Ashmore Funds

SECURITY

ACQUISITION DATE

ACQUISITION COST

Oi S.A., 12.500%, 12/15/2024

2/6/24-4/23/24

N-CSRS 1 d835772dncsrs.htm ASHMORE FUNDS Ashmore Funds

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22468

Ashmore Funds

(Exact name of registrant as specified in charter)

c/o Ashmore Investment Advisors Limited

61 Aldwych

London WC2B 4AE

England

(Address of principal executive offices) (Zip code)

Corporation Service Company

84 State Street

Boston, MA 20109

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2024

Item 1. Reports to Stockholders.

(a) Report pursuant to Rule 30e-1

ASHMORE FUNDS

SEMI ANNUAL FINANCIAL STATEMENTS

April 30, 2024

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ASHMORE FUNDS

TABLE OF CONTENTS


	Page

FINANCIAL STATEMENTS:

Glossary of Terms		1

Important Information about the Funds		2

Fund Summaries		4

Statements of Assets and Liabilities		17

Statements of Operations		19

Statements of Changes in Net Assets		21

Financial Highlights		25

Schedules of Investments		61

Ashmore Emerging Markets Total Return Fund		61

Ashmore Emerging Markets Local Currency Bond Fund		77

Ashmore Emerging Markets Corporate Income Fund		87

Ashmore Emerging Markets Short Duration Fund		100

Ashmore Emerging Markets Active Equity Fund		106

Ashmore Emerging Markets Small-Cap EquityFund		110

Ashmore Emerging Markets Frontier Equity Fund		113

Ashmore Emerging Markets Equity Fund		118

Ashmore Emerging Markets Equity ESG Fund		123

Ashmore Emerging Markets Low Duration Fund		127

Ashmore Emerging Markets Debt Fund		132

Ashmore Emerging Markets Corporate Income ESG Fund		140

Notes to Financial Statements		145

Liquidity Risk Management Program		173

Advisory Agreement Approval		174

Supplementary Information		180

For More Information		182

Privacy Policy		183

Other Information		184

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

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

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

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

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

GLOSSARY OF TERMS

MSCI 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.

IMPORTANT INFORMATION ABOUT THE FUNDS

Ashmore Investment Advisors Limited

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

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

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

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

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

IMPORTANT INFORMATION ABOUT THE FUNDS (CONTINUED)

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

EXPENSE EXAMPLE

Fund Expenses

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in Dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, from November 1, 2023 or the inception date (if later), through April 30, 2024.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Ashmore Emerging Markets Total Return Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Total Return Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in debt instruments of sovereign, quasi-sovereign, and corporate issuers of Emerging Market countries, which may be denominated in any currency, including the local currency of the issuer. The Fund tactically allocates assets between external debt, corporate debt and local currency.

Please refer to page 2 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.



Average Annual Total Return For The Period Ended Apr 30, 2024	1 Year	5 Year	10 Year

Institutional Class	5.48%	-4.06%		-0.40%

Retail Class A (load-waived)	5.24%	-4.29%		-0.65%³

Retail Class A (unadjusted)¹	0.98%	-5.07%		-1.05%³

Retail Class C (load-waived)	4.48%	-4.98%		-1.25%³

Retail Class C (unadjusted)¹	3.49%	-4.98%		-1.25%³

50/25/25 Composite Benchmark²	5.34%	0.17%		1.19%

Cumulative Returns Through Apr 30, 2024 (% of NAV)

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Share class information

INSTITUTIONAL CLASS

Launch date: December 8, 2010

Minimum initial investment:

$1,000,000

ISIN: US0448204059

CUSIP: 044820405

BLOOMBERG: EMKIX US

TICKER: EMKIX

RETAIL CLASS A

Launch date: May 12, 2011

Minimum initial investment: $1,000

ISIN: US0448208357

CUSIP: 044820835

BLOOMBERG: EMKAX US

TICKER: EMKAX

RETAIL CLASS C

Launch date: May 12, 2011

Minimum initial investment: $1,000

ISIN: US0448208274

CUSIP: 044820827

BLOOMBERG: EMKCX US

TICKER: EMKCX

All sources are Ashmore unless otherwise indicated.

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

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

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

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



Expense example	Actual performance			Hypothetical performance

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

Beginning Account Value (11/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (4/30/2024)	$1,067.90	$1,065.10	$1,061.50	$1,019.64	$1,018.35	$1,014.62

Expense Ratio (Gross / Net)	1.32% / 1.05%	1.64% / 1.31%	2.40% / 2.06%	1.32% / 1.05%	1.64% / 1.31%	2.40% / 2.06%

Expenses Paid*	$5.40	$6.73	$10.56	$5.27	$6.57	$10.32

*Expenses are equal to the Fund’s annualized expense ratios for the period November 1, 2023 through April 30, 2024, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). As such, these may differ from the prospectus.

Ashmore Emerging Markets Local Currency Bond Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Local Currency Bond Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in debt instruments of sovereign and quasi-sovereign issuers of Emerging Market countries that are denominated in the local currency of the issuer.

Please refer to page 2 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.



Average Annual Total Return For The Period Ended Apr 30, 2024	1 Year	5 Year	10 Year

Institutional Class	1.49%	-0.35%	-0.56%

Retail Class A (load-waived)	1.25%	-0.60%	-0.81%³

Retail Class A (unadjusted)¹	-2.80%	-1.41%	-1.21%³

Retail Class C (load-waived)	0.45%	-1.33%	-1.42%³

Retail Class C (unadjusted)¹	-0.51%	-1.33%	-1.42%³

JP Morgan GBI-EM GD²	1.79%	-0.26%	-0.62%

Cumulative Returns Through Apr 30, 2024 (% of NAV)

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Share class information

INSTITUTIONAL CLASS

Launch date: December 8, 2010

Minimum initial investment:

$1,000,000

ISIN: US0448202079

CUSIP: 044820207

BLOOMBERG: ELBIX US

TICKER: ELBIX

RETAIL CLASS A

Launch date: May 12, 2011

Minimum initial investment: $1,000

ISIN: US0448208761

CUSIP: 044820876

BLOOMBERG: ELBAX US

TICKER: ELBAX

RETAIL CLASS C

Launch date: May 12, 2011

Minimum initial investment: $1,000

ISIN: US0448208688

CUSIP: 044820868

BLOOMBERG: ELBCX US

TICKER: ELBCX

All sources are Ashmore unless otherwise indicated.

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.

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



Expense example	Actual performance			Hypothetical performance

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

Beginning Account Value (11/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (4/30/2024)	$1,041.40	$1,039.70	$1,034.20	$1,021.03	$1,019.79	$1,016.06

Expense Ratio (Gross / Net)	2.28% / 0.77%	2.53% / 1.02%	3.27% / 1.77%	2.28% / 0.77%	2.53% / 1.02%	3.27% / 1.77%

Expenses Paid*	$3.91	$5.17	$8.95	$3.87	$5.12	$8.87

Ashmore Emerging Markets Corporate Income Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Corporate Income Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in debt instruments of Emerging Market corporate issuers, which may be denominated in any currency, including the local currency of the issuer.

Please refer to page 2 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.



Average Annual Total Return For The Period Ended Apr 30, 2024	1 Year	5 Year	10 Year

Institutional Class	6.37%	-1.37%	1.81%

Retail Class A (load-waived)	6.35%	-1.60%	1.57%³

Retail Class A (unadjusted)¹	2.09%	-2.40%	1.15%³

Retail Class C (load-waived)	5.38%	-2.35%	0.96%³

Retail Class C (unadjusted)¹	4.38%	-2.35%	0.96%³

JP Morgan CEMBI BD²	7.26%	2.29%	3.55%

Cumulative Returns Through Apr 30, 2024 (% of NAV)

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Share class information

INSTITUTIONAL CLASS

Launch date: December 8, 2010

Minimum initial investment:

$1,000,000

ISIN: US044825049

CUSIP: 044820504

BLOOMBERG: EMCIX US

TICKER: EMCIX

RETAIL CLASS A

Launch date: May 12, 2011

Minimum initial investment: $1,000

ISIN: US0448206039

CUSIP: 044820603

BLOOMBERG: ECDAX US

TICKER: ECDAX

RETAIL CLASS C

Launch date: May 12, 2011

Minimum initial investment: $1,000

ISIN: US0448207029

CUSIP: 044820702

BLOOMBERG: ECDCX US

TICKER: ECDCX

All sources are Ashmore unless otherwise indicated.

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



Expense example	Actual performance			Hypothetical performance

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

Beginning Account Value (11/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (4/30/2024)	$1,064.60	$1,064.80	$1,061.20	$1,020.39	$1,019.14	$1,015.42

Expense Ratio (Gross / Net)	1.31% / 0.90%	1.56% / 1.15%	2.31% / 1.90%	1.31% / 0.90%	1.56% / 1.15%	2.31% / 1.90%

Expenses Paid*	$4.62	$5.90	$9.74	$4.52	$5.77	$9.52

Ashmore Emerging Markets Short Duration Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Short Duration Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in short-term debt instruments of, and derivative instruments related to, sovereign, quasi-sovereign and corporate issuers of Emerging Markets countries denominated exclusively in hard currencies (i.e., the U.S. dollar or any currency of a nation in the G-7). The Fund normally seeks to maintain a weighted average portfolio duration of between 1 and 3 years. The Fund has no restrictions on individual security duration.

Please refer to page 2 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.



Average Annual Total Return For The Period Ended Apr 30, 2024	1 Year	5 Year	Since incpt¹

Institutional Class	11.87%	-7.23%	-0.01%

Retail Class A (load-waived)	12.03%	-7.42%	-0.17%

Retail Class A (unadjusted)¹	9.56%	-7.85%	-0.60%

Retail Class C (load-waived)	10.93%	-8.17%	-4.97%

Retail Class C (unadjusted)¹	9.93%	-8.17%	-4.97%

JP Morgan CEMBI BD 1-3 Year²	8.05%	2.60%	3.00%

Cumulative Returns Through Apr 30, 2024 (% of NAV)

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INSTITUTIONAL CLASS

Launch date: June 24, 2014

Minimum initial investment:

$1,000,000

ISIN: US0448206948

CUSIP: 044820694

BLOOMBERG: ESFIX US

TICKER: ESFIX

RETAIL CLASS A

Launch date: September 23, 2014

Minimum initial investment: $1,000

ISIN: US0448207284

CUSIP: 044820728

BLOOMBERG: ESFAX US

TICKER: ESFAX

RETAIL CLASS C

Launch date: June 13, 2017

Minimum initial investment: $1,000

ISIN: US0448207102

CUSIP: 044820710

BLOOMBERG: ESFCX US

TICKER: ESFCX

All sources are Ashmore unless otherwise indicated.

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

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

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



Expense example	Actual performance			Hypothetical performance

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

Beginning Account Value (11/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (4/30/2024)	$1,007.30	$1,006.80	$1,003.90	$1,020.79	$1,019.59	$1,015.81

Expense Ratio (Gross / Net)	1.29% / 0.82%	1.55% / 1.06%	2.30% / 1.82%	1.29% / 0.82%	1.55% / 1.06%	2.30% / 1.82%

Expenses Paid*	$4.09	$5.29	$9.07	$4.12	$5.32	$9.12

Ashmore Emerging Markets Active Equity Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Active Equity Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Emerging Market issuers, which may be denominated in any currency, including the local currency of the issuer.

Please refer to page 2 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.



Average Annual Total Return For The Period Ended Apr 30, 2024	1 Year	5 Year	Since incpt¹

Institutional Class	3.26%	-0.97%	3.20%

Retail Class A (load-waived)	3.04%	-1.24%	2.94%

Retail Class A (unadjusted)¹	-2.38%	-2.30%	2.21%

Retail Class C (load-waived)	2.26%	-1.95%	2.18%

Retail Class C (unadjusted)¹	1.26%	-1.95%	2.18%

MSCI EM Net²	9.88%	1.88%	4.44%

Cumulative Returns Through Apr 30, 2024 (% of NAV)

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INSTITUTIONAL CLASS

Launch date: November 1, 2016

Minimum initial investment:

$1,000,000

ISIN: US0448205957

CUSIP: 044820595

BLOOMBERG: EMQIX US

TICKER: EMQIX

RETAIL CLASS A

Launch date: November 1, 2016

Minimum initial investment: $1,000

ISIN: US0448206294

CUSIP: 044820629

BLOOMBERG: EMQAX US

TICKER: EMQAX

RETAIL CLASS C

Launch date: November 1, 2016

Minimum initial investment: $1,000

ISIN: US0448206112

CUSIP: 044820611

BLOOMBERG: EMQCX US

TICKER: EMQCX

All sources are Ashmore unless otherwise indicated.

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



Expense example	Actual performance			Hypothetical performance

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

Beginning Account Value (11/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (4/30/2024)	$1,106.30	$1,103.80	$1,100.20	$1,019.79	$1,018.55	$1,014.82

Expense Ratio (Gross / Net)	1.79% / 1.02%	2.04% / 1.27%	2.63% /2.02%	1.79% / 1.02%	2.04% / 1.27%	2.63% / 2.02%

Expenses Paid*	$5.34	$6.64	$10.55	$5.12	$6.37	$10.12

Ashmore Emerging Markets Small-Cap Equity Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Small-Cap Equity Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing at least 80% of its net assets in equity securities and equity-related investments of Small-Capitalization Emerging Market Issuers, which may be denominated in any currency, including the local currency of the issuer.

Please refer to page 2 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.



Average Annual Total Return For The Period Ended Apr 30, 2024	1 Year	5 Year	10 Year

Institutional Class	17.61%	8.93%	5.48%

Retail Class A (load-waived)	17.28%	8.69%	5.21%³

Retail Class A (unadjusted)¹	11.15%	7.54%	4.64%³

Retail Class C (load-waived)	16.47%	7.95%	4.59%³

Retail Class C (unadjusted)¹	15.47%	7.95%	4.59%³

MSCI EM Small Cap Net²	22.13%	8.88%	5.25%

Cumulative Returns Through Apr 30, 2024 (% of NAV)

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INSTITUTIONAL CLASS

Launch date: October 4, 2011

Minimum initial investment:

$1,000,000

ISIN: US0448201162

CUSIP: 044820116

BLOOMBERG: ESCIX US

TICKER: ESCIX

RETAIL CLASS A

Launch date: February 1, 2012

Minimum initial investment: $1,000

ISIN: US0448207938

CUSIP: 044820793

BLOOMBERG: ESSAX US

TICKER: ESSAX

RETAIL CLASS C

Launch date: August 23, 2012

Minimum initial investment: $1,000

ISIN: US0448207854

CUSIP: 044820785

BLOOMBERG: ESSCX US

TICKER: ESSCX

All sources are Ashmore unless otherwise indicated.

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



Expense example	Actual performance			Hypothetical performance

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

Beginning Account Value (11/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (4/30/2024)	$1,236.60	$1,235.50	$1,230.90	$1,018.55	$1,017.30	$1,013.58

Expense Ratio (Gross / Net)	2.63% / 1.27%	2.88% / 1.52%	3.63% / 2.27%	2.63% / 1.27%	2.88% / 1.52%	3.63% / 2.27%

Expenses Paid*	$7.06	$8.45	$12.59	$6.37	$7.62	$11.36

Ashmore Emerging Markets Frontier Equity Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Frontier Equity Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Frontier Market issuers, which may be denominated in any currency, including the local currency of the issuer.

Please refer to page 2 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.



Average Annual Total Return For The Period Ended Apr 30, 2024	1 Year		5 Year		10 Year		Since incpt¹

Institutional Class		16.23%		5.18%		3.49%		4.25%

Retail Class A (load-waived)		15.99%		4.94%		N/A		3.01%²

Retail Class A (unadjusted)¹		9.96%		3.83%		N/A		2.46%²

Retail Class C (load-waived)		15.16%		4.14%		N/A		2.35%²

Retail Class C (unadjusted)¹		14.16%		4.14%		N/A		2.35%²

MSCI FM + Select EM³		5.76%		N/A		N/A		N/A

MSCI Frontier Markets Net³		10.00%		2.36%		0.92%		2.48%

Cumulative Returns Through Apr 30, 2024 (% of NAV)

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INSTITUTIONAL CLASS

Launch date: November 1, 2013

Minimum initial investment:

$1,000,000

ISIN: US0448207367

CUSIP: 044820736

BLOOMBERG: EFEIX US

TICKER: EFEIX

RETAIL CLASS A

Launch date: May 7, 2014

Minimum initial investment: $1,000

ISIN: US0448207516

CUSIP: 044820751

BLOOMBERG: EFEAX US

TICKER: EFEAX

RETAIL CLASS C

Launch date: May 7, 2014

Minimum initial investment: $1,000

ISIN: US0448207441

CUSIP: 044820744

BLOOMBERG: EFECX US

TICKER: EFECX

All sources are Ashmore unless otherwise indicated.

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

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

³The index disclosed in the line graph is the MSCI Frontier Markets Index Net TR. Effective December 31, 2019, the Fund started using the MSCI Frontier Markets

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

Ashmore Emerging Markets Frontier Equity Fund

FUND SUMMARY (UNAUDITED) (CONTINUED)

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



Expense example	Actual performance			Hypothetical performance

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

Beginning Account Value (11/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (4/30/2024)	$1,202.40	$1,201.00	$1,197.60	$1,017.30	$1,016.06	$1,012.33

Expense Ratio (Gross / Net)	2.01% / 1.52%	2.26% / 1.77%	3.01% / 2.52%	2.01% / 1.52%	2.26% / 1.77%	3.01% / 2.52%

Expenses Paid*	$8.32	$9.69	$13.77	$7.62	$8.87	$12.61

Ashmore Emerging Markets Equity Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Equity Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Emerging Market issuers, which may be denominated in any currency, including the local currency of the issuer.

Please refer to page 2 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.



Average Annual Total Return For The Period Ended Apr 30, 2024	1 Year		5 Year		10 Year

Institutional Class		12.40%		5.26%		5.36%

Retail Class A (load-waived)		12.09%		5.01%		5.11%⁴

Retail Class A (unadjusted)¹		6.24%		3.88%		4.54%⁴

Retail Class C (load-waived)		11.24%		4.28%		2.88%⁴

Retail Class C (unadjusted)¹		10.24%		4.28%		2.88%⁴

MSCI EM Net²		9.88%		1.88%		2.96%

Cumulative Returns Through Apr 30, 2024 (% of NAV)

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INSTITUTIONAL CLASS

Launch date: June 21, 2011

Minimum initial investment:

$1,000,000

ISIN: US0448208191

CUSIP: 044820819

BLOOMBERG: EMFIX US

TICKER: EMFIX

RETAIL CLASS A

Launch date: February 24, 2012

Minimum initial investment: $1,000

ISIN: US0448207771

CUSIP: 044820777

BLOOMBERG: EMEAX US

TICKER: EMEAX

RETAIL CLASS C

Launch date: August 23, 2012

Minimum initial investment: $1,000

ISIN: US0448207698

CUSIP: 044820769

BLOOMBERG: EMECX US

TICKER: EMECX

All sources are Ashmore unless otherwise indicated.

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

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



Expense example	Actual performance			Hypothetical performance

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

Beginning Account Value (11/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (4/30/2024)	$1,176.20	$1,174.80	$1,171.10	$1,019.79	$1,018.55	$1,014.82

Expense Ratio (Gross / Net)	1.35% / 1.02%	1.56% / 1.27%	2.36% / 2.02%	1.35% / 1.02%	1.56% / 1.27%	2.36% / 2.02%

Expenses Paid*	$5.52	$6.87	$10.90	$5.12	$6.37	$10.12

Ashmore Emerging Markets Equity ESG Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Equity ESG Fund is an open-end U.S. mutual fund. The Fund seeks to achieve its objective by investing principally in equity securities and equity-related investments of Emerging Market issuers which may be denominated in any currency, including the local currency of the issuer, focusing on issuers that the Investment Manager believes satisfy the ESG Criteria.

Please refer to page 2 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.



Average Annual Total Return For The Period Ended Apr 30, 2024	1 Year		Since incpt¹

Institutional Class		6.77%	3.97%

Retail Class A (load-waived)		6.37%	3.70%

Retail Class A (unadjusted)¹		0.82%	2.38%

Retail Class C (load-waived)		5.77%	3.01%

Retail Class C (unadjusted)¹		4.77%	3.01%

MSCI EM Net²		9.88%	2.54%

Cumulative Returns Through Apr 30, 2024 (% of NAV)

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INSTITUTIONAL CLASS

Launch date: February 26, 2020

Minimum initial investment:

$1,000,000

ISIN: US0448204547

CUSIP: 044820454

BLOOMBERG: ESIGX US

TICKER: ESIGX

RETAIL CLASS A

Launch date: February 26, 2020

Minimum initial investment: $1,000

ISIN: US0448204703

CUSIP: 044820470

BLOOMBERG: ESAGX US

TICKER: ESAGX

RETAIL CLASS C

Launch date: February 26, 2020

Minimum initial investment: $1,000

ISIN: US0448204620

CUSIP: 044820462

BLOOMBERG: ESCGX US

TICKER: ESCGX

All sources are Ashmore unless otherwise indicated.

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

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



Expense example	Actual performance			Hypothetical performance

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

Beginning Account Value (11/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (4/30/2024)	$1,139.90	$1,137.00	$1,133.70	$1,019.79	$1,018.55	$1,014.82

Expense Ratio (Gross / Net)	2.09% / 1.02%	2.30% / 1.27%	3.04% / 2.02%	2.09% / 1.02%	2.30% / 1.27%	3.04% / 2.02%

Expenses Paid*	$5.43	$6.75	$10.72	$5.12	$6.37	$10.12

Ashmore Emerging Markets Low Duration Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Low 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 Market Countries denominated exclusively in Hard Currencies (i.e., the U.S. dollar or any currency of a nation in the G-7). The Fund normally seeks to maintain a weighted average portfolio duration of between 1 and 3 years and an Investment Grade weighted average credit rating. The Fund has no restrictions on individual security duration.

Please refer to page 2 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.



Average Annual Total Return For The Period Ended Apr 30, 2024	1 Year		Since incpt¹

Institutional Class		4.66%	0.38%

Retail Class A (load-waived)		4.57%	0.20%

Retail Class A (unadjusted)¹		2.20%	-0.39%

Retail Class C (load-waived)		3.61%	-0.60%

Retail Class C (unadjusted)¹		2.61%	-0.60%

JP Morgan CEMBI BD IG 1-3 Year²		4.80%	0.26%

Cumulative Returns Through Apr 30, 2024 (% of NAV)

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INSTITUTIONAL CLASS

Launch date: June 15, 2020

Minimum initial investment:

$1,000,000

ISIN: US0448204216

CUSIP: 044820421

BLOOMBERG: ESDIX US

TICKER: ESDIX

RETAIL CLASS A

Launch date: June 15, 2020

Minimum initial investment: $1,000

ISIN: US0448204471

CUSIP: 044820447

BLOOMBERG: ESDAX US

TICKER: ESDAX

RETAIL CLASS C

Launch date: June 15, 2020

Minimum initial investment: $1,000

ISIN: US0448204398

CUSIP: 044820439

BLOOMBERG: ESDCX US

TICKER: ESDCX

All sources are Ashmore unless otherwise indicated.

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



Expense example	Actual performance			Hypothetical performance

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

Beginning Account Value (11/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (4/30/2024)	$1,041.10	$1,040.90	$1,036.50	$1,021.53	$1,020.29	$1,016.56

Expense Ratio (Gross / Net)	1.64% / 0.67%	2.08% / 0.92%	2.90% / 1.67%	1.64% / 0.67%	2.08% / 0.92%	2.90% / 1.67%

Expenses Paid*	$3.40	$4.67	$8.46	$3.37	$4.62	$8.37

Ashmore Emerging Markets Debt Fund

FUND SUMMARY (UNAUDITED)

Ashmore Emerging Markets Debt Fund is an open-end U.S. mutual fund. 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 issuers of Emerging Market Countries and EM Supra-Nationals.

Please refer to page 2 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.



Average Annual Total Return For The Period Ended Apr 30, 2024	1 Year		Since incpt¹

Institutional Class		6.69%	-1.27%

Retail Class A (load-waived)		6.45%	-1.48%

Retail Class A (unadjusted)¹		2.13%	-2.60%

Retail Class C (load-waived)		5.68%	-2.19%

Retail Class C (unadjusted)¹		4.68%	-2.19%

JP Morgan EMBI GD²		8.39%	-2.01%

Cumulative Returns Through Apr 30, 2024 (% of NAV)

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INSTITUTIONAL CLASS

Launch date: September 17, 2020

Minimum initial investment:

$1,000,000

ISIN: US0448203895

CUSIP: 044820389

BLOOMBERG: IGIEX US

TICKER: IGIEX

RETAIL CLASS A

Launch date: September 17, 2020

Minimum initial investment: $1,000

ISIN: US0448204133

CUSIP: 044820413

BLOOMBERG: IGAEX US

TICKER: IGAEX

RETAIL CLASS C

Launch date: September 17, 2020

Minimum initial investment: $1,000

ISIN: US0448203978

CUSIP: 044820397

BLOOMBERG: IGCEX US

TICKER: IGCEX

All sources are Ashmore unless otherwise indicated.

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



Expense example	Actual performance			Hypothetical performance

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

Beginning Account Value (11/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (4/30/2024)	$1,137.10	$1,135.20	$1,131.20	$1,021.48	$1,020.29	$1,016.56

Expense Ratio (Gross / Net)	1.44% / 0.68%	1.83% / 0.92%	2.28% / 1.67%	1.44% / 0.68%	1.83% / 0.92%	2.28% / 1.67%

Expenses Paid*	$3.61	$4.88	$8.85	$3.42	$4.62	$8.37

Ashmore Emerging Markets Corporate Income ESG Fund

FUND SUMMARY (UNAUDITED)

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

Please refer to page 2 herein for an explanation of the information presented below in the Average Annual Total Return Table and Cumulative Return Chart.



Average Annual Total Return For The Period Ended Apr 30, 2024	1 Year		Since incpt¹

Institutional Class		5.96%	-7.84%

Retail Class A (load-waived)		5.94%	-8.02%

Retail Class A (unadjusted)¹		1.67%	-9.21%

Retail Class C (load-waived)		4.95%	-8.73%

Retail Class C (unadjusted)¹		3.95%	-8.73%

JP Morgan CEMBI BD²		7.26%	-0.60%

Cumulative Returns Through Apr 30, 2024 (% of NAV)

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INSTITUTIONAL CLASS

Launch date: February 26, 2021

Minimum initial investment:

$1,000,000

ISIN: US0448203556

CUSIP: 044820355

BLOOMBERG: ECIEX US

TICKER: ECIEX

RETAIL CLASS A

Launch date: February 26, 2021

Minimum initial investment: $1,000

ISIN: US0448203713

CUSIP: 044820371

BLOOMBERG: ECAEX US

TICKER: ECAEX

RETAIL CLASS C

Launch date: February 26, 2021

Minimum initial investment: $1,000

ISIN: US0448203630

CUSIP: 044820363

BLOOMBERG: ECCEX US

TICKER: ECCEX

All sources are Ashmore unless otherwise indicated.

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



Expense example	Actual performance			Hypothetical performance

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

Beginning Account Value (11/1/2023)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (4/30/2024)	$1,096.00	$1,096.80	$1,090.30	$1,020.54	$1,019.29	$1,015.56

Expense Ratio (Gross / Net)	2.04% / 0.87%	2.28% / 1.12%	3.07% / 1.87%	2.04% / 0.87%	2.28% / 1.12%	3.07% / 1.87%

Expenses Paid*	$4.53	$5.84	$9.72	$4.37	$5.62	$9.37

ASHMORE FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

As of April 30, 2024 (Unaudited)


	Ashmore Emerging Markets Total Return Fund				Ashmore Emerging Markets Local Currency Bond Fund				Ashmore Emerging Markets Corporate Income Fund				Ashmore Emerging Markets Short Duration Fund
ASSETS:
Investments in securities, at value		$	94,219,603			$	10,160,293			$	56,662,429			$	32,424,726
Deposit held at broker			1,238,690				20				—				—
Cash			—				192,102				1,329,740				354,470
Foreign currency, at value			270,338				160,262				8,468				702
Unrealized appreciation on forward foreign currency exchange contracts			221,313				50,940				20,361				2,938
Variation margin receivable on centrally cleared swap contracts			1,183				551				—				—
Due from broker			283,171				37,162				—				—
Receivable for securities and currencies sold			131,659				94,604				3,640,480				46,669
Receivable for fund shares sold			1,819				—				—				—
Receivable from Investment Manager			35,008				14,508				22,760				14,001
Interest and dividends receivable			1,384,769				214,040				734,820				352,322
Other assets			21,664				26,389				18,044				18,547
Total Assets			97,809,217				10,950,871				62,437,102				33,214,375
LIABILITIES:
Cash overdraft			725,385				—				—				—
Unrealized depreciation on forward foreign currency exchange contracts			323,588				24,456				8,836				—
Variation margin payable on centrally cleared swap contracts			13,371				449				—				—
Unrealized depreciation on interest rate swap contracts			—				861				—				—
Payable for securities and currencies purchased			122,120				122,934				4,198,869				—
Payable for fund shares redeemed			6,906				22,245				63,522				6,128
Distributions payable			78,856				—				49,841				29,993
Due to broker			132,460				14,944				—				—
Investment Manager fee payable			80,729				6,919				40,918				18,641
Trustees’ fees payable			20,051				1,212				7,934				5,058
Deferred foreign capital gains taxes payable			—				—				—				—
Administration fees payable			11,022				756				4,237				2,316
Custody fees payable			56,309				17,845				8,951				4,561
Professional fees payable			244,660				20,330				75,706				78,009
Regulatory fees payable			12,036				4,621				5,796				5,487
Other liabilities			1,812				—				6,412				—
Total Liabilities			1,829,305				237,572				4,471,022				150,193
Net Assets		$	95,979,912			$	10,713,299			$	57,966,080			$	33,064,182
NET ASSETS:
Paid in capital		$	576,247,241			$	12,214,324			$	224,356,137			$	444,607,744
Distributable earnings/(Accumulated loss)			(480,267,329	)			(1,501,025	)			(166,390,057	)			(411,543,562	)
Net Assets		$	95,979,912			$	10,713,299			$	57,966,080			$	33,064,182

Net Assets:
Class A		$	1,344,274			$	1,173,494			$	3,421,795			$	3,432,250
Class C			768,413				4,522				1,369,513				164,715
Institutional Class			93,867,225				9,535,283				53,174,772				29,467,217

Shares Issued and Outstanding (no par value, unlimited shares authorized):
Class A			284,584				190,937				642,451				743,008
Class C			163,299				759				257,944				37,339
Institutional Class			19,572,445				1,470,282				9,576,564				6,498,629

Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding):
Class A		$	4.72			$	6.15			$	5.33			$	4.62
Class C			4.71				5.95				5.31				4.41
Institutional Class			4.80				6.49				5.55				4.53

Cost of Investments in securities		$	148,086,394			$	10,596,081			$	88,670,609			$	72,770,688
Cost of foreign currency held		$	70,595			$	161,582			$	8,474			$	703

See accompanying notes to the financial statements.


Ashmore Emerging Markets Active Equity Fund			Ashmore Emerging Markets Small-Cap Equity Fund			Ashmore Emerging Markets Frontier Equity Fund		Ashmore Emerging Markets Equity Fund			Ashmore Emerging Markets Equity ESG Fund			Ashmore Emerging Markets Low Duration Fund			Ashmore Emerging Markets Debt Fund			Ashmore Emerging Markets Corporate Income ESG Fund

$	24,288,720		$	10,086,544		$	71,046,980	$	132,905,555		$	11,511,521		$	9,373,019		$	17,973,800		$	7,280,130
	—			—			—		—			—			—			—			—
	1,092,580			—			3,288,299		2,005,959			198,692			353,519			162,571			68,607
	16,543			64,318			1,027,325		65,440			3,820			3,528			19,656			5,107
	—			—			—		—			—			2,623			5,556			4,467
	—			—			—		—			—			—			—			—
	—			—			—		—			—			—			—			—
	119,261			2,963			—		720,835			—			198,300			714			396,260
	—			1,220			3,134		131,926			—			—			—			—
	16,218			11,199			30,165		30,742			10,413			8,235			14,453			7,235
	37,110			3,662			30,174		100,156			3,509			109,569			276,413			106,172
	10,763			21,916			—		43,830			22,709			11,224			23,961			11,009
	25,581,195			10,191,822			75,426,077		136,004,443			11,750,664			10,060,017			18,477,124			7,878,987

	—			7,282			—		—			—			—			—			—
	—			—			—		—			—			—			278			—
	—			—			—		—			—			—			—			—
	—			—			—		—			—			—			—			—
	335,920			—			493,900		1,929,118			124,069			202,020			714			401,825
	—			2,936			60,117		244,425			—			—			—			—
	—			—			—		—			—			6,986			17,549			6,097
	—			—			—		—			—			—			—			—
	20,736			10,288			90,926		112,845			9,432			5,229			9,877			5,200
	2,709			1,060			7,582		9,525			1,211			1,078			1,949			802
	69,105			35,579			—		185,363			27,057			—			—			—
	1,644			661			4,724		7,227			762			654			1,228			496
	18,324			10,353			53,894		25,908			4,698			1,240			1,522			871
	19,294			13,675			55,376		65,973			16,082			18,603			17,983			20,359
	4,778			3,722			4,689		5,980			3,749			4,656			4,828			4,627
	5,179			4,784			4,792		877			—			—			3,987			—
	477,689			90,340			776,000		2,587,241			187,060			240,466			59,915			440,277
$	25,103,506		$	10,101,482		$	74,650,077	$	133,417,202		$	11,563,604		$	9,819,551		$	18,417,209		$	7,438,710

$	47,776,252		$	13,233,557		$	72,248,353	$	143,429,180		$	11,937,081		$	11,230,728		$	22,265,472		$	11,090,985
	(22,672,746	)		(3,132,075	)		2,401,724		(10,011,978	)		(373,477	)		(1,411,177	)		(3,848,263	)		(3,652,275	)
$	25,103,506		$	10,101,482		$	74,650,077	$	133,417,202		$	11,563,604		$	9,819,551		$	18,417,209		$	7,438,710


$	43,792		$	431,877		$	1,991,658	$	32,257,176		$	1,145		$	976		$	915		$	740
	1,249			16,901			233,347		62,568			1,114			953			897			726
	25,058,465			9,652,704			72,425,072		101,097,458			11,561,345			9,817,622			18,415,397			7,437,244
	6,134			31,891			205,653		2,960,791			117			113			113			114
	180			1,219			25,205		6,209			116			110			111			112
	3,471,127			546,012			6,389,820		9,638,302			1,168,204			1,132,846			2,270,872			1,147,103
$	7.14		$	13.54		$	9.68	$	10.89		$	9.82		$	8.66		$	8.10		$	6.48
	6.93			13.86			9.26		10.08			9.58			8.65			8.08			6.47
	7.22			17.68			11.33		10.49			9.90			8.67			8.11			6.48

$	25,053,504		$	9,184,494		$	61,511,871	$	127,544,850		$	10,563,534		$	9,513,691		$	18,194,407		$	8,640,895
$	16,695		$	64,362		$	1,027,281	$	65,440		$	3,820		$	3,519		$	19,810		$	5,133

See accompanying notes to the financial statements.

ASHMORE FUNDS

STATEMENTS OF OPERATIONS

For the Six Month Period Ended April 30, 2024 (Unaudited)


	Ashmore Emerging Markets Total Return Fund			Ashmore Emerging Markets Local Currency Bond Fund			Ashmore Emerging Markets Corporate Income Fund			Ashmore Emerging Markets Short Duration Fund
INVESTMENT INCOME:
Interest, net of foreign tax withholdings*	$	9,038,751		$	393,628		$	2,130,687		$	1,367,055
Dividends, net of foreign tax withholdings*		—			—			—			—
Total Income		9,038,751			393,628			2,130,687			1,367,055
EXPENSES:
Investment Manager fees		1,340,183			41,635			285,319			128,258
Administration fees		26,801			1,110			6,713			3,946
Custody fees		61,512			22,216			9,762			5,123
Professional fees		198,201			24,867			76,324			69,002
Trustees’ fees		46,956			2,173			13,884			8,384
Offering expenses and registration fees		25,274			22,976			23,721			22,832
Insurance fees		28,724			630			4,757			3,375
Printing fees		6,811			4,259			9,353			5,553
Distribution and servicing fees - Class A		1,825			1,569			4,518			9,107
Distribution and servicing fees - Class C		4,050			18			7,317			833
Regulatory fees		16,539			6,653			7,774			7,401
Other		75			4			—			—
Total Expenses		1,756,951			128,110			449,442			263,814
Less expenses reimbursed by the Investment Manager		(360,628	)		(83,766	)		(135,185	)		(93,575	)
Net Expenses		1,396,323			44,344			314,257			170,239
Net Investment Income (Loss)		7,642,428			349,284			1,816,430			1,196,816
NET REALIZED AND UNREALIZED GAINS (LOSSES):
NET REALIZED GAIN (LOSS) ON:
Investments in securities (net of increase (decrease) in deferred foreign taxes of $589, $-, $-, $-, $3,389, $42,861, $9,468, $343,621, $1,365, $-, $-, and $-, respectively)		(85,376,811	)		19,068			(8,984,882	)		(20,207,075	)
Forward foreign currency exchange contracts		446,187			(42,411	)		(19,436	)		(9,346	)
Interest rate swap contracts		(164,213	)		(2,556	)		—			—
Foreign exchange transactions		(3,163,516	)		(13,069	)		(12,966	)		8,069
Net Realized Gain (Loss)		(88,258,353	)		(38,968	)		(9,017,284	)		(20,208,352	)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities (net of increase (decrease) in deferred foreign taxes of $-, $-, $-, $-, $33,631, $6,907, $-, $11,065, $20,231, $-, $-, and $-, respectively)		118,756,566			46,416			11,819,071			19,094,595
Forward foreign currency exchange contracts		1,035,066			39,638			(23,840	)		2,546
Interest rate swap contracts		(133,821	)		(4,737	)		—			—
Foreign exchange translations		28,538			(309	)		438			(97	)
Change in Net Unrealized Appreciation (Depreciation)		119,686,349			81,008			11,795,669			19,097,044
Net Realized and Unrealized Gains (Losses)		31,427,996			42,040			2,778,385			(1,111,308	)
Net Increase in Net Assets Resulting from Operations	$	39,070,424		$	391,324		$	4,594,815		$	85,508
* Foreign Tax Withholdings	$	20,725		$	7,839		$	—		$	—

See accompanying notes to the financial statements.


Ashmore Emerging Markets Active Equity Fund			Ashmore Emerging Markets Small-Cap Equity Fund			Ashmore Emerging Markets Frontier Equity Fund			Ashmore Emerging Markets Equity Fund			Ashmore Emerging Markets Equity ESG Fund			Ashmore Emerging Markets Low Duration Fund			Ashmore Emerging Markets Debt Fund			Ashmore Emerging Markets Corporate Income ESG Fund

$	30,673		$	3,098		$	28,776		$	55,392		$	6,423		$	245,821		$	610,106		$	220,506
	189,415			32,093			978,127			791,725			49,694			—			—			—
	220,088			35,191			1,006,903			847,117			56,117			245,821			610,106			220,506

	122,048			60,437			517,895			526,495			55,850			31,492			58,510			30,926
	2,441			967			6,905			10,529			1,117			969			1,800			728
	18,268			11,793			66,693			47,889			5,699			1,727			3,833			1,271
	35,305			18,620			48,933			60,905			18,716			21,947			39,903			19,097
	4,814			1,901			13,268			17,596			2,184			1,906			3,497			1,423
	24,964			23,453			23,040			25,997			23,171			10,089			10,276			9,725
	1,362			521			4,111			6,364			629			552			1,019			412
	4,306			4,437			6,033			6,195			4,197			4,197			4,197			4,197
	53			597			2,288			17,185			2			2			2			1
	5			79			1,071			309			6			5			4			4
	5,015			5,132			6,133			8,102			5,157			6,609			6,760			6,569
	—			—			—			—			—			—			—			—
	218,581			127,937			696,370			727,566			116,728			79,495			129,801			74,353
	(94,037	)		(65,869	)		(168,213	)		(172,203	)		(59,754	)		(47,026	)		(68,827	)		(42,691	)
	124,544			62,068			528,157			555,363			56,974			32,469			60,974			31,662
	95,544			(26,877	)		478,746			291,754			(857	)		213,352			549,132			188,844





	(887,588)			352,062			1,294,212			2,916,361			245,563			(27,412	)		53,064			(809,916	)
	994			—			(285	)		—			6			(1,926	)		(3,552	)		(2,787	)
	—			—			—			—			—			—			—			—
	(18,345	)		(28,914	)		(25,010	)		(56,157	)		(2,346	)		(574	)		5,116			(907	)
	(904,939	)		323,148			1,268,917			2,860,204			243,223			(29,912	)		54,628			(813,610	)



	3,218,078			1,661,972			10,762,829			13,344,774			1,172,004			204,880			1,620,917			1,280,790
	—			—			—			—			—			2,486			5,051			4,201
	—			—			—			—			—			—			—			—
	(527	)		28,611			920			(1,797	)		(62	)		37			(327	)		66
	3,217,551			1,690,583			10,763,749			13,342,977			1,171,942			207,403			1,625,641			1,285,057
	2,312,612			2,013,731			12,032,666			16,203,181			1,415,165			177,491			1,680,269			471,447
$	2,408,156		$	1,986,854		$	12,511,412		$	16,494,935		$	1,414,308		$	390,843		$	2,229,401		$	660,291
$	1,753		$	4,639		$	68,960		$	115,584		$	8,774		$	245		$	338		$	528

See accompanying notes to the financial statements.

ASHMORE FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

For the Six Month Period Ended April 30, 2024 (Unaudited) and the Fiscal Year Ended October 31, 2023


	Ashmore Emerging Markets Total Return Fund						Ashmore Emerging Markets Local Currency Bond Fund						Ashmore Emerging Markets Corporate Income Fund
	2024			2023			2024			2023			2024			2023
OPERATIONS:
Net investment income (loss)	$	7,642,428		$	29,658,901		$	349,284		$	604,550		$	1,816,430		$	5,022,874
Net realized gain (loss)		(88,258,353	)		(72,936,807	)		(38,968	)		(388,171	)		(9,017,284	)		(19,862,063	)
Net change in unrealized appreciation (depreciation)		119,686,349			98,481,399			81,008			581,397			11,795,669			24,969,525
Net Increase in Net Assets Resulting from Operations		39,070,424			55,203,493			391,324			797,776			4,594,815			10,130,336

DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(38,809	)		(123,510	)		(42,632	)		(35,119	)		(96,645	)		(331,612	)
Class C		(18,664	)		(50,117	)		(93	)		(19	)		(33,784	)		(114,377	)
Institutional Class		(7,559,211	)		(29,018,557	)		(322,822	)		(257,574	)		(1,727,435	)		(6,381,041	)

Total Distributions to Shareholders		(7,616,684	)		(29,192,184	)		(365,547	)		(292,712	)		(1,857,864	)		(6,827,030	)
TAX RETURN OF CAPITAL DISTRIBUTIONS TO SHAREHOLDERS:
Class A		—			(1,789	)		—			—			—			—
Class C		—			(899	)		—			—			—			—
Institutional Class		—			(605,079	)		—			—			—			—

Total Tax Return of Capital Distributions to Shareholders		—			(607,767	)		—			—			—			—
FUND SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from Class A share transactions		(164,676	)		(523,848	)		(28,529	)		(172,954	)		(495,999	)		(1,152,404	)
Net increase (decrease) in net assets resulting from Class C share transactions		(81,663	)		(336,451	)		3,760			(1,610	)		(177,275	)		(361,460	)
Net increase (decrease) in net assets resulting from Institutional Class share transactions		(387,827,921	)		(63,807,005	)		405,840			4,595,131			(17,057,787	)		(21,700,083	)


Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions		(388,074,260	)		(64,667,304	)		381,071			4,420,567			(17,731,061	)		(23,213,947	)
Total Increase (Decrease) in Net Assets		(356,620,520	)		(39,263,762	)		406,848			4,925,631			(14,994,110	)		(19,910,641	)
NET ASSETS:
Net Assets at the Beginning of period		452,600,432			491,864,194			10,306,451			5,380,820			72,960,190			92,870,831
Net Assets at the End of period	$	95,979,912		$	452,600,432		$	10,713,299		$	10,306,451		$	57,966,080		$	72,960,190

See accompanying notes to the financial statements.


