		(0.41	)		(0.48	)		(0.54	)
From net realized gain		—			(0.01	)		—			—			(—	)1
Tax return of capital		—			—			—			(—	)1		—
Total distributions		(0.43	)		(0.47	)		(0.41	)		(0.48	)		(0.54	)
Net asset value at end of year	$	5.36		$	5.17		$	7.85		$	7.84		$	8.25
Total return2		12.06	%		(29.15	)%		5.24	%		1.04	%		7.61	%
Portfolio turnover rate3		56	%		55	%		73	%		117	%		96	%
Net assets, end of year (in thousands)	$	67,689		$	86,347		$	277,188		$	261,307		$	443,880
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		1.22	%6		1.20	%6		1.30	%6		1.32	%6		1.26	%
Expenses after reimbursements		0.89	%6		1.01	%6		1.18	%6		1.21	%6		1.17	%
Net investment income to average net assets:
Net investment income before reimbursements		5.65	%6		6.90	%6		4.86	%6		6.00	%6		6.66	%
Net investment income after reimbursements		5.98	%6		7.09	%6		4.98	%6		6.11	%6		6.75	%

¹  Amount is less than $0.005 per share.

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

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

⁴  Ratios include legal expenses of $770, $63, $1,438 and $6,538 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.02%, 0.12%, 0.01% and 0.05% and Net investment income ratios would have been higher by 0.02%, 0.07%, 0.01% and 0.05% excluding these expenses.

⁵  Ratios include legal expenses of $298, $79, $756 and $4,394 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.02%, 0.14%, 0.01% and 0.05% and Net investment income ratios would have been higher by 0.02%, 0.07%, 0.01% and 0.05% excluding these expenses.

⁶  Ratios include legal expenses of $13,964, $3,742, $34,379 and $153,663 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.02%, 0.14%, 0.01% and 0.04% and Net investment income ratios would have been higher by 0.02%, 0.07%, 0.01% and 0.04% excluding these expenses.

See accompanying notes to the financial statements.

45

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Short Duration Fund

							Class A
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			2020			2019
Net asset value at beginning of year	$	4.28		$	6.80		$	7.52		$	9.00		$	9.78
Income (loss) from investment operations:
Net investment income		0.34	1		0.32			0.44			0.46			0.68
Net realized and unrealized gain (loss)		0.57			(2.39	)		(0.69	)		(1.46	)		(0.75	)
Total from investment operations		0.91			(2.07	)		(0.25	)		(1.00	)		(0.07	)
Less distributions:
From net investment income		(0.41	)		(0.34	)		(0.47	)		(0.48	)		(0.68	)
From net realized gain		—			(0.11	)		—			—			(0.03	)
Tax return of capital		—			—			—			—			—
Total distributions		(0.41	)		(0.45	)		(0.47	)		(0.48	)		(0.71	)
Net asset value at end of year	$	4.78		$	4.28		$	6.80		$	7.52		$	9.00
Total return2		22.36	%		(31.54	)%		(4.07	)%		(11.25	)%		(1.22	)%
Portfolio turnover rate3		49	%		41	%		32	%		80	%		53	%
Net assets, end of year (in thousands)	$	8,499		$	2,975		$	6,834		$	19,865		$	110,771
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		1.37	%4		1.14	%4		1.10	%4		1.13	%4		1.00	%
Expenses after reimbursements		0.99	%4		0.89	%4		1.00	%4		0.99	%4		0.92	%
Net investment income to average net assets:
Net investment income before reimbursements		7.19	%4		6.06	%4		6.17	%4		7.07	%4		6.74	%
Net investment income after reimbursements		7.57	%4		6.31	%4		6.27	%4		7.21	%4		6.82	%

See accompanying notes to the financial statements.

46

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Short Duration Fund

							Class C
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			2020			2019
Net asset value at beginning of year	$	4.09		$	6.53		$	7.22		$	8.66		$	9.41
Income (loss) from investment operations:
Net investment income		0.30	1		0.29			0.40			0.42			0.58
Net realized and unrealized gain (loss)		0.54			(2.33	)		(0.69	)		(1.45	)		(0.72	)
Total from investment operations		0.84			(2.04	)		(0.29	)		(1.03	)		(0.14	)
Less distributions:
From net investment income		(0.37	)		(0.29	)		(0.40	)		(0.41	)		(0.58	)
From net realized gain		—			(0.11	)		—			—			(0.03	)
Tax return of capital		—			—			—			—			—
Total distributions		(0.37	)		(0.40	)		(0.40	)		(0.41	)		(0.61	)
Net asset value at end of year	$	4.56		$	4.09		$	6.53		$	7.22		$	8.66
Total return2		21.32	%		(32.29	)%		(4.56	)%		(12.05	)%		(1.94	)%
Portfolio turnover rate3		49	%		41	%		32	%		80	%		53	%
Net assets, end of year (in thousands)	$	171		$	291		$	1,219		$	1,572		$	2,342
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		2.11	%5		1.91	%5		1.84	%5		1.96	%5		1.75	%
Expenses after reimbursements		1.74	%5		1.66	%5		1.76	%5		1.83	%5		1.67	%
Net investment income to average net assets:
Net investment income before reimbursements		6.57	%5		5.09	%5		5.36	%5		5.20	%5		5.96	%
Net investment income after reimbursements		6.94	%5		5.34	%5		5.44	%5		5.33	%5		6.04	%

See accompanying notes to the financial statements.

47

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Short Duration Fund

	Institutional Class
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			2020			2019
Net asset value at beginning of year	$	4.20		$	6.69		$	7.40		$	8.83		$	9.60
Income (loss) from investment operations:
Net investment income		0.34	1		0.37			0.50			0.49			0.69
Net realized and unrealized gain (loss)		0.57			(2.40	)		(0.73	)		(1.44	)		(0.74	)
Total from investment operations		0.91			(2.03	)		(0.23	)		(0.95	)		(0.05	)
Less distributions:
From net investment income		(0.42	)		(0.35	)		(0.48	)		(0.48	)		(0.69	)
From net realized gain		—			(0.11	)		—			—			(0.03	)
Tax return of capital		—			—			—			—			—
Total distributions		(0.42	)		(0.46	)		(0.48	)		(0.48	)		(0.72	)
Net asset value at end of year	$	4.69		$	4.20		$	6.69		$	7.40		$	8.83
Total return2		22.63	%		(31.54	)%		(3.75	)%		(10.94	)%		(1.01	)%
Portfolio turnover rate3		49	%		41	%		32	%		80	%		53	%
Net assets, end of year (in thousands)	$	51,723		$	52,073		$	124,954		$	441,467		$	1,195,492
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		1.12	%6		0.90	%6		0.84	%6		0.91	%6		0.75	%
Expenses after reimbursements		0.74	%6		0.65	%6		0.75	%6		0.79	%6		0.67	%
Net investment income to average net assets:
Net investment income before reimbursements		7.47	%6		6.22	%6		6.38	%6		6.98	%6		7.04	%
Net investment income after reimbursements		7.85	%6		6.47	%6		6.47	%6		7.10	%6		7.12	%

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

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

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

⁴  Ratios include legal expenses of $5,360, $(1,101), $10,827 and $37,676 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.07%, higher by 0.03% and lower by 0.08% and 0.07% and Net investment income ratios would have been higher by 0.07%, lower by 0.03% and higher by 0.08% and 0.07% excluding these expenses.

⁵  Ratios include legal expenses of $141, $(46), $1,388 and $2,841 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.07%, higher by 0.01% and lower by 0.09% and 0.16% and Net investment income ratios would have been higher by 0.07%, lower by 0.01% and higher by 0.09% and 0.16% excluding these expenses.

⁶  Ratios include legal expenses of $34,017, $(12,847), $182,441 and $835,457 that are outside of the expense cap under the expense limitation agreement for the years ended October 31, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.07%, higher by 0.02% and lower by 0.08% and 0.12% and Net investment income ratios would have been higher by 0.07%, lower by 0.02% and higher by 0.08% and 0.12% excluding these expenses.

See accompanying notes to the financial statements.

48

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Active Equity Fund

							Class A
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			2020			2019
Net asset value at beginning of year	$	6.11		$	12.55		$	11.08		$	10.46		$	10.53
Income (loss) from investment operations:
Net investment income		0.01	1		0.08	1		0.15			0.11	1		0.13
Net realized and unrealized gain (loss)		0.47			(3.26	)		1.44			0.56			0.85
Total from investment operations		0.48			(3.18	)		1.59			0.67			0.98
Less distributions:
From net investment income		(0.11	)		(0.18	)		(0.12	)		(0.05	)		(0.09	)
From net realized gain		—			(3.07	)		—			—			(0.94	)
Tax return of capital		—			(0.01	)		—			—			(0.02	)
Total distributions		(0.11	)		(3.26	)		(0.12	)		(0.05	)		(1.05	)
Net asset value at end of year	$	6.48		$	6.11		$	12.55		$	11.08		$	10.46
Total return2		7.68	%		(33.53	)%		14.23	%		6.49	%		10.73	%
Portfolio turnover rate3		189	%		264	%		206	%		228	%		153	%
Net assets, end of year (in thousands)	$	40		$	804		$	1,611		$	1,616		$	209
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		1.69	%		1.52	%		1.49	%		1.55	%		1.96	%
Expenses after reimbursements		1.27	%		1.27	%		1.27	%		1.27	%		1.27	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		(0.25	)%		0.68	%		0.91	%		0.73	%		0.55	%
Net investment income after reimbursements		0.17	%		0.93	%		1.13	%		1.01	%		1.24	%

See accompanying notes to the financial statements.

49

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Active Equity Fund

							Class C
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			2020			2019
Net asset value at beginning of year	$	5.96		$	12.33		$	10.90		$	10.32		$	10.43
Income (loss) from investment operations:
Net investment income		0.01	1		0.01	1		0.05			—	1,4		0.07
Net realized and unrealized gain (loss)		0.41			(3.18	)		1.42			0.58			0.83
Total from investment operations		0.42			(3.17	)		1.47			0.58			0.90
Less distributions:
From net investment income		(0.08	)		(0.13	)		(0.04	)		(—	)4		(0.05	)
From net realized gain		—			(3.07	)		—			—			(0.94	)
Tax return of capital		—			(—	)4		—			—			(0.02	)
Total distributions		(0.08	)		(3.20	)		(0.04	)		—			(1.01	)
Net asset value at end of year	$	6.30		$	5.96		$	12.33		$	10.90		$	10.32
Total return2		6.89	%		(34.05	)%		13.41	%		5.76	%		9.88	%
Portfolio turnover rate3		189	%		264	%		206	%		228	%		153	%
Net assets, end of year (in thousands)	$	1		$	1		$	2		$	2		$	12
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		2.79	%		2.30	%		2.25	%		2.31	%		2.71	%
Expenses after reimbursements		2.02	%		2.02	%		2.02	%		2.02	%		2.02	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		(0.65	)%		(0.10	)%		0.14	%		(0.30	)%		(0.17	)%
Net investment income (loss) after reimbursements		0.12	%		0.18	%		0.37	%		(0.01	)%		0.52	%

See accompanying notes to the financial statements.

50

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Active Equity Fund

	Institutional Class
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			2020			2019
Net asset value at beginning of year	$	6.16		$	12.63		$	11.15		$	10.51		$	10.56
Income (loss) from investment operations:
Net investment income		0.07	1		0.09	1		0.18			0.10	1		0.16
Net realized and unrealized gain (loss)		0.43			(3.28	)		1.45			0.60			0.86
Total from investment operations		0.50			(3.19	)		1.63			0.70			1.02
Less distributions:
From net investment income		(0.12	)		(0.20	)		(0.15	)		(0.06	)		(0.10	)
From net realized gain		—			(3.07	)		—			—			(0.94	)
Tax return of capital		—			(0.01	)		—			—			(0.03	)
Total distributions		(0.12	)		(3.28	)		(0.15	)		(0.06	)		(1.07	)
Net asset value at end of year	$	6.54		$	6.16		$	12.63		$	11.15		$	10.51
Total return2		7.95	%		(33.40	)%		14.50	%		6.79	%		11.05	%
Portfolio turnover rate3		189	%		264	%		206	%		228	%		153	%
Net assets, end of year (in thousands)	$	22,849		$	75,264		$	96,417		$	80,474		$	20,502
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		1.61	%		1.27	%		1.24	%		1.29	%		1.72	%
Expenses after reimbursements		1.02	%		1.02	%		1.02	%		1.02	%		1.02	%
Net investment income to average net assets:
Net investment income before reimbursements		0.41	%		0.87	%		1.15	%		0.67	%		0.83	%
Net investment income after reimbursements		1.00	%		1.12	%		1.37	%		0.94	%		1.53	%

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

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

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

⁴  Amount is less than $0.005 per share.

See accompanying notes to the financial statements.

51

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Small-Cap Equity Fund

							Class A
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			2020			2019
Net asset value at beginning of year	$	10.07		$	15.32		$	10.99		$	8.84		$	8.02
Income (loss) from investment operations:
Net investment income (loss)		0.03	1		0.06	1		(0.18	)		(0.20	)		(0.01	)
Net realized and unrealized gain (loss)		0.93			(5.15	)		4.51			2.35			0.83
Total from investment operations		0.96			(5.09	)		4.33			2.15			0.82
Less distributions:
From net investment income		—			—			—			—			(—	)2
From net realized gain		—			—			—			—			—
Tax return of capital		—			(0.16	)		—			—			(—	)2
Total distributions		—			(0.16	)		—			—			—
Net asset value at end of year	$	11.03		$	10.07		$	15.32		$	10.99		$	8.84
Total return3		9.53	%		(33.37	)%		39.40	%		24.32	%		10.27	%
Portfolio turnover rate4		79	%		50	%		77	%		62	%		60	%
Net assets, end of year (in thousands)	$	441		$	393		$	321		$	388		$	1,356
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		3.29	%		3.08	%		2.75	%		2.78	%		2.30	%
Expenses after reimbursements		1.59	%		1.77	%		1.77	%		1.77	%		1.77	%
Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(1.41	)%		(0.78	)%		(1.48	)%		(1.74	)%		(0.62	)%
Net investment income (loss) after reimbursements		0.29	%		0.53	%		(0.50	)%		(0.73	)%		(0.09	)%

See accompanying notes to the financial statements.

52

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Small-Cap Equity Fund

	Class C
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			2020			2019
Net asset value at beginning of year	$	10.36		$	15.79		$	11.40		$	9.22		$	8.42
Income (loss) from investment operations:
Net investment loss		(0.09	)1		(0.06	)1		(0.32	)		(0.34	)		(0.38	)
Net realized and unrealized gain (loss)		0.99			(5.28	)		4.71			2.52			1.18
Total from investment operations		0.90			(5.34	)		4.39			2.18			0.80
Less distributions:
From net investment income		—			—			—			—			—
From net realized gain		—			—			—			—			—
Tax return of capital		—			(0.09	)		—			—			—
Total distributions		—			(0.09	)		—			—			—
Net asset value at end of year	$	11.26		$	10.36		$	15.79		$	11.40		$	9.22
Total return3		8.69	%		(33.91	)%		38.51	%		23.64	%		9.50	%
Portfolio turnover rate4		79	%		50	%		77	%		62	%		60	%
Net assets, end of year (in thousands)	$	14		$	41		$	162		$	135		$	144
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		3.96	%		3.72	%		3.47	%		3.91	%		3.05	%
Expenses after reimbursements		2.34	%		2.52	%		2.52	%		2.52	%		2.52	%
Net investment loss to average net assets:
Net investment loss before reimbursements		(2.35	)%		(1.67	)%		(2.09	)%		(2.70	)%		(1.48	)%
Net investment loss after reimbursements		(0.73	)%		(0.47	)%		(1.14	)%		(1.31	)%		(0.95	)%

See accompanying notes to the financial statements.

53

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Small-Cap Equity Fund

	Institutional Class
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			2020			2019
Net asset value at beginning of year	$	13.09		$	19.82		$	14.19		$	11.39		$	10.32
Income (loss) from investment operations:
Net investment income (loss)		0.08	1		0.09	1		(0.02	)		(0.10	)		0.02
Net realized and unrealized gain (loss)		1.21			(6.65	)		5.65			2.90			1.06
Total from investment operations		1.29			(6.56	)		5.63			2.80			1.08
Less distributions:
From net investment income		—			—			—			—			(0.01	)
From net realized gain		—			—			—			—			—
Tax return of capital		—			(0.17	)		—			—			(—	)2
Total distributions		—			(0.17	)		—			—			(0.01	)
Net asset value at end of year	$	14.38		$	13.09		$	19.82		$	14.19		$	11.39
Total return3		9.85	%		(33.21	)%		39.68	%		24.58	%		10.52	%
Portfolio turnover rate4		79	%		50	%		77	%		62	%		60	%
Net assets, end of year (in thousands)	$	8,043		$	6,237		$	10,994		$	7,419		$	26,296
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		3.03	%		2.77	%		2.45	%		2.56	%		2.05	%
Expenses after reimbursements		1.34	%		1.52	%		1.52	%		1.52	%		1.52	%
Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(1.18	)%		(0.66	)%		(1.02	)%		(1.51	)%		(0.38	)%
Net investment income (loss) after reimbursements		0.51	%		0.59	%		(0.09	)%		(0.47	)%		0.15	%

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

²  Amount is less than $0.005 per share.

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

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

See accompanying notes to the financial statements.

54

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Frontier Equity Fund

							Class A
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			2020			2019
Net asset value at beginning of year	$	8.36		$	10.13		$	7.07		$	8.02		$	7.66
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.08	1		0.02	1		(0.01	)1		0.14
Net realized and unrealized gain (loss)		(0.14	)		(1.67	)		3.10			(0.91	)		0.37
Total from investment operations		(0.05	)		(1.59	)		3.12			(0.92	)		0.51
Less distributions:
From net investment income		(0.18	)		(0.18	)		(0.06	)		(0.03	)		(0.15	)
From net realized gain		—			—			—			—			—
Tax return of capital		—			—			—			—			—
Total distributions		(0.18	)		(0.18	)		(0.06	)		(0.03	)		(0.15	)
Net asset value at end of year	$	8.13		$	8.36		$	10.13		$	7.07		$	8.02
Total return2		(0.72	)%		(15.92	)%		44.20	%		(11.47	)%		6.58	%
Portfolio turnover rate3		94	%		95	%		87	%		108	%		93	%
Net assets, end of year (in thousands)	$	1,597		$	3,018		$	2,561		$	656		$	6,985
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		2.27	%		2.24	%		2.11	%		2.18	%		2.12	%
Expenses after reimbursements		1.77	%		1.77	%		1.77	%		1.77	%		1.77	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		1.57	%		0.49	%		(0.09	)%		(0.59	)%		1.61	%
Net investment income (loss) after reimbursements		2.07	%		0.96	%		0.25	%		(0.18	)%		1.96	%

See accompanying notes to the financial statements.

55

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Frontier Equity Fund

							Class C
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			2020			2019
Net asset value at beginning of year	$	8.03		$	9.75		$	6.82		$	7.80		$	7.47
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		0.02	1		(0.03	)1		0.01	1		0.02
Net realized and unrealized gain (loss)		(0.10	)		(1.62	)		2.97			(0.96	)		0.42
Total from investment operations		(0.12	)		(1.60	)		2.94			(0.95	)		0.44
Less distributions:
From net investment income		(0.13	)		(0.12	)		(0.01	)		(0.03	)		(0.11	)
From net realized gain		—			—			—			—			—
Tax return of capital		—			—			—			—			—
Total distributions		(0.13	)		(0.12	)		(0.01	)		(0.03	)		(0.11	)
Net asset value at end of year	$	7.78		$	8.03		$	9.75		$	6.82		$	7.80
Total return2		(1.51	)%		(16.58	)%		43.13	%		(12.13	)%		5.87	%
Portfolio turnover rate3		94	%		95	%		87	%		108	%		93	%
Net assets, end of year (in thousands)	$	204		$	293		$	209		$	286		$	305
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		3.04	%		3.00	%		2.89	%		3.01	%		2.88	%
Expenses after reimbursements		2.52	%		2.52	%		2.52	%		2.52	%		2.52	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		0.77	%		(0.21	)%		(0.77	)%		(0.41	)%		0.48	%
Net investment income (loss) after reimbursements		1.29	%		0.27	%		(0.40	)%		0.08	%		0.84	%

See accompanying notes to the financial statements.

56

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Frontier Equity Fund

	Institutional Class
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			2020			2019
Net asset value at beginning of year	$	9.73		$	11.77		$	8.20		$	9.32		$	8.86
Income (loss) from investment operations:
Net investment income		0.24			0.11	1		0.06	1		0.09	1		0.16
Net realized and unrealized gain (loss)		(0.27	)		(1.95	)		3.58			(1.13	)		0.46
Total from investment operations		(0.03	)		(1.84	)		3.64			(1.04	)		0.62
Less distributions:
From net investment income		(0.20	)		(0.20	)		(0.07	)		(0.08	)		(0.16	)
From net realized gain		—			—			—			—			—
Tax return of capital		—			—			—			—			—
Total distributions		(0.20	)		(0.20	)		(0.07	)		(0.08	)		(0.16	)
Net asset value at end of year	$	9.50		$	9.73		$	11.77		$	8.20		$	9.32
Total return2		(0.42	)%		(15.78	)%		44.50	%		(11.17	)%		6.97	%
Portfolio turnover rate3		94	%		95	%		87	%		108	%		93	%
Net assets, end of year (in thousands)	$	61,026		$	69,320		$	77,540		$	53,053		$	81,047
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		2.03	%		1.98	%		1.88	%		2.00	%		1.88	%
Expenses after reimbursements		1.52	%		1.52	%		1.52	%		1.52	%		1.52	%
Net investment income to average net assets:
Net investment income before reimbursements		1.73	%		0.64	%		0.23	%		0.58	%		1.39	%
Net investment income after reimbursements		2.24	%		1.10	%		0.59	%		1.06	%		1.75	%

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

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

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

See accompanying notes to the financial statements.

57

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Equity Fund

							Class A
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			2020			2019
Net asset value at beginning of year	$	8.29		$	16.77		$	13.08		$	11.18		$	9.38
Income (loss) from investment operations:
Net investment income (loss)		0.10	1		0.13			(0.06	)1		0.08			0.05
Net realized and unrealized gain (loss)		1.01			(5.67	)		4.07			1.84			1.97
Total from investment operations		1.11			(5.54	)		4.01			1.92			2.02
Less distributions:
From net investment income		(0.12	)		(0.09	)		(0.10	)		(0.02	)		(0.22	)
From net realized gain		—			(2.83	)		(0.22	)		—			—
Tax return of capital		—			(0.02	)		—			—			—
Total distributions		(0.12	)		(2.94	)		(0.32	)		(0.02	)		(0.22	)
Net asset value at end of year	$	9.28		$	8.29		$	16.77		$	13.08		$	11.18
Total return2		13.26	%		(39.01	)%		30.92	%		17.21	%		21.66	%
Portfolio turnover rate3		79	%		85	%		77	%		76	%		76	%
Net assets, end of year (in thousands)	$	4,469		$	3,081		$	3,872		$	1,394		$	641
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		1.69	%		1.65	%		1.56	%		1.81	%		1.91	%
Expenses after reimbursements		1.32	%		1.42	%		1.42	%		1.42	%		1.42	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		0.59	%		0.75	%		(0.48	)%		(0.42	)%		(0.01	)%
Net investment income (loss) after reimbursements		0.96	%		0.98	%		(0.34	)%		(0.03	)%		0.48	%

See accompanying notes to the financial statements.

58

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Equity Fund

							Class C
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			2020			2019
Net asset value at beginning of year	$	7.70		$	15.80		$	12.39		$	10.64		$	8.96
Income (loss) from investment operations:
Net investment income (loss)		0.03	1		0.02			(0.16	)1		(0.10	)		(0.04	)
Net realized and unrealized gain (loss)		0.93			(5.25	)		3.86			1.85			1.91
Total from investment operations		0.96			(5.23	)		3.70			1.75			1.87
Less distributions:
From net investment income		(0.05	)		(0.03	)		(0.07	)		—			(0.19	)
From net realized gain		—			(2.83	)		(0.22	)		—			—
Tax return of capital		—			(0.01	)		—			—			—
Total distributions		(0.05	)		(2.87	)		(0.29	)		—			(0.19	)
Net asset value at end of year	$	8.61		$	7.70		$	15.80		$	12.39		$	10.64
Total return2		12.45	%		(39.46	)%		30.13	%		16.45	%		20.89	%
Portfolio turnover rate3		79	%		85	%		77	%		76	%		76	%
Net assets, end of year (in thousands)	$	70		$	105		$	107		$	2		$	1
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		2.45	%		2.42	%		2.29	%		2.49	%		2.66	%
Expenses after reimbursements		2.07	%		2.17	%		2.17	%		2.17	%		2.17	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		(0.09	)%		0.12	%		(1.11	)%		(1.22	)%		(0.95	)%
Net investment income (loss) after reimbursements		0.29	%		0.37	%		(0.99	)%		(0.90	)%		(0.46	)%

See accompanying notes to the financial statements.

59

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Equity Fund

	Institutional Class
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			2020			2019
Net asset value at beginning of year	$	7.97		$	16.23		$	12.65		$	10.81		$	9.06
Income (loss) from investment operations:
Net investment income (loss)		0.12	1		0.17			(0.02	)1		0.11			0.06
Net realized and unrealized gain (loss)		0.98			(5.47	)		3.92			1.77			1.93
Total from investment operations		1.10			(5.30	)		3.90			1.88			1.99
Less distributions:
From net investment income		(0.14	)		(0.11	)		(0.10	)		(0.04	)		(0.24	)
From net realized gain		—			(2.83	)		(0.22	)		—			—
Tax return of capital		—			(0.02	)		—			—			—
Total distributions		(0.14	)		(2.96	)		(0.32	)		(0.04	)		(0.24	)
Net asset value at end of year	$	8.93		$	7.97		$	16.23		$	12.65		$	10.81
Total return2		13.65	%		(38.85	)%		31.24	%		17.41	%		22.05	%
Portfolio turnover rate3		79	%		85	%		77	%		76	%		76	%
Net assets, end of year (in thousands)	$	88,044		$	90,921		$	116,727		$	82,385		$	35,011
Ratios to average net assets:
Total expenses to average net assets:
Expenses before reimbursements		1.44	%		1.41	%		1.32	%		1.56	%		1.66	%
Expenses after reimbursements		1.07	%		1.17	%		1.17	%		1.17	%		1.17	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		0.84	%		1.10	%		(0.26	)%		(0.22	)%		0.09	%
Net investment income (loss) after reimbursements		1.21	%		1.34	%		(0.11	)%		0.17	%		0.58	%

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

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

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

See accompanying notes to the financial statements.

60

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Equity ESG Fund

	Class A
	Year Ended			Year Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			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)		0.03			0.01			(0.09	)		(0.01	)
Net realized and unrealized gain (loss)		1.06			(5.27	)		3.04			2.06
Total from investment operations		1.09			(5.26	)		2.95			2.05
Less distributions:
From net investment income		(0.06	)		—			(0.09	)		—
From net realized gain		—			(2.03	)		—			—
Tax return of capital		—			(0.01	)		—			—
Total distributions		(0.06	)		(2.04	)		(0.09	)		—
Net asset value at end of period	$	8.64		$	7.61		$	14.91		$	12.05
Total return2		14.21	%		(40.26	)%		24.50	%		20.50	%
Portfolio turnover rate3		51	%		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		1.32	%		1.42	%		1.42	%		1.42	%
Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(0.95	)%		(1.12	)%		(1.56	)%		(2.89	)%
Net investment income (loss) after reimbursements		0.22	%		(0.05	)%		(0.59	)%		(0.15	)%

See accompanying notes to the financial statements.

61

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Equity ESG Fund

				Class C
	Year Ended			Year Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			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)		1.05			(5.23	)		3.05			2.06
Total from investment operations		1.00			(5.27	)		2.85			2.00
Less distributions:
From net investment income		(0.02	)		—			(0.08	)		—
From net realized gain		—			(2.03	)		—			—
Tax return of capital		—			—			—			—
Total distributions		(0.02	)		(2.03	)		(0.08	)		—
Net asset value at end of period	$	8.45		$	7.47		$	14.77		$	12.00
Total return2		13.32	%		(40.76	)%		23.81	%		20.00	%
Portfolio turnover rate3		51	%		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		2.07	%		2.17	%		2.17	%		2.17	%
Net investment loss to average net assets:
Net investment loss before reimbursements		(1.70	)%		(1.85	)%		(2.32	)%		(3.50	)%
Net investment loss after reimbursements		(0.55	)%		(0.80	)%		(1.35	)%		(0.90	)%

See accompanying notes to the financial statements.

62

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Equity ESG Fund

	Institutional Class
	Year Ended			Year Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			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)		0.05			0.03			(0.05	)		0.01
Net realized and unrealized gain (loss)		1.06			(5.29	)		3.04			2.05
Total from investment operations		1.11			(5.26	)		2.99			2.06
Less distributions:
From net investment income		(0.07	)		—			(0.09	)		(—	)5
From net realized gain		—			(2.03	)		—			—
Tax return of capital		—			(0.02	)		—			—
Total distributions		(0.07	)		(2.05	)		(0.09	)		—
Net asset value at end of period	$	8.69		$	7.65		$	14.96		$	12.06
Total return2		14.45	%		(40.10	)%		24.82	%		20.60	%
Portfolio turnover rate3		51	%		49	%		55	%		45	%
Net assets, end of period (in thousands)	$	10,149		$	8,884		$	15,041		$	12,062
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements		2.19	%		2.12	%		2.16	%		3.68	%
Expenses after reimbursements		1.07	%		1.17	%		1.17	%		1.17	%
Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(0.63	)%		(0.74	)%		(1.34	)%		(2.41	)%
Net investment income (loss) after reimbursements		0.49	%		0.21	%		(0.35	)%		0.10	%

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

²  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.

63

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Low Duration Fund

	Class A
	Year Ended			Year Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			20201
Net asset value at beginning of period	$	8.32		$	9.80		$	10.18		$	10.00
Income (loss) from investment operations:
Net investment income		0.33			0.29			0.38			0.14
Net realized and unrealized gain (loss)		0.21			(1.48	)		(0.35	)		0.19
Total from investment operations		0.54			(1.19	)		0.03			0.33
Less distributions:
From net investment income		(0.35	)		(0.29	)		(0.38	)		(0.15	)
From net realized gain		—			(—	)2		(0.03	)		—
Tax return of capital		(0.01	)		—			—			—
Total distributions		(0.36	)		(0.29	)		(0.41	)		(0.15	)
Net asset value at end of period	$	8.50		$	8.32		$	9.80		$	10.18
Total return3		6.60	%		(12.27	)%		0.20	%		3.30	%
Portfolio turnover rate4		50	%		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		2.14	%		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		2.68	%		2.06	%		2.88	%		0.05	%
Net investment income after reimbursements		3.90	%		3.19	%		3.67	%		4.00	%

See accompanying notes to the financial statements.

64

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Low Duration Fund

	Class C
	Year Ended			Year Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			20201
Net asset value at beginning of period	$	8.32		$	9.80		$	10.18		$	10.00
Income (loss) from investment operations:
Net investment income		0.27			0.22			0.30			0.12
Net realized and unrealized gain (loss)		0.20			(1.48	)		(0.35	)		0.18
Total from investment operations		0.47			(1.26	)		(0.05	)		0.30
Less distributions:
From net investment income		(0.29	)		(0.22	)		(0.30	)		(0.12	)
From net realized gain		—			(—	)2		(0.03	)		—
Tax return of capital		(0.01	)		—			—			—
Total distributions		(0.30	)		(0.22	)		(0.33	)		(0.12	)
Net asset value at end of period	$	8.49		$	8.32		$	9.80		$	10.18
Total return3		5.68	%		(12.94	)%		(0.57	)%		3.03	%
Portfolio turnover rate4		50	%		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		2.82	%		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		2.01	%		1.39	%		2.16	%		(0.68	)%
Net investment income after reimbursements		3.16	%		2.44	%		2.91	%		3.25	%

See accompanying notes to the financial statements.

65

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Low Duration Fund

	Institutional Class
	Year Ended			Year Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			20201
Net asset value at beginning of period	$	8.32		$	9.80		$	10.18		$	10.00
Income (loss) from investment operations:
Net investment income		0.34			0.30			0.40			0.16
Net realized and unrealized gain (loss)		0.22			(1.48	)		(0.35	)		0.18
Total from investment operations		0.56			(1.18	)		0.05			0.34
Less distributions:
From net investment income		(0.36	)		(0.30	)		(0.40	)		(0.16	)
From net realized gain		—			(—	)2		(0.03	)		—
Tax return of capital		(0.01	)		—			—			—
Total distributions		(0.37	)		(0.30	)		(0.43	)		(0.16	)
Net asset value at end of period	$	8.51		$	8.32		$	9.80		$	10.18
Total return3		6.88	%		(12.16	)%		0.40	%		3.43	%
Portfolio turnover rate4		50	%		52	%		43	%		12	%
Net assets, end of period (in thousands)	$	9,490		$	8,996		$	10,286		$	10,317
Ratios to average net assets:5
Total expenses to average net assets:
Expenses before reimbursements		1.63	%		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		3.10	%		2.54	%		3.21	%		0.29	%
Net investment income after reimbursements		4.06	%		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.

66

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Debt Fund

	Class A
	Year Ended			Year Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			20201
Net asset value at beginning of period	$	7.52		$	9.90		$	9.85		$	10.00
Income (loss) from investment operations:
Net investment income		0.37			0.30			0.32			0.03
Net realized and unrealized gain (loss)		(0.11	)		(2.37	)		0.06			(0.15	)
Total from investment operations		0.26			(2.07	)		0.38			(0.12	)
Less distributions:
From net investment income		(0.41	)		(0.31	)		(0.33	)		(0.03	)
From net realized gain		—			—			—			—
Tax return of capital		(0.03	)		—			—			—
Total distributions		(0.44	)		(0.31	)		(0.33	)		(0.03	)
Net asset value at end of period	$	7.34		$	7.52		$	9.90		$	9.85
Total return2		3.31	%		(21.27	)%		3.85	%		(1.19	)%
Portfolio turnover rate3		109	%		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		1.74	%		1.56	%		1.77	%		4.88	%
Expenses after reimbursements		0.96	%		0.97	%		0.97	%		0.97	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		4.02	%		2.87	%		2.42	%		(1.27	)%
Net investment income after reimbursements		4.80	%		3.46	%		3.22	%		2.64	%

See accompanying notes to the financial statements.

67

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Debt Fund

	Class C
	Year Ended			Year Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			20201
Net asset value at beginning of period	$	7.52		$	9.90		$	9.85		$	10.00
Income (loss) from investment operations:
Net investment income		0.32			0.24			0.25			0.02
Net realized and unrealized gain (loss)		(0.11	)		(2.38	)		0.05			(0.15	)
Total from investment operations		0.21			(2.14	)		0.30			(0.13	)
Less distributions:
From net investment income		(0.36	)		(0.24	)		(0.25	)		(0.02	)
From net realized gain		—			—			—			—
Tax return of capital		(0.03	)		—			—			—
Total distributions		(0.39	)		(0.24	)		(0.25	)		(0.02	)
Net asset value at end of period	$	7.34		$	7.52		$	9.90		$	9.85
Total return2		2.59	%		(21.84	)%		3.08	%		(1.26	)%
Portfolio turnover rate3		109	%		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		2.17	%		2.12	%		2.49	%		5.62	%
Expenses after reimbursements		1.71	%		1.72	%		1.72	%		1.72	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		3.67	%		2.34	%		1.70	%		(2.02	)%
Net investment income after reimbursements		4.13	%		2.74	%		2.47	%		1.88	%

See accompanying notes to the financial statements.

