# EDGAR Filing Document

**Accession Number:** 0001498498
**File Stem:** 0002066578-26-002247
**Filing Date:** 2026-6
**Character Count:** 1056474
**Document Hash:** 19e08f2336db41886b0898b3bbafb8b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-002247.hdr.sgml**: 20260629

**ACCESSION NUMBER**: 0002066578-26-002247

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 69

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260629

**DATE AS OF CHANGE**: 20260629

**EFFECTIVENESS DATE**: 20260629

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ashmore Funds
- **CENTRAL INDEX KEY:** 0001498498

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22468
- **FILM NUMBER:** 261136574

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ROPES & GRAY, LLP
- **STREET 2:** ONE INTERNATIONAL PLACE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 617-951-7935

**MAIL ADDRESS:**
- **STREET 1:** C/O ROPES & GRAY, LLP
- **STREET 2:** ONE INTERNATIONAL PLACE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

## Series and Classes Contracts Data

### Ashmore Emerging Markets Corporate Income Fund (Series ID: S000030386)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000093382 | INSTITUTIONAL CLASS SHARES | EMCIX           |
| C000098142 | Class A                    | ECDAX           |
| C000098143 | Class C                    | ECDCX           |

### Ashmore Emerging Markets Local Currency Bond Fund (Series ID: S000030388)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000093384 | INSTITUTIONAL CLASS SHARES | ELBIX           |
| C000098146 | Class A                    | ELBAX           |
| C000098147 | Class C                    | ELBCX           |

### Ashmore Emerging Markets Total Return Fund (Series ID: S000030390)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000093386 | INSTITUTIONAL CLASS SHARES | EMKIX           |
| C000098150 | Class C                    | EMKCX           |
| C000098151 | Class A                    | EMKAX           |

### Ashmore Emerging Markets Equity Fund (Series ID: S000033066)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000101924 | INSTITUTIONAL CLASS | EMFIX           |
| C000104316 | Class A             | EMEAX           |
| C000104317 | Class C             | EMECX           |

### Ashmore Emerging Markets Equity SMA Completion Fund (Series ID: S000033753)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000272133 | Series I     | EMSMX           |

### Ashmore Emerging Markets Frontier Equity Fund (Series ID: S000041978)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000130348 | Class A             | EFEAX           |
| C000130349 | Class C             | EFECX           |
| C000130350 | Institutional Class | EFEIX           |

### Ashmore Emerging Markets Short Duration Fund (Series ID: S000045773)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000142708 | INSTITUTIONAL CLASS SHARES | ESFIX           |
| C000142709 | Class A                    | ESFAX           |
| C000142710 | Class C                    | ESFCX           |

### Ashmore Emerging Markets Active Equity Fund (Series ID: S000055437)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000174429 | CLASS A             | EMQAX           |
| C000174430 | CLASS C             | EMQCX           |
| C000174431 | INSTITUTIONAL CLASS | EMQIX           |

### Ashmore Emerging Markets Equity ESG Fund (Series ID: S000067834)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000217584 | Institutional Class | ESIGX           |
| C000217585 | Class A             | ESAGX           |
| C000217586 | Class C             | ESCGX           |

### Ashmore Emerging Markets Debt Fund (Series ID: S000069539)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000221884 | Institutional Class | IGIEX           |
| C000221885 | Class A             | IGAEX           |
| C000221886 | Class C             | IGCEX           |

### Ashmore Emerging Markets Equity ex China Fund (Series ID: S000085149)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000250018 | Institutional Class | EMXIX           |
| C000250019 | Class A             | EMXAX           |
| C000250020 | Class C             | EMXCX           |

?xml version='1.0' encoding='ASCII'? acdf2b54-f78f-451d-aefa-fbb38bc010d9

#### 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

16 Palace Street

London SW1E 5JD

England

(Address of principal executive offices) (Zip code)

Corporation Service Company

84 State Street

Boston, MA 02109

(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, 2026

#### Item 1. Reports to Stockholders.
(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30e-1).

(b) Not Applicable.

### Ashmore Emerging Markets Total Return Fund

### Class A/EMKAX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Total Return Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Total Return Fund<br>(Class A/EMKAX) | $80 | 1.57% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$28121112 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;275 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2026.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312578.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Total Return Fund

### Class C/EMKCX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Total Return Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore

. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Total Return Fund<br>(Class C/EMKCX) | $120 | 2.36% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$28121112 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;275 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2026.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312605.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Total Return Fund

### Institutional Class/EMKIX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Total Return Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore

. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Total Return Fund<br>(Institutional Class/EMKIX) | $68 | 1.33% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$28121112 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;275 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2026.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312533.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Local Currency Bond Fund

### Class A/ELBAX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Local Currency Bond Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Local Currency Bond Fund<br>(Class A/ELBAX) | $53 | 1.06% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$9885547 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;201 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2026.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312461.jpg)

#### Material Fund Changes
On June 10, 2026, the Board of Trustees approved the liquidation of the Ashmore Emerging Markets Local Currency Bond Fund. The liquidation is expected to occur on or about June 26, 2026.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Local Currency Bond Fund

### Class C/ELBCX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Local Currency Bond Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Local Currency Bond Fund<br>(Class C/ELBCX) | $92 | 1.83% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$9885547 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;201 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2026.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312506.jpg)

#### Material Fund Changes
On June 10, 2026, the Board of Trustees approved the liquidation of the Ashmore Emerging Markets Local Currency Bond Fund. The liquidation is expected to occur on or about June 26, 2026.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Local Currency Bond Fund

### Institutional Class/ELBIX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Local Currency Bond Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Local Currency Bond Fund<br>(Institutional Class/ELBIX) | $41 | 0.81% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$9885547 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;201 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2026.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312434.jpg)

#### Material Fund Changes
On June 10, 2026, the Board of Trustees approved the liquidation of the Ashmore Emerging Markets Local Currency Bond Fund. The liquidation is expected to occur on or about June 26, 2026.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Corporate Income Fund