Ashmore Emerging Markets Short Duration Fund						Ashmore Emerging Markets Active Equity Fund						Ashmore Emerging Markets Small-Cap Equity Fund
2024			2023			2024			2023			2024			2023

	$ 1,196,816			$ 4,671,568			$ 95,544			$ 447,855			$ (26,877	)		$43,879
	(20,208,352	)		(14,178,542	)		(904,939	)		3,009,153			323,148			(877,705	)

	19,097,044			21,058,900			3,217,551			12,164,662			1,690,583			1,509,565
	85,508			11,551,926			2,408,156			15,621,670			1,986,854			675,739


	(310,547	)		(659,086	)		(74	)		(1,508	)		(3,193	)		—
	(6,238	)		(21,214	)		—			(14	)		—			—
	(1,338,011	)		(4,965,284	)		(50,353	)		(526,876	)		(52,905	)		—

	(1,654,796	)		(5,645,584	)		(50,427	)		(528,398	)		(56,098	)		—


	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—

	—			—			—			—			—			—


	(4,890,235	)		5,102,313			84			(876,851	)		(105,508	)		(2,456	)

	(104	)		(140,916	)		—			10			—			(32,766	)

	(20,869,020	)		(5,814,038	)		(144,042	)		(67,395,911	)		(221,940	)		1,186,826



	(25,759,359	)		(852,641	)		(143,958	)		(68,272,752	)		(327,448	)		1,151,604
	(27,328,647	)		5,053,701			2,213,771			(53,179,480	)		1,603,308			1,827,343


	60,392,829			55,339,128			22,889,735			76,069,215			8,498,174			6,670,831
	$33,064,182			$ 60,392,829			$ 25,103,506			$ 22,889,735			$10,101,482			$8,498,174

See accompanying notes to the financial statements.

ASHMORE FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

For the Six Month Period Ended April 30, 2024 (Unaudited) and the Fiscal Year Ended October 31, 2023


	Ashmore Emerging Markets Frontier Equity Fund						Ashmore Emerging Markets Equity Fund						Ashmore Emerging Markets Equity ESG Fund
	2024			2023			2024			2023			2024			2023
OPERATIONS:
Net investment income (loss)	$	478,746		$	1,545,648		$	291,754		$	1,329,232		$	(857	)	$	53,058
Net realized gain (loss)		1,268,917			(3,898,275	)		2,860,204			(11,305,187	)		243,223			(1,151,724	)
Net change in unrealized appreciation (depreciation)		10,763,749			2,251,132			13,342,977			22,982,224			1,171,942			2,388,840
Net Increase (Decrease) in Net Assets Resulting from Operations		12,511,412			(101,495	)		16,494,935			13,006,269			1,414,308			1,290,174

DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(16,287	)		(37,283	)		(5,299	)		(53,244	)		—			(6	)
Class C		(1,339	)		(3,513	)		(20	)		(414	)		—			(2	)
Institutional Class		(555,020	)		(1,244,000	)		(111,267	)		(1,526,332	)		(6,273	)		(81,878	)

Total Distributions to Shareholders		(572,646	)		(1,284,796	)		(116,586	)		(1,579,990	)		(6,273	)		(81,886	)
Class A		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Institutional Class		—			—			—			—			—			—

Total Tax Return of Capital Distributions to Shareholders		—			—			—			—			—			—
FUND SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from Class A share transactions		81,254			(1,402,870	)		26,114,433			999,830			—			4
Net increase (decrease) in net assets resulting from Class C share transactions		(7,434	)		(83,940	)		(17,065	)		(50,648	)		—			1
Net increase (decrease) in net assets resulting from Institutional Class share transactions		(189,832	)		(6,930,954	)		(1,641,489	)		(13,899,497	)		4,411			57,295


Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions		(116,012	)		(8,417,764	)		24,455,879			(12,950,315	)		4,411			57,300
Total Increase (Decrease) in Net Assets		11,822,754			(9,804,055	)		40,834,228			(1,524,036	)		1,412,446			1,265,588
NET ASSETS:
Net Assets at the Beginning of period		62,827,323			72,631,378			92,582,974			94,107,010			10,151,158			8,885,570
Net Assets at the End of period	$	74,650,077		$	62,827,323		$	133,417,202		$	92,582,974		$	11,563,604		$	10,151,158

See accompanying notes to the financial statements.


Ashmore Emerging Markets Low Duration Fund						Ashmore Emerging Markets Debt Fund						Ashmore Emerging Markets Corporate Income ESG Fund

2024			2023			2024			2023			2024			2023

	$ 213,352			$383,585			$ 549,132			$853,158			$ 188,844			$367,702
	(29,912	)		(381,587	)		54,628			(1,873,622	)		(813,610	)		(669,589	)
	207,403			606,130			1,625,641			1,599,454			1,285,057			532,757
	390,843			608,128			2,229,401			578,990			660,291			230,870

	(21	)		(39	)		(27	)		(45	)		(19	)		(44	)
	(16	)		(31	)		(23	)		(39	)		(15	)		(39	)
	(211,250	)		(399,404	)		(549,112	)		(923,023	)		(193,343	)		(454,900	)

	(211,287	)		(399,474	)		(549,162	)		(923,107	)		(193,377	)		(454,983	)
	—			(1	)		—			(4	)		—			—
	—			(1	)		—			(3	)		—			—
	—			(16,038	)		—			(71,993	)		—			—
	—			(16,040	)		—			(72,000	)		—			—


	15			29			19			35			13			32

	11			25			16			31			11			29

	148,161			300,749			387,915			720,925			136,620			337,089



	148,187			300,803			387,950			720,991			136,644			337,150
	327,743			493,417			2,068,189			304,874			603,558			113,037

	9,491,808			8,998,391			16,349,020			16,044,146			6,835,152			6,722,115
	$9,819,551			$9,491,808			$18,417,209			$16,349,020			$7,438,710			$6,835,152

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Total Return Fund


	Class A

	Six Months Ended April 30, 2024 (Unaudited)				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 period		$	4.55			$	4.32			$	6.60			$	6.80			$	7.54			$	7.31

Income (loss) from investment operations:
Net investment income			0.13	¹			0.27	¹			0.32	¹			0.33	¹			0.34				0.40
Net realized and unrealized gain (loss)			0.17				0.23				(2.30	)			(0.20	)			(0.74	)			0.24

Total from investment operations			0.30				0.50				(1.98	)			0.13				(0.40	)			0.64

Less distributions:

From net investment income			(0.13	)			(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			(0.13	)			(0.27	)			(0.30	)			(0.33	)			(0.34	)			(0.41	)

Net asset value at end of period		$	4.72			$	4.55			$	4.32			$	6.60			$	6.80			$	7.54


Total return²			6.51	%			11.65	%			(30.79	)%			1.68	%			(5.31	)%			8.68	%

Portfolio turnover rate³			21	%			56	%			32	%			54	%			67	%			49	%

Net assets, end of period (in thousands)		$	1,344			$	1,446			$	1,920			$	5,917			$	10,377			$	11,108

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements			1.64	%⁵			1.48	%⁵			1.42	%			1.37	%⁵			1.42	%⁵			1.36	%
Expenses after reimbursements			1.31	%⁵			1.28	%⁵			1.27	%			1.28	%⁵			1.32	%⁵			1.27	%

Net investment income to average net assets:
Net investment income before reimbursements			5.22	%⁵			5.61	%⁵			5.50	%			4.53	%⁵			4.72	%⁵			5.16	%
Net investment income after reimbursements			5.55	%⁵			5.81	%⁵			5.65	%			4.62	%⁵			4.82	%⁵			5.25	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Total Return Fund


	Class C
	Six Months Ended April 30, 2024 (Unaudited)				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 period		$	4.54			$	4.30			$	6.58			$	6.78			$	7.53			$	7.29

Income (loss) from investment operations:
Net investment income			0.12	¹			0.24	¹			0.27	¹			0.27	¹			0.30				0.34
Net realized and unrealized gain (loss)			0.16				0.24				(2.29	)			(0.19	)			(0.76	)			0.25

Total from investment operations			0.28				0.48				(2.02	)			0.08				(0.46	)			0.59

Less distributions:

From net investment income			(0.11	)			(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			(0.11	)			(0.24	)			(0.26	)			(0.28	)			(0.29	)			(0.35	)

Net asset value at end of period		$	4.71			$	4.54			$	4.30			$	6.58			$	6.78			$	7.53


Total return²			6.15	%			11.14	%			(31.39	)%			0.93	%			(6.09	)%			8.02	%

Portfolio turnover rate³			21	%			56	%			32	%			54	%			67	%			49	%

Net assets, end of period (in thousands)		$	768			$	815			$	1,080			$	2,386			$	3,905			$	5,506

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements			2.40	%⁶			2.24	%⁶			2.17	%			2.12	%⁶			2.17	%⁶			2.11	%
Expenses after reimbursements			2.06	%⁶			2.03	%⁶			2.02	%			2.03	%⁶			2.06	%⁶			2.02	%

Net investment income to average net assets:
Net investment income before reimbursements			4.48	%⁶			4.85	%⁶			4.74	%			3.76	%⁶			4.01	%⁶			4.41	%
Net investment income after reimbursements			4.82	%⁶			5.06	%⁶			4.89	%			3.85	%⁶			4.12	%⁶			4.50	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Total Return Fund


	Institutional Class
	Six Months Ended April 30, 2024 (Unaudited)				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 period		$	4.62			$	4.38			$	6.70			$	6.90			$	7.65			$	7.41

Income (loss) from investment operations:
Net investment income			0.14	¹			0.29	¹			0.33	¹			0.35	¹			0.36				0.44
Net realized and unrealized gain (loss)			0.18				0.24				(2.34	)			(0.20	)			(0.75	)			0.24

Total from investment operations			0.32				0.53				(2.01	)			0.15				(0.39	)			0.68

Less distributions:

From net investment income			(0.14	)			(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			(0.14	)			(0.29	)			(0.31	)			(0.35	)			(0.36	)			(0.44	)

Net asset value at end of period		$	4.80			$	4.62			$	4.38			$	6.70			$	6.90			$	7.65


Total return²			6.79	%			12.06	%			(30.74	)%			1.94	%			(5.09	)%			9.04	%

Portfolio turnover rate³			21	%			56	%			32	%			54	%			67	%			49	%

Net assets, end of period (in thousands)		$	93,867			$	450,339			$	488,864			$	1,216,666			$	1,229,181			$	1,528,196

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements			1.32	%⁷			1.24	%⁷			1.17	%			1.12	%⁷			1.17	%⁷			1.11	%
Expenses after reimbursements			1.05	%⁷			1.03	%⁷			1.02	%			1.03	%⁷			1.07	%⁷			1.02	%

Net investment income to average net assets:
Net investment income before reimbursements			5.49	%⁷			5.84	%⁷			5.79	%			4.78	%⁷			4.99	%⁷			5.40	%
Net investment income after reimbursements			5.76	%⁷			6.05	%⁷			5.94	%			4.87	%⁷			5.09	%⁷			5.49	%

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

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.

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

⁴	Annualized for periods less than one year.

⁵

Ratios include legal expenses of $263, $229, $3,181 and $5,146 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2024 and the years ended October 31, 2023, 2021 and 2020, respectively. Expense ratios would have been lower by 0.04%, 0.01%, 0.01% and 0.05% and Net investment income ratios would have been higher by 0.04%, 0.01%, 0.01% and 0.05% excluding these expenses.

⁶

Ratios include legal expenses of $148, $111, $1,113 and $1,990 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2024 and the years ended October 31, 2023, 2021 and 2020, respectively. Expense ratios would have been lower by 0.04%, 0.01%, 0.01% and 0.04% and Net investment income ratios would have been higher by 0.04%, 0.01%, 0.01% and 0.04% excluding these expenses.

⁷

Ratios include legal expenses of $33,825, $59,051, $433,533 and $640,665 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2024 and the years ended October 31, 2023, 2021 and 2020, respectively. Expense ratios would have been lower by 0.03%, 0.01%, 0.01% and 0.05% and Net investment income ratios would have been higher by 0.03%, 0.01%, 0.01% and 0.05% excluding these expenses.

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Local Currency Bond Fund


	Class A
	Six Months Ended April 30, 2024 (Unaudited)				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 period		$	6.12			$	5.62			$	6.92			$	6.86			$	7.35			$	6.53

Income (loss) from investment operations:
Net investment income			0.19	¹			0.38	¹			0.32	¹			0.28	¹			0.35	¹			0.59
Net realized and unrealized gain (loss)			0.06				0.30				(1.53	)			(0.22	)			(0.75	)			0.27

Total from investment operations			0.25				0.68				(1.21	)			0.06				(0.40	)			0.86

Less distributions:

From net investment income			(0.22	)			(0.18	)			—				—				—				—
From net realized gain			—				—				—				—				—				—
Tax return of capital			—				—				(0.09	)			—				(0.09	)			(0.04	)


Total distributions			(0.22	)			(0.18	)			(0.09	)			—				(0.09	)			(0.04	)

Net asset value at end of period		$	6.15			$	6.12			$	5.62			$	6.92			$	6.86			$	7.35


Total return²			3.97	%			12.11	%			(17.75	)%			0.87	%			(5.51	)%			13.24	%

Portfolio turnover rate³			32	%			79	%			53	%			34	%			47	%			56	%

Net assets, end of period (in thousands)		$	1,173			$	1,197			$	1,248			$	1,592			$	1,755			$	1,933

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements			2.53	%			2.89	%			3.10	%			2.97	%			1.75	%			1.55	%
Expenses after reimbursements			1.02	%			1.07	%			1.22	%			1.22	%			1.22	%			1.22	%

Net investment income to average net assets:
Net investment income before reimbursements			4.56	%			4.23	%			3.16	%			2.11	%			4.45	%			5.08	%
Net investment income after reimbursements			6.07	%			6.05	%			5.04	%			3.86	%			4.98	%			5.41	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Local Currency Bond Fund


	Class C
	Six Months Ended April 30, 2024 (Unaudited)				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 period		$	5.95			$	5.44			$	6.75			$	6.74			$	7.27			$	6.47

Income (loss) from investment operations:
Net investment income			0.17	¹			0.32	¹			0.30	¹			0.22	¹			0.29	¹			0.34
Net realized and unrealized gain (loss)			0.04				0.30				(1.53	)			(0.21	)			(0.74	)			0.47

Total from investment operations			0.21				0.62				(1.23	)			0.01				(0.45	)			0.81

Less distributions:

From net investment income			(0.21	)			(0.11	)			—				—				—				—
From net realized gain			—				—				—				—				—				—
Tax return of capital			—				—				(0.08	)			—				(0.08	)			(0.01	)


Total distributions			(0.21	)			(0.11	)			(0.08	)			—				(0.08	)			(0.01	)

Net asset value at end of period		$	5.95			$	5.95			$	5.44			$	6.75			$	6.74			$	7.27


Total return²			3.42	%			11.41	%			(18.30	)%			0.15	%			(6.25	)%			12.54	%

Portfolio turnover rate³			32	%			79	%			53	%			34	%			47	%			56	%

Net assets, end of period (in thousands)		$	5			$	1			$	2			$	25			$	30			$	55

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements			3.27	%			3.59	%			3.74	%			3.75	%			2.50	%			2.29	%
Expenses after reimbursements			1.77	%			1.82	%			1.97	%			1.97	%			1.97	%			1.97	%

Net investment income to average net assets:
Net investment income before reimbursements			3.83	%			3.52	%			2.85	%			1.35	%			3.77	%			4.33	%
Net investment income after reimbursements			5.33	%			5.29	%			4.62	%			3.13	%			4.30	%			4.65	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Local Currency Bond Fund


	Institutional Class

	Six Months Ended April 30, 2024 (Unaudited)			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 period		$ 6.44			$ 5.90			$ 7.24			$ 7.16			$ 7.66			$ 6.79

Income (loss) from investment operations:
Net investment income		0.21	¹		0.43	¹		0.35	¹		0.31	¹		0.38	¹		0.65
Net realized and unrealized gain (loss)		0.06			0.30			(1.60	)		(0.23	)		(0.78	)		0.27

Total from investment operations		0.27			0.73			(1.25	)		0.08			(0.40	)		0.92

Less distributions:

From net investment income		(0.22	)		(0.19	)		—			—			—			—
From net realized gain		—			—			—			—			—			—
Tax return of capital		—			—			(0.09	)		—			(0.10	)		(0.05	)


Total distributions		(0.22	)		(0.19	)		(0.09	)		—			(0.10	)		(0.05	)

Net asset value at end of period		$ 6.49			$ 6.44			$ 5.90			$ 7.24			$ 7.16			$ 7.66


Total return²		4.14	%		12.33	%		(17.49	)%		1.12	%		(5.38	)%		13.59	%

Portfolio turnover rate³		32	%		79	%		53	%		34	%		47	%		56	%

Net assets, end of period (in thousands)		$9,535			$9,108			$ 4,131			$6,310			$28,257			$42,545

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		2.28	%		2.57	%		2.83	%		2.61	%		1.50	%		1.28	%
Expenses after reimbursements		0.77	%		0.82	%		0.97	%		0.97	%		0.97	%		0.97	%

Net investment income to average net assets:
Net investment income before reimbursements		4.82	%		4.60	%		3.43	%		2.46	%		4.75	%		5.31	%
Net investment income after reimbursements		6.33	%		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.

⁴	Annualized for periods less than one year.

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Income Fund


	Class A

	Six Months
	Ended
	April 30,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2024			October 31,			October 31,			October 31,			October 31,			October 31,
	(Unaudited)			2023			2022			2021			2020			2019

Net asset value at beginning of period		$ 5.14			$ 4.96			$ 7.53			$ 7.53			$ 7.92			$ 7.87

Income (loss) from investment operations:
Net investment income		0.12			0.27			0.40			0.37			0.44			0.52
Net realized and unrealized gain (loss)		0.21			0.31			(2.54	)		—			(0.39	)		0.03

Total from investment operations		0.33			0.58			(2.14	)		0.37			0.05			0.55

Less distributions:

From net investment income		(0.14	)		(0.40	)		(0.42	)		(0.37	)		(0.44	)		(0.50	)
From net realized gain		—			—			(0.01	)		—			—			(—	)¹
Tax return of capital		—			—			—			—			(—	)¹		—


Total distributions		(0.14	)		(0.40	)		(0.43	)		(0.37	)		(0.44	)		(0.50	)

Net asset value at end of period		$ 5.33			$ 5.14			$ 4.96			$ 7.53			$ 7.53			$ 7.92


Total return²		6.48	%		11.75	%		(29.30	)%		4.85	%		0.85	%		7.37	%

Portfolio turnover rate³		48	%		56	%		55	%		73	%		117	%		96	%

Net assets, end of period (in thousands)		$3,422			$3,779			$ 4,742			$11,153			$11,198			$13,383

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		1.56	%⁵		1.47	%⁵		1.44	%⁵		1.55	%⁵		1.58	%⁵		1.51	%
Expenses after reimbursements		1.15	%⁵		1.14	%⁵		1.24	%⁵		1.43	%⁵		1.47	%⁵		1.42	%

Net investment income to average net assets:
Net investment income before reimbursements		4.82	%⁵		5.40	%⁵		6.62	%⁵		4.61	%⁵		5.76	%⁵		6.39	%
Net investment income after reimbursements		5.23	%⁵		5.73	%⁵		6.82	%⁵		4.73	%⁵		5.87	%⁵		6.48	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Income Fund


	Class C

	Six Months
	Ended
	April 30,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2024			October 31,			October 31,			October 31,			October 31,			October 31,
	(Unaudited)			2023			2022			2021			2020			2019

Net asset value at beginning of period		$ 5.12			$ 4.95			$ 7.52			$ 7.51			$ 7.91			$ 7.86

Income (loss) from investment operations:
Net investment income		0.10			0.24			0.35			0.31			0.39			0.45
Net realized and unrealized gain (loss)		0.21			0.29			(2.53	)		0.02			(0.40	)		0.04

Total from investment operations		0.31			0.53			(2.18	)		0.33			(0.01	)		0.49

Less distributions:

From net investment income		(0.12	)		(0.36	)		(0.38	)		(0.32	)		(0.39	)		(0.44	)
From net realized gain		—			—			(0.01	)		—			—			(—	)¹
Tax return of capital		—			—			—			—			(—	)¹		—


Total distributions		(0.12	)		(0.36	)		(0.39	)		(0.32	)		(0.39	)		(0.44	)

Net asset value at end of period		$ 5.31			$ 5.12			$ 4.95			$ 7.52			$ 7.51			$ 7.91


Total return²		6.12	%		10.75	%		(29.86	)%		4.25	%		(0.01	)%		6.58	%

Portfolio turnover rate³		48	%		56	%		55	%		73	%		117	%		96	%

Net assets, end of period (in thousands)		$1,369			$1,492			$1,782			$5,762			$7,466			$10,745

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		2.31	%⁶		2.22	%⁶		2.20	%⁶		2.30	%⁶		2.33	%⁶		2.26	%
Expenses after reimbursements		1.90	%⁶		1.89	%⁶		2.01	%⁶		2.18	%⁶		2.22	%⁶		2.17	%

Net investment income to average net assets:
Net investment income before reimbursements		4.06	%⁶		4.65	%⁶		5.89	%⁶		3.88	%⁶		5.01	%⁶		5.65	%
Net investment income after reimbursements		4.47	%⁶		4.98	%⁶		6.08	%⁶		4.00	%⁶		5.12	%⁶		5.74	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Income Fund


	Institutional Class

	Six Months
	Ended
	April 30,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2024			October 31,			October 31,			October 31,			October 31,			October 31,
	(Unaudited)			2023			2022			2021			2020			2019

Net asset value at beginning of period		$ 5.36			$ 5.17			$ 7.85			$ 7.84			$ 8.25			$ 8.20

Income (loss) from investment operations:
Net investment income		0.12			0.31			0.45			0.41			0.48			0.55
Net realized and unrealized gain (loss)		0.22			0.31			(2.66	)		0.01			(0.41	)		0.04

Total from investment operations		0.34			0.62			(2.21	)		0.42			0.07			0.59

Less distributions:

From net investment income		(0.15	)		(0.43	)		(0.46	)		(0.41	)		(0.48	)		(0.54	)
From net realized gain		—			—			(0.01	)		—			—			(—	)¹
Tax return of capital		—			—			—			—			(—	)¹		—


Total distributions		(0.15	)		(0.43	)		(0.47	)		(0.41	)		(0.48	)		(0.54	)

Net asset value at end of period		$ 5.55			$ 5.36			$ 5.17			$ 7.85			$ 7.84			$ 8.25


Total return²		6.46	%		12.06	%		(29.15	)%		5.24	%		1.04	%		7.61	%

Portfolio turnover rate³		48	%		56	%		55	%		73	%		117	%		96	%

Net assets, end of period (in thousands)		$53,175			$67,689			$86,347			$277,188			$261,307			$443,880

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		1.31	%⁷		1.22	%⁷		1.20	%⁷		1.30	%⁷		1.32	%⁷		1.26	%
Expenses after reimbursements		0.90	%⁷		0.89	%⁷		1.01	%⁷		1.18	%⁷		1.21	%⁷		1.17	%

Net investment income to average net assets:
Net investment income before reimbursements		5.05	%⁷		5.65	%⁷		6.90	%⁷		4.86	%⁷		6.00	%⁷		6.66	%
Net investment income after reimbursements		5.46	%⁷		5.98	%⁷		7.09	%⁷		4.98	%⁷		6.11	%⁷		6.75	%

¹	Amount is less than $0.005 per share.

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

⁴	Annualized for periods less than one year.

⁵

Ratios include legal expenses of $583, $770, $63, $1,438 and $6,538 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2024 and the years October 31, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.03%, 0.02%, 0.12%, 0.01% and 0.05% and Net Investment Income ratios would have been higher by 0.03% 0.02%, 0.07%, 0.01% and 0.05% excluding these expenses.

⁶

Ratios include legal expenses of $236, $298, $79, $756 and $4,394 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2024 and the years ended October 31, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.03%, 0.02%, 0.14%, and 0.01% and Net Investment Income ratios would have been higher by 0.03%, 0.02%, 0.07%, 0.01% and 0.05% excluding these expenses.

⁷

Ratios include legal expenses of $9,998, $13,964, $3,742, $34,379 and $153,663 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2024 and the years October 31, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.03%, 0.02%, 0.14%, 0.01% and 0.04% and and Net Investment Income ratios would have been higher by 0.03%, 0.02%, 0.07%, 0.01% and 0.04% excluding these expenses.

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Short Duration Fund


							Class A

	Six Months
	Ended
	April 30,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2024			October 31,			October 31,			October 31,			October 31,			October 31,
	(Unaudited)			2023			2022			2021			2020			2019

Net asset value at beginning of period		$ 4.78			$ 4.28			$ 6.80			$ 7.52			$ 9.00			$ 9.78

Income (loss) from investment operations:
Net investment income		0.14	¹		0.34	¹		0.32			0.44			0.46			0.68
Net realized and unrealized gain (loss)		(0.11	)		0.57			(2.39	)		(0.69	)		(1.46	)		(0.75	)

Total from investment operations		0.03			0.91			(2.07	)		(0.25	)		(1.00	)		(0.07	)

Less distributions:

From net investment income		(0.19	)		(0.41	)		(0.34	)		(0.47	)		(0.48	)		(0.68	)
From net realized gain		—			—			(0.11	)		—			—			(0.03	)
Tax return of capital		—			—			—			—			—			—


Total distributions		(0.19	)		(0.41	)		(0.45	)		(0.47	)		(0.48	)		(0.71	)

Net asset value at end of period		$ 4.62			$ 4.78			$ 4.28			$ 6.80			$ 7.52			$ 9.00


Total return²		0.68	%		22.36	%		(31.54	)%		(4.07	)%		(11.25	)%		(1.22	)%

Portfolio turnover rate³		23	%		49	%		41	%		32	%		80	%		53	%

Net assets, end of period (in thousands)		$3,432			$8,499			$ 2,975			$6,834			$19,865			$110,771

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		1.55	%⁵		1.37	%⁵		1.14	%⁵		1.10	%⁵		1.13	%⁵		1.00	%
Expenses after reimbursements		1.06	%⁵		0.99	%⁵		0.89	%⁵		1.00	%⁵		0.99	%⁵		0.92	%

Net investment income to average net assets:
Net investment income before reimbursements		5.47	%⁵		7.19	%⁵		6.06	%⁵		6.17	%⁵		7.07	%⁵		6.74	%
Net investment income after reimbursements		5.96	%⁵		7.57	%⁵		6.31	%⁵		6.27	%⁵		7.21	%⁵		6.82	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Short Duration Fund


	Class C

	Six Months
	Ended
	April 30,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2024			October 31,			October 31,			October 31,			October 31,			October 31,
	(Unaudited)			2023			2022			2021			2020			2019

Net asset value at beginning of period		$ 4.56			$ 4.09			$ 6.53			$ 7.22			$ 8.66			$ 9.41

Income (loss) from investment operations:
Net investment income		0.12	¹		0.30	¹		0.29			0.40			0.42			0.58
Net realized and unrealized gain (loss)		(0.10	)		0.54			(2.33	)		(0.69	)		(1.45	)		(0.72	)

Total from investment operations		0.02			0.84			(2.04	)		(0.29	)		(1.03	)		(0.14	)

Less distributions:

From net investment income		(0.17	)		(0.37	)		(0.29	)		(0.40	)		(0.41	)		(0.58	)
From net realized gain		—			—			(0.11	)		—			—			(0.03	)
Tax return of capital		—			—			—			—			—			—


Total distributions		(0.17	)		(0.37	)		(0.40	)		(0.40	)		(0.41	)		(0.61	)

Net asset value at end of period		$ 4.41			$ 4.56			$ 4.09			$ 6.53			$ 7.22			$ 8.66


Total return²		0.39	%		21.32	%		(32.29	)%		(4.56	)%		(12.05	)%		(1.94	)%

Portfolio turnover rate³		23	%		49	%		41	%		32	%		80	%		53	%

Net assets, end of period (in thousands)		$ 165			$ 171			$ 291			$1,219			$ 1,572			$2,342

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		2.30	%⁶		2.11	%⁶		1.91	%⁶		1.84	%⁶		1.96	%⁶		1.75	%
Expenses after reimbursements		1.82	%⁶		1.74	%⁶		1.66	%⁶		1.76	%⁶		1.83	%⁶		1.67	%

Net investment income to average net assets:
Net investment income before reimbursements		4.66	%⁶		6.57	%⁶		5.09	%⁶		5.36	%⁶		5.20	%⁶		5.96	%
Net investment income after reimbursements		5.14	%⁶		6.94	%⁶		5.34	%⁶		5.44	%⁶		5.33	%⁶		6.04	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Short Duration Fund


	Institutional Class

	Six Months
	Ended
	April 30,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2024			October 31,			October 31,			October 31,			October 31,			October 31,
	(Unaudited)			2023			2022			2021			2020			2019

Net asset value at beginning of period		$ 4.69			$ 4.20			$ 6.69			$ 7.40			$ 8.83			$ 9.60

Income (loss) from investment operations:
Net investment income		0.14	¹		0.34	¹		0.37			0.50			0.49			0.69
Net realized and unrealized gain (loss)		(0.10	)		0.57			(2.40	)		(0.73	)		(1.44	)		(0.74	)

Total from investment operations		0.04			0.91			(2.03	)		(0.23	)		(0.95	)		(0.05	)

Less distributions:

From net investment income		(0.20	)		(0.42	)		(0.35	)		(0.48	)		(0.48	)		(0.69	)
From net realized gain		—			—			(0.11	)		—			—			(0.03	)
Tax return of capital		—			—			—			—			—			—


Total distributions		(0.20	)		(0.42	)		(0.46	)		(0.48	)		(0.48	)		(0.72	)

Net asset value at end of period		$ 4.53			$ 4.69			$ 4.20			$ 6.69			$ 7.40			$ 8.83


Total return²		0.73	%		22.63	%		(31.54	)%		(3.75	)%		(10.94	)%		(1.01	)%

Portfolio turnover rate³		23	%		49	%		41	%		32	%		80	%		53	%

Net assets, end of period (in thousands)		$29,467			$51,723			$52,073			$124,954			$441,467			$1,195,492

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		1.29	%⁷		1.12	%⁷		0.90	%⁷		0.84	%⁷		0.91	%⁷		0.75	%
Expenses after reimbursements		0.82	%⁷		0.74	%⁷		0.65	%⁷		0.75	%⁷		0.79	%⁷		0.67	%

Net investment income to average net assets:
Net investment income before reimbursements		5.65	%⁷		7.47	%⁷		6.22	%⁷		6.38	%⁷		6.98	%⁷		7.04	%
Net investment income after reimbursements		6.12	%⁷		7.85	%⁷		6.47	%⁷		6.47	%⁷		7.10	%⁷		7.12	%

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

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. Total return is not annualized for periods less than one year.

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

⁴	Annualized for periods less than one year.

⁵

Ratios include legal expenses of $5,248, 5,360, $(1,101), $10,827 and $37,676 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2024 and for the years ended October 31, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.14% and 0.07%, higher by 0.03% and lower by 0.08% and 0.07% and Net Investment Income ratios would have been higher by 0.14% and 0.07%, lower by 0.03% and higher by 0.08% and 0.07% excluding these expenses.

⁶

Ratios include legal expenses of $124, $141, $(46), $1,388 and $2,841 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2024 and for the years ended October 31, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.15% and 0.07%, higher by 0.01% and lower by 0.09% and 0.16% and Net Investment Income ratios would have been higher by 0.15% and 0.07%, lower by 0.01% and higher by 0.09% and 0.16% excluding these expenses.

⁷

Ratios include legal expenses of $23,229, $34,017, $(12,847), $182,441 and $835,457 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2024 and for the years ended October 31, 2023, 2022, 2021 and 2020, respectively. Expense ratios would have been lower by 0.15% and 0.07%, higher by 0.02% and lower by 0.08% and 0.12% and Net Investment Income ratios would have been higher by 0.15% and 0.07%, lower by 0.02% and higher by 0.08% and 0.12% excluding these expenses.

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Active Equity Fund


	Class A

	Six Months
	Ended
	April 30,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2024			October 31,			October 31,			October 31,			October 31,			October 31,
	(Unaudited)			2023			2022			2021			2020			2019

Net asset value at beginning of period		$ 6.48			$ 6.11			$ 12.55			$11.08			$10.46			$10.53

Income (loss) from investment operations:
Net investment income		0.02			0.01	¹		0.08	¹		0.15			0.11	¹		0.13
Net realized and unrealized gain (loss)		0.65			0.47			(3.26	)		1.44			0.56			0.85

Total from investment operations		0.67			0.48			(3.18	)		1.59			0.67			0.98

Less distributions:

From net investment income		(0.01	)		(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		(0.01	)		(0.11	)		(3.26	)		(0.12	)		(0.05	)		(1.05	)

Net asset value at end of period		$ 7.14			$ 6.48			$ 6.11			$12.55			$11.08			$10.46


Total return²		10.38	%		7.68	%		(33.53	)%		14.23	%		6.49	%		10.73	%

Portfolio turnover rate³		110	%		189	%		264	%		206	%		228	%		153	%

Net assets, end of period (in thousands)		$ 44			$ 40			$ 804			$1,611			$1,616			$ 209

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		2.04	%		1.69	%		1.52	%		1.49	%		1.55	%		1.96	%
Expenses after reimbursements		1.27	%		1.27	%		1.27	%		1.27	%		1.27	%		1.27	%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		(0.24	)%		(0.25	)%		0.68	%		0.91	%		0.73	%		0.55	%
Net investment income after reimbursements		0.53	%		0.17	%		0.93	%		1.13	%		1.01	%		1.24	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Active Equity Fund


	Class C

	Six Months
	Ended
	April 30,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2024			October 31,			October 31,			October 31,			October 31,			October 31,
	(Unaudited)			2023			2022			2021			2020			2019

Net asset value at beginning of period		$ 6.30			$ 5.96			$ 12.33			$10.90			$10.32			$10.43

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		0.01	¹		0.01	¹		0.05			—	^1,5		0.07
Net realized and unrealized gain (loss)		0.64			0.41			(3.18	)		1.42			0.58			0.83

Total from investment operations		0.63			0.42			(3.17	)		1.47			0.58			0.90

Less distributions:

From net investment income		(—	)⁵		(0.08	)		(0.13	)		(0.04	)		(—	)⁵		(0.05	)
From net realized gain		—			—			(3.07	)		—			—			(0.94	)
Tax return of capital		—			—			(—	)⁵		—			—			(0.02	)


Total distributions		—			(0.08	)		(3.20	)		(0.04	)		—			(1.01	)

Net asset value at end of period		$ 6.93			$ 6.30			$ 5.96			$12.33			$10.90			$10.32


Total return²		10.02	%		6.89	%		(34.05	)%		13.41	%		5.76	%		9.88	%

Portfolio turnover rate³		110	%		189	%		264	%		206	%		228	%		153	%

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

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		2.63	%		2.79	%		2.30	%		2.25	%		2.31	%		2.71	%
Expenses after reimbursements		2.02	%		2.02	%		2.02	%		2.02	%		2.02	%		2.02	%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		(0.84	)%		(0.65	)%		(0.10	)%		0.14	%		(0.30	)%		(0.17	)%
Net investment income (loss) after reimbursements		(0.23	)%		0.12	%		0.18	%		0.37	%		(0.01	)%		0.52	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Active Equity Fund


	Institutional Class

	Six Months
	Ended
	April 30,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2024			October 31,			October 31,			October 31,			October 31,			October 31,
	(Unaudited)			2023			2022			2021			2020			2019

Net asset value at beginning of period		$ 6.54			$ 6.16			$ 12.63			$ 11.15			$ 10.51			$ 10.56
Income (loss) from investment operations:
Net investment income		0.03			0.07	¹		0.09	¹		0.18			0.10	¹		0.16
Net realized and unrealized gain (loss)		0.66			0.43			(3.28	)		1.45			0.60			0.86

Total from investment operations		0.69			0.50			(3.19	)		1.63			0.70			1.02

Less distributions:

From net investment income		(0.01	)		(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		(0.01	)		(0.12	)		(3.28	)		(0.15	)		(0.06	)		(1.07	)

Net asset value at end of period		$ 7.22			$ 6.54			$ 6.16			$ 12.63			$ 11.15			$ 10.51


Total return²		10.63	%		7.95	%		(33.40	)%		14.50	%		6.79	%		11.05	%

Portfolio turnover rate³		110	%		189	%		264	%		206	%		228	%		153	%

Net assets, end of period (in thousands)		$25,058			$22,849			$75,264			$96,417			$80,474			$20,502

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		1.79	%		1.61	%		1.27	%		1.24	%		1.29	%		1.72	%
Expenses after reimbursements		1.02	%		1.02	%		1.02	%		1.02	%		1.02	%		1.02	%

Net investment income to average net assets:
Net investment income before reimbursements		0.01	%		0.41	%		0.87	%		1.15	%		0.67	%		0.83	%
Net investment income after reimbursements		0.78	%		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.

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

⁴	Annualized for periods less than one year.

⁵	Amount is less than $0.005 per share.

See accompanying notes to the financial statements.

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Small-Cap Equity Fund


	Class A

	Six Months
	Ended
	April 30,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2024			October 31,			October 31,			October 31,			October 31,			October 31,
	(Unaudited)			2023			2022			2021			2020			2019

Net asset value at beginning of period		$11.03			$10.07			$ 15.32			$10.99			$ 8.84			$ 8.02

Income (loss) from investment operations:
Net investment income (loss)		(0.05	)¹		0.03	¹		0.06	¹		(0.18	)		(0.20	)		(0.01	)
Net realized and unrealized gain (loss)		2.64			0.93			(5.15	)		4.51			2.35			0.83

Total from investment operations		2.59			0.96			(5.09	)		4.33			2.15			0.82

Less distributions:

From net investment income		(0.08	)		—			—			—			—			(—	)²
From net realized gain		—			—			—			—			—			—
Tax return of capital		—			—			(0.16	)		—			—			(—	)²


Total distributions		(0.08	)		—			(0.16	)		—			—			—

Net asset value at end of period		$13.54			$11.03			$ 10.07			$15.32			$10.99			$ 8.84


Total return³		23.55	%		9.53	%		(33.37	)%		39.40	%		24.32	%		10.27	%

Portfolio turnover rate⁴		32	%		79	%		50	%		77	%		62	%		60	%

Net assets, end of period (in thousands)		$ 432			$ 441			$ 393			$ 321			$ 388			$1,356

Ratios to average net assets:⁵
Total expenses to average net assets:
Expenses before reimbursements		2.88	%		3.29	%		3.08	%		2.75	%		2.78	%		2.30	%
Expenses after reimbursements		1.52	%		1.59	%		1.77	%		1.77	%		1.77	%		1.77	%

Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(2.20	)%		(1.41	)%		(0.78	)%		(1.48	)%		(1.74	)%		(0.62	)%
Net investment income (loss) after reimbursements		(0.84	)%		0.29	%		0.53	%		(0.50	)%		(0.73	)%		(0.09	)%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Small-Cap Equity Fund


	Class C

	Six Months
	Ended
	April 30,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2024			October 31,			October 31,			October 31,			October 31,			October 31,
	(Unaudited)			2023			2022			2021			2020			2019

Net asset value at beginning of period		$11.26			$10.36			$ 15.79			$11.40			$ 9.22			$ 8.42

Income (loss) from investment operations:
Net investment loss		(0.10	)¹		(0.09	)¹		(0.06	)¹		(0.32	)		(0.34	)		(0.38	)
Net realized and unrealized gain (loss)		2.70			0.99			(5.28	)		4.71			2.52			1.18

Total from investment operations		2.60			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 period		$13.86			$11.26			$ 10.36			$15.79			$11.40			$ 9.22


Total return³		23.09	%		8.69	%		(33.91	)%		38.51	%		23.64	%		9.50	%

Portfolio turnover rate⁴		32	%		79	%		50	%		77	%		62	%		60	%

Net assets, end of period (in thousands)		$ 17			$ 14			$ 41			$ 162			$ 135			$ 144

Ratios to average net assets:⁵
Total expenses to average net assets:
Expenses before reimbursements		3.63	%		3.96	%		3.72	%		3.47	%		3.91	%		3.05	%
Expenses after reimbursements		2.27	%		2.34	%		2.52	%		2.52	%		2.52	%		2.52	%

Net investment loss to average net assets:
Net investment loss before reimbursements		(2.90	)%		(2.35	)%		(1.67	)%		(2.09	)%		(2.70	)%		(1.48	)%
Net investment loss after reimbursements		(1.54	)%		(0.73	)%		(0.47	)%		(1.14	)%		(1.31	)%		(0.95	)%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Small-Cap Equity Fund


	Institutional Class

	Six Months
	Ended
	April 30,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2024			October 31,			October 31,			October 31,			October 31,			October 31,
	(Unaudited)			2023			2022			2021			2020			2019

Net asset value at beginning of period		$14.38			$13.09			$ 19.82			$ 14.19			$11.39			$ 10.32
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)¹		0.08	¹		0.09	¹		(0.02	)		(0.10	)		0.02
Net realized and unrealized gain (loss)		3.44			1.21			(6.65	)		5.65			2.90			1.06

Total from investment operations		3.40			1.29			(6.56	)		5.63			2.80			1.08

Less distributions:

From net investment income		(0.10	)		—			—			—			—			(0.01	)
From net realized gain		—			—			—			—			—			—
Tax return of capital		—			—			(0.17	)		—			—			(—	)²


Total distributions		(0.10	)		—			(0.17	)		—			—			(0.01	)

Net asset value at end of period		$17.68			$14.38			$ 13.09			$ 19.82			$14.19			$ 11.39


Total return³		23.66	%		9.85	%		(33.21	)%		39.68	%		24.58	%		10.52	%

Portfolio turnover rate⁴		32	%		79	%		50	%		77	%		62	%		60	%

Net assets, end of period (in thousands)		$9,653			$8,043			$ 6,237			$10,994			$7,419			$26,296

Ratios to average net assets:⁵
Total expenses to average net assets:
Expenses before reimbursements		2.63	%		3.03	%		2.77	%		2.45	%		2.56	%		2.05	%
Expenses after reimbursements		1.27	%		1.34	%		1.52	%		1.52	%		1.52	%		1.52	%

Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(1.90	)%		(1.18	)%		(0.66	)%		(1.02	)%		(1.51	)%		(0.38	)%
Net investment income (loss) after reimbursements		(0.54	)%		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.

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

⁵	Annualized for periods less than one year.