68

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Debt Fund

	Institutional Class
	Year Ended			Year Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,			October 31,
	2023			2022			2021			20201
Net asset value at beginning of period	$	7.53		$	9.90		$	9.85		$	10.00
Income (loss) from investment operations:
Net investment income		0.38			0.32			0.35			0.03
Net realized and unrealized gain (loss)		(0.11	)		(2.37	)		0.05			(0.15	)
Total from investment operations		0.27			(2.05	)		0.40			(0.12	)
Less distributions:
From net investment income		(0.42	)		(0.32	)		(0.35	)		(0.03	)
From net realized gain		—			—			—			—
Tax return of capital		(0.03	)		—			—			—
Total distributions		(0.45	)		(0.32	)		(0.35	)		(0.03	)
Net asset value at end of period	$	7.35		$	7.53		$	9.90		$	9.85
Total return2		3.41	%		(21.02	)%		4.03	%		(1.16	)%
Portfolio turnover rate3		109	%		53	%		44	%		3	%
Net assets, end of period (in thousands)	$	16,347		$	16,042		$	20,442		$	19,757
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements		1.31	%		1.19	%		1.48	%		4.43	%
Expenses after reimbursements		0.71	%		0.72	%		0.72	%		0.72	%
Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		4.34	%		3.21	%		2.66	%		(0.92	)%
Net investment income after reimbursements		4.94	%		3.68	%		3.42	%		2.79	%

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

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

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

⁴  Annualized for periods less than one year.

See accompanying notes to the financial statements.

69

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Income ESG Fund

	Class A
	Year Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,
	2023			2022			20211
Net asset value at beginning of period	$	6.26		$	9.11		$	10.00
Income (loss) from investment operations:
Net investment income		0.32			0.36			0.29
Net realized and unrealized loss		(0.11	)		(2.83	)		(0.89	)
Total from investment operations		0.21			(2.47	)		(0.60	)
Less distributions:
From net investment income		(0.40	)		(0.36	)		(0.29	)
From net realized gain		—			(0.02	)		—
Tax return of capital		—			—			—
Total distributions		(0.40	)		(0.38	)		(0.29	)
Net asset value at end of period	$	6.07		$	6.26		$	9.11
Total return2		2.98	%		(27.67	)%		(6.11	)%
Portfolio turnover rate3		32	%		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		2.13	%		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		3.93	%		3.26	%		2.26	%
Net investment income after reimbursements		4.94	%		4.73	%		4.49	%

See accompanying notes to the financial statements.

70

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Income ESG Fund

				Class C
	Year Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,
	2023			2022			20211
Net asset value at beginning of period	$	6.26		$	9.11		$	10.00
Income (loss) from investment operations:
Net investment income		0.27			0.30			0.24
Net realized and unrealized loss		(0.11	)		(2.82	)		(0.88	)
Total from investment operations		0.16			(2.52	)		(0.64	)
Less distributions:
From net investment income		(0.36	)		(0.31	)		(0.25	)
From net realized gain		—			(0.02	)		—
Tax return of capital		—			—			—
Total distributions		(0.36	)		(0.33	)		(0.25	)
Net asset value at end of period	$	6.06		$	6.26		$	9.11
Total return2		2.33	%		(28.23	)%		(6.55	)%
Portfolio turnover rate3		32	%		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		3.18	%		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		2.93	%		2.53	%		1.52	%
Net investment income after reimbursements		4.24	%		3.98	%		3.75	%

See accompanying notes to the financial statements.

71

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Income ESG Fund

	Institutional Class
	Year Ended			Year Ended			Period Ended
	October 31,			October 31,			October 31,
	2023			2022			20211
Net asset value at beginning of period	$	6.26		$	9.11		$	10.00
Income (loss) from investment operations:
Net investment income		0.33			0.37			0.31
Net realized and unrealized loss		(0.11	)		(2.83	)		(0.89	)
Total from investment operations		0.22			(2.46	)		(0.58	)
Less distributions:
From net investment income		(0.41	)		(0.37	)		(0.31	)
From net realized gain		—			(0.02	)		—
Tax return of capital		—			—			—
Total distributions		(0.41	)		(0.39	)		(0.31	)
Net asset value at end of period	$	6.07		$	6.26		$	9.11
Total return2		3.36	%		(27.56	)%		(5.96	)%
Portfolio turnover rate3		32	%		34	%		15	%
Net assets, end of period (in thousands)	$	6,833		$	6,720		$	9,356
Ratios to average net assets:4
Total expenses to average net assets:
Expenses before reimbursements		2.07	%		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		3.98	%		3.66	%		2.52	%
Net investment income after reimbursements		5.18	%		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.

⁴  Annualized for periods less than one year.

See accompanying notes to the financial statements.

72

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2023

	Currency1		Par		Value		% of Net Assets
Debt Securities
Angola (Cost $7,347,796)
Angola (Rep of), 8.250%, 05/09/2028				825,000	$	700,219		0.16
Angola (Rep of), 8.000%, 11/26/2029				1,071,000		856,800		0.19
Angola (Rep of), 8.750%, 04/14/2032				814,000		636,955		0.14
Angola (Rep of), 9.375%, 05/08/2048				2,501,000		1,781,963		0.39
Angola (Rep of), 9.125%, 11/26/2049				3,271,000		2,297,877		0.51
						6,273,814		1.39
Argentina (Cost $10,888,127)
Argentina (Rep of), 1.000%, 07/09/2029				1,404,920		375,816		0.08
Argentina (Rep of), (Step to 1.750% on 07/09/2027), 0.750%, 07/09/20302				17,836,451		4,958,534		1.10
Argentina (Rep of), (Step to 4.125% on 07/09/2024), 3.625%, 07/09/20352				6,082,271		1,496,239		0.33
Argentina (Rep of), (Step to 5.000% on 07/09/2024), 4.250%, 01/09/20382				2,211,373		665,623		0.15
Argentina (Rep of), (Step to 4.875% on 07/09/2029), 3.500%, 07/09/20412				3,674,926		956,629		0.21
						8,452,841		1.87
Azerbaijan (Cost $2,931,041)
Southern Gas Corridor CJSC, 6.875%, 03/24/2026				1,491,000		1,467,308		0.32
State Oil Co. of the Azerbaijan Republic, 6.950%, 03/18/2030				1,191,000		1,152,293		0.26
						2,619,601		0.58
Bahrain (Cost $1,825,473)
Bahrain (Rep of), 7.500%, 09/20/2047				1,148,000		958,580		0.21
Oil and Gas Holding (The) Co. BSCC, 8.375%, 11/07/2028				750,000		777,187		0.17
						1,735,767		0.38
Brazil (Cost $60,150,386)
Brazil (Rep of), 4.250%, 01/07/2025				1,620,000		1,582,060		0.35
Brazil (Rep of), 2.875%, 06/06/2025				1,505,000		1,429,238		0.32
Brazil (Rep of), 6.000%, 04/07/2026				780,000		786,848		0.17
Brazil (Rep of), 4.625%, 01/13/2028				820,000		781,624		0.17
Brazil (Rep of), 8.250%, 01/20/2034				418,000		447,051		0.10
Brazil (Rep of), 5.000%, 01/27/2045				1,251,000		895,090		0.20
Brazil (Rep of), 5.625%, 02/21/2047				739,000		566,444		0.12
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/20253		BRL		76,708,000		12,789,197		2.83
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/20263		BRL		18,302,000		2,886,071		0.64
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/20263		BRL		26,785,000		4,000,698		0.88
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027		BRL		47,357,000		9,081,743		2.01
MC Brazil Downstream Trading S.a.r.l., 7.250%, 06/30/2031				3,009,874		2,141,525		0.47
Oi S.A., 14.000%, (66% PIK), 09/07/20244,5,6				2,269,529		2,258,181		0.50
Oi S.A., 14.000%, (100% Cash), 09/07/20244,5,6,7				24,464		24,342		0.01

See accompanying notes to the financial statements.

73

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1		Par		Value		% of Net Assets
Brazil (continued)
Oi S.A., 10.000%, 07/27/20255,8				23,583,000	$	1,061,235		0.23
						40,731,347		9.00
Chile (Cost $9,765,925)
Chile (Rep of), 2.750%, 01/31/2027				273,000		249,118		0.05
Chile (Rep of), 3.240%, 02/06/2028				493,000		448,630		0.10
Chile (Rep of), 2.550%, 07/27/2033				347,000		259,383		0.06
Chile (Rep of), 3.100%, 05/07/2041				1,528,000		993,200		0.22
Chile (Rep of), 3.500%, 01/25/2050				200,000		126,100		0.03
Chile (Rep of), 3.100%, 01/22/2061				1,327,000		709,281		0.16
Corp. Nacional del Cobre de Chile, 5.625%, 10/18/2043				809,000		671,066		0.15
Corp. Nacional del Cobre de Chile, 4.875%, 11/04/2044				390,000		287,040		0.06
Corp. Nacional del Cobre de Chile, 4.500%, 08/01/2047				368,000		252,816		0.05
Corp. Nacional del Cobre de Chile, 4.375%, 02/05/2049				979,000		661,804		0.15
Corp. Nacional del Cobre de Chile, 3.700%, 01/30/2050				200,000		117,400		0.03
Corp. Nacional del Cobre de Chile, 3.150%, 01/15/2051				446,000		233,258		0.05
Empresa de Transporte de Pasajeros Metro S.A., 4.700%, 05/07/2050				1,081,000		775,563		0.17
Empresa Nacional del Petroleo, 3.750%, 08/05/2026				530,000		489,381		0.11
Empresa Nacional del Petroleo, 3.450%, 09/16/2031				200,000		154,798		0.03
Empresa Nacional del Petroleo, 4.500%, 09/14/2047				817,000		535,094		0.12
						6,963,932		1.54
China (Cost $73,117,233)
Agile Group Holdings Ltd., 5.750%, 01/02/2025				5,665,000		566,500		0.13
Agile Group Holdings Ltd., 5.500%, 04/21/2025				200,000		18,956		—
Central China Real Estate Ltd., 7.650%, 08/27/20238,9				2,500,000		87,500		0.02
Central China Real Estate Ltd., 7.900%, 11/07/20238				1,910,000		66,850		0.02
Central China Real Estate Ltd., 7.750%, 05/24/20248				3,100,000		120,900		0.03
Central China Real Estate Ltd., 7.250%, 07/16/20248				2,060,000		61,800		0.01
Central China Real Estate Ltd., 7.250%, 08/13/20248				1,082,000		32,460		0.01
Central China Real Estate Ltd., 7.250%, 04/28/20258				190,000		6,650		—
Central China Real Estate Ltd., 7.500%, 07/14/20258				1,225,000		45,901		0.01
Central China Real Estate Ltd., 7.650%, 08/27/20258				480,000		16,800		—
CFLD Cayman Investment Ltd., 2.500%, 01/31/20314				4,891,338		364,160		0.08
China (Rep of), 2.800%, 03/25/2030		CNY		12,270,000		1,688,360		0.37
China Evergrande Group, 7.500%, 06/28/20238,9				10,219,000		204,380		0.05
China SCE Group Holdings Ltd., 7.375%, 04/09/20248				2,040,000		96,900		0.02
China SCE Group Holdings Ltd., 5.950%, 09/29/20248				910,000		41,234		0.01
China SCE Group Holdings Ltd., 7.000%, 05/02/20258				1,461,000		64,284		0.01
China SCE Group Holdings Ltd., 6.000%, 02/04/20268				955,000		42,020		0.01
CIFI Holdings Group Co. Ltd., 6.450%, 11/07/20248				380,000		20,900		0.01
CIFI Holdings Group Co. Ltd., 6.000%, 07/16/20258				1,300,000		71,500		0.02
CIFI Holdings Group Co. Ltd., 5.950%, 10/20/20258				1,936,000		106,480		0.02
CIFI Holdings Group Co. Ltd., 5.250%, 05/13/20268				3,374,000		185,570		0.04
CIFI Holdings Group Co. Ltd., 4.375%, 04/12/20278				801,000		44,055		0.01

See accompanying notes to the financial statements.

74

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1	Par		Value		% of Net Assets
China (continued)
CIFI Holdings Group Co. Ltd., 4.800%, 05/17/20288			470,000	$	27,415		0.01
Country Garden Holdings Co. Ltd., 5.625%, 01/14/20308			1,965,000		71,231		0.02
Fantasia Holdings Group Co. Ltd., 15.000%, 12/18/20218,9			4,515,000		135,450		0.03
Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/20228,9			5,635,000		195,929		0.04
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/20228,9			1,189,000		35,670		0.01
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/20238,9			2,175,000		65,250		0.02
Kaisa Group Holdings Ltd., 11.250%, 04/09/20228,9			1,260,000		53,550		0.01
Kaisa Group Holdings Ltd., 8.500%, 06/30/20228,9			3,500,000		148,750		0.03
Kaisa Group Holdings Ltd., 11.950%, 10/22/20228,9			1,300,000		55,250		0.01
Kaisa Group Holdings Ltd., 11.500%, 01/30/20238,9			1,700,000		72,250		0.02
Kaisa Group Holdings Ltd., 10.875%, 07/23/20238,9			2,500,000		106,250		0.02
Kaisa Group Holdings Ltd., 9.375%, 06/30/20248			2,600,000		110,500		0.02
Kaisa Group Holdings Ltd., 11.700%, 11/11/20258			2,000,000		85,000		0.02
Kaisa Group Holdings Ltd., 11.650%, 06/01/20268			1,300,000		55,250		0.01
KWG Group Holdings Ltd., 6.000%, 01/14/20248			1,200,000		84,000		0.02
KWG Group Holdings Ltd., 5.875%, 11/10/20248			490,000		34,300		0.01
KWG Group Holdings Ltd., 7.400%, 01/13/20278			395,000		27,650		0.01
Shimao Group Holdings Ltd., 4.750%, 07/03/20228,9			200,000		7,500		—
Sinopec Group Overseas Development 2012 Ltd., 4.875%, 05/17/2042			710,000		607,015		0.13
Sinopec Group Overseas Development 2018 Ltd., 2.700%, 05/13/2030			980,000		827,610		0.18
Sinopec Group Overseas Development 2018 Ltd., 3.350%, 05/13/2050			231,000		146,277		0.03
Sunac China Holdings Ltd., 7.250%, 06/14/20228,9			3,157,000		434,088		0.10
Sunac China Holdings Ltd., 7.950%, 08/08/20228,9			3,430,000		471,625		0.10
Sunac China Holdings Ltd., 8.350%, 04/19/20238,9			4,040,000		545,400		0.12
Sunac China Holdings Ltd., 7.950%, 10/11/20238,9			3,900,000		536,250		0.12
Sunac China Holdings Ltd., 7.500%, 02/01/20248			200,000		27,500		0.01
Sunac China Holdings Ltd., 5.950%, 04/26/20248			1,660,000		228,250		0.05
Sunac China Holdings Ltd., 6.650%, 08/03/20248			675,000		92,813		0.02
Sunac China Holdings Ltd., 6.500%, 01/10/20258			450,000		60,750		0.01
Sunac China Holdings Ltd., 7.000%, 07/09/20258			200,000		27,500		0.01
Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/20238,9			1,000,000		60,000		0.01
Yuzhou Group Holdings Co. Ltd., 8.500%, 02/04/20238,9			5,620,000		337,200		0.08
Yuzhou Group Holdings Co. Ltd., 9.950%, 06/08/20238,9			1,595,000		94,089		0.02
Yuzhou Group Holdings Co. Ltd., 6.000%, 10/25/20238,9			3,962,000		237,720		0.05
Yuzhou Group Holdings Co. Ltd., 8.500%, 02/26/20248			425,000		25,500		0.01
Yuzhou Group Holdings Co. Ltd., 7.700%, 02/20/20258			1,080,000		64,800		0.01
Yuzhou Group Holdings Co. Ltd., 7.375%, 01/13/20268			5,250,000		315,000		0.07
Yuzhou Group Holdings Co. Ltd., 7.850%, 08/12/20268			1,330,000		79,800		0.02
Yuzhou Group Holdings Co. Ltd., 6.350%, 01/13/20278			2,620,000		153,925		0.03
Zhenro Properties Group Ltd., 8.700%, 08/03/20228,9			1,110,000		4,684		—
Zhenro Properties Group Ltd., 8.000%, 03/06/20238,9			1,532,000		7,660		—
Zhenro Properties Group Ltd., 9.150%, 05/06/20238,9			400,000		2,000		—

See accompanying notes to the financial statements.

75

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1		Par		Value		% of Net Assets
China (continued)
Zhenro Properties Group Ltd., 8.300%, 09/15/20238,9				3,158,000	$	15,790		—
Zhenro Properties Group Ltd., 14.724%, 12/04/20238				1,360,000		3,400		—
Zhenro Properties Group Ltd., 8.350%, 03/10/20248				387,000		1,935		—
Zhenro Properties Group Ltd., 7.875%, 04/14/20248				3,591,000		17,955		—
Zhenro Properties Group Ltd., 7.100%, 09/10/20248				4,406,000		22,030		0.01
Zhenro Properties Group Ltd., 7.350%, 02/05/20258				8,407,000		42,035		0.01
Zhenro Properties Group Ltd., 6.630%, 01/07/20268				2,065,000		10,325		—
Zhenro Properties Group Ltd., 6.700%, 08/04/20268				5,713,000		28,565		0.01
						10,854,846		2.40
Colombia (Cost $16,004,684)
Colombia (Rep of), 3.875%, 04/25/2027				983,000		893,547		0.20
Colombia (Rep of), 7.375%, 09/18/2037				777,000		697,357		0.15
Colombia (Rep of), 5.625%, 02/26/2044				1,530,000		1,062,585		0.23
Colombia (Rep of), 5.000%, 06/15/2045				544,000		345,440		0.08
Colombia (Rep of), 4.125%, 05/15/2051				813,000		447,150		0.10
Colombian TES, 5.750%, 11/03/2027		COP		9,276,700,000		1,881,929		0.42
Colombian TES, 6.000%, 04/28/2028		COP		9,803,600,000		1,969,098		0.43
Colombian TES, 7.750%, 09/18/2030		COP		2,105,600,000		428,594		0.09
Colombian TES, 7.000%, 03/26/2031		COP		8,353,400,000		1,601,393		0.35
Colombian TES, 7.000%, 06/30/2032		COP		4,011,700,000		736,782		0.16
Colombian TES, 13.250%, 02/09/2033		COP		1,684,300,000		441,728		0.10
Colombian TES, 9.250%, 05/28/2042		COP		2,498,500,000		483,150		0.11
Empresas Publicas de Medellin ESP, 8.375%, 11/08/2027		COP		8,747,000,000		1,704,156		0.38
						12,692,909		2.80
Costa Rica (Cost $1,858,740)
Costa Rica (Rep of), 6.125%, 02/19/2031				641,000		608,950		0.13
Costa Rica (Rep of), 6.550%, 04/03/2034				369,000		350,734		0.08
Costa Rica (Rep of), 5.625%, 04/30/2043				710,000		564,450		0.13
Costa Rica (Rep of), 7.000%, 04/04/2044				200,000		183,100		0.04
						1,707,234		0.38
Croatia (Cost $1,207,230)
Croatia (Rep of), 6.000%, 01/26/2024				1,200,000		1,200,108		0.26
						1,200,108		0.26
Czech Republic (Cost $12,283,650)
Czech (Rep of), 2.500%, 08/25/2028		CZK		24,570,000		966,795		0.21
Czech (Rep of), 2.750%, 07/23/2029		CZK		72,900,000		2,853,927		0.63
Czech (Rep of), 0.050%, 11/29/2029		CZK		18,410,000		605,694		0.14
Czech (Rep of), 0.950%, 05/15/2030		CZK		5,640,000		193,984		0.04
Czech (Rep of), 5.000%, 09/30/2030		CZK		47,990,000		2,117,608		0.47
Czech (Rep of), 1.750%, 06/23/2032		CZK		14,820,000		509,137		0.11
Czech (Rep of), 2.000%, 10/13/2033		CZK		8,260,000		280,696		0.06
Czech (Rep of), 4.900%, 04/14/2034		CZK		24,780,000		1,079,227		0.24
Czech (Rep of), 4.200%, 12/04/2036		CZK		6,350,000		259,333		0.06

See accompanying notes to the financial statements.

76

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1		Par		Value		% of Net Assets
Czech Republic (continued)
New World Resources N.V., 8.000%, 04/07/20208,9,10		EUR		1,938,518	$	—		—
New World Resources N.V., 4.000%, 10/07/20208,9,10		EUR		669,526		—		—
						8,866,401		1.96
Dominican Republic (Cost $14,166,789)
Dominican (Rep of), 5.500%, 01/27/2025				614,000		602,408		0.13
Dominican (Rep of), 6.875%, 01/29/2026				1,288,000		1,280,903		0.28
Dominican (Rep of), 6.000%, 07/19/2028				710,000		670,950		0.15
Dominican (Rep of), 5.500%, 02/22/2029				483,000		439,289		0.10
Dominican (Rep of), 4.875%, 09/23/2032				3,824,000		3,091,704		0.68
Dominican (Rep of), 13.625%, 02/03/2033		DOP		15,000,000		303,260		0.07
Dominican (Rep of), 11.250%, 09/15/20354		DOP		32,200,000		562,736		0.12
Dominican (Rep of), 5.300%, 01/21/2041				973,000		706,398		0.16
Dominican (Rep of), 6.850%, 01/27/2045				363,000		302,198		0.07
Dominican (Rep of), 6.500%, 02/15/2048				1,501,000		1,191,794		0.26
Dominican (Rep of), 6.400%, 06/05/2049				403,000		315,146		0.07
Dominican (Rep of), 5.875%, 01/30/2060				3,380,000		2,396,420		0.53
Dominican Republic Central Bank Notes, 13.000%, 01/30/2026		DOP		18,550,000		343,080		0.08
						12,206,286		2.70
Ecuador (Cost $1,016,045)
Ecuador (Rep of), (Step to 5.000% on 07/31/2024), 2.500%, 07/31/20402				2,368,572		792,287		0.17
						792,287		0.17
Egypt (Cost $10,044,602)
Egypt (Rep of), 6.588%, 02/21/2028				391,000		248,285		0.06
Egypt (Rep of), 7.600%, 03/01/2029				795,000		492,900		0.11
Egypt (Rep of), 5.875%, 02/16/2031				910,000		497,088		0.11
Egypt (Rep of), 7.625%, 05/29/2032				844,000		481,080		0.11
Egypt (Rep of), 8.500%, 01/31/2047				2,028,000		1,051,619		0.23
Egypt (Rep of), 7.903%, 02/21/2048				2,669,000		1,351,181		0.30
Egypt (Rep of), 8.700%, 03/01/2049				1,580,000		827,525		0.18
Egypt (Rep of), 8.875%, 05/29/2050				1,443,000		761,182		0.17
Egypt (Rep of), 8.750%, 09/30/2051				1,057,000		553,604		0.12
Egypt (Rep of), 8.150%, 11/20/2059				200,000		102,000		0.02
						6,366,464		1.41
Gabon (Cost $1,086,184)
Gabon (Rep of), 6.625%, 02/06/2031				1,415,000		994,038		0.22
						994,038		0.22
Ghana (Cost $4,394,023)
Ghana (Rep of), 6.375%, 02/11/20278				1,807,000		786,045		0.18
Ghana (Rep of), 7.750%, 04/07/20298				1,062,000		457,987		0.10
Ghana (Rep of), 7.625%, 05/16/20298				1,582,000		680,260		0.15
Ghana (Rep of), 8.125%, 03/26/20328				633,000		267,443		0.06
Ghana (Rep of), 8.625%, 04/07/20348				1,441,000		621,431		0.14

See accompanying notes to the financial statements.

77

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1		Par		Value		% of Net Assets
Ghana (continued)
Ghana (Rep of), 7.875%, 02/11/20358				438,000	$	189,983		0.04
Ghana (Rep of), 8.875%, 05/07/20428				1,540,000		646,800		0.14
						3,649,949		0.81
Guatemala (Cost $1,832,086)
Guatemala (Rep of), 5.375%, 04/24/2032				242,000		215,017		0.05
Guatemala (Rep of), 6.600%, 06/13/2036				426,000		393,624		0.09
Guatemala (Rep of), 4.650%, 10/07/2041				408,000		281,520		0.06
Guatemala (Rep of), 6.125%, 06/01/2050				665,000		528,675		0.11
						1,418,836		0.31
Hungary (Cost $6,536,333)
Hungary (Rep of), 5.375%, 03/25/2024				694,000		691,853		0.16
Hungary (Rep of), 6.750%, 10/22/2028		HUF		216,810,000		581,456		0.13
Hungary (Rep of), 3.000%, 08/21/2030		HUF		443,460,000		953,608		0.21
Hungary (Rep of), 2.125%, 09/22/2031				764,000		549,620		0.12
Hungary (Rep of), 3.000%, 10/27/2038		HUF		248,590,000		414,757		0.09
Hungary (Rep of), 3.125%, 09/21/2051				2,231,000		1,178,102		0.26
Hungary (Rep of), 6.750%, 09/25/2052				834,000		771,450		0.17
						5,140,846		1.14
India (Cost $1,817,675)
Export-Import Bank of India, 3.375%, 08/05/2026				440,000		413,125		0.09
Export-Import Bank of India, 2.250%, 01/13/2031				789,000		602,630		0.13
Export-Import Bank of India, 5.500%, 01/18/2033				651,000		609,870		0.14
						1,625,625		0.36
Indonesia (Cost $37,906,699)
Indonesia (Rep of), 8.375%, 03/15/2024		IDR		45,715,000,000		2,892,262		0.64
Indonesia (Rep of), 8.125%, 05/15/2024		IDR		19,857,000,000		1,257,816		0.28
Indonesia (Rep of), 4.150%, 09/20/2027				620,000		587,047		0.13
Indonesia (Rep of), 4.550%, 01/11/2028				717,000		688,772		0.15
Indonesia (Rep of), 6.375%, 08/15/2028		IDR		6,882,000,000		421,541		0.09
Indonesia (Rep of), 9.000%, 03/15/2029		IDR		11,300,000,000		770,762		0.17
Indonesia (Rep of), 8.250%, 05/15/2029		IDR		23,273,000,000		1,541,278		0.34
Indonesia (Rep of), 7.000%, 09/15/2030		IDR		9,202,000,000		576,971		0.13
Indonesia (Rep of), 6.500%, 02/15/2031		IDR		3,078,000,000		186,986		0.04
Indonesia (Rep of), 7.750%, 04/15/2031		IDR		12,825,000,000		831,586		0.18
Indonesia (Rep of), 8.750%, 05/15/2031		IDR		16,566,000,000		1,134,122		0.25
Indonesia (Rep of), 7.000%, 02/15/2033		IDR		30,424,000,000		1,905,690		0.42
Indonesia (Rep of), 6.625%, 02/15/2034		IDR		14,448,000,000		872,337		0.19
Indonesia (Rep of), 8.375%, 03/15/2034		IDR		12,504,000,000		851,311		0.19
Indonesia (Rep of), 7.500%, 06/15/2035		IDR		10,880,000,000		698,621		0.15
Indonesia (Rep of), 8.500%, 10/12/2035				624,000		744,432		0.16
Indonesia (Rep of), 8.250%, 05/15/2036		IDR		10,391,000,000		706,470		0.16
Indonesia (Rep of), 6.625%, 02/17/2037				751,000		780,349		0.17
Indonesia (Rep of), 7.750%, 01/17/2038				971,000		1,107,688		0.25

See accompanying notes to the financial statements.

78

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1		Par		Value		% of Net Assets
Indonesia (continued)
Indonesia (Rep of), 7.500%, 05/15/2038		IDR		8,539,000,000	$	549,646		0.12
Indonesia (Rep of), 7.125%, 06/15/2038		IDR		33,262,000,000		2,083,455		0.46
Indonesia (Rep of), 8.375%, 04/15/2039		IDR		12,332,000,000		853,963		0.19
Indonesia (Rep of), 5.250%, 01/17/2042				833,000		748,076		0.17
Indonesia (Rep of), 5.950%, 01/08/2046				616,000		587,381		0.13
Indonesia (Rep of), 5.250%, 01/08/2047				546,000		477,996		0.11
Indonesia (Rep of), 4.750%, 07/18/2047				750,000		611,880		0.14
Indonesia (Rep of), 4.200%, 10/15/2050				976,000		714,676		0.16
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT, 4.750%, 05/15/2025				576,000		562,464		0.12
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT, 5.450%, 05/15/2030				899,000		830,865		0.18
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT, 5.800%, 05/15/2050				200,000		157,992		0.04
Pertamina Persero PT, 6.000%, 05/03/2042				329,000		289,859		0.06
Pertamina Persero PT, 6.450%, 05/30/2044				581,000		535,601		0.12
Pertamina Persero PT, 6.500%, 11/07/2048				367,000		341,743		0.08
Pertamina Persero PT, 4.175%, 01/21/2050				372,000		247,469		0.06
Perusahaan Penerbit SBSN Indonesia III, 4.325%, 05/28/2025				417,000		408,790		0.09
Perusahaan Penerbit SBSN Indonesia III, 4.550%, 03/29/2026				929,000		904,939		0.20
Perusahaan Penerbit SBSN Indonesia III, 4.700%, 06/06/2032				453,000		420,574		0.09
Perusahaan Penerbit SBSN Indonesia III, 3.800%, 06/23/2050				298,000		201,710		0.05
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.250%, 10/24/2042				620,000		484,177		0.11
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.250%, 05/15/2047				857,000		653,368		0.14
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.150%, 05/21/2048				1,404,000		1,189,890		0.26
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.875%, 07/17/2049				1,184,000		835,312		0.18
						33,247,867		7.35
Ivory Coast (Cost $5,226,509)
Ivory Coast (Rep of), 5.875%, 10/17/2031		EUR		1,089,000		929,019		0.20
Ivory Coast (Rep of), 4.875%, 01/30/2032		EUR		947,000		755,273		0.17
Ivory Coast (Rep of), 6.875%, 10/17/2040		EUR		885,000		677,733		0.15
Ivory Coast (Rep of), 6.625%, 03/22/2048		EUR		2,709,000		1,913,317		0.42
						4,275,342		0.94
Jamaica (Cost $990,962)
Jamaica (Rep of), 7.875%, 07/28/2045				750,000		801,750		0.18
						801,750		0.18
Kazakhstan (Cost $1,456,218)
Kazakhstan (Rep of), 6.500%, 07/21/2045				1,017,000		996,660		0.22
						996,660		0.22

See accompanying notes to the financial statements.

79

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1		Par		Value		% of Net Assets
Kenya (Cost $880,639)
Kenya (Rep of), 8.000%, 05/22/2032				449,000	$	351,904		0.08
Kenya (Rep of), 8.250%, 02/28/2048				643,000		451,707		0.10
						803,611		0.18
Lebanon (Cost $9,964,128)
Lebanon (Rep of), 6.375%, 03/09/20208,9				1,855,000		111,300		0.03
Lebanon (Rep of), 5.800%, 04/14/20208,9				1,219,000		73,140		0.02
Lebanon (Rep of), 6.150%, 06/19/20208,9				2,648,000		158,880		0.04
Lebanon (Rep of), 8.250%, 04/12/20218,9				1,610,000		95,682		0.02
Lebanon (Rep of), 6.600%, 08/23/20228,9				1,089,000		63,914		0.01
Lebanon (Rep of), 6.100%, 10/04/20228,9				3,808,000		232,364		0.05
Lebanon (Rep of), 6.000%, 01/27/20238,9				1,000		61		—
Lebanon (Rep of), 6.850%, 03/23/20278				2,314,000		141,034		0.03
Lebanon (Rep of), 7.000%, 03/23/20328				895,000		53,709		0.01
Lebanon (Rep of), 7.050%, 11/02/20358				244,000		14,974		—
Lebanon (Rep of), 7.250%, 03/23/20378				867,000		51,231		0.01
						996,289		0.22
Malaysia (Cost $28,345,386)
Malaysia (Rep of), 3.478%, 06/14/2024		MYR		54,561,000		11,454,317		2.53
Malaysia (Rep of), 4.504%, 04/30/2029		MYR		4,435,000		954,812		0.21
Malaysia (Rep of), 4.498%, 04/15/2030		MYR		565,000		121,211		0.03
Malaysia (Rep of), 4.232%, 06/30/2031		MYR		2,488,000		526,122		0.12
Malaysia (Rep of), 3.582%, 07/15/2032		MYR		4,569,000		921,894		0.20
Malaysia (Rep of), 3.828%, 07/05/2034		MYR		2,342,000		476,683		0.10
Malaysia (Rep of), 4.254%, 05/31/2035		MYR		2,888,000		609,477		0.13
Malaysia (Rep of), 4.762%, 04/07/2037		MYR		566,000		124,851		0.03
Malaysia (Rep of), 4.893%, 06/08/2038		MYR		3,968,000		891,216		0.20
Malaysia (Rep of), 3.757%, 05/22/2040		MYR		2,004,000		387,963		0.09
Malaysia (Rep of), 4.696%, 10/15/2042		MYR		444,000		96,489		0.02
Malaysia (Rep of), 4.935%, 09/30/2043		MYR		747,000		165,721		0.04
Malaysia (Rep of), 4.921%, 07/06/2048		MYR		1,743,000		387,126		0.08
Malaysia (Rep of), 4.065%, 06/15/2050		MYR		2,911,000		564,237		0.12
Malaysia Government Investment Issue, 4.193%, 10/07/2032		MYR		329,000		69,285		0.01
Petronas Capital Ltd., 2.480%, 01/28/2032				2,139,000		1,660,313		0.37
Petronas Capital Ltd., 4.550%, 04/21/2050				3,632,000		2,785,962		0.62
Petronas Capital Ltd., 4.800%, 04/21/2060				718,000		557,592		0.12
Petronas Capital Ltd., 3.404%, 04/28/2061				1,543,000		892,487		0.20
						23,647,758		5.22
Mexico (Cost $41,110,443)
Comision Federal de Electricidad, 3.875%, 07/26/2033				1,175,000		851,875		0.19
Mexican Bonos, 10.000%, 12/05/2024		MXN		9,790,000		535,610		0.12
Mexican Bonos, 5.750%, 03/05/2026		MXN		93,590,000		4,655,712		1.03
Mexican Bonos, 5.500%, 03/04/2027		MXN		75,570,000		3,619,838		0.80
Mexican Bonos, 7.750%, 05/29/2031		MXN		17,570,000		848,530		0.19

See accompanying notes to the financial statements.

80

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1		Par		Value		% of Net Assets
Mexico (continued)
Mexican Bonos, 7.500%, 05/26/2033		MXN		33,920,000	$	1,571,568		0.34
Mexican Bonos, 7.750%, 11/23/2034		MXN		32,200,000		1,501,000		0.33
Mexican Bonos, 10.000%, 11/20/2036		MXN		37,020,000		2,030,402		0.45
Mexican Bonos, 8.500%, 11/18/2038		MXN		30,270,000		1,463,681		0.32
Mexican Bonos, 7.750%, 11/13/2042		MXN		14,250,000		630,734		0.14
Mexico (Rep of), 5.400%, 02/09/2028				412,000		404,172		0.09
Mexico (Rep of), 2.659%, 05/24/2031				692,000		538,722		0.12
Mexico (Rep of), 4.875%, 05/19/2033				911,000		799,402		0.17
Mexico (Rep of), 6.050%, 01/11/2040				556,000		497,620		0.11
Mexico (Rep of), 4.750%, 03/08/2044				488,000		359,793		0.08
Mexico (Rep of), 5.550%, 01/21/2045				807,000		667,793		0.15
Mexico (Rep of), 6.338%, 05/04/2053				839,000		726,994		0.16
Mexico (Rep of), 3.771%, 05/24/2061				2,492,000		1,393,028		0.31
Mexico (Rep of), 3.750%, 04/19/2071				3,044,000		1,666,590		0.37
Mexico (Rep of), 5.750%, 10/12/2110				896,000		677,824		0.15
Petroleos Mexicanos, 6.750%, 09/21/2047				3,604,000		2,039,864		0.45
Petroleos Mexicanos, 6.350%, 02/12/2048				1,237,000		675,711		0.15
Petroleos Mexicanos, 7.690%, 01/23/2050				4,673,000		2,885,577		0.64
Petroleos Mexicanos, 6.950%, 01/28/2060				5,053,000		2,861,261		0.63
						33,903,301		7.49
Mongolia (Cost $779,142)
Mongolia (Rep of), 8.650%, 01/19/2028				276,000		273,820		0.06
Mongolia (Rep of), 4.450%, 07/07/2031				657,000		497,257		0.11
						771,077		0.17
Morocco (Cost $4,184,491)
Morocco (Rep of), 2.375%, 12/15/2027				723,000		618,165		0.14
Morocco (Rep of), 5.950%, 03/08/2028				453,000		443,374		0.10
Morocco (Rep of), 3.000%, 12/15/2032				774,000		577,597		0.13
Morocco (Rep of), 6.500%, 09/08/2033				1,505,000		1,442,919		0.32
Morocco (Rep of), 5.500%, 12/11/2042				533,000		415,740		0.09
Morocco (Rep of), 4.000%, 12/15/2050				410,000		242,412		0.05
						3,740,207		0.83
Nigeria (Cost $5,745,173)
Nigeria (Rep of), 6.500%, 11/28/2027				947,000		814,420		0.18
Nigeria (Rep of), 7.375%, 09/28/2033				1,179,000		884,250		0.20
Nigeria (Rep of), 7.696%, 02/23/2038				963,000		683,730		0.15
Nigeria (Rep of), 7.625%, 11/28/2047				3,601,000		2,421,672		0.53
Nigeria (Rep of), 9.248%, 01/21/2049				480,000		371,400		0.08
						5,175,472		1.14
Oman (Cost $8,554,288)
Oman (Rep of), 4.750%, 06/15/2026				1,444,000		1,384,680		0.31
Oman (Rep of), 6.750%, 10/28/2027				1,645,000		1,658,880		0.37
Oman (Rep of), 6.000%, 08/01/2029				1,211,000		1,174,670		0.26

See accompanying notes to the financial statements.