### Class A/ECDAX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Corporate Income Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Corporate Income Fund<br>(Class A/ECDAX) | $69 | 1.37% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$16918570 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;117 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312362.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3312367.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Corporate Income Fund

### Class C/ECDCX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Corporate Income Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Corporate Income Fund<br>(Class C/ECDCX) | $107 | 2.12% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$16918570 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;117 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312389.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3312384.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Corporate Income Fund

### Institutional Class/EMCIX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Corporate Income Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Corporate Income Fund<br>(Institutional Class/EMCIX) | $57 | 1.12% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$16918570 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;117 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312317.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3312312.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Short Duration Fund

### Class A/ESFAX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Short Duration Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Short Duration Fund<br>(Class A/ESFAX) | $93 | 1.85% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$29112696 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;78 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312146.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3312151.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Short Duration Fund

### Class C/ESFCX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Short Duration Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Short Duration Fund<br>(Class C/ESFCX) | $131 | 2.62% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$29112696 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;78 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312173.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3312168.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Short Duration Fund

### Institutional Class/ESFIX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Short Duration Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Short Duration Fund<br>(Institutional Class/ESFIX) | $80 | 1.60% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$29112696 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;78 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312101.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3312096.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Active Equity Fund

### Class A/EMQAX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Active Equity Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Active Equity Fund<br>(Class A/EMQAX) | $70 | 1.32% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$5738604 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;106% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 15.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Electronics, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co. Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. ADR | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro S.A. - Petrobras ADR | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;China International Capital Corp. Ltd., Class H | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | 2.6% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312245.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3312240.jpg)

#### Material Fund Changes
On June 10, 2026, the Board of Trustees approved the liquidation of the Ashmore Emerging Markets Active Equity Fund. The liquidation is expected to occur on or about June 26, 2026.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Active Equity Fund

### Class C/EMQCX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Active Equity Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Active Equity Fund<br>(Class C/EMQCX) | $109 | 2.07% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$5738604 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;106% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 15.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Electronics, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co. Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. ADR | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro S.A. - Petrobras ADR | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;China International Capital Corp. Ltd., Class H | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | 2.6% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312290.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3312295.jpg)

#### Material Fund Changes
On June 10, 2026, the Board of Trustees approved the liquidation of the Ashmore Emerging Markets Active Equity Fund. The liquidation is expected to occur on or about June 26, 2026.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Active Equity Fund

### Institutional Class/EMQIX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Active Equity Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Active Equity Fund<br>(Institutional Class/EMQIX) | $56 | 1.06% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$5738604 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;106% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 15.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Electronics, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co. Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. ADR | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro S.A. - Petrobras ADR | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;China International Capital Corp. Ltd., Class H | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | 2.6% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312218.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3312223.jpg)

#### Material Fund Changes
On June 10, 2026, the Board of Trustees approved the liquidation of the Ashmore Emerging Markets Active Equity Fund. The liquidation is expected to occur on or about June 26, 2026.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Equity SMA Completion Fund

### (formerly, Ashmore Emerging Markets Small-Cap Equity Fund) Series I/EMSMX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity SMA Completion Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Equity SMA Completion Fund<br>(Series I/EMSMX)\* | $0 | 0.00% |

---

*\** Effective February 17, 2026, the Fund was restructured as a "completion fund," an integral part of separately managed account programs sponsored by an investment adviser unaffiliated with the Fund or Ashmore Investment Advisors Limited (the "Investment Manager"). Participants in these programs pay a fee to the sponsor of the program. Accordingly, no investment management fees or expenses are incurred by the Fund.

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$4400976 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;108% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 13.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics Co. Ltd. | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co. Ltd. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hansol Chemical Co. Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz S.A. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., Class A | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elite Material Co. Ltd. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sieyuan Electric Co. Ltd., Class A | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chroma ATE, Inc. | 3.1% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3375169.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3375174.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Frontier Equity Fund

### Class A/EFEAX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Frontier Equity Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Frontier Equity Fund<br>(Class A/EFEAX) | $92 | 1.81% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$106413528 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;52 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Banca Transilvania S.A. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Halyk Savings Bank of Kazakhstan JSC GDR (Registered) | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Credicorp Ltd. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vinhomes JSC | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nova Ljubljanska Banka dd GDR (Registered) | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Qatar National Bank QPSC | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Attijariwafa Bank | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vingroup JSC | 2.3% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3311813.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3311808.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Frontier Equity Fund

### Class C/EFECX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Frontier Equity Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Frontier Equity Fund<br>(Class C/EFECX) | $130 | 2.56% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$106413528 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;52 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Banca Transilvania S.A. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Halyk Savings Bank of Kazakhstan JSC GDR (Registered) | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Credicorp Ltd. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vinhomes JSC | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nova Ljubljanska Banka dd GDR (Registered) | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Qatar National Bank QPSC | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Attijariwafa Bank | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vingroup JSC | 2.3% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3311858.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3311863.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Frontier Equity Fund

### Institutional Class/EFEIX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Frontier Equity Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Frontier Equity Fund<br>(Institutional Class/EFEIX) | $79 | 1.56% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$106413528 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;52 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Banca Transilvania S.A. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Halyk Savings Bank of Kazakhstan JSC GDR (Registered) | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Credicorp Ltd. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vinhomes JSC | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nova Ljubljanska Banka dd GDR (Registered) | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Qatar National Bank QPSC | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Attijariwafa Bank | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vingroup JSC | 2.3% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3311786.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3311791.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Equity Fund

### Class A/EMEAX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Equity Fund<br>(Class A/EMEAX) | $72 | 1.31% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$307359687 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 14.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co. Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. ADR | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz S.A. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hansol Chemical Co. Ltd. | 1.8% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312029.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3312024.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Equity Fund

### Class C/EMECX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Equity Fund<br>(Class C/EMECX) | $112 | 2.06% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$307359687 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 14.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co. Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. ADR | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz S.A. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hansol Chemical Co. Ltd. | 1.8% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312074.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3312079.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Equity Fund