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Frontier Equity Fund


	Class A

	Six Months
	Ended
	April 30,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2024			October 31,			October 31,			October 31,			October 31,			October 31,
	(Unaudited)			2023			2022			2021			2020			2019

Net asset value at beginning of period		$ 8.13			$ 8.36			$ 10.13			$ 7.07			$ 8.02			$ 7.66

Income (loss) from investment operations:
Net investment income (loss)		0.07			0.09			0.08	¹		0.02	¹		(0.01	)¹		0.14
Net realized and unrealized gain (loss)		1.56			(0.14	)		(1.67	)		3.10			(0.91	)		0.37

Total from investment operations		1.63			(0.05	)		(1.59	)		3.12			(0.92	)		0.51

Less distributions:

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


Total distributions		(0.08	)		(0.18	)		(0.18	)		(0.06	)		(0.03	)		(0.15	)

Net asset value at end of period		$ 9.68			$ 8.13			$ 8.36			$ 10.13			$ 7.07			$ 8.02


Total return²		20.10	%		(0.72	)%		(15.92	)%		44.20	%		(11.47	)%		6.58	%

Portfolio turnover rate³		43	%		94	%		95	%		87	%		108	%		93	%

Net assets, end of period (in thousands)		$1,992			$1,597			$ 3,018			$ 2,561			$ 656			$6,985

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		2.26	%		2.27	%		2.24	%		2.11	%		2.18	%		2.12	%
Expenses after reimbursements		1.77	%		1.77	%		1.77	%		1.77	%		1.77	%		1.77	%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		0.69	%		1.57	%		0.49	%		(0.09	)%		(0.59	)%		1.61	%
Net investment income (loss) after reimbursements		1.18	%		2.07	%		0.96	%		0.25	%		(0.18	)%		1.96	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Frontier Equity Fund


	Class C

	Six Months
	Ended
	April 30,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2024			October 31,			October 31,			October 31,			October 31,			October 31,
	(Unaudited)			2023			2022			2021			2020			2019

Net asset value at beginning of period		$ 7.78			$ 8.03			$ 9.75			$ 6.82			$ 7.80			$ 7.47

Income (loss) from investment operations:
Net investment income (loss)		(—	)⁵		(0.02	)		0.02	¹		(0.03	)¹		0.01	¹		0.02
Net realized and unrealized gain (loss)		1.53			(0.10	)		(1.62	)		2.97			(0.96	)		0.42

Total from investment operations		1.53			(0.12	)		(1.60	)		2.94			(0.95	)		0.44

Less distributions:

From net investment income		(0.05	)		(0.13	)		(0.12	)		(0.01	)		(0.03	)		(0.11	)
From net realized gain		—			—			—			—			—			—
Tax return of capital		—			—			—			—			—			—


Total distributions		(0.05	)		(0.13	)		(0.12	)		(0.01	)		(0.03	)		(0.11	)

Net asset value at end of period		$ 9.26			$ 7.78			$ 8.03			$ 9.75			$ 6.82			$ 7.80


Total return²		19.76	%		(1.51	)%		(16.58	)%		43.13	%		(12.13	)%		5.87	%

Portfolio turnover rate³		43	%		94	%		95	%		87	%		108	%		93	%

Net assets, end of period (in thousands)		$ 233			$ 204			$ 293			$ 209			$ 286			$ 305

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		3.01	%		3.04	%		3.00	%		2.89	%		3.01	%		2.88	%
Expenses after reimbursements		2.52	%		2.52	%		2.52	%		2.52	%		2.52	%		2.52	%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		(0.09	)%		0.77	%		(0.21	)%		(0.77	)%		(0.41	)%		0.48	%
Net investment income (loss) after reimbursements		0.40	%		1.29	%		0.27	%		(0.40	)%		0.08	%		0.84	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Frontier Equity Fund


	Institutional Class
	Six Months Ended April 30, 2024 (Unaudited)			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 period		$ 9.50			$ 9.73			$ 11.77			$ 8.20			$ 9.32			$ 8.86
Income (loss) from investment operations:
Net investment income		0.07			0.24			0.11	¹		0.06	¹		0.09	¹		0.16
Net realized and unrealized gain (loss)		1.85			(0.27	)		(1.95	)		3.58			(1.13	)		0.46

Total from investment operations		1.92			(0.03	)		(1.84	)		3.64			(1.04	)		0.62

Less distributions:

From net investment income		(0.09	)		(0.20	)		(0.20	)		(0.07	)		(0.08	)		(0.16	)
From net realized gain		—			—			—			—			—			—
Tax return of capital		—			—			—			—			—			—


Total distributions		(0.09	)		(0.20	)		(0.20	)		(0.07	)		(0.08	)		(0.16	)

Net asset value at end of period		$ 11.33			$ 9.50			$ 9.73			$ 11.77			$ 8.20			$ 9.32


Total return²		20.24	%		(0.42	)%		(15.78	)%		44.50	%		(11.17	)%		6.97	%

Portfolio turnover rate³		43	%		94	%		95	%		87	%		108	%		93	%

Net assets, end of period (in thousands)		$72,425			$61,026			$69,320			$77,540			$53,053			$81,047

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		2.01	%		2.03	%		1.98	%		1.88	%		2.00	%		1.88	%
Expenses after reimbursements		1.52	%		1.52	%		1.52	%		1.52	%		1.52	%		1.52	%

Net investment income to average net assets:
Net investment income before reimbursements		0.91	%		1.73	%		0.64	%		0.23	%		0.58	%		1.39	%
Net investment income after reimbursements		1.40	%		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.

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.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Equity Fund


							Class A
	Six Months Ended April 30, 2024 (Unaudited)			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 period	$	9.28			$ 8.29			$ 16.77			$13.08			$11.18			$ 9.38

Income (loss) from investment operations:
Net investment income (loss)		0.04	¹		0.10	¹		0.13			(0.06	)¹		0.08			0.05
Net realized and unrealized gain (loss)		1.58			1.01			(5.67	)		4.07			1.84			1.97

Total from investment operations		1.62			1.11			(5.54	)		4.01			1.92			2.02

Less distributions:

From net investment income		(0.01	)		(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		(0.01	)		(0.12	)		(2.94	)		(0.32	)		(0.02	)		(0.22	)


Net asset value at end of period	$	10.89			$ 9.28			$ 8.29			$16.77			$13.08			$11.18


Total return²		17.48	%		13.26	%		(39.01	)%		30.92	%		17.21	%		21.66	%

Portfolio turnover rate³		71	%		79	%		85	%		77	%		76	%		76	%

Net assets, end of period (in thousands)	$	32,257			$4,469			$ 3,081			$3,872			$1,394			$ 641

Ratios to average net assets:⁴

Total expenses to average net assets:
Expenses before reimbursements		1.56	%		1.69	%		1.65	%		1.56	%		1.81	%		1.91	%
Expenses after reimbursements		1.27	%		1.32	%		1.42	%		1.42	%		1.42	%		1.42	%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		0.38	%		0.59	%		0.75	%		(0.48	)%		(0.42	)%		(0.01	)%
Net investment income (loss) after reimbursements		0.67	%		0.96	%		0.98	%		(0.34	)%		(0.03	)%		0.48	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Equity Fund


							Class C

	Six Months Ended April 30, 2024 (Unaudited)			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 period	$	8.61			$ 7.70			$ 15.80			$12.39			$10.64			$ 8.96

Income (loss) from investment operations:
Net investment income (loss)		(0.03	)¹		0.03	¹		0.02			(0.16	)¹		(0.10	)		(0.04	)
Net realized and unrealized gain (loss)		1.50			0.93			(5.25	)		3.86			1.85			1.91

Total from investment operations		1.47			0.96			(5.23	)		3.70			1.75			1.87

Less distributions:

From net investment income		(—	)⁵		(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 period	$	10.08			$ 8.61			$ 7.70			$15.80			$12.39			$10.64


Total return²		17.11	%		12.45	%		(39.46	)%		30.13	%		16.45	%		20.89	%

Portfolio turnover rate³		71	%		79	%		85	%		77	%		76	%		76	%

Net assets, end of period (in thousands)	$	63			$ 70			$ 105			$ 107			$ 2			$ 1

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		2.36	%		2.45	%		2.42	%		2.29	%		2.49	%		2.66	%
Expenses after reimbursements		2.02	%		2.07	%		2.17	%		2.17	%		2.17	%		2.17	%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		(0.90	)%		(0.09	)%		0.12	%		(1.11	)%		(1.22	)%		(0.95	)%
Net investment income (loss) after reimbursements		(0.56	)%		0.29	%		0.37	%		(0.99	)%		(0.90	)%		(0.46	)%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Equity Fund


	Institutional Class

	Six Months Ended April 30, 2024 (Unaudited)			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 period	$	8.93		$	7.97		$	16.23		$	12.65		$	10.81		$	9.06

Income (loss) from investment operations:
Net investment income (loss)		0.03	¹		0.12	¹		0.17			(0.02	)¹		0.11			0.06
Net realized and unrealized gain (loss)		1.54			0.98			(5.47	)		3.92			1.77			1.93

Total from investment operations		1.57			1.10			(5.30	)		3.90			1.88			1.99

Less distributions:

From net investment income		(0.01	)		(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		(0.01	)		(0.14	)		(2.96	)		(0.32	)		(0.04	)		(0.24	)

Net asset value at end of period	$	10.49		$	8.93		$	7.97		$	16.23		$	12.65		$	10.81


Total return²		17.62	%		13.65	%		(38.85	)%		31.24	%		17.41	%		22.05	%

Portfolio turnover rate³		71	%		79	%		85	%		77	%		76	%		76	%

Net assets, end of period (in thousands)	$	101,097		$	88,044		$	90,921		$	116,727		$	82,385		$	35,011

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		1.35	%		1.44	%		1.41	%		1.32	%		1.56	%		1.66	%
Expenses after reimbursements		1.02	%		1.07	%		1.17	%		1.17	%		1.17	%		1.17	%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		0.20	%		0.84	%		1.10	%		(0.26	)%		(0.22	)%		0.09	%
Net investment income (loss) after reimbursements		0.53	%		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.

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.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Equity ESG Fund


							Class A
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2021			Period Ended October 31, 2020¹

Net asset value at beginning of period	$	8.64		$	7.61		$	14.91		$	12.05		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		0.03			0.01			(0.09	)		(0.01	)
Net realized and unrealized gain (loss)		1.19			1.06			(5.27	)		3.04			2.06

Total from investment operations		1.18			1.09			(5.26	)		2.95			2.05

Less distributions:

From net investment income		(—	)²		(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	$	9.82		$	8.64		$	7.61		$	14.91		$	12.05


Total return³		13.70	%		14.21	%		(40.26	)%		24.50	%		20.50	%

Portfolio turnover rate⁴		28	%		51	%		49	%		55	%		45	%

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

Ratios to average net assets:⁵
Total expenses to average net assets:
Expenses before reimbursements		2.30	%		2.49	%		2.49	%		2.39	%		4.16	%
Expenses after reimbursements		1.27	%		1.32	%		1.42	%		1.42	%		1.42	%

Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(1.28	)%		(0.95	)%		(1.12	)%		(1.56	)%		(2.89	)%
Net investment income (loss) after reimbursements		(0.25	)%		0.22	%		(0.05	)%		(0.59	)%		(0.15	)%

See accompanying notes to the financial statements.

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Equity ESG Fund


							Class C
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2021			Period Ended October 31, 2020¹

Net asset value at beginning of period	$	8.45		$	7.47		$	14.77		$	12.00		$	10.00

Income (loss) from investment operations:
Net investment loss		(0.05	)		(0.05	)		(0.04	)		(0.20	)		(0.06	)
Net realized and unrealized gain (loss)		1.18			1.05			(5.23	)		3.05			2.06

Total from investment operations		1.13			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	$	9.58		$	8.45		$	7.47		$	14.77		$	12.00


Total return³		13.37	%		13.32	%		(40.76	)%		23.81	%		20.00	%

Portfolio turnover rate⁴		28	%		51	%		49	%		55	%		45	%

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

Ratios to average net assets:⁵
Total expenses to average net assets:
Expenses before reimbursements		3.04	%		3.22	%		3.22	%		3.14	%		4.77	%
Expenses after reimbursements		2.02	%		2.07	%		2.17	%		2.17	%		2.17	%

Net investment loss to average net assets:
Net investment loss before reimbursements		(2.08	)%		(1.70	)%		(1.85	)%		(2.32	)%		(3.50	)%
Net investment loss after reimbursements		(1.06	)%		(0.55	)%		(0.80	)%		(1.35	)%		(0.90	)%

See accompanying notes to the financial statements.

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Equity ESG Fund


	Institutional Class

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2021			Period Ended October 31, 2020¹

Net asset value at beginning of period	$	8.69		$	7.65		$	14.96		$	12.06		$	10.00

Income (loss) from investment operations:
Net investment income (loss)		(—	)²		0.05			0.03			(0.05	)		0.01
Net realized and unrealized gain (loss)		1.22			1.06			(5.29	)		3.04			2.05

Total from investment operations		1.22			1.11			(5.26	)		2.99			2.06

Less distributions:

From net investment income		(0.01	)		(0.07	)		—			(0.09	)		(—	)²
From net realized gain		—			—			(2.03	)		—			—
Tax return of capital		—			—			(0.02	)		—			—


Total distributions		(0.01	)		(0.07	)		(2.05	)		(0.09	)		—

Net asset value at end of period	$	9.90		$	8.69		$	7.65		$	14.96		$	12.06


Total return³		13.99	%		14.45	%		(40.10	)%		24.82	%		20.60	%

Portfolio turnover rate⁴		28	%		51	%		49	%		55	%		45	%

Net assets, end of period (in thousands)	$	11,561		$	10,149		$	8,884		$	15,041		$	12,062

Ratios to average net assets:⁵
Total expenses to average net assets:
Expenses before reimbursements		2.09	%		2.19	%		2.12	%		2.16	%		3.68	%
Expenses after reimbursements		1.02	%		1.07	%		1.17	%		1.17	%		1.17	%

Net investment income (loss) to average net assets:
Net investment loss before reimbursements		(1.09	)%		(0.63	)%		(0.74	)%		(1.34	)%		(2.41	)%
Net investment income (loss) after reimbursements		(0.02	)%		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	Amount is less than $0.005 per share.

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

⁵	Annualized for periods less than one year.

See accompanying notes to the financial statements.

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Low Duration Fund


							Class A

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2021			Period Ended October 31, 2020¹

Net asset value at beginning of period	$	8.50		$	8.32		$	9.80		$	10.18		$	10.00

Income (loss) from investment operations:
Net investment income		0.20	²		0.33			0.29			0.38			0.14
Net realized and unrealized gain (loss)		0.15			0.21			(1.48	)		(0.35	)		0.19

Total from investment operations		0.35			0.54			(1.19	)		0.03			0.33

Less distributions:

From net investment income		(0.19	)		(0.35	)		(0.29	)		(0.38	)		(0.15	)
From net realized gain		—			—			(—	)³		(0.03	)		—
Tax return of capital		—			(0.01	)		—			—			—


Total distributions		(0.19	)		(0.36	)		(0.29	)		(0.41	)		(0.15	)

Net asset value at end of period	$	8.66		$	8.50		$	8.32		$	9.80		$	10.18


Total return⁴		4.09	%		6.60	%		(12.27	)%		0.20	%		3.30	%

Portfolio turnover rate⁵		18	%		50	%		52	%		43	%		12	%

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

Ratios to average net assets:⁶
Total expenses to average net assets:
Expenses before reimbursements		2.08	%		2.14	%		2.05	%		1.71	%		4.87	%
Expenses after reimbursements		0.92	%		0.92	%		0.92	%		0.92	%		0.92	%

Net investment income to average net assets:
Net investment income before reimbursements		3.41	%		2.68	%		2.06	%		2.88	%		0.05	%
Net investment income after reimbursements		4.57	%		3.90	%		3.19	%		3.67	%		4.00	%

See accompanying notes to the financial statements.

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Low Duration Fund


							Class C

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2021			Period Ended October 31, 2020¹

Net asset value at beginning of period	$	8.49		$	8.32		$	9.80		$	10.18		$	10.00

Income (loss) from investment operations:
Net investment income		0.15	²		0.27			0.22			0.30			0.12
Net realized and unrealized gain (loss)		0.16			0.20			(1.48	)		(0.35	)		0.18

Total from investment operations		0.31			0.47			(1.26	)		(0.05	)		0.30

Less distributions:

From net investment income		(0.15	)		(0.29	)		(0.22	)		(0.30	)		(0.12	)
From net realized gain		—			—			(—	)³		(0.03	)		—
Tax return of capital		—			(0.01	)		—			—			—


Total distributions		(0.15	)		(0.30	)		(0.22	)		(0.33	)		(0.12	)

Net asset value at end of period	$	8.65		$	8.49		$	8.32		$	9.80		$	10.18


Total return⁴		3.65	%		5.68	%		(12.94	)%		(0.57	)%		3.03	%

Portfolio turnover rate⁵		18	%		50	%		52	%		43	%		12	%

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

Ratios to average net assets:⁶
Total expenses to average net assets:
Expenses before reimbursements		2.90	%		2.82	%		2.72	%		2.42	%		5.60	%
Expenses after reimbursements		1.67	%		1.67	%		1.67	%		1.67	%		1.67	%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		2.27	%		2.01	%		1.39	%		2.16	%		(0.68	)%
Net investment income after reimbursements		3.50	%		3.16	%		2.44	%		2.91	%		3.25	%

See accompanying notes to the financial statements.

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Low Duration Fund


	Institutional Class

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2021			Period Ended October 31, 2020¹

Net asset value at beginning of period	$	8.51		$	8.32		$	9.80		$	10.18		$	10.00

Income (loss) from investment operations:
Net investment income		0.19	²		0.34			0.30			0.40			0.16
Net realized and unrealized gain (loss)		0.16			0.22			(1.48	)		(0.35	)		0.18

Total from investment operations		0.35			0.56			(1.18	)		0.05			0.34

Less distributions:

From net investment income		(0.19	)		(0.36	)		(0.30	)		(0.40	)		(0.16	)
From net realized gain		—			—			(—	)³		(0.03	)		—
Tax return of capital		—			(0.01	)		—			—			—


Total distributions		(0.19	)		(0.37	)		(0.30	)		(0.43	)		(0.16	)

Net asset value at end of period	$	8.67		$	8.51		$	8.32		$	9.80		$	10.18


Total return⁴		4.11	%		6.88	%		(12.16	)%		0.40	%		3.43	%

Portfolio turnover rate⁵		18	%		50	%		52	%		43	%		12	%

Net assets, end of period (in thousands)	$	9,818		$	9,490		$	8,996		$	10,286		$	10,317

Ratios to average net assets:⁶
Total expenses to average net assets:
Expenses before reimbursements		1.64	%		1.63	%		1.48	%		1.38	%		4.58	%
Expenses after reimbursements		0.67	%		0.67	%		0.67	%		0.67	%		0.67	%

Net investment income to average net assets:
Net investment income before reimbursements		3.44	%		3.10	%		2.54	%		3.21	%		0.29	%
Net investment income after reimbursements		4.41	%		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	Per share amounts are based on average number of shares outstanding during the period.

³	Amount is less than $0.005 per share.

⁴

⁵	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.

⁶	Annualized for periods less than one year.

See accompanying notes to the financial statements.

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Debt Fund


	Class A
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2021			Period Ended October 31, 2020¹

Net asset value at beginning of period	$	7.34		$	7.52		$	9.90		$	9.85		$	10.00

Income (loss) from investment operations:
Net investment income		0.24			0.37			0.30			0.32			0.03
Net realized and unrealized gain (loss)		0.76			(0.11	)		(2.37	)		0.06			(0.15	)

Total from investment operations		1.00			0.26			(2.07	)		0.38			(0.12	)

Less distributions:

From net investment income		(0.24	)		(0.41	)		(0.31	)		(0.33	)		(0.03	)
From net realized gain		—			—			—			—			—
Tax return of capital		—			(0.03	)		—			—			—


Total distributions		(0.24	)		(0.44	)		(0.31	)		(0.33	)		(0.03	)

Net asset value at end of period	$	8.10		$	7.34		$	7.52		$	9.90		$	9.85


Total return²		13.52	%		3.31	%		(21.27	)%		3.85	%		(1.19	)%

Portfolio turnover rate³		15	%		109	%		53	%		44	%		3	%

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

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		1.83	%		1.74	%		1.56	%		1.77	%		4.88	%
Expenses after reimbursements		0.92	%		0.96	%		0.97	%		0.97	%		0.97	%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		5.07	%		4.02	%		2.87	%		2.42	%		(1.27	)%
Net investment income after reimbursements		5.98	%		4.80	%		3.46	%		3.22	%		2.64	%

See accompanying notes to the financial statements.

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Debt Fund


	Class C
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2021			Period Ended October 31, 2020¹

Net asset value at beginning of period	$	7.34		$	7.52		$	9.90		$	9.85		$	10.00

Income (loss) from investment operations:
Net investment income		0.21			0.32			0.24			0.25			0.02
Net realized and unrealized gain (loss)		0.74			(0.11	)		(2.38	)		0.05			(0.15	)

Total from investment operations		0.95			0.21			(2.14	)		0.30			(0.13	)

Less distributions:

From net investment income		(0.21	)		(0.36	)		(0.24	)		(0.25	)		(0.02	)
From net realized gain		—			—			—			—			—
Tax return of capital		—			(0.03	)		—			—			—


Total distributions		(0.21	)		(0.39	)		(0.24	)		(0.25	)		(0.02	)

Net asset value at end of period	$	8.08		$	7.34		$	7.52		$	9.90		$	9.85


Total return²		13.12	%		2.59	%		(21.84	)%		3.08	%		(1.26	)%

Portfolio turnover rate³		15	%		109	%		53	%		44	%		3	%

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

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		2.28	%		2.17	%		2.12	%		2.49	%		5.62	%
Expenses after reimbursements		1.67	%		1.71	%		1.72	%		1.72	%		1.72	%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		4.64	%		3.67	%		2.34	%		1.70	%		(2.02	)%
Net investment income after reimbursements		5.25	%		4.13	%		2.74	%		2.47	%		1.88	%

See accompanying notes to the financial statements.

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Debt Fund


	Institutional Class
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2021			Period Ended October 31, 2020¹

Net asset value at beginning of period	$	7.35		$	7.53		$	9.90		$	9.85		$	10.00

Income (loss) from investment operations:
Net investment income		0.25			0.38			0.32			0.35			0.03
Net realized and unrealized gain (loss)		0.76			(0.11	)		(2.37	)		0.05			(0.15	)

Total from investment operations		1.01			0.27			(2.05	)		0.40			(0.12	)

Less distributions:

From net investment income		(0.25	)		(0.42	)		(0.32	)		(0.35	)		(0.03	)
From net realized gain		—			—			—			—			—
Tax return of capital		—			(0.03	)		—			—			—


Total distributions		(0.25	)		(0.45	)		(0.32	)		(0.35	)		(0.03	)

Net asset value at end of period	$	8.11		$	7.35		$	7.53		$	9.90		$	9.85


Total return²		13.71	%		3.41	%		(21.02	)%		4.03	%		(1.16	)%

Portfolio turnover rate³		15	%		109	%		53	%		44	%		3	%

Net assets, end of period (in thousands)	$	18,415		$	16,347		$	16,042		$	20,442		$	19,757

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		1.44	%⁵		1.31	%		1.19	%		1.48	%		4.43	%
Expenses after reimbursements		0.68	%⁵		0.71	%		0.72	%		0.72	%		0.72	%

Net investment income (loss) to average net assets:
Net investment income (loss) before reimbursements		5.34	%⁵		4.34	%		3.21	%		2.66	%		(0.92	)%
Net investment income after reimbursements		6.10	%⁵		4.94	%		3.68	%		3.42	%		2.79	%

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

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

⁴	Annualized for periods less than one year.

⁵	Ratios include legal expenses of $653 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2024. Expense ratios would have been lower by 0.01% and Net Investment Income ratios would have been higher by 0.01% excluding these expenses.

See accompanying notes to the financial statements.

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Income ESG Fund


	Class A

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Year Ended October 31, 2022			Period Ended October 31, 2021¹

Net asset value at beginning of period	$	6.07		$	6.26		$	9.11		$	10.00

Income (loss) from investment operations:
Net investment income		0.16			0.32			0.36			0.29
Net realized and unrealized gain (loss)		0.42			(0.11	)		(2.83	)		(0.89	)

Total from investment operations		0.58			0.21			(2.47	)		(0.60	)

Less distributions:

From net investment income		(0.17	)		(0.40	)		(0.36	)		(0.29	)
From net realized gain		—			—			(0.02	)		—
Tax return of capital		—			—			—			—


Total distributions		(0.17	)		(0.40	)		(0.38	)		(0.29	)

Net asset value at end of period	$	6.48		$	6.07		$	6.26		$	9.11


Total return²		9.68	%		2.98	%		(27.67	)%		(6.11	)%

Portfolio turnover rate³		18	%		32	%		34	%		15	%

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		2.28	%		2.13	%		2.59	%		3.35	%
Expenses after reimbursements		1.12	%		1.12	%		1.12	%		1.12	%

Net investment income to average net assets:
Net investment income before reimbursements		3.85	%		3.93	%		3.26	%		2.26	%
Net investment income after reimbursements		5.01	%		4.94	%		4.73	%		4.49	%

See accompanying notes to the financial statements.

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FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Income ESG Fund


	Class C

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Year Ended October 31, 2022			Period Ended October 31, 2021¹

Net asset value at beginning of period	$	6.06		$	6.26		$	9.11		$	10.00

Income (loss) from investment operations:
Net investment income		0.13			0.27			0.30			0.24
Net realized and unrealized gain (loss)		0.42			(0.11	)		(2.82	)		(0.88	)

Total from investment operations		0.55			0.16			(2.52	)		(0.64	)

Less distributions:

From net investment income		(0.14	)		(0.36	)		(0.31	)		(0.25	)
From net realized gain		—			—			(0.02	)		—
Tax return of capital		—			—			—			—


Total distributions		(0.14	)		(0.36	)		(0.33	)		(0.25	)

Net asset value at end of period	$	6.47		$	6.06		$	6.26		$	9.11


Total return²		9.03	%		2.33	%		(28.23	)%		(6.55	)%

Portfolio turnover rate³		18	%		32	%		34	%		15	%

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		3.07	%		3.18	%		3.32	%		4.10	%
Expenses after reimbursements		1.87	%		1.87	%		1.87	%		1.87	%

Net investment income to average net assets:
Net investment income before reimbursements		2.91	%		2.93	%		2.53	%		1.52	%
Net investment income after reimbursements		4.11	%		4.24	%		3.98	%		3.75	%

See accompanying notes to the financial statements.

ASHMORE FUNDS

FINANCIAL HIGHLIGHTS

Ashmore Emerging Markets Corporate Income ESG Fund


	Institutional Class

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023			Year Ended October 31, 2022			Period Ended October 31, 2021¹

Net asset value at beginning of period	$	6.07		$	6.26		$	9.11		$	10.00

Income (loss) from investment operations:
Net investment income		0.17			0.33			0.37			0.31
Net realized and unrealized gain (loss)		0.41			(0.11	)		(2.83	)		(0.89	)

Total from investment operations		0.58			0.22			(2.46	)		(0.58	)

Less distributions:

From net investment income		(0.17	)		(0.41	)		(0.37	)		(0.31	)
From net realized gain		—			—			(0.02	)		—
Tax return of capital		—			—			—			—


Total distributions		(0.17	)		(0.41	)		(0.39	)		(0.31	)

Net asset value at end of period	$	6.48		$	6.07		$	6.26		$	9.11


Total return²		9.60	%		3.36	%		(27.56	)%		(5.96	)%

Portfolio turnover rate³		18	%		32	%		34	%		15	%

Net assets, end of period (in thousands)	$	7,437		$	6,833		$	6,720		$	9,356

Ratios to average net assets:⁴
Total expenses to average net assets:
Expenses before reimbursements		2.04	%		2.07	%		2.12	%		3.08	%
Expenses after reimbursements		0.87	%		0.87	%		0.87	%		0.87	%

Net investment income to average net assets:
Net investment income before reimbursements		4.02	%		3.98	%		3.66	%		2.52	%
Net investment income after reimbursements		5.19	%		5.18	%		4.91	%		4.73	%

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

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

⁴	Annualized for periods less than one year.

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2024 (Unaudited)


	Currency¹		Par	Value		% of Net Assets
Debt Securities

Angola (Cost $1,373,232)
Angola (Rep of), 8.250%, 05/09/2028			315,000	$	296,986		0.31
Angola (Rep of), 8.000%, 11/26/2029			200,000		182,500		0.19
Angola (Rep of), 9.375%, 05/08/2048			474,000		402,900		0.42
Angola (Rep of), 9.125%, 11/26/2049			608,000		508,060		0.53
					1,390,446		1.45

Argentina (Cost $1,138,880)
Argentina (Rep of), 1.000%, 07/09/2029			288,468		170,106		0.18
Argentina (Rep of), (Step to 1.750% on 7/9/27), 0.750%, 07/09/2030²			1,621,434		935,567		0.97
Argentina (Rep of), (Step to 4.125% on 7/9/24), 3.625%, 07/09/2035²			716,920		327,633		0.34
Argentina (Rep of), (Step to 5.000% on 7/9/24), 4.250%, 01/09/2038²			429,409		217,710		0.23
Argentina (Rep of), (Step to 4.875% on 7/9/29), 3.500%, 07/09/2041²			489,450		213,890		0.22
					1,864,906		1.94

Azerbaijan (Cost $632,825)
Southern Gas Corridor CJSC, 6.875%, 03/24/2026			396,000		397,782		0.41
State Oil Co. of the Azerbaijan Republic, 6.950%, 03/18/2030			200,000		202,188		0.21
					599,970		0.62

Bahrain (Cost $513,504)
Bahrain (Rep of), 7.500%, 09/20/2047			324,000		298,890		0.31
Bapco Energies BSCC, 8.375%, 11/07/2028			200,000		211,563		0.22
					510,453		0.53

Benin (Cost $193,562)
Benin (Rep of), 7.960%, 02/13/2038³			200,000		188,938		0.20
					188,938		0.20

Brazil (Cost $29,874,158)
Brazil (Rep of), 4.250%, 01/07/2025			200,000		196,637		0.20
Brazil (Rep of), 2.875%, 06/06/2025			400,000		386,200		0.40
Brazil (Rep of), 6.000%, 04/07/2026			250,000		250,500		0.26
Brazil (Rep of), 4.625%, 01/13/2028			240,000		229,920		0.24
Brazil (Rep of), 6.125%, 03/15/2034			200,000		191,000		0.20
Brazil (Rep of), 5.000%, 01/27/2045			277,000		208,442		0.22
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/2026⁴		BRL	3,720,000		572,683		0.60
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/2027⁴		BRL	17,764,000		2,444,898		2.55
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2030⁴		BRL	12,793,000		1,314,394		1.37
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027		BRL	10,510,000		1,979,746		2.06
MC Brazil Downstream Trading S.a.r.l., 7.250%, 06/30/2031			1,098,118		948,499		0.99
Oi S.A., 12.500%, (44% PIK), 12/15/2024^3,5,6			729,589		725,942		0.76

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Par	Value		% of Net Assets
Brazil (continued)
Oi S.A., 10.000%, 07/27/2025^5,7			23,583,000	$	117,915		0.12
					9,566,776		9.97

Chile (Cost $1,983,264)
Chile (Rep of), 3.100%, 05/07/2041			360,000		252,450		0.26
Chile (Rep of), 3.100%, 01/22/2061			354,000		207,090		0.22
Corp. Nacional del Cobre de Chile, 5.625%, 10/18/2043			243,000		216,953		0.23
Corp. Nacional del Cobre de Chile, 4.500%, 08/01/2047			368,000		277,840		0.29
Corp. Nacional del Cobre de Chile, 4.375%, 02/05/2049			264,000		194,535		0.20
Empresa de Transporte de Pasajeros Metro S.A., 4.700%, 05/07/2050			283,000		224,101		0.23
Empresa Nacional del Petroleo, 3.750%, 08/05/2026			200,000		190,313		0.20
					1,563,282		1.63

China (Cost $28,298,337)
Central China Real Estate Ltd., 7.650%, 08/27/2023^7,8			1,900,000		52,250		0.05
Central China Real Estate Ltd., 7.900%, 11/07/2023^7,8			1,910,000		43,281		0.05
China (Rep of), 2.800%, 03/25/2030		CNY	3,590,000		509,397		0.53
China SCE Group Holdings Ltd., 7.375%, 04/09/2024^7,8			1,800,000		72,000		0.08
CIFI Holdings Group Co. Ltd., 5.250%, 05/13/2026⁷			2,564,000		211,530		0.22
Fantasia Holdings Group Co. Ltd., 15.000%, 12/18/2021^7,8			4,515,000		67,725		0.07
Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/2022^7,8			5,635,000		84,525		0.09
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/2022^7,8			1,189,000		17,835		0.02
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/2023^7,8			2,175,000		32,625		0.03
Kaisa Group Holdings Ltd., 8.500%, 06/30/2022^7,8			3,500,000		95,375		0.10
Kaisa Group Holdings Ltd., 10.875%, 07/23/2023^7,8			2,500,000		53,125		0.06
KWG Group Holdings Ltd., 6.000%, 01/14/2024^7,8			900,000		49,500		0.05
Sinopec Group Overseas Development 2018 Ltd., 2.700%, 05/13/2030			282,000		247,669		0.26
Sunac China Holdings Ltd., 6.000%, 09/30/2025⁵			234,963		23,496		0.02
Sunac China Holdings Ltd., 6.250%, 09/30/2026⁵			235,248		21,172		0.02
Sunac China Holdings Ltd., 6.500%, 09/30/2027⁵			460,751		37,090		0.04
Sunac China Holdings Ltd., 6.750%, 09/30/2028⁵			377,941		26,645		0.03
Sunac China Holdings Ltd., 15.000%, 09/30/2028⁹			1,053,000		231,660		0.24
Sunac China Holdings Ltd., 7.000%, 09/30/2029⁵			320,201		18,412		0.02
Sunac China Holdings Ltd., 7.250%, 09/30/2030⁵			328,772		16,937		0.02
Sunac China Holdings Ltd., 1.000%, 09/30/2032⁵			628,037		42,393		0.04
Yuzhou Group Holdings Co. Ltd., 9.950%, 06/08/2023^7,8			1,595,000		79,750		0.08
Yuzhou Group Holdings Co. Ltd., 6.000%, 10/25/2023^7,8			3,962,000		198,100		0.21
Yuzhou Group Holdings Co. Ltd., 7.850%, 08/12/2026⁷			1,330,000		66,500		0.07
Yuzhou Group Holdings Co. Ltd., 6.350%, 01/13/2027⁷			320,000		16,000		0.02
Zhenro Properties Group Ltd., 8.700%, 08/03/2022^7,8			1,110,000		8,325		0.01
Zhenro Properties Group Ltd., 8.000%, 03/06/2023^7,8			1,532,000		11,490		0.01
Zhenro Properties Group Ltd., 9.150%, 05/06/2023^7,8			400,000		3,000		—
Zhenro Properties Group Ltd., 8.300%, 09/15/2023^7,8			3,158,000		23,685		0.02
Zhenro Properties Group Ltd., 8.350%, 03/10/2024^7,8			387,000		2,903		—

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Par	Value		% of Net Assets
China (continued)
Zhenro Properties Group Ltd., 7.875%, 04/14/2024^7,8			3,591,000	$	26,933		0.03
Zhenro Properties Group Ltd., 14.724%, 05/31/2024⁷			1,360,000		11,968		0.01
Zhenro Properties Group Ltd., 7.100%, 09/10/2024⁷			4,406,000		33,045		0.03
Zhenro Properties Group Ltd., 7.350%, 02/05/2025⁷			8,407,000		63,052		0.07
Zhenro Properties Group Ltd., 6.630%, 01/07/2026⁷			2,065,000		15,488		0.02
Zhenro Properties Group Ltd., 6.700%, 08/04/2026⁷			5,713,000		42,847		0.04
					2,557,728		2.66

Colombia (Cost $3,682,056)
Colombia (Rep of), 3.875%, 04/25/2027			291,000		269,466		0.28
Colombia (Rep of), 7.375%, 09/18/2037			157,000		149,072		0.15
Colombia (Rep of), 5.625%, 02/26/2044			250,000		186,750		0.19
Colombia (Rep of), 5.000%, 06/15/2045			344,000		235,640		0.24
Colombian TES, 6.000%, 04/28/2028		COP	4,136,700,000		917,932		0.96
Colombian TES, 7.750%, 09/18/2030		COP	449,400,000		101,594		0.11
Colombian TES, 7.000%, 03/26/2031		COP	1,837,600,000		394,283		0.41
Colombian TES, 7.000%, 06/30/2032		COP	2,331,900,000		485,247		0.51
Empresas Publicas de Medellin ESP, 8.375%, 11/08/2027		COP	2,331,000,000		524,659		0.55
					3,264,643		3.40

Costa Rica (Cost $566,982)
Costa Rica (Rep of), 6.125%, 02/19/2031			201,000		199,292		0.21
Costa Rica (Rep of), 5.625%, 04/30/2043			200,000		176,000		0.18
Costa Rica (Rep of), 7.300%, 11/13/2054³			200,000		208,000		0.22
					583,292		0.61

Czech Republic (Cost $3,741,340)
Czech (Rep of), 2.500%, 08/25/2028		CZK	10,940,000		433,447		0.45
Czech (Rep of), 0.950%, 05/15/2030		CZK	1,640,000		57,423		0.06
Czech (Rep of), 5.000%, 09/30/2030		CZK	7,900,000		348,185		0.36
Czech (Rep of), 1.750%, 06/23/2032		CZK	4,310,000		150,589		0.16
Czech (Rep of), 2.000%, 10/13/2033		CZK	2,410,000		83,797		0.09
Czech (Rep of), 4.900%, 04/14/2034		CZK	6,970,000		307,495		0.32
New World Resources N.V., 8.000%, 04/07/2020^7,8,10		EUR	1,938,518		—		—
New World Resources N.V., 4.000%, 10/07/2020^7,8,10		EUR	669,526		—		—
					1,380,936		1.44

Dominican Republic (Cost $2,608,553)
Dominican (Rep of), 6.875%, 01/29/2026			228,000		228,342		0.24
Dominican (Rep of), 6.000%, 07/19/2028			198,000		193,607		0.20
Dominican (Rep of), 4.875%, 09/23/2032			790,000		691,744		0.72
Dominican (Rep of), 11.250%, 09/15/2035		DOP	9,100,000		162,743		0.17
Dominican (Rep of), 5.300%, 01/21/2041			294,000		241,356		0.25
Dominican (Rep of), 6.850%, 01/27/2045			111,000		105,623		0.11
Dominican (Rep of), 6.500%, 02/15/2048			222,000		202,714		0.21
Dominican (Rep of), 6.400%, 06/05/2049			156,000		140,322		0.15
Dominican (Rep of), 5.875%, 01/30/2060			600,000		489,562		0.51

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Par	Value		% of Net Assets
Dominican Republic (continued)
Dominican Republic Central Bank Notes, 13.000%, 01/30/2026		DOP	7,920,000	$	140,098		0.14
					2,596,111		2.70

Ecuador (Cost $184,125)
Ecuador (Rep of), (Step to 5.000% on 7/31/24), 2.500%, 07/31/2040²			417,684		207,380		0.22
					207,380		0.22

Egypt (Cost $1,581,955)
Egypt (Rep of), 6.588%, 02/21/2028			391,000		351,533		0.36
Egypt (Rep of), 7.625%, 05/29/2032			239,000		198,445		0.21
Egypt (Rep of), 8.500%, 01/31/2047			399,000		304,557		0.32
Egypt (Rep of), 7.903%, 02/21/2048			563,000		409,407		0.43
Egypt (Rep of), 8.700%, 03/01/2049			279,000		216,734		0.22
Egypt (Rep of), 8.875%, 05/29/2050			207,000		162,681		0.17
					1,643,357		1.71

El Salvador (Cost $182,806)
El Salvador (Rep of), 7.650%, 06/15/2035			103,000		74,224		0.08
El Salvador (Rep of), 7.125%, 01/20/2050			150,000		96,000		0.10
					170,224		0.18

Gabon (Cost $172,402)
Gabon (Rep of), 6.625%, 02/06/2031			217,000		170,345		0.18
					170,345		0.18

Ghana (Cost $1,013,785)
Ghana (Rep of), 6.375%, 02/11/2027⁷			300,000		144,188		0.15
Ghana (Rep of), 7.750%, 04/07/2029⁷			333,000		160,881		0.17
Ghana (Rep of), 7.625%, 05/16/2029⁷			824,000		398,095		0.41
Ghana (Rep of), 8.625%, 04/07/2034⁷			386,000		187,089		0.20
Ghana (Rep of), 7.875%, 02/11/2035⁷			200,000		96,750		0.10
					987,003		1.03

Guatemala (Cost $487,092)
Guatemala (Rep of), 5.375%, 04/24/2032			200,000		185,300		0.19
Guatemala (Rep of), 6.125%, 06/01/2050			251,000		219,625		0.23
					404,925		0.42

Hungary (Cost $1,765,033)
Hungary (Rep of), 6.750%, 10/22/2028		HUF	93,410,000		250,043		0.26
Hungary (Rep of), 2.125%, 09/22/2031			522,000		402,253		0.42
Hungary (Rep of), 7.000%, 10/24/2035		HUF	68,160,000		184,614		0.19
Hungary (Rep of), 3.000%, 10/27/2038		HUF	71,560,000		124,303		0.13
Hungary (Rep of), 3.125%, 09/21/2051			394,000		233,307		0.24
Hungary (Rep of), 6.750%, 09/25/2052			200,000		205,750		0.22
MFB Magyar Fejlesztesi Bank Zrt, 6.500%, 06/29/2028			200,000		201,000		0.21
					1,601,270		1.67

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Par	Value		% of Net Assets
India (Cost $1,235,615)
Export-Import Bank of India, 5.500%, 01/18/2033			272,000	$	266,730		0.28
India (Rep of), 7.180%, 07/24/2037		INR	41,440,000		492,012		0.51
India (Rep of), 7.300%, 06/19/2053		INR	38,320,000		459,468		0.48
					1,218,210		1.27

Indonesia (Cost $7,391,963)
Indonesia (Rep of), 8.125%, 05/15/2024		IDR	12,714,000,000		782,153		0.81
Indonesia (Rep of), 4.550%, 01/11/2028			229,000		222,058		0.23
Indonesia (Rep of), 6.875%, 04/15/2029		IDR	1,603,000,000		97,317		0.10
Indonesia (Rep of), 8.250%, 05/15/2029		IDR	5,799,000,000		372,334		0.39
Indonesia (Rep of), 7.000%, 09/15/2030		IDR	3,394,000,000		206,011		0.21
Indonesia (Rep of), 6.500%, 02/15/2031		IDR	1,132,000,000		66,908		0.07
Indonesia (Rep of), 7.750%, 04/15/2031		IDR	2,344,000,000		147,833		0.15
Indonesia (Rep of), 7.000%, 02/15/2033		IDR	7,186,000,000		435,423		0.45
Indonesia (Rep of), 6.625%, 02/15/2034		IDR	5,329,000,000		313,428		0.33
Indonesia (Rep of), 8.375%, 03/15/2034		IDR	3,005,000,000		198,522		0.21
Indonesia (Rep of), 7.500%, 06/15/2035		IDR	4,016,000,000		251,123		0.26
Indonesia (Rep of), 8.250%, 05/15/2036		IDR	2,210,000,000		146,691		0.15
Indonesia (Rep of), 6.625%, 02/17/2037			100,000		108,844		0.11
Indonesia (Rep of), 7.750%, 01/17/2038			170,000		203,734		0.21
Indonesia (Rep of), 7.500%, 05/15/2038		IDR	576,000,000		36,052		0.04
Indonesia (Rep of), 7.125%, 06/15/2038		IDR	5,515,000,000		336,557		0.35
Indonesia (Rep of), 8.375%, 04/15/2039		IDR	1,774,000,000		120,453		0.13
Indonesia (Rep of), 5.950%, 01/08/2046			213,000		217,992		0.23
Indonesia (Rep of), 5.250%, 01/08/2047			346,000		327,186		0.34
Indonesia (Rep of), 4.750%, 07/18/2047			235,000		208,269		0.22
Indonesia (Rep of), 4.200%, 10/15/2050			200,000		158,188		0.16
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT, 5.450%, 05/15/2030			255,000		246,888		0.26
Pertamina Persero PT, 6.000%, 05/03/2042			329,000		317,588		0.33
Perusahaan Penerbit SBSN Indonesia III, 4.550%, 03/29/2026			261,000		256,728		0.27
Perusahaan Penerbit SBSN Indonesia III, 4.700%, 06/06/2032			200,000		189,938		0.20
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.250%, 05/15/2047			233,000		197,686		0.21
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.150%, 05/21/2048			200,000		190,688		0.20
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.875%, 07/17/2049			344,000		273,518		0.29
					6,630,110		6.91