81

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1		Par		Value		% of Net Assets
Oman (continued)
Oman (Rep of), 6.250%, 01/25/2031				430,000	$	417,638		0.09
Oman (Rep of), 6.500%, 03/08/2047				1,586,000		1,375,855		0.30
Oman (Rep of), 6.750%, 01/17/2048				1,424,000		1,269,140		0.28
Oman (Rep of), 7.000%, 01/25/2051				830,000		761,525		0.17
						8,042,388		1.78
Pakistan (Cost $6,769,488)
Pakistan (Rep of), 8.250%, 04/15/2024				1,491,000		1,330,837		0.29
Pakistan (Rep of), 8.250%, 09/30/2025				794,000		556,483		0.12
Pakistan (Rep of), 6.875%, 12/05/2027				1,267,000		661,627		0.15
Pakistan (Rep of), 7.375%, 04/08/2031				2,302,000		1,116,976		0.25
Pakistan (Rep of), 8.875%, 04/08/2051				2,157,000		1,036,288		0.23
Pakistan Water & Power Development Authority, 7.500%, 06/04/2031				761,000		322,382		0.07
						5,024,593		1.11
Panama (Cost $4,374,024)
Panama (Rep of), 3.875%, 03/17/2028				266,000		238,336		0.05
Panama (Rep of), 9.375%, 04/01/2029				800,000		883,200		0.19
Panama (Rep of), 6.700%, 01/26/2036				1,100,000		1,023,550		0.23
Panama (Rep of), 4.500%, 05/15/2047				460,000		295,550		0.07
Panama (Rep of), 4.300%, 04/29/2053				1,081,000		643,735		0.14
						3,084,371		0.68
Paraguay (Cost $1,976,827)
Paraguay (Rep of), 4.700%, 03/27/2027				446,000		424,146		0.09
Paraguay (Rep of), 5.850%, 08/21/2033				835,000		768,200		0.17
Paraguay (Rep of), 5.400%, 03/30/2050				690,000		515,775		0.12
						1,708,121		0.38
Peru (Cost $16,136,039)
Peru (Rep of), 7.350%, 07/21/2025				723,000		738,776		0.16
Peru (Rep of), 5.940%, 02/12/2029		PEN		5,105,000		1,272,584		0.28
Peru (Rep of), 6.150%, 08/12/2032		PEN		7,922,000		1,883,646		0.42
Peru (Rep of), 7.300%, 08/12/20334		PEN		5,844,000		1,490,434		0.33
Peru (Rep of), 8.750%, 11/21/2033				1,897,000		2,212,206		0.49
Peru (Rep of), 5.400%, 08/12/2034		PEN		6,591,000		1,434,649		0.32
Peru (Rep of), 3.300%, 03/11/2041				810,000		535,005		0.12
Peru (Rep of), 5.625%, 11/18/2050				739,000		651,059		0.14
Peru (Rep of), 2.780%, 12/01/2060				1,334,000		667,667		0.15
Peru (Rep of), 3.230%, 07/28/2121				584,000		292,876		0.06
Petroleos del Peru S.A., 5.625%, 06/19/2047				2,939,000		1,603,048		0.35
						12,781,950		2.82
Philippines (Cost $7,840,370)
Philippines (Rep of), 10.625%, 03/16/2025				588,000		626,649		0.14
Philippines (Rep of), 9.500%, 02/02/2030				820,000		972,028		0.21
Philippines (Rep of), 7.750%, 01/14/2031				903,000		1,004,732		0.22

See accompanying notes to the financial statements.

82

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1		Par		Value		% of Net Assets
Philippines (continued)
Philippines (Rep of), 5.000%, 07/17/2033				274,000	$	257,560		0.06
Philippines (Rep of), 6.375%, 10/23/2034				991,000		1,017,222		0.22
Philippines (Rep of), 6.250%, 01/14/2036		PHP		12,000,000		198,802		0.04
Philippines (Rep of), 3.950%, 01/20/2040				2,087,000		1,594,113		0.35
Philippines (Rep of), 2.950%, 05/05/2045				784,000		480,341		0.11
Philippines (Rep of), 4.200%, 03/29/2047				216,000		160,458		0.04
						6,311,905		1.39
Poland (Cost $11,414,586)
Bank Gospodarstwa Krajowego, 6.250%, 10/31/20284				305,000		308,431		0.07
Bank Gospodarstwa Krajowego, 5.375%, 05/22/2033				444,000		412,920		0.09
Poland (Rep of), 2.500%, 04/25/2024		PLN		6,737,000		1,579,977		0.35
Poland (Rep of), 2.500%, 07/25/2026		PLN		1,468,000		325,786		0.07
Poland (Rep of), 0.250%, 10/25/2026		PLN		1,469,000		302,965		0.07
Poland (Rep of), 3.750%, 05/25/2027		PLN		10,121,000		2,294,210		0.51
Poland (Rep of), 2.500%, 07/25/2027		PLN		1,529,000		331,138		0.07
Poland (Rep of), 5.500%, 11/16/2027				723,000		725,943		0.16
Poland (Rep of), 2.750%, 04/25/2028		PLN		5,360,000		1,150,032		0.25
Poland (Rep of), 7.500%, 07/25/2028		PLN		8,521,000		2,203,498		0.49
Poland (Rep of), 1.250%, 10/25/2030		PLN		3,286,000		596,669		0.13
Poland (Rep of), 4.875%, 10/04/2033				1,018,000		941,518		0.21
Poland (Rep of), 5.500%, 04/04/2053				465,000		408,489		0.09
						11,581,576		2.56
Qatar (Cost $8,379,866)
Qatar (Rep of), 3.250%, 06/02/2026				1,637,000		1,550,665		0.34
Qatar (Rep of), 4.817%, 03/14/2049				2,792,000		2,281,587		0.51
Qatar (Rep of), 4.400%, 04/16/2050				530,000		408,431		0.09
QatarEnergy, 3.125%, 07/12/2041				2,962,000		1,943,813		0.43
						6,184,496		1.37
Romania (Cost $14,428,810)
Romania (Rep of), 3.000%, 02/27/2027				444,000		401,651		0.09
Romania (Rep of), 5.800%, 07/26/2027		RON		9,470,000		1,967,114		0.43
Romania (Rep of), 4.150%, 01/26/2028		RON		5,100,000		986,058		0.22
Romania (Rep of), 8.000%, 04/29/2030		RON		4,905,000		1,098,955		0.24
Romania (Rep of), 4.150%, 10/24/2030		RON		6,155,000		1,119,307		0.25
Romania (Rep of), 3.000%, 02/14/2031				354,000		279,660		0.06
Romania (Rep of), 3.625%, 03/27/2032				1,798,000		1,419,557		0.31
Romania (Rep of), 8.250%, 09/29/2032		RON		12,855,000		2,953,820		0.65
Romania (Rep of), 7.125%, 01/17/2033				434,000		430,551		0.10
Romania (Rep of), 6.125%, 01/22/2044				294,000		252,928		0.06
Romania (Rep of), 4.000%, 02/14/2051				2,298,000		1,403,934		0.31
						12,313,535		2.72
Saudi Arabia (Cost $13,146,277)
Gaci First Investment Co., 5.000%, 10/13/2027				710,000		688,478		0.15

See accompanying notes to the financial statements.

83

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1		Par		Value		% of Net Assets
Saudi Arabia (continued)
Gaci First Investment Co., 5.250%, 10/13/2032				1,217,000	$	1,154,629		0.26
Gaci First Investment Co., 5.125%, 02/14/2053				1,160,000		894,650		0.20
Saudi (Rep of), 4.750%, 01/18/2028				1,032,000		998,460		0.22
Saudi (Rep of), 4.625%, 10/04/2047				808,000		608,020		0.13
Saudi (Rep of), 5.000%, 04/17/2049				1,903,000		1,510,506		0.33
Saudi (Rep of), 5.250%, 01/16/2050				1,310,000		1,077,475		0.24
Saudi (Rep of), 3.750%, 01/21/2055				1,457,000		917,910		0.20
Saudi (Rep of), 4.500%, 04/22/2060				1,128,000		814,980		0.18
Saudi (Rep of), 3.450%, 02/02/2061				2,242,000		1,300,360		0.29
						9,965,468		2.20
South Africa (Cost $20,799,907)
South Africa (Rep of), 10.500%, 12/21/2026		ZAR		64,454,965		3,562,626		0.79
South Africa (Rep of), 4.300%, 10/12/2028				2,754,000		2,368,440		0.52
South Africa (Rep of), 8.000%, 01/31/2030		ZAR		78,585,521		3,709,522		0.82
South Africa (Rep of), 8.250%, 03/31/2032		ZAR		10,672,931		470,752		0.11
South Africa (Rep of), 5.875%, 04/20/2032				1,509,000		1,273,219		0.28
South Africa (Rep of), 8.875%, 02/28/2035		ZAR		36,310,362		1,549,936		0.34
South Africa (Rep of), 8.500%, 01/31/2037		ZAR		35,823,288		1,419,827		0.31
South Africa (Rep of), 9.000%, 01/31/2040		ZAR		24,388,389		970,548		0.22
South Africa (Rep of), 8.750%, 01/31/2044		ZAR		14,396,066		544,187		0.12
South Africa (Rep of), 5.000%, 10/12/2046				467,000		282,535		0.06
South Africa (Rep of), 5.650%, 09/27/2047				955,000		620,750		0.14
South Africa (Rep of), 8.750%, 02/28/2048		ZAR		14,337,218		537,892		0.12
South Africa (Rep of), 5.750%, 09/30/2049				1,338,000		869,700		0.19
						18,179,934		4.02
South Korea (Cost $5,678,677)
Korea (Rep of), 4.250%, 12/10/2032		KRW		7,054,930,000		5,179,895		1.14
						5,179,895		1.14
Thailand (Cost $8,318,116)
Thailand (Rep of), 2.350%, 06/17/2026		THB		88,425,000		2,431,814		0.54
Thailand (Rep of), 2.650%, 06/17/2028		THB		23,434,000		641,815		0.14
Thailand (Rep of), 2.000%, 12/17/2031		THB		24,345,000		617,036		0.14
Thailand (Rep of), 1.585%, 12/17/2035		THB		19,716,000		447,232		0.10
Thailand (Rep of), 3.400%, 06/17/2036		THB		17,483,000		478,215		0.11
Thailand (Rep of), 3.300%, 06/17/2038		THB		27,502,000		734,797		0.16
Thailand (Rep of), 2.000%, 06/17/2042		THB		44,923,000		963,740		0.21
Thailand (Rep of), 2.875%, 06/17/2046		THB		4,854,000		114,756		0.02
Thailand (Rep of), 3.600%, 06/17/2067		THB		18,378,000		470,079		0.10
						6,899,484		1.52
Tunisia (Cost $969,432)
Tunisia (Rep of), 6.375%, 07/15/2026		EUR		1,481,000		944,145		0.21
						944,145		0.21

See accompanying notes to the financial statements.

84

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1		Par		Value		% of Net Assets
Turkey (Cost $5,253,205)
Turkey (Rep of), 6.000%, 01/14/2041				465,000	$	330,150		0.07
Turkey (Rep of), 4.875%, 04/16/2043				2,888,000		1,750,850		0.39
Turkey (Rep of), 5.750%, 05/11/2047				3,236,000		2,107,445		0.47
Turkiye Ihracat Kredi Bankasi A.S., 9.000%, 01/28/20274				586,000		587,465		0.13
						4,775,910		1.06
Ukraine (Cost $1,626,014)
Ukraine (Rep of), 9.750%, 11/01/20308				1,005,000		291,450		0.06
Ukraine (Rep of), 6.876%, 05/21/20318				1,268,000		312,562		0.07
						604,012		0.13
United Arab Emirates (Cost $5,859,787)
Abu Dhabi (Gov’t of), 3.125%, 09/30/2049				2,175,000		1,330,828		0.29
DP World Crescent Ltd., 3.875%, 07/18/2029				641,000		568,086		0.13
DP World Crescent Ltd., 3.750%, 01/30/2030				804,000		702,746		0.16
DP World Crescent Ltd., 5.500%, 09/13/2033				1,739,000		1,637,269		0.36
DP World Ltd., 5.625%, 09/25/2048				843,000		691,429		0.15
						4,930,358		1.09
United States (Cost $6,581,354)
U.S. Treasury Bill, 5.231%, 01/16/202411				6,655,700		6,581,110		1.45
						6,581,110		1.45
Uruguay (Cost $9,374,180)
Uruguay (Rep of), 4.375%, (Inflation Index), 12/15/2028		UYU		22,439,733		578,887		0.13
Uruguay (Rep of), 8.250%, 05/21/2031		UYU		43,056,886		982,085		0.22
Uruguay (Rep of), 7.875%, (100% Cash), 01/15/20335				1,177,380		1,344,568		0.30
Uruguay (Rep of), 9.750%, 07/20/2033		UYU		485,717		12,036		—
Uruguay (Rep of), 5.750%, 10/28/2034				1,293,750		1,291,809		0.28
Uruguay (Rep of), 7.625%, 03/21/2036				853,660		964,209		0.21
Uruguay (Rep of), 4.125%, 11/20/2045				719,435		568,354		0.12
Uruguay (Rep of), 5.100%, 06/18/2050				722,744		623,005		0.14
Uruguay (Rep of), 4.975%, 04/20/2055				1,673,300		1,393,859		0.31
						7,758,812		1.71
Venezuela (Cost $54,755,630)
Petroleos de Venezuela S.A., 8.500%, 10/27/20208,9				28,100,000		23,604,000		5.21
Petroleos de Venezuela S.A., 9.000%, 11/17/20218,9				3,789,076		483,107		0.11
Petroleos de Venezuela S.A., 12.750%, 02/17/20228,9				1,695,000		258,488		0.06
Petroleos de Venezuela S.A., 5.375%, 04/12/20278				1,590,000		211,470		0.05
Petroleos de Venezuela S.A., 9.750%, 05/17/20358				5,253,147		735,441		0.16
Venezuela (Rep of), 7.750%, 10/13/20198,9				1,638,000		221,130		0.05
Venezuela (Rep of), 12.750%, 08/23/20228,9				3,246,000		572,919		0.13
Venezuela (Rep of), 9.000%, 05/07/20238,9				1,407,000		235,673		0.05
Venezuela (Rep of), 8.250%, 10/13/20248				3,213,200		530,178		0.12
Venezuela (Rep of), 11.750%, 10/21/20268				20,397,000		3,875,430		0.85
Venezuela (Rep of), 9.250%, 09/15/20278				13,541,000		2,538,937		0.56

See accompanying notes to the financial statements.

85

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1	Par		Value		% of Net Assets
Venezuela (continued)
Venezuela (Rep of), 9.250%, 05/07/20288			2,317,000	$	401,999		0.09
Venezuela (Rep of), 11.950%, 08/05/20318			28,899,800		5,418,712		1.20
					39,087,484		8.64
Vietnam (Cost $1,250,588)
Vietnam (Rep of), 4.800%, 11/19/2024			1,241,000		1,214,592		0.27
					1,214,592		0.27
Zambia (Cost $769,559)
Zambia (Rep of), 8.970%, 07/30/20278			1,139,000		690,875		0.15
					690,875		0.15
Total Debt Securities (Cost $589,120,836)					416,497,479		92.02
Short-Term Investments
Canada (Cost $20,000,000)
Canadian Imperial Bank of Commerce, Time Deposit, 5.310%			20,000,000		20,000,000		4.42
					20,000,000		4.42
United States (Cost $5,000,000)
Societe Generale, New York Branch, Time Deposit, 5.270%			5,000,000		5,000,000		1.11
					5,000,000		1.11
Total Short-Term Investments (Cost $25,000,000)					25,000,000		5.53
Total Investments (Total Cost $614,120,836)					441,497,479		97.55
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					11,102,953		2.45
Net Assets				$	452,600,432		100.00

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

²  Step coupon bond. Rate as of October 31, 2023 is disclosed.

³  Zero coupon bond.

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

⁶  Restricted security that has been deemed illiquid. At October 31, 2023 the value of these restricted illiquid securities amount to $2,282,523 or 0.50% of net assets. Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISITION DATE	ACQUISITION COST
Oi S.A., 14.000%, 09/07/2024	4/21/23-10/19/23	$	2,269,529
Oi S.A., 14.000%, 09/07/2024	10/4/23-10/24/23		122

⁷  Security is a Level 3 investment.

⁸  Issuer has defaulted on terms of debt obligation.

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

¹⁰  Security has been deemed worthless and is a Level 3 investment.

¹¹  Zero coupon bond – interest rate reflects effective yield on the date of purchase.

See accompanying notes to the financial statements.

86

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

Percentages shown are based on net assets.

At October 31, 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)
11/03/2023	Citibank	Brazilian Real		13,520,780	United States Dollar		2,660,000	$	20,751
11/03/2023	HSBC Bank	United States Dollar		9,796,455	Brazilian Real		48,814,267		118,101
11/10/2023	State Street	United States Dollar		312,690	Indian Rupee		26,009,929		399
11/10/2023	HSBC Bank	United States Dollar		2,150,000	Indonesian Rupiah		34,131,250,000		3,725
11/10/2023	State Street	United States Dollar		418,770	Indonesian Rupiah		6,650,869,545		543
11/10/2023	Morgan Stanley	United States Dollar		2,767,000	Korean Won		3,734,814,974		1,616
11/10/2023	BNP Paribas	United States Dollar		2,660,665	Singapore Dollar		3,639,523		1,182
11/20/2023	BNP Paribas	United States Dollar		340,630	Chinese Offshore Yuan		2,475,304		2,987
11/20/2023	Merrill Lynch	United States Dollar		457,420	Chinese Offshore Yuan		3,349,085		589
11/20/2023	Morgan Stanley	United States Dollar		274,000	Chinese Offshore Yuan		2,005,859		391
11/22/2023	HSBC Bank	United States Dollar		5,520,053	Euro		5,205,949		6,465
11/24/2023	Morgan Stanley	United States Dollar		1,379,538	Korean Won		1,862,790,148		280
11/30/2023	BNP Paribas	Thai Baht		24,262,000	United States Dollar		669,536		7,294
11/30/2023	HSBC Bank	Thai Baht		18,081,620	United States Dollar		498,935		5,483
11/30/2023	Morgan Stanley	Thai Baht		219,770,094	United States Dollar		6,091,189		39,677
11/30/2023	HSBC Bank	United States Dollar		1,358,602	Malaysian Ringgit		6,374,790		17,896
11/30/2023	JP Morgan	United States Dollar		263,330	Philippine Peso		14,952,667		56
12/04/2023	Morgan Stanley	United States Dollar		9,676,639	Brazilian Real		48,486,250		99,999
12/08/2023	Merrill Lynch	United States Dollar		429,190	Taiwan Dollar		13,866,356		1,085
12/11/2023	Merrill Lynch	United States Dollar		179,000	Indian Rupee		14,916,249		101
12/11/2023	BNP Paribas	United States Dollar		925,586	Indonesian Rupiah		14,137,404,917		38,690
12/11/2023	JP Morgan	United States Dollar		87,585	Indonesian Rupiah		1,371,663,078		1,535
12/11/2023	State Street	United States Dollar		213,000	Singapore Dollar		290,289		580
12/13/2023	HSBC Bank	Egyptian Pound		1,870,816	United States Dollar		58,136		700
01/12/2024	HSBC Bank	Korean Won		1,164,366,820	United States Dollar		864,319		78
01/12/2024	HSBC Bank	United States Dollar		1,725,774	Indonesian Rupiah		26,766,758,284		47,525
01/12/2024	Barclays	United States Dollar		1,324,902	Korean Won		1,779,329,647		3,972
01/12/2024	State Street	United States Dollar		312,000	Korean Won		418,794,480		1,097
01/16/2024	HSBC Bank	United States Dollar		55,845	Egyptian Pound		1,870,816		1,938
01/31/2024	Merrill Lynch	Chilean Peso		3,693,999,021	United States Dollar		3,874,756		228,926
01/31/2024	Morgan Stanley	Czech Koruna		73,354,351	United States Dollar		3,134,298		19,144
01/31/2024	BNP Paribas	Hungarian Forint		1,754,027,136	United States Dollar		4,740,303		47,895
01/31/2024	JP Morgan	Israeli Shekel		6,202,106	United States Dollar		1,536,575		7,087
01/31/2024	Merrill Lynch	Mexican Peso		110,894,370	United States Dollar		5,965,751		86,006
01/31/2024	Morgan Stanley	South African Rand		27,748,516	United States Dollar		1,430,456		46,244
01/31/2024	Morgan Stanley	Turkish Lira		35,157,353	United States Dollar		1,133,455		15,155
01/31/2024	Morgan Stanley	United States Dollar		233,000	Czech Koruna		5,387,158		1,411
01/31/2024	Citibank	United States Dollar		1,170,000	Hungarian Forint		426,219,300		6,493
01/31/2024	HSBC Bank	United States Dollar		1,170,000	Hungarian Forint		428,139,270		1,252

See accompanying notes to the financial statements.

87

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
01/31/2024	State Street	United States Dollar		139,000	Hungarian Forint		50,558,741	$	983
01/31/2024	BNP Paribas	United States Dollar		180,000	Mexican Peso		3,295,568		153
01/31/2024	Morgan Stanley	United States Dollar		180,000	Mexican Peso		3,296,312		113
01/31/2024	JP Morgan	United States Dollar		193,000	Peruvian Nuevo Sol		742,510		419
01/31/2024	Morgan Stanley	United States Dollar		303,000	Polish Zloty		1,267,740		2,864
01/31/2024	Citibank	United States Dollar		258,000	Romanian Leu		1,204,983		1,569
02/12/2024	HSBC Bank	United States Dollar		2,392,683	Indian Rupee		199,921,810		1,876
02/12/2024	HSBC Bank	United States Dollar		700,624	Indonesian Rupiah		11,146,576,000		2,146
03/25/2024	Citibank	United States Dollar		6,073,235	Chinese Offshore Yuan		43,994,106		17,942
Subtotal Appreciation									912,413
11/03/2023	Morgan Stanley	Brazilian Real		48,486,250	United States Dollar		9,712,790		(99,471	)
11/03/2023	Santander	Brazilian Real		2,310,000	United States Dollar		459,894		(1,892	)
11/03/2023	Deutsche Bank	United States Dollar		3,041,230	Brazilian Real		15,502,762		(32,486	)
11/10/2023	HSBC Bank	Indian Rupee		290,666,369	United States Dollar		3,495,247		(5,331	)
11/10/2023	HSBC Bank	Indonesian Rupiah		18,470,200,000	United States Dollar		1,163,705		(2,243	)
11/10/2023	Barclays	Korean Won		1,779,329,647	United States Dollar		1,319,977		(2,501	)
11/10/2023	HSBC Bank	Korean Won		2,173,327,897	United States Dollar		1,638,035		(28,829	)
11/10/2023	HSBC Bank	Singapore Dollar		3,840,868	United States Dollar		2,887,271		(80,661	)
11/10/2023	Standard Chartered	Singapore Dollar		299,127	United States Dollar		221,260		(2,681	)
11/10/2023	Deutsche Bank	United States Dollar		3,173,000	Indian Rupee		264,656,440		(4,626	)
11/10/2023	Deutsche Bank	United States Dollar		161,150	Korean Won		217,842,570		(148	)
11/10/2023	Morgan Stanley	United States Dollar		364,730	Singapore Dollar		500,471		(976	)
11/15/2023	Citibank	Thai Baht		51,107,297	United States Dollar		1,466,999		(43,176	)
11/15/2023	Standard Chartered	Thai Baht		57,299,000	United States Dollar		1,636,404		(40,084	)
11/20/2023	BNP Paribas	Chinese Offshore Yuan		4,941,174	United States Dollar		682,150		(8,151	)
11/20/2023	Citibank	Chinese Offshore Yuan		165,064,125	United States Dollar		23,181,861		(666,336	)
11/24/2023	Deutsche Bank	United States Dollar		2,455,000	Korean Won		3,329,962,000		(10,590	)
11/24/2023	HSBC Bank	United States Dollar		1,044,462	Korean Won		1,410,890,617		(198	)
11/30/2023	BNP Paribas	Malaysian Ringgit		3,550,699	United States Dollar		768,350		(21,589	)
11/30/2023	Merrill Lynch	Philippine Peso		124,524,759	United States Dollar		2,211,022		(18,492	)
11/30/2023	Deutsche Bank	Thai Baht		56,611,000	United States Dollar		1,628,461		(49,199	)
11/30/2023	UBS	Thai Baht		60,087,000	United States Dollar		1,734,904		(58,673	)
11/30/2023	BNP Paribas	United States Dollar		161,430	Malaysian Ringgit		768,262		(146	)
11/30/2023	Deutsche Bank	United States Dollar		3,331,220	Thai Baht		119,617,103		(5,706	)
11/30/2023	Morgan Stanley	United States Dollar		478,000	Thai Baht		17,135,440		(23	)
12/08/2023	Standard Chartered	Taiwan Dollar		276,464,610	United States Dollar		8,746,859		(211,395	)
12/11/2023	HSBC Bank	Indian Rupee		303,674,000	United States Dollar		3,654,936		(12,799	)
12/11/2023	Deutsche Bank	Indonesian Rupiah		768,957,000	United States Dollar		49,000		(760	)
12/11/2023	BNP Paribas	Korean Won		15,872,755,581	United States Dollar		12,065,032		(305,288	)
12/11/2023	HSBC Bank	Singapore Dollar		4,333,000	United States Dollar		3,218,212		(47,521	)
12/11/2023	BNP Paribas	United States Dollar		63,868	Indian Rupee		5,328,914		(44	)
12/11/2023	JP Morgan	United States Dollar		3,173,000	Indian Rupee		265,043,863		(5,823	)

See accompanying notes to the financial statements.

88

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
01/12/2024	Deutsche Bank	Indonesian Rupiah		769,986,000	United States Dollar		49,000	$	(723	)
01/12/2024	HSBC Bank	Indonesian Rupiah		15,289,950,000	United States Dollar		975,000		(16,335	)
01/12/2024	JP Morgan	Indonesian Rupiah		16,863,268,000	United States Dollar		1,073,000		(15,690	)
01/12/2024	BNP Paribas	Singapore Dollar		4,659,000	United States Dollar		3,436,429		(22,219	)
01/16/2024	Morgan Stanley	Egyptian Pound		4,276,628	United States Dollar		127,356		(4,126	)
01/31/2024	BNP Paribas	Polish Zloty		30,474,287	United States Dollar		7,227,055		(12,305	)
01/31/2024	JP Morgan	United States Dollar		70,000	Colombian Peso		294,816,900		(66	)
01/31/2024	Merrill Lynch	United States Dollar		2,965,618	Colombian Peso		12,810,305,572		(78,880	)
01/31/2024	Barclays	United States Dollar		293,030	Czech Koruna		6,849,436		(1,421	)
01/31/2024	Morgan Stanley	United States Dollar		2,574,988	Peruvian Nuevo Sol		10,027,776		(25,866	)
01/31/2024	State Street	United States Dollar		344,350	Polish Zloty		1,458,127		(860	)
01/31/2024	Citibank	United States Dollar		1,611,773	Romanian Leu		7,594,029		(4,303	)
01/31/2024	Deutsche Bank	United States Dollar		410,000	Romanian Leu		1,931,191		(975	)
01/31/2024	Barclays	United States Dollar		205,940	South African Rand		3,958,074		(4,698	)
01/31/2024	Morgan Stanley	United States Dollar		2,327,986	South African Rand		44,739,591		(52,934	)
01/31/2024	State Street	United States Dollar		148,000	South African Rand		2,793,633		(670	)
02/09/2024	BNP Paribas	Singapore Dollar		3,639,523	United States Dollar		2,671,690		(857	)
02/12/2024	Deutsche Bank	Indian Rupee		1,037,649,281	United States Dollar		12,447,937		(38,988	)
Subtotal Depreciation									(2,049,754	)
Total								$	(1,137,341	)

At October 31, 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
5.430% (Pay Semiannually)	CLP-CLICP 1 Day Rate (Receive Semiannually)	CLP		848,900,000		8/17/2033	$50,021	$515		HSBC Bank
5.550% (Pay Semiannually)	CLP-CLICP 1 Day Rate (Receive Semiannually)	CLP		1,441,500,000		8/22/2028	51,688	(23)		Merrill Lynch
6.235% (Pay Semiannually)	CLP-CLICP 1 Day Rate (Receive Semiannually)	CLP		1,965,200,000		10/25/2028	(11,744)	(1,424)		HSBC Bank
CFETS China Fixing Repo Rates 7 Day (Pay Quarterly)	2.535% (Receive Quarterly)	CNY		19,040,000		9/16/2025	21,764	222		Merrill Lynch
CZK-PRIBOR-P 6 Month Rate (Pay Semiannually)	5.049% (Receive Annually)	CZK		73,631,586		12/20/2025	16,791	6,648		BNP Paribas
KWDCD 3 Month Rate (Pay Quarterly)	3.535% (Receive Quarterly)	KRW		2,350,610,000		7/19/2026	(23,907)	(337)		BNP Paribas
KWDCD 3 Month Rate (Pay Quarterly)	3.540% (Receive Quarterly)	KRW		2,376,280,000		7/21/2026	(23,902)	(342)		BNP Paribas
KWDCD 3 Month Rate (Pay Quarterly)	3.490% (Receive Quarterly)	KRW		2,363,448,000		7/20/2026	(26,084)	(340)		HSBC Bank

See accompanying notes to the financial statements.

89

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

Pay Rate Index/ Pay Rate

Receive Rate/ Receive Rate Index

Notional Amount

Expiration Date

Fair Value/ Unrealized Appreciation (Depreciation)**

Variation Margin Receivable (Payable)

Counterparty

KWDCD 3 Month Rate (Pay Quarterly)

3.565% (Receive Quarterly)

KRW

2,389,120,000

7/25/2026

$(22,992)

$(347)

BNP Paribas

KWDCD 3 Month Rate (Pay Quarterly)

3.560% (Receive Quarterly)

KWR

2,363,450,000

7/17/2026

(22,852)

(338)

BNP Paribas

MXN-TIIE-BANXICO 28 Day Rate (Pay Lunar)

8.880% (Receive Lunar)

MXN

49,000,000

8/9/2028

(94,498)

3,685

BNP Paribas

2.425% (Pay Quarterly)

Thai Overnight Repurchase Rate (THOR) (Receive Quarterly)

THB

122,170,000

6/21/2028

54,544

(1,976)

Merrill Lynch

9.605% (Pay Quarterly)

ZAR-JIBAR 3 Month Rate (Receive Quarterly)

ZAR

34,800,000

12/20/2033

31,510

(8,728)

Deutsche Bank

$       339

$(2,785)

**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 of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Total Return Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2023:

	Level 1		Level 2		Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds	$	—	$	50,315,513	$	24,342	$	50,339,855
Corporate Convertible Bonds		—		364,160		—		364,160
Financial Certificates		—		4,913,400		—		4,913,400
Government Agencies		—		31,035,820		—		31,035,820
Government Bonds		—		322,684,247		—		322,684,247
Index Linked Government Bonds		—		578,887		—		578,887
Short Term Bills and Notes		—		6,581,110		—		6,581,110
Total Debt Securities		—		416,473,137		24,342		416,497,479
Short-Term Investments		—		25,000,000		—		25,000,000
Total Investments		$—		$441,473,137		$24,342		$441,497,479

See accompanying notes to the financial statements.

90

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Level 1		Level 2			Level 3		Total
Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts		$—		$    912,413			$—		$    912,413
Centrally Cleared Interest Rate Swap Contracts†		—		226,318			—		226,318
Liabilities:
Forward Foreign Currency Exchange Contracts		—		(2,049,754	)		—		(2,049,754	)
Centrally Cleared Interest Rate Swap Contracts†		—		(225,979	)		—		(225,979	)
Total Other Financial Instruments		$—		$(1,137,002	)		$—		$(1,137,002	)

^†Includes cumulative appreciation/depreciation on centrally cleared interest rate swap agreements. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

There were no transfers to or from Level 3 during the year ended October 31, 2023.

The amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the year ended October 31, 2023.

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2023:

	Derivatives Not Accounted for as Hedging Instruments
	Foreign			Interest
	Exchange Risk			Rate Risk
Assets:
Unrealized Appreciation on Centrally Cleared Interest Rate Swap Contracts	$	—		$	226,318	†
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		912,413			—
	$	912,413		$	226,318
Liabilities:
Unrealized Depreciation on Centrally Cleared Interest Rate Swap Contracts	$	—		$	(225,979	)†
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(2,049,754	)		—
	$	(2,049,754	)	$	(225,979	)

^†  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.

91

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 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 Loss on Forward Foreign Currency Exchange Contracts	$	(2,364,837	)	$	—
Net Realized Gain on Interest Rate Swap Contracts		—			345,357
	$	(2,364,837	)	$	345,357
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts	$	2,423,493		$	—
Net Change in Unrealized Depreciation on Interest Rate Swap Contracts		—			(108,313	)
	$	2,423,493		$	(108,313	)

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

See accompanying notes to the financial statements.

92

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2023

	Currency1		Par		Value		% of Net Assets
Debt Securities
Brazil (Cost $1,546,131)
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/20252		BRL		1,722,000	$	287,102		2.79
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/20262		BRL		2,140,000		337,460		3.27
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/20262		BRL		1,990,000		297,233		2.88
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027		BRL		2,723,000		522,195		5.07
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2029		BRL		898,000		167,471		1.63
						1,611,461		15.64
Chile (Cost $65,998)
Bonos de la Tesoreria de la Republica en pesos, 5.000%, 10/01/20283		CLP		20,000,000		20,878		0.20
Bonos de la Tesoreria de la Republica en pesos, 6.000%, 04/01/20333		CLP		15,000,000		16,047		0.16
Bonos de la Tesoreria de la Republica en pesos, 7.000%, 05/01/20343		CLP		20,000,000		23,079		0.22
						60,004		0.58
China (Cost $484,635)
China (Rep of), 2.850%, 06/04/2027		CNY		920,000		127,368		1.23
China (Rep of), 2.620%, 09/25/2029		CNY		440,000		59,982		0.58
China (Rep of), 2.680%, 05/21/2030		CNY		400,000		54,607		0.53
China (Rep of), 2.750%, 02/17/2032		CNY		170,000		23,281		0.23
China (Rep of), 2.800%, 11/15/2032		CNY		120,000		16,515		0.16
China (Rep of), 2.880%, 02/25/2033		CNY		750,000		103,895		1.01
China (Rep of), 3.720%, 04/12/2051		CNY		540,000		82,035		0.80
						467,683		4.54
Colombia (Cost $488,381)
Colombian TES, 5.750%, 11/03/2027		COP		91,500,000		18,562		0.18
Colombian TES, 6.000%, 04/28/2028		COP		357,700,000		71,846		0.70
Colombian TES, 7.750%, 09/18/2030		COP		219,000,000		44,577		0.43
Colombian TES, 7.000%, 03/26/2031		COP		324,400,000		62,189		0.60
Colombian TES, 7.000%, 06/30/2032		COP		306,900,000		56,365		0.55
Colombian TES, 13.250%, 02/09/2033		COP		142,000,000		37,241		0.36
Colombian TES, 7.250%, 10/18/2034		COP		341,200,000		60,333		0.59
Colombian TES, 9.250%, 05/28/2042		COP		619,300,000		119,758		1.16
Colombian TES, 7.250%, 10/26/2050		COP		115,500,000		17,595		0.17
						488,466		4.74
Czech Republic (Cost $541,721)
Czech (Rep of), 2.500%, 08/25/2028		CZK		270,000		10,624		0.10
Czech (Rep of), 2.750%, 07/23/2029		CZK		2,120,000		82,995		0.80
Czech (Rep of), 0.050%, 11/29/2029		CZK		630,000		20,727		0.20
Czech (Rep of), 0.950%, 05/15/2030		CZK		590,000		20,293		0.20
Czech (Rep of), 1.200%, 03/13/2031		CZK		1,850,000		62,977		0.61

See accompanying notes to the financial statements.