### Institutional Class/EMFIX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Equity Fund<br>(Institutional Class/EMFIX) | $58 | 1.06% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$307359687 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 14.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co. Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. ADR | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz S.A. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hansol Chemical Co. Ltd. | 1.8% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312002.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3312007.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Equity ESG Fund

### Class A/ESAGX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ESG Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Equity ESG Fund<br>(Class A/ESAGX) | $74 | 1.27% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$19375982 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 15.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co. Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., Class A | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;DB Insurance Co. Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz S.A. | 2.1% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312650.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3312655.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Equity ESG Fund

### Class C/ESCGX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ESG Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Equity ESG Fund<br>(Class C/ESCGX) | $118 | 2.02% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$19375982 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 15.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co. Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., Class A | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;DB Insurance Co. Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz S.A. | 2.1% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312677.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3312672.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Equity ESG Fund

### Institutional Class/ESIGX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ESG Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Equity ESG Fund<br>(Institutional Class/ESIGX) | $62 | 1.06% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$19375982 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 15.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co. Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd., Class A | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;DB Insurance Co. Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz S.A. | 2.1% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312722.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3312727.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Debt Fund

### Class A/IGAEX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Debt Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Debt Fund<br>(Class A/IGAEX) | $53 | 1.05% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$11696965 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2026.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312749.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Debt Fund

### Class C/IGCEX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Debt Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Debt Fund<br>(Class C/IGCEX) | $91 | 1.80% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$11696965 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2026.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312794.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Debt Fund

### Institutional Class/IGIEX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Debt Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Debt Fund<br>(Institutional Class/IGIEX) | $40 | 0.78% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$11696965 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total exposure of the Fund as of April 30, 2026.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312821.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Equity ex China Fund

### Class A/EMXAX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ex China Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore

. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Equity ex China Fund<br>(Class A/EMXAX) | $73 | 1.27% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$12336703 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 14.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co. Ltd. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hansol Chemical Co. Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz S.A. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lotes Co. Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;DB Insurance Co. Ltd. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegro.eu S.A. | 1.8% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312866.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3312871.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Equity ex China Fund

### Class C/EMXCX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ex China Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Equity ex China Fund<br>(Class C/EMXCX) | $115 | 2.02% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$12336703 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 14.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co. Ltd. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hansol Chemical Co. Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz S.A. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lotes Co. Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;DB Insurance Co. Ltd. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegro.eu S.A. | 1.8% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312893.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3312888.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

### Ashmore Emerging Markets Equity ex China Fund

### Institutional Class/EMXIX
![TSR - Logo](images_8135.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2026
This semi-annual shareholder report contains important information about the Ashmore Emerging Markets Equity ex China Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Ashmore Emerging Markets Equity ex China Fund<br>(Institutional Class/EMXIX) | $61 | 1.06% |

---

Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$12336703 |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| **Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing the percentage of the total net assets of the Fund as of April 30, 2026.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 14.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co. Ltd. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hansol Chemical Co. Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz S.A. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lotes Co. Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;DB Insurance Co. Ltd. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegro.eu S.A. | 1.8% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3312937.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3312942.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

https://connect.rightprospectus.com/Ashmore. You can also request this information by contacting us at 866-876-8294.

Ashmore Funds

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. Code of Ethics.
Not applicable for this reporting period.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. Audit Committee Financial Expert.
Not applicable for this reporting period.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4. Principal Accountant Fees and Services.
Not applicable for this reporting period.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 5. Audit Committee of Listed Registrants.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 6. Investments.
(a) The registrant has elected to include the schedule of investments in securities of unaffiliated issuers as part of the Financial Statements filed under Item 7 of this report on Form N-CSR.

(b) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The Financial Statements are filed herewith.

(b) The Financial Highlights are filed herewith.

------

ASHMORE FUNDS

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

April 30, 2026

![](imgdec75b2f1.gif)

------

ASHMORE FUNDS

#### **TABLE OF CONTENTS**

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Page** |
| [FINANCIAL STATEMENTS:](#xx_727043c1-4fe2-4ab3-8ff1-a689c7064952_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx_c4509424-7a3e-412a-8a44-596ee667d078_2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx_12cfdaa4-af38-43dd-a11d-621f0c23f307_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_e479408c-4ac3-4ebd-8ba1-969561964554_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_e479408c-4ac3-4ebd-8ba1-969561964554_5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Schedules of Investments](#xx_a9ebb692-030b-4a5d-9665-673b08c2d950_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Total Return Fund](#xx_a9ebb692-030b-4a5d-9665-673b08c2d950_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Local Currency Bond Fund](#xx_a9ebb692-030b-4a5d-9665-673b08c2d950_14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Corporate Income Fund](#xx_a9ebb692-030b-4a5d-9665-673b08c2d950_24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Short Duration Fund](#xx_a9ebb692-030b-4a5d-9665-673b08c2d950_32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Active Equity Fund](#xx_a9ebb692-030b-4a5d-9665-673b08c2d950_37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Frontier Equity Fund](#xx_a9ebb692-030b-4a5d-9665-673b08c2d950_41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Equity Fund](#xx_a9ebb692-030b-4a5d-9665-673b08c2d950_46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Equity ESG Fund](#xx_a9ebb692-030b-4a5d-9665-673b08c2d950_51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Debt Fund](#xx_a9ebb692-030b-4a5d-9665-673b08c2d950_55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Ashmore Emerging Markets Equity ex China Fund](#xx_a9ebb692-030b-4a5d-9665-673b08c2d950_63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_a76d1ac5-0c70-4051-ad84-510d26fa4eb3_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Supplementary Information](#xx_0404f6b8-e11f-4df3-9ba5-5dab2abf9c89_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_d9712d4f-7886-4499-b3de-ebb480b4437a_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Proxy Disclosures for Open-End Management Investment Companies](#xx_98eb8341-010d-49dc-b70f-f1234c01b41d_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_337b3651-6aa7-49cd-b01c-13819eb4df51_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Information](#xx_4fc82bea-77ce-4ab4-9600-f3676f242d7c_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 |