Ivory Coast (Cost $1,464,222)
Ivory Coast (Rep of), 4.875%, 01/30/2032		EUR	104,000		92,692		0.10
Ivory Coast (Rep of), 7.625%, 01/30/2033³			387,000		370,069		0.39
Ivory Coast (Rep of), 8.250%, 01/30/2037³			310,000		296,050		0.31
Ivory Coast (Rep of), 6.875%, 10/17/2040		EUR	252,000		225,233		0.23
Ivory Coast (Rep of), 6.625%, 03/22/2048		EUR	540,000		451,853		0.47
					1,435,897		1.50

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Par	Value		% of Net Assets
Jamaica (Cost $230,349)
Jamaica (Rep of), 7.875%, 07/28/2045			201,000	$	230,459		0.24
					230,459		0.24

Kazakhstan (Cost $417,869)
Kazakhstan (Rep of), 6.500%, 07/21/2045			290,000		317,731		0.33
					317,731		0.33

Kenya (Cost $154,336)
Kenya (Rep of), 8.250%, 02/28/2048			200,000		168,620		0.18
					168,620		0.18

Lebanon (Cost $2,066,137)
Lebanon (Rep of), 6.375%, 03/09/2020^7,8			503,000		31,437		0.03
Lebanon (Rep of), 5.800%, 04/14/2020^7,8			331,000		20,688		0.02
Lebanon (Rep of), 6.150%, 06/19/2020^7,8			719,000		44,937		0.05
Lebanon (Rep of), 8.250%, 04/12/2021^7,8			436,000		27,686		0.03
Lebanon (Rep of), 6.100%, 10/04/2022^7,8			1,033,000		65,595		0.07
Lebanon (Rep of), 6.000%, 01/27/2023^7,8			1,000		64		—
Lebanon (Rep of), 6.600%, 11/27/2026⁷			296,000		18,737		0.02
Lebanon (Rep of), 6.850%, 03/23/2027⁷			628,000		39,878		0.04
Lebanon (Rep of), 7.000%, 03/23/2032⁷			243,000		15,431		0.02
Lebanon (Rep of), 7.050%, 11/02/2035⁷			76,000		4,826		—
Lebanon (Rep of), 7.250%, 03/23/2037⁷			236,000		14,986		0.02
					284,265		0.30

Malaysia (Cost $6,254,590)
Malaysia (Rep of), 3.478%, 06/14/2024		MYR	10,534,000		2,207,582		2.30
Malaysia (Rep of), 3.519%, 04/20/2028		MYR	4,396,000		913,180		0.95
Malaysia (Rep of), 4.504%, 04/30/2029		MYR	3,407,000		736,012		0.77
Malaysia (Rep of), 3.582%, 07/15/2032		MYR	1,351,000		275,380		0.29
Malaysia (Rep of), 3.828%, 07/05/2034		MYR	529,000		109,480		0.11
Malaysia (Rep of), 4.254%, 05/31/2035		MYR	669,000		142,631		0.15
Malaysia (Rep of), 4.762%, 04/07/2037		MYR	206,000		46,017		0.05
Malaysia (Rep of), 4.696%, 10/15/2042		MYR	161,000		35,752		0.04
Malaysia (Rep of), 4.065%, 06/15/2050		MYR	460,000		92,505		0.10
Malaysia Government Investment Issue, 4.193%, 10/07/2032		MYR	119,000		25,359		0.03
Petronas Capital Ltd., 2.480%, 01/28/2032			404,000		328,072		0.34
Petronas Capital Ltd., 4.550%, 04/21/2050			770,000		639,331		0.66
Petronas Capital Ltd., 3.404%, 04/28/2061			379,000		241,988		0.25
					5,793,289		6.04

Mexico (Cost $6,339,869)
Comision Federal de Electricidad, 3.875%, 07/26/2033			292,000		229,071		0.24
Mexican Bonos, 7.750%, 05/29/2031		MXN	18,950,000		979,253		1.02
Mexican Bonos, 7.500%, 05/26/2033		MXN	14,860,000		739,073		0.77
Mexican Bonos, 7.750%, 11/23/2034		MXN	5,040,000		251,625		0.26
Mexican Bonos, 7.750%, 11/13/2042		MXN	5,880,000		276,374		0.29

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Par	Value		% of Net Assets
Mexico (continued)
Mexico (Rep of), 5.400%, 02/09/2028			212,000	$	209,549		0.22
Mexico (Rep of), 2.659%, 05/24/2031			200,000		162,313		0.17
Mexico (Rep of), 4.875%, 05/19/2033			200,000		182,812		0.19
Mexico (Rep of), 4.750%, 03/08/2044			88,000		69,564		0.07
Mexico (Rep of), 5.550%, 01/21/2045			151,000		133,871		0.14
Mexico (Rep of), 6.338%, 05/04/2053			274,000		255,505		0.27
Mexico (Rep of), 3.771%, 05/24/2061			496,000		299,832		0.31
Mexico (Rep of), 3.750%, 04/19/2071			498,000		294,318		0.31
Mexico (Rep of), 5.750%, 10/12/2110			168,000		139,283		0.14
Petroleos Mexicanos, 6.750%, 09/21/2047			645,000		411,220		0.43
Petroleos Mexicanos, 6.350%, 02/12/2048			174,000		106,901		0.11
Petroleos Mexicanos, 7.690%, 01/23/2050			809,000		564,601		0.59
Petroleos Mexicanos, 6.950%, 01/28/2060			921,000		586,124		0.61
					5,891,289		6.14

Mongolia (Cost $205,691)
Mongolia (Rep of), 4.450%, 07/07/2031			257,000		213,069		0.22
					213,069		0.22

Morocco (Cost $756,607)
Morocco (Rep of), 2.375%, 12/15/2027			200,000		175,400		0.18
Morocco (Rep of), 6.500%, 09/08/2033			450,000		450,562		0.47
Morocco (Rep of), 4.000%, 12/15/2050			200,000		131,750		0.14
					757,712		0.79

Nigeria (Cost $1,178,217)
Nigeria (Rep of), 6.500%, 11/28/2027			287,000		264,872		0.28
Nigeria (Rep of), 7.375%, 09/28/2033			319,000		263,973		0.27
Nigeria (Rep of), 7.696%, 02/23/2038			200,000		157,500		0.16
Nigeria (Rep of), 7.625%, 11/28/2047			543,000		404,196		0.42
Nigeria Treasury Bill, 19.452%, 03/06/2025⁹		NGN	187,601,000		114,288		0.12
Nigeria Treasury Bill, 19.781%, 03/27/2025⁹		NGN	91,049,000		54,536		0.06
					1,259,365		1.31

Oman (Cost $1,606,769)
Oman (Rep of), 4.750%, 06/15/2026			254,000		247,955		0.26
Oman (Rep of), 6.750%, 10/28/2027			267,000		273,091		0.28
Oman (Rep of), 6.000%, 08/01/2029			380,000		380,356		0.40
Oman (Rep of), 6.500%, 03/08/2047			200,000		193,960		0.20
Oman (Rep of), 6.750%, 01/17/2048			215,000		212,667		0.22
Oman (Rep of), 7.000%, 01/25/2051			302,000		308,512		0.32
					1,616,541		1.68

Pakistan (Cost $335,617)
Pakistan (Rep of), 6.875%, 12/05/2027			273,000		233,445		0.24
Pakistan (Rep of), 7.375%, 04/08/2031			299,000		237,238		0.25

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Par	Value		% of Net Assets
Pakistan (continued)
Pakistan (Rep of), 8.875%, 04/08/2051			200,000	$	152,750		0.16
					623,433		0.65

Panama (Cost $783,437)
Panama (Rep of), 9.375%, 04/01/2029			194,000		211,703		0.22
Panama (Rep of), 6.700%, 01/26/2036			213,000		200,153		0.21
Panama (Rep of), 4.300%, 04/29/2053			357,000		219,778		0.23
					631,634		0.66

Paraguay (Cost $709,901)
Paraguay (Rep of), 7.900%, 02/09/2031		PYG	1,542,000,000		211,918		0.22
Paraguay (Rep of), 5.850%, 08/21/2033			329,000		318,102		0.33
Paraguay (Rep of), 5.400%, 03/30/2050			200,000		166,562		0.18
					696,582		0.73

Peru (Cost $2,843,496)
Peru (Rep of), 7.350%, 07/21/2025			128,000		130,280		0.14
Peru (Rep of), 5.940%, 02/12/2029		PEN	1,108,000		292,701		0.30
Peru (Rep of), 6.150%, 08/12/2032		PEN	1,725,000		432,602		0.45
Peru (Rep of), 7.300%, 08/12/2033³		PEN	1,315,000		351,966		0.37
Peru (Rep of), 8.750%, 11/21/2033			362,000		431,119		0.45
Peru (Rep of), 5.400%, 08/12/2034		PEN	619,000		142,010		0.15
Peru (Rep of), 3.300%, 03/11/2041			154,000		109,244		0.11
Peru (Rep of), 5.625%, 11/18/2050			156,000		144,739		0.15
Peru (Rep of), 2.780%, 12/01/2060			264,000		139,342		0.15
Peru (Rep of), 3.230%, 07/28/2121			117,000		61,681		0.06
Petroleos del Peru S.A., 5.625%, 06/19/2047			600,000		363,000		0.38
					2,598,684		2.71

Philippines (Cost $1,647,133)
Philippines (Rep of), 10.625%, 03/16/2025			126,000		131,369		0.14
Philippines (Rep of), 9.500%, 02/02/2030			194,000		233,527		0.24
Philippines (Rep of), 7.750%, 01/14/2031			209,000		235,256		0.25
Philippines (Rep of), 6.375%, 10/23/2034			202,000		215,761		0.22
Philippines (Rep of), 6.250%, 01/14/2036		PHP	12,000,000		195,191		0.20
Philippines (Rep of), 3.950%, 01/20/2040			553,000		450,868		0.47
					1,461,972		1.52

Poland (Cost $3,914,980)
Bank Gospodarstwa Krajowego, 5.375%, 05/22/2033			200,000		193,875		0.20
Poland (Rep of), 2.500%, 07/25/2026		PLN	470,000		109,124		0.11
Poland (Rep of), 0.250%, 10/25/2026		PLN	471,000		102,755		0.11
Poland (Rep of), 3.750%, 05/25/2027		PLN	2,604,000		612,920		0.64
Poland (Rep of), 2.500%, 07/25/2027		PLN	491,000		110,830		0.11
Poland (Rep of), 5.500%, 11/16/2027			226,000		228,307		0.24
Poland (Rep of), 2.750%, 04/25/2028		PLN	1,447,000		322,853		0.33
Poland (Rep of), 7.500%, 07/25/2028		PLN	2,205,000		582,631		0.61

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Par	Value		% of Net Assets
Poland (continued)
Poland (Rep of), 1.250%, 10/25/2030		PLN	946,000	$	179,354		0.19
Poland (Rep of), 4.875%, 10/04/2033			88,000		83,827		0.09
Poland (Rep of), 6.000%, 10/25/2033		PLN	3,672,000		923,241		0.96
Poland (Rep of), 5.125%, 09/18/2034			200,000		192,450		0.20
Poland (Rep of), 5.500%, 04/04/2053			88,000		83,258		0.09
Poland (Rep of), 5.500%, 03/18/2054			253,000		238,187		0.25
					3,963,612		4.13

Qatar (Cost $1,315,185)
Qatar (Rep of), 3.250%, 06/02/2026			272,000		261,460		0.27
Qatar (Rep of), 4.817%, 03/14/2049			571,000		504,250		0.52
QatarEnergy, 3.125%, 07/12/2041			650,000		466,375		0.49
					1,232,085		1.28

Romania (Cost $2,562,879)
Romania (Rep of), 3.000%, 02/27/2027			88,000		81,039		0.08
Romania (Rep of), 5.800%, 07/26/2027		RON	2,400,000		506,858		0.53
Romania (Rep of), 4.150%, 01/26/2028		RON	1,500,000		298,914		0.31
Romania (Rep of), 5.875%, 01/30/2029³			242,000		237,305		0.25
Romania (Rep of), 4.150%, 10/24/2030		RON	1,680,000		314,035		0.33
Romania (Rep of), 3.000%, 02/14/2031			72,000		58,784		0.06
Romania (Rep of), 3.625%, 03/27/2032			356,000		295,258		0.31
Romania (Rep of), 7.125%, 01/17/2033			88,000		90,750		0.09
Romania (Rep of), 6.125%, 01/22/2044			66,000		61,854		0.06
Romania (Rep of), 4.000%, 02/14/2051			442,000		296,140		0.31
					2,240,937		2.33

Saudi Arabia (Cost $1,481,349)
Gaci First Investment Co., 5.250%, 10/13/2032			358,000		350,504		0.36
Saudi (Rep of), 4.750%, 01/18/2028			348,000		341,710		0.36
Saudi (Rep of), 4.625%, 10/04/2047			249,000		204,740		0.21
Saudi (Rep of), 3.750%, 01/21/2055			226,000		153,398		0.16
Saudi (Rep of), 4.500%, 04/22/2060			297,000		228,968		0.24
					1,279,320		1.33

South Africa (Cost $3,511,358)
South Africa (Rep of), 4.300%, 10/12/2028			580,000		516,200		0.54
South Africa (Rep of), 8.000%, 01/31/2030		ZAR	26,383,957		1,243,766		1.30
South Africa (Rep of), 8.250%, 03/31/2032		ZAR	8,115,222		358,835		0.37
South Africa (Rep of), 5.875%, 04/20/2032			215,000		191,081		0.20
South Africa (Rep of), 8.875%, 02/28/2035		ZAR	14,917,157		637,401		0.66
South Africa (Rep of), 5.650%, 09/27/2047			346,000		244,363		0.25
South Africa (Rep of), 5.750%, 09/30/2049			202,000		143,420		0.15
					3,335,066		3.47

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Par	Value		% of Net Assets
South Korea (Cost $699,722)
Korea (Rep of), 4.250%, 12/10/2032		KRW	871,340,000	$	656,235		0.68
					656,235		0.68

Supranational (Cost $494,918)
Asian Infrastructure Investment Bank (The), 7.000%, 03/01/2029		INR	11,600,000		135,187		0.14
International Bank for Reconstruction & Development, 6.850%, 04/24/2028		INR	30,000,000		354,166		0.37
					489,353		0.51

Thailand (Cost $1,540,564)
Thailand (Rep of), 2.350%, 06/17/2026		THB	19,006,000		511,613		0.53
Thailand (Rep of), 2.650%, 06/17/2028		THB	5,219,000		141,248		0.15
Thailand (Rep of), 1.585%, 12/17/2035		THB	13,562,000		318,447		0.33
Thailand (Rep of), 3.390%, 06/17/2037		THB	1,855,000		51,966		0.05
Thailand (Rep of), 3.300%, 06/17/2038		THB	7,654,000		211,755		0.22
Thailand (Rep of), 2.875%, 06/17/2046		THB	1,744,000		43,586		0.05
Thailand (Rep of), 3.600%, 06/17/2067		THB	2,804,000		73,233		0.08
					1,351,848		1.41

Tunisia (Cost $157,315)
Tunisia (Rep of), 6.375%, 07/15/2026		EUR	214,000		191,126		0.20
					191,126		0.20

Turkey (Cost $1,526,440)
Turkey (Rep of), 31.080%, 11/08/2028		TRY	6,971,650		214,620		0.23
Turkey (Rep of), 26.200%, 10/05/2033		TRY	5,734,010		174,926		0.18
Turkey (Rep of), 4.875%, 04/16/2043			536,000		366,490		0.38
Turkey (Rep of), 5.750%, 05/11/2047			520,000		385,695		0.40
Turkiye Ihracat Kredi Bankasi A.S., 9.000%, 01/28/2027³			386,000		401,681		0.42
					1,543,412		1.61

Ukraine (Cost $217,563)
Ukraine (Rep of), 9.750%, 11/01/2030⁷			309,000		92,237		0.10
Ukraine (Rep of), 6.876%, 05/21/2031⁷			345,000		85,974		0.09
					178,211		0.19

United Arab Emirates (Cost $1,002,603)
Abu Dhabi (Gov’t of), 3.125%, 09/30/2049			369,000		242,156		0.25
DP World Crescent Ltd., 3.875%, 07/18/2029			218,000		200,288		0.21
DP World Crescent Ltd., 5.500%, 09/13/2033			304,000		297,825		0.31
DP World Ltd., 5.625%, 09/25/2048			230,000		210,881		0.22
					951,150		0.99

United States (Cost $1,207,451)
U.S. Treasury Bill, 5.205%, 05/16/2024⁹			1,210,100		1,207,439		1.26
					1,207,439		1.26

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Par	Value		% of Net Assets
Uruguay (Cost $1,775,438)
Uruguay (Rep of), 7.875%, (100% Cash), 01/15/2033⁵			230,639	$	268,622		0.28
Uruguay (Rep of), 5.750%, 10/28/2034			238,873		242,814		0.25
Uruguay (Rep of), 7.625%, 03/21/2036			173,965		202,832		0.21
Uruguay (Rep of), 4.125%, 11/20/2045			152,021		127,090		0.13
Uruguay (Rep of), 5.100%, 06/18/2050			154,178		140,225		0.15
Uruguay (Rep of), 4.975%, 04/20/2055			322,339		283,820		0.30
Uruguay Monetary Regulation Bill, 0.000%, 05/31/2024⁴		UYU	5,791,000		150,046		0.16
Uruguay Monetary Regulation Bill, 0.000%, 08/09/2024⁴		UYU	8,844,000		225,243		0.23
					1,640,692		1.71

Venezuela (Cost $10,442,498)
Petroleos de Venezuela S.A., 8.500%, 10/27/2020^7,8			7,533,000		5,894,572		6.14
Venezuela (Rep of), 11.750%, 10/21/2026⁷			5,768,200		1,199,786		1.25
Venezuela (Rep of), 9.250%, 09/15/2027⁷			8,350,000		1,745,150		1.82
Venezuela (Rep of), 11.950%, 08/05/2031⁷			6,642,500		1,384,961		1.44
					10,224,469		10.65

Vietnam (Cost $352,376)
Vietnam (Rep of), 4.800%, 11/19/2024			354,000		350,499		0.36
					350,499		0.36

Zambia (Cost $211,777)
Zambia (Rep of), 8.970%, 07/30/2027⁷			347,000		251,575		0.26
					251,575		0.26

Total Debt Securities (Cost $148,030,125)					94,167,876		98.11

	Currency		Shares	Value		% of Net Assets
Equity Securities

China (Cost $56,269)
Sunac Services Holdings Ltd.³		HKD	206,826	$	51,727		0.06
					51,727		0.06

Total Equity Securities (Cost $56,269)					51,727		0.06

Total Investments (Total Cost $148,086,394)					94,219,603		98.17

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					1,760,309		1.83

Net Assets				$	95,979,912		100.00

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

²	Step coupon bond. Rate as of April 30, 2024 is disclosed.

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.

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

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 April 30, 2024 the value of these restricted illiquid securities amount to $725,942 or 0.76% of net assets. Additional information on each restricted illiquid security is as follows:


SECURITY	ACQUISITION DATE	ACQUISITION COST

Oi S.A., 12.500%, 12/15/2024	2/6/24-4/23/24	$729,589

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 – interest rate reflects effective yield on the date of purchase.

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

Percentages shown are based on net assets.

At April 30, 2024, the Ashmore Emerging Markets Total Return Fund had outstanding forward foreign currency exchange contracts as follows:


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

05/03/2024	Barclays	Brazilian Real		8,709,193	United States Dollar		1,673,558	$	3,235

05/03/2024	UBS	Brazilian Real		800,657	United States Dollar		152,620		1,531

05/03/2024	Deutsche Bank	United States Dollar		493,000	Brazilian Real		2,548,564		2,322

05/03/2024	HSBC Bank	United States Dollar		1,285,035	Brazilian Real		6,432,823		46,516

05/08/2024	Deutsche Bank	United States Dollar		1,282,566	Euro		1,186,484		15,933

05/13/2024	Standard Chartered	Indian Rupee		15,745,901	United States Dollar		188,420		162

05/13/2024	HSBC Bank	Indonesian Rupiah		5,634,971,903	United States Dollar		346,341		80

05/13/2024	State Street	Indonesian Rupiah		2,133,890,640	United States Dollar		131,020		165

05/13/2024	HSBC Bank	United States Dollar		37,644	Indonesian Rupiah		595,193,244		1,054

05/13/2024	State Street	United States Dollar		95,800	Indonesian Rupiah		1,540,781,131		1,077

05/13/2024	UBS	United States Dollar		354,360	Indonesian Rupiah		5,588,057,474		10,823

05/31/2024	HSBC Bank	Malaysian Ringgit		519,738	United States Dollar		108,930		200

05/31/2024	Merrill Lynch	Malaysian Ringgit		1,012,574	United States Dollar		212,480		131

05/31/2024	BNP Paribas	United States Dollar		1,677,850	Malaysian Ringgit		7,918,695		15,151

05/31/2024	HSBC Bank	United States Dollar		30,000	Philippine Peso		1,690,530		750

05/31/2024	State Street	United States Dollar		50,540	Taiwan Dollar		1,641,246		248

05/31/2024	Barclays	United States Dollar		55,820	Thai Baht		1,988,883		2,015

05/31/2024	BNP Paribas	United States Dollar		53,453	Thai Baht		1,974,830		28

05/31/2024	Deutsche Bank	United States Dollar		201,000	Thai Baht		7,350,461		2,149

05/31/2024	HSBC Bank	United States Dollar		102,000	Thai Baht		3,722,368		1,299

05/31/2024	Morgan Stanley	United States Dollar		87,530	Thai Baht		3,224,071		310

06/04/2024	JPMorgan Chase	United States Dollar		107,300	Brazilian Real		556,510		468

06/11/2024	UBS	Chinese Offshore Yuan		1,081,291	United States Dollar		149,230		149

06/11/2024	Merrill Lynch	Korean Won		153,571,000	United States Dollar		110,484		549

06/11/2024	HSBC Bank	United States Dollar		123,721	Chinese Offshore Yuan		886,776		1,214

06/11/2024	Merrill Lynch	United States Dollar		505,000	Chinese Offshore Yuan		3,649,231		865

06/11/2024	State Street	United States Dollar		118,960	Korean Won		163,773,422		551

06/11/2024	Merrill Lynch	United States Dollar		1,083,773	Singapore Dollar		1,452,096		17,858

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


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

06/11/2024	Standard Chartered	United States Dollar		47,000	Singapore Dollar		63,845	$	134

07/31/2024	Santander	Chilean Peso		788,796,595	United States Dollar		806,953		14,053

07/31/2024	BNP Paribas	Colombian Peso		217,308,100	United States Dollar		54,510		69

07/31/2024	Citibank	Czech Koruna		27,580,063	United States Dollar		1,163,424		7,664

07/31/2024	HSBC Bank	Hungarian Forint		294,411,197	United States Dollar		790,930		8,234

07/31/2024	Morgan Stanley	Israeli Shekel		1,096,393	United States Dollar		292,555		1,751

07/31/2024	Standard Chartered	Mexican Peso		35,268,449	United States Dollar		2,015,275		12,408

07/31/2024	Deutsche Bank	Polish Zloty		3,503,330	United States Dollar		858,136		4,567

07/31/2024	Barclays	Romanian Leu		1,429,003	United States Dollar		304,866		1,169

07/31/2024	BNP Paribas	Turkish Lira		22,522,933	United States Dollar		620,864		8,157

07/31/2024	Morgan Stanley	United States Dollar		1,150,537	Colombian Peso		4,554,744,198		6,581

07/31/2024	Merrill Lynch	United States Dollar		961,199	Peruvian Nuevo Sol		3,603,342		5,006

08/09/2024	HSBC Bank	Indian Rupee		162,162,879	United States Dollar		1,934,645		150

09/18/2024	Citibank	Egyptian Pound		3,938,381	United States Dollar		76,399		2,433

09/23/2024	HSBC Bank	Egyptian Pound		9,084,839	United States Dollar		177,601		3,961

10/25/2024	JPMorgan Chase	Turkish Lira		15,632,962	United States Dollar		391,000		4,706

03/07/2025	Barclays	Turkish Lira		10,346,786	United States Dollar		218,035		13,437


Subtotal Appreciation									221,313


05/03/2024	Citibank	United States Dollar		100,700	Brazilian Real		528,464		(1,046	)

05/08/2024	State Street	Euro		226,101	United States Dollar		244,333		(2,958	)

05/08/2024	UBS	Euro		83,757	United States Dollar		90,681		(1,267	)

05/13/2024	HSBC Bank	Indian Rupee		165,016,510	United States Dollar		1,978,196		(1,863	)

05/13/2024	HSBC Bank	Indonesian Rupiah		1,493,284,810	United States Dollar		94,890		(3,087	)

05/13/2024	HSBC Bank	United States Dollar		1,941,141	Indian Rupee		162,162,879		(1,015	)

05/13/2024	JPMorgan Chase	United States Dollar		138,189	Indian Rupee		11,549,047		(129	)

05/13/2024	State Street	United States Dollar		84,400	Indian Rupee		7,050,485		(41	)

05/13/2024	Merrill Lynch	United States Dollar		94,480	Indonesian Rupiah		1,538,115,504		(79	)

05/31/2024	BNP Paribas	Malaysian Ringgit		1,024,445	United States Dollar		216,585		(1,480	)

05/31/2024	Deutsche Bank	Malaysian Ringgit		1,262,678	United States Dollar		266,059		(933	)

05/31/2024	HSBC Bank	Malaysian Ringgit		954,227	United States Dollar		200,941		(580	)

05/31/2024	Merrill Lynch	Philippine Peso		16,863,598	United States Dollar		300,371		(8,595	)

05/31/2024	Merrill Lynch	Taiwan Dollar		1,622,341	United States Dollar		49,930		(218	)

05/31/2024	Morgan Stanley	Taiwan Dollar		58,062,873	United States Dollar		1,819,582		(40,395	)

05/31/2024	Barclays	Thai Baht		2,196,372	United States Dollar		60,000		(582	)

05/31/2024	Citibank	Thai Baht		21,130,000	United States Dollar		592,707		(21,080	)

05/31/2024	Deutsche Bank	Thai Baht		19,290,494	United States Dollar		540,350		(18,487	)

05/31/2024	Morgan Stanley	Thai Baht		4,068,255	United States Dollar		110,344		(286	)

05/31/2024	UBS	Thai Baht		32,990,865	United States Dollar		892,501		(4	)

05/31/2024	BNP Paribas	United States Dollar		145,353	Malaysian Ringgit		692,541		(61	)

05/31/2024	HSBC Bank	United States Dollar		94,370	Malaysian Ringgit		450,494		(221	)

05/31/2024	Standard Chartered	United States Dollar		72,090	Malaysian Ringgit		343,653		(67	)

06/04/2024	Barclays	United States Dollar		1,669,083	Brazilian Real		8,709,193		(2,796	)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


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

06/11/2024	Citibank	Chinese Offshore Yuan		28,147,023	United States Dollar		3,930,045	$	(41,580	)

06/11/2024	Deutsche Bank	Korean Won		181,498,800	United States Dollar		136,000		(4,775	)

06/11/2024	Morgan Stanley	Korean Won		3,389,689,530	United States Dollar		2,554,861		(104,091	)

06/11/2024	State Street	Korean Won		154,265,206	United States Dollar		111,960		(425	)

06/11/2024	HSBC Bank	Singapore Dollar		4,042,711	United States Dollar		3,020,813		(53,248	)

06/11/2024	Morgan Stanley	United States Dollar		97,150	Chinese Offshore Yuan		703,841		(84	)

06/11/2024	State Street	United States Dollar		69,700	Chinese Offshore Yuan		504,611		(11	)

06/18/2024	Standard Chartered	Singapore Dollar		99,512	United States Dollar		73,220		(149	)

07/31/2024	JPMorgan Chase	Mexican Peso		4,840,496	United States Dollar		279,460		(1,166	)

07/31/2024	State Street	Polish Zloty		395,615	United States Dollar		97,450		(29	)

07/31/2024	Deutsche Bank	South African Rand		7,904,193	United States Dollar		420,000		(3,263	)

07/31/2024	BNP Paribas	United States Dollar		35,850	Colombian Peso		144,407,697		(419	)

07/31/2024	JPMorgan Chase	United States Dollar		319,270	Mexican Peso		5,584,280		(1,786	)

07/31/2024	JPMorgan Chase	United States Dollar		124,420	Polish Zloty		506,111		(211	)

07/31/2024	Morgan Stanley	United States Dollar		227,380	South African Rand		4,363,959		(2,704	)

08/09/2024	HSBC Bank	United States Dollar		345,344	Indonesian Rupiah		5,634,971,903		(75	)

10/31/2024	BNP Paribas	Turkish Lira		9,567,984	United States Dollar		241,000		(320	)

10/31/2024	Citibank	Turkish Lira		19,042,838	United States Dollar		481,000		(1,982	)


Subtotal Depreciation									(323,588	)


Total								$	(102,275	)

At April 30, 2024, 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

1-Day BRL BZDIO (Pay at Maturity)

10.145% (Receive at
Maturity)

BRL

6,907,508

01/02/2029

(74,146)

$(10,833)

Deutsche Bank

7-Day CNY CNRR (Pay Quarterly)

2.535% (Receive
Quarterly)

CNY

6,860,000

09/16/2025

7,949

708

Merrill Lynch

1-Day INR MIBOR (Pay Semiannually)

6.452% (Receive
Semiannually)

INR

46,293,000

04/12/2029

(3,488)

(463)

HSBC Bank

3M KRW KWCDC (Pay Quarterly)

3.565% (Receive
Quarterly)

KRW

2,389,120,000

07/25/2026

226

475

BNP Paribas

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

8.864% (Receive
Lunar)

MXN

31,370,000

12/13/2028

(64,023)

(2,075)

BNP Paribas

(133,482)

$(12,188)

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

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

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 April 30, 2024:


	Level 1		Level 2			Level 3		Total

Investments

Assets:

Debt Securities

Corporate Bonds	$	—	$	6,235,955			$—	$	6,235,955

Corporate Convertible Bonds		—		274,053			—		274,053

Financial Certificates		—		970,137			—		970,137

Government Agencies		—		13,358,629			—		13,358,629

Government Bonds		—		71,802,792			—		71,802,792

Short Term Bills and Notes		—		1,526,310			—		1,526,310


Total Debt Securities		—		94,167,876			—		94,167,876

Equity Securities

Common Stock

China		—		51,727			—		51,727


Total Investments	$	—	$	94,219,603			$—	$	94,219,603


	Level 1		Level 2			Level 3		Total

Other Financial Instruments

Assets:

Forward Foreign Currency Exchange Contracts	$	—		$ 221,313			$—		$ 221,313

Centrally Cleared Interest Rate Swap Contracts^†		—		8,175			—		8,175

Liabilities:

Forward Foreign Currency Exchange Contracts		—		(323,588	)		—		(323,588	)

Centrally Cleared Interest Rate Swap Contracts^†		—		(141,657	)		—		(141,657	)


Total Other Financial Instruments	$	—		$(235,757	)		$—		$(235,757	)

^†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 period ended April 30, 2024.

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 period ended April 30, 2024.

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2024:


	Derivatives Not Accounted for as Hedging Instruments
	Foreign		Interest
	Exchange Risk		Rate Risk

Assets:
Unrealized Appreciation on Centrally Cleared Interest Rate Swap Contracts	$	—	$	8,175	^†
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		221,313		—

	$	221,313	$	8,175

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS TOTAL RETURN FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Derivatives Not Accounted for as Hedging Instruments
	Foreign			Interest
	Exchange Risk			Rate Risk

Liabilities:
Unrealized Depreciation on Centrally Cleared Interest Rate Swap Contracts	$	—			(141,657	)^†
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(323,588	)		—

	$	(323,588	)	$	(141,657	)

^†	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 Six Months Ended April 30, 2024:


	Derivatives Not Accounted for as Hedging Instruments
	Foreign		Interest
	Exchange Risk		Rate Risk

Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Gain on Forward Foreign Currency Exchange Contracts	$	446,187	$	—
Net Realized Loss on Interest Rate Swap Contracts		—		(164,213	)

	$	446,187	$	(164,213	)


Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts	$	1,035,066	$	—
Net Change in Unrealized Depreciation on Interest Rate Swap Contracts		—		(133,821	)

	$	1,035,066	$	(133,821	)

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

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2024 (Unaudited)


	Currency¹		Par	Value		% of Net Assets

Debt Securities

Brazil (Cost $1,730,563)
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/2027²		BRL	3,310,000	$	455,563		4.25
Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2030²		BRL	3,602,000		370,081		3.45
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027		BRL	2,523,000		475,252		4.44
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2029		BRL	898,000		164,297		1.53
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2033		BRL	426,000		74,485		0.70
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2035		BRL	765,000		131,911		1.23
					1,671,589		15.60

Chile (Cost $65,967)
Bonos de la Tesoreria de la Republica en pesos, 5.000%, 10/01/2028³		CLP	20,000,000		20,123		0.19
Bonos de la Tesoreria de la Republica en pesos, 6.000%, 04/01/2033³		CLP	15,000,000		15,549		0.14
Bonos de la Tesoreria de la Republica en pesos, 7.000%, 05/01/2034³		CLP	20,000,000		22,254		0.21
					57,926		0.54

China (Cost $496,863)
China (Rep of), 2.850%, 06/04/2027		CNY	890,000		125,899		1.17
China (Rep of), 2.620%, 09/25/2029		CNY	440,000		61,933		0.58
China (Rep of), 2.680%, 05/21/2030		CNY	400,000		56,406		0.53
China (Rep of), 2.750%, 02/17/2032		CNY	170,000		24,174		0.23
China (Rep of), 2.800%, 11/15/2032		CNY	120,000		17,124		0.16
China (Rep of), 2.880%, 02/25/2033		CNY	720,000		103,406		0.96
China (Rep of), 2.350%, 02/25/2034		CNY	170,000		23,562		0.22
China (Rep of), 3.720%, 04/12/2051		CNY	380,000		63,137		0.59
China (Rep of), 3.190%, 04/15/2053		CNY	140,000		21,792		0.20
					497,433		4.64

Colombia (Cost $457,734)
Colombian TES, 6.000%, 04/28/2028		COP	37,000,000		8,210		0.08
Colombian TES, 7.000%, 03/26/2031		COP	324,400,000		69,605		0.65
Colombian TES, 7.000%, 06/30/2032		COP	306,900,000		63,863		0.59
Colombian TES, 13.250%, 02/09/2033		COP	142,000,000		41,397		0.39
Colombian TES, 7.250%, 10/18/2034		COP	341,200,000		68,827		0.64
Colombian TES, 9.250%, 05/28/2042		COP	1,084,500,000		235,482		2.20
					487,384		4.55

Czech Republic (Cost $491,097)
Czech (Rep of), 2.500%, 08/25/2028		CZK	270,000		10,698		0.10
Czech (Rep of), 2.750%, 07/23/2029		CZK	1,550,000		61,166		0.57
Czech (Rep of), 0.050%, 11/29/2029		CZK	630,000		21,199		0.20
Czech (Rep of), 0.950%, 05/15/2030		CZK	590,000		20,658		0.19

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Par	Value		% of Net Assets

Czech Republic (continued)
Czech (Rep of), 1.200%, 03/13/2031		CZK	1,780,000	$	61,795		0.58
Czech (Rep of), 1.750%, 06/23/2032		CZK	1,670,000		58,349		0.54
Czech (Rep of), 2.000%, 10/13/2033		CZK	1,720,000		59,805		0.56
Czech (Rep of), 4.900%, 04/14/2034		CZK	2,450,000		108,086		1.01
Czech (Rep of), 1.950%, 07/30/2037		CZK	1,660,000		53,289		0.50
Czech (Rep of), 1.500%, 04/24/2040		CZK	250,000		7,111		0.06
					462,156		4.31

Dominican Republic (Cost $52,444)
Dominican Republic Central Bank Notes, 13.000%, 01/30/2026		DOP	2,800,000		49,530		0.46
					49,530		0.46

Hungary (Cost $283,212)
Hungary (Rep of), 9.500%, 10/21/2026		HUF	24,630,000		70,349		0.66
Hungary (Rep of), 3.000%, 10/27/2027		HUF	12,730,000		30,291		0.28
Hungary (Rep of), 4.500%, 03/23/2028		HUF	10,650,000		26,444		0.25
Hungary (Rep of), 6.750%, 10/22/2028		HUF	2,410,000		6,451		0.06
Hungary (Rep of), 3.000%, 08/21/2030		HUF	14,230,000		30,745		0.29
Hungary (Rep of), 4.750%, 11/24/2032		HUF	14,050,000		32,499		0.30
Hungary (Rep of), 7.000%, 10/24/2035		HUF	20,640,000		55,904		0.52
Hungary (Rep of), 3.000%, 10/27/2038		HUF	5,640,000		9,797		0.09
					262,480		2.45

India (Cost $194,002)
India (Rep of), 7.180%, 07/24/2037		INR	8,510,000		101,038		0.95
India (Rep of), 7.300%, 06/19/2053		INR	7,530,000		90,287		0.84
					191,325		1.79

Indonesia (Cost $1,500,092)
Indonesia (Rep of), 8.125%, 05/15/2024		IDR	2,945,000,000		181,174		1.69
Indonesia (Rep of), 6.500%, 06/15/2025		IDR	1,145,000,000		69,793		0.65
Indonesia (Rep of), 7.000%, 05/15/2027		IDR	1,318,000,000		80,804		0.75
Indonesia (Rep of), 6.375%, 08/15/2028		IDR	1,834,000,000		109,679		1.02
Indonesia (Rep of), 6.875%, 04/15/2029		IDR	611,000,000		37,093		0.35
Indonesia (Rep of), 10.500%, 08/15/2030		IDR	213,000,000		15,235		0.14
Indonesia (Rep of), 7.000%, 09/15/2030		IDR	1,038,000,000		63,005		0.59
Indonesia (Rep of), 6.500%, 02/15/2031		IDR	1,460,000,000		86,294		0.81
Indonesia (Rep of), 8.750%, 05/15/2031		IDR	1,159,000,000		76,982		0.72
Indonesia (Rep of), 6.375%, 04/15/2032		IDR	1,148,000,000		66,827		0.62
Indonesia (Rep of), 7.500%, 08/15/2032		IDR	583,000,000		36,665		0.34
Indonesia (Rep of), 7.000%, 02/15/2033		IDR	2,508,000,000		151,968		1.42
Indonesia (Rep of), 6.625%, 02/15/2034		IDR	1,398,000,000		82,224		0.77
Indonesia (Rep of), 8.375%, 03/15/2034		IDR	974,000,000		64,346		0.60
Indonesia (Rep of), 8.250%, 05/15/2036		IDR	635,000,000		42,149		0.39
Indonesia (Rep of), 7.125%, 06/15/2038		IDR	2,469,000,000		150,672		1.41
Indonesia (Rep of), 8.375%, 04/15/2039		IDR	788,000,000		53,505		0.50
					1,368,415		12.77

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Par	Value		% of Net Assets

Malaysia (Cost $555,052)
Malaysia (Rep of), 3.733%, 06/15/2028		MYR	119,000	$	24,872		0.23
Malaysia (Rep of), 3.885%, 08/15/2029		MYR	193,000		40,602		0.38
Malaysia (Rep of), 4.642%, 11/07/2033		MYR	293,000		64,568		0.60
Malaysia (Rep of), 3.828%, 07/05/2034		MYR	399,000		82,576		0.77
Malaysia (Rep of), 4.893%, 06/08/2038		MYR	268,000		60,720		0.57
Malaysia (Rep of), 3.757%, 05/22/2040		MYR	100,000		19,998		0.19
Malaysia (Rep of), 4.696%, 10/15/2042		MYR	297,000		65,953		0.62
Malaysia (Rep of), 4.065%, 06/15/2050		MYR	412,000		82,852		0.77
Malaysia (Rep of), 4.457%, 03/31/2053		MYR	127,000		27,316		0.25
Malaysia Government Investment Issue, 3.465%, 10/15/2030		MYR	55,000		11,251		0.10
Malaysia Government Investment Issue, 5.357%, 05/15/2052		MYR	95,000		23,260		0.22
					503,968		4.70

Mexico (Cost $974,505)
Mexican Bonos, 7.750%, 05/29/2031		MXN	5,460,000		282,149		2.64
Mexican Bonos, 7.500%, 05/26/2033		MXN	2,440,000		121,355		1.13
Mexican Bonos, 7.750%, 11/23/2034		MXN	2,880,000		143,786		1.34
Mexican Bonos, 10.000%, 11/20/2036		MXN	2,510,000		147,052		1.37
Mexican Bonos, 8.500%, 11/18/2038		MXN	2,050,000		105,840		0.99
Mexican Bonos, 7.750%, 11/13/2042		MXN	2,400,000		112,806		1.05
Mexican Udibonos, 2.750%, 11/27/2031		MXN	160,000		63,285		0.59
					976,273		9.11

Nigeria (Cost $39,447)
Nigeria Treasury Bill, 0.000%, 03/06/2025²		NGN	43,645,000		26,589		0.25
Nigeria Treasury Bill, 0.000%, 03/27/2025²		NGN	21,182,000		12,687		0.12
					39,276		0.37

Paraguay (Cost $41,143)
Paraguay (Rep of), 7.900%, 02/09/2031		PYG	294,000,000		40,405		0.38
					40,405		0.38

Peru (Cost $369,217)
Peru (Rep of), 5.940%, 02/12/2029		PEN	152,000		40,154		0.37
Peru (Rep of), 6.150%, 08/12/2032		PEN	764,000		191,598		1.79
Peru (Rep of), 7.300%, 08/12/2033³		PEN	479,000		128,207		1.20
					359,959		3.36

Poland (Cost $484,371)
Poland (Rep of), 3.750%, 05/25/2027		PLN	606,000		142,638		1.33
Poland (Rep of), 2.750%, 10/25/2029		PLN	261,000		56,012		0.52
Poland (Rep of), 1.250%, 10/25/2030		PLN	347,000		65,788		0.62
Poland (Rep of), 1.750%, 04/25/2032		PLN	296,000		54,898		0.51
Poland (Rep of), 6.000%, 10/25/2033		PLN	751,000		188,822		1.76
					508,158		4.74

Romania (Cost $390,672)
Romania (Rep of), 5.800%, 07/26/2027		RON	170,000		35,902		0.33

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Par	Value		% of Net Assets

Romania (continued)
Romania (Rep of), 4.150%, 01/26/2028		RON	305,000	$	60,779		0.57
Romania (Rep of), 4.850%, 07/25/2029		RON	230,000		45,572		0.43
Romania (Rep of), 8.000%, 04/29/2030		RON	485,000		110,174		1.03
Romania (Rep of), 4.150%, 10/24/2030		RON	115,000		21,496		0.20
Romania (Rep of), 7.350%, 04/28/2031		RON	115,000		25,394		0.24
Romania (Rep of), 6.700%, 02/25/2032		RON	90,000		19,083		0.18
Romania (Rep of), 8.250%, 09/29/2032		RON	145,000		33,745		0.31
Romania (Rep of), 4.750%, 10/11/2034		RON	185,000		33,304		0.31
					385,449		3.60