93

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1		Par		Value		% of Net Assets
Czech Republic (continued)
Czech (Rep of), 1.750%, 06/23/2032		CZK		1,430,000	$	49,127		0.48
Czech (Rep of), 2.000%, 10/13/2033		CZK		1,790,000		60,829		0.59
Czech (Rep of), 4.900%, 04/14/2034		CZK		3,220,000		140,239		1.36
Czech (Rep of), 1.950%, 07/30/2037		CZK		1,740,000		54,303		0.53
						502,114		4.87
Dominican Republic (Cost $53,073)
Dominican Republic Central Bank Notes, 13.000%, 01/30/2026		DOP		2,800,000		51,786		0.50
						51,786		0.50
Hungary (Cost $207,692)
Hungary (Rep of), 9.500%, 10/21/2026		HUF		25,770,000		73,707		0.72
Hungary (Rep of), 3.000%, 10/27/2027		HUF		13,320,000		31,276		0.30
Hungary (Rep of), 4.500%, 03/23/2028		HUF		11,150,000		27,467		0.27
Hungary (Rep of), 6.750%, 10/22/2028		HUF		2,410,000		6,463		0.06
Hungary (Rep of), 3.000%, 08/21/2030		HUF		14,890,000		32,019		0.31
Hungary (Rep of), 4.750%, 11/24/2032		HUF		7,690,000		17,513		0.17
Hungary (Rep of), 3.000%, 10/27/2038		HUF		5,640,000		9,410		0.09
						197,855		1.92
Indonesia (Cost $1,524,797)
Indonesia (Rep of), 8.375%, 03/15/2024		IDR		1,145,000,000		72,441		0.70
Indonesia (Rep of), 8.125%, 05/15/2024		IDR		3,163,000,000		200,356		1.95
Indonesia (Rep of), 7.000%, 05/15/2027		IDR		1,318,000,000		82,764		0.80
Indonesia (Rep of), 6.375%, 08/15/2028		IDR		2,621,000,000		160,544		1.56
Indonesia (Rep of), 10.500%, 08/15/2030		IDR		213,000,000		15,823		0.15
Indonesia (Rep of), 7.000%, 09/15/2030		IDR		1,038,000,000		65,083		0.63
Indonesia (Rep of), 6.500%, 02/15/2031		IDR		1,258,000,000		76,422		0.74
Indonesia (Rep of), 8.750%, 05/15/2031		IDR		1,159,000,000		79,346		0.77
Indonesia (Rep of), 6.375%, 04/15/2032		IDR		702,000,000		42,160		0.41
Indonesia (Rep of), 7.500%, 08/15/2032		IDR		583,000,000		37,227		0.36
Indonesia (Rep of), 7.000%, 02/15/2033		IDR		2,898,000,000		181,524		1.76
Indonesia (Rep of), 6.625%, 02/15/2034		IDR		1,305,000,000		78,793		0.77
Indonesia (Rep of), 8.375%, 03/15/2034		IDR		974,000,000		66,313		0.64
Indonesia (Rep of), 8.250%, 05/15/2036		IDR		635,000,000		43,173		0.42
Indonesia (Rep of), 7.125%, 06/15/2038		IDR		2,622,000,000		164,236		1.59
Indonesia (Rep of), 8.375%, 04/15/2039		IDR		788,000,000		54,567		0.53
						1,420,772		13.78
Malaysia (Cost $527,767)
Malaysia (Rep of), 3.733%, 06/15/2028		MYR		119,000		24,802		0.24
Malaysia (Rep of), 3.885%, 08/15/2029		MYR		193,000		40,267		0.39
Malaysia (Rep of), 4.642%, 11/07/2033		MYR		293,000		64,186		0.62
Malaysia (Rep of), 3.828%, 07/05/2034		MYR		440,000		89,556		0.87
Malaysia (Rep of), 4.893%, 06/08/2038		MYR		268,000		60,193		0.58
Malaysia (Rep of), 3.757%, 05/22/2040		MYR		100,000		19,360		0.19
Malaysia (Rep of), 4.696%, 10/15/2042		MYR		250,000		54,329		0.53

See accompanying notes to the financial statements.

94

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1		Par		Value		% of Net Assets
Malaysia (continued)
Malaysia (Rep of), 4.065%, 06/15/2050		MYR		412,000	$	79,858		0.77
Malaysia Government Investment Issue, 3.465%, 10/15/2030		MYR		55,000		11,106		0.11
Malaysia Government Investment Issue, 5.357%, 05/15/2052		MYR		95,000		22,223		0.22
						465,880		4.52
Mexico (Cost $842,816)
Mexican Bonos, 5.750%, 03/05/2026		MXN		920,000		45,766		0.44
Mexican Bonos, 5.500%, 03/04/2027		MXN		1,290,000		61,792		0.60
Mexican Bonos, 7.500%, 06/03/2027		MXN		840,000		42,630		0.41
Mexican Bonos, 7.750%, 05/29/2031		MXN		5,710,000		275,760		2.68
Mexican Bonos, 10.000%, 11/20/2036		MXN		2,510,000		137,664		1.34
Mexican Bonos, 8.500%, 11/18/2038		MXN		2,050,000		99,126		0.96
Mexican Bonos, 7.750%, 11/13/2042		MXN		3,640,000		161,114		1.56
						823,852		7.99
Peru (Cost $496,153)
Fondo MIVIVIENDA S.A., 7.000%, 02/14/2024		PEN		133,000		34,367		0.33
Peru (Rep of), 5.940%, 02/12/2029		PEN		152,000		37,891		0.37
Peru (Rep of), 6.150%, 08/12/2032		PEN		814,000		193,548		1.88
Peru (Rep of), 7.300%, 08/12/20333		PEN		479,000		122,162		1.19
Peru (Rep of), 5.400%, 08/12/2034		PEN		219,000		47,669		0.46
Peru (Rep of), 5.350%, 08/12/2040		PEN		63,000		12,734		0.12
						448,371		4.35
Poland (Cost $477,924)
Poland (Rep of), 2.250%, 10/25/2024		PLN		3,000		693		0.01
Poland (Rep of), 3.750%, 05/25/2027		PLN		726,000		164,568		1.60
Poland (Rep of), 2.750%, 04/25/2028		PLN		194,000		41,624		0.40
Poland (Rep of), 2.750%, 10/25/2029		PLN		271,000		56,031		0.54
Poland (Rep of), 1.250%, 10/25/2030		PLN		362,000		65,732		0.64
Poland (Rep of), 1.750%, 04/25/2032		PLN		302,000		53,416		0.52
Poland (Rep of), 6.000%, 10/25/2033		PLN		478,000		116,353		1.13
						498,417		4.84
Romania (Cost $511,543)
Romania (Rep of), 5.800%, 07/26/2027		RON		230,000		47,776		0.46
Romania (Rep of), 4.150%, 01/26/2028		RON		315,000		60,904		0.59
Romania (Rep of), 4.850%, 07/25/2029		RON		240,000		46,455		0.45
Romania (Rep of), 8.000%, 04/29/2030		RON		505,000		113,144		1.10
Romania (Rep of), 4.150%, 10/24/2030		RON		115,000		20,913		0.20
Romania (Rep of), 7.350%, 04/28/2031		RON		90,000		19,521		0.19
Romania (Rep of), 6.700%, 02/25/2032		RON		65,000		13,523		0.13
Romania (Rep of), 8.250%, 09/29/2032		RON		620,000		142,464		1.38
Romania (Rep of), 4.750%, 10/11/2034		RON		185,000		32,446		0.32
						497,146		4.82

See accompanying notes to the financial statements.

95

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1		Par		Value		% of Net Assets
South Africa (Cost $1,127,427)
South Africa (Rep of), 10.500%, 12/21/2026		ZAR		3,768,410	$	208,292		2.02
South Africa (Rep of), 8.000%, 01/31/2030		ZAR		3,640,516		171,845		1.67
South Africa (Rep of), 7.000%, 02/28/2031		ZAR		2,717,492		115,274		1.12
South Africa (Rep of), 8.250%, 03/31/2032		ZAR		3,658,334		161,359		1.57
South Africa (Rep of), 8.875%, 02/28/2035		ZAR		1,133,384		48,379		0.47
South Africa (Rep of), 8.500%, 01/31/2037		ZAR		1,217,357		48,249		0.47
South Africa (Rep of), 9.000%, 01/31/2040		ZAR		1,995,720		79,421		0.77
South Africa (Rep of), 8.750%, 01/31/2044		ZAR		2,438,141		92,164		0.89
South Africa (Rep of), 8.750%, 02/28/2048		ZAR		2,154,187		80,819		0.78
						1,005,802		9.76
South Korea (Cost $447,772)
Korea (Rep of), 3.000%, 09/10/2024		KRW		412,270,000		303,437		2.95
Korea (Rep of), 4.250%, 12/10/2032		KRW		157,660,000		115,758		1.12
						419,195		4.07
Thailand (Cost $598,823)
Thailand (Rep of), 2.650%, 06/17/2028		THB		789,000		21,609		0.21
Thailand (Rep of), 3.775%, 06/25/2032		THB		1,527,000		44,037		0.43
Thailand (Rep of), 3.350%, 06/17/2033		THB		2,158,000		60,485		0.59
Thailand (Rep of), 1.585%, 12/17/2035		THB		2,210,000		50,131		0.49
Thailand (Rep of), 3.400%, 06/17/2036		THB		2,306,000		63,076		0.61
Thailand (Rep of), 3.390%, 06/17/2037		THB		3,497,000		95,598		0.93
Thailand (Rep of), 3.300%, 06/17/2038		THB		1,967,000		52,554		0.51
Thailand (Rep of), 2.000%, 06/17/2042		THB		2,203,000		47,261		0.46
Thailand (Rep of), 2.875%, 06/17/2046		THB		1,983,000		46,882		0.45
Thailand (Rep of), 3.600%, 06/17/2067		THB		901,000		23,046		0.22
						504,679		4.90
United States (Cost $404,213)
U.S. Treasury Bill, 5.260%, 01/16/20244				408,800		404,219		3.92
						404,219		3.92
Uruguay (Cost $92,404)
Uruguay (Rep of), 4.375%, (Inflation Index), 12/15/2028		UYU		841,690		15,562		0.15
Uruguay (Rep of), 8.250%, 05/21/2031		UYU		743,171		16,951		0.17
Uruguay (Rep of), 9.750%, 07/20/2033		UYU		1,876,662		46,503		0.45

See accompanying notes to the financial statements.

96

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1		Par		Value		% of Net Assets
Uruguay (continued)
Uruguay (Rep of), 3.875%, (Inflation Index), 07/02/2040		UYU		743,612	$	10,348		0.10
						89,364		0.87
Total Debt Securities (Cost $10,439,270)						9,957,066		96.61
Total Investments in Securities (Cost $10,439,270)						9,957,066		96.61
Total Investments (Total Cost $10,439,270)						9,957,066		96.61
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)						349,385		3.39
Net Assets					$	10,306,451		100.00

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

²  Zero coupon bond.

³  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

⁴  Zero coupon bond – interest rate reflects effective yield on the date of purchase.

Percentages shown are based on net assets.

At October 31, 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)
11/03/2023	Citibank	Brazilian Real		508,300	United States Dollar		100,000	$	780
11/03/2023	HSBC Bank	United States Dollar		465,103	Brazilian Real		2,317,540		5,607
11/10/2023	HSBC Bank	United States Dollar		125,169	Indonesian Rupiah		1,986,993,467		221
11/10/2023	Standard Chartered	United States Dollar		8,491	Indonesian Rupiah		134,851,116		11
11/10/2023	Morgan Stanley	United States Dollar		96,000	Korean Won		129,577,968		56
11/20/2023	Deutsche Bank	United States Dollar		8,000	Chinese Offshore Yuan		58,044		82
11/20/2023	Morgan Stanley	United States Dollar		5,140	Chinese Offshore Yuan		37,592		12
11/20/2023	HSBC Bank	United States Dollar		131,000	Chinese Yuan Renminbi		901,201		7,606
11/24/2023	Morgan Stanley	United States Dollar		57,481	Korean Won		77,616,257		12
11/30/2023	BNP Paribas	Thai Baht		1,472,000	United States Dollar		40,621		442
11/30/2023	Deutsche Bank	Thai Baht		9,851,402	United States Dollar		273,043		1,779
11/30/2023	HSBC Bank	Thai Baht		1,097,831	United States Dollar		30,293		333
11/30/2023	HSBC Bank	United States Dollar		32,000	Malaysian Ringgit		150,143		423
12/04/2023	JP Morgan	United States Dollar		22,970	Brazilian Real		115,419		173
12/04/2023	Morgan Stanley	United States Dollar		493,392	Brazilian Real		2,472,214		5,099
12/11/2023	BNP Paribas	Indian Rupee		791,576	United States Dollar		9,487		7
12/11/2023	BNP Paribas	United States Dollar		210,638	Indonesian Rupiah		3,217,291,053		8,805
12/11/2023	JP Morgan	United States Dollar		3,884	Indonesian Rupiah		60,831,982		68
12/13/2023	HSBC Bank	Egyptian Pound		157,257	United States Dollar		4,887		59

See accompanying notes to the financial statements.

97

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
01/12/2024	HSBC Bank	Hungarian Forint		26,854,452	United States Dollar		68,427	$	5,090
01/12/2024	HSBC Bank	United States Dollar		191,688	Indonesian Rupiah		2,973,085,575		5,279
01/12/2024	Barclays	United States Dollar		96,485	Korean Won		129,577,968		289
01/16/2024	HSBC Bank	United States Dollar		4,694	Egyptian Pound		157,257		163
01/31/2024	HSBC Bank	Chilean Peso		48,115,852	United States Dollar		51,193		2,259
01/31/2024	Merrill Lynch	Chilean Peso		75,625,719	United States Dollar		79,326		4,687
01/31/2024	Morgan Stanley	Czech Koruna		3,499,257	United States Dollar		149,517		913
01/31/2024	BNP Paribas	Hungarian Forint		18,155,542	United States Dollar		49,066		496
01/31/2024	Merrill Lynch	Mexican Peso		4,007,197	United States Dollar		215,574		3,108
01/31/2024	State Street	Mexican Peso		642,765	United States Dollar		35,000		77
01/31/2024	Citibank	United States Dollar		51,000	Hungarian Forint		18,578,790		283
01/31/2024	HSBC Bank	United States Dollar		51,000	Hungarian Forint		18,662,481		55
02/12/2024	HSBC Bank	United States Dollar		97,180	Indian Rupee		8,119,952		76
02/12/2024	HSBC Bank	United States Dollar		39,604	Indonesian Rupiah		630,077,000		121
03/25/2024	Citibank	United States Dollar		269,000	Chinese Offshore Yuan		1,948,618		795
Subtotal Appreciation									55,266
11/03/2023	Morgan Stanley	Brazilian Real		2,472,214	United States Dollar		495,235		(5,072	)
11/03/2023	Deutsche Bank	United States Dollar		130,000	Brazilian Real		662,974		(1,447	)
11/10/2023	HSBC Bank	Indian Rupee		11,093,384	United States Dollar		133,378		(185	)
11/10/2023	HSBC Bank	Indonesian Rupiah		785,426,600	United States Dollar		49,465		(75	)
11/10/2023	Barclays	Korean Won		129,577,968	United States Dollar		96,126		(182	)
11/10/2023	Deutsche Bank	United States Dollar		133,000	Indian Rupee		11,093,384		(194	)
11/10/2023	HSBC Bank	United States Dollar		11,507	Indonesian Rupiah		183,427,671		(27	)
11/15/2023	Citibank	Thai Baht		2,316,584	United States Dollar		66,496		(1,957	)
11/15/2023	Standard Chartered	Thai Baht		2,597,000	United States Dollar		74,168		(1,817	)
11/15/2023	Deutsche Bank	United States Dollar		7,754	Thai Baht		284,050		(159	)
11/15/2023	HSBC Bank	United States Dollar		2,917	Thai Baht		106,988		(64	)
11/20/2023	Citibank	Chinese Offshore Yuan		5,024,853	United States Dollar		705,698		(20,284	)
11/20/2023	HSBC Bank	Chinese Offshore Yuan		393,534	United States Dollar		54,247		(567	)
11/20/2023	Merrill Lynch	Chinese Offshore Yuan		152,931	United States Dollar		21,000		(140	)
11/20/2023	Standard Chartered	Chinese Offshore Yuan		70,300	United States Dollar		9,688		(99	)
11/24/2023	Deutsche Bank	United States Dollar		110,000	Korean Won		149,204,000		(475	)
11/24/2023	HSBC Bank	United States Dollar		43,519	Korean Won		58,787,108		(8	)
11/30/2023	Standard Chartered	Malaysian Ringgit		2,842,556	United States Dollar		614,932		(17,104	)
11/30/2023	Merrill Lynch	Philippine Peso		280,655	United States Dollar		4,983		(42	)
11/30/2023	Deutsche Bank	Thai Baht		2,932,000	United States Dollar		84,341		(2,548	)
11/30/2023	UBS	Thai Baht		3,113,000	United States Dollar		89,882		(3,040	)
11/30/2023	Deutsche Bank	United States Dollar		106,829	Thai Baht		3,834,068		(129	)
11/30/2023	UBS	United States Dollar		14,800	Thai Baht		533,115		(72	)
12/11/2023	HSBC Bank	Indian Rupee		9,951,000	United States Dollar		119,767		(419	)
12/11/2023	Deutsche Bank	Indonesian Rupiah		31,386,000	United States Dollar		2,000		(31	)
12/11/2023	BNP Paribas	Korean Won		110,641,577	United States Dollar		84,100		(2,128	)

See accompanying notes to the financial statements.

98

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
12/11/2023	JP Morgan	United States Dollar		134,000	Indian Rupee		11,193,154		$      (246)
01/12/2024	Deutsche Bank	Indonesian Rupiah		31,428,000	United States Dollar		2,000		(30)
01/12/2024	HSBC Bank	Indonesian Rupiah		768,418,000	United States Dollar		49,000		(821)
01/12/2024	JP Morgan	Indonesian Rupiah		817,232,000	United States Dollar		52,000		(760)
01/12/2024	HSBC Bank	United States Dollar		194,153	Korean Won		261,552,711		(18)
01/16/2024	Morgan Stanley	Egyptian Pound		359,485	United States Dollar		10,705		(347)
01/31/2024	Morgan Stanley	Czech Koruna		213,238	United States Dollar		9,170		(3)
01/31/2024	BNP Paribas	Polish Zloty		1,110,555	United States Dollar		263,371		(448)
01/31/2024	Morgan Stanley	Polish Zloty		43,456	United States Dollar		10,313		(24)
01/31/2024	BNP Paribas	United States Dollar		6,160	Colombian Peso		26,631,431		(169)
01/31/2024	Merrill Lynch	United States Dollar		16,458	Colombian Peso		71,136,276		(448)
01/31/2024	UBS	United States Dollar		12,010	Czech Koruna		280,986		(69)
01/31/2024	Morgan Stanley	United States Dollar		12,120	Mexican Peso		224,920		(154)
01/31/2024	JP Morgan	United States Dollar		13,580	Peruvian Nuevo Sol		52,738		(98)
01/31/2024	Morgan Stanley	United States Dollar		216,509	Peruvian Nuevo Sol		843,151		(2,175)
01/31/2024	State Street	United States Dollar		7,230	Polish Zloty		30,722		(43)
01/31/2024	Barclays	United States Dollar		6,710	Romanian Leu		31,549		(4)
01/31/2024	Citibank	United States Dollar		100,400	Romanian Leu		473,046		(268)
01/31/2024	HSBC Bank	United States Dollar		10,190	South African Rand		196,897		(288)
01/31/2024	Morgan Stanley	United States Dollar		132,764	South African Rand		2,558,809		(3,409)
02/12/2024	Deutsche Bank	Indian Rupee		8,855,196	United States Dollar		106,230		(333)
Subtotal Depreciation									(68,420)
Total									$(13,154)

At October 31, 2023, the Ashmore Emerging Markets Local Currency Bond Fund had the following over the counter interest rate swap contracts outstanding:

Pay Rate Index/ Pay Rate

Receive Rate/ Receive Rate Index

Notional Amount

Expiration Date

Fair Value

Premiums Paid/ (Received)

Unrealized Appreciation (Depreciation)

Counterparty

MYR-KLIBOR-BNM 3 Month Rate (Pay Quarterly)

3.622% (Receive Quarterly)

MYR

500,000

3/15/2028

$(1,272)

$—

$(1,272)

HSBC Bank

MYR-KLIBOR-BNM 3 Month Rate (Pay Quarterly)

3.680% (Receive Quarterly)

MYR

1,000,000

3/15/2028

(2,028)

—

(2,028)

HSBC Bank

$(3,300)

See accompanying notes to the financial statements.

99

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

At October 31, 2023, the Ashmore Emerging Markets Local Currency Bond Fund had the following centrally cleared interest rate swap contracts outstanding:

Pay Rate Index/ Pay Rate

Receive Rate/ Receive Rate Index

Notional Amount

Expiration Date

Fair Value/ Unrealized Appreciation (Depreciation)**

Variation Margin Receivable (Payable)

Counterparty

5.430% (Pay Semiannually)

CLP-CLICP 1 Day Rate (Receive Semiannually)

CLP

38,700,000

8/17/2033

$ 2,280

$23

HSBC Bank

5.550% (Pay Semiannually)

CLP-CLICP 1 Day Rate (Receive Semiannually)

CLP

65,800,000

8/22/2028

2,359

(1)

Merrill Lynch

CFETS China Fixing Repo Rates 7 Day (Pay Quarterly)

2.775% (Receive Quarterly)

CNY

1,700,000

3/15/2028

4,097

98

HSBC Bank

CZK-PRIBOR-P 6 Month Rate (Pay Semiannually)

5.049% (Receive Annually)

CZK

3,255,818

12/20/2025

743

294

BNP Paribas

KWDCD 3 Month Rate (Pay Quarterly)

3.560% (Receive Quarterly)

KRW

96,700,000

7/17/2026

(935)

(14)

BNP Paribas

KWDCD 3 Month Rate (Pay Quarterly)

3.490% (Receive Quarterly)

KRW

96,703,000

7/20/2026

(1,067)

(14)

HSBC Bank

KWDCD 3 Month Rate (Pay Quarterly)

3.535% (Receive Quarterly)

KRW

96,180,000

7/19/2026

(978)

(14)

BNP Paribas

KWDCD 3 Month Rate (Pay Quarterly)

3.540% (Receive Quarterly)

KRW

97,230,000

7/21/2026

(978)

(14)

BNP Paribas

KWDCD 3 Month Rate (Pay Quarterly)

3.565% (Receive Quarterly)

KRW

97,750,000

7/25/2026

(941)

(14)

BNP Paribas

MXN-TIIE-BANXICO 28 Day Rate (Pay Lunar)

8.880% (Receive Lunar)

MXN

2,200,000

8/9/2028

(4,243)

165

BNP Paribas

MXN-TIIE-BANXICO 28 Day Rate (Pay Lunar)

9.015% (Receive Lunar)

MXN

2,450,000

8/14/2028

(3,970)

186

HSBC Bank

MXN-TIIE-BANXICO 28 Day Rate (Pay Lunar)

9.435% (Receive Lunar)

MXN

2,400,000

12/13/2028

(1,131)

196

Merrill Lynch

2.425% (Pay Quarterly)

Thai Overnight Repurchase Rate (THOR) (Receive Quarterly)

THB

3,680,000

6/21/2028

1,643

(60)

Merrill Lynch

9.605% (Pay Quarterly)

ZAR-JIBAR 3 Month Rate (Receive Quarterly)

ZAR

1,500,000

12/20/2033

1,358

(376)

Deutsche Bank

$(1,763)

$455

**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.

100

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Local Currency Bond Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2023:

	Level 1		Level 2			Level 3		Total
Investments
Assets:
Debt Securities
Financial Certificates		$—		$     22,223			$—		$     22,223
Government Agencies		—		34,367			—		34,367
Government Bonds		—		9,470,347			—		9,470,347
Index Linked Government Bonds		—		25,910			—		25,910
Short Term Bills and Notes		—		404,219			—		404,219
Total Debt Securities		—		9,957,066			—		9,957,066
Total Investments		$—		$9,957,066			$—		$9,957,066
Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts		$—		$ 55,266			$—		$ 55,266
Centrally Cleared Interest Rate Swap Contracts†		—		12,480			—		12,480
Liabilities:
Forward Foreign Currency Exchange Contracts		—		(68,420	)		—		(68,420	)
Over the Counter Interest Rate Swap Contracts		—		(3,300	)		—		(3,300	)
Centrally Cleared Interest Rate Swap Contracts†		—		(14,243	)		—		(14,243	)
Total Other Financial Instruments		$—		$(18,217	)		$—		$(18,217	)

†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.

101

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2023:

	Derivatives Not Accounted for as Hedging Instruments
	Foreign			Interest
	Exchange Risk			Rate Risk
Assets:
Unrealized Appreciation on Centrally Cleared Interest Rate Swap Contracts		$        —			$ 12,480	†
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		55,266			—
		$ 55,266			$ 12,480
Liabilities:
Unrealized Depreciation on Centrally Cleared Interest Rate Swap Contracts		$        —			$(14,243	)†
Unrealized Depreciation on Over the Counter Interest Rate Swap Contracts		—			(3,300	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(68,420	)		—
		$(68,420	)		$(17,543	)

^†  Includes cumulative appreciation/depreciation on centrally cleared interest rate swap agreements. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 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 Loss on Forward Foreign Currency Exchange Contracts		$(175,508	)		$        —
Net Realized Loss on Interest Rate Swap Contracts		—			(28,570	)
		$(175,508	)		$(28,570	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$   40,996			$        —
Net Change in Unrealized Appreciation on Interest Rate Swap Contracts		—			28,940
		$   40,996			$ 28,940

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

See accompanying notes to the financial statements.

102

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2023

						% of Net
	Currency1	Par		Value		Assets
Debt Securities
Bahrain (Cost $258,839)
BBK BSC, 5.500%, 07/09/2024			260,000	$	255,531		0.35
					255,531		0.35
Brazil (Cost $9,019,340)
Aegea Finance S.a.r.l., 9.000%, 01/20/20312			300,000		299,250		0.41
Banco do Brasil S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 4.398%), 6.250%, 04/15/20243			323,000		308,869		0.42
Braskem Netherlands Finance B.V., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 8.220%), 8.500%, 01/23/20813			350,000		339,920		0.47
BRF S.A., 5.750%, 09/21/2050			210,000		136,172		0.19
CSN Inova Ventures, 6.750%, 01/28/2028			425,000		388,747		0.53
Globo Comunicacao e Participacoes S.A., 5.500%, 01/14/2032			400,000		313,000		0.43
InterCement Financial Operations B.V., 5.750%, 07/17/2024			730,000		453,520		0.62
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		175,326		0.24
JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc., 5.125%, 02/01/2028			60,000		56,311		0.08
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		76,327		0.10
MARB BondCo PLC, 3.950%, 01/29/2031			335,000		243,713		0.33
MC Brazil Downstream Trading S.a.r.l., 7.250%, 06/30/2031			739,182		525,928		0.72
Minerva Luxembourg S.A., 8.875%, 09/13/20332			200,000		195,890		0.27
Oi S.A., 14.000%, (66% PIK), 09/07/20242,4,5			400,053		398,052		0.55
Oi S.A., 14.000%, (100% Cash), 09/07/20242,4,5,6			4,312		4,291		0.01
Oi S.A., 10.000%, 07/27/20254,7			4,374,000		196,830		0.27
Petrobras Global Finance B.V., 6.850%, 06/05/2115			220,000		184,767		0.25
Sitios Latinoamerica S.A.B. de C.V., 5.375%, 04/04/2032			275,000		228,938		0.31
Suzano Austria GmbH, 3.125%, 01/15/2032			360,000		270,562		0.37
					4,796,413		6.57
Chile (Cost $3,726,772)
Antofagasta PLC, 5.625%, 05/13/2032			200,000		184,000		0.25
Banco de Chile, 2.990%, 12/09/2031			370,000		292,415		0.40
Banco de Credito e Inversiones S.A., 3.500%, 10/12/2027			230,000		207,575		0.29
Banco Santander Chile, 2.700%, 01/10/2025			225,000		214,641		0.30
BPCE S.A., 3.150%, 03/06/2030			245,000		199,565		0.27
Cencosud S.A., 4.375%, 07/17/2027			200,000		183,300		0.25
GNL Quintero S.A., 4.634%, 07/31/2029			589,510		557,087		0.76
Inversiones CMPC S.A., 4.750%, 09/15/2024			210,000		206,132		0.28
VTR Comunicaciones S.p.A., 5.125%, 01/15/2028			500,000		218,750		0.30
VTR Finance N.V., 6.375%, 07/15/2028			1,000,000		171,850		0.24
					2,435,315		3.34
China (Cost $30,489,265)
Agile Group Holdings Ltd., 5.500%, 04/21/2025			260,000		24,643		0.03
Alibaba Group Holding Ltd., 3.400%, 12/06/2027			200,000		182,521		0.25

See accompanying notes to the financial statements.

103

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

						% of Net
	Currency1	Par		Value		Assets
China (continued)
Bank of China Ltd., 5.000%, 11/13/2024			295,000	$	291,796		0.40
Central China Real Estate Ltd., 7.250%, 07/16/20247			465,000		13,950		0.02
Central China Real Estate Ltd., 7.250%, 08/13/20247			1,846,000		55,380		0.08
Central China Real Estate Ltd., 7.250%, 04/28/20257			190,000		6,650		0.01
Central China Real Estate Ltd., 7.650%, 08/27/20257			200,000		7,000		0.01
CFLD Cayman Investment Ltd., 2.500%, 01/31/20312			2,405,720		179,106		0.25
China Evergrande Group, 7.500%, 06/28/20237,8			3,444,000		68,880		0.09
China SCE Group Holdings Ltd., 7.375%, 04/09/20247			200,000		9,500		0.01
China SCE Group Holdings Ltd., 5.950%, 09/29/20247			420,000		19,031		0.03
China SCE Group Holdings Ltd., 7.000%, 05/02/20257			851,000		37,444		0.05
China SCE Group Holdings Ltd., 6.000%, 02/04/20267			560,000		24,640		0.03
CIFI Holdings Group Co. Ltd., 5.950%, 10/20/20257			560,000		30,800		0.04
ENN Energy Holdings Ltd., 4.625%, 05/17/2027			200,000		191,216		0.26
ENN Energy Holdings Ltd., 2.625%, 09/17/2030			200,000		158,281		0.22
Fantasia Holdings Group Co. Ltd., 15.000%, 12/18/20217,8			830,000		24,900		0.03
Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/20227,8			3,360,000		116,827		0.16
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/20227,8			1,840,000		55,200		0.08
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/20237,8			925,000		27,750		0.04
Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/20237,8			770,000		23,100		0.03
Kaisa Group Holdings Ltd., 8.500%, 06/30/20227,8			1,577,000		67,022		0.09
Kaisa Group Holdings Ltd., 11.500%, 01/30/20237,8			1,850,000		78,625		0.11
Kaisa Group Holdings Ltd., 10.875%, 07/23/20237,8			690,000		29,325		0.04
Kaisa Group Holdings Ltd., 9.375%, 06/30/20247			1,350,000		57,375		0.08
Kaisa Group Holdings Ltd., 11.250%, 04/16/20257			1,180,000		50,150		0.07
Kaisa Group Holdings Ltd., 11.700%, 11/11/20257			625,000		26,563		0.04
KWG Group Holdings Ltd., 6.000%, 01/14/20247			490,000		34,300		0.05
KWG Group Holdings Ltd., 7.400%, 01/13/20277			225,000		15,750		0.02
Meituan, 0.000%, 04/27/20279			400,000		357,600		0.49
New Metro Global Ltd., 4.625%, 10/15/2025			210,000		45,098		0.06
Prime Bloom Holdings Ltd., 6.950%, 07/05/20227,8			960,000		33,600		0.05
Redco Properties Group Ltd., 9.900%, 02/17/20247			980,000		39,200		0.05
Shimao Group Holdings Ltd., 4.750%, 07/03/20227,8			860,000		32,250		0.04
Sunac China Holdings Ltd., 7.250%, 06/14/20227,8			1,675,000		230,312		0.32
Sunac China Holdings Ltd., 7.950%, 08/08/20227,8			200,000		27,500		0.04
Sunac China Holdings Ltd., 7.500%, 02/01/20247			1,015,000		139,562		0.19
Sunac China Holdings Ltd., 6.650%, 08/03/20247			200,000		27,500		0.04
Sunac China Holdings Ltd., 6.500%, 01/10/20257			725,000		97,875		0.13
Tencent Holdings Ltd., 3.975%, 04/11/2029			220,000		197,457		0.27
Tunghsu Venus Holdings Ltd., 7.000%, 06/12/20207,8			2,785,000		167,100		0.23
Xiaomi Best Time International Ltd., 0.000%, 12/17/20279			200,000		172,599		0.24
Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/20237,8			3,200,550		192,033		0.26
Yuzhou Group Holdings Co. Ltd., 6.350%, 01/13/20277			810,000		47,588		0.06
Zhenro Properties Group Ltd., 8.700%, 08/03/20227,8			1,360,000		5,739		0.01
Zhenro Properties Group Ltd., 6.500%, 09/01/20227,8			2,095,000		10,035		0.01
Zhenro Properties Group Ltd., 9.150%, 05/06/20237,8			700,000		3,500		—

See accompanying notes to the financial statements.

104

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

							% of Net
	Currency1		Par		Value		Assets
China (continued)
Zhenro Properties Group Ltd., 7.875%, 04/14/20247				2,315,000	$	11,575		0.02
						3,745,848		5.13
Colombia (Cost $2,869,112)
ABRA Global Finance, 11.500%, 03/02/20284				883,320		682,806		0.94
Bancolombia S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.944%), 4.625%, 12/18/20293				200,000		173,680		0.24
Ecopetrol S.A., 6.875%, 04/29/2030				230,000		206,184		0.28
Ecopetrol S.A., 8.875%, 01/13/2033				220,000		210,320		0.29
Ecopetrol S.A., 5.875%, 05/28/2045				525,000		339,780		0.47
Frontera Energy Corp., 7.875%, 06/21/2028				275,000		207,240		0.28
Grupo Aval Ltd., 4.375%, 02/04/2030				400,000		295,000		0.40
Oleoducto Central S.A., 4.000%, 07/14/2027				222,000		194,425		0.27
Promigas S.A. ESP/Gases del Pacifico SAC, 3.750%, 10/16/2029				200,000		161,000		0.22
						2,470,435		3.39
Czech Republic (Cost $2,194,321)
CETIN Group N.V., 3.125%, 04/14/2027		EUR		220,000		216,294		0.30
New World Resources N.V., 8.000%, 04/07/20207,8,10		EUR		1,685,299		—		—
New World Resources N.V., 0.000%, 10/07/20202,5,7,8,10		EUR		101,612		—		—
New World Resources N.V., 4.000%, 10/07/20207,8,10		EUR		700,590		—		—
						216,294		0.30
Ecuador (Cost $218,640)
International Airport Finance S.A., 12.000%, 03/15/2033				240,584		227,953		0.31
						227,953		0.31
Ghana (Cost $757,777)
Kosmos Energy Ltd., 7.750%, 05/01/2027				440,000		395,155		0.54
Tullow Oil PLC, 10.250%, 05/15/2026				340,000		291,338		0.40
						686,493		0.94
Guatemala (Cost $355,050)
Millicom International Cellular S.A., 6.250%, 03/25/2029				369,000		319,185		0.44
						319,185		0.44
Hong Kong (Cost $2,026,296)
AIA Group Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.758%), 2.700%, 04/07/20263				200,000		173,618		0.24
Bank of East Asia (The) Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.750%), 4.000%, 05/29/20303				250,000		229,750		0.31
HKT Capital No. 6 Ltd., 3.000%, 01/18/2032				240,000		189,346		0.26
Phoenix Lead Ltd., 4.850%, 02/23/2024				475,000		327,522		0.45
Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 3.100%), 7.776%, 11/16/20253				385,000		389,728		0.53
Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.850%), 6.187%, 07/06/20273				260,000		257,122		0.35

See accompanying notes to the financial statements.