---

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

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------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### STATEMENTS OF ASSETS AND LIABILITIES
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Ashmore<br> Emerging<br> Markets<br> Total Return<br> Fund | &nbsp;&nbsp;Ashmore<br> Emerging<br> Markets<br> Local Currency<br> Bond Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Corporate Income Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Short Duration Fund |
| **ASSETS:** |  |  |  |  |
| Investments in securities, at value | &nbsp;&nbsp;$27037127 | &nbsp;&nbsp;$9393860 | &nbsp;&nbsp;$16586564 | &nbsp;&nbsp;$28725583 |
| Deposits with broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251948 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Due from broker | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for securities and currencies sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44192 |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15123 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213483 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24210 |
| **Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28775978** | &nbsp;&nbsp;&nbsp;&nbsp;**10025749** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17059201** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29276797** |
| **LIABILITIES:** |  |  |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Variation margin payable on centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for securities and currencies purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40322 |
| Due to broker | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Investment Manager fee payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15550 |
| Trustees' fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4667 |
| Deferred foreign capital gains taxes payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Administration fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364 |
| Custody fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6169 |
| Professional fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92200 |
| Regulatory fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446 |
| Other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**654866** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**140202** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**140631** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**164101** |
| **Net Assets** | &nbsp;&nbsp;**$28121112** | &nbsp;&nbsp;**$9885547** | &nbsp;&nbsp;**$16918570** | &nbsp;&nbsp;**$29112696** |
| **NET ASSETS:** |  |  |  |  |
| Paid in capital | &nbsp;&nbsp;$496911321 | &nbsp;&nbsp;$10620679 | &nbsp;&nbsp;$181687862 | &nbsp;&nbsp;$439290943 |
| Distributable earnings/(Accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp;(468790209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(735132) | &nbsp;&nbsp;&nbsp;&nbsp;(164769292) | &nbsp;&nbsp;&nbsp;&nbsp;(410178247) |
| **Net Assets** | &nbsp;&nbsp;**$28121112** | &nbsp;&nbsp;**$9885547** | &nbsp;&nbsp;**$16918570** | &nbsp;&nbsp;**$29112696** |
| **Net Assets:** |  |  |  |  |
| Class A | &nbsp;&nbsp;$1028894 | &nbsp;&nbsp;$112642 | &nbsp;&nbsp;$2120608 | &nbsp;&nbsp;$1207267 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91344 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27047293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9767587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14226483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27814085 |
| **Shares Issued and Outstanding (no par value, unlimited shares authorized):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251049 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19900 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5085535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5889114 |
| **Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding):** |  |  |  |  |
| Class A | &nbsp;&nbsp;$5.24 | &nbsp;&nbsp;$6.58 | &nbsp;&nbsp;$5.45 | &nbsp;&nbsp;$4.81 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72 |
| **Cost of Investments in securities** | &nbsp;&nbsp;**$36625852** | &nbsp;&nbsp;**$9283991** | &nbsp;&nbsp;**$27173353** | &nbsp;&nbsp;**$29967167** |
| **Cost of foreign currency held** | &nbsp;&nbsp;**$(39316)** | &nbsp;&nbsp;**$95557** | &nbsp;&nbsp;**$1554** | &nbsp;&nbsp;**$2258** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Ashmore<br> Emerging Markets<br> Active Equity Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Frontier Equity Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Equity Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Equity ESG Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Debt Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Equity ex China Fund |
| $5633899 | &nbsp;&nbsp;$101281613 | &nbsp;&nbsp;$298942670 | &nbsp;&nbsp;$18610161 | &nbsp;&nbsp;$11514904 | &nbsp;&nbsp;$11906803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4745057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10867059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4994 |
| &nbsp;&nbsp;&nbsp;&nbsp;**5866511** | &nbsp;&nbsp;&nbsp;&nbsp;**108215795** | &nbsp;&nbsp;&nbsp;&nbsp;**311120959** | &nbsp;&nbsp;&nbsp;&nbsp;**19506690** | &nbsp;&nbsp;&nbsp;&nbsp;**11766283** | &nbsp;&nbsp;&nbsp;&nbsp;**12490426** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**127907** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1802267** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3761272** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**130708** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**69318** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**153723** |
| **$5738604** | &nbsp;&nbsp;**$106413528** | &nbsp;&nbsp;**$307359687** | &nbsp;&nbsp;**$19375982** | &nbsp;&nbsp;**$11696965** | &nbsp;&nbsp;**$12336703** |
| $22193686 | &nbsp;&nbsp;$86866349 | &nbsp;&nbsp;$210623563 | &nbsp;&nbsp;$12213900 | &nbsp;&nbsp;$13232240 | &nbsp;&nbsp;$7826690 |
| &nbsp;&nbsp;(16455082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19547179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96736124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7162082 | &nbsp;&nbsp;&nbsp;&nbsp;(1535275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510013 |
| **$5738604** | &nbsp;&nbsp;**$106413528** | &nbsp;&nbsp;**$307359687** | &nbsp;&nbsp;**$19375982** | &nbsp;&nbsp;**$11696965** | &nbsp;&nbsp;**$12336703** |
| $15024 | &nbsp;&nbsp;$803089 | &nbsp;&nbsp;$58325770 | &nbsp;&nbsp;$1912 | &nbsp;&nbsp;$1114 | &nbsp;&nbsp;$1223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183 |
| &nbsp;&nbsp;&nbsp;&nbsp;5721628 | &nbsp;&nbsp;&nbsp;&nbsp;105225127 | &nbsp;&nbsp;&nbsp;&nbsp;248029509 | &nbsp;&nbsp;&nbsp;&nbsp;19372233 | &nbsp;&nbsp;&nbsp;&nbsp;11694770 | &nbsp;&nbsp;&nbsp;&nbsp;12334297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3306995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7641507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14596577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778512 |
| $10.71 | &nbsp;&nbsp;$11.46 | &nbsp;&nbsp;$17.64 | &nbsp;&nbsp;$16.26 | &nbsp;&nbsp;$9.10 | &nbsp;&nbsp;$15.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.84 |
| **$4889150** | &nbsp;&nbsp;**$88007417** | &nbsp;&nbsp;**$217470735** | &nbsp;&nbsp;**$12460481** | &nbsp;&nbsp;**$10677957** | &nbsp;&nbsp;**$8115038** |
| **$—** | &nbsp;&nbsp;**$225271** | &nbsp;&nbsp;**$50691** | &nbsp;&nbsp;**$139** | &nbsp;&nbsp;**$1299** | &nbsp;&nbsp;**$2592** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### STATEMENTS OF OPERATIONS
*For the Six Month Period Ended April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Ashmore<br> Emerging<br> Markets<br> Total Return<br> Fund | &nbsp;&nbsp;Ashmore<br> Emerging<br> Markets<br> Local Currency<br> Bond Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Corporate Income Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Short Duration Fund |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest, net of foreign tax withholdings\* | &nbsp;&nbsp;$2237655 | &nbsp;&nbsp;$338285 | &nbsp;&nbsp;$1090877 | &nbsp;&nbsp;$1765659 |
| Dividends, net of foreign tax withholdings\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp;**2416243** | &nbsp;&nbsp;&nbsp;&nbsp;**338285** | &nbsp;&nbsp;&nbsp;&nbsp;**1090877** | &nbsp;&nbsp;&nbsp;&nbsp;**1765659** |
| **EXPENSES:** |  |  |  |  |
| Investment Manager fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96689 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6458 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173640 |
| Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6832 |
| Offering expenses and registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22093 |
| Insurance fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014 |
| Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4821 |
| Distribution and servicing fees - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662 |
| Distribution and servicing fees - Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 |
| Regulatory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10349 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**478014** | &nbsp;&nbsp;&nbsp;&nbsp;**122043** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**182101** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**328039** |
| Less expenses reimbursed by the Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87673) |
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**331015** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39976** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**104041** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**240366** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**2085228** | &nbsp;&nbsp;&nbsp;&nbsp;**298309** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**986836** | &nbsp;&nbsp;&nbsp;&nbsp;**1525293** |
| **NET REALIZED AND UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| **NET REALIZED GAIN (LOSS) ON:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities (net of increase (decrease) in deferred foreign taxes of $(14666), $(1158), $-, $-, $(17869), $(46435), $(2651), $4,780, $-, and $(819), respectively) | &nbsp;&nbsp;&nbsp;&nbsp;(5501840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80878 | &nbsp;&nbsp;&nbsp;&nbsp;(4525515) | &nbsp;&nbsp;&nbsp;&nbsp;(9928923) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(657) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit default swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;**(5043712)** | &nbsp;&nbsp;&nbsp;&nbsp;**158846** | &nbsp;&nbsp;&nbsp;&nbsp;**(4535508)** | &nbsp;&nbsp;&nbsp;&nbsp;**(9928949)** |
| **NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities (net of increase (decrease) in deferred foreign taxes of $-, $-, $-, $-, $12,900, $113,845, $123,064, $11,235, $-, and $9,569, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;5138756 | &nbsp;&nbsp;&nbsp;&nbsp;(146624) | &nbsp;&nbsp;&nbsp;&nbsp;4137206 | &nbsp;&nbsp;&nbsp;&nbsp;8961798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| **Change in Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**5269078** | &nbsp;&nbsp;&nbsp;&nbsp;**(156571)** | &nbsp;&nbsp;&nbsp;&nbsp;**4155900** | &nbsp;&nbsp;&nbsp;&nbsp;**8961797** |
| **Net Realized and Unrealized Gains (Losses)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**225366** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2275** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(379608)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(967152)** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;**$2310594** | &nbsp;&nbsp;**$300584** | &nbsp;&nbsp;**$607228** | &nbsp;&nbsp;**$558141** |
| **\* Foreign Tax Withholdings** | &nbsp;&nbsp;**$(184170)** | &nbsp;&nbsp;**$6846** | &nbsp;&nbsp;**$3316** | &nbsp;&nbsp;**$6241** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Ashmore<br> Emerging Markets<br> Active Equity Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Frontier Equity Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Equity Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Equity ESG Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Debt Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Equity ex China Fund |
| $7754 | &nbsp;&nbsp;$73488 | &nbsp;&nbsp;$112311 | &nbsp;&nbsp;$8052 | &nbsp;&nbsp;$422585 | &nbsp;&nbsp;$4029 |
| &nbsp;&nbsp;&nbsp;&nbsp;36979 | &nbsp;&nbsp;&nbsp;&nbsp;1661182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85703 |
| &nbsp;&nbsp;&nbsp;&nbsp;**44733** | &nbsp;&nbsp;&nbsp;&nbsp;**1734670** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1985935** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**127777** | &nbsp;&nbsp;&nbsp;&nbsp;**422585** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**89732** |
| &nbsp;&nbsp;&nbsp;&nbsp;37197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;14587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7332 |
| &nbsp;&nbsp;&nbsp;&nbsp;25996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331 |
| &nbsp;&nbsp;&nbsp;&nbsp;25797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7976 |
| &nbsp;&nbsp;&nbsp;**120108** | &nbsp;&nbsp;&nbsp;&nbsp;**1055649** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1788073** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**152713** | &nbsp;&nbsp;&nbsp;&nbsp;**114002** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**114013** |
| &nbsp;&nbsp;&nbsp;(80480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59152) |
| &nbsp;&nbsp;&nbsp;&nbsp;**39628** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**825123** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1456334** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**91160** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**52007** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54861** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5105** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**909547** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**529601** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36617** | &nbsp;&nbsp;&nbsp;&nbsp;**370578** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34871** |
| &nbsp;&nbsp;&nbsp;915500 | &nbsp;&nbsp;&nbsp;&nbsp;7032360 | &nbsp;&nbsp;&nbsp;&nbsp;27773505 | &nbsp;&nbsp;&nbsp;&nbsp;1882284 | &nbsp;&nbsp;&nbsp;&nbsp;890820 | &nbsp;&nbsp;&nbsp;&nbsp;1344523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;(11905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153989) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6437) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;**903595** | &nbsp;&nbsp;&nbsp;&nbsp;**6878785** | &nbsp;&nbsp;&nbsp;&nbsp;**27624078** | &nbsp;&nbsp;&nbsp;&nbsp;**1877716** | &nbsp;&nbsp;&nbsp;&nbsp;**884006** | &nbsp;&nbsp;&nbsp;&nbsp;**1338086** |
| &nbsp;&nbsp;(687536) | &nbsp;&nbsp;&nbsp;&nbsp;(2599655) | &nbsp;&nbsp;&nbsp;&nbsp;23409521 | &nbsp;&nbsp;&nbsp;&nbsp;1030722 | &nbsp;&nbsp;&nbsp;&nbsp;(677796) | &nbsp;&nbsp;&nbsp;&nbsp;1548050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 |
| &nbsp;&nbsp;**(687187)** | &nbsp;&nbsp;&nbsp;&nbsp;**(2599313)** | &nbsp;&nbsp;&nbsp;&nbsp;**23416172** | &nbsp;&nbsp;&nbsp;&nbsp;**1031418** | &nbsp;&nbsp;&nbsp;&nbsp;**(671202)** | &nbsp;&nbsp;&nbsp;&nbsp;**1548515** |
| &nbsp;&nbsp;&nbsp;**216408** | &nbsp;&nbsp;&nbsp;&nbsp;**4279472** | &nbsp;&nbsp;&nbsp;&nbsp;**51040250** | &nbsp;&nbsp;&nbsp;&nbsp;**2909134** | &nbsp;&nbsp;&nbsp;&nbsp;**212804** | &nbsp;&nbsp;&nbsp;&nbsp;**2886601** |
| **$221513** | &nbsp;&nbsp;**$5189019** | &nbsp;&nbsp;**$51569851** | &nbsp;&nbsp;**$2945751** | &nbsp;&nbsp;**$583382** | &nbsp;&nbsp;**$2921472** |
| **$6183** | &nbsp;&nbsp;**$125169** | &nbsp;&nbsp;**$239869** | &nbsp;&nbsp;**$15792** | &nbsp;&nbsp;**$(3723)** | &nbsp;&nbsp;**$11872** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### STATEMENTS OF CHANGES IN NET ASSETS
*For the Six Month Period Ended April 30, 2026 (Unaudited) and the Fiscal Year Ended October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Total Return<br> Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Total Return<br> Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Local Currency<br> Bond Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Local Currency<br> Bond Fund |
|  | &nbsp;&nbsp;2026 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2026 | &nbsp;&nbsp;2025 |
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;$2085228 | &nbsp;&nbsp;$4791423 | &nbsp;&nbsp;$298309 | &nbsp;&nbsp;$609620 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5043712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8165729) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12304) |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5269078 | &nbsp;&nbsp;&nbsp;&nbsp;12740339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507192 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2310594** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9366033** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**300584** | &nbsp;&nbsp;&nbsp;&nbsp;**1104508** |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14687) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272) |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1988477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4428273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(337318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(502727) |