South Africa (Cost $946,093)
South Africa (Rep of), 8.000%, 01/31/2030		ZAR	4,379,596		206,459		1.93
South Africa (Rep of), 7.000%, 02/28/2031		ZAR	2,621,332		111,846		1.04
South Africa (Rep of), 8.250%, 03/31/2032		ZAR	4,402,507		194,668		1.82
South Africa (Rep of), 8.875%, 02/28/2035		ZAR	2,964,486		126,671		1.18
South Africa (Rep of), 8.500%, 01/31/2037		ZAR	2,900,133		115,156		1.08
South Africa (Rep of), 9.000%, 01/31/2040		ZAR	860,726		34,157		0.32
South Africa (Rep of), 8.750%, 01/31/2044		ZAR	1,938,916		73,077		0.68
					862,034		8.05

South Korea (Cost $308,510)
Korea (Rep of), 3.000%, 09/10/2024		KRW	395,270,000		285,293		2.66
					285,293		2.66

Supranational (Cost $78,489)
Asian Infrastructure Investment Bank (The), 7.000%, 03/01/2029		INR	2,100,000		24,473		0.23
International Bank for Reconstruction & Development, 6.850%, 04/24/2028		INR	4,500,000		53,125		0.50
					77,598		0.73

Thailand (Cost $520,276)
Thailand (Rep of), 2.650%, 06/17/2028		THB	789,000		21,354		0.20
Thailand (Rep of), 3.775%, 06/25/2032		THB	1,161,000		33,571		0.31
Thailand (Rep of), 3.350%, 06/17/2033		THB	2,158,000		60,681		0.57
Thailand (Rep of), 1.585%, 12/17/2035		THB	2,210,000		51,893		0.48
Thailand (Rep of), 3.400%, 06/17/2036		THB	445,000		12,502		0.12
Thailand (Rep of), 3.390%, 06/17/2037		THB	3,845,000		107,714		1.01
Thailand (Rep of), 3.300%, 06/17/2038		THB	2,343,000		64,821		0.60
Thailand (Rep of), 2.000%, 06/17/2042		THB	1,874,000		42,082		0.39
Thailand (Rep of), 2.875%, 06/17/2046		THB	1,983,000		49,559		0.46
Thailand (Rep of), 3.600%, 06/17/2067		THB	525,000		13,712		0.13
					457,889		4.27

Turkey (Cost $76,403)
Turkey (Rep of), 31.080%, 11/08/2028		TRY	1,006,740		30,992		0.29
Turkey (Rep of), 26.200%, 10/05/2033		TRY	1,317,575		40,195		0.38
					71,187		0.67

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

Currency¹

Par

Value

% of Net

Assets

United States (Cost $441,039)

U.S. Treasury Bill, 5.071%, 05/16/2024⁴

442,000

441,028

4.12

441,028

4.12

Uruguay (Cost $98,890)

Uruguay (Rep of), 8.250%, 05/21/2031

UYU

743,171

18,461

0.17

Uruguay (Rep of), 9.750%, 07/20/2033

UYU

999,172

26,934

0.25

Uruguay Monetary Regulation Bill, 0.000%, 05/31/2024²

UYU

636,000

16,479

0.16

Uruguay Monetary Regulation Bill, 0.000%, 08/09/2024²

UYU

1,042,000

26,538

0.25

Uruguay Monetary Regulation Bill, 0.000%, 09/06/2024²

UYU

598,000

15,126

0.14

103,538

0.97

Total Debt Securities (Cost $10,596,081)

10,160,293

94.84

Total Investments in Securities (Cost $10,596,081)

10,160,293

94.84

Total Investments (Total Cost $10,596,081)

10,160,293

94.84

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)

553,006

5.16

Net Assets

10,713,299

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 April 30, 2024, the Ashmore Emerging Markets Local Currency Bond Fund had outstanding forward foreign currency exchange contracts as follows:


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

05/03/2024	Barclays	Brazilian Real		2,271,117	United States Dollar		436,418	$	843

05/03/2024	Deutsche Bank	United States Dollar		96,000	Brazilian Real		496,272		452

05/03/2024	HSBC Bank	United States Dollar		377,941	Brazilian Real		1,891,952		13,681

05/13/2024	HSBC Bank	Indonesian Rupiah		5,730,255,615	United States Dollar		352,198		81

05/13/2024	Morgan Stanley	Indonesian Rupiah		421,593,968	United States Dollar		25,896		22

05/13/2024	Standard Chartered	Indonesian Rupiah		50,000,000	United States Dollar		3,069		5

05/13/2024	State Street	United States Dollar		5,800	Indian Rupee		483,458		10

05/13/2024	HSBC Bank	United States Dollar		228,875	Indonesian Rupiah		3,613,298,071		6,740

05/13/2024	Standard Chartered	United States Dollar		40,381	Indonesian Rupiah		632,780,820		1,480

05/13/2024	UBS	United States Dollar		181,443	Indonesian Rupiah		2,861,258,395		5,542

05/31/2024	BNP Paribas	Malaysian Ringgit		2,846,938	United States Dollar		597,525		250

05/31/2024	HSBC Bank	Malaysian Ringgit		166,845	United States Dollar		35,000		33

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


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

05/31/2024	BNP Paribas	United States Dollar		118,000	Malaysian Ringgit		557,524	$	936

05/31/2024	HSBC Bank	United States Dollar		28,691	Malaysian Ringgit		135,171		309

05/31/2024	BNP Paribas	United States Dollar		10,028	Thai Baht		370,480		5

05/31/2024	Deutsche Bank	United States Dollar		38,000	Thai Baht		1,389,629		407

05/31/2024	Morgan Stanley	United States Dollar		20,000	Thai Baht		737,360		52

06/04/2024	UBS	United States Dollar		46,240	Brazilian Real		238,375		480

06/11/2024	Merrill Lynch	Chinese Offshore Yuan		159,563	United States Dollar		22,000		43

06/11/2024	Merrill Lynch	Korean Won		36,055,800	United States Dollar		25,940		129

06/11/2024	Merrill Lynch	United States Dollar		115,000	Chinese Offshore Yuan		831,013		197

06/11/2024	UBS	United States Dollar		22,592	Chinese Offshore Yuan		161,966		217

06/11/2024	Morgan Stanley	United States Dollar		147,024	Korean Won		195,079,301		5,981

06/11/2024	State Street	United States Dollar		6,300	Korean Won		8,646,813		48

07/31/2024	Santander	Chilean Peso		133,709,804	United States Dollar		136,788		2,382

07/31/2024	Santander	Colombian Peso		43,855,350	United States Dollar		11,000		15

07/31/2024	Citibank	Czech Koruna		5,512,172	United States Dollar		232,523		1,532

07/31/2024	HSBC Bank	Hungarian Forint		17,788,644	United States Dollar		47,789		497

07/31/2024	Citibank	Mexican Peso		450,624	United States Dollar		25,896		12

07/31/2024	Deutsche Bank	Polish Zloty		1,883,822	United States Dollar		461,440		2,456

07/31/2024	Barclays	Romanian Leu		263,269	United States Dollar		56,166		215

07/31/2024	Morgan Stanley	South African Rand		1,114,254	United States Dollar		58,277		470

07/31/2024	BNP Paribas	Turkish Lira		757,445	United States Dollar		20,883		271

07/31/2024	Morgan Stanley	United States Dollar		11,700	Chilean Peso		11,084,463		163

07/31/2024	Morgan Stanley	United States Dollar		15,434	Colombian Peso		61,099,955		88

07/31/2024	JPMorgan Chase	United States Dollar		18,700	Czech Koruna		438,064		99

07/31/2024	State Street	United States Dollar		13,600	Hungarian Forint		4,995,540		40

07/31/2024	Merrill Lynch	United States Dollar		239,580	Peruvian Nuevo Sol		898,136		1,248

07/31/2024	JPMorgan Chase	United States Dollar		32,500	Polish Zloty		131,165		200

07/31/2024	Barclays	United States Dollar		15,700	Romanian Leu		72,866		95

07/31/2024	Citibank	United States Dollar		1,984	South African Rand		37,489		7

08/09/2024	HSBC Bank	Indian Rupee		83,124	United States Dollar		992		—

08/09/2024	JPMorgan Chase	Indian Rupee		672,940	United States Dollar		8,028		1

09/18/2024	Citibank	Egyptian Pound		899,316	United States Dollar		17,446		556

09/23/2024	HSBC Bank	Egyptian Pound		2,074,489	United States Dollar		40,554		905

10/25/2024	JPMorgan Chase	Turkish Lira		2,678,794	United States Dollar		67,000		806

03/07/2025	Barclays	Turkish Lira		722,832	United States Dollar		15,232		939


Subtotal Appreciation									50,940


05/03/2024	BNP Paribas	Brazilian Real		117,107	United States Dollar		23,000		(453	)

05/13/2024	HSBC Bank	Indian Rupee		2,657,358	United States Dollar		31,843		(17	)

05/13/2024	Deutsche Bank	Indonesian Rupiah		255,000,000	United States Dollar		15,702		(25	)

05/13/2024	HSBC Bank	Indonesian Rupiah		72,763,303	United States Dollar		4,624		(150	)

05/13/2024	Merrill Lynch	Indonesian Rupiah		577,724,400	United States Dollar		36,000		(483	)

05/13/2024	HSBC Bank	United States Dollar		995	Indian Rupee		83,124		(1	)

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


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

05/13/2024	JPMorgan Chase	United States Dollar		25,017	Indian Rupee		2,090,776	$	(23	)

05/31/2024	Deutsche Bank	Malaysian Ringgit		308,234	United States Dollar		64,948		(228	)

05/31/2024	HSBC Bank	Malaysian Ringgit		232,938	United States Dollar		49,052		(142	)

05/31/2024	Merrill Lynch	Philippine Peso		280,655	United States Dollar		4,999		(143	)

05/31/2024	Barclays	Thai Baht		1,247,337	United States Dollar		35,000		(1,256	)

05/31/2024	Citibank	Thai Baht		5,180,000	United States Dollar		145,302		(5,168	)

05/31/2024	Deutsche Bank	Thai Baht		4,887,416	United States Dollar		136,902		(4,684	)

05/31/2024	Morgan Stanley	Thai Baht		184,761	United States Dollar		5,001		(3	)

05/31/2024	UBS	Thai Baht		8,183,812	United States Dollar		221,397		(1	)

06/04/2024	State Street	Brazilian Real		465,000	United States Dollar		89,797		(532	)

06/04/2024	Barclays	United States Dollar		435,251	Brazilian Real		2,271,117		(729	)

06/11/2024	Citibank	Chinese Offshore Yuan		1,473,182	United States Dollar		205,694		(2,176	)

06/11/2024	HSBC Bank	Chinese Offshore Yuan		2,275,469	United States Dollar		317,467		(3,115	)

06/11/2024	Deutsche Bank	Korean Won		40,036,500	United States Dollar		30,000		(1,053	)

06/11/2024	Merrill Lynch	Korean Won		17,039,100	United States Dollar		12,414		(95	)

06/11/2024	State Street	Korean Won		14,802,810	United States Dollar		11,000		(297	)

06/11/2024	HSBC Bank	United States Dollar		20,300	Chinese Offshore Yuan		146,963		(3	)

07/31/2024	Morgan Stanley	Chilean Peso		6,716,710	United States Dollar		7,000		(9	)

07/31/2024	Santander	Colombian Peso		52,000,000	United States Dollar		13,186		(126	)

07/31/2024	Barclays	Czech Koruna		407,977	United States Dollar		17,419		(96	)

07/31/2024	Morgan Stanley	Hungarian Forint		4,311,165	United States Dollar		11,741		(39	)

07/31/2024	Morgan Stanley	Polish Zloty		80,083	United States Dollar		19,868		(147	)

07/31/2024	Citibank	Romanian Leu		120,201	United States Dollar		25,887		(145	)

07/31/2024	Deutsche Bank	South African Rand		2,070,146	United States Dollar		110,000		(854	)

07/31/2024	Merrill Lynch	United States Dollar		10,700	Colombian Peso		42,755,488		(38	)

07/31/2024	JPMorgan Chase	United States Dollar		32,840	Mexican Peso		572,142		(54	)

07/31/2024	Standard Chartered	United States Dollar		31,977	Mexican Peso		559,612		(197	)

07/31/2024	Barclays	United States Dollar		30,300	South African Rand		579,746		(266	)

07/31/2024	Morgan Stanley	United States Dollar		93,721	South African Rand		1,798,735		(1,115	)

08/09/2024	HSBC Bank	United States Dollar		351,183	Indonesian Rupiah		5,730,255,615		(76	)

10/31/2024	BNP Paribas	Turkish Lira		2,143,864	United States Dollar		54,000		(72	)

10/31/2024	Citibank	Turkish Lira		4,275,731	United States Dollar		108,000		(445	)


Subtotal Depreciation									(24,456	)


Total								$	26,484

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

At April 30, 2024, 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

3M MYR KLIBO (Pay Quarterly)

3.622% (Receive
Quarterly)

MYR

500,000

03/15/2028

(439)

$—

$(439)

HSBC Bank

3M MYR KLIBO (Pay Quarterly)

3.680% (Receive
Quarterly)

MYR

1,000,000

03/15/2028

(422)

—

(422)

HSBC Bank

$(861)

At April 30, 2024, 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)

1-Day CLP CLICP
(Receive Semiannually)

CLP

38,700,000

08/17/2033

$ (178)

$(71)

HSBC Bank

7-Day CNY CNRR (Pay Quarterly)

2.775% (Receive
Quarterly)

CNY

1,700,000

03/15/2028

6,392

456

HSBC Bank

1-Day INR MIBOR (Pay Semiannually)

6.452% (Receive
Semiannually)

INR

12,171,000

04/12/2029

(917)

(122)

HSBC Bank

3M KRW KWCDC (Pay Quarterly)

3.560% (Receive
Quarterly)

KRW

96,700,000

07/17/2026

—

BNP Paribas

3M KRW KWCDC (Pay Quarterly)

3.490% (Receive
Quarterly)

KRW

96,703,000

07/20/2026

(90)

HSBC Bank

3M KRW KWCDC (Pay Quarterly)

3.535% (Receive
Quarterly)

KRW

96,180,000

07/19/2026

(36)

BNP Paribas

3M KRW KWCDC (Pay Quarterly)

3.540% (Receive
Quarterly)

KRW

97,230,000

07/21/2026

(36)

BNP Paribas

3M KRW KWCDC (Pay Quarterly)

3.565% (Receive
Quarterly)

KRW

97,750,000

07/25/2026

BNP Paribas

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

8.675% (Receive
Lunar)

MXN

2,400,000

03/14/2029

(5,910)

(176)

HSBC Bank

6M PLN WIBOR (Pay Semiannually)

4.681% (Receive
Annually)

PLN

300,000

06/19/2034

(3,802)

(16)

JP Morgan

6M PLN WIBOR (Pay Semiannually)

4.970% (Receive
Annually)

PLN

620,000

09/18/2034

(4,371)

(64)

BNP Paribas

$(8,939)

$102

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

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 April 30, 2024:


	Level 1		Level 2			Level 3		Total
Investments
Assets:
Debt Securities
Financial Certificates	$	—	$	34,511		$	—	$	34,511
Government Agencies		—		104,136			—		104,136
Government Bonds		—		9,446,451			—		9,446,451
Index Linked Government Bonds		—		63,285			—		63,285
Short Term Bills and Notes		—		511,910			—		511,910

Total Debt Securities		—		10,160,293			—		10,160,293
Total Investments	$	—	$	10,160,293		$	—	$	10,160,293

Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts	$	—		$ 50,940		$	—		$ 50,940
Centrally Cleared Interest Rate Swap Contracts^†		—		6,401			—		6,401
Liabilities:
Forward Foreign Currency Exchange Contracts		—		(24,456	)		—		(24,456	)
Over the Counter Interest Rate Swap Contracts		—		(861	)		—		(861	)
Centrally Cleared Interest Rate Swap Contracts^†		—		(15,340	)		—		(15,340	)
Total Other Financial Instruments	$	—		$ 16,684		$	—		$ 16,684

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

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2024:


	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange Risk			Interest Rate Risk

Assets:
Unrealized Appreciation on Centrally Cleared Interest Rate Swap Contracts	$	—		$	6,401	^†
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		50,940			—

	$	50,940		$	6,401

Liabilities:
Unrealized Depreciation on Centrally Cleared Interest Rate Swap Contracts	$	—		$	(15,340	)^†
Unrealized Depreciation on Over the Counter Interest Rate Swap Contracts		—			(861	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		(24,456	)		—

	$	(24,456	)	$	(16,201	)

^†	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 Six Months Ended April 30, 2024:


	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange Risk			Interest Rate Risk

Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Loss on Forward Foreign Currency Exchange Contracts	$	(42,411	)	$	—
Net Realized Loss on Interest Rate Swap Contracts		—			(2,556	)

	$	(42,411	)	$	(2,556	)

Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts	$	39,638		$	—
Net Change in Unrealized Depreciation on Interest Rate Swap Contracts		—			(4,737	)

	$	39,638		$	(4,737	)

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

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2024 (Unaudited)


	Currency¹	Par	Value		% of Net Assets

Debt Securities

Argentina (Cost $753,810)
Pan American Energy LLC, 8.500%, 04/30/2032²		450,000	$	449,550		0.78
YPF S.A., 9.500%, 01/17/2031		300,000		302,407		0.52
				751,957		1.30

Brazil (Cost $9,018,863)
Aegea Finance S.a.r.l., 9.000%, 01/20/2031		300,000		315,090		0.54
Banco do Brasil S.A., 6.000%, 03/18/2031		200,000		193,740		0.34
Braskem Netherlands Finance B.V., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 8.220%), 8.500%, 01/23/2081³		350,000		342,672		0.59
BRF S.A., 5.750%, 09/21/2050		210,000		158,681		0.27
CSN Inova Ventures, 6.750%, 01/28/2028		225,000		213,539		0.37
Embraer Netherlands Finance B.V., 7.000%, 07/28/2030		200,000		204,875		0.35
Globo Comunicacao e Participacoes S.A., 5.500%, 01/14/2032		200,000		172,875		0.30
InterCement Financial Operations B.V., 5.750%, 07/17/2024		500,000		412,500		0.71
Itau Unibanco Holding S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.222%), 4.625%, 02/27/2025³		235,000		220,785		0.38
JBS U.S.A. Holding Lux S.a.r.l./JBS U.S.A. Food Co./JBS Lux Co. S.a.r.l., 3.625%, 01/15/2032		100,000		83,334		0.14
JBS U.S.A. Holding Lux S.a.r.l./JBS U.S.A. Food Co./JBS Lux Co. S.a.r.l., 6.750%, 03/15/2034		134,000		136,383		0.24
MARB BondCo PLC, 3.950%, 01/29/2031		335,000		268,419		0.46
MC Brazil Downstream Trading S.a.r.l., 7.250%, 06/30/2031		746,340		644,651		1.11
Minerva Luxembourg S.A., 8.875%, 09/13/2033		200,000		205,160		0.36
Oi S.A., 12.500%, (44% PIK), 12/15/2024^2,4,5		433,322		431,156		0.75
Oi S.A., 10.000%, 07/27/2025^4,6		4,374,000		21,870		0.04
Petrobras Global Finance B.V., 6.850%, 06/05/2115		100,000		86,528		0.15
Raizen Fuels Finance S.A., 6.450%, 03/05/2034		200,000		199,100		0.34
Rumo Luxembourg S.a.r.l., 4.200%, 01/18/2032		250,000		206,212		0.36
Sitios Latinoamerica S.A.B. de C.V., 5.375%, 04/04/2032		275,000		250,576		0.43
Suzano Austria GmbH, 3.125%, 01/15/2032		360,000		290,160		0.50
				5,058,306		8.73

Chile (Cost $2,764,326)
Antofagasta PLC, 5.625%, 05/13/2032		200,000		192,352		0.33
Antofagasta PLC, 6.250%, 05/02/2034²		200,000		199,200		0.34
Banco de Credito e Inversiones S.A., 8.750%, 12/31/2099		400,000		408,848		0.71
Banco Santander Chile, 2.700%, 01/10/2025		225,000		220,023		0.38
BPCE S.A., 3.150%, 03/06/2030		245,000		210,853		0.36
Cencosud S.A., 4.375%, 07/17/2027		200,000		190,500		0.33
GNL Quintero S.A., 4.634%, 07/31/2029		388,320		373,797		0.65
Inversiones CMPC S.A., 6.125%, 02/26/2034		200,000		197,000		0.34
Sociedad Quimica y Minera de Chile S.A., 6.500%, 11/07/2033		200,000		201,000		0.35
VTR Comunicaciones S.p.A., 5.125%, 01/15/2028		300,000		238,125		0.41
VTR Finance N.V., 6.375%, 07/15/2028		200,000		141,000		0.24
				2,572,698		4.44

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹	Par	Value		% of Net Assets

China (Cost $22,276,692)
Central China Real Estate Ltd., 7.250%, 07/16/2024⁶		465,000	$	12,788		0.02
Central China Real Estate Ltd., 7.250%, 08/13/2024⁶		1,846,000		50,765		0.09
Central China Real Estate Ltd., 7.250%, 04/28/2025⁶		190,000		5,225		0.01
Central China Real Estate Ltd., 7.650%, 08/27/2025⁶		200,000		5,500		0.01
China SCE Group Holdings Ltd., 7.375%, 04/09/2024^6,7		200,000		8,000		0.01
China SCE Group Holdings Ltd., 5.950%, 09/29/2024⁶		420,000		16,800		0.03
China SCE Group Holdings Ltd., 7.000%, 05/02/2025⁶		1,236,000		49,440		0.09
China SCE Group Holdings Ltd., 6.000%, 02/04/2026⁶		760,000		30,400		0.05
CIFI Holdings Group Co. Ltd., 5.950%, 10/20/2025⁶		560,000		46,200		0.08
Fantasia Holdings Group Co. Ltd., 15.000%, 12/18/2021^6,7		830,000		12,450		0.02
Fantasia Holdings Group Co. Ltd., 7.950%, 07/05/2022^6,7		3,360,000		50,400		0.09
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/2022^6,7		1,840,000		27,600		0.05
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/2023^6,7		925,000		13,875		0.02
Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/2023^6,7		770,000		11,550		0.02
Huarong Finance II Co. Ltd., 4.625%, 06/03/2026		420,000		400,050		0.69
Kaisa Group Holdings Ltd., 8.500%, 06/30/2022^6,7		1,577,000		42,973		0.07
Kaisa Group Holdings Ltd., 11.500%, 01/30/2023^6,7		1,850,000		39,312		0.07
Kaisa Group Holdings Ltd., 10.875%, 07/23/2023^6,7		690,000		14,663		0.03
Kaisa Group Holdings Ltd., 9.375%, 06/30/2024⁶		1,350,000		35,437		0.06
Kaisa Group Holdings Ltd., 11.250%, 04/16/2025⁶		1,180,000		30,237		0.05
Kaisa Group Holdings Ltd., 11.700%, 11/11/2025⁶		625,000		16,016		0.03
KWG Group Holdings Ltd., 6.000%, 01/14/2024^6,7		490,000		26,950		0.05
KWG Group Holdings Ltd., 7.400%, 01/13/2027⁶		225,000		11,813		0.02
Mega Advance Investments Ltd., 6.375%, 05/12/2041		200,000		211,687		0.36
Meituan, 0.000%, 04/27/2027⁸		200,000		188,100		0.32
New Metro Global Ltd., 4.625%, 10/15/2025		210,000		103,294		0.18
Redco Properties Group Ltd., 9.900%, 02/17/2024^6,7		980,000		6,252		0.01
Sunac China Holdings Ltd., 6.000%, 09/30/2025⁴		162,490		16,249		0.03
Sunac China Holdings Ltd., 6.250%, 09/30/2026⁴		162,687		14,642		0.02
Sunac China Holdings Ltd., 6.500%, 09/30/2027⁴		325,772		26,225		0.04
Sunac China Holdings Ltd., 6.750%, 09/30/2028⁴		253,973		17,905		0.03
Sunac China Holdings Ltd., 15.000%, 09/30/2028⁹		865,000		190,300		0.33
Sunac China Holdings Ltd., 7.000%, 09/30/2029⁴		489,843		28,166		0.05
Sunac China Holdings Ltd., 7.250%, 09/30/2030⁴		230,395		11,869		0.02
Sunac China Holdings Ltd., 1.000%, 09/30/2032⁴		421,354		28,441		0.05
Tencent Holdings Ltd., 3.975%, 04/11/2029		220,000		205,792		0.35
Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/2023^6,7		3,200,550		160,027		0.28
Yuzhou Group Holdings Co. Ltd., 6.350%, 01/13/2027⁶		810,000		40,500		0.07
Zhenro Properties Group Ltd., 8.700%, 08/03/2022^6,7		1,360,000		10,200		0.02
Zhenro Properties Group Ltd., 6.500%, 09/01/2022^6,7		2,095,000		15,713		0.03
Zhenro Properties Group Ltd., 9.150%, 05/06/2023^6,7		700,000		5,250		0.01
Zhenro Properties Group Ltd., 7.875%, 04/14/2024^6,7		2,315,000		17,363		0.03
				2,256,419		3.89

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Par	Value		% of Net Assets

Colombia (Cost $3,103,796)
AI Candelaria Spain S.A., 7.500%, 12/15/2028			206,250	$	198,515		0.34
AI Candelaria Spain S.A., 5.750%, 06/15/2033			250,000		193,437		0.33
Banco Davivienda S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 5.097%), 6.650%, 04/22/2031³			430,000		300,665		0.52
Bancolombia S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.944%), 4.625%, 12/18/2029³			400,000		385,750		0.67
Ecopetrol S.A., 6.875%, 04/29/2030			75,000		71,648		0.12
Ecopetrol S.A., 8.875%, 01/13/2033			425,000		434,148		0.75
Ecopetrol S.A., 8.375%, 01/19/2036			200,000		194,116		0.33
Ecopetrol S.A., 5.875%, 05/28/2045			285,000		202,350		0.35
Empresas Publicas de Medellin ESP, 4.375%, 02/15/2031			280,000		225,672		0.39
Frontera Energy Corp., 7.875%, 06/21/2028			275,000		224,641		0.39
Grupo Aval Ltd., 4.375%, 02/04/2030			200,000		166,000		0.29
Oleoducto Central S.A., 4.000%, 07/14/2027			222,000		205,419		0.35
Promigas S.A. ESP/Gases del Pacifico SAC, 3.750%, 10/16/2029			200,000		173,500		0.30
					2,975,861		5.13

Czech Republic (Cost $2,287,648)
CETIN Group N.V., 3.125%, 04/14/2027		EUR	120,000		123,885		0.21
Energo-Pro A.S., 8.500%, 02/04/2027			205,000		206,473		0.36
New World Resources N.V., 8.000%, 04/07/2020^6,7,10		EUR	1,685,299		—		—
New World Resources N.V., 0.000%, 10/07/2020^2,5,6,7,10		EUR	101,612		—		—
New World Resources N.V., 4.000%, 10/07/2020^6,7,10		EUR	700,590		—		—
					330,358		0.57

Ecuador (Cost $263,384)
International Airport Finance S.A., 12.000%, 03/15/2033			252,378		267,521		0.46
					267,521		0.46

Georgia (Cost $200,000)
Bank of Georgia JSC, (Variable, USD SOFR ICE Swap Rate 5Y + 5.618%), 9.500%, 07/16/2029^2,3			200,000		198,125		0.34
					198,125		0.34

Ghana (Cost $346,999)
Tullow Oil PLC, 10.250%, 05/15/2026			340,000		327,994		0.57
					327,994		0.57

Hong Kong (Cost $2,028,379)
AIA Group Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.758%), 2.700%, 04/07/2026³			200,000		185,214		0.32
Bank of East Asia (The) Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.300%), 4.875%, 04/22/2032³			300,000		279,375		0.48
Phoenix Lead Ltd., 4.850%, 08/23/2024			275,000		211,750		0.36
Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.850%), 6.187%, 07/06/2027³			260,000		261,401		0.45
Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.976%), 7.750%, 08/15/2027³			405,000		399,938		0.69

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹	Par	Value		% of Net 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	$	265,626		0.46
Standard Chartered PLC, 7.875%, 03/08/2030		350,000		340,922		0.59
				1,944,226		3.35

India (Cost $3,163,030)
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.700%, 03/12/2042		200,000		185,500		0.32
Bharti Airtel Ltd., 3.250%, 06/03/2031		300,000		256,125		0.44
Greenko Power II Ltd., 4.300%, 12/13/2028		315,000		281,295		0.49
Greenko Solar Mauritius Ltd., 5.950%, 07/29/2026		200,000		192,625		0.33
HDFC Bank Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.925%), 3.700%, 08/25/2026³		225,000		207,422		0.36
India Airport Infra, 6.250%, 10/25/2025		250,000		248,828		0.43
Indiabulls Housing Finance Ltd., 9.700%, 07/03/2027²		200,000		193,563		0.33
JSW Hydro Energy Ltd., 4.125%, 05/18/2031		193,200		167,601		0.29
Network i2i Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.390%), 3.975%, 03/03/2026³		300,000		284,812		0.49
Power Finance Corp. Ltd., 4.500%, 06/18/2029		435,000		407,677		0.70
REC Ltd., 3.500%, 12/12/2024		210,000		206,456		0.36
Reliance Industries Ltd., 3.750%, 01/12/2062		250,000		165,000		0.28
TML Holdings Pte. Ltd., 4.350%, 06/09/2026		210,000		200,419		0.35
Vedanta Resources Finance II PLC, 13.875%, 01/21/2027		117,500		110,303		0.19
				3,107,626		5.36

Indonesia (Cost $2,021,059)
Bank Negara Indonesia Persero Tbk PT, 3.750%, 03/30/2026		275,000		260,047		0.45
Freeport Indonesia PT, 4.763%, 04/14/2027		295,000		284,914		0.49
Freeport Indonesia PT, 6.200%, 04/14/2052		220,000		205,986		0.36
Indofood CBP Sukses Makmur Tbk PT, 3.398%, 06/09/2031		200,000		169,250		0.29
Indofood CBP Sukses Makmur Tbk PT, 4.745%, 06/09/2051		200,000		154,625		0.27
Medco Bell Pte. Ltd., 6.375%, 01/30/2027		355,000		344,904		0.59
Minejesa Capital B.V., 4.625%, 08/10/2030		185,960		173,196		0.30
Minejesa Capital B.V., 5.625%, 08/10/2037		200,000		173,387		0.30
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.850%, 10/14/2038		310,000		275,125		0.47
				2,041,434		3.52

Iraq (Cost $384,989)
DNO A.S.A., 7.875%, 09/09/2026²		400,000		394,000		0.68
				394,000		0.68

Israel (Cost $1,630,200)
Energian Israel Finance Ltd., 8.500%, 09/30/2033²		290,513		278,892		0.48
Leviathan Bond Ltd., 6.125%, 06/30/2025²		225,000		219,375		0.38
Leviathan Bond Ltd., 6.500%, 06/30/2027²		238,000		223,423		0.38
Leviathan Bond Ltd., 6.750%, 06/30/2030²		430,000		382,700		0.66

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹	Par	Value		% of Net Assets

Israel (continued)
Teva Pharmaceutical Finance Netherlands III B.V., 6.750%, 03/01/2028		405,000	$	410,569		0.71
				1,514,959		2.61

Jordan (Cost $198,410)
Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025		200,000		191,750		0.33
				191,750		0.33

Kazakhstan (Cost $1,249,157)
KazMunayGas National Co. JSC, 5.375%, 04/24/2030		210,000		200,353		0.35
KazMunayGas National Co. JSC, 5.750%, 04/19/2047		420,000		348,075		0.60
KazMunayGas National Co. JSC, 6.375%, 10/24/2048		365,000		325,192		0.56
Tengizchevroil Finance Co. International Ltd., 4.000%, 08/15/2026		430,000		405,141		0.70
				1,278,761		2.21

Kuwait (Cost $821,832)
MEGlobal Canada ULC, 5.000%, 05/18/2025		390,000		384,881		0.66
NBK Tier 1 Financing 2 Ltd., (Variable, USD CMT 6Y + 2.832%), 4.500%, 08/27/2025³		265,000		254,897		0.44
NBK Tier 1 Ltd., (Variable, USD CMT 6Y + 2.875%), 3.625%, 08/24/2026³		200,000		183,496		0.32
				823,274		1.42

Malaysia (Cost $438,262)
Axiata Spv5 Labuan Ltd., 3.064%, 08/19/2050		200,000		125,563		0.22
MISC Capital Two Labuan Ltd., 3.750%, 04/06/2027		315,000		298,167		0.51
				423,730		0.73

Mexico (Cost $4,033,504)
Alfa S.A.B. de C.V., 6.875%, 03/25/2044		240,000		239,475		0.41
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.760%), 8.375%, 10/14/2030³		215,000		214,720		0.37
BBVA Bancomer S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.650%), 5.125%, 01/18/2033³		335,000		306,592		0.53
BBVA Bancomer S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.214%), 8.125%, 01/08/2039³		200,000		202,130		0.35
Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy, 7.875%, 02/15/2039		300,000		313,108		0.54
Cemex S.A.B. de C.V., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.534%), 5.125%, 06/08/2026³		250,000		239,887		0.41
CIBANCO S.A. Institucion de Banca Multiple Trust CIB, 4.375%, 07/22/2031		440,000		357,023		0.62
Cometa Energia S.A. de C.V., 6.375%, 04/24/2035		246,015		242,940		0.42
Corp. Inmobiliaria Vesta S.A.B. de C.V., 3.625%, 05/13/2031		200,000		170,000		0.29
Electricidad Firme de Mexico Holdings S.A. de C.V., 4.900%, 11/20/2026		200,000		189,688		0.33
Grupo Axo S.A.P.I. de C.V., 5.750%, 06/08/2026		253,000		242,824		0.42
Grupo Bimbo S.A.B. de C.V., 3.875%, 06/27/2024		215,000		213,895		0.37

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹	Par	Value		% of Net Assets

Mexico (continued)
Industrias Penoles S.A.B. de C.V., 4.750%, 08/06/2050		200,000	$	152,000		0.26
Metalsa S.A.P.I de C.V., 3.750%, 05/04/2031		150,000		120,563		0.21
Mexico Generadora de Energia S. de R.L., 5.500%, 12/06/2032		218,082		210,721		0.36
Nemak S.A.B. de C.V., 3.625%, 06/28/2031		200,000		156,500		0.27
Trust Fibra Uno, 6.390%, 01/15/2050		223,000		173,731		0.30
				3,745,797		6.46

Morocco (Cost $652,196)
OCP S.A., 3.750%, 06/23/2031		320,000		265,073		0.46
OCP S.A., 6.875%, 04/25/2044		200,000		183,687		0.31
OCP S.A., 5.125%, 06/23/2051		200,000		144,750		0.25
				593,510		1.02

Nigeria (Cost $445,772)
IHS Netherlands Holdco B.V., 8.000%, 09/18/2027		470,000		441,800		0.76
				441,800		0.76

Oman (Cost $488,771)
Bank Muscat SAOG, 4.750%, 03/17/2026		200,000		194,313		0.33
Oryx Funding Ltd., 5.800%, 02/03/2031		300,000		295,359		0.51
				489,672		0.84

Panama (Cost $331,806)
C&W Senior Finance Ltd., 6.875%, 09/15/2027		370,000		345,950		0.60
				345,950		0.60

Papua New Guinea (Cost $300,000)
Puma International Financing S.A., 7.750%, 04/25/2029²		300,000		302,829		0.52
				302,829		0.52

Peru (Cost $1,467,992)
Banco de Credito del Peru S.A., 5.850%, 01/11/2029		200,000		197,700		0.34
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		166,399		0.29
Banco Internacional del Peru S.A.A. Interbank, 7.625%, 01/16/2034		200,000		205,470		0.35
InRetail Shopping Malls, 5.750%, 04/03/2028		120,000		116,025		0.20
Kallpa Generacion S.A., 4.125%, 08/16/2027		200,000		188,312		0.33
Minsur S.A., 4.500%, 10/28/2031		215,000		186,378		0.32
Nexa Resources S.A., 6.750%, 04/09/2034²		200,000		200,690		0.35
Transportadora de Gas del Peru S.A., 4.250%, 04/30/2028		176,000		168,969		0.29
				1,429,943		2.47

Philippines (Cost $458,119)
Development Bank of the Philippines, 2.375%, 03/11/2031		250,000		202,820		0.35
Petron Corp., (Variable, 7.574% - U.S. Treasury Yield Curve Rate CMT 5Y), 5.950%, 04/19/2026³		270,000		260,803		0.45
				463,623		0.80

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Par	Value		% of Net Assets

Poland (Cost $277,068)
GTC Aurora Luxembourg S.A., 2.250%, 06/23/2026		EUR	300,000	$	275,498		0.48
					275,498		0.48

Qatar (Cost $1,711,928)
ABQ Finance Ltd., 1.875%, 09/08/2025			250,000		236,680		0.41
Ahli Bank QSC, (Variable, U.S. Treasury Yield Curve Rate
CMT 5Y + 3.451%), 4.000%, 02/17/2026³			320,000		293,800		0.51
CBQ Finance Ltd., 2.000%, 09/15/2025			250,000		237,422		0.41
CBQ Finance Ltd., 2.000%, 05/12/2026			260,000		241,140		0.42
Commercial Bank PSQC (The), (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.874%), 4.500%, 03/03/2026³			320,000		298,700		0.51
Doha Finance Ltd., 2.375%, 03/31/2026			435,000		406,044		0.70
					1,713,786		2.96

Romania (Cost $141,226)
NE Property B.V., 2.000%, 01/20/2030		EUR	175,000		159,213		0.27
					159,213		0.27

Russian Federation (Cost $1,481,647)
Sovcombank Via SovCom Capital DAC, 7.600%, 02/17/2027^6,11			1,605,000		2		—
					2		—

Saudi Arabia (Cost $2,100,001)
Acwa Power Management And Investments One Ltd., 5.950%, 12/15/2039			356,724		342,567		0.59
Dar Al-Arkan Sukuk Co. Ltd., 6.750%, 02/15/2025			300,000		298,124		0.51
EIG Pearl Holdings S.a.r.l., 3.545%, 08/31/2036			480,000		398,850		0.69
EIG Pearl Holdings S.a.r.l., 4.387%, 11/30/2046			340,000		255,956		0.44
Greensaif Pipelines Bidco S.a.r.l., 6.510%, 02/23/2042			435,000		436,087		0.75
Saudi Arabian Oil Co., 4.375%, 04/16/2049			210,000		165,638		0.29
SNB Funding Ltd., 2.750%, 10/02/2024			200,000		197,166		0.34
					2,094,388		3.61

Singapore (Cost $375,929)
DBS Group Holdings Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.915%), 3.300%, 02/27/2025³			370,000		360,380		0.62
					360,380		0.62

South Africa (Cost $3,015,943)
Absa Group Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.411%), 6.375%, 05/27/2026³			200,000		193,062		0.33
Anglo American Capital PLC, 4.750%, 04/10/2027			200,000		194,787		0.34
Anglo American Capital PLC, 3.875%, 03/16/2029			200,000		185,103		0.32
Anglo American Capital PLC, 5.625%, 04/01/2030			230,000		229,565		0.40
Anglo American Capital PLC, 5.500%, 05/02/2033			400,000		390,584		0.67
AngloGold Ashanti Holdings PLC, 3.375%, 11/01/2028			270,000		241,515		0.42
Gold Fields Orogen Holdings BVI Ltd., 5.125%, 05/15/2024			230,000		229,793		0.40
Gold Fields Orogen Holdings BVI Ltd., 6.125%, 05/15/2029			210,000		211,181		0.36

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹	Par	Value		% of Net Assets

South Africa (continued)
Prosus N.V., 3.257%, 01/19/2027		200,000	$	184,125		0.32
Prosus N.V., 3.061%, 07/13/2031		320,000		257,600		0.44
Prosus N.V., 4.027%, 08/03/2050		360,000		228,150		0.39
Prosus N.V., 3.832%, 02/08/2051		300,000		184,125		0.32
Prosus N.V., 4.987%, 01/19/2052		285,000		207,694		0.36
				2,937,284		5.07

South Korea (Cost $1,574,213)
Hyundai Capital Services, Inc., 5.125%, 02/05/2029		200,000		193,875		0.33
Kyobo Life Insurance Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.887%), 5.900%, 06/15/2052³		225,000		222,750		0.38
POSCO, 5.875%, 01/17/2033		200,000		200,375		0.35
Shinhan Financial Group Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.064%), 2.875%, 05/12/2026³		255,000		235,237		0.41
Shinhan Financial Group Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.500%), 3.340%, 02/05/2030³		315,000		307,519		0.53
SK Hynix, Inc., 5.500%, 01/16/2029		200,000		196,502		0.34
Woori Bank, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.664%), 4.250%, 10/04/2024³		205,000		201,925		0.35
				1,558,183		2.69

Taiwan (Cost $167,695)
Foxconn Far East Ltd., 2.500%, 10/28/2030		200,000		165,188		0.29
				165,188		0.29

Tanzania (Cost $440,954)
HTA Group Ltd., 7.000%, 12/18/2025		255,000		254,602		0.44
HTA Group Ltd., 2.875%, 03/18/2027		200,000		178,162		0.31
				432,764		0.75

Thailand (Cost $1,138,386)
Bangkok Bank PCL, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.729%), 5.000%, 09/23/2025³		270,000		261,562		0.45
Bangkok Bank PCL, 9.025%, 03/15/2029		230,000		257,943		0.45
GC Treasury Center Co. Ltd., 2.980%, 03/18/2031		200,000		166,776		0.29
Kasikornbank PCL, 5.458%, 03/07/2028		200,000		198,750		0.34
Kasikornbank PCL, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.700%), 3.343%, 10/02/2031³		245,000		226,405		0.39
				1,111,436		1.92

Turkey (Cost $2,756,639)
Akbank TAS, 9.369%, 03/14/2029		400,000		396,375		0.68
Ford Otomotiv Sanayi A.S., 7.125%, 04/25/2029²		400,000		400,280		0.69
Sisecam UK PLC, 8.250%, 05/02/2029²		250,000		254,303		0.44
Sisecam UK PLC, 8.625%, 05/02/2032²		250,000		253,437		0.44
Turkiye Garanti Bankasi A.S., (Variable, USD ICE Swap Rate 5Y + 4.220%), 7.177%, 05/24/2027³		205,000		203,206		0.35
Turkiye Garanti Bankasi A.S., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.090%), 8.375%, 02/28/2034³		300,000		298,031		0.51

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹	Par	Value		% of Net Assets

Turkey (continued)
Turkiye Vakiflar Bankasi T.A.O., 9.000%, 10/12/2028		200,000	$	209,188		0.36
Turkiye Vakiflar Bankasi T.A.O., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.493%), 10.117%, 04/24/2029^2,3		200,000		200,980		0.35
Yapi ve Kredi Bankasi A.S., 9.250%, 10/16/2028		250,000		265,000		0.46
Yapi ve Kredi Bankasi A.S., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.499%), 9.743%, 04/04/2029^2,3		300,000		298,875		0.52
				2,779,675		4.80

Ukraine (Cost $341,429)
MHP Lux S.A., 6.950%, 04/03/2026		210,000		170,887		0.29
VEON Holdings B.V., 3.375%, 11/25/2027		205,000		166,563		0.29
				337,450		0.58

United Arab Emirates (Cost $3,268,182)
Alpha Star Holding VII Ltd., 7.750%, 04/27/2026		205,000		206,153		0.36
BOS Funding Ltd., 7.000%, 03/14/2028		200,000		206,687		0.36
DP World Ltd., 6.850%, 07/02/2037		210,000		221,681		0.38
DP World Salaam, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.750%), 6.000%, 10/01/2025³		250,000		247,750		0.43
First Abu Dhabi Bank PJSC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.138%), 4.500%, 04/05/2026³		500,000		480,781		0.83
First Abu Dhabi Bank PJSC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.700%), 6.320%, 04/04/2034³		200,000		201,750		0.35
Galaxy Pipeline Assets Bidco Ltd., 1.750%, 09/30/2027		196,420		182,486		0.31
Galaxy Pipeline Assets Bidco Ltd., 2.940%, 09/30/2040		796,728		612,983		1.06
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.125%, 07/31/2026		200,000		198,813		0.34
MAF Global Securities Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.539%), 6.375%, 03/20/2026³		380,000		375,369		0.65
MAF Global Securities Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.893%), 7.875%, 06/30/2027³		200,000		205,313		0.35
				3,139,766		5.42

Venezuela (Cost $5,711,953)
Petroleos de Venezuela S.A., 8.500%, 10/27/2020^6,7		3,730,000		2,918,725		5.03
Petroleos de Venezuela S.A., 9.750%, 05/17/2035⁶		6,503,116		936,449		1.62
				3,855,174		6.65

Vietnam (Cost $307,097)
Mong Duong Finance Holdings B.V., 5.125%, 05/07/2029		355,082		338,659		0.58
				338,659		0.58

Zambia (Cost $344,688)
First Quantum Minerals Ltd., 8.625%, 06/01/2031		353,000		343,275		0.59
				343,275		0.59

Total Debt Securities (Cost $86,283,974)				55,874,244		96.39

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

Currency¹

Par

Value

% of Net
Assets

Bank Loans

Czech Republic (Cost $362,933)

New World Resources N.V., 8.500%, 10/07/2016^7,10

EUR

952,167

—

Total Bank Loans (Cost $362,933)

—

Currency¹

Shares

Value

% of Net
Assets

Equity Securities

China (Cost $52,952)

Sunac Services Holdings Ltd.²

HKD

194,634

48,678

0.08

48,678

0.08

Czech Republic (Cost $1,093,254)

New World Resources PLC, Class A*^,10

GBP

36,580,138

—

Niger (Cost $877,496)

Savannah Energy PLC*^,11

GBP

2,258,852

739,507

1.28

739,507

1.28

Total Equity Securities (Cost $2,023,702)

788,185

1.36

Total Investments (Total Cost $88,670,609)

56,662,429

97.75

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)

1,303,651

2.25

Net Assets

57,966,080

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 April 30, 2024 the value of these restricted illiquid securities amount to $431,156 or 0.74% 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., 12.500%, 12/15/2024	2/6/24-4/23/24	433,323

⁶	Issuer has defaulted on terms of debt obligation.