105

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

							% of Net
	Currency1		Par		Value		Assets
Hong Kong (continued)
Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.850%), 6.750%, 02/08/20283				260,000	$	259,896		0.36
						1,826,982		2.50
India (Cost $3,238,584)
Bharti Airtel Ltd., 3.250%, 06/03/2031				715,000		577,920		0.79
Greenko Power II Ltd., 4.300%, 12/13/2028				324,625		272,312		0.37
Greenko Solar Mauritius Ltd., 5.950%, 07/29/2026				200,000		183,650		0.25
HDFC Bank Ltd., 5.686%, 03/02/2026				400,000		399,052		0.55
Network i2i Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.390%), 3.975%, 03/03/20263				500,000		450,375		0.62
Power Finance Corp. Ltd., 4.500%, 06/18/2029				640,000		579,353		0.79
REC Ltd., 3.500%, 12/12/2024				210,000		203,528		0.28
State Bank of India, 4.875%, 05/05/2028				380,000		363,375		0.50
						3,029,565		4.15
Indonesia (Cost $2,361,113)
Bank Negara Indonesia Persero Tbk PT, 3.750%, 03/30/2026				275,000		252,656		0.35
Bank Rakyat Indonesia Persero Tbk PT, 3.950%, 03/28/2024				200,000		197,772		0.27
Freeport Indonesia PT, 4.763%, 04/14/2027				295,000		279,460		0.38
Freeport Indonesia PT, 5.315%, 04/14/2032				200,000		177,652		0.24
Indofood CBP Sukses Makmur Tbk PT, 3.398%, 06/09/2031				200,000		158,164		0.22
Medco Bell Pte. Ltd., 6.375%, 01/30/2027				555,000		519,624		0.71
Minejesa Capital B.V., 4.625%, 08/10/2030				200,000		178,028		0.25
Minejesa Capital B.V., 5.625%, 08/10/2037				200,000		147,512		0.20
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.850%, 10/14/2038				510,000		421,005		0.58
						2,331,873		3.20
Iraq (Cost $882,693)
DNO A.S.A., 7.875%, 09/09/20262				900,000		835,313		1.14
						835,313		1.14
Israel (Cost $3,630,187)
Energian Israel Finance Ltd., 8.500%, 09/30/20332				490,000		426,913		0.59
Leviathan Bond Ltd., 6.125%, 06/30/20252				400,000		367,500		0.50
Leviathan Bond Ltd., 6.500%, 06/30/20272				413,000		360,343		0.49
Leviathan Bond Ltd., 6.750%, 06/30/20302				600,000		492,600		0.68
Teva Pharmaceutical Finance Netherlands II B.V., 4.375%, 05/09/2030		EUR		600,000		539,269		0.74
Teva Pharmaceutical Finance Netherlands III B.V., 6.750%, 03/01/2028				950,000		906,822		1.24
						3,093,447		4.24
Jordan (Cost $197,766)
Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025				200,000		186,698		0.26
						186,698		0.26

See accompanying notes to the financial statements.

106

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

						% of Net
	Currency1	Par		Value		Assets
Kazakhstan (Cost $1,340,361)
KazMunayGas National Co. JSC, 4.750%, 04/19/2027			200,000	$	186,400		0.26
KazMunayGas National Co. JSC, 5.375%, 04/24/2030			610,000		543,815		0.74
Tengizchevroil Finance Co. International Ltd., 4.000%, 08/15/2026			630,000		560,858		0.77
					1,291,073		1.77
Kuwait (Cost $1,220,957)
MEGlobal Canada ULC, 5.000%, 05/18/2025			390,000		378,909		0.52
NBK Tier 1 Financing 2 Ltd., (Variable, USD CMT 6Y + 2.832%), 4.500%, 08/27/20253			465,000		425,475		0.58
NBK Tier 1 Ltd., (Variable, USD CMT 6Y + 2.875%), 3.625%, 08/24/20263			400,000		344,250		0.47
					1,148,634		1.57
Malaysia (Cost $302,558)
MISC Capital Two Labuan Ltd., 3.750%, 04/06/2027			315,000		289,602		0.40
					289,602		0.40
Mexico (Cost $7,279,841)
Alfa S.A.B. de C.V., 6.875%, 03/25/2044			240,000		214,500		0.29
America Movil S.A.B. de C.V., 3.625%, 04/22/2029			235,000		208,797		0.29
America Movil S.A.B. de C.V., 2.875%, 05/07/2030			245,000		200,900		0.28
Banco Bilbao Vizcaya Argentaria S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.300%), 5.862%, 09/14/20263			200,000		197,187		0.27
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.967%), 6.750%, 09/27/20243			800,000		775,048		1.06
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.760%), 8.375%, 10/14/20303			415,000		378,039		0.52
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.375%, 04/17/2025			170,000		166,579		0.23
BBVA Bancomer S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.650%), 5.125%, 01/18/20333			535,000		451,112		0.62
Cemex S.A.B. de C.V., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.534%), 5.125%, 06/08/20263			450,000		414,162		0.57
Cemex S.A.B. de C.V., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.157%), 9.125%, 03/14/20283			330,000		337,012		0.46
Cometa Energia S.A. de C.V., 6.375%, 04/24/2035			252,630		229,681		0.32
Comision Federal de Electricidad, 3.348%, 02/09/2031			280,000		212,100		0.29
Corp. Inmobiliaria Vesta S.A.B. de C.V., 3.625%, 05/13/2031			200,000		157,994		0.22
El Puerto de Liverpool S.A.B. de C.V., 3.875%, 10/06/2026			200,000		185,642		0.25
Grupo Bimbo S.A.B. de C.V., 3.875%, 06/27/2024			215,000		211,749		0.29
Metalsa S.A.P.I de C.V., 3.750%, 05/04/2031			350,000		261,275		0.36
Mexico Generadora de Energia S. de R.L., 5.500%, 12/06/2032			226,945		207,513		0.28
Nemak S.A.B. de C.V., 3.625%, 06/28/2031			200,000		146,750		0.20
Orbia Advance Corp. S.A.B. de C.V., 1.875%, 05/11/2026			200,000		177,946		0.24
Orbia Advance Corp. S.A.B. de C.V., 4.000%, 10/04/2027			200,000		180,618		0.25
Petroleos Mexicanos, 6.750%, 09/21/2047			450,000		254,700		0.35

See accompanying notes to the financial statements.

107

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

						% of Net
	Currency1	Par		Value		Assets
Mexico (continued)
Petroleos Mexicanos, 6.950%, 01/28/2060			360,000	$	203,850		0.28
Trust Fibra Uno, 4.869%, 01/15/2030			275,000		228,250		0.31
Trust Fibra Uno, 6.390%, 01/15/2050			423,000		294,382		0.40
					6,295,786		8.63
Morocco (Cost $844,401)
OCP S.A., 3.750%, 06/23/2031			320,000		250,538		0.34
OCP S.A., 6.875%, 04/25/2044			200,000		163,500		0.23
OCP S.A., 5.125%, 06/23/2051			400,000		256,000		0.35
					670,038		0.92
Nigeria (Cost $265,295)
IHS Netherlands Holdco B.V., 8.000%, 09/18/2027			270,000		220,253		0.30
					220,253		0.30
Oman (Cost $487,411)
Bank Muscat SAOG, 4.750%, 03/17/2026			200,000		190,590		0.26
Oryx Funding Ltd., 5.800%, 02/03/2031			300,000		276,387		0.38
					466,977		0.64
Panama (Cost $548,305)
C&W Senior Financing DAC, 6.875%, 09/15/2027			600,000		512,880		0.70
					512,880		0.70
Papua New Guinea (Cost $571,710)
Puma International Financing S.A., 5.000%, 01/24/2026			600,000		536,538		0.73
					536,538		0.73
Peru (Cost $2,319,824)
Banco de Credito del Peru S.A., 2.700%, 01/11/2025			240,000		228,653		0.31
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		159,906		0.22
Banco Internacional del Peru S.A.A. Interbank, (Variable, ICE LIBOR USD 3M + 5.760%), 6.625%, 03/19/20293			150,000		147,709		0.20
InRetail Shopping Malls, 5.750%, 04/03/2028			245,000		225,527		0.31
Intercorp Peru Ltd., 3.875%, 08/15/2029			220,000		177,782		0.24
Kallpa Generacion S.A., 4.125%, 08/16/2027			200,000		179,750		0.25
Minsur S.A., 4.500%, 10/28/2031			615,000		496,920		0.68
Nexa Resources S.A., 6.500%, 01/18/2028			200,000		186,750		0.26
Southern Copper Corp., 3.875%, 04/23/2025			110,000		105,738		0.15
Transportadora de Gas del Peru S.A., 4.250%, 04/30/2028			220,000		206,754		0.28
					2,115,489		2.90
Philippines (Cost $1,018,186)
BDO Unibank, Inc., 2.125%, 01/13/2026			225,000		207,655		0.28
Development Bank of the Philippines, 2.375%, 03/11/2031			450,000		342,140		0.47
Metropolitan Bank & Trust Co., 2.125%, 01/15/2026			200,000		184,310		0.25

See accompanying notes to the financial statements.

108

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

							% of Net
	Currency1		Par		Value		Assets
Philippines (continued)
Petron Corp., (Variable, 7.574% - U.S. Treasury Yield Curve Rate CMT 5Y), 5.950%, 04/19/20263				270,000	$	246,731		0.34
						980,836		1.34
Poland (Cost $612,151)
GTC Aurora Luxembourg S.A., 2.250%, 06/23/2026		EUR		300,000		208,552		0.29
ORLEN S.A., 4.750%, 07/13/2030		EUR		320,000		335,521		0.46
						544,073		0.75
Qatar (Cost $2,651,083)
ABQ Finance Ltd., 3.125%, 09/24/2024				325,000		315,048		0.43
ABQ Finance Ltd., 1.875%, 09/08/2025				250,000		228,480		0.31
CBQ Finance Ltd., 2.000%, 09/15/2025				250,000		229,332		0.31
CBQ Finance Ltd., 2.000%, 05/12/2026				260,000		233,015		0.32
Doha Finance Ltd., 2.375%, 03/31/2026				635,000		573,234		0.79
Nakilat, Inc., 6.067%, 12/31/2033				120,777		120,297		0.17
Ooredoo International Finance Ltd., 5.000%, 10/19/2025				300,000		295,312		0.40
QIB Sukuk Ltd., (Floating, ICE LIBOR USD 3M + 1.350%), 7.004%, 02/07/2025				600,000		603,000		0.83
						2,597,718		3.56
Romania (Cost $138,212)
NE Property B.V., 2.000%, 01/20/2030		EUR		175,000		135,635		0.19
						135,635		0.19
Russian Federation (Cost $1,481,647)
Sovcombank Via SovCom Capital DAC, 7.600%, 02/17/20276,7				1,605,000		2		—
						2		—
Saudi Arabia (Cost $4,310,186)
Acwa Power Management And Investments One Ltd., 5.950%, 12/15/2039				758,260		710,489		0.97
Arabian Centres Sukuk II Ltd., 5.625%, 10/07/2026				800,000		717,336		0.98
BSF Finance, 5.500%, 11/23/2027				200,000		196,860		0.27
Dar Al-Arkan Sukuk Co. Ltd., 6.750%, 02/15/2025				600,000		591,750		0.81
EIG Pearl Holdings S.a.r.l., 3.545%, 08/31/2036				420,000		326,550		0.45
EIG Pearl Holdings S.a.r.l., 4.387%, 11/30/2046				540,000		369,225		0.51
Gaci First Investment Co., 5.000%, 10/13/2027				200,000		193,938		0.27
SA Global Sukuk Ltd., 1.602%, 06/17/2026				450,000		402,750		0.55
Saudi Arabian Oil Co., 2.875%, 04/16/2024				340,000		334,432		0.46
SNB Funding Ltd., 2.750%, 10/02/2024				200,000		192,802		0.26
						4,036,132		5.53
Singapore (Cost $985,358)
DBS Group Holdings Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.915%), 3.300%, 02/27/20253				370,000		351,196		0.48
DBS Group Holdings Ltd., 5.479%, 09/12/20252				200,000		199,942		0.28
Oversea-Chinese Banking Corp. Ltd., 4.250%, 06/19/2024				200,000		197,618		0.27

See accompanying notes to the financial statements.

109

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

						% of Net
	Currency1	Par		Value		Assets
Singapore (continued)
Oversea-Chinese Banking Corp. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.580%), 1.832%, 09/10/20303			230,000	$	211,867		0.29
					960,623		1.32
South Africa (Cost $5,367,574)
Absa Group Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.411%), 6.375%, 05/27/20263			400,000		359,880		0.49
Anglo American Capital PLC, 4.750%, 04/10/2027			200,000		190,598		0.26
Anglo American Capital PLC, 4.000%, 09/11/2027			200,000		184,880		0.25
Anglo American Capital PLC, 4.500%, 03/15/2028			404,000		376,249		0.52
Anglo American Capital PLC, 3.875%, 03/16/2029			200,000		176,326		0.24
Anglo American Capital PLC, 5.625%, 04/01/2030			230,000		217,381		0.30
Anglo American Capital PLC, 5.500%, 05/02/2033			400,000		363,864		0.50
AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028			270,000		222,109		0.31
Gold Fields Orogen Holdings BVI Ltd., 5.125%, 05/15/2024			230,000		227,635		0.31
Gold Fields Orogen Holdings BVI Ltd., 6.125%, 05/15/2029			210,000		200,340		0.28
Liquid Telecommunications Financing PLC, 5.500%, 09/04/2026			600,000		364,374		0.50
MTN Mauritius Investments Ltd., 6.500%, 10/13/2026			325,000		316,875		0.43
Prosus N.V., 3.257%, 01/19/2027			200,000		176,540		0.24
Prosus N.V., 3.680%, 01/21/2030			500,000		396,250		0.54
Prosus N.V., 3.061%, 07/13/2031			320,000		231,200		0.32
Sasol Financing U.S.A. LLC, 4.375%, 09/18/2026			300,000		264,000		0.36
Sasol Financing U.S.A. LLC, 5.500%, 03/18/2031			445,000		342,094		0.47
					4,610,595		6.32
South Korea (Cost $1,951,975)
Korea Gas Corp., 4.875%, 07/05/2028			200,000		193,308		0.27
Kyobo Life Insurance Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.887%), 5.900%, 06/15/20523			425,000		407,469		0.56
Shinhan Financial Group Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.064%), 2.875%, 05/12/20263			210,000		182,958		0.25
Shinhan Financial Group Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.500%), 3.340%, 02/05/20303			315,000		302,268		0.42
SK Hynix, Inc., 6.250%, 01/17/2026			200,000		199,284		0.27
SK On Co. Ltd., 5.375%, 05/11/2026			200,000		197,884		0.27
Woori Bank, 4.750%, 04/30/2024			430,000		426,018		0.58
					1,909,189		2.62
Taiwan (Cost $346,506)
Foxconn Far East Ltd., 2.500%, 10/28/2030			200,000		154,902		0.21
TSMC Global Ltd., 1.250%, 04/23/2026			200,000		179,918		0.25
					334,820		0.46
Tanzania (Cost $789,254)
HTA Group Ltd., 7.000%, 12/18/2025			255,000		245,608		0.34
HTA Group Ltd., 2.875%, 03/18/2027			600,000		482,822		0.66
					728,430		1.00

See accompanying notes to the financial statements.

110

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

						% of Net
	Currency1	Par		Value		Assets
Thailand (Cost $1,530,999)
Bangkok Bank PCL, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.729%), 5.000%, 09/23/20253			270,000	$	251,767		0.34
Bangkok Bank PCL, 9.025%, 03/15/2029			430,000		470,781		0.65
GC Treasury Center Co. Ltd., 2.980%, 03/18/2031			400,000		308,328		0.42
GC Treasury Center Co. Ltd., 4.400%, 03/30/2032			200,000		166,298		0.23
Kasikornbank PCL, 5.458%, 03/07/2028			200,000		195,820		0.27
					1,392,994		1.91
Turkey (Cost $498,984)
WE Soda Investments Holding PLC, 9.500%, 10/06/20282			300,000		299,475		0.41
Yapi ve Kredi Bankasi A.S., 9.250%, 10/16/20282			200,000		201,000		0.28
					500,475		0.69
United Arab Emirates (Cost $4,132,175)
Abu Dhabi National Energy Co. PJSC, 4.375%, 01/24/2029			200,000		187,750		0.26
Abu Dhabi National Energy Co. PJSC, 4.696%, 04/24/2033			200,000		183,500		0.25
DP World Ltd., 6.850%, 07/02/2037			410,000		403,850		0.55
DP World Salaam, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.750%), 6.000%, 10/01/20253			450,000		439,317		0.60
Emirates NBD Bank PJSC, 5.625%, 10/21/2027			220,000		216,425		0.30
First Abu Dhabi Bank PJSC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.138%), 4.500%, 04/05/20263			500,000		468,125		0.64
First Abu Dhabi Bank PJSC, 5.125%, 10/13/2027			200,000		195,986		0.27
Galaxy Pipeline Assets Bidco Ltd., 1.750%, 09/30/2027			226,310		207,427		0.28
Galaxy Pipeline Assets Bidco Ltd., 2.940%, 09/30/2040			998,438		735,849		1.01
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.125%, 07/31/2026			200,000		191,500		0.26
MAF Global Securities Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.539%), 6.375%, 03/20/20263			380,000		361,475		0.50
MAF Global Securities Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.893%), 7.875%, 06/30/20273			200,000		196,875		0.27
					3,788,079		5.19
Venezuela (Cost $8,318,882)
Petroleos de Venezuela S.A., 8.500%, 10/27/20207,8			7,112,500		5,974,500		8.19
Petroleos de Venezuela S.A., 9.750%, 05/17/20357			6,744,093		944,173		1.29
					6,918,673		9.48
Vietnam (Cost $328,903)
Mong Duong Finance Holdings B.V., 5.125%, 05/07/2029			385,000		346,700		0.47
					346,700		0.47
Zambia (Cost $800,938)
First Quantum Minerals Ltd., 8.625%, 06/01/2031			790,000		665,575		0.91
					665,575		0.91
Total Debt Securities (Cost $112,669,431)					70,455,164		96.56

See accompanying notes to the financial statements.

111

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

							% of Net
	Currency1		Par		Value		Assets
Bank Loans
Czech Republic (Cost $362,933)
New World Resources N.V., 8.500%, 10/07/20168,10		EUR		952,167	$	—		—
						—		—
Total Bank Loans (Cost $362,933)						—		—
							% of Net
	Currency1		Shares		Value		Assets
Equity Securities
Czech Republic (Cost $1,093,254)
New World Resources PLC, Class A*,10		GBP		36,580,138	$	—		—
						—		—
Niger (Cost $877,496)
Savannah Energy PLC*,6		GBP		2,258,852		720,699		0.99
						720,699		0.99
Total Equity Securities (Cost $1,970,750)						720,699		0.99
Total Investments (Total Cost $115,003,114)						71,175,863		97.55
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)						1,784,327		2.45
Net Assets					$	72,960,190		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  Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

⁴  Security is a payment-in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis.

⁵  Restricted security that has been deemed illiquid. At October 31, 2023 the value of these restricted illiquid securities amount to $402,343 or 0.55% 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		$—
Oi S.A., 14.000%, 09/07/2024	4/21/23-10/19/23		400,053
Oi S.A., 14.000%, 09/07/2024	10/4/23-10/24/23		21

⁶  Security is a Level 3 investment.

⁷  Issuer has defaulted on terms of debt obligation.

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

⁹  Zero coupon bond.

¹⁰  Security has been deemed worthless and is a Level 3 investment.

Percentages shown are based on net assets.

See accompanying notes to the financial statements.

112

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

At October 31, 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)
11/01/2023	State Street	United States Dollar		746,358	British Pound		570,129		$53,395
11/22/2023	Standard Chartered	Euro		100,621	United States Dollar		106,094		473
11/22/2023	HSBC Bank	United States Dollar		1,764,422	Euro		1,664,023		2,066
Subtotal Appreciation									55,934
11/01/2023	Barclays	British Pound		570,129	United States Dollar		711,120		(18,157	)
11/22/2023	Standard Chartered	Euro		176,000	United States Dollar		187,048		(648	)
11/22/2023	Citibank	United States Dollar		691,294	British Pound		570,129		(1,764	)
Subtotal Depreciation									(20,569	)
Total									$35,365

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Corporate Income Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2023:

	Level 1		Level 2			Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds		$—		$56,299,273			$    4,293		$56,303,566
Corporate Convertible Bonds		—		3,581,652			—		3,581,652
Financial Certificates		—		2,754,153			—		2,754,153
Government Agencies		—		7,815,793			—		7,815,793
Total Debt Securities		—		70,450,871			4,293		70,455,164
Bank Loans
Equity Securities
Common Stock
Niger		—		—			720,699		720,699
Total Common Stock		—		—			720,699		720,699
Total Investments		$—		$70,450,871			$724,992		$71,175,863
Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts		$—		$  55,934			$—		$  55,934
Liabilities:
Forward Foreign Currency Exchange Contracts		—		(20,569	)		—		(20,569	)
Total Other Financial Instruments		$—		$  35,365			$—		$  35,365

See accompanying notes to the financial statements.

113

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended October 31, 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 10/31/2023			Change in Unrealized Appreciation (Depreciation) from Investments still held 10/31/2023
Investments, at value
Common Stock
Niger		$	—		$	—		$	—		$	—		$	—		$	—		$	720,699		$	—		$	720,699		$	720,699
Corporate Bonds
Russian Federation			2			—			—			—			—			—			—			—			2			—
Brazil			—			—			22			—			—			4,269			—			—			4,291			4,269
Total		$	2		$	—		$	22		$	—		$	—		$	4,269		$	720,699		$	—		$	724,992		$	724,968

The following table on “Quantitative information about Level 3 Fair Value measurements” provides information on the valuation techniques and inputs used to value Level 3 securities at October 31, 2023:

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at		Valuation		Unobservable
	10/31/2023		Technique		Input
Common Stock		$720,699		Transaction Price		$0.26
Corporate Bonds		4,293		Transaction Price		$99.50
Total		$724,992

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2023:

	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange Risk
Assets:
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$ 55,934
Liabilities:
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		$(20,569	)

See accompanying notes to the financial statements.

114

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 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		$(201,130)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$    11,868

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

See accompanying notes to the financial statements.

115

ASHMORE EMERGING MARKETS SHORT DURATION FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2023

						% of Net
	Currency1	Par		Value		Assets
Debt Securities
Argentina (Cost $705,999)
YPF S.A., 9.000%, 02/12/2026			769,231	$	744,231		1.23
					744,231		1.23
Bahrain (Cost $870,568)
BBK BSC, 5.500%, 07/09/2024			880,000		864,875		1.43
					864,875		1.43
Brazil (Cost $10,044,547)
CSN Resources S.A., 7.625%, 04/17/2026			500,000		494,695		0.82
InterCement Financial Operations B.V., 5.750%, 07/17/2024			4,090,000		2,540,954		4.21
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		175,326		0.29
NBM U.S. Holdings, Inc., 7.000%, 05/14/2026			200,000		198,262		0.33
Oi S.A., 14.000%, (66% PIK), 09/07/20242,3,4			288,499		287,057		0.48
Oi S.A., 14.000%, (100% Cash), 09/07/20242,3,4			3,110		3,094		—
Oi S.A., 10.000%, 07/27/20253,5			5,400,000		243,000		0.40
					3,942,388		6.53
Chile (Cost $874,249)
Inversiones CMPC S.A., 4.750%, 09/15/2024			880,000		863,790		1.43
					863,790		1.43
China (Cost $40,495,873)
Agile Group Holdings Ltd., 5.750%, 01/02/2025			380,000		38,000		0.06
Central China Real Estate Ltd., 7.900%, 11/07/20235			560,000		19,600		0.03
Central China Real Estate Ltd., 7.250%, 07/16/20245			1,275,000		38,250		0.06
Central China Real Estate Ltd., 7.250%, 08/13/20245			299,000		8,970		0.01
Central China Real Estate Ltd., 7.250%, 04/28/20255			190,000		6,650		0.01
Central China Real Estate Ltd., 7.500%, 07/14/20255			422,000		15,812		0.03
Central China Real Estate Ltd., 7.650%, 08/27/20255			270,000		9,450		0.02
CFLD Cayman Investment Ltd., 2.500%, 01/31/20312			2,366,210		176,164		0.29
China Evergrande Group, 10.000%, 04/11/20235,6			4,937,000		98,740		0.16
China SCE Group Holdings Ltd., 7.375%, 04/09/20245			410,000		19,475		0.03
China SCE Group Holdings Ltd., 5.950%, 09/29/20245			210,000		9,516		0.02
China SCE Group Holdings Ltd., 7.000%, 05/02/20255			560,000		24,640		0.04
China SCE Group Holdings Ltd., 6.000%, 02/04/20265			545,000		23,980		0.04
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/20225,6			4,000,000		120,000		0.20
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/20235,6			4,160,000		124,800		0.21
Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/20235,6			1,510,000		45,300		0.08
Kaisa Group Holdings Ltd., 11.500%, 01/30/20235,6			4,875,000		207,187		0.34
Kaisa Group Holdings Ltd., 10.875%, 07/23/20235,6			3,930,000		167,025		0.28
Kaisa Group Holdings Ltd., 11.250%, 04/16/20255			4,280,000		181,900		0.30
KWG Group Holdings Ltd., 6.000%, 01/14/20245			410,000		28,700		0.05
KWG Group Holdings Ltd., 5.875%, 11/10/20245			435,000		30,450		0.05
KWG Group Holdings Ltd., 7.400%, 01/13/20275			380,000		26,600		0.04
New Metro Global Ltd., 4.625%, 10/15/2025			310,000		66,573		0.11

See accompanying notes to the financial statements.

116

ASHMORE EMERGING MARKETS SHORT DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

						% of Net
	Currency1	Par		Value		Assets
China (continued)
Prime Bloom Holdings Ltd., 6.950%, 07/05/20225,6			6,470,000	$	226,450		0.38
Shimao Group Holdings Ltd., 4.750%, 07/03/20225,6			200,000		7,500		0.01
Sunac China Holdings Ltd., 7.250%, 06/14/20225,6			690,000		94,875		0.16
Sunac China Holdings Ltd., 7.950%, 08/08/20225,6			730,000		100,375		0.17
Sunac China Holdings Ltd., 8.350%, 04/19/20235,6			200,000		27,000		0.04
Sunac China Holdings Ltd., 6.650%, 08/03/20245			450,000		61,875		0.10
Tunghsu Venus Holdings Ltd., 7.000%, 06/12/20205,6			2,640,000		158,400		0.26
Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/20235,6			670,000		40,200		0.07
Yuzhou Group Holdings Co. Ltd., 6.000%, 10/25/20235,6			4,940,000		296,400		0.49
Zhenro Properties Group Ltd., 8.000%, 03/06/20235,6			4,920,000		24,600		0.04
Zhenro Properties Group Ltd., 9.150%, 05/06/20235,6			813,000		4,065		0.01
Zhenro Properties Group Ltd., 8.300%, 09/15/20235,6			1,017,000		5,085		0.01
Zhenro Properties Group Ltd., 7.875%, 04/14/20245			575,000		2,875		—
					2,537,482		4.20
Colombia (Cost $4,484,501)
ABRA Global Finance, 11.500%, (100% Cash), 03/02/20282,3			3,288,926		2,542,340		4.21
Bancolombia S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.929%), 6.909%, 10/18/20277			680,000		622,183		1.03
Ecopetrol S.A., 4.125%, 01/16/2025			610,000		587,308		0.97
					3,751,831		6.21
Ghana (Cost $1,947,005)
Kosmos Energy Ltd., 7.125%, 04/04/2026			650,000		597,538		0.99
Tullow Oil PLC, 10.250%, 05/15/2026			1,322,000		1,132,789		1.87
					1,730,327		2.86
Guatemala (Cost $163,054)
Millicom International Cellular S.A., 5.125%, 01/15/2028			180,000		154,350		0.26
					154,350		0.26
Hungary (Cost $202,260)
OTP Bank Nyrt., (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 3.711%), 7.500%, 05/25/20277			200,000		200,382		0.33
					200,382		0.33
India (Cost $3,679,386)
Clean Renewable Power Mauritius Pte. Ltd., 4.250%, 03/25/2027			1,062,900		906,367		1.50
Greenko Solar Mauritius Ltd., 5.950%, 07/29/2026			1,360,000		1,248,820		2.07
HDFC Bank Ltd., 5.686%, 03/02/2026			200,000		199,526		0.33
India Airport Infra, 6.250%, 10/25/2025			404,000		390,615		0.65
Power Finance Corp. Ltd., 3.750%, 06/18/2024			655,000		643,793		1.06
State Bank of India, 4.875%, 05/05/2028			200,000		191,250		0.32
					3,580,371		5.93

See accompanying notes to the financial statements.

117

ASHMORE EMERGING MARKETS SHORT DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

						% of Net
	Currency1	Par		Value		Assets
Indonesia (Cost $620,765)
Medco Bell Pte. Ltd., 6.375%, 01/30/2027			670,000	$	627,294		1.04
					627,294		1.04
Jordan (Cost $1,328,811)
Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025			1,340,000		1,250,877		2.07
					1,250,877		2.07
Kazakhstan (Cost $859,072)
KazMunayGas National Co. JSC, 4.750%, 04/19/2027			978,000		911,496		1.51
					911,496		1.51
Kuwait (Cost $196,926)
MEGlobal Canada ULC, 5.000%, 05/18/2025			200,000		194,313		0.32
					194,313		0.32
Lebanon (Cost $13,433,289)
Lebanon (Rep of), 6.375%, 03/09/20205,6			1,527,000		91,620		0.15
Lebanon (Rep of), 5.800%, 04/14/20205,6			7,070,000		424,200		0.70
Lebanon (Rep of), 6.150%, 06/19/20205,6			6,506,000		390,360		0.65
					906,180		1.50
Malaysia (Cost $188,443)
MISC Capital Two Labuan Ltd., 3.750%, 04/06/2027			200,000		183,874		0.30
					183,874		0.30
Mexico (Cost $8,503,918)
Banco Santander Mexico S.A. Institucion de Banca Multiple     Grupo Financiero Santander, 5.375%, 04/17/2025			300,000		293,963		0.49
Grupo Axo S.A.P.I. de C.V., 5.750%, 06/08/2026			1,567,000		1,369,010		2.27
Orbia Advance Corp. S.A.B. de C.V., 4.000%, 10/04/2027			200,000		180,618		0.30
Petroleos Mexicanos, 6.875%, 10/16/2025			5,652,000		5,420,268		8.97
Trust Fibra Uno, 5.250%, 01/30/2026			630,000		599,350		0.99
					7,863,209		13.02
Morocco (Cost $1,129,197)
OCP S.A., 4.500%, 10/22/2025			1,100,000		1,050,500		1.74
					1,050,500		1.74
Papua New Guinea (Cost $518,626)
Puma International Financing S.A., 5.000%, 01/24/2026			550,000		491,827		0.81
					491,827		0.81
Peru (Cost $367,370)
Nexa Resources S.A., 6.500%, 01/18/2028			200,000		186,750		0.31
Southern Copper Corp., 3.875%, 04/23/2025			175,000		168,219		0.28
					354,969		0.59
Qatar (Cost $292,818)
ABQ Finance Ltd., 3.125%, 09/24/2024			300,000		290,814		0.48
					290,814		0.48

See accompanying notes to the financial statements.

118

ASHMORE EMERGING MARKETS SHORT DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1		Par		Value		% of Net Assets
Romania (Cost $337,879)
NE Property B.V., 1.875%, 10/09/2026		EUR		350,000	$	323,180		0.53
						323,180		0.53
Saudi Arabia (Cost $4,443,335)
Arabian Centres Sukuk Ltd., 5.375%, 11/26/2024				2,000,000		1,908,125		3.16
Dar Al-Arkan Sukuk Co. Ltd., 6.750%, 02/15/2025				2,502,000		2,467,597		4.09
						4,375,722		7.25
South Africa (Cost $1,581,186)
Liquid Telecommunications Financing PLC, 5.500%, 09/04/2026				500,000		303,645		0.50
Sasol Financing U.S.A. LLC, 5.875%, 03/27/2024				1,100,000		1,084,831		1.80
						1,388,476		2.30
South Korea (Cost $199,741)
SK On Co. Ltd., 5.375%, 05/11/2026				200,000		197,884		0.33
						197,884		0.33
Tanzania (Cost $604,333)
HTA Group Ltd., 7.000%, 12/18/2025				650,000		626,060		1.04
						626,060		1.04
United Arab Emirates (Cost $439,559)
BOS Funding Ltd., 4.000%, 09/18/2024				450,000		435,398		0.72
						435,398		0.72
United States (Cost $4,080,231)
U.S. Treasury Bill, 5.240%, 01/16/20248				4,126,400		4,080,155		6.76
						4,080,155		6.76
Venezuela (Cost $16,453,222)
Petroleos de Venezuela S.A., 8.500%, 10/27/20205,6				18,697,500		15,705,900		26.01
						15,705,900		26.01
Zambia (Cost $197,999)
First Quantum Minerals Ltd., 6.875%, 03/01/2026				200,000		175,450		0.29
						175,450		0.29
Total Debt Securities (Cost $119,244,162)						59,803,605		99.02
Total Investments (Total Cost $119,244,162)						59,803,605		99.02
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)						589,224		0.98
Net Assets					$	60,392,829		100.00

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

²  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

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.

See accompanying notes to the financial statements.

119

ASHMORE EMERGING MARKETS SHORT DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

⁴  Restricted security that has been deemed illiquid. At October 31, 2023 the value of these restricted illiquid securities amount to $290,151 or 0.48% of net assets. Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISITION DATE	ACQUISITION COST
Oi S.A., 14.000%, 09/07/2024	4/21/23-10/24/23		$288,499
Oi S.A., 14.000%, 09/07/2024	10/4/23-10/24/23		15

⁵  Issuer has defaulted on terms of debt obligation.

⁶  Maturity has been extended under the terms of a plan of reorganization.

⁷  Variable rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

⁸  Zero coupon bond – interest rate reflects effective yield on the date of purchase.

Percentages shown are based on net assets.

At October 31, 2023, the Ashmore Emerging Markets Short Duration Fund had outstanding forward foreign currency exchange contracts as follows:

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency                  Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
11/22/2023	HSBC Bank	United States Dollar		334,815	Euro		315,764		$392
Subtotal Appreciation									392
Total									$392

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Short Duration Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2023:

	Level 1		Level 2		Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds		$—	$	41,886,538		$3,094	$	41,889,632
Corporate Convertible Bonds		—		176,164		—		176,164
Financial Certificates		—		4,375,723		—		4,375,723
Government Agencies		—		8,375,751		—		8,375,751
Government Bonds		—		906,180		—		906,180
Short Term Bills and Notes		—		4,080,155		—		4,080,155
Total Debt Securities		—		59,800,511		3,094		59,803,605
Total Investments		$—	$	59,800,511		$3,094	$	59,803,605
Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts		$—		$392		$—		$392
Total Other Financial Instruments		$—		$392		$—		$392

There were no transfers to or from Level 3 during the year ended October 31, 2023.

See accompanying notes to the financial statements.

120

ASHMORE EMERGING MARKETS SHORT DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

The amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the year ended October 31, 2023.

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2023:

	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange Risk
Assets:
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$392

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 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		$12,100
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$    392

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

See accompanying notes to the financial statements.