| **Total Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2033589) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4515932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(341657) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(517686) |
| **TAX RETURN OF CAPITAL DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Tax Return of Capital Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **FUND SHARE TRANSACTIONS:** |  |  |  |  |
| Net increase (decrease) in net assets resulting from Class A share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(555286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8493 |
| Net increase (decrease) in net assets resulting from Class C share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(372401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 |
| Net increase (decrease) in net assets resulting from Institutional Class share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(48148504) | &nbsp;&nbsp;&nbsp;&nbsp;(21126743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102416) |
| **Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;(48484456) | &nbsp;&nbsp;&nbsp;&nbsp;(21883007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93669) |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**(48207451)** | &nbsp;&nbsp;&nbsp;&nbsp;**(17121315)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43254** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**493153** |
| **NET ASSETS:** |  |  |  |  |
| **Net Assets at the Beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;**76328563** | &nbsp;&nbsp;&nbsp;&nbsp;**93449878** | &nbsp;&nbsp;&nbsp;&nbsp;**9842293** | &nbsp;&nbsp;&nbsp;&nbsp;**9349140** |
| **Net Assets at the End of period** | &nbsp;&nbsp;**$28121112** | &nbsp;&nbsp;**$76328563** | &nbsp;&nbsp;**$9885547** | &nbsp;&nbsp;**$9842293** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Ashmore<br> Emerging Markets<br> Corporate Income Fund | Ashmore<br> Emerging Markets<br> Corporate Income Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Short Duration Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Short Duration Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Active Equity Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Active Equity Fund |
| 2026 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2026 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2026 | &nbsp;&nbsp;2025 |
| $986836 | &nbsp;&nbsp;$1426909 | &nbsp;&nbsp;$1525293 | &nbsp;&nbsp;$1036731 | &nbsp;&nbsp;$5105 | &nbsp;&nbsp;$226161 |
| &nbsp;&nbsp;(4535508) | &nbsp;&nbsp;&nbsp;&nbsp;(6135089) | &nbsp;&nbsp;&nbsp;&nbsp;(9928949) | &nbsp;&nbsp;&nbsp;&nbsp;(12789756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4313593 |
| &nbsp;&nbsp;&nbsp;4155900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6271995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8961797 | &nbsp;&nbsp;&nbsp;&nbsp;13499330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(687187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(563219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**607228** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1563815** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**558141** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1746305** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**221513** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3976535** |
| &nbsp;&nbsp;&nbsp;&nbsp;(120153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166894) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3074) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |
| &nbsp;&nbsp;&nbsp;&nbsp;(835355) | &nbsp;&nbsp;&nbsp;&nbsp;(1199898) | &nbsp;&nbsp;&nbsp;&nbsp;(1452369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1107706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(620337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(478053) |
| &nbsp;&nbsp;&nbsp;&nbsp;(985166) | &nbsp;&nbsp;&nbsp;&nbsp;(1414658) | &nbsp;&nbsp;&nbsp;&nbsp;(1523233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1163463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(621117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(478743) |
| &nbsp;&nbsp;&nbsp;&nbsp;(175875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(701214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300767) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29955) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(569789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;(1199170) | &nbsp;&nbsp;&nbsp;&nbsp;(7407499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(890167) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1233006) | &nbsp;&nbsp;&nbsp;&nbsp;(7707110) | &nbsp;&nbsp;&nbsp;&nbsp;(12261042) |
| &nbsp;&nbsp;(1421521) | &nbsp;&nbsp;&nbsp;&nbsp;(8678502) | &nbsp;&nbsp;&nbsp;&nbsp;(1107650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1544288) | &nbsp;&nbsp;&nbsp;&nbsp;(7707161) | &nbsp;&nbsp;&nbsp;&nbsp;(12290980) |
| &nbsp;&nbsp;**(1799459)** | &nbsp;&nbsp;&nbsp;&nbsp;**(8529345)** | &nbsp;&nbsp;&nbsp;&nbsp;**(2072742)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(961446)** | &nbsp;&nbsp;&nbsp;&nbsp;**(8106765)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8793188)** |
| &nbsp;&nbsp;**18718029** | &nbsp;&nbsp;&nbsp;&nbsp;**27247374** | &nbsp;&nbsp;&nbsp;&nbsp;**31185438** | &nbsp;&nbsp;&nbsp;&nbsp;**32146884** | &nbsp;&nbsp;&nbsp;&nbsp;**13845369** | &nbsp;&nbsp;&nbsp;&nbsp;**22638557** |
| **$16918570** | &nbsp;&nbsp;**$18718029** | &nbsp;&nbsp;**$29112696** | &nbsp;&nbsp;**$31185438** | &nbsp;&nbsp;**$5738604** | &nbsp;&nbsp;**$13845369** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### STATEMENTS OF CHANGES IN NET ASSETS
*For the Six Month Period Ended April 30, 2026 (Unaudited) and the Fiscal Year Ended October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Frontier Equity Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Frontier Equity Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Equity Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Equity Fund |
|  | &nbsp;&nbsp;2026 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2026 | &nbsp;&nbsp;2025 |
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;$909547 | &nbsp;&nbsp;$1786410 | &nbsp;&nbsp;$529601 | &nbsp;&nbsp;$1363248 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6878785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9565934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27624078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3702741 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2599313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4291238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23416172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44679758 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5189019** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15643582** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51569851** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**49745747** |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(559516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259209) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9621625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1626141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2500578) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1281179) |
| **Total Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9806770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1672352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3060859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1540576) |
| **TAX RETURN OF CAPITAL DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| **FUND SHARE TRANSACTIONS:** |  |  |  |  |
| Net increase (decrease) in net assets resulting from Class A share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(600578) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1172324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144586 |
| Net increase (decrease) in net assets resulting from Class C share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 |
| Net increase (decrease) in net assets resulting from Institutional Class share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10195311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(470571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11756820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32165509 |