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

⁸	Zero coupon bond.

⁹	Zero coupon bond – interest rate reflects effective yield on the date of purchase.

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

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

¹¹	Security is a Level 3 investment.

Percentages shown are based on net assets.

At April 30, 2024, the Ashmore Emerging Markets Corporate Income Fund had outstanding forward foreign currency exchange contracts as follows:


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

05/08/2024	Barclays	United States Dollar		717,015	British Pound		570,129		$4,580

05/08/2024	Deutsche Bank	United States Dollar		1,270,326	Euro		1,175,161		15,781


Subtotal Appreciation									20,361


05/08/2024	Barclays	Euro		649,518	United States Dollar		702,230		(8,836	)


Subtotal Depreciation									(8,836	)


Total								$	11,525

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 April 30, 2024:


	Level 1		Level 2			Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds		$—	$	41,384,541		$	2	$	41,384,543
Corporate Convertible Bonds		—		4,293,997			—		4,293,997
Financial Certificates		—		752,028			—		752,028
Government Agencies		—		9,218,005			—		9,218,005
Municipal Bonds		—		225,671			—		225,671

Total Debt Securities		—		55,874,242			2		55,874,244
Bank Loans
Equity Securities
Common Stock
China		—		48,678			—		48,678
Niger		—		—			739,507		739,507

Total Common Stock		—		48,678			739,507		788,185

Total Investments		$—	$	55,922,920		$	739,509	$	56,662,429


Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts		$—	$	20,361		$	—	$	20,361
Liabilities:
Forward Foreign Currency Exchange Contracts		—		(8,836	)		—		(8,836	)

Total Other Financial Instruments		$—	$	11,525		$	—	$	11,525

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used for the Fund during the period ended April 30, 2024:


Category and Subcategory	Beginning Balance at 10/31/2023		Accrued Discounts (Premiums)		Purchases			Sales			Realized Gains (Losses)		Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3			Transfers out of Level 3		Ending Balance at 04/30/2024			Change in Unrealized Appreciation (Depreciation) from Investments still held 04/30/2024

Investments, at value

Common Stock Niger		$720,699		$—		$	—			$ —		$—		$18,808		$	—		$—		$	739,507		$	—

Corporate Bonds

Russian Federation		2		—			—			—		—		—			—		—			2			—

Brazil		4,291		—			68			(4,342)		4,252		(4,269)			—		—			—			—
Total		$724,992		$—		$	68		$	(4,342)		$4,252		$14,539		$	—		$—		$	739,509		$	—

The following table on “Quantitative information about Level 3 Fair Value measurements” provides information on the valuation techniques and inputs used to value Level 3 securities at April 30, 2024:


Quantitative Information about Level 3 Fair Value Measurements

	Fair Value at		Valuation	Unobservable
	04/30/2024		Technique	Input

Common Stock		$739,507	Transaction Price	$0.26
Corporate Bonds		2	Zero Priced Asset	$0.00

Total		$739,509

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2024:


	Derivatives Not Accounted for as
	Hedging Instruments
	Foreign
	Exchange Risk


Assets:
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$20,361


Liabilities:
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		$(8,836)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2024:


	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		$(19,436)


Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:

Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		$(23,840)

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

See accompanying notes to the financial statements.

ASHMORE EMERGING MARKETS SHORT DURATION FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2024 (Unaudited)


	Currency¹	Par		Value		% of Net Assets

Debt Securities

Bahrain (Cost $598,166)
BBK BSC, 5.500%, 07/09/2024			600,000	$	595,188		1.80
					595,188		1.80

Brazil (Cost $8,706,105)
Banco do Brasil S.A., 4.875%, 01/11/2029			400,000		375,000		1.14
CSN Inova Ventures, 6.750%, 01/28/2028			440,000		417,588		1.26
InterCement Financial Operations B.V., 5.750%, 07/17/2024			2,000,000		1,650,000		4.99
NBM U.S. Holdings, Inc., 7.000%, 05/14/2026			400,000		399,875		1.21
Oi S.A., 12.500%, (44% PIK), 12/15/2024^2,3,4			241,601		240,393		0.73
Oi S.A., 10.000%, 07/27/2025^3,5			5,400,000		27,000		0.08
				3,109,856		9.41

Chile (Cost $279,304)
Inversiones CMPC S.A., 4.750%, 09/15/2024			280,000		277,214		0.84
				277,214		0.84

China (Cost $26,178,970)
Central China Real Estate Ltd., 7.900%, 11/07/2023^5,6			560,000		12,690		0.04
Central China Real Estate Ltd., 7.250%, 07/16/2024⁵			1,275,000		35,062		0.11
Central China Real Estate Ltd., 7.250%, 08/13/2024⁵			299,000		8,222		0.02
Central China Real Estate Ltd., 7.250%, 04/28/2025⁵			190,000		5,225		0.02
Central China Real Estate Ltd., 7.500%, 07/14/2025⁵			422,000		12,517		0.04
Central China Real Estate Ltd., 7.650%, 08/27/2025⁵			270,000		7,425		0.02
China SCE Group Holdings Ltd., 7.375%, 04/09/2024^5,6			410,000		16,400		0.05
China SCE Group Holdings Ltd., 5.950%, 09/29/2024⁵			210,000		8,400		0.03
China SCE Group Holdings Ltd., 7.000%, 05/02/2025⁵			1,135,000		45,400		0.14
China SCE Group Holdings Ltd., 6.000%, 02/04/2026⁵			1,085,000		43,400		0.13
Fantasia Holdings Group Co. Ltd., 12.250%, 10/18/2022^5,6			4,000,000		60,000		0.18
Fantasia Holdings Group Co. Ltd., 10.875%, 01/09/2023^5,6			4,160,000		62,400		0.19
Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/2023^5,6			1,510,000		22,650		0.07
Kaisa Group Holdings Ltd., 11.500%, 01/30/2023^5,6			4,875,000		103,594		0.31
Kaisa Group Holdings Ltd., 10.875%, 07/23/2023^5,6			3,930,000		83,512		0.25
Kaisa Group Holdings Ltd., 11.250%, 04/16/2025⁵			4,280,000		109,675		0.33
KWG Group Holdings Ltd., 6.000%, 01/14/2024^5,6			410,000		22,550		0.07
KWG Group Holdings Ltd., 5.875%, 11/10/2024⁵			435,000		22,837		0.07
KWG Group Holdings Ltd., 7.400%, 01/13/2027⁵			380,000		19,950		0.06
New Metro Global Ltd., 4.625%, 10/15/2025			310,000		152,481		0.46
Sunac China Holdings Ltd., 6.000%, 09/30/2025³			88,551		8,855		0.03
Sunac China Holdings Ltd., 6.250%, 09/30/2026³			88,658		7,979		0.02
Sunac China Holdings Ltd., 6.500%, 09/30/2027³			177,535		14,292		0.04
Sunac China Holdings Ltd., 6.750%, 09/30/2028³			138,704		9,779		0.03
Sunac China Holdings Ltd., 0.000%, 09/30/2028⁷			473,000		104,060		0.31
Sunac China Holdings Ltd., 7.000%, 09/30/2029³			266,949		15,350		0.05
Sunac China Holdings Ltd., 7.250%, 09/30/2030³			125,568		6,469		0.02
Sunac China Holdings Ltd., 1.000%, 09/30/2032³			229,624		15,500		0.05

See accompanying notes to the financial statements.

100

ASHMORE EMERGING MARKETS SHORT DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹	Par		Value		% of Net Assets

China (continued)
Yuzhou Group Holdings Co. Ltd., 7.813%, 01/21/2023^5,6			670,000	$	33,500		0.10
Yuzhou Group Holdings Co. Ltd., 6.000%, 10/25/2023^5,6			4,940,000		247,000		0.75
Zhenro Properties Group Ltd., 8.000%, 03/06/2023^5,6			4,920,000		36,900		0.11
Zhenro Properties Group Ltd., 9.150%, 05/06/2023^5,6			813,000		6,097		0.02
Zhenro Properties Group Ltd., 8.300%, 09/15/2023^5,6			1,017,000		7,627		0.02
Zhenro Properties Group Ltd., 7.875%, 04/14/2024^5,6			575,000		4,313		0.01
					1,372,111		4.15

Colombia (Cost $811,509)
ABRA Global Finance, 11.500%, (57% PIK), 03/02/2028^2,3			15,341		13,965		0.04
Bancolombia S.A., (Variable, U.S. Treasury Yield Curve Rate
CMT 5Y + 2.929%), 6.909%, 10/18/2027			800,000		789,880		2.39
					803,845		2.43

Czech Republic (Cost $403,782)
Energo-Pro A.S., 8.500%, 02/04/2027			400,000		402,875		1.22
					402,875		1.22

Egypt (Cost $193,155)
Egypt (Rep of), 7.500%, 01/31/2027			200,000		189,250		0.57
					189,250		0.57

Ghana (Cost $1,343,609)
Tullow Oil PLC, 10.250%, 05/15/2026			1,322,000		1,275,317		3.86
					1,275,317		3.86

Guatemala (Cost $164,788)
Millicom International Cellular S.A., 5.125%, 01/15/2028			180,000		166,050		0.50
					166,050		0.50

Hong Kong (Cost $811,500)
Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 3.100%), 7.776%, 11/16/2025			800,000		807,120		2.44
					807,120		2.44

Hungary (Cost $411,392)
OTP Bank Nyrt., (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 3.711%), 7.500%, 05/25/2027			400,000		408,625		1.24
					408,625		1.24

India (Cost $2,613,494)
Clean Renewable Power Mauritius Pte. Ltd., 4.250%, 03/25/2027			653,370		599,875		1.81
Greenko Solar Mauritius Ltd., 5.950%, 07/29/2026			900,000		866,812		2.62
India Airport Infra, 6.250%, 10/25/2025			600,000		597,188		1.81
Power Finance Corp. Ltd., 3.750%, 06/18/2024			400,000		398,688		1.20
TML Holdings Pte. Ltd., 4.350%, 06/09/2026			200,000		190,875		0.58
					2,653,438		8.02

See accompanying notes to the financial statements.

101

ASHMORE EMERGING MARKETS SHORT DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


						% of Net
	Currency¹	Par		Value		Assets

Indonesia (Cost $766,500)
Freeport Indonesia PT, 4.763%, 04/14/2027			400,000	$	386,324		1.17
Medco Bell Pte. Ltd., 6.375%, 01/30/2027			400,000		388,625		1.17
					774,949		2.34

Jordan (Cost $890,820)
Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025			900,000		862,875		2.61
					862,875		2.61

Kazakhstan (Cost $337,810)
KazMunayGas National Co. JSC, 4.750%, 04/19/2027			378,000		362,408		1.10
					362,408		1.10

Lebanon (Cost $9,180,955)
Lebanon (Rep of), 6.375%, 03/09/2020^5,6			1,065,000		66,563		0.20
Lebanon (Rep of), 5.800%, 04/14/2020^5,6			4,930,000		308,125		0.93
Lebanon (Rep of), 6.150%, 06/19/2020^5,6			4,537,000		283,562		0.86
					658,250		1.99

Mexico (Cost $3,313,711)
Banco Santander Mexico S.A. Institucion de Banca Multiple
Grupo Financiero Santander, 5.375%, 04/17/2025			400,000		398,000		1.21
Grupo Axo S.A.P.I. de C.V., 5.750%, 06/08/2026			1,002,000		961,699		2.91
Petroleos Mexicanos, 5.350%, 02/12/2028			1,864,000		1,630,814		4.93
Trust Fibra Uno, 5.250%, 01/30/2026			400,000		387,200		1.17
					3,377,713		10.22

Morocco (Cost $765,002)
OCP S.A., 4.500%, 10/22/2025			750,000		733,575		2.22
					733,575		2.22

Pakistan (Cost $187,237)
Pakistan (Rep of), 6.875%, 12/05/2027			219,000		187,269		0.57
					187,269		0.57

Peru (Cost $359,371)
Banco de Credito del Peru S.A., 5.850%, 01/11/2029			200,000		197,700		0.60
Transportadora de Gas del Peru S.A., 4.250%, 04/30/2028			160,000		153,608		0.46
					351,308		1.06

Saudi Arabia (Cost $1,595,002)
Dar Al-Arkan Sukuk Co. Ltd., 6.750%, 02/15/2025			1,602,000		1,591,985		4.81
					1,591,985		4.81

South Africa (Cost $381,944)
Prosus N.V., 3.257%, 01/19/2027			410,000		377,456		1.14
					377,456		1.14

Tanzania (Cost $614,107)
HTA Group Ltd., 7.000%, 12/18/2025			650,000		648,984		1.96
					648,984		1.96

See accompanying notes to the financial statements.

102

ASHMORE EMERGING MARKETS SHORT DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

% of Net

Currency¹

Par

Value

Assets

Tunisia (Cost $194,412)

Tunisia (Rep of), 6.375%, 07/15/2026

EUR

213,000

190,233

0.58

190,233

0.58

United Arab Emirates (Cost $197,959)

BOS Funding Ltd., 4.000%, 09/18/2024

200,000

197,458

0.60

197,458

0.60

United States (Cost $282,684)

U.S. Treasury Bill, 5.071%, 05/16/2024⁸

283,300

282,677

0.85

282,677

0.85

Venezuela (Cost $11,158,543)

Petroleos de Venezuela S.A., 8.500%, 10/27/2020^5,6

12,447,500

9,740,169

29.46

9,740,169

29.46

Total Debt Securities (Cost $72,741,831)

32,398,198

97.99

% of Net

Currency¹

Shares

Value

Assets

Equity Securities

China (Cost $28,857)

Sunac Services Holdings Ltd.²

HKD

106,069

26,528

0.08

26,528

0.08

Total Equity Securities (Cost $28,857)

26,528

0.08

Total Investments (Total Cost $72,770,688)

32,424,726

98.07

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)

639,456

1.93

Net Assets

33,064,182

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 April 30, 2024 the value of these restricted illiquid securities amount to $240,393 or 0.73% of net assets. Additional information on each restricted illiquid security is as follows:

⁵	Issuer has defaulted on terms of debt obligation.

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

⁷	Zero coupon bond.

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

Percentages shown are based on net assets.

See accompanying notes to the financial statements.

103

ASHMORE EMERGING MARKETS SHORT DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

At April 30, 2024, 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)

05/08/2024

Barclays

United States Dollar

203,923

Euro

188,268

$2,938

Subtotal Appreciation

2,938

Total

$2,938

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 April 30, 2024:


	Level 1		Level 2		Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds		$—		$16,179,856		$—		$16,179,856
Corporate Convertible Bonds		—		119,559		—		119,559
Financial Certificates		—		1,591,985		—		1,591,985
Government Agencies		—		13,189,352		—		13,189,352
Government Bonds		—		1,034,769		—		1,034,769
Short Term Bills and Notes		—		282,677		—		282,677

Total Debt Securities		—		32,398,198		—		32,398,198
Equity Securities
Common Stock
China		—		26,528		—		26,528

Total Investments		$—		$32,424,726		$—		$32,424,726


Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts		$—		$2,938		$—		$2,938

Total Other Financial Instruments		$—		$2,938		$—		$2,938

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2024:


	Derivatives Not Accounted for as
	Hedging Instruments
	Foreign
	Exchange Risk

Assets:
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$2,938

See accompanying notes to the financial statements.

104

ASHMORE EMERGING MARKETS SHORT DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2024:


	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		$(9,346)


Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$ 2,546

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

See accompanying notes to the financial statements.

105

ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2024 (Unaudited)


	Currency¹		Shares		Value		% of Net Assets
Common Stocks

Argentina (Cost $992,870)
Globant S.A.*				3,400	$	607,206		2.42
Vista Energy S.A.B. de C.V. ADR*				5,600		241,640		0.96
						848,846		3.38
Brazil (Cost $881,425)
Petroleo Brasileiro S.A. ADR (New York Exchange)				29,797		505,655		2.01
Raia Drogasil S.A.		BRL		72,300		356,167		1.42
						861,822		3.43
China (Cost $6,426,629)
Alibaba Group Holding Ltd.		HKD		55,600		521,936		2.08
ANTA Sports Products Ltd.		HKD		42,600		483,338		1.93
Baidu, Inc., Class A*		HKD		29,050		377,968		1.51
BYD Co. Ltd., Class H		HKD		9,500		260,379		1.04
H World Group Ltd. ADR				5,078		186,413		0.74
KE Holdings, Inc. ADR				38,751		585,915		2.33
Meituan, Class B*^,2		HKD		56,840		782,907		3.12
NARI Technology Co. Ltd., Class A		CNH		112,249		363,702		1.45
NetEase, Inc.		HKD		13,200		246,993		0.98
Shenzhen Inovance Technology Co. Ltd., Class A		CNH		42,097		345,691		1.38
Tencent Holdings Ltd.		HKD		43,300		1,903,720		7.58
Trip.com Group Ltd. ADR*				15,453		745,763		2.97
Zijin Mining Group Co. Ltd., Class H		HKD		102,000		223,851		0.89
						7,028,576		28.00
Hong Kong (Cost $517,924)
AIA Group Ltd.		HKD		78,600		576,373		2.29
						576,373		2.29
India (Cost $2,759,909)
HDFC Bank Ltd. ADR				6,551		377,337		1.50
ICICI Bank Ltd. ADR				22,683		624,463		2.49
Larsen & Toubro Ltd.		INR		5,663		243,002		0.97
Maruti Suzuki India Ltd.		INR		4,264		652,204		2.60
Reliance Industries Ltd.		INR		23,519		823,636		3.28
Tata Consultancy Services Ltd.		INR		14,251		652,483		2.60
						3,373,125		13.44
Indonesia (Cost $368,114)
Bank Central Asia Tbk PT		IDR		204,500		122,579		0.49
Telkom Indonesia Persero Tbk PT		IDR		1,006,900		195,707		0.78
						318,286		1.27
Mexico (Cost $1,268,556)
Cemex S.A.B. de C.V. ADR*				29,690		234,848		0.93
Grupo Financiero Banorte S.A.B. de C.V., Class O		MXN		84,100		832,372		3.32

See accompanying notes to the financial statements.

106

ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Shares		Value		% of Net Assets
Mexico (continued)
Grupo Mexico S.A.B. de C.V., Series B		MXN		41,115	$	254,047		1.01
						1,321,267		5.26
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 $430,949)
Saudi Arabian Oil Co.²		SAR		55,035		441,811		1.76
						441,811		1.76
South Africa (Cost $552,277)
Naspers Ltd., Class N		ZAR		3,280		627,712		2.50
						627,712		2.50
South Korea (Cost $3,296,697)
NAVER Corp.		KRW		2,409		317,154		1.26
Samsung Biologics Co. Ltd.*^,2		KRW		566		318,778		1.27
Samsung Electronics Co. Ltd.		KRW		27,236		1,507,461		6.01
SK Hynix, Inc.		KRW		5,746		703,268		2.80
SK Square Co. Ltd.*		KRW		7,435		406,338		1.62
						3,252,999		12.96
Taiwan (Cost $2,720,313)
MediaTek, Inc.		TWD		19,000		575,414		2.29
Parade Technologies Ltd.		TWD		5,000		114,699		0.46
Realtek Semiconductor Corp.		TWD		7,000		110,944		0.44
Taiwan Semiconductor Manufacturing Co. Ltd.		TWD		97,021		2,337,777		9.31
Wistron Corp.		TWD		66,000		225,098		0.90
						3,363,932		13.40
Thailand (Cost $484,964)
Airports of Thailand PCL		THB		265,200		466,927		1.86
						466,927		1.86
United Arab Emirates (Cost $570,822)
Aldar Properties PJSC		AED		415,410		617,663		2.46
						617,663		2.46

Total Common Stocks (Cost $23,785,759)						23,099,340		92.01

Preferred Stocks

Brazil (Cost $1,267,745)
Gerdau S.A., 1.826%⁵		BRL		172,680		607,237		2.42

See accompanying notes to the financial statements.

107

ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

Currency¹

Shares

Value

% of Net
Assets

Brazil (continued)

Itau Unibanco Holding S.A. ADR, 3.726%⁵

96,222

582,143

2.32

1,189,380

4.74

Total Preferred Stocks (Cost $1,267,745)

1,189,380

4.74

Total Investments (Total Cost $25,053,504)

24,288,720

96.75

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)

814,786

3.25

Net Assets

25,103,506

100.00

*	Non-income producing security.

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

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

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

⁴	Security is a Level 3 investment.

⁵	Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

Percentages shown are based on net assets.

At April 30, 2024, the industry sectors for the Ashmore Emerging Markets Active Equity Fund were:


Sector	Percentage of Net Assets
Communication Services		12.1	%
Consumer Discretionary		17.0
Consumer Staples		1.4
Energy		8.0
Financials		12.4
Health Care		1.3
Industrials		7.3
Information Technology		27.2
Materials		5.3
Real Estate		4.8
Total Investments		96.8
Other Assets Less Liabilities		3.2
Net Assets		100.0	%

See accompanying notes to the financial statements.

108

ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

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 April 30, 2024:


	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Argentina	$	848,846	$	—		$—	$	848,846
Brazil		861,822		—		—		861,822
China		1,518,091		5,510,485		—		7,028,576
Hong Kong		—		576,373		—		576,373
India		1,001,800		2,371,325		—		3,373,125
Indonesia		—		318,286		—		318,286
Mexico		1,321,267		—		—		1,321,267
Russian Federation		—		—		1		1
Saudi Arabia		—		441,811		—		441,811
South Africa		—		627,712		—		627,712
South Korea		—		3,252,999		—		3,252,999
Taiwan		—		3,363,932		—		3,363,932
Thailand		—		466,927		—		466,927
United Arab Emirates		—		617,663		—		617,663

Total Common Stocks		5,551,826		17,547,513		1		23,099,340
Preferred Stocks
Brazil		1,189,380		—		—		1,189,380

Total Investments		$6,741,206		$17,547,513		$ 1		$24,288,720

There were no transfers to or from Level 3 during the period ended April 30, 2024.

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 period ended April 30, 2024.

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

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2024:


	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		$994

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

See accompanying notes to the financial statements.

109

ASHMORE EMERGING MARKETS SMALL-CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2024 (Unaudited)


	Currency¹		Shares		Value		% of Net Assets
Common Stocks

Argentina (Cost $101,317)
Despegar.com Corp.*				10,500	$	127,995		1.27
						127,995		1.27

Brazil (Cost $628,737)
Arcos Dorados Holdings, Inc., Class A				18,300		197,274		1.95
Oncoclinicas do Brasil Servicos Medicos S.A.*		BRL		120,800		171,222		1.70
TOTVS S.A.*		BRL		29,000		153,807		1.52
						522,303		5.17

China (Cost $1,139,866)
CIMC Enric Holdings Ltd.		HKD		214,000		212,523		2.10
Fu Shou Yuan International Group Ltd.		HKD		277,000		187,522		1.86
JNBY Design Ltd.		HKD		144,500		262,764		2.60
Lufax Holding Ltd. ADR				28,939		127,042		1.26
Sieyuan Electric Co. Ltd., Class A		CNH		21,000		188,535		1.87
Sunresin New Materials Co. Ltd., Class A		CNH		33,600		216,570		2.14
						1,194,956		11.83

Hungary (Cost $138,048)
Wizz Air Holdings PLC*^,2		GBP		4,929		135,442		1.34
						135,442		1.34

India (Cost $1,299,182)
Aarti Industries Ltd.		INR		17,483		154,759		1.53
APL Apollo Tubes Ltd.		INR		11,174		208,510		2.06
Granules India Ltd.		INR		43,807		222,209		2.20
JB Chemicals & Pharmaceuticals Ltd.		INR		5,550		126,532		1.25
Krishna Institute of Medical Sciences Ltd.*^,2		INR		7,068		172,042		1.70
MakeMyTrip Ltd.*				2,100		139,041		1.38
Medi Assist Healthcare Services Ltd.*^,2		INR		43,089		261,264		2.59
PB Fintech Ltd.*		INR		14,521		220,090		2.18
Radico Khaitan Ltd.		INR		9,800		205,726		2.04
						1,710,173		16.93

Indonesia (Cost $313,586)
Bank Syariah Indonesia Tbk PT		IDR		1,150,300		185,556		1.84
Ciputra Development Tbk PT		IDR		2,870,200		212,706		2.10
						398,262		3.94

Malaysia (Cost $572,886)
My EG Services Bhd.		MYR		2,839,697		553,546		5.48
						553,546		5.48

Mexico (Cost $592,862)
Genomma Lab Internacional S.A.B. de C.V., Class B		MXN		233,500		227,765		2.25
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR				2,700		238,248		2.36

See accompanying notes to the financial statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Shares		Value		% of Net Assets
Mexico (continued)
Grupo Traxion S.A.B. de C.V.*^,2		MXN		109,100	$	183,481		1.82
						649,494		6.43

Philippines (Cost $150,334)
DigiPlus Interactive Corp.		PHP		850,800		158,632		1.57
						158,632		1.57

South Africa (Cost $193,331)
Karooooo Ltd.				7,018		203,943		2.02
						203,943		2.02

South Korea (Cost $1,707,655)
Classys, Inc.		KRW		5,623		153,690		1.52
DB Insurance Co. Ltd.		KRW		1,444		101,363		1.00
Dentium Co. Ltd.		KRW		4,084		380,785		3.77
Eugene Technology Co. Ltd.		KRW		7,043		267,927		2.65
Hana Materials, Inc.		KRW		4,788		186,169		1.84
Hansol Chemical Co. Ltd.		KRW		1,833		255,209		2.53
Jeisys Medical, Inc.*		KRW		26,532		184,553		1.83
KoMiCo Ltd.		KRW		7,229		468,010		4.63
Park Systems Corp.		KRW		1,055		112,904		1.12
						2,110,610		20.89

Taiwan (Cost $2,072,462)
Andes Technology Corp.		TWD		16,000		189,802		1.88
E Ink Holdings, Inc.		TWD		50,000		321,485		3.18
eCloudvalley Digital Technology Co. Ltd.		TWD		66,977		210,688		2.09
Gudeng Precision Industrial Co. Ltd.		TWD		13,000		167,895		1.66
Kaori Heat Treatment Co. Ltd.		TWD		25,000		331,767		3.29
Lotes Co. Ltd.		TWD		3,000		132,342		1.31
Parade Technologies Ltd.		TWD		6,000		137,638		1.36
Sinbon Electronics Co. Ltd.		TWD		20,000		171,684		1.70
WinWay Technology Co. Ltd.		TWD		16,000		405,025		4.01
						2,068,326		20.48

United Arab Emirates (Cost $274,228)
Burjeel Holdings PLC		AED		315,992		252,862		2.50
						252,862		2.50

Total Common Stocks (Cost $9,184,494)						10,086,544		99.85

Total Investments (Total Cost $9,184,494)						10,086,544		99.85

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)						14,938		0.15

Net Assets					$	10,101,482		100.00

*	Non-income producing security.

See accompanying notes to the financial statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

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 April 30, 2024, the industry sectors for the Ashmore Emerging Markets Small-Cap Equity Fund were:


Sector	Percentage of Net Assets
Consumer Discretionary		10.6	%
Consumer Staples		2.0
Financials		6.3
Health Care		21.3
Industrials		18.3
Information Technology		31.0
Materials		8.3
Real Estate		2.1
Total Investments		99.9
Other Assets Less Liabilities		0.1
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 Small-Cap Equity Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2024:


	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Argentina	$	127,995	$	—	$	—	$	127,995
Brazil		522,303		—		—		522,303
China		127,042		1,067,914		—		1,194,956
Hungary		—		135,442		—		135,442
India		139,041		1,571,132		—		1,710,173
Indonesia		—		398,262		—		398,262
Malaysia		—		553,546		—		553,546
Mexico		649,494		—		—		649,494
Philippines		—		158,632		—		158,632
South Africa		203,943		—		—		203,943
South Korea		—		2,110,610		—		2,110,610
Taiwan		—		2,068,326		—		2,068,326
United Arab Emirates		—		252,862		—		252,862

Total Common Stocks		1,769,818		8,316,726		—		10,086,544
Total Investments	$	1,769,818	$	8,316,726	$	—	$	10,086,544

See accompanying notes to the financial statements.

112

ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2024 (Unaudited)


	Currency¹		Shares		Value		% of Net Assets
Common Stocks

Argentina (Cost $567,145)
Globant S.A.*				3,150	$	562,559		0.75
						562,559		0.75

Cambodia (Cost $1,542,169)
NagaCorp Ltd.*		HKD		2,247,263		1,183,231		1.59
						1,183,231		1.59

Egypt (Cost $1,149,660)
Commercial International Bank - Egypt (CIB) GDR (Registered)				479,338		710,740		0.95
E-Finance for Digital & Financial Investments		EGP		848,057		398,580		0.54
						1,109,320		1.49

Georgia (Cost $594,379)
Bank of Georgia Group PLC		GBP		16,304		1,088,767		1.46
						1,088,767		1.46

Ghana (Cost $485,228)
Kosmos Energy Ltd.*				81,200		460,404		0.62
						460,404		0.62

Greece (Cost $961,895)
Piraeus Financial Holdings S.A.*		EUR		227,451		913,110		1.22
						913,110		1.22

Iceland (Cost $1,170,868)
Arion Banki HF²		ISK		1,137,251		1,157,666		1.55
						1,157,666		1.55

Kazakhstan (Cost $5,327,840)
Halyk Savings Bank of Kazakhstan JSC GDR (Registered)				130,782		2,436,085		3.26
Kaspi.KZ JSC GDR (Registered)				32,999		3,885,962		5.21
NAC Kazatomprom JSC GDR (Registered)				31,960		1,287,110		1.72
						7,609,157		10.19

Kenya (Cost $457,422)
Safaricom PLC		KES		5,080,700		599,923		0.80
						599,923		0.80

Kuwait (Cost $2,335,048)
National Bank of Kuwait S.A.K.P.		KWD		776,150		2,175,654		2.91
						2,175,654		2.91

Mauritius (Cost $783,560)
MCB Group Ltd.		MUR		109,685		888,874		1.19
						888,874		1.19

Morocco (Cost $1,298,391)
Attijariwafa Bank		MAD		14,004		694,507		0.93

See accompanying notes to the financial statements.

113

ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Shares		Value		% of Net Assets
Morocco (continued)
Label Vie		MAD		1,654	$	705,209		0.95
						1,399,716		1.88

Pakistan (Cost $1,555,859)
Searle (The) Co. Ltd.*		PKR		1,815,000		350,777		0.47
Systems Ltd.		PKR		684,499		951,632		1.27
						1,302,409		1.74

Peru (Cost $469,365)
Credicorp Ltd.				3,486		577,317		0.77
						577,317		0.77

Philippines (Cost $5,859,951)
BDO Unibank, Inc.		PHP		429,852		1,102,897		1.48
DigiPlus Interactive Corp.		PHP		16,439,600		3,065,166		4.11
International Container Terminal Services, Inc.		PHP		310,680		1,787,994		2.39
SM Investments Corp.		PHP		78,430		1,285,610		1.72
						7,241,667		9.70

Qatar (Cost $3,083,665)
Doha Bank QPSC		QAR		1,801,864		738,751		0.99
Qatar Gas Transport Co. Ltd.		QAR		988,654		1,085,533		1.46
Qatar National Bank QPSC		QAR		296,915		1,130,234		1.51
						2,954,518		3.96

Romania (Cost $4,675,323)
Banca Transilvania S.A.		RON		530,822		3,232,800		4.33
OMV Petrom S.A.		RON		10,968,433		1,624,402		2.18
Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica S.A.*		RON		53,306		1,539,730		2.06
						6,396,932		8.57

Saudi Arabia (Cost $3,934,741)
Al Babtain Power & Telecommunication Co.		SAR		108,047		1,187,670		1.59
AlKhorayef Water & Power Technologies Co.*		SAR		22,141		1,374,606		1.84
Bupa Arabia for Cooperative Insurance Co.		SAR		27,281		1,750,205		2.35
						4,312,481		5.78

Slovenia (Cost $1,362,016)
Nova Ljubljanska Banka dd GDR (Registered)		EUR		83,409		1,792,868		2.40
						1,792,868		2.40

United Arab Emirates (Cost $8,753,400)
Abu Dhabi Islamic Bank PJSC		AED		410,738		1,247,144		1.67
ADNOC Drilling Co. PJSC		AED		688,644		723,096		0.97
Aldar Properties PJSC		AED		1,123,578		1,670,621		2.24
Burjeel Holdings PLC		AED		695,085		556,217		0.74
Emaar Properties PJSC		AED		924,185		2,067,390		2.77
Emirates Central Cooling Systems Corp.		AED		1,920,327		832,689		1.12

See accompanying notes to the financial statements.

114

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Shares		Value		% of Net Assets
United Arab Emirates (continued)
Emirates NBD Bank PJSC		AED		347,273	$	1,605,429		2.15
Taaleem Holdings PJSC		AED		791,016		805,174		1.08
						9,507,760		12.74

Vietnam (Cost $14,134,339)
Asia Commercial Bank JSC		VND		1,602,000		1,691,208		2.27
Bank for Foreign Trade of Vietnam JSC*		VND		404,084		1,455,292		1.95
FPT Corp.		VND		1,016,835		4,928,933		6.60
Gemadept Corp.		VND		629,000		2,091,115		2.80
IDICO Corp. JSC		VND		690,300		1,532,134		2.05
Mobile World Investment Corp.		VND		580,900		1,259,447		1.69
Nam Long Investment Corp.		VND		700,900		1,046,165		1.40
Phu Nhuan Jewelry JSC		VND		253,966		950,346		1.27
Vietnam Prosperity JSC Bank		VND		1,755,100		1,281,027		1.72
Vinhomes JSC*^,2		VND		367,211		591,816		0.79
						16,827,483		22.54

Total Common Stocks (Cost $60,502,264)						70,061,816		93.85

Investment Companies

Vietnam Enterprise Investments Ltd., Class C *		GBP		135,784		985,164		1.32
Total Investment Companies (Cost $1,009,607)						985,164		1.32

Total Investments (Total Cost $61,511,871)						71,046,980		95.17

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)						3,603,097		4.83

Net Assets					$	74,650,077		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.

115

ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

At April 30, 2024, the industry sectors for the Ashmore Emerging Markets Frontier Equity Fund were:


Sector	Percentage of Net Assets
Communication Services		0.8	%
Consumer Discretionary		9.7
Consumer Staples		1.0
Energy		7.0
Financials		44.1
Health Care		1.2
Industrials		10.6
Information Technology		8.6
Real Estate		7.2
Utilities		5.0
Total Investments		95.2
Other Assets Less Liabilities		4.8
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 Frontier Equity Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2024:


	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Argentina		$ 562,559	$	—		$—	$	562,559
Cambodia		—		1,183,231		—		1,183,231
Egypt		—		1,109,320		—		1,109,320
Georgia		—		1,088,767		—		1,088,767
Ghana		460,404		—		—		460,404
Greece		—		913,110		—		913,110
Iceland		—		1,157,666		—		1,157,666
Kazakhstan		3,885,962		3,723,195		—		7,609,157
Kenya		—		599,923		—		599,923
Kuwait		—		2,175,654		—		2,175,654
Mauritius		—		888,874		—		888,874
Morocco		—		1,399,716		—		1,399,716
Pakistan		—		1,302,409		—		1,302,409
Peru		577,317		—		—		577,317
Philippines		—		7,241,667		—		7,241,667
Qatar		—		2,954,518		—		2,954,518
Romania		—		6,396,932		—		6,396,932
Saudi Arabia		—		4,312,481		—		4,312,481
Slovenia		—		1,792,868		—		1,792,868
United Arab Emirates		—		9,507,760		—		9,507,760
Vietnam		—		16,827,483		—		16,827,483

Total Common Stocks		5,486,242		64,575,574		—		70,061,816
Investment Companies
Vietnam		—		985,164		—		985,164
Total Investments		$5,486,242	$	65,560,738		$—	$	71,046,980

See accompanying notes to the financial statements.

116

ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

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

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2024:


	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		$(285	)

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

See accompanying notes to the financial statements.

117

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SCHEDULE OF INVESTMENTS

As of April 30, 2024 (Unaudited)


	Currency¹		Shares		Value		% of Net Assets

Common Stocks

Argentina (Cost $1,079,778)
Globant S.A.*				5,400	$	964,386		0.72
						964,386		0.72

Brazil (Cost $10,719,522)
Arcos Dorados Holdings, Inc., Class A				109,900		1,184,722		0.89
Localiza Rent a Car S.A.*		BRL		94,437		891,701		0.67
MercadoLibre, Inc.*				800		1,166,960		0.87
Oncoclinicas do Brasil Servicos Medicos S.A.*		BRL		505,900		717,063		0.54
Rede D’Or Sao Luiz S.A.*^,2		BRL		260,300		1,303,355		0.98
StoneCo Ltd., Class A*				77,400		1,207,440		0.90
TOTVS S.A.*		BRL		416,800		2,210,583		1.66
XP, Inc., Class A				45,100		923,197		0.69
						9,605,021		7.20

China (Cost $34,837,453)
ANTA Sports Products Ltd.		HKD		256,400		2,909,106		2.18
Contemporary Amperex Technology Co. Ltd., Class A		CNH		52,200		1,460,529		1.09
ENN Energy Holdings Ltd.		HKD		185,900		1,599,544		1.20
H World Group Ltd. ADR				67,805		2,489,122		1.87
Hongfa Technology Co. Ltd., Class A		CNH		333,011		1,304,838		0.98
KE Holdings, Inc. ADR				108,821		1,645,374		1.23
Lufax Holding Ltd. ADR				223,607		981,635		0.74
Meituan, Class B*^,2		HKD		176,830		2,435,639		1.83
NARI Technology Co. Ltd., Class A		CNH		364,880		1,182,259		0.89
NetEase, Inc. ADR				23,239		2,172,149		1.63
Sieyuan Electric Co. Ltd., Class A		CNH		260,600		2,339,636		1.75
Sunresin New Materials Co. Ltd., Class A		CNH		283,900		1,829,889		1.37
Tencent Holdings Ltd.		HKD		225,800		9,927,483		7.44
Tencent Music Entertainment Group ADR*				104,490		1,311,349		0.98
Trip.com Group Ltd. ADR*				34,352		1,657,827		1.24
Wuliangye Yibin Co. Ltd., Class A		CNH		61,500		1,268,574		0.95
						36,514,953		27.37

Hong Kong (Cost $3,862,720)
AIA Group Ltd.		HKD		461,200		3,381,975		2.54
						3,381,975		2.54

Hungary (Cost $1,352,736)
Wizz Air Holdings PLC*^,2		GBP		48,475		1,332,023		1.00
						1,332,023		1.00

India (Cost $14,872,216)
Apollo Hospitals Enterprise Ltd.		INR		19,495		1,388,716		1.04
Axis Bank Ltd.		INR		175,564		2,452,851		1.84
HDFC Bank Ltd. ADR				76,478		4,405,133		3.30
InterGlobe Aviation Ltd.*^,2		INR		33,868		1,616,230		1.21

See accompanying notes to the financial statements.

118

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Shares		Value		% of Net Assets

India (continued)
Larsen & Toubro Ltd.		INR		36,565	$	1,569,023		1.17
Macrotech Developers Ltd.²		INR		53,999		797,739		0.60
MakeMyTrip Ltd.*				18,100		1,198,401		0.90
PB Fintech Ltd.*		INR		97,915		1,484,068		1.11
Sun Pharmaceutical Industries Ltd.		INR		67,965		1,223,196		0.92
						16,135,357		12.09

Indonesia (Cost $1,164,597)
Bank Mandiri Persero Tbk PT		IDR		2,815,200		1,188,199		0.89
						1,188,199		0.89

Kazakhstan (Cost $1,435,777)
Kaspi.KZ JSC GDR (Registered)				18,059		2,126,628		1.59
						2,126,628		1.59

Malaysia (Cost $1,667,903)
My EG Services Bhd.		MYR		10,043,006		1,957,697		1.47
						1,957,697		1.47

Mexico (Cost $5,333,434)
Fomento Economico Mexicano S.A.B. de C.V. ADR				20,899		2,458,977		1.84
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		MXN		78,055		1,421,696		1.07
Grupo Financiero Banorte S.A.B. de C.V., Class O		MXN		225,500		2,231,865		1.67
						6,112,538		4.58

Russian Federation (Cost $1,633,271)
LUKOIL PJSC³		RUB		21,299		—		—
						—		—

Saudi Arabia (Cost $2,114,382)
Bupa Arabia for Cooperative Insurance Co.		SAR		20,989		1,346,544		1.01
Elm Co.		SAR		4,930		1,201,443		0.90
						2,547,987		1.91

South Korea (Cost $19,028,893)
Classys, Inc.		KRW		47,491		1,298,042		0.97
DB Insurance Co. Ltd.		KRW		23,724		1,665,321		1.25
Dentium Co. Ltd.		KRW		13,330		1,242,866		0.93
Eugene Technology Co. Ltd.		KRW		36,497		1,388,406		1.04
Hana Materials, Inc.		KRW		31,244		1,214,844		0.91
Hansol Chemical Co. Ltd.		KRW		17,428		2,426,506		1.82
Hyundai Motor Co.		KRW		7,331		1,314,329		0.99
KoMiCo Ltd.		KRW		21,116		1,367,063		1.02
Samsung C&T Corp.		KRW		16,791		1,809,088		1.36
Samsung Electronics Co. Ltd.		KRW		22,216		1,229,613		0.92
SK Hynix, Inc.		KRW		39,124		4,788,488		3.59
SK Square Co. Ltd.*		KRW		25,929		1,417,072		1.06
						21,161,638		15.86

See accompanying notes to the financial statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Shares	Value		% of Net Assets

Taiwan (Cost $26,337,350)
Chroma ATE, Inc.		TWD	162,000	$	1,312,910		0.98
E Ink Holdings, Inc.		TWD	372,000		2,391,851		1.79
Elite Material Co. Ltd.		TWD	98,000		1,233,911		0.93
Gudeng Precision Industrial Co. Ltd.		TWD	88,000		1,136,516		0.85
Kaori Heat Treatment Co. Ltd.		TWD	89,000		1,181,091		0.89
Lotes Co. Ltd.		TWD	30,000		1,323,423		0.99
MediaTek, Inc.		TWD	52,000		1,574,817		1.18
Parade Technologies Ltd.		TWD	53,000		1,215,806		0.91
Sinbon Electronics Co. Ltd.		TWD	154,000		1,321,964		0.99
Taiwan Semiconductor Manufacturing Co. Ltd.		TWD	497,000		11,975,504		8.98
Taiwan Semiconductor Manufacturing Co. Ltd. ADR			7,985		1,096,660		0.82
WinWay Technology Co. Ltd.		TWD	64,000		1,620,099		1.22
				27,384,552		20.53

Total Common Stocks (Cost $125,440,032)					130,412,954		97.75

Preferred Stocks

Brazil (Cost $1,557,635)
Petroleo Brasileiro S.A. ADR, 5.355%⁴			119,686		1,929,339		1.45
					1,929,339		1.45

South Korea (Cost $547,183)
Hyundai Motor Co., 13.208%⁴		KRW	4,949		563,262		0.42
					563,262		0.42

Total Preferred Stocks (Cost $2,104,818)					2,492,601		1.87

Total Investments (Total Cost $127,544,850)					132,905,555		99.62

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					511,647		0.38

Net Assets				$	133,417,202		100.00

*	Non-income producing security.