121

ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2023

	Currency1		Shares		Value		% of Net Assets
Common Stocks
Argentina (Cost $494,025)
Globant S.A.*				2,620	$	446,160		1.95
						446,160		1.95
Brazil (Cost $1,402,035)
B3 S.A. - Brasil Bolsa Balcao		BRL		124,360		273,793		1.20
Banco do Brasil S.A.		BRL		11,800		113,161		0.49
Hypera S.A.*		BRL		46,800		281,167		1.23
MercadoLibre, Inc.*				290		359,814		1.57
Vale S.A.		BRL		14,580		199,538		0.87
						1,227,473		5.36
China (Cost $7,837,046)
Alibaba Group Holding Ltd.*		HKD		86,800		894,282		3.91
ANTA Sports Products Ltd.		HKD		40,600		457,161		2.00
Baidu, Inc. ADR*				2,719		285,495		1.25
Baidu, Inc., Class A*		HKD		37,700		493,998		2.16
China International Capital Corp. Ltd., Class H2		HKD		176,800		283,693		1.24
KE Holdings, Inc. ADR				17,292		254,365		1.11
Meituan, Class B*,2		HKD		43,340		615,722		2.69
NARI Technology Co. Ltd., Class A		CNH		70,449		216,477		0.95
PDD Holdings, Inc. ADR*				3,314		336,106		1.47
Shenzhen Inovance Technology Co. Ltd., Class A		CNH		48,597		401,474		1.75
Tencent Holdings Ltd.		HKD		44,400		1,644,791		7.18
XPeng, Inc. ADR*				16,803		243,308		1.06
Yum China Holdings, Inc.				5,266		276,781		1.21
Zijin Mining Group Co. Ltd., Class H		HKD		296,000		459,804		2.01
						6,863,457		29.99
India (Cost $3,221,805)
HDFC Bank Ltd. ADR				14,626		827,100		3.61
Hindalco Industries Ltd.		INR		48,735		269,698		1.18
ICICI Bank Ltd. ADR				32,415		719,289		3.14
Larsen & Toubro Ltd.		INR		6,208		218,515		0.95
Maruti Suzuki India Ltd.		INR		5,398		674,060		2.95
Reliance Industries Ltd.		INR		20,244		558,357		2.44
						3,267,019		14.27
Indonesia (Cost $345,888)
Bank Central Asia Tbk PT		IDR		619,800		341,709		1.49
						341,709		1.49
Malaysia (Cost $362,194)
CIMB Group Holdings Bhd.		MYR		307,800		369,045		1.61
						369,045		1.61

See accompanying notes to the financial statements.

122

ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1	Shares		Value		% of Net Assets
Mexico (Cost $672,169)
Grupo Financiero Banorte S.A.B. de C.V., Class O	MXN		80,500	$	653,323		2.86
					653,323		2.86
Russian Federation (Cost $2,514,310)
Gazprom PJSC*,3	RUB		84,440		—		—
LUKOIL PJSC3	RUB		12,180		—		—
Moscow Exchange MICEX-RTS PJSC4	RUB		528,670		1		—
					1		—
Saudi Arabia (Cost $718,913)
Saudi Arabian Oil Co.2	SAR		91,612		813,164		3.55
					813,164		3.55
South Africa (Cost $291,329)
Clicks Group Ltd.	ZAR		8,827		129,947		0.57
Naspers Ltd., Class N*	ZAR		758		118,168		0.52
					248,115		1.09
South Korea (Cost $3,234,203)
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.*	KRW		3,178		213,885		0.94
NAVER Corp.	KRW		2,634		369,301		1.61
Samsung Biologics Co. Ltd.*,2	KRW		703		369,214		1.61
Samsung Electronics Co. Ltd.	KRW		33,740		1,682,468		7.35
SK Hynix, Inc.	KRW		3,933		343,590		1.50
					2,978,458		13.01
Taiwan (Cost $3,583,396)
ASE Technology Holding Co. Ltd.	TWD		47,000		166,197		0.73
Delta Electronics, Inc.	TWD		30,000		271,580		1.19
MediaTek, Inc.	TWD		6,000		158,081		0.69
Realtek Semiconductor Corp.	TWD		20,000		249,598		1.09
Sea Ltd. ADR*			8,315		346,735		1.51
Taiwan Semiconductor Manufacturing Co. Ltd.	TWD		115,021		1,895,043		8.28
Taiwan Semiconductor Manufacturing Co. Ltd. ADR			2,448		211,287		0.92
United Microelectronics Corp. ADR			57,596		410,083		1.79
					3,708,604		16.20
Thailand (Cost $832,640)
Kasikornbank PCL (Registered)	THB		76,700		280,616		1.23
PTT Exploration & Production PCL (Registered)	THB		116,200		544,751		2.38
					825,367		3.61
United Arab Emirates (Cost $393,344)
Aldar Properties PJSC	AED		200,510		283,977		1.24
Dubai Islamic Bank PJSC	AED		84,067		123,580		0.54
					407,557		1.78

See accompanying notes to the financial statements.

123

ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1		Shares		Value		% of Net Assets
Zambia (Cost $522,296)
First Quantum Minerals Ltd.		CAD		20,200	$	234,083		1.02
						234,083		1.02
Total Common Stocks (Cost $26,425,593)						22,383,535		97.79
Preferred Stocks
Brazil (Cost $277,248)
Itau Unibanco Holding S.A. ADR*				57,027		302,813		1.32
						302,813		1.32
Total Preferred Stocks (Cost $277,248)						302,813		1.32
Total Investments (Total Cost $26,702,841)						22,686,348		99.11
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)						203,387		0.89
Net Assets					$	22,889,735		100.00

* Non-income producing security.

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

²  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

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

⁴  Security is a Level 3 investment.

Percentages shown are based on net assets.

At October 31, 2023, the industry sectors for the Ashmore Emerging Markets Active Equity Fund were:

Sector	Percentage of Net Assets
Communication Services		13.7	%
Consumer Discretionary		17.4
Consumer Staples		0.6
Energy		8.4
Financials		18.7
Health Care		2.8
Industrials		4.6
Information Technology		25.5
Materials		5.1
Real Estate		2.3
Total Investments		99.1
Other Assets Less Liabilities		0.9
Net Assets		100.0	%

See accompanying notes to the financial statements.

124

ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Active Equity Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2023:

	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Argentina		$     446,160		$              —		$—		$     446,160
Brazil		1,227,473		—		—		1,227,473
China		1,396,055		5,467,402		—		6,863,457
India		1,546,389		1,720,630		—		3,267,019
Indonesia		—		341,709		—		341,709
Malaysia		—		369,045		—		369,045
Mexico		653,323		—		—		653,323
Russian Federation		—		—		1		1
Saudi Arabia		—		813,164		—		813,164
South Africa		—		248,115		—		248,115
South Korea		—		2,978,458		—		2,978,458
Taiwan		968,105		2,740,499		—		3,708,604
Thailand		—		825,367		—		825,367
United Arab Emirates		—		407,557		—		407,557
Zambia		234,083		—		—		234,083
Total Common Stocks		6,471,588		15,911,946		1		22,383,535
Preferred Stocks
Brazil		302,813		—		—		302,813
Total Investments		$6,774,401		$15,911,946		$1		$22,686,348

There were no transfers to or from Level 3 during the year ended October 31, 2023.

The amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the year ended October 31, 2023.

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

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 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		$(954)

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

See accompanying notes to the financial statements.

125

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2023

	Currency1	Shares		Value		% of Net Assets
Common Stocks
Argentina (Cost $116,445)
Globant S.A.*			700		$       119,203		1.40
					119,203		1.40
Brazil (Cost $779,589)
Arcos Dorados Holdings, Inc., Class A			18,600		167,772		1.97
Arezzo Industria e Comercio S.A.*	BRL		7,400		85,702		1.01
Oncoclinicas do Brasil Servicos Medicos S.A.*	BRL		80,900		152,116		1.79
TOTVS S.A.*	BRL		55,300		277,611		3.27
					683,201		8.04
China (Cost $1,703,834)
CIMC Enric Holdings Ltd.	HKD		218,000		185,452		2.18
Fu Shou Yuan International Group Ltd.	HKD		281,000		188,413		2.22
Hongfa Technology Co. Ltd., Class A	CNH		73,600		291,699		3.43
JNBY Design Ltd.	HKD		193,000		235,813		2.78
Lufax Holding Ltd. ADR			117,417		112,110		1.32
Sieyuan Electric Co. Ltd., Class A	CNH		12,800		86,158		1.01
Xiabuxiabu Catering Management China Holdings Co. Ltd.2	HKD		360,000		133,786		1.58
					1,233,431		14.52
Greece (Cost $173,178)
Piraeus Financial Holdings S.A.*	EUR		61,654		182,126		2.14
					182,126		2.14
India (Cost $1,548,291)
Aarti Industries Ltd.	INR		21,406		116,931		1.38
APL Apollo Tubes Ltd.	INR		9,483		178,396		2.10
Granules India Ltd.	INR		60,822		238,083		2.80
JB Chemicals & Pharmaceuticals Ltd.	INR		5,630		94,568		1.11
Multi Commodity Exchange of India Ltd.	INR		15,205		425,906		5.01
PB Fintech Ltd.*	INR		37,208		313,284		3.69
Prince Pipes & Fittings Ltd.*	INR		31,062		234,911		2.76
Radico Khaitan Ltd.	INR		9,646		141,216		1.66
					1,743,295		20.51
Indonesia (Cost $388,566)
Bank Syariah Indonesia Tbk PT	IDR		1,796,700		169,679		2.00
Ciputra Development Tbk PT	IDR		2,911,400		203,434		2.39
					373,113		4.39
Malaysia (Cost $520,323)
My EG Services Bhd.	MYR		2,544,897		416,993		4.91
					416,993		4.91
Mexico (Cost $292,511)
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR			2,200		134,574		1.58

See accompanying notes to the financial statements.

126

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1	Shares		Value		% of Net Assets
Mexico (continued)
Grupo Traxion S.A.B. de C.V.*,2	MXN		81,500		$      120,426		1.42
					255,000		3.00
South Africa (Cost $198,931)
Karooooo Ltd.			7,218		173,232		2.04
					173,232		2.04
South Korea (Cost $1,554,266)
Classys, Inc.	KRW		5,704		140,491		1.65
Dentium Co. Ltd.	KRW		4,143		337,330		3.97
Eugene Technology Co. Ltd.	KRW		5,781		165,088		1.94
Hana Materials, Inc.	KRW		4,857		172,363		2.03
Hansol Chemical Co. Ltd.	KRW		1,995		223,829		2.63
Jeisys Medical, Inc.*	KRW		11,311		88,832		1.05
KoMiCo Ltd.	KRW		9,132		301,990		3.55
Park Systems Corp.	KRW		1,070		111,018		1.31
					1,540,941		18.13
Taiwan (Cost $1,905,902)
Andes Technology Corp.	TWD		18,000		216,626		2.55
E Ink Holdings, Inc.	TWD		51,000		264,738		3.11
eCloudvalley Digital Technology Co. Ltd.	TWD		53,977		179,451		2.11
Kaori Heat Treatment Co. Ltd.	TWD		31,000		202,423		2.38
Parade Technologies Ltd.	TWD		7,000		230,910		2.72
Poya International Co. Ltd.	TWD		14,873		228,225		2.69
Sinbon Electronics Co. Ltd.	TWD		13,000		111,093		1.31
WinWay Technology Co. Ltd.	TWD		13,000		261,006		3.07
					1,694,472		19.94
Total Common Stocks (Cost $9,181,836)					8,415,007		99.02
Total Investments (Total Cost $9,181,836)					8,415,007		99.02
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					83,167		0.98
Net Assets				$	8,498,174		100.00

* Non-income producing security.

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

²  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

Percentages shown are based on net assets.

See accompanying notes to the financial statements.

127

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND    

SCHEDULE OF INVESTMENTS (CONTINUED)    

As of October 31, 2023    

At October 31, 2023, the industry sectors for the Ashmore Emerging Markets Small-Cap Equity Fund were:

Sector	Percentage of Net Assets
Consumer Discretionary		12.2	%
Consumer Staples		1.7
Financials		14.1
Health Care		12.4
Industrials		19.7
Information Technology		30.4
Materials		6.1
Real Estate		2.4
Total Investments		99.0
Other Assets Less Liabilities		1.0
Net Assets		100.0	%

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Small-Cap Equity Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2023:

	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Argentina		$   119,203		$            —		$—		$   119,203
Brazil		683,201		—		—		683,201
China		112,110		1,121,321		—		1,233,431
Greece		—		182,126		—		182,126
India		—		1,743,295		—		1,743,295
Indonesia		—		373,113		—		373,113
Malaysia		—		416,993		—		416,993
Mexico		255,000		—		—		255,000
South Africa		173,232		—		—		173,232
South Korea		—		1,540,941		—		1,540,941
Taiwan		—		1,694,472		—		1,694,472
Total Common Stocks		1,342,746		7,072,261		—		8,415,007
Total Investments		$1,342,746		$7,072,261		$—		$8,415,007

There were no transfers to or from Level 3 during the year ended October 31, 2023.

The amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the year ended October 31, 2023.

See accompanying notes to the financial statements.

128

ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2023

	Currency1		Shares		Value		% of Net Assets
Common Stocks
Argentina (Cost $567,145)
Globant S.A.*				3,150	$	536,414		0.85
						536,414		0.85
Cambodia (Cost $1,542,169)
NagaCorp Ltd.*		HKD		2,247,263		967,659		1.54
						967,659		1.54
Egypt (Cost $502,283)
Fertiglobe PLC		AED		572,000		500,246		0.80
						500,246		0.80
Georgia (Cost $792,843)
Bank of Georgia Group PLC		GBP		22,739		924,961		1.47
						924,961		1.47
Ghana (Cost $571,693)
Kosmos Energy Ltd.*				96,300		697,212		1.11
						697,212		1.11
Iceland (Cost $1,595,187)
Arion Banki HF2		ISK		1,492,231		1,370,962		2.18
						1,370,962		2.18
Kazakhstan (Cost $5,791,819)
Halyk Savings Bank of Kazakhstan JSC GDR (Registered)				149,946		1,878,165		2.99
Kaspi.KZ JSC GDR (Registered)				44,164		3,992,917		6.35
NAC Kazatomprom JSC GDR (Registered)				20,510		834,434		1.33
						6,705,516		10.67
Kuwait (Cost $2,235,147)
National Bank of Kuwait S.A.K.P.		KWD		704,107		1,996,920		3.18
						1,996,920		3.18
Mauritius (Cost $1,288,873)
MCB Group Ltd.		MUR		187,685		1,393,675		2.22
						1,393,675		2.22
Morocco (Cost $1,998,855)
Attijariwafa Bank		MAD		15,495		700,736		1.12
Label Vie		MAD		2,920		1,259,725		2.00
						1,960,461		3.12
Oman (Cost $374,951)
OQ Gas Networks S.A.O.C*		OMR		1,031,078		401,875		0.64
						401,875		0.64
Pakistan (Cost $1,358,015)
Systems Ltd.		PKR		797,283		1,174,263		1.87
						1,174,263		1.87

See accompanying notes to the financial statements.

129

ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1		Shares		Value		% of Net Assets
Peru (Cost $1,239,792)
Credicorp Ltd.				9,936	$	1,241,603		1.98
						1,241,603		1.98
Philippines (Cost $4,130,898)
Bank of the Philippine Islands		PHP		340,190		602,886		0.96
BDO Unibank, Inc.		PHP		545,172		1,228,189		1.95
DigiPlus Interactive Corp.*		PHP		8,452,300		990,297		1.58
SM Investments Corp.		PHP		40,000		564,706		0.90
Wilcon Depot, Inc.		PHP		1,565,200		546,292		0.87
						3,932,370		6.26
Qatar (Cost $5,466,372)
Industries Qatar QSC		QAR		265,971		892,703		1.42
Ooredoo QPSC		QAR		236,699		641,932		1.02
Qatar Gas Transport Co. Ltd.		QAR		1,195,025		1,154,827		1.84
Qatar Islamic Bank S.A.Q.		QAR		127,919		611,281		0.98
Qatar National Bank QPSC		QAR		322,905		1,320,670		2.10
						4,621,413		7.36
Romania (Cost $4,635,845)
Banca Transilvania S.A.		RON		532,029		2,523,088		4.01
OMV Petrom S.A.		RON		11,990,104		1,369,869		2.18
Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica S.A.*		RON		52,788		1,311,882		2.09
						5,204,839		8.28
Saudi Arabia (Cost $2,000,382)
Riyadh Cables Group Co.		SAR		49,750		972,009		1.55
Seera Group Holding*		SAR		79,000		497,054		0.79
United International Transportation Co.		SAR		28,396		509,065		0.81
						1,978,128		3.15
Slovenia (Cost $1,476,336)
Nova Ljubljanska Banka dd GDR (Registered)		EUR		102,193		1,564,413		2.49
						1,564,413		2.49
United Arab Emirates (Cost $9,071,127)
Abu Dhabi Islamic Bank PJSC		AED		544,723		1,526,646		2.43
ADNOC Drilling Co. PJSC		AED		510,000		505,591		0.81
Al Ansari Financial Services PJSC*		AED		2,116,998		662,442		1.06
Aldar Properties PJSC		AED		948,958		1,343,984		2.14
Americana Restaurants International PLC		AED		607,175		611,539		0.97
Dubai Islamic Bank PJSC		AED		320,035		470,458		0.75
Emaar Properties PJSC		AED		864,464		1,573,287		2.50
Emirates NBD Bank PJSC		AED		274,382		1,265,498		2.01
First Abu Dhabi Bank PJSC		AED		300,894		1,038,818		1.65
						8,998,263		14.32

See accompanying notes to the financial statements.

130

ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)    

As of October 31, 2023    

	Currency1		Shares		Value		% of Net Assets
Vietnam (Cost $11,992,501)
Bank for Foreign Trade of Vietnam JSC*		VND		461,084	$	1,631,709		2.60
FPT Corp.		VND		1,119,635		3,794,301		6.04
Gemadept Corp.		VND		549,100		1,324,658		2.11
IDICO Corp. JSC		VND		600,000		1,038,983		1.65
Khang Dien House Trading and Investment JSC*		VND		83,170		97,165		0.15
Phu Nhuan Jewelry JSC		VND		253,966		745,553		1.19
Vietnam Dairy Products JSC		VND		428,400		1,188,177		1.89
Vinhomes JSC*		VND		1,064,911		1,703,314		2.71
					11,523,860		18.34
Total Common Stocks (Cost $58,632,233)						57,695,053		91.83
Investment Companies
Vietnam Enterprise Investments Ltd., Class C *,2		GBP		275,709		1,742,023		2.77
Total Investment Companies (Cost $2,032,563)						1,742,023		2.77
Total Investments (Total Cost $60,664,796)						59,437,076		94.60
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)						3,390,247		5.40
Net Assets					$	62,827,323		100.00

* Non-income producing security.

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

²  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

Percentages shown are based on net assets.

At October 31, 2023, the industry sectors for the Ashmore Emerging Markets Frontier Equity Fund were:

Sector	Percentage of Net Assets
Communication Services		1.0	%
Consumer Discretionary		6.9
Consumer Staples		3.9
Energy		7.9
Financials		47.3
Industrials		8.4
Information Technology		8.8
Materials		0.8
Real Estate		7.5
Utilities		2.1
Total Investments		94.6
Other Assets Less Liabilities		5.4
Net Assets		100.0	%

See accompanying notes to the financial statements.

131

ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Frontier Equity Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2023:

	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Argentina	$	536,414	$	—		$—	$	536,414
Cambodia		—		967,659		—		967,659
Egypt		—		500,246		—		500,246
Georgia		—		924,961		—		924,961
Ghana		697,212				—		697,212
Iceland		—		1,370,962		—		1,370,962
Kazakhstan		—		6,705,516		—		6,705,516
Kuwait		—		1,996,920		—		1,996,920
Mauritius		—		1,393,675		—		1,393,675
Morocco		—		1,960,461		—		1,960,461
Oman		401,875				—		401,875
Pakistan		—		1,174,263		—		1,174,263
Peru		1,241,603				—		1,241,603
Philippines		—		3,932,370		—		3,932,370
Qatar		—		4,621,413		—		4,621,413
Romania		—		5,204,839		—		5,204,839
Saudi Arabia		—		1,978,128		—		1,978,128
Slovenia		—		1,564,413		—		1,564,413
United Arab Emirates		—		8,998,263		—		8,998,263
Vietnam		—		11,523,860		—		11,523,860
Total Common Stocks		2,877,104		54,817,949		—		57,695,053
Investment Companies
Vietnam		—		1,742,023		—		1,742,023
Total Investments	$	2,877,104	$	56,559,972		$—	$	59,437,076

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

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 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.

132

ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2023

	Currency1	Shares		Value		% of Net Assets
Common Stocks
Argentina (Cost $842,552)
Globant S.A.*			4,800	$	817,392		0.88
					817,392		0.88
Brazil (Cost $7,938,825)
Arcos Dorados Holdings, Inc., Class A			135,600		1,223,112		1.32
Arezzo Industria e Comercio S.A.*	BRL		58,800		680,980		0.73
Localiza Rent a Car S.A.*	BRL		76,800		774,893		0.84
Oncoclinicas do Brasil Servicos Medicos S.A.*	BRL		414,600		779,572		0.84
TOTVS S.A.*	BRL		548,800		2,755,021		2.98
XP, Inc., Class A			37,100		742,000		0.80
					6,955,578		7.51
China (Cost $33,525,127)
ANTA Sports Products Ltd.	HKD		270,800		3,049,242		3.29
CIMC Enric Holdings Ltd.	HKD		784,000		666,947		0.72
ENN Energy Holdings Ltd.	HKD		121,300		925,756		1.00
H World Group Ltd. ADR*			41,110		1,548,203		1.67
Hongfa Technology Co. Ltd., Class A	CNH		503,611		1,995,960		2.16
JD.com, Inc. ADR			18,721		475,888		0.51
Lufax Holding Ltd. ADR			730,674		697,648		0.75
Meituan, Class B*,2	HKD		146,330		2,078,878		2.25
NARI Technology Co. Ltd., Class A	CNH		302,580		929,775		1.00
NetEase, Inc. ADR			24,734		2,644,559		2.86
Prosus N.V.*	EUR		27,399		767,430		0.83
Sieyuan Electric Co. Ltd., Class A	CNH		142,700		960,532		1.04
Tencent Holdings Ltd.	HKD		170,600		6,319,849		6.83
Tencent Music Entertainment Group ADR*			175,566		1,274,609		1.38
Wuliangye Yibin Co. Ltd., Class A	CNH		65,800		1,399,439		1.51
WuXi AppTec Co. Ltd., Class H2	HKD		105,800		1,277,929		1.38
Xiabuxiabu Catering Management China Holdings Co. Ltd.2	HKD		2,293,500		852,326		0.92
					27,864,970		30.10
Greece (Cost $1,171,624)
Piraeus Financial Holdings S.A.*	EUR		412,346		1,218,070		1.32
					1,218,070		1.32
Hong Kong (Cost $2,416,713)
AIA Group Ltd.	HKD		242,800		2,114,592		2.29
					2,114,592		2.29
India (Cost $10,786,971)
Aarti Industries Ltd.	INR		146,524		800,389		0.86
APL Apollo Tubes Ltd.	INR		41,553		781,705		0.84
Granules India Ltd.	INR		261,357		1,023,061		1.11
HDFC Bank Ltd. ADR			50,461		2,853,570		3.08
Hindalco Industries Ltd.	INR		165,359		915,092		0.99

See accompanying notes to the financial statements.

133

ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1		Shares		Value		% of Net Assets
India (continued)
ICICI Bank Ltd. ADR				40,387	$	896,188		0.97
Larsen & Toubro Ltd.		INR		30,571		1,076,067		1.16
Multi Commodity Exchange of India Ltd.		INR		63,797		1,787,014		1.93
PB Fintech Ltd.*		INR		164,420		1,384,385		1.50
						11,517,471		12.44
Indonesia (Cost $630,610)
Bank Syariah Indonesia Tbk PT		IDR		5,660,200		534,547		0.58
						534,547		0.58
Kazakhstan (Cost $1,017,983)
Kaspi.KZ JSC GDR (Registered)				15,666		1,416,381		1.53
						1,416,381		1.53
Malaysia (Cost $1,404,189)
My EG Services Bhd.		MYR		8,552,106		1,401,301		1.51
						1,401,301		1.51
Mexico (Cost $4,661,200)
Fomento Economico Mexicano S.A.B. de C.V. ADR				35,188		3,990,671		4.31
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		MXN		61,800		720,903		0.78
Grupo Financiero Banorte S.A.B. de C.V., Class O		MXN		161,400		1,309,892		1.41
						6,021,466		6.50
Russian Federation (Cost $1,633,271)
LUKOIL PJSC3		RUB		21,299		—		—
						—		—
Saudi Arabia (Cost $1,525,696)
Bupa Arabia for Cooperative Insurance Co.		SAR		17,243		978,923		1.06
Elm Co.		SAR		5,004		936,750		1.01
						1,915,673		2.07
South Korea (Cost $9,576,234)
Classys, Inc.		KRW		39,755		979,175		1.06
Dentium Co. Ltd.		KRW		20,831		1,696,095		1.83
Hana Materials, Inc.		KRW		26,151		928,033		1.00
Hansol Chemical Co. Ltd.		KRW		12,238		1,373,041		1.48
KoMiCo Ltd.		KRW		20,691		684,240		0.74
LG Chem Ltd.		KRW		1,446		476,489		0.52
SK Hynix, Inc.		KRW		38,511		3,364,353		3.63
						9,501,426		10.26
Taiwan (Cost $20,950,461)
Andes Technology Corp.		TWD		69,000		830,399		0.90
Delta Electronics, Inc.		TWD		167,000		1,511,797		1.63
E Ink Holdings, Inc.		TWD		221,000		1,147,196		1.24
Kaori Heat Treatment Co. Ltd.		TWD		74,000		483,204		0.52
Lotes Co. Ltd.		TWD		38,000		965,947		1.04

See accompanying notes to the financial statements.

134

ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1	Shares		Value		% of Net Assets
Taiwan (continued)
Parade Technologies Ltd.	TWD		48,000	$	1,583,384		1.71
Poya International Co. Ltd.	TWD		77,298		1,186,167		1.28
Sinbon Electronics Co. Ltd.	TWD		84,000		717,830		0.77
Taiwan Semiconductor Manufacturing Co. Ltd.	TWD		283,000		4,662,601		5.04
Taiwan Semiconductor Manufacturing Co. Ltd. ADR			43,288		3,736,187		4.04
WinWay Technology Co. Ltd.	TWD		71,000		1,425,496		1.54
					18,250,208		19.71
United Arab Emirates (Cost $600,650)
Americana Restaurants International PLC	AED		716,462		721,611		0.78
					721,611		0.78
Total Common Stocks (Cost $98,682,106)					90,250,686		97.48
Preferred Stocks
Brazil (Cost $921,315)
Petroleo Brasileiro S.A. ADR, 2.479%4			98,104		1,356,778		1.47
					1,356,778		1.47
Total Preferred Stocks (Cost $921,315)					1,356,778		1.47
Rights
Brazil (Cost $—)
Localiza Rent a Car S.A.*	BRL		593		823		—
				823		—
Total Rights (Cost $—)					823		—
Total Investments (Total Cost $99,603,421)					91,608,287		98.95
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					974,687		1.05
Net Assets				$	92,582,974		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  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.

135

ASHMORE EMERGING MARKETS EQUITY FUND    

SCHEDULE OF INVESTMENTS (CONTINUED)    

As of October 31, 2023    

At October 31, 2023, the industry sectors for the Ashmore Emerging Markets Equity Fund were:    

Sector	Percentage of Net Assets
Communication Services		11.1	%
Consumer Discretionary		13.6
Consumer Staples		5.8
Energy		1.5
Financials		17.2
Health Care		6.2
Industrials		9.7
Information Technology		28.1
Materials		4.7
Utilities		1.0
Total Investments		98.9
Other Assets Less Liabilities		1.1
Net Assets		100.0	%

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Equity Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2023:

	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Argentina		$     817,392		$              —		$—		$     817,392
Brazil		6,955,578		—		—		6,955,578
China		6,640,907		21,224,063		—		27,864,970
Greece		—		1,218,070		—		1,218,070
Hong Kong		—		2,114,592		—		2,114,592
India		3,749,758		7,767,713		—		11,517,471
Indonesia		—		534,547		—		534,547
Kazakhstan		—		1,416,381		—		1,416,381
Malaysia		—		1,401,301		—		1,401,301
Mexico		6,021,466		—		—		6,021,466
Saudi Arabia		—		1,915,673		—		1,915,673
South Korea		—		9,501,426		—		9,501,426
Taiwan		3,736,187		14,514,021		—		18,250,208
United Arab Emirates		—		721,611		—		721,611
Total Common Stocks		27,921,288		62,329,398		—		90,250,686
Preferred Stocks
Brazil		1,356,778		—		—		1,356,778
Rights
Brazil		823		—		—		823
Total Investments		$29,278,889		$62,329,398		$—		$91,608,287

There were no transfers to or from Level 3 during the year ended October 31, 2023.

See accompanying notes to the financial statements.

136

ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

The amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the year ended October 31, 2023.

See accompanying notes to the financial statements.

137

ASHMORE EMERGING MARKETS EQUITY ESG FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2023

	Currency1	Shares		Value		% of Net Assets
Common Stocks
Argentina (Cost $139,116)
Globant S.A.*			800	$	136,232		1.34
					136,232		1.34
Brazil (Cost $766,183)
Arezzo Industria e Comercio S.A.*	BRL		10,100		116,971		1.15
Oncoclinicas do Brasil Servicos Medicos S.A.*	BRL		95,200		179,005		1.76
TOTVS S.A.*	BRL		74,500		373,996		3.69
					669,972		6.60
China (Cost $3,314,555)
ANTA Sports Products Ltd.	HKD		28,200		317,535		3.13
Hongfa Technology Co. Ltd., Class A	CNH		90,700		359,471		3.54
Meituan, Class B*,2	HKD		14,150		201,026		1.98
NARI Technology Co. Ltd., Class A	CNH		72,640		223,210		2.20
Prosus N.V.*	EUR		1,645		46,075		0.45
Sieyuan Electric Co. Ltd., Class A	CNH		28,000		188,472		1.86
Sunresin New Materials Co. Ltd., Class A	CNH		33,150		245,293		2.42
Tencent Holdings Ltd.	HKD		17,300		640,876		6.31
WuXi AppTec Co. Ltd., Class H2	HKD		30,880		372,991		3.67
Xiabuxiabu Catering Management China Holdings Co. Ltd.2	HKD		286,500		106,471		1.05
					2,701,420		26.61
Hong Kong (Cost $352,838)
AIA Group Ltd.	HKD		35,200		306,564		3.02
					306,564		3.02
India (Cost $998,237)
Alkem Laboratories Ltd.	INR		2,940		131,488		1.29
Granules India Ltd.	INR		51,294		200,786		1.98
HDFC Bank Ltd. ADR			7,356		415,982		4.10
ICICI Bank Ltd. ADR			6,777		150,382		1.48
PB Fintech Ltd.*	INR		26,376		222,081		2.19
					1,120,719		11.04
Indonesia (Cost $92,687)
Bank Syariah Indonesia Tbk PT	IDR		832,800		78,649		0.77
					78,649		0.77
Malaysia (Cost $246,539)
My EG Services Bhd.	MYR		1,486,806		243,620		2.40
					243,620		2.40
Mexico (Cost $413,206)
Fomento Economico Mexicano S.A.B. de C.V. ADR			4,259		483,013		4.76
Grupo Financiero Banorte S.A.B. de C.V., Class O	MXN		22,100		179,360		1.77
					662,373		6.53

See accompanying notes to the financial statements.

138

ASHMORE EMERGING MARKETS EQUITY ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1	Shares		Value		% of Net Assets
Saudi Arabia (Cost $205,300)
Bupa Arabia for Cooperative Insurance Co.	SAR		2,380	$	135,118		1.33
Elm Co.	SAR		634		118,685		1.17
					253,803		2.50
South Korea (Cost $941,182)
Dentium Co. Ltd.	KRW		4,080		332,200		3.27
Hansol Chemical Co. Ltd.	KRW		2,180		244,585		2.41
LG Chem Ltd.	KRW		252		83,040		0.82
SK Hynix, Inc.	KRW		2,865		250,289		2.47
					910,114		8.97
Taiwan (Cost $2,406,847)
Andes Technology Corp.	TWD		13,000		156,452		1.54
Delta Electronics, Inc.	TWD		22,000		199,159		1.96
E Ink Holdings, Inc.	TWD		57,000		295,883		2.92
Kaori Heat Treatment Co. Ltd.	TWD		17,000		111,006		1.09
Parade Technologies Ltd.	TWD		7,000		230,910		2.27
Poya International Co. Ltd.	TWD		12,090		185,526		1.83
Sinbon Electronics Co. Ltd.	TWD		23,000		196,549		1.94
Taiwan Semiconductor Manufacturing Co. Ltd.	TWD		29,000		477,793		4.71
Taiwan Semiconductor Manufacturing Co. Ltd. ADR			5,240		452,264		4.46
WinWay Technology Co. Ltd.	TWD		12,000		240,929		2.37
					2,546,471		25.09
United Arab Emirates (Cost $97,175)
Abu Dhabi Islamic Bank PJSC	AED		35,567		99,680		0.98
					99,680		0.98
Total Common Stocks (Cost $9,973,865)					9,729,617		95.85
Total Investments (Total Cost $9,973,865)					9,729,617		95.85
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					421,541		4.15
Net Assets				$	10,151,158		100.00

* Non-income producing security.

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

²  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

Percentages shown are based on net assets.

At October 31, 2023, the industry sectors for the Ashmore Emerging Markets Equity ESG Fund were:

Sector	Percentage of Net Assets
Communication Services		6.3	%

See accompanying notes to the financial statements.

139

ASHMORE EMERGING MARKETS EQUITY ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

Sector	Percentage of Net Assets
Consumer Discretionary		9.6	%
Consumer Staples		4.8
Financials		15.6
Health Care		12.0
Industrials		11.1
Information Technology		30.8
Materials		5.6
Total Investments		95.8
Other Assets Less Liabilities		4.2
Net Assets		100.0	%

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Equity ESG Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2023:

	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Argentina		$   136,232		$            —		$—		$   136,232
Brazil		669,972		—		—		669,972
China		—		2,701,420		—		2,701,420
Hong Kong		—		306,564		—		306,564
India		566,364		554,355		—		1,120,719
Indonesia		—		78,649		—		78,649
Malaysia		—		243,620		—		243,620
Mexico		662,373		—		—		662,373
Saudi Arabia		—		253,803		—		253,803
South Korea		—		910,114		—		910,114
Taiwan		452,264		2,094,207		—		2,546,471
United Arab Emirates		—		99,680		—		99,680
Total Common Stocks		2,487,205		7,242,412		—		9,729,617
Total Investments		$2,487,205		$7,242,412		$—		$9,729,617

See accompanying notes to the financial statements.

140

ASHMORE EMERGING MARKETS LOW DURATION FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2023

	Currency1	Par		Value		% of Net Assets
Debt Securities
Brazil (Cost $777,598)
Banco do Brasil S.A., 4.625%, 01/15/2025			200,000	$	194,970		2.05
BRF GmbH, 4.350%, 09/29/2026			200,000		183,000		1.93
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		175,326		1.85
MercadoLibre, Inc., 2.375%, 01/14/2026			200,000		180,328		1.90
					733,624		7.73
Chile (Cost $531,330)
Banco Santander Chile, 2.700%, 01/10/2025			150,000		143,094		1.51
Celulosa Arauco y Constitucion S.A., 3.875%, 11/02/2027			200,000		178,718		1.88
Inversiones CMPC S.A., 4.750%, 09/15/2024			200,000		196,316		2.07
					518,128		5.46
China (Cost $401,837)
ENN Energy Holdings Ltd., 4.625%, 05/17/2027			200,000		191,216		2.01
Tencent Holdings Ltd., (Floating, CME Term SOFR 3M + 1.172%), 6.578%, 04/11/2024			200,000		200,210		2.11
					391,426		4.12
Colombia (Cost $245,274)
Ecopetrol S.A., 4.125%, 01/16/2025			140,000		134,792		1.42
Ecopetrol S.A., 5.375%, 06/26/2026			100,000		95,473		1.01
					230,265		2.43
Czech Republic (Cost $93,446)
CETIN Group N.V., 3.125%, 04/14/2027	EUR		100,000		98,315		1.04
					98,315		1.04
Hong Kong (Cost $394,916)
HKT Capital No. 4 Ltd., 3.000%, 07/14/2026			200,000		185,860		1.96
Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 3.100%), 7.776%, 11/16/20252			200,000		202,456		2.13
					388,316		4.09
India (Cost $797,591)
ABJA Investment Co. Pte. Ltd., 5.950%, 07/31/2024			200,000		198,824		2.09
Bharti Airtel Ltd., 4.375%, 06/10/2025			200,000		195,118		2.06
Greenko Solar Mauritius Ltd., 5.950%, 07/29/2026			200,000		183,650		1.94
HDFC Bank Ltd., 5.686%, 03/02/2026			200,000		199,526		2.10
					777,118		8.19
Indonesia (Cost $597,980)
Bank Mandiri Persero Tbk PT, 2.000%, 04/19/2026			200,000		181,588		1.91
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT, 4.750%, 05/15/2025			400,000		390,600		4.12
					572,188		6.03

See accompanying notes to the financial statements.