| **Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9662766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1615595) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14779195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33310283 |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5045015** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12355635** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**63288187** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**81515454** |
| **NET ASSETS:** |  |  |  |  |
| **Net Assets at the Beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;**101368513** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**89012878** | &nbsp;&nbsp;&nbsp;&nbsp;**244071500** | &nbsp;&nbsp;&nbsp;&nbsp;**162556046** |
| **Net Assets at the End of period** | &nbsp;&nbsp;**$106413528** | &nbsp;&nbsp;**$101368513** | &nbsp;&nbsp;**$307359687** | &nbsp;&nbsp;**$244071500** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Ashmore<br> Emerging Markets<br> Equity ESG Fund | Ashmore<br> Emerging Markets<br> Equity ESG Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Debt Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Debt Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Equity ex China Fund | &nbsp;&nbsp;Ashmore<br> Emerging Markets<br> Equity ex China Fund |
| 2026 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2026 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2026 | &nbsp;&nbsp;2025 |
| $36617 | &nbsp;&nbsp;$97423 | &nbsp;&nbsp;$370578 | &nbsp;&nbsp;$1178010 | &nbsp;&nbsp;$34871 | &nbsp;&nbsp;$74258 |
| &nbsp;&nbsp;&nbsp;1877716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338086 | &nbsp;&nbsp;&nbsp;&nbsp;(199602) |
| &nbsp;&nbsp;&nbsp;1031418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(671202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548515 | &nbsp;&nbsp;&nbsp;&nbsp;2238598 |
| &nbsp;&nbsp;&nbsp;**2945751** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3710389** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**583382** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2655627** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2921472** | &nbsp;&nbsp;&nbsp;&nbsp;**2113254** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| &nbsp;&nbsp;&nbsp;&nbsp;(283021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(398097) | &nbsp;&nbsp;&nbsp;&nbsp;(1126396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(407033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57898) |
| &nbsp;&nbsp;&nbsp;&nbsp;(283071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(398156) | &nbsp;&nbsp;&nbsp;&nbsp;(1126498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(407110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78634 | &nbsp;&nbsp;&nbsp;&nbsp;(10211057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78640 | &nbsp;&nbsp;&nbsp;&nbsp;(10211016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40534 |
| &nbsp;&nbsp;&nbsp;**2860830** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3676685** | &nbsp;&nbsp;&nbsp;&nbsp;**(10025790)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2307049** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2799339** | &nbsp;&nbsp;&nbsp;&nbsp;**2095881** |
| &nbsp;&nbsp;**16515152** | &nbsp;&nbsp;&nbsp;&nbsp;**12838467** | &nbsp;&nbsp;&nbsp;&nbsp;**21722755** | &nbsp;&nbsp;&nbsp;&nbsp;**19415706** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9537364** | &nbsp;&nbsp;&nbsp;&nbsp;**7441483** |
| **$19375982** | &nbsp;&nbsp;**$16515152** | &nbsp;&nbsp;**$11696965** | &nbsp;&nbsp;**$21722755** | &nbsp;&nbsp;**$12336703** | &nbsp;&nbsp;**$9537364** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$5.20 | &nbsp;&nbsp;$4.89 | &nbsp;&nbsp;$4.55 | &nbsp;&nbsp;$4.32 | &nbsp;&nbsp;$6.60 | &nbsp;&nbsp;$6.80 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.30) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| **Net asset value at end of period** | &nbsp;&nbsp;$5.24 | &nbsp;&nbsp;$5.20 | &nbsp;&nbsp;$4.89 | &nbsp;&nbsp;$4.55 | &nbsp;&nbsp;$4.32 | &nbsp;&nbsp;$6.60 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;12.14% | &nbsp;&nbsp;&nbsp;&nbsp;13.38% | &nbsp;&nbsp;&nbsp;&nbsp;11.65% | &nbsp;&nbsp;&nbsp;&nbsp;(30.79)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68% |
| **Portfolio turnover rate<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$1029 | &nbsp;&nbsp;$988 | &nbsp;&nbsp;$1467 | &nbsp;&nbsp;$1446 | &nbsp;&nbsp;$1920 | &nbsp;&nbsp;$5917 |
| **Ratios to average net assets:<sup>5</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%<sup>6,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37%<sup>6</sup> |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%<sup>6,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28%<sup>6</sup> |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.43%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17%<sup>6,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.53%<sup>6</sup> |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59%<sup>6,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%<sup>6</sup> |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$5.18 | &nbsp;&nbsp;$4.87 | &nbsp;&nbsp;$4.54 | &nbsp;&nbsp;$4.30 | &nbsp;&nbsp;$6.58 | &nbsp;&nbsp;$6.78 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| **Net asset value at end of period** | &nbsp;&nbsp;$5.21 | &nbsp;&nbsp;$5.18 | &nbsp;&nbsp;$4.87 | &nbsp;&nbsp;$4.54 | &nbsp;&nbsp;$4.30 | &nbsp;&nbsp;$6.58 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.42% | &nbsp;&nbsp;&nbsp;&nbsp;11.33% | &nbsp;&nbsp;&nbsp;&nbsp;12.34% | &nbsp;&nbsp;&nbsp;&nbsp;11.14% | &nbsp;&nbsp;&nbsp;&nbsp;(31.39)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% |
| **Portfolio turnover rate<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$45 | &nbsp;&nbsp;$415 | &nbsp;&nbsp;$593 | &nbsp;&nbsp;$815 | &nbsp;&nbsp;$1080 | &nbsp;&nbsp;$2386 |
| **Ratios to average net assets:<sup>5</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;2.89%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%<sup>8,9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%<sup>8</sup> |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;2.36%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21%<sup>8,9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03%<sup>8</sup> |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;8.36%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41%<sup>8,9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76%<sup>8</sup> |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;8.89%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82%<sup>8,9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%<sup>8</sup> |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$5.28 | &nbsp;&nbsp;$4.96 | &nbsp;&nbsp;$4.62 | &nbsp;&nbsp;$4.38 | &nbsp;&nbsp;$6.70 | &nbsp;&nbsp;$6.90 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| **Net asset value at end of period** | &nbsp;&nbsp;$5.32 | &nbsp;&nbsp;$5.28 | &nbsp;&nbsp;$4.96 | &nbsp;&nbsp;$4.62 | &nbsp;&nbsp;$4.38 | &nbsp;&nbsp;$6.70 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30.74)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% |
| **Portfolio turnover rate<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$27047 | &nbsp;&nbsp;$74926 | &nbsp;&nbsp;$91390 | &nbsp;&nbsp;$450339 | &nbsp;&nbsp;$488864 | &nbsp;&nbsp;$1216666 |
| **Ratios to average net assets:<sup>5</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92%<sup>10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%<sup>10,11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34%<sup>10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%<sup>10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12%<sup>10</sup> |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33%<sup>10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21%<sup>10,11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06%<sup>10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03%<sup>10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03%<sup>10</sup> |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.82%<sup>10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%<sup>10,11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49%<sup>10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84%<sup>10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78%<sup>10</sup> |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.41%<sup>10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84%<sup>10,11</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.77%<sup>10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%<sup>10</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87%<sup>10</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>2</sup> Amount is less than $0.005 per share.