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

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

³	Security is a Level 3 investment.

⁴	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.

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ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

At April 30, 2024, the industry sectors for the Ashmore Emerging Markets Equity Fund were:


Sector	Percentage of Net Assets
Communication Services		10.1	%
Consumer Discretionary		11.2
Consumer Staples		2.8
Energy		1.4
Financials		17.5
Health Care		5.4
Industrials		14.6
Information Technology		30.4
Materials		3.2
Real Estate		1.8
Utilities		1.2
Total Investments		99.6
Other Assets Less Liabilities		0.4
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 April 30, 2024:


	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Argentina		$ 964,386		$ —		$—	$	964,386
Brazil		9,605,021		—		—		9,605,021
China		10,257,456		26,257,497		—		36,514,953
Hong Kong		—		3,381,975		—		3,381,975
Hungary		—		1,332,023		—		1,332,023
India		5,603,534		10,531,823		—		16,135,357
Indonesia		—		1,188,199		—		1,188,199
Kazakhstan		2,126,628		—		—		2,126,628
Malaysia		—		1,957,697		—		1,957,697
Mexico		6,112,538		—		—		6,112,538
Saudi Arabia		—		2,547,987		—		2,547,987
South Korea		—		21,161,638		—		21,161,638
Taiwan		1,096,660		26,287,892		—		27,384,552

Total Common Stocks		35,766,223		94,646,731		—		130,412,954
Preferred Stocks
Brazil		1,929,339		—		—		1,929,339
South Korea		—		563,262		—		563,262

Total Preferred Stocks		1,929,339		563,262		—		2,492,601

Total Investments		$37,695,562		$95,209,993		$—	$	132,905,555

There were no transfers to or from Level 3 during the period ended April 30, 2024.

See accompanying notes to the financial statements.

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ASHMORE EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

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 period ended April 30, 2024.

See accompanying notes to the financial statements.

122

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SCHEDULE OF INVESTMENTS

As of April 30, 2024 (Unaudited)


	Currency¹		Shares	Value		% of Net Assets

Common Stocks

Argentina (Cost $139,116)
Globant S.A.*			800	$	142,872		1.23
					142,872		1.23

Brazil (Cost $773,485)
MercadoLibre, Inc.*			100		145,870		1.26
Oncoclinicas do Brasil Servicos Medicos S.A.*		BRL	95,200		134,937		1.17
Rede D’Or Sao Luiz S.A.*^,2		BRL	30,600		153,218		1.33
TOTVS S.A.*		BRL	42,400		224,877		1.94
					658,902		5.70

China (Cost $2,835,482)
ANTA Sports Products Ltd.		HKD	28,200		319,956		2.77
Contemporary Amperex Technology Co. Ltd., Class A		CNH	5,900		165,079		1.43
Hongfa Technology Co. Ltd., Class A		CNH	60,000		235,098		2.03
Meituan, Class B*^,2		HKD	14,150		194,901		1.69
NARI Technology Co. Ltd., Class A		CNH	72,640		235,363		2.04
Sieyuan Electric Co. Ltd., Class A		CNH	28,000		251,381		2.17
Sunresin New Materials Co. Ltd., Class A		CNH	41,150		265,234		2.29
Tencent Holdings Ltd.		HKD	19,900		874,920		7.57
Trip.com Group Ltd. ADR*			4,562		220,162		1.90
					2,762,094		23.89

Hong Kong (Cost $462,789)
AIA Group Ltd.		HKD	49,000		359,317		3.11
					359,317		3.11

India (Cost $1,224,923)
Alkem Laboratories Ltd.		INR	1,906		110,149		0.95
Apollo Hospitals Enterprise Ltd.		INR	2,400		170,963		1.48
Axis Bank Ltd.		INR	13,172		184,029		1.59
Granules India Ltd.		INR	22,468		113,968		0.99
HDFC Bank Ltd. ADR			8,994		518,054		4.48
PB Fintech Ltd.*		INR	11,234		170,270		1.47
Sun Pharmaceutical Industries Ltd.		INR	9,123		164,191		1.42
					1,431,624		12.38

Indonesia (Cost $92,687)
Bank Syariah Indonesia Tbk PT		IDR	832,800		134,340		1.16
					134,340		1.16

Malaysia (Cost $244,775)
My EG Services Bhd.		MYR	1,486,806		289,825		2.51
					289,825		2.51

Mexico (Cost $297,958)
Fomento Economico Mexicano S.A.B. de C.V. ADR			2,559		301,092		2.60

See accompanying notes to the financial statements.

123

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Shares	Value		% of Net Assets

Mexico (continued)
Grupo Financiero Banorte S.A.B. de C.V., Class O		MXN	22,100	$	218,733		1.89
					519,825		4.49

Saudi Arabia (Cost $195,501)
Bupa Arabia for Cooperative Insurance Co.		SAR	2,380		152,688		1.32
Elm Co.		SAR	550		134,035		1.16
					286,723		2.48

South Korea (Cost $1,444,723)
DB Insurance Co. Ltd.		KRW	2,477		173,874		1.50
Dentium Co. Ltd.		KRW	2,883		268,806		2.33
Eugene Technology Co. Ltd.		KRW	5,601		213,071		1.84
Hansol Chemical Co. Ltd.		KRW	2,218		308,813		2.67
Samsung C&T Corp.		KRW	1,383		149,007		1.29
SK Hynix, Inc.		KRW	2,865		350,655		3.03
SK Square Co. Ltd.*		KRW	2,707		147,943		1.28
					1,612,169		13.94

Taiwan (Cost $2,542,667)
Andes Technology Corp.		TWD	13,000		154,214		1.33
Chroma ATE, Inc.		TWD	22,000		178,297		1.54
Delta Electronics, Inc.		TWD	17,000		167,164		1.45
E Ink Holdings, Inc.		TWD	57,000		366,493		3.17
Kaori Heat Treatment Co. Ltd.		TWD	17,000		225,602		1.95
Lotes Co. Ltd.		TWD	3,000		132,342		1.15
MediaTek, Inc.		TWD	4,000		121,140		1.05
Parade Technologies Ltd.		TWD	6,000		137,638		1.19
Sinbon Electronics Co. Ltd.		TWD	23,000		197,436		1.71
Taiwan Semiconductor Manufacturing Co. Ltd.		TWD	41,000		987,919		8.54
Taiwan Semiconductor Manufacturing Co. Ltd. ADR			786		107,949		0.93
WinWay Technology Co. Ltd.		TWD	9,000		227,826		1.97
					3,004,020		25.98

United Arab Emirates (Cost $309,428)
Abu Dhabi Islamic Bank PJSC		AED	35,567		107,994		0.93
Burjeel Holdings PLC		AED	252,203		201,816		1.75
					309,810		2.68

Total Common Stocks (Cost $10,563,534)					11,511,521		99.55

Total Investments (Total Cost $10,563,534)					11,511,521		99.55

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					52,083		0.45

Net Assets				$	11,563,604		100.00

*	Non-income producing security.

See accompanying notes to the financial statements.

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

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 April 30, 2024, the industry sectors for the Ashmore Emerging Markets Equity ESG Fund were:


Sector	Percentage of Net Assets
Communication Services		7.6	%
Consumer Discretionary		7.6
Consumer Staples		2.6
Financials		17.4
Health Care		11.4
Industrials		14.7
Information Technology		33.2
Materials		5.0
Total Investments		99.5
Other Assets Less Liabilities		0.5
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 April 30, 2024:


	Level 1		Level 2		Level 3		Total
Investments
Assets:
Common Stocks
Argentina		$ 142,872	$	—		$—	$	142,872
Brazil		658,902		—		—		658,902
China		220,162		2,541,932		—		2,762,094
Hong Kong		—		359,317		—		359,317
India		518,054		913,570		—		1,431,624
Indonesia		—		134,340		—		134,340
Malaysia		—		289,825		—		289,825
Mexico		519,825		—		—		519,825
Saudi Arabia		—		286,723		—		286,723
South Korea		—		1,612,169		—		1,612,169
Taiwan		107,949		2,896,071		—		3,004,020
United Arab Emirates		—		309,810		—		309,810

Total Common Stocks		2,167,764		9,343,757		—		11,511,521

Total Investments		$2,167,764	$	9,343,757		$—	$	11,511,521

See accompanying notes to the financial statements.

125

ASHMORE EMERGING MARKETS EQUITY ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

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

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2024:


	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		$6

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

See accompanying notes to the financial statements.

126

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SCHEDULE OF INVESTMENTS

As of April 30, 2024 (Unaudited)


	Currency¹		Par	Value		% of Net Assets

Debt Securities

Brazil (Cost $800,217)
Banco do Brasil S.A., 4.625%, 01/15/2025			200,000	$	197,840		2.01
BRF GmbH, 4.350%, 09/29/2026			200,000		189,500		1.93
MercadoLibre, Inc., 2.375%, 01/14/2026			200,000		186,875		1.90
Suzano Austria GmbH, 5.750%, 07/14/2026			200,000		198,840		2.03
					773,055		7.87

Chile (Cost $534,786)
Banco Santander Chile, 2.700%, 01/10/2025			150,000		146,682		1.49
Celulosa Arauco y Constitucion S.A., 3.875%, 11/02/2027			200,000		186,375		1.90
Inversiones CMPC S.A., 4.750%, 09/15/2024			200,000		198,010		2.02
					531,067		5.41

China (Cost $201,528)
ENN Energy Holdings Ltd., 4.625%, 05/17/2027			200,000		193,750		1.97
					193,750		1.97

Colombia (Cost $299,037)
Bancolombia S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.929%), 6.909%, 10/18/2027²			200,000		197,470		2.01
Ecopetrol S.A., 5.375%, 06/26/2026			100,000		97,688		1.00
					295,158		3.01

Czech Republic (Cost $94,377)
CETIN Group N.V., 3.125%, 04/14/2027		EUR	100,000		103,237		1.05
					103,237		1.05

Hong Kong (Cost $395,536)
HKT Capital No. 4 Ltd., 3.000%, 07/14/2026			200,000		188,625		1.92
Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 3.100%), 7.776%, 11/16/2025²			200,000		201,780		2.06
					390,405		3.98

India (Cost $1,188,930)
ABJA Investment Co. Pte. Ltd., 5.950%, 07/31/2024			200,000		199,142		2.03
Bharti Airtel Ltd., 4.375%, 06/10/2025			200,000		196,545		2.00
Greenko Solar Mauritius Ltd., 5.950%, 07/29/2026			200,000		192,625		1.96
HDFC Bank Ltd., 5.686%, 03/02/2026			200,000		199,250		2.03
Shiram Finance Ltd., 6.625%, 04/22/2027			200,000		197,750		2.02
TML Holdings Pte. Ltd., 4.350%, 06/09/2026			200,000		190,875		1.94
					1,176,187		11.98

Indonesia (Cost $788,722)
Bank Mandiri Persero Tbk PT, 2.000%, 04/19/2026			200,000		185,625		1.89
Bank Negara Indonesia Persero Tbk PT, 3.750%, 03/30/2026			200,000		189,125		1.92
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT, 4.750%, 05/15/2025			400,000		394,532		4.02
					769,282		7.83

See accompanying notes to the financial statements.

127

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


							% of Net
	Currency¹		Par		Value		Assets

Jordan (Cost $201,803)
Hikma Finance U.S.A. LLC, 3.250%, 07/09/2025				200,000	$	191,750		1.95
						191,750		1.95

Kazakhstan (Cost $376,405)
KazMunayGas National Co. JSC, 4.750%, 04/19/2027				200,000		191,750		1.95
Tengizchevroil Finance Co. International Ltd., 4.000%, 08/15/2026				200,000		188,438		1.92
						380,188		3.87

Kuwait (Cost $205,205)
MEGlobal Canada ULC, 5.000%, 05/18/2025				200,000		197,375		2.01
						197,375		2.01

Malaysia (Cost $191,678)
MISC Capital Two Labuan Ltd., 3.750%, 04/06/2027				200,000		189,313		1.93
						189,313		1.93

Mexico (Cost $733,345)
Grupo Bimbo S.A.B. de C.V., 3.875%, 06/27/2024				200,000		198,972		2.03
Petroleos Mexicanos, 5.350%, 02/12/2028				385,000		336,836		3.43
Trust Fibra Uno, 5.250%, 01/30/2026				200,000		193,600		1.97
						729,408		7.43

Morocco (Cost $194,187)
OCP S.A., 4.500%, 10/22/2025				200,000		195,620		1.99
						195,620		1.99

Oman (Cost $204,724)
Bank Muscat SAOG, 4.750%, 03/17/2026				200,000		194,313		1.98
						194,313		1.98

Panama (Cost $201,622)
Banco Latinoamericano de Comercio Exterior S.A., 2.375%, 09/14/2025				200,000		189,400		1.93
						189,400		1.93

Peru (Cost $788,197)
Banco de Credito del Peru S.A., 2.700%, 01/11/2025				150,000		146,391		1.49
Credicorp Ltd., 2.750%, 06/17/2025				200,000		192,746		1.96
Kallpa Generacion S.A., 4.125%, 08/16/2027				200,000		188,312		1.92
Southern Copper Corp., 3.875%, 04/23/2025				100,000		98,039		1.00
Transportadora de Gas del Peru S.A., 4.250%, 04/30/2028				160,000		153,608		1.56
						779,096		7.93

Romania (Cost $98,094)
NE Property B.V., 1.875%, 10/09/2026		EUR		100,000		99,166		1.01
						99,166		1.01

See accompanying notes to the financial statements.

128

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


						% of Net
	Currency¹	Par		Value		Assets

Saudi Arabia (Cost $333,597)
SNB Funding Ltd., 2.750%, 10/02/2024			333,000	$	328,281		3.34
					328,281		3.34

Singapore (Cost $191,475)
BOC Aviation Ltd., 3.500%, 09/18/2027			200,000		186,982		1.90
					186,982		1.90

South Africa (Cost $588,452)
Gold Fields Orogen Holdings BVI Ltd., 5.125%, 05/15/2024			200,000		199,820		2.04
MTN Mauritius Investments Ltd., 6.500%, 10/13/2026			200,000		198,500		2.02
Prosus N.V., 3.257%, 01/19/2027			205,000		188,728		1.92
					587,048		5.98

South Korea (Cost $199,396)
SK On Co. Ltd., 5.375%, 05/11/2026			200,000		198,840		2.03
					198,840		2.03

Thailand (Cost $203,905)
Kasikornbank PCL, 5.458%, 03/07/2028			200,000		198,750		2.02
					198,750		2.02

United Arab Emirates (Cost $498,473)
DIB Sukuk Ltd., 2.950%, 01/16/2026			200,000		191,250		1.95
Galaxy Pipeline Assets Bidco Ltd., 1.750%, 09/30/2027			112,240		104,278		1.06
MAF Global Securities Ltd., 4.750%, 05/07/2024			200,000		199,820		2.04
					495,348		5.05

Total Debt Securities (Cost $9,513,691)					9,373,019		95.45

Total Investments (Total Cost $9,513,691)					9,373,019		95.45

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					446,532		4.55

Net Assets				$	9,819,551		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.

129

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SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

At April 30, 2024, 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)

05/08/2024

Morgan Stanley

United States Dollar

208,122

Euro

192,496

$2,623

Subtotal Appreciation

2,623

Total

$2,623

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 April 30, 2024:


	Level 1		Level 2		Level 3		Total

Investments

Assets:

Debt Securities

Corporate Bonds		$—		$7,400,035		$—		$7,400,035

Financial Certificates		—		191,250		—		191,250

Government Agencies		—		1,592,334		—		1,592,334

Municipal Bonds		—		189,400		—		189,400


Total Debt Securities		—		9,373,019		—		9,373,019

Total Investments		$—		$9,373,019		$—		$9,373,019


Other Financial Instruments

Assets:

Forward Foreign Currency Exchange Contracts		$—		$2,623		$—		$2,623


Total Other Financial Instruments		$—		$2,623		$—		$2,623

See accompanying notes to the financial statements.

130

ASHMORE EMERGING MARKETS LOW DURATION FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2024:


	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange Risk

Assets:
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$2,623

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2024:


	Derivatives Not Accounted for as Hedging Instruments
	Foreign Exchange Risk

Realized Gain (Loss) on Derivatives Recognized resulting from Operations:
Net Realized Loss on Forward Foreign Currency Exchange Contracts		$(1,926	)


Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$2,486

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

See accompanying notes to the financial statements.

131

ASHMORE EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2024 (Unaudited)


	Currency¹		Par	Value		% of Net Assets

Debt Securities

Angola (Cost $382,076)
Angola (Rep of), 8.000%, 11/26/2029			200,000	$	182,500		0.99
Angola (Rep of), 9.125%, 11/26/2049			250,000		208,906		1.14
					391,406		2.13

Argentina (Cost $392,057)
Argentina (Rep of), 1.000%, 07/09/2029			124,000		73,121		0.40
Argentina (Rep of), (Step to 1.750% on 7/9/27), 0.750%, 07/09/2030²			298,478		172,222		0.94
Argentina (Rep of), (Step to 4.125% on 7/9/24), 3.625%, 07/09/2035²			355,666		162,539		0.88
Argentina (Rep of), (Step to 5.000% on 7/9/24), 4.250%, 01/09/2038²			160,000		81,120		0.44
Argentina (Rep of), (Step to 4.875% on 7/9/29), 3.500%, 07/09/2041²			215,000		93,955		0.51
					582,957		3.17

Azerbaijan (Cost $202,479)
Southern Gas Corridor CJSC, 6.875%, 03/24/2026			200,000		200,900		1.09
					200,900		1.09

Bahrain (Cost $211,643)
Bapco Energies BSCC, 8.375%, 11/07/2028			200,000		211,563		1.15
					211,563		1.15

Brazil (Cost $560,971)
Brazil (Rep of), 8.250%, 01/20/2034			15,000		16,695		0.09
Brazil (Rep of), 6.125%, 03/15/2034			200,000		191,000		1.04
Brazil (Rep of), 5.000%, 01/27/2045			200,000		150,500		0.82
Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2035		BRL	943,000		162,604		0.88
					520,799		2.83

Chile (Cost $750,177)
Chile (Rep of), 3.100%, 05/07/2041			200,000		140,250		0.76
Chile (Rep of), 3.100%, 01/22/2061			200,000		117,000		0.63
Corp. Nacional del Cobre de Chile, 4.375%, 02/05/2049			200,000		147,375		0.80
Empresa Nacional del Petroleo, 5.250%, 11/06/2029			268,000		258,871		1.41
					663,496		3.60

Colombia (Cost $256,444)
Colombia (Rep of), 7.375%, 09/18/2037			100,000		94,950		0.52
Colombia (Rep of), 5.625%, 02/26/2044			200,000		149,400		0.81
					244,350		1.33

Costa Rica (Cost $176,943)
Costa Rica (Rep of), 5.625%, 04/30/2043			200,000		176,000		0.96
					176,000		0.96

See accompanying notes to the financial statements.

132

ASHMORE EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹	Par	Value		% of Net Assets

Dominican Republic (Cost $742,555)
Dominican (Rep of), 5.500%, 01/27/2025		100,000	$	99,187		0.54
Dominican (Rep of), 6.875%, 01/29/2026		100,000		100,150		0.54
Dominican (Rep of), 4.875%, 09/23/2032		225,000		197,016		1.07
Dominican (Rep of), 5.300%, 01/21/2041		150,000		123,141		0.67
Dominican (Rep of), 5.875%, 01/30/2060		282,000		230,094		1.25
				749,588		4.07

Ecuador (Cost $76,698)
Ecuador (Rep of), (Step to 5.500% on 7/31/24), 3.500%, 07/31/2035²		34,900		19,021		0.11
Ecuador (Rep of), (Step to 5.000% on 7/31/24), 2.500%, 07/31/2040²		194,000		96,321		0.52
				115,342		0.63

Egypt (Cost $505,057)
Egypt (Rep of), 7.600%, 03/01/2029		200,000		180,125		0.98
Egypt (Rep of), 8.500%, 01/31/2047		200,000		152,660		0.83
Egypt (Rep of), 8.700%, 03/01/2049		200,000		155,365		0.84
Egypt (Rep of), 8.875%, 05/29/2050		200,000		157,180		0.85
				645,330		3.50

El Salvador (Cost $36,164)
El Salvador (Rep of), 7.650%, 06/15/2035		47,000		33,869		0.18
				33,869		0.18

Gabon (Cost $172,845)
Gabon (Rep of), 6.625%, 02/06/2031		200,000		157,000		0.85
				157,000		0.85

Ghana (Cost $359,000)
Ghana (Rep of), 6.375%, 02/11/2027³		200,000		96,125		0.52
Ghana (Rep of), 7.750%, 04/07/2029³		200,000		96,625		0.52
Ghana (Rep of), 7.625%, 05/16/2029³		200,000		96,625		0.53
Ghana (Rep of), 8.625%, 04/07/2034³		200,000		96,938		0.53
				386,313		2.10

Guatemala (Cost $205,190)
Guatemala (Rep of), 6.600%, 06/13/2036		200,000		195,688		1.06
				195,688		1.06

Hungary (Cost $492,547)
Hungary (Rep of), 2.125%, 09/22/2031		200,000		154,120		0.84
Hungary (Rep of), 3.125%, 09/21/2051		200,000		118,430		0.64
Magyar Export-Import Bank Zrt, 6.125%, 12/04/2027		200,000		200,000		1.09
				472,550		2.57

India (Cost $191,456)
Export-Import Bank of India, 3.375%, 08/05/2026		200,000		190,188		1.03
				190,188		1.03

See accompanying notes to the financial statements.

133

ASHMORE EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Par	Value		% of Net Assets

Indonesia (Cost $1,255,162)
Indonesia (Rep of), 4.150%, 09/20/2027			200,000	$	192,375		1.04
Indonesia (Rep of), 6.625%, 02/17/2037			100,000		108,844		0.59
Indonesia (Rep of), 7.750%, 01/17/2038			100,000		119,844		0.65
Indonesia (Rep of), 4.200%, 10/15/2050			200,000		158,187		0.86
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT, 4.750%, 05/15/2025			200,000		197,266		1.07
Pertamina Persero PT, 6.000%, 05/03/2042			200,000		193,062		1.05
Pertamina Persero PT, 6.500%, 11/07/2048			200,000		204,125		1.11
					1,173,703		6.37

Ivory Coast (Cost $467,653)
Ivory Coast (Rep of), 4.875%, 01/30/2032		EUR	100,000		89,127		0.48
Ivory Coast (Rep of), 7.625%, 01/30/2033⁴			207,000		197,944		1.08
Ivory Coast (Rep of), 6.875%, 10/17/2040		EUR	100,000		89,378		0.49
Ivory Coast (Rep of), 6.625%, 03/22/2048		EUR	100,000		83,676		0.45
					460,125		2.50

Kazakhstan (Cost $214,959)
Kazakhstan (Rep of), 6.500%, 07/21/2045			200,000		219,125		1.19
					219,125		1.19

Malaysia (Cost $426,684)
Petronas Capital Ltd., 2.480%, 01/28/2032			200,000		162,412		0.88
Petronas Capital Ltd., 4.550%, 04/21/2050			282,000		234,145		1.27
					396,557		2.15

Mexico (Cost $1,626,586)
Comision Federal de Electricidad, 3.875%, 07/26/2033			200,000		156,898		0.85
Mexico (Rep of), 5.400%, 02/09/2028			200,000		197,687		1.07
Mexico (Rep of), 6.050%, 01/11/2040			138,000		131,402		0.71
Mexico (Rep of), 5.550%, 01/21/2045			64,000		56,740		0.31
Mexico (Rep of), 3.771%, 05/24/2061			200,000		120,900		0.66
Mexico (Rep of), 3.750%, 04/19/2071			200,000		118,200		0.64
Mexico (Rep of), 5.750%, 10/12/2110			76,000		63,009		0.34
Petroleos Mexicanos, 6.350%, 02/12/2048			101,000		62,052		0.34
Petroleos Mexicanos, 7.690%, 01/23/2050			450,000		314,055		1.71
Petroleos Mexicanos, 6.950%, 01/28/2060			418,000		266,015		1.44
					1,486,958		8.07

Mongolia (Cost $163,744)
Mongolia (Rep of), 4.450%, 07/07/2031			200,000		165,813		0.90
					165,813		0.90

Morocco (Cost $206,991)
Morocco (Rep of), 6.500%, 09/08/2033			200,000		200,250		1.09
					200,250		1.09

Nigeria (Cost $449,861)
Nigeria (Rep of), 7.696%, 02/23/2038			200,000		157,500		0.85

See accompanying notes to the financial statements.

134

ASHMORE EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹	Par	Value		% of Net Assets

Nigeria (continued)
Nigeria (Rep of), 7.625%, 11/28/2047		405,000	$	301,472		1.64
				458,972		2.49

Oman (Cost $596,867)
Oman (Rep of), 4.750%, 06/15/2026		200,000		195,240		1.06
Oman (Rep of), 6.750%, 10/28/2027		200,000		204,562		1.11
Oman (Rep of), 6.500%, 03/08/2047		200,000		193,960		1.06
				593,762		3.23

Pakistan (Cost $104,424)
Pakistan (Rep of), 7.375%, 04/08/2031		200,000		158,688		0.86
				158,688		0.86

Panama (Cost $325,690)
Panama (Rep of), 7.125%, 01/29/2026		100,000		100,875		0.55
Panama (Rep of), 8.875%, 09/30/2027		49,000		51,848		0.28
Panama (Rep of), 9.375%, 04/01/2029		63,000		68,749		0.37
Panama (Rep of), 6.700%, 01/26/2036		88,000		82,692		0.45
				304,164		1.65

Paraguay (Cost $193,365)
Paraguay (Rep of), 5.850%, 08/21/2033		200,000		193,375		1.05
				193,375		1.05

Peru (Cost $658,650)
Peru (Rep of), 7.350%, 07/21/2025		100,000		101,781		0.55
Peru (Rep of), 8.750%, 11/21/2033		149,000		177,450		0.96
Peru (Rep of), 3.300%, 03/11/2041		144,000		102,150		0.56
Peru (Rep of), 2.780%, 12/01/2060		119,000		62,810		0.34
Peru (Rep of), 3.230%, 07/28/2121		53,000		27,941		0.15
Petroleos del Peru S.A., 5.625%, 06/19/2047		234,000		141,570		0.77
				613,702		3.33

Philippines (Cost $570,656)
Philippines (Rep of), 10.625%, 03/16/2025		35,000		36,491		0.20
Philippines (Rep of), 9.500%, 02/02/2030		105,000		126,394		0.69
Philippines (Rep of), 7.750%, 01/14/2031		100,000		112,563		0.61
Philippines (Rep of), 6.375%, 10/23/2034		100,000		106,813		0.58
Philippines (Rep of), 3.950%, 01/20/2040		200,000		163,062		0.88
				545,323		2.96

Poland (Cost $355,124)
Poland (Rep of), 5.500%, 11/16/2027		69,000		69,705		0.38
Poland (Rep of), 4.875%, 10/04/2033		72,000		68,585		0.37
Poland (Rep of), 5.125%, 09/18/2034		76,000		73,131		0.40
Poland (Rep of), 5.500%, 04/04/2053		43,000		40,683		0.22
Poland (Rep of), 5.500%, 03/18/2054		96,000		90,379		0.49
				342,483		1.86

See accompanying notes to the financial statements.

135

ASHMORE EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹		Par	Value		% of Net Assets

Qatar (Cost $347,640)
Qatar (Rep of), 3.250%, 06/02/2026			200,000	$	192,250		1.04
QatarEnergy, 3.125%, 07/12/2041			200,000		143,500		0.78
					335,750		1.82

Romania (Cost $510,360)
Romania (Rep of), 3.000%, 02/27/2027			40,000		36,836		0.20
Romania (Rep of), 5.875%, 01/30/2029⁴			98,000		96,099		0.52
Romania (Rep of), 3.000%, 02/14/2031			30,000		24,493		0.13
Romania (Rep of), 3.625%, 03/27/2032			150,000		124,406		0.68
Romania (Rep of), 7.125%, 01/17/2033			36,000		37,125		0.20
Romania (Rep of), 6.125%, 01/22/2044			42,000		39,362		0.21
Romania (Rep of), 4.000%, 02/14/2051			194,000		129,980		0.71
					488,301		2.65

Saudi Arabia (Cost $502,323)
Saudi (Rep of), 5.000%, 01/16/2034⁴			325,000		313,056		1.70
Saudi (Rep of), 5.000%, 04/17/2049			200,000		172,870		0.94
					485,926		2.64

South Africa (Cost $519,295)
South Africa (Rep of), 4.300%, 10/12/2028			200,000		178,000		0.97
South Africa (Rep of), 5.875%, 04/20/2032			200,000		177,750		0.96
South Africa (Rep of), 5.750%, 09/30/2049			200,000		142,000		0.77
					497,750		2.70

Tunisia (Cost $89,845)
Tunisia (Rep of), 6.375%, 07/15/2026		EUR	118,000		105,387		0.57
					105,387		0.57

Turkey (Cost $387,000)
Turkey (Rep of), 4.875%, 04/16/2043			238,000		162,733		0.88
Turkey (Rep of), 5.750%, 05/11/2047			302,000		223,999		1.22
					386,732		2.10

Ukraine (Cost $61,500)
Ukraine (Rep of), 6.876%, 05/21/2031³			200,000		49,840		0.27
					49,840		0.27

United Arab Emirates (Cost $518,813)
Abu Dhabi (Gov’t of), 3.125%, 09/30/2049			200,000		131,250		0.71
DP World Crescent Ltd., 3.750%, 01/30/2030			361,000		327,156		1.78
					458,406		2.49

United States (Cost $473,468)
U.S. Treasury Bill, 5.071%, 05/16/2024⁵			474,500		473,457		2.57
					473,457		2.57

Uruguay (Cost $547,131)
Uruguay (Rep of), 7.875%, (100% Cash), 01/15/2033⁶			103,000		119,963		0.65

See accompanying notes to the financial statements.

136

ASHMORE EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹	Par		Value		% of Net Assets

Uruguay (continued)
Uruguay (Rep of), 5.750%, 10/28/2034		70,000	$		71,155		0.39
Uruguay (Rep of), 7.625%, 03/21/2036		75,000			87,445		0.47
Uruguay (Rep of), 4.125%, 11/20/2045		62,000			51,832		0.28
Uruguay (Rep of), 5.100%, 06/18/2050		67,000			60,937		0.33
Uruguay (Rep of), 4.975%, 04/20/2055		137,000			120,628		0.66
					511,960		2.78

Venezuela (Cost $906,314)
Petroleos de Venezuela S.A., 8.500%, 10/27/2020^3,7		419,000			327,867		1.78
Venezuela (Rep of), 11.750%, 10/21/2026³		865,000			179,920		0.98
Venezuela (Rep of), 9.250%, 09/15/2027³		1,155,000			241,395		1.31
Venezuela (Rep of), 11.950%, 08/05/2031³		867,000			180,770		0.98
					929,952		5.05

Total Debt Securities (Cost $18,194,407)					17,973,800		97.59

Total Investments in Securities (Cost $18,194,407)					17,973,800		97.59

Total Investments (Total Cost $18,194,407)					17,973,800		97.59

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)					443,409		2.41

Net Assets			$		18,417,209		100.00

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

²	Step coupon bond. Rate as of April 30, 2024 is disclosed.

³	Issuer has defaulted on terms of debt obligation.

⁴	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933.

⁵	Zero coupon bond – interest rate reflects effective yield on the date of purchase.

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

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

Percentages shown are based on net assets.

At April 30, 2024, 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)

05/03/2024

Ashmore Global

Brazilian Real

865,227

United States Dollar

166,262

$ 321

05/03/2024

Barclays

United States Dollar

167,000

Brazilian Real

865,227

417

05/08/2024

Morgan Stanley

United States Dollar

378,367

Euro

349,912

4,818

Subtotal
Appreciation

5,556

See accompanying notes to the financial statements.

137

ASHMORE EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

Settlement

Date

Counterparty

Currency

Buy

Currency
Buy Amount
(Local
Currency)

Currency
Sell

Currency
Sell Amount
(Local
Currency)

Unrealized
Gain/(Loss)

06/04/2024

Ashmore Global

United States Dollar

165,817

Brazilian Real

865,227

$ (278)

Subtotal Depreciation

(278)

Total

$5,278

U.S. GAAP includes a topic which establishes a hierarchy for NAV determination purposes in which various inputs are used in determining the value of each Fund’s assets or liabilities. This topic establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. 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 other observable inputs, 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 speeds, 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 of Trustees or persons acting at their discretion that are used in determining the fair market value of investments.

The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Debt Fund’s investments and other financial instruments, which are carried at fair value, as of April 30, 2024:


	Level 1		Level 2			Level 3		Total
Investments
Assets:
Debt Securities
Corporate Bonds		$—		$ 1,130,573			$—		$ 1,130,573
Financial Certificates		—		327,156			—		327,156
Government Agencies		—		2,586,678			—		2,586,678
Government Bonds		—		13,455,936			—		13,455,936
Short Term Bills and Notes		—		473,457			—		473,457

Total Debt Securities		—		17,973,800			—		17,973,800

Total Investments		$—		$17,973,800			$—		$17,973,800


Other Financial Instruments
Assets:
Forward Foreign Currency Exchange Contracts		$—		$5,556			$—		$5,556
Liabilities:
Forward Foreign Currency Exchange Contracts		—		(278	)		—		(278	)

Total Other Financial Instruments		$—		$5,278			$—		$5,278

See accompanying notes to the financial statements.

138

ASHMORE EMERGING MARKETS DEBT FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2024:


	Derivatives Not Accounted for as
	Hedging Instruments
	Foreign
	Exchange Risk

Assets:
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$5,556


Liabilities:
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		$ (278	)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2024:


	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		$(3,552	)


Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:
Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$ 5,051

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

See accompanying notes to the financial statements.

139

ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND

SCHEDULE OF INVESTMENTS

As of April 30, 2024 (Unaudited)


	Currency¹	Par	Value		% of Net Assets
Debt Securities

Brazil (Cost $1,387,583)
Aegea Finance S.a.r.l., 9.000%, 01/20/2031		200,000	$	210,060		2.83
Klabin Austria GmbH, 7.000%, 04/03/2049		230,000		223,066		3.00
MARB BondCo PLC, 3.950%, 01/29/2031		300,000		240,375		3.23
Oi S.A., 12.500%, (44% PIK), 12/15/2024^2,3,4		44,957		44,732		0.60
Oi S.A., 10.000%, 07/27/2025^3,5		290,000		1,450		0.02
Suzano Austria GmbH, 7.000%, 03/16/2047		200,000		202,300		2.72
				921,983		12.40

Chile (Cost $564,459)
Banco de Chile, 2.990%, 12/09/2031		200,000		168,125		2.26
Inversiones CMPC S.A., 6.125%, 02/26/2034		200,000		197,000		2.65
VTR Finance N.V., 6.375%, 07/15/2028		200,000		141,000		1.89
				506,125		6.80

China (Cost $285,938)
Fantasia Holdings Group Co. Ltd., 11.875%, 06/01/2023^5,6		280,000		4,200		0.06
				4,200		0.06

Guatemala (Cost $363,081)
Central American Bottling Corp./CBC Bottling Holdco S.L./Beliv Holdco S.L., 5.250%, 04/27/2029		200,000		186,058		2.50
Millicom International Cellular S.A., 5.125%, 01/15/2028		180,000		166,050		2.23
				352,108		4.73

Hong Kong (Cost $179,698)
CK Hutchison International 19 II Ltd., 2.750%, 09/06/2029		200,000		174,625		2.35
				174,625		2.35

Hungary (Cost $218,864)
OTP Bank Nyrt., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.060%), 8.750%, 05/15/2033⁷		210,000		216,628		2.91
				216,628		2.91

India (Cost $664,830)
Bharti Airtel Ltd., 3.250%, 06/03/2031		200,000		170,750		2.30
Clean Renewable Power Mauritius Pte. Ltd., 4.250%, 03/25/2027		348,000		319,507		4.29
Greenko Power II Ltd., 4.300%, 12/13/2028		180,000		160,740		2.16
				650,997		8.75

Indonesia (Cost $153,398)
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.850%, 10/14/2038		200,000		177,500		2.39
				177,500		2.39

Kuwait (Cost $424,433)
MEGlobal Canada ULC, 5.875%, 05/18/2030		200,000		198,437		2.67

See accompanying notes to the financial statements.

140

ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)


	Currency¹	Par	Value		% of Net Assets
Kuwait (continued)
NBK Tier 1 Financing 2 Ltd., (Variable, USD CMT 6Y + 2.832%), 4.500%, 08/27/2025⁷		200,000	$	192,375		2.58
				390,812		5.25

Mexico (Cost $1,211,281)
Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.760%), 8.375%, 10/14/2030⁷		260,000		259,662		3.49
BBVA Bancomer S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.650%), 5.125%, 01/18/2033⁷		240,000		219,648		2.95
Corp. Inmobiliaria Vesta S.A.B. de C.V., 3.625%, 05/13/2031		200,000		170,000		2.29
Orbia Advance Corp. S.A.B. de C.V., 5.875%, 09/17/2044		200,000		178,800		2.40
Trust Fibra Uno, 6.390%, 01/15/2050		220,000		171,394		2.31
				999,504		13.44

Panama (Cost $199,207)
C&W Senior Finance Ltd., 6.875%, 09/15/2027		200,000		187,000		2.51
				187,000		2.51

Peru (Cost $188,064)
Intercorp Peru Ltd., 3.875%, 08/15/2029		200,000		174,900		2.35
				174,900		2.35

Romania (Cost $177,000)
NE Property B.V., 2.000%, 01/20/2030	EUR	200,000		181,958		2.45
				181,958		2.45

Russian Federation (Cost $184,629)
Sovcombank Via SovCom Capital DAC, 7.600%, 02/17/2027^5,8		200,000		—		—
				—		—

Singapore (Cost $199,276)
Sats Treasury Pte. Ltd., 4.828%, 01/23/2029		200,000		194,468		2.61
				194,468		2.61

South Africa (Cost $587,256)
Absa Group Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.411%), 6.375%, 05/27/2026⁷		200,000		193,062		2.60
MTN Mauritius Investments Ltd., 6.500%, 10/13/2026		210,000		208,425		2.80
Prosus N.V., 3.680%, 01/21/2030		200,000		172,375		2.32
				573,862		7.72

South Korea (Cost $198,040)
SK Hynix, Inc., 5.500%, 01/16/2027		200,000		197,625		2.66
				197,625		2.66

Taiwan (Cost $186,343)
TSMC Global Ltd., 1.250%, 04/23/2026		200,000		184,250		2.48
				184,250		2.48

United Arab Emirates (Cost $1,089,404)
DIB Sukuk Ltd., 2.950%, 01/16/2026		240,000		229,500		3.08

See accompanying notes to the financial statements.

141

ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

Currency¹

Par

Value

% of Net

Assets

United Arab Emirates (continued)

DP World Ltd., 6.850%, 07/02/2037

200,000

211,125

2.84

DP World Salaam, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.750%), 6.000%, 10/01/2025⁷

200,000

198,200

2.66

Emirates Telecommunications Group Co. PJSC, 0.875%, 05/17/2033

EUR

200,000

169,339

2.28

MAF Global Securities Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.893%), 7.875%, 06/30/2027⁷

200,000

205,313

2.76

1,013,477

13.62

United States (Cost $178,111)

U.S. Treasury Bill, 5.073%, 05/16/2024⁹

178,500

178,108

2.39

178,108

2.39

Total Debt Securities (Cost $8,640,895)

7,280,130

97.87

Total Investments in Securities (Cost $8,640,895)

7,280,130

97.87

Total Investments (Total Cost $8,640,895)

7,280,130

97.87

Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail)

158,580

2.13

Net Assets

7,438,710

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 April 30, 2024 the value of these restricted illiquid securities amount to $44,732 or 0.60% of net assets. Additional information on each restricted illiquid security is as follows:

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

⁹	Zero coupon bond – interest rate reflects effective yield on the date of purchase.

Percentages shown are based on net assets.

See accompanying notes to the financial statements.

142

ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

At April 30, 2024, 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)

05/08/2024

Standard Chartered

United States Dollar

352,032

Euro

325,572

4,467

Subtotal Appreciation

4,467

Total

4,467

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 April 30, 2024:


	Level 1		Level 2		Level 3		Total

Investments

Assets:

Debt Securities

Corporate Bonds	$	—	$	5,630,085	$	—	$	5,630,085

Corporate Convertible Bonds		—		672,372		—		672,372

Financial Certificates		—		427,700		—		427,700

Government Agencies		—		371,865		—		371,865

Short Term Bills and Notes		—		178,108		—		178,108


Total Debt Securities		—		7,280,130		—		7,280,130

Total Investments	$	—	$	7,280,130	$	—	$	7,280,130


Other Financial Instruments

Assets:

Forward Foreign Currency Exchange Contracts	$	—		$4,467	$	—		$4,467


Total Other Financial Instruments	$	—		$4,467	$	—		$4,467

There were no transfers to or from Level 3 during the period ended April 30, 2024.

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 period ended April 30,2024.

See accompanying notes to the financial statements.

143

ASHMORE EMERGING MARKETS CORPORATE INCOME ESG FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of April 30, 2024:


	Derivatives Not Accounted for as
	Hedging Instruments
	Foreign
	Exchange Risk


Assets:
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$4,467

The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2024:


	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		$ (2,787	)

Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized resulting from Operations:

Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts		$ 4,201

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

See accompanying notes to the financial statements.