141

ASHMORE EMERGING MARKETS LOW DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1	Par		Value		% of Net Assets
Jordan (Cost $202,542)
Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025			200,000	$	186,698		1.97
					186,698		1.97
Kazakhstan (Cost $372,154)
KazMunayGas National Co. JSC, 4.750%, 04/19/2027			200,000		186,400		1.96
Tengizchevroil Finance Co. International Ltd., 4.000%, 08/15/2026			200,000		178,050		1.88
					364,450		3.84
Kuwait (Cost $207,642)
MEGlobal Canada ULC, 5.000%, 05/18/2025			200,000		194,313		2.05
					194,313		2.05
Malaysia (Cost $190,388)
MISC Capital Two Labuan Ltd., 3.750%, 04/06/2027			200,000		183,874		1.94
					183,874		1.94
Mexico (Cost $755,044)
Grupo Bimbo S.A.B. de C.V., 3.875%, 06/27/2024			200,000		196,976		2.08
Petroleos Mexicanos, 6.875%, 10/16/2025			331,000		317,429		3.34
Trust Fibra Uno, 5.250%, 01/30/2026			200,000		190,270		2.00
					704,675		7.42
Oman (Cost $205,929)
Bank Muscat SAOG, 4.750%, 03/17/2026			200,000		190,590		2.01
					190,590		2.01
Panama (Cost $202,203)
Banco Latinoamericano de Comercio Exterior S.A., 2.375%, 09/14/2025			200,000		184,104		1.94
					184,104		1.94
Peru (Cost $772,791)
Banco de Credito del Peru S.A., 2.700%, 01/11/2025			150,000		142,908		1.50
Credicorp Ltd., 2.750%, 06/17/2025			200,000		186,918		1.97
Kallpa Generacion S.A., 4.125%, 08/16/2027			200,000		179,750		1.89
Southern Copper Corp., 3.875%, 04/23/2025			50,000		48,063		0.51
Transportadora de Gas del Peru S.A., 4.250%, 04/30/2028			200,000		187,958		1.98
					745,597		7.85
Romania (Cost $96,233)
NE Property B.V., 1.875%, 10/09/2026	EUR		100,000		92,337		0.97
					92,337		0.97
Saudi Arabia (Cost $581,673)
Arabian Centres Sukuk Ltd., 5.375%, 11/26/2024			256,000		244,240		2.57
SNB Funding Ltd., 2.750%, 10/02/2024			333,000		321,015		3.38
					565,255		5.95

See accompanying notes to the financial statements.

142

ASHMORE EMERGING MARKETS LOW DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1	Par		Value		% of Net Assets
Singapore (Cost $190,331)
BOC Aviation Ltd., 3.500%, 09/18/2027			200,000	$	182,860		1.93
					182,860		1.93
South Africa (Cost $585,303)
Gold Fields Orogen Holdings BVI Ltd., 5.125%, 05/15/2024			200,000		197,944		2.09
MTN Mauritius Investments Ltd., 6.500%, 10/13/2026			200,000		195,000		2.05
Prosus N.V., 3.257%, 01/19/2027			205,000		180,954		1.91
					573,898		6.05
South Korea (Cost $199,257)
SK On Co. Ltd., 5.375%, 05/11/2026			200,000		197,884		2.08
					197,884		2.08
Thailand (Cost $204,360)
Kasikornbank PCL, 5.458%, 03/07/2028			200,000		195,820		2.06
					195,820		2.06
United Arab Emirates (Cost $833,924)
DIB Sukuk Ltd., 2.950%, 01/16/2026			200,000		186,937		1.97
Galaxy Pipeline Assets Bidco Ltd., 1.750%, 09/30/2027			129,320		118,530		1.25
MAF Global Securities Ltd., 4.750%, 05/07/2024			200,000		198,328		2.09
Mashreqbank PSC, 4.250%, 02/26/2024			322,000		318,664		3.35
					822,459		8.66
Total Debt Securities (Cost $9,439,746)					9,094,194		95.81
Total Investments (Total Cost $9,439,746)					9,094,194		95.81
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					397,614		4.19
Net Assets				$	9,491,808		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.

See accompanying notes to the financial statements.

143

ASHMORE EMERGING MARKETS LOW DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

At October 31, 2023, the Ashmore Emerging Markets Low Duration Fund had outstanding forward foreign currency exchange contracts as follows:

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)		Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
11/22/2023	Barclays	United States Dollar		195,893	Euro		184,816		$155
Subtotal Appreciation									155
11/22/2023	Barclays	Euro		5,000	United States Dollar		5,314		(18)
Subtotal Depreciation									(18)
Total									$137

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Low Duration Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2023:

	Level 1		Level 2			Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds		$—		$6,968,449			$—		$6,968,449
Financial Certificates		—		431,178			—		431,178
Government Agencies		—		1,510,463			—		1,510,463
Municipal Bonds		—		184,104			—		184,104
Total Debt Securities		—		9,094,194			—		9,094,194
Total Investments		$—		$9,094,194			$—		$9,094,194
Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts		$—		$155			$—		$155
Liabilities:
Forward Foreign Currency Exchange Contracts		—		(18	)		—		(18	)
Total Other Financial Instruments		$—		$137			$—		$137

See accompanying notes to the financial statements.

144

ASHMORE EMERGING MARKETS LOW DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2023:

	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange Risk
Assets:
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$155
Liabilities:
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		$(18	)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 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		$(31,340	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$   1,651

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

See accompanying notes to the financial statements.

145

ASHMORE EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2023

	Currency1	Par		Value		% of Net Assets
Debt Securities
Angola (Cost $380,585)
Angola (Rep of), 8.000%, 11/26/2029			200,000	$	160,000		0.98
Angola (Rep of), 9.125%, 11/26/2049			250,000		175,625		1.07
					335,625		2.05
Argentina (Cost $713,271)
Argentina (Rep of), 1.000%, 07/09/2029			124,000		33,170		0.20
Argentina (Rep of), (Step to 1.750% on 07/09/2027), 0.750%, 07/09/20302			980,000		272,440		1.67
Argentina (Rep of), (Step to 4.125% on 07/09/2024), 3.625%, 07/09/20352			561,000		138,006		0.84
Argentina (Rep of), (Step to 5.000% on 07/09/2024), 4.250%, 01/09/20382			160,000		48,160		0.29
Argentina (Rep of), (Step to 4.875% on 07/09/2029), 3.500%, 07/09/20412			311,000		80,957		0.50
					572,733		3.50
Azerbaijan (Cost $203,085)
Southern Gas Corridor CJSC, 6.875%, 03/24/2026			200,000		196,822		1.20
					196,822		1.20
Bahrain (Cost $212,727)
Oil and Gas Holding (The) Co. BSCC, 8.375%, 11/07/2028			200,000		207,250		1.27
					207,250		1.27
Brazil (Cost $574,224)
Brazil (Rep of), 4.250%, 01/07/2025			400,000		390,632		2.39
Brazil (Rep of), 8.250%, 01/20/2034			15,000		16,042		0.10
Brazil (Rep of), 5.000%, 01/27/2045			200,000		143,100		0.87
					549,774		3.36
Chile (Cost $751,157)
Chile (Rep of), 3.100%, 05/07/2041			200,000		130,000		0.80
Chile (Rep of), 3.100%, 01/22/2061			200,000		106,900		0.65
Corp. Nacional del Cobre de Chile, 4.375%, 02/05/2049			200,000		135,200		0.83
Empresa Nacional del Petroleo, 5.250%, 11/06/2029			268,000		245,217		1.50
					617,317		3.78
China (Cost $179,294)
Sinopec Group Overseas Development 2018 Ltd., 2.700%, 05/13/2030			200,000		168,900		1.03
					168,900		1.03
Colombia (Cost $255,977)
Colombia (Rep of), 7.375%, 09/18/2037			100,000		89,750		0.55
Colombia (Rep of), 5.625%, 02/26/2044			200,000		138,900		0.85
					228,650		1.40

See accompanying notes to the financial statements.

146

ASHMORE EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1	Par		Value		% of Net Assets
Costa Rica (Cost $176,645)
Costa Rica (Rep of), 5.625%, 04/30/2043			200,000	$	159,000		0.97
					159,000		0.97
Croatia (Cost $200,042)
Croatia (Rep of), 6.000%, 01/26/2024			200,000		200,018		1.22
					200,018		1.22
Dominican Republic (Cost $740,659)
Dominican (Rep of), 5.500%, 01/27/2025			100,000		98,112		0.60
Dominican (Rep of), 6.875%, 01/29/2026			100,000		99,449		0.61
Dominican (Rep of), 4.875%, 09/23/2032			225,000		181,912		1.11
Dominican (Rep of), 5.300%, 01/21/2041			150,000		108,900		0.67
Dominican (Rep of), 5.875%, 01/30/2060			282,000		199,938		1.22
					688,311		4.21
Ecuador (Cost $75,033)
Ecuador (Rep of), (Step to 5.500% on 07/31/2024), 3.500%, 07/31/20352			34,900		13,227		0.08
Ecuador (Rep of), (Step to 5.000% on 07/31/2024), 2.500%, 07/31/20402			194,000		64,893		0.40
					78,120		0.48
Egypt (Cost $501,115)
Egypt (Rep of), 7.600%, 03/01/2029			200,000		124,000		0.76
Egypt (Rep of), 8.500%, 01/31/2047			200,000		103,710		0.63
Egypt (Rep of), 8.700%, 03/01/2049			200,000		104,750		0.64
Egypt (Rep of), 8.875%, 05/29/2050			200,000		105,500		0.65
					437,960		2.68
Gabon (Cost $171,437)
Gabon (Rep of), 6.625%, 02/06/2031			200,000		140,500		0.86
					140,500		0.86
Ghana (Cost $270,000)
Ghana (Rep of), 6.375%, 02/11/20273			200,000		87,000		0.53
Ghana (Rep of), 7.625%, 05/16/20293			200,000		86,000		0.53
Ghana (Rep of), 8.625%, 04/07/20343			200,000		86,250		0.53
					259,250		1.59
Guatemala (Cost $205,331)
Guatemala (Rep of), 6.600%, 06/13/2036			200,000		184,800		1.13
					184,800		1.13
Hungary (Cost $220,568)
Hungary (Rep of), 5.375%, 03/25/2024			92,000		91,715		0.56
Hungary (Rep of), 3.125%, 09/21/2051			200,000		105,612		0.65
					197,327		1.21

See accompanying notes to the financial statements.

147

ASHMORE EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1		Par		Value		% of Net Assets
India (Cost $189,714)
Export-Import Bank of India, 3.375%, 08/05/2026				200,000	$	187,784		1.15
						187,784		1.15
Indonesia (Cost $1,254,486)
Indonesia (Rep of), 4.150%, 09/20/2027				200,000		189,370		1.16
Indonesia (Rep of), 6.625%, 02/17/2037				100,000		103,908		0.63
Indonesia (Rep of), 7.750%, 01/17/2038				100,000		114,077		0.70
Indonesia (Rep of), 4.200%, 10/15/2050				200,000		146,450		0.90
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT, 4.750%, 05/15/2025				200,000		195,300		1.19
Pertamina Persero PT, 6.000%, 05/03/2042				200,000		176,206		1.08
Pertamina Persero PT, 6.500%, 11/07/2048				200,000		186,236		1.14
						1,111,547		6.80
Ivory Coast (Cost $262,449)
Ivory Coast (Rep of), 4.875%, 01/30/2032		EUR		100,000		79,754		0.49
Ivory Coast (Rep of), 6.875%, 10/17/2040		EUR		100,000		76,580		0.47
Ivory Coast (Rep of), 6.625%, 03/22/2048		EUR		100,000		70,628		0.43
						226,962		1.39
Kazakhstan (Cost $215,135)
Kazakhstan (Rep of), 6.500%, 07/21/2045				200,000		196,000		1.20
						196,000		1.20
Malaysia (Cost $424,851)
Petronas Capital Ltd., 2.480%, 01/28/2032				200,000		155,242		0.95
Petronas Capital Ltd., 4.550%, 04/21/2050				282,000		216,311		1.32
						371,553		2.27
Mexico (Cost $1,532,953)
Comision Federal de Electricidad, 3.875%, 07/26/2033				200,000		145,000		0.89
Mexico (Rep of), 5.400%, 02/09/2028				200,000		196,200		1.20
Mexico (Rep of), 6.050%, 01/11/2040				44,000		39,380		0.24
Mexico (Rep of), 5.550%, 01/21/2045				64,000		52,960		0.32
Mexico (Rep of), 3.771%, 05/24/2061				200,000		111,800		0.68
Mexico (Rep of), 3.750%, 04/19/2071				200,000		109,500		0.67
Mexico (Rep of), 5.750%, 10/12/2110				76,000		57,494		0.35
Petroleos Mexicanos, 6.350%, 02/12/2048				101,000		55,171		0.34
Petroleos Mexicanos, 7.690%, 01/23/2050				450,000		277,875		1.70
Petroleos Mexicanos, 6.950%, 01/28/2060				418,000		236,693		1.45
						1,282,073		7.84
Mongolia (Cost $161,893)
Mongolia (Rep of), 4.450%, 07/07/2031				200,000		151,372		0.93
						151,372		0.93
Morocco (Cost $207,266)
Morocco (Rep of), 6.500%, 09/08/2033				200,000		191,750		1.17
						191,750		1.17

See accompanying notes to the financial statements.

148

ASHMORE EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1	Par		Value		% of Net Assets
Nigeria (Cost $448,697)
Nigeria (Rep of), 7.696%, 02/23/2038			200,000	$	142,000		0.87
Nigeria (Rep of), 7.625%, 11/28/2047			405,000		272,363		1.67
					414,363		2.54
Oman (Cost $894,319)
Oman (Rep of), 4.750%, 06/15/2026			200,000		191,784		1.17
Oman (Rep of), 6.750%, 10/28/2027			200,000		201,687		1.23
Oman (Rep of), 6.500%, 03/08/2047			200,000		173,500		1.06
Oman (Rep of), 6.750%, 01/17/2048			300,000		267,375		1.64
					834,346		5.10
Pakistan (Cost $373,073)
Pakistan (Rep of), 8.250%, 04/15/2024			200,000		178,516		1.09
Pakistan (Rep of), 7.375%, 04/08/2031			200,000		97,044		0.59
Pakistan (Rep of), 8.875%, 04/08/2051			200,000		96,086		0.59
					371,646		2.27
Panama (Cost $328,343)
Panama (Rep of), 7.125%, 01/29/2026			100,000		100,700		0.62
Panama (Rep of), 8.875%, 09/30/2027			49,000		52,381		0.32
Panama (Rep of), 9.375%, 04/01/2029			63,000		69,552		0.42
Panama (Rep of), 6.700%, 01/26/2036			88,000		81,884		0.50
					304,517		1.86
Paraguay (Cost $193,108)
Paraguay (Rep of), 5.850%, 08/21/2033			200,000		184,000		1.13
					184,000		1.13
Peru (Cost $604,118)
Peru (Rep of), 7.350%, 07/21/2025			100,000		102,182		0.63
Peru (Rep of), 8.750%, 11/21/2033			149,000		173,758		1.06
Peru (Rep of), 3.300%, 03/11/2041			69,000		45,574		0.28
Peru (Rep of), 2.780%, 12/01/2060			119,000		59,559		0.36
Peru (Rep of), 3.230%, 07/28/2121			53,000		26,580		0.16
Petroleos del Peru S.A., 5.625%, 06/19/2047			234,000		127,633		0.78
					535,286		3.27
Philippines (Cost $593,713)
Philippines (Rep of), 10.625%, 03/16/2025			53,000		56,484		0.35
Philippines (Rep of), 9.500%, 02/02/2030			105,000		124,467		0.76
Philippines (Rep of), 7.750%, 01/14/2031			100,000		111,266		0.68
Philippines (Rep of), 6.375%, 10/23/2034			100,000		102,646		0.63
Philippines (Rep of), 3.950%, 01/20/2040			200,000		152,766		0.93
					547,629		3.35
Poland (Cost $185,405)
Poland (Rep of), 5.500%, 11/16/2027			69,000		69,281		0.42
Poland (Rep of), 4.875%, 10/04/2033			72,000		66,591		0.41

See accompanying notes to the financial statements.

149

ASHMORE EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1		Par		Value		% of Net Assets
Poland (continued)
Poland (Rep of), 5.500%, 04/04/2053				43,000	$	37,774		0.23
						173,646		1.06
Qatar (Cost $586,118)
Qatar (Rep of), 3.250%, 06/02/2026				200,000		189,452		1.16
Qatar (Rep of), 4.817%, 03/14/2049				250,000		204,297		1.25
QatarEnergy, 3.125%, 07/12/2041				200,000		131,250		0.80
						524,999		3.21
Romania (Cost $392,926)
Romania (Rep of), 3.000%, 02/27/2027				40,000		36,185		0.22
Romania (Rep of), 3.000%, 02/14/2031				30,000		23,700		0.15
Romania (Rep of), 3.625%, 03/27/2032				150,000		118,428		0.72
Romania (Rep of), 7.125%, 01/17/2033				36,000		35,714		0.22
Romania (Rep of), 6.125%, 01/22/2044				24,000		20,647		0.13
Romania (Rep of), 4.000%, 02/14/2051				194,000		118,522		0.72
						353,196		2.16
South Africa (Cost $516,730)
South Africa (Rep of), 4.300%, 10/12/2028				200,000		172,000		1.05
South Africa (Rep of), 5.875%, 04/20/2032				200,000		168,750		1.03
South Africa (Rep of), 5.750%, 09/30/2049				200,000		130,000		0.80
						470,750		2.88
Tunisia (Cost $83,479)
Tunisia (Rep of), 6.375%, 07/15/2026		EUR		118,000		75,226		0.46
						75,226		0.46
Turkey (Cost $385,615)
Turkey (Rep of), 4.875%, 04/16/2043				238,000		144,288		0.88
Turkey (Rep of), 5.750%, 05/11/2047				302,000		196,677		1.21
						340,965		2.09
Ukraine (Cost $61,500)
Ukraine (Rep of), 6.876%, 05/21/20313				200,000		49,300		0.30
						49,300		0.30
United Arab Emirates (Cost $1,046,351)
Abu Dhabi (Gov’t of), 1.875%, 09/15/2031				200,000		155,746		0.95
Abu Dhabi (Gov’t of), 3.125%, 09/30/2049				200,000		122,375		0.75
Abu Dhabi (Gov’t of), 3.875%, 04/16/2050				280,000		197,837		1.21
Abu Dhabi (Gov’t of), 2.700%, 09/02/2070				200,000		101,438		0.62
DP World Crescent Ltd., 3.750%, 01/30/2030				361,000		315,537		1.93
						892,933		5.46
United States (Cost $78,114)
U.S. Treasury Bill, 5.260%, 01/16/20244				79,000		78,115		0.48
						78,115		0.48

See accompanying notes to the financial statements.

150

ASHMORE EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1	Par		Value		% of Net Assets
Uruguay (Cost $548,649)
Uruguay (Rep of), 7.875%, 01/15/20335			103,000	$	117,626		0.72
Uruguay (Rep of), 5.750%, 10/28/2034			70,000		69,895		0.43
Uruguay (Rep of), 7.625%, 03/21/2036			75,000		84,713		0.52
Uruguay (Rep of), 4.125%, 11/20/2045			62,000		48,980		0.30
Uruguay (Rep of), 5.100%, 06/18/2050			67,000		57,754		0.35
Uruguay (Rep of), 4.975%, 04/20/2055			137,000		114,121		0.70
					493,089		3.02
Venezuela (Cost $555,123)
Petroleos de Venezuela S.A., 8.500%, 10/27/20203,6			194,000		162,960		1.00
Venezuela (Rep of), 11.750%, 10/21/20263			581,000		110,390		0.67
Venezuela (Rep of), 9.250%, 09/15/20273			779,000		146,062		0.89
Venezuela (Rep of), 11.950%, 08/05/20313			581,000		108,938		0.67
					528,350		3.23
Total Debt Securities (Cost $17,955,278)					16,113,754		98.56
Total Investments in Securities (Cost $17,955,278)					16,113,754		98.56
Total Investments (Total Cost $17,955,278)					16,113,754		98.56
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					235,266		1.44
Net Assets				$	16,349,020		100.00

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

²  Step coupon bond. Rate as of October 31, 2023 is disclosed.

³  Issuer has defaulted on terms of debt obligation.

⁴  Zero coupon bond – interest rate reflects effective yield on the date of purchase.

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

⁶  Maturity has been extended under the terms of a plan of reorganization.

Percentages shown are based on net assets.

At October 31, 2023, the Ashmore Emerging Markets Debt Fund had outstanding forward foreign currency exchange contracts as follows:

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)			Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
11/22/2023	Morgan Stanley	United States Dollar		338,588	Euro			319,482	$227
Subtotal Appreciation									227
Total									$227

See accompanying notes to the financial statements.

151

ASHMORE EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Debt Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2023:

	Level 1		Level 2		Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds		$—		$  1,357,495		$—		$  1,357,495
Financial Certificates		—		315,537		—		315,537
Government Agencies		—		1,924,780		—		1,924,780
Government Bonds		—		12,437,827		—		12,437,827
Short Term Bills and Notes		—		78,115		—		78,115
Total Debt Securities		—		16,113,754		—		16,113,754
Total Investments		$—		$16,113,754		$—		$16,113,754
Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts		$—		$227		$—		$227
Total Other Financial Instruments		$—		$227		$—		$227

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2023:

	Derivatives Not Accounted for as     Hedging Instruments
	Foreign Exchange Risk
Assets:
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$227

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 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		$(98,220)

Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts	$4,876

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

See accompanying notes to the financial statements.

152

ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND

SCHEDULE OF INVESTMENTS

As of October 31, 2023

	Currency1	Par		Value		% of Net Assets
Debt Securities
Brazil (Cost $1,367,125)
Aegea Finance S.a.r.l., 9.000%, 01/20/20312			200,000	$	199,500		2.92
Klabin Austria GmbH, 7.000%, 04/03/2049			230,000		210,162		3.07
MARB BondCo PLC, 3.950%, 01/29/2031			300,000		218,250		3.19
Oi S.A., 14.000%, (66% PIK), 09/07/20242,3,4			30,773		30,620		0.45
Oi S.A., 14.000%, (100% Cash), 09/07/20242,3,4,5			332		330		0.01
Oi S.A., 10.000%, 07/27/20253,6			290,000		13,050		0.19
Suzano Austria GmbH, 7.000%, 03/16/2047			200,000		185,000		2.71
					856,912		12.54
Chile (Cost $364,189)
Banco de Chile, 2.990%, 12/09/2031			200,000		158,062		2.31
VTR Finance N.V., 6.375%, 07/15/2028			200,000		34,370		0.50
					192,432		2.81
China (Cost $1,141,465)
Central China Real Estate Ltd., 7.250%, 08/13/20246			300,000		9,000		0.13
Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/20236,7			280,000		8,400		0.12
Kaisa Group Holdings Ltd., 11.250%, 04/16/20256			280,000		11,900		0.18
Zhenro Properties Group Ltd., 7.875%, 04/14/20246			290,000		1,450		0.02
					30,750		0.45
Guatemala (Cost $361,576)
Central American Bottling Corp./CBC Bottling Holdco S.L./Beliv Holdco S.L., 5.250%, 04/27/2029			200,000		175,674		2.57
Millicom International Cellular S.A., 5.125%, 01/15/2028			180,000		154,350		2.26
					330,024		4.83
India (Cost $922,025)
Bharti Airtel Ltd., 3.250%, 06/03/2031			200,000		161,656		2.36
Clean Renewable Power Mauritius Pte. Ltd., 4.250%, 03/25/2027			360,000		306,983		4.49
Greenko Power II Ltd., 4.300%, 12/13/2028			185,500		155,607		2.28
India Green Energy Holdings, 5.375%, 04/29/2024			250,000		245,937		3.60
					870,183		12.73
Indonesia (Cost $152,517)
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.850%, 10/14/2038			200,000		165,100		2.41
					165,100		2.41
Kuwait (Cost $426,576)
MEGlobal Canada ULC, 5.875%, 05/18/2030			200,000		194,748		2.85
NBK Tier 1 Financing 2 Ltd., (Variable, USD CMT 6Y + 2.832%), 4.500%, 08/27/20258			200,000		183,000		2.68
					377,748		5.53

See accompanying notes to the financial statements.

153

ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1		Par		Value		% of Net Assets
Mexico (Cost $1,211,174)
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.760%), 8.375%, 10/14/20308				260,000	$	236,844		3.47
BBVA Bancomer S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.650%), 5.125%, 01/18/20338				240,000		202,368		2.96
Corp. Inmobiliaria Vesta S.A.B. de C.V., 3.625%, 05/13/2031				200,000		157,994		2.31
Orbia Advance Corp. S.A.B. de C.V., 5.875%, 09/17/2044				200,000		156,000		2.28
Trust Fibra Uno, 6.390%, 01/15/2050				220,000		153,106		2.24
						906,312		13.26
Panama (Cost $199,105)
C&W Senior Financing DAC, 6.875%, 09/15/2027				200,000		170,960		2.50
						170,960		2.50
Peru (Cost $187,100)
Intercorp Peru Ltd., 3.875%, 08/15/2029				200,000		161,620		2.36
						161,620		2.36
Qatar (Cost $281,571)
QIB Sukuk Ltd., (Floating, ICE LIBOR USD 3M + 1.350%), 7.004%, 02/07/2025				280,000		281,400		4.12
						281,400		4.12
Romania (Cost $173,900)
NE Property B.V., 2.000%, 01/20/2030		EUR		200,000		155,012		2.27
						155,012		2.27
Russian Federation (Cost $184,629)
Sovcombank Via SovCom Capital DAC, 7.600%, 02/17/20276,9				200,000		—		—
						—		—
South Africa (Cost $588,538)
Absa Group Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.411%), 6.375%, 05/27/20268				200,000		179,940		2.63
MTN Mauritius Investments Ltd., 6.500%, 10/13/2026				210,000		204,750		3.00
Prosus N.V., 3.680%, 01/21/2030				200,000		158,500		2.32
						543,190		7.95
United Arab Emirates (Cost $1,090,118)
DIB Sukuk Ltd., 2.950%, 01/16/2026				240,000		224,325		3.28
DP World Ltd., 6.850%, 07/02/2037				200,000		197,000		2.88
DP World Salaam, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.750%), 6.000%, 10/01/20258				200,000		195,252		2.86
Emirates Telecommunications Group Co. PJSC, 0.875%, 05/17/2033		EUR		200,000		154,974		2.27
MAF Global Securities Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.893%), 7.875%, 06/30/20278				200,000		196,875		2.88
						968,426		14.17

See accompanying notes to the financial statements.

154

ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

	Currency1	Par		Value		% of Net Assets
United States (Cost $698,104)
U.S. Treasury Bill, 5.260%, 01/16/202410			706,000	$	698,088		10.21
					698,088		10.21
Total Debt Securities (Cost $9,349,712)					6,708,157		98.14
Total Investments in Securities (Cost $9,349,712)					6,708,157		98.14
Total Investments (Total Cost $9,349,712)					6,708,157		98.14
Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					126,995		1.86
Net Assets				$	6,835,152		100.00

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

²  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

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  Restricted security that has been deemed illiquid. At October 31, 2023 the value of these restricted illiquid securities amount to $30,950 or 0.45% of net assets. Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISITION DATE		ACQUISITION COST
Oi S.A., 14.000%, 09/07/2024		4/21/23-10/19/23		$30,773
Oi S.A., 14.000%, 09/07/2024		10/4/23-10/24/23		2

⁵  Security is a Level 3 investment.

⁶  Issuer has defaulted on terms of debt obligation.

⁷  Maturity has been extended under the terms of a plan of reorganization.

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.

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

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

Percentages shown are based on net assets.

At October 31, 2023, the Ashmore Emerging Markets Corporate Income ESG Fund had outstanding forward foreign currency exchange contracts as follows:

Settlement Date	Counterparty	Currency Buy	Currency Buy Amount (Local Currency)			Currency Sell	Currency Sell Amount (Local Currency)		Unrealized Gain/(Loss)
11/22/2023	Standard Chartered	United States Dollar		327,602	Euro			309,072	$266
Subtotal Appreciation									266
Total									$266

See accompanying notes to the financial statements.

155

ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Corporate Income ESG Fund’s investments and other financial instruments, which are carried at fair value, as of October 31, 2023:

	Level 1		Level 2		Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds		$—		$4,337,003		$330		$4,337,333
Corporate Convertible Bonds		—		619,152		—		619,152
Financial Certificates		—		700,977		—		700,977
Government Agencies		—		352,607		—		352,607
Short Term Bills and Notes		—		698,088		—		698,088
Total Debt Securities		—		6,707,827		330		6,708,157
Total Investments		$—		$6,707,827		$330		$6,708,157
Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts		$—		$266		$—		$266
Total Other Financial Instruments		$—		$266		$—		$266

There were no transfers to or from Level 3 during the year ended October 31, 2023.

The amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the year ended October 31, 2023.

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of October 31, 2023:

	Derivatives Not Accounted for as     Hedging Instruments
	Foreign Exchange Risk
Assets:
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$266

See accompanying notes to the financial statements.

156

ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of October 31, 2023

The Effect of Financial Derivative Instruments on the Statements of Operations for the Year Ended October 31, 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		$(6,166	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$ 1,308

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

See accompanying notes to the financial statements.

157

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS

As of October 31, 2023

1. Organization

Ashmore Funds (the “Trust”) is a Massachusetts business trust organized under the laws of the Commonwealth of Massachusetts on August 6, 2010 (inception date) and is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act” or “1940 Act”), as an open-end management investment company. The Trust follows accounting and reporting guidance under Financial Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.” The Trust includes twelve funds as of October 31, 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 Low Duration Fund (formerly, Ashmore Emerging Markets Short Duration Select Fund), Ashmore Emerging Markets Debt Fund (formerly, 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

158

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

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”).

159

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

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

160

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal year-end, resulting from changes in exchange rates. Such fluctuations are included with the net realized gain or loss and unrealized appreciation or depreciation from foreign currency exchange transactions.

(g) Equity-Linked Securities

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

(h) Inflation Index Securities

Certain Funds may invest in inflation-indexed bonds which are fixed income securities whose principal value is periodically adjusted based on a measure of rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. At October 31, 2023, all inflation-indexed bonds were shown on the Schedule of Investments with their 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.

161

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

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.

In addition, wars, terrorism, environmental and public health risks, and other geopolitical events may contribute to instability in world economies and markets generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, significant changes in fiscal and monetary policies, and a substantial economic downturn in economies throughout the world. The COVID-19 pandemic, and other epidemics and pandemics that may arise in the future, the effects of which may be greater in developing or emerging market countries due to less established health care systems, could impair the Funds’ ability to maintain operational standards (such as with respect to satisfying redemption requests), disrupt the operations of the Funds’ service providers, adversely affect the value and liquidity of the Funds’ investments, and negatively impact the Funds’ performance and your investment in a Fund.

On February 24, 2022, the Russian government invaded Ukraine, resulting in sanctions imposed upon various Russian entities and persons by the US and other governments. The Funds may invest in securities and instruments that are economically tied to Russia. Such investments may be negatively impacted by such sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The reductions in liquidity in investments tied to Russia may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments tied to Russia that the Fund may no longer seek to hold. Ashmore will continue to actively manage these positions in the best interests of the Funds and their shareholders.

Foreign/Emerging Markets Risks

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

4. Fair value measurements

U.S. GAAP includes a topic which defines fair value as the price that the Fund would receive upon selling an investment in an orderly and timely transaction to a market participant in the principal or most advantageous market of the investment. This topic establishes a three-tier hierarchy to maximize the use of observable market data, minimize the use of unobservable inputs and establish classification of fair value measurements for disclosure purposes. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability including assumptions about risk.

162

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

Such risks include the inherent risk in a particular valuation technique which is used to measure fair value. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

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

• Level 2 – Significant observable inputs other than those used in Level 1, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment rates, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 – Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their discretion that are used in determining the fair market value of investments.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agency securities, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally priced using data reflecting the earlier closing of the principal markets for those securities, subject to possible fair value adjustments. Information that becomes known to a Fund or its agents after NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or NAV determined earlier that day.

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.

163

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

5. Reverse repurchase agreements

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

As of October 31, 2023, the Funds did not hold any reverse repurchase agreements.