144

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS

As of April 30, 2024 (Unaudited)

1.	Organization

Ashmore Funds (the “Trust”) is a Massachusetts business trust organized under the laws of the Commonwealth of Massachusetts on August 6, 2010 (inception date) and is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act” or “1940 Act”), as an open-end management investment company. The Trust follows accounting and reporting guidance under Financial Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.” The Trust includes twelve funds as of April 30, 2024, 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

145

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

results could differ from these estimates. These financial statements contain all adjustments which are, in the opinion of the Trust, necessary to portray a fair statement of the period presented. Such adjustments are normal and recurring in nature. Valuation models used to determine the fair value of hard to value investments require the use of a number of market based assumptions.

(c) Determination of the Net Asset Value

The net asset value (“NAV”) of a Fund’s shares is calculated at the close of regular trading (normally 4:00 p.m. Eastern time) (the “NYSE Close”) on each day that the New York Stock Exchange (“NYSE”) is open for regular trading.

(d) Investment valuation

For the purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices. With respect to any portion of a Fund’s assets that are invested in one or more open-ended investment management companies, a Fund’s NAV will be calculated based upon the NAVs of such investments. The prospectuses for these open-end management investment companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.

If a Fund’s non-U.S. (foreign) security’s value has materially changed after the close of the security’s primary exchange or principal market but before the time as of which the Funds calculate their NAVs, the security will be valued at fair value based on procedures approved by the Board. The fair value of investments may be determined based on information provided by pricing services and other third-party vendors, which may recommend fair value prices or adjustments with reference to other securities, indices or assets. The Funds may use fair value pricing more frequently for foreign securities or assets because, amongst other things, many foreign markets close well before the NAV of the Funds’ shares is next calculated. In considering whether fair value pricing is required and in determining fair values, the Valuation Designee (as defined below) may, amongst other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the time as of which the Funds calculate their NAVs. The Valuation Designee (as defined below) may utilize modeling tools provided by third-party vendors to determine the fair values of non-U.S. securities. Foreign exchanges may permit trading in foreign securities on days when the Trust is not open for business, which may result in the values of a Fund’s portfolio investments being affected when investors are unable to buy, sell or exchange shares of the Fund.

Investments initially valued in currencies other than the United States Dollar are converted to the United States Dollar using exchange rates obtained from pricing services. Foreign exchange rates are calculated as of 4:00 p.m. Eastern time on each day that the NYSE opens for regular trading. As a result, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the United States Dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the United States Dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares of the Funds.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated the Investment Manager as the valuation designee (“Valuation Designee”) for the Funds to perform the fair value determination relating to all Fund investments. The Investment Manager may carry out its designated responsibilities as Valuation Designee through various committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

146

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

Domestic and foreign debt securities for which the close of trading does not coincide with the NYSE close and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain debt securities purchased on a delayed delivery basis are marked-to-market daily until settlement. Exchange traded options, futures and options on futures are generally valued at the settlement price determined by the exchange on which the instrument is primarily traded.

The Valuation Designee primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information to determine the fair value of an investment. The Valuation Designee may also apply a discount to the last traded price in situations where the last traded price may not represent the fair value of the security, such as if a security’s trading has been suspended on its primary trading market, a security has been de-listed from its primary trading market, a security has not traded for an extended period of time, or a security’s primary trading market is temporarily closed at a time when under normal conditions it would be open. Any such discount is based on a number of factors including but not limited to the circumstances surrounding any potential suspension or de-listing, market and industry conditions, competitor information, and the period of time since the last trading took place.

Fair valuation may require subjective determinations about the value of a security or asset. While the Funds’ and Valuation Designee’s policies and procedures are intended to result in a calculation of a Fund’s NAV that fairly reflects security and asset values as of the time of pricing, the Funds cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security or asset if it were to dispose of that security or asset at the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold.

(e) Investment transactions, income and expenses

Investment transactions are recorded at the trade date. The Funds determine the gain or loss realized from investment transactions using an identified cost basis method. Interest income is recognized on an accrual basis and includes the amortization of premiums and the accretion of discounts using the effective yield method, net of any applicable tax withholding. Dividend income is recognized on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, or as soon as such information is available, net of any applicable tax withholding. Other non-cash dividends are recognized as investment income at the fair value of the property received. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

Expenses are recorded on an accrual basis. Each Fund is charged for those expenses that are directly attributable to that Fund. Certain expenses arising in connection with a class of shares are charged to that class of shares. Expenses incurred which do not specifically relate to an individual Fund are allocated amongst all the Funds in the Trust in proportion to each Fund’s relative net assets.

(f) Foreign Currency

Assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or

147

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

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

(g) Equity-Linked Securities

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

(h) Inflation Index Securities

Certain Funds may invest in inflation-indexed bonds which are fixed income securities whose principal value is periodically adjusted based on a measure of rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. At April 30, 2024, 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.

148

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

Credit Risk

The Funds could lose money if the issuer or guarantor of a debt security or other instrument is unable or unwilling to meet its financial obligations, and the lack of ability, or perceived lack of ability, of the issuer to make timely payments of interest and/or principal will negatively affect the value of the security or instrument.

Market Risk

The value of securities and instruments owned by the Funds may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas. Recent instability in the financial markets has led governments around the world to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that have experienced extreme volatility, and in some cases a lack of liquidity. The withdrawal of this support, failure of these efforts, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the values and liquidity of a Fund’s portfolio securities and other assets.

Derivative financial instruments may result in off-balance sheet market and credit risk. If the markets should move against one or more positions that the Funds hold, the Funds could incur losses greater than the unrealized amounts recorded in the Statements of Assets and Liabilities. Derivative risk exposures are discussed in note 10.

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 resulted 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. Other epidemics and pandemics that may arise in the future could impair the Funds’ ability to maintain operational standards (such as with respect to satisfying redemption requests), disrupt the operations of the Funds’ service providers, adversely affect the value and liquidity of the Funds’ investments, and negatively impact the Funds’ performance and your investment in a Fund.

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. 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

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As of April 30, 2024 (Unaudited)

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.

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

150

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

securities delivered plus accrued interest payments to be made by the Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund.

As of April 30, 2024, the Funds did not hold any reverse repurchase agreements.

6.	Capital share transactions

Transactions in Class A shares for the period ended April 30, 2024, were as follows:



Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions		Proceeds from Reinvestment of Distributions		Shares Redeemed			Payments for Shares Redeemed			Net Increase/ (Decrease) in Shares			Net Increase/ (Decrease) in Net Assets
Ashmore Emerging Markets Total Return Fund		7,750	$	38,066		6,407	$	31,036		(47,275	)	$	(233,778	)		(33,118	)	$	(164,676	)
Ashmore Emerging Markets Local Currency Bond Fund		1		5		765		4,851		(5,390	)		(33,385	)		(4,624	)		(28,529	)
Ashmore Emerging Markets Corporate Income Fund		17,256		91,739		14,514		77,303		(124,927	)		(665,041	)		(93,157	)		(495,999	)
Ashmore Emerging Markets Short Duration Fund		112,978		532,204		65,882		309,208		(1,215,212	)		(5,731,647	)		(1,036,352	)		(4,890,235	)
Ashmore Emerging Markets Active Equity Fund		1		10		11		74		—			—			12			84
Ashmore Emerging Markets Small-Cap Equity Fund		132		1,567		236		2,973		(8,422	)		(110,048	)		(8,054	)		(105,508	)
Ashmore Emerging Markets Frontier Equity Fund		16,740		151,252		1,706		15,813		(9,195	)		(85,811	)		9,251			81,254
Ashmore Emerging Markets Equity Fund		2,544,283		26,812,615		121		1,231		(64,985	)		(699,413	)		2,479,419			26,114,433
Ashmore Emerging Markets Equity ESG Fund		—		—		—		—		—			—			—			—

151

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)



Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions		Proceeds from Reinvestment of Distributions		Shares Redeemed			Payments for Shares Redeemed			Net Increase/ (Decrease) in Shares			Net Increase/ (Decrease) in Net Assets
Ashmore Emerging Markets Low Duration Fund		—	$	—		2	$	15		—		$	—			2		$	15
Ashmore Emerging Markets Debt Fund		—		—		2		19		—			—			2			19
Ashmore Emerging Markets Corporate Income ESG Fund		—		—		2		13		—			—			2			13

Transactions in Class C shares for the period ended April 30, 2024, 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		611	$	2,949		3,276	$	15,804		(20,343	)	$	(100,416	)		(16,456	)	$	(81,663	)
Ashmore Emerging Markets Local Currency Bond Fund		575		3,678		14		82		—			—			589			3,760
Ashmore Emerging Markets Corporate Income Fund		197		1,046		6,107		32,436		(39,624	)		(210,757	)		(33,320	)		(177,275	)
Ashmore Emerging Markets Short Duration Fund		—		89		1,394		6,247		(1,435	)		(6,440	)		(41	)		(104	)
Ashmore Emerging Markets Active Equity Fund		—		—		—		—		—			—			—			—
Ashmore Emerging Markets Small-Cap Equity Fund		—		—		—		—		—			—			—			—

152

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)



Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions		Proceeds from Reinvestment of Distributions		Shares Redeemed			Payments for Shares Redeemed			Net Increase/ (Decrease) in Shares			Net Increase/ (Decrease) in Net Assets
Ashmore Emerging Markets Frontier Equity Fund		1,928	$	17,995		30	$	264		(2,973	)	$	(25,693	)		(1,015	)	$	(7,434	)
Ashmore Emerging Markets Equity Fund		—		—		2		20		(1,877	)		(17,085	)		(1,875	)		(17,065	)
Ashmore Emerging Markets Equity ESG Fund		—		—		—		—		—			—			—			—
Ashmore Emerging Markets Low Duration Fund		—		—		1		11		—			—			1			11
Ashmore Emerging Markets Debt Fund		—		—		2		16		—			—			2			16
Ashmore Emerging Markets Corporate Income ESG Fund		—		—		2		11		—			—			2			11

Transactions in Institutional Class shares for the period ended April 30, 2024, 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		3,228,146	$	15,689,350		1,396,283	$	6,886,018		(82,494,234	)	$	(410,403,289	)		(77,869,805	)	$	(387,827,921	)
Ashmore Emerging Markets Local Currency Bond Fund		132,869		908,167		35,767		238,866		(111,692	)		(741,193	)		56,944			405,840
Ashmore Emerging Markets Corporate Income Fund		249,836		1,378,553		272,041		1,510,832		(3,584,463	)		(19,947,172	)		(3,062,586	)		(17,057,787	)
Ashmore Emerging Markets Short Duration Fund		5,154		23,739		48,454		223,317		(4,578,844	)		(21,116,076	)		(4,525,236	)		(20,869,020	)

153

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)



Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions		Proceeds from Reinvestment of Distributions		Shares Redeemed			Payments for Shares Redeemed			Net Increase/ (Decrease) in Shares			Net Increase/ (Decrease) in Net Assets
Ashmore Emerging Markets Active Equity Fund		35,309	$	251,054		5,512	$	38,532		(61,420	)	$	(433,628	)		(20,599	)	$	(144,042	)
Ashmore Emerging Markets Small-Cap Equity Fund		3,365		56,011		2,358		38,787		(19,180	)		(316,738	)		(13,457	)		(221,940	)
Ashmore Emerging Markets Frontier Equity Fund		504,004		5,461,643		48,510		526,440		(585,856	)		(6,177,915	)		(33,342	)		(189,832	)
Ashmore Emerging Markets Equity Fund		4,877,724		49,414,033		7,037		68,887		(5,108,402	)		(51,124,409	)		(223,641	)		(1,641,489	)
Ashmore Emerging Markets Equity ESG Fund		—		—		464		4,411		—			—			464			4,411
Ashmore Emerging Markets Low Duration Fund		—		—		17,080		148,161		—			—			17,080			148,161
Ashmore Emerging Markets Debt Fund		—		—		47,979		387,915		—			—			47,979			387,915
Ashmore Emerging Markets Corporate Income ESG Fund		—		—		21,171		136,620		—			—			21,171			136,620

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	)

154

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)



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

155

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

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
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

156

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)



Fund	Shares Sold		Proceeds from Shares Sold		Shares from Reinvested Distributions		Proceeds from Reinvestment of Distributions		Shares Redeemed			Payments for Shares Redeemed			Net Increase/ (Decrease) in Shares			Net Increase/ (Decrease) in Net Assets
Ashmore Emerging Markets Corporate Income ESG Fund		—	$	—		4	$	29		—		$	—			4		$	29

Transactions in Institutional Class shares for the year ended October 31, 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	)
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	)

157

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)



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

Capital shares

Class A shares are issued at the Fund’s relevant NAV per share plus any applicable sales charge. Institutional Class and Class C shares are issued at the Fund’s relevant NAV per share without a sales charge. Shares confer upon the holders the right to receive notice of and attend, speak and vote at shareholder meetings of the Funds. The shares confer upon the holders the right to any or all dividends or distributions which the Trustees in their sole discretion may from time to time resolve to make or declare.

7.	Investment transactions

For the period ended April 30, 2024, 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	$	52,833,277	$	400,219,982
Ashmore Emerging Markets Local Currency Bond Fund		3,197,116		3,186,233
Ashmore Emerging Markets Corporate Income Fund		30,193,127		46,397,725
Ashmore Emerging Markets Short Duration Fund		8,654,266		31,242,837
Ashmore Emerging Markets Active Equity Fund		25,630,404		26,395,543
Ashmore Emerging Markets Small-Cap Equity Fund		3,108,409		3,500,675
Ashmore Emerging Markets Frontier Equity Fund		28,948,435		29,405,041
Ashmore Emerging Markets Equity Fund		99,319,618		74,644,851
Ashmore Emerging Markets Equity ESG Fund		3,430,399		3,087,658
Ashmore Emerging Markets Low Duration Fund		1,743,633		1,670,832
Ashmore Emerging Markets Debt Fund		2,668,999		2,641,736
Ashmore Emerging Markets Corporate Income ESG Fund		1,985,476		1,172,955

158

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and the recharacterization of income recognition on investments in PFICs. At April 30, 2024, 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:



	Unrealized Appreciation		Unrealized Depreciation			Net Appreciation (Depreciation)			Cost Basis of Investments
Ashmore Emerging Markets Total Return Fund	$	2,746,018	$	(62,401,952	)	$	(59,655,934	)	$	153,639,780
Ashmore Emerging Markets Local Currency Bond Fund		193,414		(691,589	)		(498,175	)		10,675,152
Ashmore Emerging Markets Corporate Income Fund		597,022		(34,239,039	)		(33,642,017	)		90,315,971
Ashmore Emerging Markets Short Duration Fund		193,407		(43,046,121	)		(42,852,714	)		75,280,378
Ashmore Emerging Markets Active Equity Fund		2,398,079		(3,987,351	)		(1,589,272	)		25,877,992
Ashmore Emerging Markets Small-Cap Equity Fund		1,287,743		(527,453	)		760,290			9,326,254
Ashmore Emerging Markets Frontier Equity Fund		11,169,119		(2,095,904	)		9,073,215			61,973,765
Ashmore Emerging Markets Equity Fund		6,777,424		(6,085,749	)		691,675			132,213,880
Ashmore Emerging Markets Equity ESG Fund		1,551,477		(605,806	)		945,671			10,565,850
Ashmore Emerging Markets Low Duration Fund		30,705		(168,754	)		(138,049	)		9,513,691
Ashmore Emerging Markets Debt Fund		551,141		(766,470	)		(215,329	)		18,194,407
Ashmore Emerging Markets Corporate Income ESG Fund		52,407		(1,408,705	)		(1,356,298	)		8,640,895

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 October 31, 2023 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

159

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

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	)

160

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)



Fund	Undistributed Ordinary Income		Undistributed Long Term Capital Gain		Accumulated Capital Losses and Other			Undistributed Appreciation (Depreciation) on Investments and Foreign Currencies			Total Accumulated Earnings (Deficit)
Ashmore Emerging Markets 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

161

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)



	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

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, requires 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.

162

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

None of the derivatives held in the Funds have been designated as hedging instruments under Topic 815-10. A discussion of the strategies for these derivatives and their counterparty credit risk can be found below.

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

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 period ended April 30, 2024, 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 Low Duration Fund, Ashmore Emerging Markets Debt Fund and Ashmore Emerging Markets Corporate Income ESG Fund had average quarterly contract notional exposures of $215,802,950, $7,649,725, $2,482,376, $101,962, $202,326, $613,308 and $353,838, respectively, related to forward foreign currency exchange contracts.

(b) Swap Agreements

163

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

During the reporting period, certain Funds entered into swap agreements, which are arrangements between two parties to exchange cash flows based on a notional principal amount. Swap agreements are either privately negotiated in the over-the-counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform such as a registered exchange (“centrally cleared swaps”). Swap agreements are recorded at their fair value. The fair value is based on quoted market prices or prices obtained from a third party provider at the date of the Statements of Assets and Liabilities without any deduction for estimated future selling costs. Swap agreements are marked to market daily and the change in fair value, if any, is recorded as unrealized gain or loss. Payments made or received are recorded as part of realized gains and losses. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities.

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

During the period ended April 30, 2024, the Ashmore Emerging Markets Total Return Fund and Ashmore Emerging Markets Local Currency Bond Fund had average quarterly notional exposures of $12,143,575 and $1,714,840, respectively, related to interest rate swap agreements.

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

Offsetting of Financial Assets and Derivative Assets as of April 30, 2024:

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	$	19,856	$	(3,378	)	$	—		$	16,478
BNP Paribas		23,405		(2,280	)		—			21,125
Citibank		10,097		(10,097	)		—			—
Deutsche Bank		24,971		(24,971	)		—			—
HSBC Bank		63,458		(60,089	)		(3,369	)		—
JPMorgan Chase		5,174		(3,292	)		—			1,882
Merrill Lynch		24,409		(8,892	)		—			15,517
Morgan Stanley		8,642		(8,642	)		—			—
Santander		14,053		—			—			14,053
Standard Chartered		12,704		(216	)		—			12,488
State Street		2,041		(2,041	)		—			—

164

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)




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

UBS	$	12,503	$	(1,271	)	$	—		$	11,232

Total	$	221,313	$	(125,169	)	$	(3,369	)	$	92,775





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	$	3,378	$	(3,378	)	$	—		$	—
BNP Paribas		2,280		(2,280	)		—			—
Citibank		65,688		(10,097	)		(55,591	)		—
Deutsche Bank		27,458		(24,971	)		—			2,487
HSBC Bank		60,089		(60,089	)		—			—
JPMorgan Chase		3,292		(3,292	)		—			—
Merrill Lynch		8,892		(8,892	)		—			—
Morgan Stanley		147,560		(8,642	)		—			138,918
Standard Chartered		216		(216	)		—			—
State Street		3,464		(2,041	)		—			1,423
UBS		1,271		(1,271	)		—			—

Total	$	323,588	$	(125,169	)	$	(55,591	)	$	142,828





Ashmore Emerging Markets Local Currency Bond Fund


Counterparty	Gross Amounts of Derivatives Assets Presented in the Statement of Assets and Liabilities		Derivatives available for offset			Collateral Received			Net Amount Due From Counterparty

Barclays	$	2,092	$	(2,092	)	$	—		$	—
BNP Paribas		1,462		(525	)		—			937
Citibank		2,107		(2,107	)		—			—
Deutsche Bank		3,315		(3,315	)		—			—
HSBC Bank		22,246		(4,365	)		(18,741	)		-860
JPMorgan Chase		1,106		(77	)		—			1,029
Merrill Lynch		1,617		(759	)		—			858
Morgan Stanley		6,776		(1,313	)		—			5,463
Santander		2,397		(126	)		—			2,271
Standard Chartered		1,485		(197	)		—			1,288
State Street		98		(98	)		—			—
UBS		6,239		(1	)		—			6,238

Total	$	50,940	$	(14,975	)	$	(18,741	)	$	17,224

165

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)




Ashmore Emerging Markets Local Currency Bond Fund


Counterparty	Gross Amounts of Derivatives Liabilities Presented in the Statement of Assets and Liabilities		Derivatives available for offset			Collateral Pledged		Net Amount Due To Counterparty

Barclays	$	2,347	$	(2,092	)	$	—	$	255
BNP Paribas		525		(525	)		—		—
Citibank		7,934		(2,107	)		—		5,827
Deutsche Bank		6,844		(3,315	)		—		3,529
HSBC Bank		4,365		(4,365	)		—		—
JPMorgan Chase		77		(77	)		—		—
Merrill Lynch		759		(759	)		—		—
Morgan Stanley		1,313		(1,313	)		—		—
Santander		126		(126	)		—		—
Standard Chartered		197		(197	)		—		—
State Street		829		(98	)		—		731
UBS		1		(1	)		—		—

Total	$	25,317	$	(14,975	)	$	—	$	10,342




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

Barclays	$	4,580	$	(4,580	)	$	—	$	—
Deutsche Bank		15,781		—			—		15,781

Total	$	20,361	$	(4,580	)	$	—	$	15,781



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	$	8,836	$	(4,580	)	$	—	$	4,256

Total	$	8,836	$	(4,580	)	$	—	$	4,256



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

Barclays	$	2,938	$	—		$	—	$	2,938

Total	$	2,938	$	—		$	—	$	2,938

166

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)



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

Morgan Stanley	$	2,623	$	—		$	—	$	2,623

Total	$	2,623	$	—		$	—	$	2,623



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

Ashmore Global	$	321	$	(278	)	$	—	$	43
Barclays		417		—			—		417
Morgan Stanley		4,818		—			—		4,818

Total	$	5,556	$	(278	)	$	—	$	5,278



Ashmore Emerging Markets Debt Fund


Counterparty	Gross Amounts of Derivatives Liabilities Presented in the Statement of Assets and Liabilities		Derivatives available for offset			Collateral Pledged		Net Amount Due To Counterparty

Ashmore Global	$	278	$	(278	)	$	—	$	—

Total	$	278	$	(278	)	$	—	$	—



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	$	4,467	$	—		$	—	$	4,467

Total	$	4,467	$	—		$	—	$	4,467

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%*

167

ASHMORE FUNDS

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)



Fund	Rate
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%**
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, 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, 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%

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As of April 30, 2024 (Unaudited)



Fund	Class A	Class C	Institutional Class
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%
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		2027		Total
Ashmore Emerging Markets Total Return Fund	$	1,209,234	$	1,119,411	$	1,023,234	$	360,628	$	3,712,507
Ashmore Emerging Markets Local Currency Bond Fund		152,924		121,907		168,860		83,766		527,457
Ashmore Emerging Markets Corporate Income Fund		361,106		345,989		276,983		135,185		1,119,263
Ashmore Emerging Markets Short Duration Fund		203,439		216,728		228,856		93,575		742,598
Ashmore Emerging Markets Active Equity Fund		208,770		220,507		266,050		94,037		789,364
Ashmore Emerging Markets Small-Cap Equity Fund		100,902		110,918		150,305		65,869		427,994
Ashmore Emerging Markets Frontier Equity Fund		238,815		342,706		355,358		168,213		1,105,092
Ashmore Emerging Markets Equity Fund		172,553		280,776		412,520		172,203		1,038,052
Ashmore Emerging Markets Equity ESG Fund		148,942		110,142		121,592		59,754		440,430
Ashmore Emerging Markets Low Duration Fund		75,473		77,472		91,077		47,026		291,048
Ashmore Emerging Markets Debt Fund		155,066		86,233		103,221		68,827		413,347
Ashmore Emerging Markets Corporate Income ESG Fund		146,750		99,997		85,004		42,691		374,442

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

Distribution and Servicing fees

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



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

Cross Trades

The 1940 Act prohibits the Funds and their affiliates from knowingly selling any security or other property to the Funds (other than securities of which the buyer is the issuer), or buying any security (other than securities of which the seller is the issuer) or other property from the Funds. Rule 17a-7 under the 1940 Act provides relief from these prohibitions for various types of “cross trades” and similar transactions that may benefit shareholders by allowing the participating funds or accounts to avoid brokerage commissions and other transaction costs of trades.

During the period ended April 30, 2024, none of the Funds bought and/or sold securities from an account or accounts that were also advised by the Trust’s investment adviser or its affiliates.

As of April 30, 2024, 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	—%	22.95%	86.55%
Ashmore Emerging Markets Active Equity Fund	—%	100.00%	76.34%
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%

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)

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	6	25.58%, 21.14%, 17.46%, 12.88%, 11.16%, 5.86%

	Class C	4	53.62%, 22.11%, 16.35%, 7.92%

	Institutional Class	5	35.08%, 17.00%, 14.85%, 10.40%, 7.61%

Ashmore Emerging Markets Local Currency Bond Fund	Class A	3	79.65%, 11.40%, 7.02%

	Class C	2	77.05%, 22.95%

	Institutional Class	2	86.55%, 12.95%

Ashmore Emerging Markets Corporate Income Fund	Class A	5	34.23%, 23.89%, 19.29%, 10.55%, 7.25%

	Class C	4	64.37%, 9.62%, 9.26%, 9.03%

	Institutional Class	6	34.36%, 21.76%, 12.09%, 7.01%, 5.67%, 5.03%

Ashmore Emerging Markets Short Duration Fund	Class A	2	74.38%, 18.35%

	Class C	4	41.25%, 31.82%, 17.73%, 9.20%

	Institutional Class	2	82.65%, 10.31%

Ashmore Emerging Markets Active Equity Fund	Class A	2	84.38%, 15.60%

	Institutional Class	2	13.45%, 8.66%

Ashmore Emerging Markets Small-Cap Equity Fund	Class A	4	37.01%, 34.35%, 16.64%, 8.34%

	Class C	2	61.92%, 38.08%

	Institutional Class	5	26.33%, 25.05%, 23.49% 13.10%, 5.08%

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

As of April 30, 2024 (Unaudited)



Fund	Class	# of Investors Owning > 5% of outstanding Shares	% of Ownership by Investor

Ashmore Emerging Markets Frontier Equity Fund	Class A	2	64.25%, 27.10%

	Class C	2	89.05%, 8.36%

	Institutional Class	3	42.73%, 29.36%, 23.21%

Ashmore Emerging Markets Equity Fund	Class A	2	73.23%, 26.49%

	Class C	2	55.50%, 44.50%

	Institutional Class	3	47.86%, 31.12%, 6.62%

12.

Commitments

In relation to its investments, some of the Funds of the Trust may from time to time agree to indemnify and/or pre-fund trustees or other agents, either solely or alongside other creditors on a several basis. Generally, such agreements do not have a termination date. The Trustees are not aware of and do not currently expect any claims to be made against the Funds under any such indemnity or pre-funding agreements.

13. Significant events during the period

On March 21, 2024 the Board of Trustees approved the establishment of a new Fund of the Trust, Ashmore Emerging Markets Equity ex China Fund.

14. Subsequent events

On June 12, 2024, Ashmore Emerging Markets Equity ex China Fund began offering Institutional Class shares.

Also on June 12, 2024, the Board of Trustees approved a plan of liquidation for Ashmore Emerging Markets Corporate Income ESG Fund, with such liquidation scheduled to take place on or about June 14, 2024.

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 items mentioned above.

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LIQUIDITY RISK MANAGEMENT PROGRAM

As of April 30, 2024 (Unaudited)

LIQUIDITY RISK MANAGEMENT PROGRAM

The Funds have adopted a liquidity risk management program pursuant to Rule 22e-4 under the Investment Company Act of 1940, as amended. The program’s principal objectives are to support each Fund’s compliance with limits on investments in illiquid assets and to mitigate the risk that a Fund is unable to meet its redemption obligations in a timely manner. From January 1, 2023 through December 31, 2023, the period covered by the annual liquidity risk management report to the board regarding the operation and effectiveness of the program, the program supported each Fund’s ability to meet redemption requests in a timely manner and the program administrator’s management of each Fund’s liquidity risk, including during any periods of market volatility and net redemptions. The program includes a number of elements that support the management or assessment of liquidity risk, including an annual assessment of factors that may impact a Fund’s liquidity and the periodic classification (or re-classification, as determined necessary) of a Fund’s investments into liquidity buckets that reflect the program administrator’s assessment of their relative liquidity under current market conditions. There can be no assurance that the program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding each Fund’s exposure to liquidity risk and other risks to which each Fund may be subject.

173

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ADVISORY AGREEMENT APPROVAL

As of April 30, 2024 (Unaudited)

ADVISORY AGREEMENT APPROVAL

At a meeting of the Board of Trustees (the “Board”) of Ashmore Funds (the “Trust”) held on March 21, 2024, the Board, including a majority of the Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), voting separately, considered and unanimously approved the continuation of the Investment Management Agreement between Ashmore Investment Advisors Limited (“AIAL”) and the Trust (the “Agreement”), on behalf of each of Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Corporate Income ESG Fund, Ashmore Emerging Markets Debt Fund, Ashmore Emerging Markets Frontier Equity Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Low Duration Fund, Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Active Equity Fund, and Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Equity ESG Fund (each series, a “Fund,” and collectively, the “Funds”).

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

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

NATURE, QUALITY AND EXTENT OF INVESTMENT MANAGEMENT SERVICES

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

AIAL’s Services to All Funds

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

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

174

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ADVISORY AGREEMENT APPROVAL (CONTINUED)

As of April 30, 2024 (Unaudited)

Investment Performance

In considering each Fund’s performance, the Board requested and received from AIAL data compiled by FUSE Research Network, LLC (“Fuse”). The Trustees also received information explaining the methodology for compilation of certain of this information and what it was intended to demonstrate. The Board considered the performance of each Fund in light of its investment objective on a comparable basis relative to the Fund’s peers. The Board received performance information for Institutional Shares for the one-, three-, five- and ten-year periods ended December 31, 2023 for Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Small-Cap Equity Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Total Return Fund and Ashmore Emerging Markets Frontier Equity Fund and for the one-, three- and five-year periods ended December 31, 2023 for Ashmore Emerging Markets Short Duration Fund and Ashmore Emerging Markets Active Equity Fund. The Board also received performance information for Institutional Shares for the one- and three-years period ended December 31, 2023 for Ashmore Emerging Markets Debt Fund, Ashmore Emerging Markets Equity ESG Fund and Ashmore Emerging Markets Low Duration Fund and for the one-year period ended December 31, 2023 for Ashmore Emerging Markets Corporate Income ESG Fund. In considering such comparative data, the Trustees noted the specialized nature and focus of many of the Funds, and for certain Funds the limited number of peer group funds, particularly for the longer performance periods. In their review, the Trustees also sought to identify Funds for which the performance, fees and total expenses appeared to be outliers within their respective peer groups or other comparative metrics, and sought to understand the reasons for such comparative positions.

Ashmore Emerging Markets Corporate Income Fund. The Board noted that the Ashmore Emerging Markets Corporate Income Fund’s performance ranked seventh out of seven, seventh out of seven, seventh out of seven and sixth out of six in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2023, respectively, while ranking in the fourth quartile (first being the best) in its larger performance universe for the same four periods.

Ashmore Emerging Markets Corporate Income ESG Fund. The Board noted that the Ashmore Emerging Markets Corporate Income ESG Fund’s performance ranked seventh out of seven in its peer group for the one-year period ended December 31, 2023, while ranking in the fourth quartile (first being the best) in its larger performance universe for the same period.

Ashmore Emerging Markets Debt Fund. The Board noted that the Ashmore Emerging Markets Debt Fund’s performance ranked eleventh out of eleven and sixth out of ten in its peer group for the one- and three-year periods ended December 31, 2023, while ranking in the fourth and third quartiles (first being the best) in its larger performance universe for the same two periods.

Ashmore Emerging Markets Short Duration Fund. The Board noted that the Ashmore Emerging Markets Short Duration Fund’s performance ranked first out of four, fourth out of four, and third out of three in its peer group for the one-, three- and five-year periods ended December 31, 2023, respectively, while ranking in the second, fourth and fourth quartiles (first being the best) in its larger performance universe for the same three periods.

Ashmore Emerging Markets Low Duration Fund. The Board noted that the Ashmore Emerging Markets Low Duration Fund’s performance ranked third out of four in its peer group for the one- and three-year periods ended December 31, 2023, while ranking in the fourth and second quartiles (first being the best) in its larger performance universe for the same two periods.

Ashmore Emerging Markets Equity Fund. The Board observed that Ashmore Emerging Markets Equity Fund’s performance ranked third out of sixteen, fourth out of sixteen, first out of thirteen, and first out of seven in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2023, respectively, while ranking in the third, second, first and first quartiles (first being the best) in its larger performance universe for the same four periods.

Ashmore Emerging Markets Equity ESG Fund. The Board observed that Ashmore Emerging Markets Equity ESG Fund’s performance ranked second out of fourteen and eighth out of twelve in its peer group for the one- and three-year periods ended December 31, 2023, while ranking in the second and third quartiles (first being the best) in its larger performance universe for the same two periods.

175

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ADVISORY AGREEMENT APPROVAL (CONTINUED)

As of April 30, 2024 (Unaudited)

Ashmore Emerging Markets Frontier Equity Fund. The Board noted that the Ashmore Emerging Markets Frontier Equity Fund’s performance ranked second out of five, first out of five, second out of five, and first out of three in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2023, respectively, while ranking in the second, first, second, and first quartiles (first being the best) in its performance universe for the same four periods.

Ashmore Emerging Markets Local Currency Bond Fund. The Board observed that the Ashmore Emerging Markets Local Currency Bond Fund’s performance ranked fifth out of fourteen, ninth out of fourteen, ninth out of thirteen and seventh out of twelve in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2023, respectively, while ranking in the second, third, third and third quartiles (first being the best) in its performance universe for the same four periods.

Ashmore Emerging Markets Small-Cap Equity Fund. The Board noted that the Ashmore Emerging Markets Small-Cap Equity Fund’s performance ranked ninth out of sixteen, ninth out of sixteen, fifth out of fifteen, and sixth out of ten in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2023, respectively, while ranking in the third, third, second and third quartiles (first being the best) in its performance universe for the same four periods.

Ashmore Emerging Markets Active Equity Fund. The Board noted that the Ashmore Emerging Markets Active Equity Fund’s performance ranked twelfth out of sixteen, eighth out of sixteen and twelfth out of thirteen in its peer group for the one-, three- and five-year periods ended December 31, 2023, respectively, while ranking in the fourth, third, and fourth quartiles (first being the best) in its larger performance universe for the same three periods.

Ashmore Emerging Markets Total Return Fund. The Board observed that the Ashmore Emerging Markets Total Return Fund’s performance ranked eighth out of thirteen, twelfth out of twelve, twelfth out of twelve and seventh out of eight in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2023, respectively, while ranking in the third, fourth, fourth, and fourth quartiles (first being the best) in its larger performance universe for the same four periods.

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

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

INVESTMENT MANAGEMENT FEES AND COST OF SERVICES

The Board also considered the contractual and actual investment management fees paid by each Fund to AIAL. In doing so, the Board compared the contractual and actual investment management fees and overall net expense ratios (represented by the Funds’ Institutional Shares) to those of the Funds’ peers as determined by Fuse. The Board noted that several of the Funds were quite small in size relative to their peers. As with the performance comparisons, the Board also noted that, with respect to several of the Funds, there were only a limited number of peer funds with similar investment strategies. Where contractual or actual management fees or total expense ratios of a Fund were meaningfully above those of the Fuse peers, the Board also considered and took into account the extent to which AIAL had undertaken to waive a portion of its fees and/or reimburse expenses so as to otherwise limit these Funds’ ordinary operating expenses until at least February 28, 2025. The Board also considered the recent reduction in the management fee and expense caps for Ashmore Emerging Markets Debt Fund.

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

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ADVISORY AGREEMENT APPROVAL (CONTINUED)

As of April 30, 2024 (Unaudited)

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

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

ECONOMIES OF SCALE

The Board noted that the contractual investment management fees for the Funds do not contain breakpoints that would reduce the fee rate on assets above specified levels. The Board observed that many of the Funds remained quite small in size, and that the collective assets of all of the Funds were approximately $800 million as of December 31, 2023. The Board also observed that AIAL was subsidizing all of the Funds through fee waivers and expense reimbursements. In evaluating the Funds’ contractual investment management fees, the Board considered AIAL’s representation that the contractual investment management fees were intended to reflect achievable economies of scale and also AIAL’s continuing agreement to limit certain expenses of each Fund. The Board received and evaluated information concerning whether AIAL would realize economies of scale as the assets of individual Funds grow beyond current levels. The Board noted they intend to monitor each Fund’s asset growth in connection with future reviews of the Funds’ Agreement to determine whether breakpoints may be appropriate at such time. In light of the Funds’ current sizes and expense structures, the Board concluded that breakpoints in the Funds’ contractual investment management fees were not warranted at this time.

***

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

***

177

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ADVISORY AGREEMENT APPROVAL (CONTINUED)

As of April 30, 2024 (Unaudited)

ADVISORY AGREEMENT APPROVAL

At a meeting of the Board of Trustees of Ashmore Funds (the “Trust”) held on March 21, 2024, the Board, including a majority of the Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), voting separately, considered and unanimously approved the Investment Management Agreement (the “Agreement”) between Ashmore Investment Advisors Limited (“AIAL”) and the Trust, on behalf of Ashmore Emerging Markets Equity ex China Fund (the “Fund”). In determining to approve the Agreement for an initial term, the Trustees considered all factors that they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant to the interests of shareholders, including those listed below.

In evaluating the terms of the Agreement, the Board did not identify any single factor as controlling, and individual members of the Board did not necessarily attribute the same weight or importance to each factor, nor are the items described herein all-encompassing of the matters considered by the Board. Throughout their review of the Agreement, the Independent Trustees were assisted by their own Independent Trustee legal counsel. The Independent Trustees had formally requested through their legal counsel, and AIAL had provided, certain information the Independent Trustees considered relevant to their evaluation. The Contracts Review Committee, which is comprised of all of the Independent Trustees, discussed the information on different occasions, with and without representatives of AIAL present.

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

NATURE, QUALITY AND EXTENT OF INVESTMENT MANAGEMENT SERVICES

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

AIAL’s Services

The Board considered information regarding the overall organization and resources of AIAL, including information regarding senior management, portfolio managers and other personnel expected to provide investment management, administrative and other services to the Fund. The Board reviewed AIAL’s key personnel who would provide investment management services to the Fund, as well as the fact that, under the Agreement, AIAL would have the authority and responsibility, subject to the Board’s oversight, to make and execute investment decisions for the Fund within the framework of the Fund’s investment policies and restrictions. The Board noted that AIAL had substantial experience managing emerging market equity strategies and discussed AIAL’s proposed approach to exclude certain Chinese issuers from the Fund’s investment portfolio.

The Board considered that AIAL’s duties would include: (i) investment research and selection; (ii) adherence to (and monitoring compliance with) the Fund’s investment policies and restrictions, the 1940 Act and other relevant laws; and (iii) furnishing office space and equipment, providing bookkeeping and clerical services (excluding determination of net asset value and shareholder accounting services) and paying all salaries, fees and expenses of officers and Trustees of the Trust who are affiliated with AIAL (except to the extent such salaries, fees and expenses are paid by another AIAL affiliate other than the Trust or the Fund). The Board also evaluated the significant compliance resources available to and expected to be utilized by AIAL. The Board considered that AIAL would support the Fund’s compliance control structure, and, in particular, the resources that would be devoted by AIAL in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act and the Fund’s liquidity and derivatives risk management programs. The Board noted that the Fund’s investment guidelines generally align with the existing funds in the Trust but will include additional coding restrictions related to the “ex China” strategy, which restrictions will be monitored as part of the Trust’s compliance program. The Board also considered AIAL’s investments in business continuity planning designed to benefit the Fund.

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

178

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ADVISORY AGREEMENT APPROVAL (CONTINUED)

As of April 30, 2024 (Unaudited)

INVESTMENT MANAGEMENT FEES AND COST OF SERVICES

The Board also considered the contractual and actual investment management fees to be paid by the Fund to AIAL. In doing so, the Board compared the proposed contractual and actual investment management fees and overall net expense ratios (represented by the Fund’s Institutional Shares) to those of an appropriate group of peer funds (“Peer Group”) as determined by FUSE Research Network, LLC (“Fuse”). The Board noted that the proposed contractual and actual investment management fees and overall net expense ratios were similar to the management fees and expense ratios of the emerging market equity funds in the Trust. As part of this review, the Board considered the composition of the Peer Group and the methodology used to select the Peer Group. In considering the reasonableness of the Fund’s proposed contractual investment management fees and projected total expense ratios, the Board considered that the Fund’s proposed gross advisory fees ranked ninth out of twelve, its proposed contractual investment management fees ranked ninth out of twelve and its estimated total net expense ratios ranked seventh out of twelve in its Peer Group. The Board considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of other funds in the Peer Group are set and potentially material differences between the Fund and the Peer Group. The Board also considered and took into account AIAL’s undertaking to waive fees and/or reimburse expenses so as to otherwise limit the Fund’s ordinary operating expenses until at least May 22, 2025. The Board reviewed AIAL’s projected costs and profitability as presented by it in serving as investment adviser to the Fund. The Board noted that the Fund was not expected to be profitable to AIAL initially.

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

ECONOMIES OF SCALE

The Board noted that the proposed contractual investment management fees for the Fund do not contain breakpoints that would reduce the fee rate on assets above specified levels. In evaluating the Fund’s contractual investment management fees, the Board considered AIAL’s representation that the contractual investment management fees were intended to reflect achievable economies of scale and also considered AIAL’s agreement to limit certain expenses of the Fund. In light of the Trust’s current size and expense structure, the Board concluded that breakpoints in the Fund’s contractual investment management fees were not warranted at this time. The Board noted, however, that it intends to monitor the Fund’s asset growth in connection with future reviews of the Fund’s advisory arrangements to determine whether breakpoints may be appropriate at such time. The Board noted that AIAL would consider the possibility of including breakpoints in the advisory arrangements once the Fund reaches a certain level of profitability.

***

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

***

179

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SUPPLEMENTARY INFORMATION (UNAUDITED)

REMUNERATION DISCLOSURE

Ashmore Investment Advisors Limited (“AIAL”) is a full-scope UK Alternative Investment Fund Manager (“AIFM”) that manages many alternative investment funds (“AIFs”). These AIFs implement a number of investment strategies including; equity, fixed income and alternatives; and invest in many different regions and industry sectors. AIAL manages both open-ended and closed-ended AIFs, several of its AIFs are leveraged and some are listed on regulated markets. Its assets under management was approximately US$2.2 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.

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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	£	137,283	£	18,158	£	155,441
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.

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ASHMORE FUNDS

FOR MORE INFORMATION

As of April 30, 2024 (Unaudited)

PORTFOLIO HOLDINGS

The Ashmore Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Form N-PORT is available on the SEC’s Web site at www.sec.gov within sixty days after the Funds’ first and third fiscal quarters. In addition, no later than thirty calendar days after the end of each calendar quarter, a list of all portfolio holdings in each Fund as of the end of such calendar quarter is made available at www.ashmoregroup.com.

PROXY VOTING

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

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PRIVACY POLICY

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

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

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

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

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

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

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

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OTHER INFORMATION

Administrator, Custodian and Transfer Agent

The Northern Trust Company

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

437 Madison Avenue

Suite 1904

New York, New York 10022

212-661-0061

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, Massachusetts 02199-3600

617-951-7000

Independent Trustees’ Counsel

Dechert LLP

One International Place

40^th Floor

100 Oliver Street

Boston, Massachusetts 02110-2605

617-728-7100

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189

(b) Notice pursuant to Rule 30e-3

Not applicable.

Item 2. Code of Ethics.

Not applicable for this reporting period.

Item 3. Audit Committee Financial Expert.

Not applicable for this reporting period.

Item 4. Principal Accountant Fees and Services.

Not applicable for this reporting period.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b)	Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a)

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

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

Not applicable.

Item 13. Exhibits.

(a)(1)

Not applicable for this reporting period.

(a)(2)

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

(a)(3)

Not applicable.

(a)(4)

Not applicable.

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

SIGNATURES

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

Ashmore Funds


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

Date: July 1, 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: July 1, 2024


By		/s/ Taurai Sigauke
		Taurai Sigauke, Treasurer
		(Principal Financial and Accounting Officer)

Date: July 1, 2024