6. Capital share transactions

Transactions in Class A shares for the year ended October 31, 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		284,055	$	1,383,736		22,112	$	104,055		(432,918	)	$	(2,011,639	)		(126,751	)	$	(523,848	)
Ashmore Emerging Markets Local Currency Bond Fund		3,650		24,374		657		3,993		(30,829	)		(201,321	)		(26,522	)		(172,954	)
Ashmore Emerging Markets Corporate Income Fund		261,821		1,359,697		48,112		253,902		(529,621	)		(2,766,003	)		(219,688	)		(1,152,404	)
Ashmore Emerging Markets Short Duration Fund		2,286,924		10,381,902		143,671		643,004		(1,347,038	)		(5,922,593	)		1,083,557			5,102,313
Ashmore Emerging Markets Active Equity Fund		98		753		145		1,014		(125,762	)		(878,618	)		(125,519	)		(876,851	)
Ashmore Emerging Markets Small-Cap Equity Fund		140,142		1,540,647		—		—		(139,219	)		(1,543,103	)		923			(2,456	)
Ashmore Emerging Markets Frontier Equity Fund		38,001		323,023		4,293		36,169		(206,937	)		(1,762,062	)		(164,643	)		(1,402,870	)

164

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

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		460,109	$	4,522,664		1,253	$	12,505		(351,596	)	$	(3,535,339	)		109,766		$	999,830
Ashmore Emerging Markets Equity ESG Fund		—		—		1		4		—			—			1			4
Ashmore Emerging Markets Low Duration Fund		—		—		3		29		—			—			3			29
Ashmore Emerging Markets Debt Fund		—		—		5		35		—			—			5			35
Ashmore Emerging Markets Corporate Income ESG Fund		—		—		5		32		—			—			5			32
Transactions in Class C shares for the year ended October 31, 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		2,768	$	13,075		9,215	$	43,244		(83,318	)	$	(392,770	)		(71,335	)	$	(336,451	)
Ashmore Emerging Markets Local Currency Bond Fund		168		1,000		2		13		(435	)		(2,623	)		(265	)		(1,610	)
Ashmore Emerging Markets Corporate Income Fund		19,840		106,650		20,469		107,863		(108,926	)		(575,973	)		(68,617	)		(361,460	)
Ashmore Emerging Markets Short Duration Fund		—		—		4,981		21,358		(38,682	)		(162,274	)		(33,701	)		(140,916	)
Ashmore Emerging Markets Active Equity Fund		—		—		1		10		—			—			1			10

165

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

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 Small-Cap Equity Fund		—	$	—		—	$	—		(2,780	)	$	(32,766	)		(2,780	)	$	(32,766	)
Ashmore Emerging Markets Frontier Equity Fund		10,431		85,000		105		856		(20,850	)		(169,796	)		(10,314	)		(83,940	)
Ashmore Emerging Markets Equity Fund		525		5,000		44		415		(6,099	)		(56,063	)		(5,530	)		(50,648	)
Ashmore Emerging Markets Equity ESG Fund		—		—		—		1		—			—			—			1
Ashmore Emerging Markets Low Duration Fund		—		—		3		25		—			—			3			25
Ashmore Emerging Markets Debt Fund		—		—		4		31		—			—			4			31
Ashmore Emerging Markets Corporate Income ESG Fund		—		—		4		29		—			—			4			29
Transactions in Institutional Class shares for the year ended October 31, 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		21,462,386	$	103,688,703		5,751,175	$	27,466,748		(41,319,719	)	$	(194,962,456	)		(14,106,158	)	$	(63,807,005	)
Ashmore Emerging Markets Local Currency Bond Fund		926,798		5,962,700		29,415		188,256		(243,450	)		(1,555,825	)		712,763			4,595,131
Ashmore Emerging Markets Corporate Income Fund		4,608,281		25,902,099		886,855		4,880,428		(9,541,955	)		(52,482,610	)		(4,046,819	)		(21,700,083	)

166

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

Fund	Shares Sold		Proceeds from   Shares Sold		Shares from   Reinvested Distributions		Proceeds from   Reinvestment of Distributions		Shares   Redeemed			Payments for   Shares Redeemed			Net Increase/   (Decrease) in Shares			Net Increase/   (Decrease) in Net Assets
Ashmore Emerging Markets Short Duration Fund		1,706,959	$	7,924,774		191,162	$	843,363		(3,269,750	)	$	(14,582,175	)		(1,371,629	)	$	(5,814,038	)
Ashmore Emerging Markets Active Equity Fund		5,963,911		43,140,305		50,777		358,852		(14,732,134	)		(110,895,068	)		(8,717,446	)		(67,395,911	)
Ashmore Emerging Markets Small-Cap Equity Fund		105,339		1,528,927		—		—		(22,369	)		(342,101	)		82,970			1,186,826
Ashmore Emerging Markets Frontier Equity Fund		1,447,138		14,280,948		120,113		1,184,204		(2,266,405	)		(22,396,106	)		(699,154	)		(6,930,954	)
Ashmore Emerging Markets Equity Fund		4,734,389		45,556,845		91,838		879,491		(6,369,748	)		(60,335,833	)		(1,543,521	)		(13,899,497	)
Ashmore Emerging Markets Equity ESG Fund		—		—		6,122		57,295		—			—			6,122			57,295
Ashmore Emerging Markets Low Duration Fund		110		935		34,976		299,814		—			—			35,086			300,749
Ashmore Emerging Markets Debt Fund		305		2,240		90,996		718,685		—			—			91,301			720,925
Ashmore Emerging Markets Corporate Income ESG Fund		169		1,027		52,024		336,062		—			—			52,193			337,089
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	)

167

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

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 Low Duration Fund		—		—		3		27		—			—			3			27
Ashmore Emerging Markets Debt Fund		—		1		3		27		—			—			3			28
Ashmore Emerging Markets Corporate Income ESG Fund		—		—		4		34		—			—			4			34

168

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

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 Low Duration Fund		—		—		2		20		—			(1	)		2			19
Ashmore Emerging Markets Debt Fund		—		1		3		21		—			(1	)		3			21

169

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

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

170

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

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 Low Duration Fund		10,968		104,841		30,711		274,449		(11,004	)		(100,912	)		30,675		278,378
Ashmore Emerging Markets Debt 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 year ended October 31, 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	$	240,350,099	$	271,552,162
Ashmore Emerging Markets Local Currency Bond Fund		10,989,964		6,489,196
Ashmore Emerging Markets Corporate Income Fund		44,229,177		71,344,451
Ashmore Emerging Markets Short Duration Fund		25,725,995		26,786,719
Ashmore Emerging Markets Active Equity Fund		78,988,584		146,176,851
Ashmore Emerging Markets Small-Cap Equity Fund		8,013,312		6,901,008
Ashmore Emerging Markets Frontier Equity Fund		60,578,713		65,713,071
Ashmore Emerging Markets Equity Fund		85,217,708		96,872,522
Ashmore Emerging Markets Equity ESG Fund		5,350,249		5,518,808
Ashmore Emerging Markets Low Duration Fund		4,470,133		4,557,218
Ashmore Emerging Markets Debt Fund		18,186,203		17,833,238
Ashmore Emerging Markets Corporate Income ESG Fund		2,321,434		1,943,699

171

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and the recharacterization of income recognition on investments in PFICs. At October 31, 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	$	3,601,457	$	(190,072,029	)	$	(186,470,572	)	$	627,000,980
Ashmore Emerging Markets Local Currency Bond Fund		220,592		(842,146	)		(621,554	)		10,544,617
Ashmore Emerging Markets Corporate Income Fund		192,491		(45,910,515	)		(45,718,024	)		116,928,707
Ashmore Emerging Markets Short Duration Fund		149,942		(59,720,987	)		(59,571,045	)		119,374,982
Ashmore Emerging Markets Active Equity Fund		551,245		(6,215,781	)		(5,664,536	)		28,314,889
Ashmore Emerging Markets Small-Cap Equity Fund		543,744		(1,688,674	)		(1,144,930	)		9,500,387
Ashmore Emerging Markets Frontier Equity Fund		3,815,300		(6,176,783	)		(2,361,483	)		61,624,157
Ashmore Emerging Markets Equity Fund		6,880,965		(19,860,172	)		(12,979,207	)		104,413,331
Ashmore Emerging Markets Equity ESG Fund		879,461		(1,175,814	)		(296,353	)		10,019,172
Ashmore Emerging Markets Low Duration Fund		5,157		(350,751	)		(345,594	)		9,439,883
Ashmore Emerging Markets Debt Fund		6,692		(1,848,488	)		(1,841,796	)		17,955,505
Ashmore Emerging Markets Corporate Income ESG Fund		13,176		(2,654,867	)		(2,641,691	)		9,349,978

8. Federal income taxes

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

For financial reporting purposes the Funds may periodically make reclassifications among components of capital accounts to reflect permanent differences between U.S. GAAP and taxable income. The reclassifications have no impact on the net assets of the Funds. As a result, the following reclassifications were made to the Statements of Assets and Liabilities:

Fund	Paid in Capital		Distributable earnings/     (Accumulated loss)
Ashmore Emerging Markets Total Return Fund	$	(607,767)	$	607,767
Ashmore Emerging Markets Low Duration Fund		(16,040)		16,040
Ashmore Emerging Markets Debt Fund		(72,000)		72,000

172

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

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

Fund	Short-Term Capital Loss   Carryforward at October 31, 2023			Long-Term Capital Loss  Carryforward at October 31, 2023
Ashmore Emerging Markets Total Return Fund	$	(38,359,674	)	$	(286,429,687	)
Ashmore Emerging Markets Local Currency Bond Fund		—			(1,075,418	)
Ashmore Emerging Markets Corporate Income Fund		(28,118,434	)		(95,411,393	)
Ashmore Emerging Markets Short Duration Fund		(100,241,311	)		(248,270,199	)
Ashmore Emerging Markets Active Equity Fund		(12,237,024	)		(7,154,292	)
Ashmore Emerging Markets Small-Cap Equity Fund		(209,933	)		(3,764,066	)
Ashmore Emerging Markets Frontier Equity Fund		(5,177,700	)		(2,257,239	)
Ashmore Emerging Markets Equity Fund		(4,430,401	)		(9,097,261	)
Ashmore Emerging Markets Equity ESG Fund		(437,934	)		(1,046,143	)
Ashmore Emerging Markets Low Duration Fund		(566,988	)		(667,272	)
Ashmore Emerging Markets Debt Fund		(603,561	)		(3,060,822	)
Ashmore Emerging Markets Corporate Income ESG Fund		(406,919	)		(989,361	)

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, 2023, 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	$	—	$	—	$	(325,250,496	)	$	(186,470,572	)	$	(511,721,068	)
Ashmore Emerging Markets Local Currency Bond Fund		175,785		—		(1,081,033	)		(621,554	)		(1,526,802	)
Ashmore Emerging Markets Corporate Income Fund		190,406		—		(123,599,392	)		(45,718,023	)		(169,127,009	)

173

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

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 Short Duration Fund	$	539,909	$	—	$	(350,943,138	)	$	(59,571,045	)	$	(409,974,274	)
Ashmore Emerging Markets Active Equity Fund		25,377		—		(19,391,316	)		(5,664,536	)		(25,030,475	)
Ashmore Emerging Markets Small-Cap Equity Fund		56,098		—		(3,973,999	)		(1,144,930	)		(5,062,831	)
Ashmore Emerging Markets Frontier Equity Fund		261,945		—		(7,437,504	)		(2,361,483	)		(9,537,042	)
Ashmore Emerging Markets Equity Fund		116,584		—		(13,527,706	)		(12,979,207	)		(26,390,329	)
Ashmore Emerging Markets Equity ESG Fund		6,302		—		(1,491,461	)		(296,353	)		(1,781,512	)
Ashmore Emerging Markets Low Duration Fund		—		—		(1,245,139	)		(345,594	)		(1,590,733	)
Ashmore Emerging Markets Debt Fund		—		—		(3,686,707	)		(1,841,796	)		(5,528,503	)
Ashmore Emerging Markets Corporate Income ESG Fund		14,368		—		(1,491,866	)		(2,641,691	)		(4,119,189	)
The taxable character of distributions paid during the fiscal year ended October 31, 2023, 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	$	29,192,184	$	—	$	—		$	607,767		$	29,799,951
Ashmore Emerging Markets Local Currency Bond Fund		292,712		—		—			—			292,712
Ashmore Emerging Markets Corporate Income Fund		6,827,030		—		—			—			6,827,030
Ashmore Emerging Markets Short Duration Fund		5,645,584		—		—			—			5,645,584
Ashmore Emerging Markets Active Equity Fund		528,398		—		—			—			528,398

174

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

	Distributions From
Fund	Ordinary         Income		Short-Term     Capital Gains		Long-Term       Capital Gains		Return of             Capital		Total         Distributions         Paid
Ashmore Emerging Markets Small-Cap Equity Fund	$	—	$	—	$	—	$	—	$	—
Ashmore Emerging Markets Frontier Equity Fund		1,284,796		—		—		—		1,284,796
Ashmore Emerging Markets Equity Fund		1,579,990		—		—		—		1,579,990
Ashmore Emerging Markets Equity ESG Fund		81,886		—		—		—		81,886
Ashmore Emerging Markets Low Duration Fund		399,474		—		—		16,040		415,514
Ashmore Emerging Markets Debt Fund		923,107		—		—		72,000		995,107
Ashmore Emerging Markets Corporate Income ESG Fund		454,983		—		—		—		454,983
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

175

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

	Distributions From
Fund	Ordinary         Income		Short-Term     Capital Gains		Long-Term       Capital Gains		Return of              Capital		Total         Distributions         Paid
Ashmore Emerging Markets Equity Fund	$	1,320,223	$	9,747,840	$	10,479,774	$	251,500	$	21,799,337
Ashmore Emerging Markets Equity ESG Fund		—		1,234,205		806,922		25,236		2,066,363
Ashmore Emerging Markets Low Duration Fund		322,963		—		—		—		322,963
Ashmore Emerging Markets Debt 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 Low Duration Fund, Ashmore Emerging Markets Debt 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.

176

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

In accordance with Topic 815-10, the Funds record their trading-related derivative activities on a fair value basis (as described in note 4). Fair values represent the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

Rule 18f-4 under the 1940 Act provides for the regulation of a registered investment company’s use of derivatives and certain related instruments. Among other things, Rule 18f-4 limits a fund’s derivatives exposure through a value-at-risk test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. Subject to certain conditions, limited derivatives users (as defined in Rule 18f-4), however, are not subject to the full requirements of Rule 18f-4. In connection with the adoption of Rule 18f-4, the SEC eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments. Rule 18f-4 may limit a Fund’s ability to use derivatives as part of its investment strategy, make derivatives more costly or otherwise adversely affect Fund performance.

The following disclosures contain information on how and why the Funds used derivative financial instruments; the credit-risk-related contingent features in certain derivative financial instruments; and how derivative financial instruments affected the Funds’ financial position, results of operations and cash flows. The location and fair value of these instruments on the Statements of Assets and Liabilities and the realized, and changes in unrealized, gains and losses on the Statements of Operations, are included in tables following each Fund’s Schedule of Investments and are categorized by type of financial derivative contract.

(a) Forward foreign currency exchange contracts

A forward foreign exchange contract involves an obligation to purchase or sell a specific currency at a future date at a price set at the time the contract is made. The Funds may enter into forward foreign currency exchange contracts in connection with settling planned purchases or sales of securities, as part of an investment strategy to protect against uncertainty in the level of future foreign exchange rates in the purchase and sale of securities, or to gain or limit exposure to foreign currencies. All forward foreign currency exchange contracts are valued daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts in the Statements of Operations. A Fund records realized gains or losses at the time the forward foreign exchange contract is offset by entering into a closing transaction with the same counterparty or is extinguished by delivery of the currency. Realized gains or losses, if any, are included in net realized gain/(loss) on forward foreign exchange contracts in the Statements of Operations.

Risks arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the United States Dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments should be considered in light of all related and offsetting 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 year ended October 31, 2023, 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 Small-Cap Equity Fund, Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Low Duration Fund, Ashmore Emerging Markets Debt Fund and Ashmore Emerging Markets Corporate Income ESG Fund had average quarterly contract notional exposures of $261,331,578, $7,811,671, $2,898,774, $83,704, $10,270, $4,135, $188,434, $768,563 and $226,267, 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

177

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

market prices or prices obtained from a third party provider at the date of the Statements of Assets and Liabilities without any deduction for estimated future selling costs. Swap agreements are marked to market daily and the change in fair value, if any, is recorded as unrealized gain or loss. Payments made or received are recorded as part of realized gains and losses. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities.

The periodic payments on the swap agreements entered into by the Funds are reflected in the Statements of Operations within net realized gain/(loss) on interest rate swap contracts. Unrealized gains are reported as an asset and unrealized losses are reported as a liability in the Statements of Assets and Liabilities for OTC swaps. Changes in the fair value are reflected in the Statements of Operations within net change in unrealized appreciation/(depreciation) on interest rate and centrally cleared swap contracts in the period in which they occur. Certain Funds could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligations to perform.

During the year ended October 31, 2023, the Ashmore Emerging Markets Total Return Fund and Ashmore Emerging Markets Local Currency Bond Fund had average quarterly notional exposures of $28,008,121 and $1,772,249 , respectively, related to interest rate swap agreements.

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

Offsetting of Financial Assets and Derivative Assets as of October 31, 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
Barclays	$	3,972	$	(3,972	)	$	—		$	—
BNP Paribas		98,201		(98,201	)		—			—
Citibank		46,755		(46,755	)		—			—
HSBC Bank		207,185		(193,917	)		(13,268	)		—
JP Morgan		9,097		(9,097	)		—			—
Merrill Lynch		316,707		(97,372	)		—			219,335
Morgan Stanley		226,894		(183,396	)		—			43,498
State Street		3,602		(1,530	)		—			2,072
Total	$	912,413	$	(634,240	)	$	(13,268	)	$	264,905
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	$	8,620	$	(3,972	)	$	—		$	4,648

178

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

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
BNP Paribas	$	370,599	$	(98,201	)	$	—	$	272,398
Citibank		713,815		(46,755	)		—		667,060
Deutsche Bank		144,201		—			—		144,201
HSBC Bank		193,917		(193,917	)		—		—
JP Morgan		21,579		(9,097	)		—		12,482
Merrill Lynch		97,372		(97,372	)		—		—
Morgan Stanley		183,396		(183,396	)		—		—
Santander		1,892		—			—		1,892
Standard Chartered		254,160		—			—		254,160
State Street		1,530		(1,530	)		—		—
UBS		58,673		—			—		58,673
Total	$	2,049,754	$	(634,240	)	$	—	$	1,415,514
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	$	289	$	(186	)	$	—	$	103
BNP Paribas		9,750		(2,745	)		—		7,005
Citibank		1,858		(1,858	)		—		—
Deutsche Bank		1,861		(1,861	)		—		—
HSBC Bank		27,292		(5,772	)		—		21,520
JP Morgan		241		(241	)		—		—
Merrill Lynch		7,795		(630	)		—		7,165
Morgan Stanley		6,092		(6,092	)		—		—
Standard Chartered		11		(11	)		—		—
State Street		77		(43	)		—		34
Total	$	55,266	$	(19,439	)	$	—	$	35,827
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	$	186	$	(186	)	$	—	$	—
BNP Paribas		2,745		(2,745	)		—		—
Citibank		22,509		(1,858	)		—		20,651
Deutsche Bank		5,346		(1,861	)		—		3,485
HSBC Bank		5,772		(5,772	)		—		—
JP Morgan		1,104		(241	)		—		863

179

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

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
Merrill Lynch	$	630	$	(630	)	$	—	$	—
Morgan Stanley		11,184		(6,092	)		—		5,092
Standard Chartered		19,020		(11	)		—		19,009
State Street		43		(43	)		—		—
UBS		3,181		—			—		3,181
Total	$	71,720	$	(19,439	)	$	—	$	52,281
Ashmore Emerging Markets Corporate Income Fund
Counterparty	Gross Amounts of Derivatives Assets Presented in the Statement of Assets and Liabilities		Derivatives available for offset			Collateral Received		Net Amount Due From Counterparty
HSBC Bank	$	2,066	$	—		$	—	$	2,066
Standard Chartered		473		(473	)		—		—
State Street		53,395		—			—		53,395
Total	$	55,934	$	(473	)	$	—	$	55,461
Ashmore Emerging Markets Corporate Income Fund
Counterparty	Gross Amounts of Derivatives Liabilities Presented in the Statement of Assets and Liabilities		Derivatives available for offset			Collateral Pledged		Net Amount Due To Counterparty
Barclays	$	18,157	$	—		$	—	$	18,157
Citibank		1,764		—			—		1,764
Standard Chartered		648		(473	)		—		175
Total	$	20,569	$	(473	)	$	—	$	20,096
Ashmore Emerging Markets Short Duration Fund
Counterparty	Gross Amounts of Derivatives Assets Presented in the Statement of Assets and Liabilities		Derivatives available for offset			Collateral Received		Net Amount Due From Counterparty
HSBC Bank	$	392	$	—		$	—	$	392
Total	$	392	$	—		$	—	$	392

180

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

Ashmore Emerging Markets Low Duration 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	$	155	$	(18	)	$	—	$	137
Total	$	155	$	(18	)	$	—	$	137
Ashmore Emerging Markets Low Duration 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	$	18	$	(18	)	$	—	$	—
Total	$	18	$	(18	)	$	—	$	—
Ashmore Emerging Markets Debt 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
Morgan Stanley	$	227	$	—		$	—	$	227
Total	$	227	$	—		$	—	$	227
Ashmore Emerging Markets Corporate Income ESG 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
Standard Chartered	$	266	$	—		$	—	$	266
Total	$	266	$	—		$	—	$	266

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%
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%**

181

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

Fund	Rate
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 Low Duration Fund		0.65%
Ashmore Emerging Markets Debt Fund		0.65%****
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.

****Prior to August 1, 2023, the contractual management fee was 0.70% of average daily net assets.

The Investment Manager has contractually agreed to waive its fees or reimburse each Fund for certain other expenses to the extent that a Fund’s Total Annual Fund Operating Expenses (other than Acquired Fund Fees and Expenses, interest expenses, taxes, custodial credits, transfer agency credits, expense offset arrangements, and extraordinary expenses, which may include non-recurring expenses such as, for example, litigation expenses and shareholder meeting expenses) for the Fund’s Class A, Class C and Institutional Class Shares exceed the percentage of the average daily net assets attributable to the particular share class shown below. Under the Expense Limitation Agreement, the Investment Manager may recoup amounts waived or reimbursed for 36 months following the end of the month when the waiver or reimbursement occurred, provided total expenses, including such recoupment, do not exceed the annual expense limit, and further that expenses may be recouped only if and to the extent that the expense ratio at the time of such recoupment is less than the annual expense limit in place at the time such expenses were waived or reimbursed. The contractual expense limitation arrangement is expected to continue until at least February 28, 2024 (and, with respect to Ashmore Emerging Markets Debt Fund, until at least February 28, 2025). The arrangement may be terminated by the Trust, subject to approval by the Board of Trustees of the Trust, upon ninety (90) days’ written notice to the Investment Manager. The expense limitation arrangement may be terminated before February 28, 2024 (and, with respect to Ashmore Emerging Markets Debt Fund, before February 28, 2025) only by the Board of Trustees.

Fund	Class A	Class C	Institutional              Class
Ashmore Emerging Markets Total Return Fund	1.27%	2.02%	1.02%
Ashmore Emerging Markets Local Currency Bond Fund	1.02%	1.77%	0.77%
Ashmore Emerging Markets Corporate Income Fund	1.12%	1.87%	0.87%
Ashmore Emerging Markets Short Duration Fund	0.92%	1.67%	0.67%
Ashmore Emerging Markets Active Equity Fund	1.27%	2.02%	1.02%
Ashmore Emerging Markets Small-Cap Equity Fund	1.52%	2.27%	1.27%
Ashmore Emerging Markets Frontier Equity Fund	1.77%	2.52%	1.52%
Ashmore Emerging Markets Equity Fund	1.27%	2.02%	1.02%
Ashmore Emerging Markets Equity ESG Fund	1.27%	2.02%	1.02%
Ashmore Emerging Markets Low Duration Fund	0.92%	1.67%	0.67%
Ashmore Emerging Markets Debt Fund	0.92%	1.67%	0.67%

182

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

Fund	Class A	Class C	Institutional              Class
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 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	2024		2025		2026		Total
Ashmore Emerging Markets Total Return Fund	$	1,209,234	$	1,119,411	$	1,023,234	$	3,351,879
Ashmore Emerging Markets Local Currency Bond Fund		152,924		121,907		168,860		443,691
Ashmore Emerging Markets Corporate Income Fund		361,106		345,989		276,983		984,078
Ashmore Emerging Markets Short Duration Fund		203,439		216,728		228,856		649,023
Ashmore Emerging Markets Active Equity Fund		208,770		220,507		266,050		695,327
Ashmore Emerging Markets Small-Cap Equity Fund		100,902		110,918		150,305		362,125
Ashmore Emerging Markets Frontier Equity Fund		238,815		342,706		355,358		936,879
Ashmore Emerging Markets Equity Fund		172,553		280,776		412,520		865,849
Ashmore Emerging Markets Equity ESG Fund		148,942		110,142		121,592		380,676
Ashmore Emerging Markets Low Duration Fund		75,473		77,472		91,077		244,022
Ashmore Emerging Markets Debt Fund		155,066		86,233		103,221		344,520
Ashmore Emerging Markets Corporate Income ESG Fund		146,750		99,997		85,004		331,751

Distribution and Servicing fees

The Funds have adopted Amended Plans of Distribution and Servicing Fees pursuant to Rule 12b-1 under the 1940 Act (“Distribution and Servicing Fee Plans”). Under the Distribution and Servicing Fee Plans, each of the Funds may pay fees to the distributor on an ongoing basis as compensation for the services the distributor renders and the expenses it bears in connection with the sale and distribution of Fund shares (“distribution fees”) and/or in connection with personal services rendered to Fund shareholders and the maintenance of shareholder accounts (“servicing fees”). Class A and C shares each have a separate 12b-1 Plan. Class A shares pay only servicing fees. Class C shares pay both distribution and servicing fees. The following table lists the maximum annual rates at which the distribution and/or servicing fees may be paid under each 12b-1 Plan (calculated as a percentage of a Fund’s average daily net assets attributable to the particular class of shares):

	Servicing Fee	Distribution Fee
Class A shares	0.25%	None
Class C shares	0.25%	0.75%

183

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

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 year ended October 31, 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 October 31, 2023, Ashmore Management Company Limited owned the following percentages of the outstanding shares of each Fund:

Fund	Class A	Class C	Institutional Class
Ashmore Emerging Markets Local Currency Bond Fund	—%	100.00%	89.59%
Ashmore Emerging Markets Active Equity Fund	—%	100.00%	75.78%
Ashmore Emerging Markets Equity ESG Fund	100.00%	100.00%	100.00%
Ashmore Emerging Markets Low Duration Fund	100.00%	100.00%	100.00%
Ashmore Emerging Markets Debt 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 Management Company Limited ownership, shown in the table above, the following Funds had other investors owning of record or known by the Funds to own beneficially greater than 5% of the outstanding shares of such Funds:

Fund	Class	# of Investors Owning > 5% of outstanding Shares	% of Ownership by Investor
Ashmore Emerging Markets Total Return Fund	Class A	5	22.92%, 22.64%, 18.70%, 15.64%, 10.17%
	Class C	4	51.58%, 24.36%, 17.02%, 7.03%
	Institutional Class	4	52.27%, 13.09%, 12.72%, 7.30%
Ashmore Emerging Markets Local Currency Bond Fund	Class A	3	77.77%, 11.14%, 6.85%
	Institutional Class	1	9.91%

184

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

Fund	Class	# of Investors Owning > 5% of outstanding Shares	% of Ownership by Investor
Ashmore Emerging Markets Corporate Income Fund	Class A	5	32.90%, 23.94%, 20.23%, 10.31%, 6.12%
	Class C	5	59.15%, 11.45%, 10.70%, 8.62%, 5.79%
	Institutional Class	5	26.03%, 17.27%, 9.32%, 7.77%, 6.02%
Ashmore Emerging Markets Short Duration Fund	Class A	2	88.47%, 8.06%
	Class C	5	39.69%, 32.24%, 9.79%, 8.85%, 7.27%
	Institutional Class	3	48.71%, 40.98%, 7.00%
Ashmore Emerging Markets Active Equity Fund	Class A	2	84.38%, 15.60%
	Institutional Class	2	13.34%, 8.20%
Ashmore Emerging Markets Small-Cap Equity Fund	Class A	4	33.41%, 29.56%, 27.45%, 6.66%
	Class C	2	61.92%, 38.08%
	Institutional Class	6	25.71%, 24.32%, 22.81%, 12.82%, 5.86%, 5.85%
Ashmore Emerging Markets Frontier Equity Fund	Class A	2	61.98%, 28.90%
	Class C	2	89.52%, 7.99%
	Institutional Class	3	42.61%, 30.45%, 21.85%
Ashmore Emerging Markets Equity Fund	Class A	2	79.77%, 18.63%
	Class C	5	42.61%, 19.40%, 17.57%, 6.50%, 6.28%
	Institutional Class	5	38.68%, 19.17%, 13.40%, 10.14%, 8.42%

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.

185

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of October 31, 2023

13. Subsequent events

At its meeting on December 13, 2023, the Board appointed Taurai Sigauke as the Trust’s Treasurer and Principal Financial and Accounting Officer, such appointment to be effective January 31, 2024, in replacement of Richard Longstaff, who will resign from these officer positions with the Trust effective as of the same date.

The Trust has evaluated subsequent events for the Funds through the date the financial statements were issued, and has concluded that there are no additional subsequent events relevant for financial statement adjustment or disclosure, other than the item mentioned above.

186

ASHMORE FUNDS

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$2.2 billion at June 30, 2023. 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.

187

ASHMORE FUNDS

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, 2023 was as follows:

Fund	Number of           Beneficiaries	Variable           Remuneration		Fixed           Remuneration		Total           Remuneration
Ashmore Emerging Markets Total Return Fund	18	£	177,023	£	23,415	£	200,438
Ashmore Emerging Markets Local Currency Bond Fund	16		2,768		378		3,146
Ashmore Emerging Markets Corporate Income Fund	17		24,708		3,382		28,090
Ashmore Emerging Markets Short Duration Fund	17		17,857		2,444		20,301
Ashmore Emerging Markets Active Equity Fund	18		21,784		3,493		25,277
Ashmore Emerging Markets Small-Cap Equity Fund	18		8,165		1,309		9,474
Ashmore Emerging Markets Frontier Equity Fund	18		54,492		8,738		63,230
Ashmore Emerging Markets Equity Fund	18		98,047		15,722		113,769
Ashmore Emerging Markets Equity ESG Fund	18		9,623		1,543		11,166
Ashmore Emerging Markets Low Duration Fund	17		2,947		403		3,350
Ashmore Emerging Markets Debt Fund	17		5,488		751		6,239
Ashmore Emerging Markets Corporate Income ESG Fund	17		2,205		302		2,507
Total AIAL	18	£	879,903	£	125,827	£	1,005,730

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.

188

ASHMORE FUNDS

FOR MORE INFORMATION

As of October 31, 2023

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.

189

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.

190

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

191

(THIS PAGE INTENTIONALLY LEFT BLANK)

192

ASHMORE FUNDS

TRUSTEES AND OFFICERS

Set forth below is information about the Trustees and Officers of the Ashmore Funds. Each Trustee has served in that capacity since he or she was originally elected or appointed to the Board of Trustees. Each Trustee oversees a total of eleven portfolios in the Ashmore Funds. The Ashmore Funds’ Statement of Additional Information contains additional information about the Trustees and is available upon request and without charge by calling 866-876-8294.

INDEPENDENT TRUSTEES

Name, Address* and Age of Independent Trustee	Positions(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years
Yeelong Balladon (Age 65)	Trustee; Lead Independent Trustee	Indefinite term; Trustee since inception in 2010	Freshfields Bruckhaus Deringer (a law firm) from 1982 to 2009 (Partner from 1999).	12	Microvast Holdings, Inc. Board of Directors (Class III Director) since July 2022
Michael Chamberlin (Age 74)	Trustee	Indefinite term; Trustee since 2012	Executive Director and CEO, Emerging Markets Traders Association(1).	12	None
Joseph Grainger (Age 69)	Trustee	Indefinite term; Trustee since 2014	Ernst & Young LLP from 1988 to December 2013 (Partner from October 1990).	12	None

* Each Trustee may be contacted at 61 Aldwych, London WC2B 4AE, United Kingdom.

⁽¹⁾  Mr. Chamberlin has served as the Executive Director of the Emerging Markets Traders Association (“EMTA”) since 1994. Mark Coombs is Co-Chair of EMTA’s Board of Directors, and the Investment Manager’s ultimate parent company, Ashmore Group plc, is a member of the EMTA. Mr. Coombs is the Investment Manager’s Chief Executive Officer.

193

ASHMORE FUNDS

TRUSTEES AND OFFICERS (CONTINUED)

Name, Address* and Age of Interested Trustee	Positions(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During the Past 5 Years
George Grunebaum(2) (Age 60)	Trustee; Chairman of the Trustees; President and Chief Executive Officer	Indefinite term; Trustee since inception	Chief Executive Officer since November 2008, Ashmore Investment Management (US) Corporation.	12	BC Partners Lending Corp Portman Ridge Finance Corp Logan Ridge Finance Corp Alternative Credit Income Fund Opportunistic Credit Interval Fund
Stephen Hicks(3) (Age 63)	Trustee	Indefinite term; Trustee since 2014	CCO of Trinity Street Asset Management LLP, a UK private asset manager, since 2014.	12	None

* Each Trustee may be contacted at 61 Aldwych, London WC2B 4AE, United Kingdom.

⁽²⁾  Mr. Grunebaum is an “interested person” of the Trust, as defined in Section 2(a)(19) of the 1940 Act, due to, among other things, his positions with the Distributor and its affiliates. Mr. Grunebaum serves or has served as a trustee or director of other pooled investment vehicles sponsored by Ashmore Group plc (“Ashmore Group”) and its affiliates, including Ashmore Global Emerging Markets Funds, LTD and Ashmore Global Opportunities Limited.

⁽³⁾  Mr. Hicks is an “interested person” of the Trust, as defined in Section 2(a)(19) of the 1940 Act, due to his former position with Ashmore Group, the parent company of Ashmore Investment Advisors Limited. Ashmore Group indirectly compensates Mr. Hicks, through a separate private company, for his service as a Trustee of the Trust and as a trustee or director of other pooled investment vehicles sponsored by Ashmore Group and its affiliates.

194

ASHMORE FUNDS

TRUSTEES AND OFFICERS (CONTINUED)

OFFICERS

Name, Address** and Age of Officer	Positions(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
George Grunebaum (Age 60)	Trustee, Chairman of the Trustees; President and Chief Executive Officer	Indefinite term; since inception	Chief Executive Officer, Ashmore Investment Management (US) Corp., since November 2008 – Present.
Alexandra Autrey (Age 47)	Chief Legal Officer	Indefinite term; since inception	Group General Counsel and Company Secretary, Ashmore Group plc, since May 2021; Group Head of Legal and Transaction Management, Ashmore Group plc, from January 2012 – April 2021.
Richard Longstaff(4) (Age 43)	Treasurer and Principal Financial and Accounting Officer	Indefinite term; since October 2023	Head of Fund Accounting and 40 Act Treasurer, since October 2023.
Matthew Butryman (Age 39)	Secretary and Chief Compliance Officer	Indefinite term; since November 2022	Chief Compliance Officer, Ashmore Investment Management (US) Corp., from October 2022 – Present; Senior Vice President and Senior Compliance Officer, Pacific Investment Management Company LLC (PIMCO), from January 2021 – October 2022; Vice President and Senior Compliance Officer, PIMCO, January 2018 – December 2020.

** Each Officer may be contacted at 61 Aldwych, London WC2B 4AE, United Kingdom.

⁽⁴⁾  At its meeting on December 13, 2023, the Board appointed Taurai Sigauke as the Trust’s Treasurer and Principal Financial and Accounting Officer, such appointment to be effective January 31, 2024, in replacement of Richard Longstaff, who will resign from these officer positions with the Trust effective as of the same date.

195

(b)        Not applicable.

Item 2. Code of Ethics.

(a) As of October 31, 2023, the registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(c) The registrant has not amended its Code of Ethics during the period covered by this report.

(d) The registrant has not granted any waivers, including an implicit waiver, from any provisions of its Code of Ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR), serving on its audit committee. Joseph Grainger is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

Under applicable securities laws and regulations, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liability that are greater than the duties, obligations, and liability imposed on such person as a member of the registrant’s Audit Committee and Board of Trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations or liability of any other member of the registrant’s Audit Committee or Board of Trustees.

Item 4. Principal Accountant Fees and Services.

Item 4(a): Audit Fees

The aggregate fees billed for each of the last two fiscal years for professional services rendered by KPMG LLP (“KPMG”), independent registered public accounting firm, for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant

2

in connection with statutory and regulatory filings or engagements for those fiscal years are $360,950 in 2023 and $343,760 in 2022.

Item 4 (b): Audit-Related Fees

The aggregate fees billed in each of the last two fiscal years for assurance and related services by KPMG that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are NONE.

Item 4 (c): Tax Fees

The aggregate fees billed in each of the last two fiscal years for professional services rendered by KPMG for RIC tax compliance and diversification review and tax return review are NONE in 2023 and NONE in 2022.

Item 4 (d): All Other Fees

The aggregate fees billed in each of the last two fiscal years for products and services provided by KPMG and its affiliates, other than the services reported in paragraphs (a) through (c) of this Item, are GBP 103,000 in 2023 and GBP 100,000 in 2022 for reports on internal controls.

Item 4(e)(1): Pre-Approval Policies and Procedures

Pursuant to the registrant’s Audit Committee Charter adopted on November 17, 2010, as revised on December 9, 2022, the Audit Committee shall, to the extent required by applicable regulations, pre-approve (i) all audit and permitted non-audit services rendered by the independent auditors to a Fund and (ii) all non-audit services rendered by the independent auditors to a Fund’s investment adviser(s) (including any sub-advisers) and to certain of the investment adviser’s affiliates, as applicable. The Audit Committee may implement policies and procedures by which such services are pre-approved other than by the full Committee (for example, by the Committee chair).

Item 4(e)(2): Percentage of Fees Pre-Approved Pursuant to Waiver Provision of Paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X

No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

Item 4(f): Work Performed by Persons Other than the Principal Accountant

Not applicable.

Item 4(g): Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees and services billed by KPMG and its affiliates for services rendered to the registrant and service affiliates for the last two fiscal years are GBP 103,000 for 2023 and GBP 100,000 for 2022.

Item 4(h): Non-Audit Services and Independent Accountant’s Independence

The registrant’s Audit Committee has considered whether the provision of non-audit services to service affiliates, not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the registered public accountant’s independence in performing audit services.

3

Item 4(i): Not applicable.

Item 4(j): Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by

4

this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Exhibit 99.CODE: Code of Ethics pursuant to Item 2 of Form N-CSR.

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

(a)(3) Not applicable.

(a)(4) Not applicable.

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

5

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:  January 4, 2024

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:  January 4, 2024

By	/s/ Richard Longstaff
	Richard Longstaff, Treasurer
	(Principal Financial and Accounting Officer)

Date:  January 4, 2024

6