<sup>3</sup> 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.

<sup>4</sup> 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.

<sup>5</sup> Annualized for periods less than one year.

<sup>6</sup> Ratios include legal expenses of $1,423, $2,305, $740, $229 and $3,181 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and the years ended October 31, 2025, 2024, 2023 and 2021, respectively. Expense ratios would have been lower by 0.30%, 0.18%, 0.05%, 0.01% and 0.01% and Net investment income ratios would have been higher by 0.29%, 0.18%, 0.06%, 0.01% and 0.01% excluding these expenses.

<sup>7</sup> Ratios include taxation expenses of $133 that are outside of the expense cap under the expense limitation agreement for the year ended October 31, 2025. Expense ratio would have been lower by 0.01% and Net Investment Income ratio would have been higher by 0.01% excluding these expenses.

<sup>8</sup> Ratios include legal expenses of $289, $780, $357, $111 and $1,113 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and the years ended October 31, 2025, 2024, 2023 and 2021, respectively. Expense ratios would have been lower by 0.34%, 0.18%, 0.05%, 0.01% and 0.01% and Net investment income ratios would have been higher by 0.34%, 0.18%, 0.05%, 0.01% and 0.01% excluding these expenses.

<sup>9</sup> Ratios include taxation expenses of $45 that are outside of the expense cap under the expense limitation agreement for the year ended October 31, 2025. Expense ratio would have been lower by 0.01% and Net Investment Income ratio would have been higher by 0.01% excluding these expenses.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

<sup>10</sup> Ratios include legal expenses of $74,129, $142,895, $64,931, $59,051 and $433,533 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and the years ended October 31, 2025, 2024, 2023 and 2021, respectively. Expense ratios would have been lower by 0.31%, 0.18%, 0.04%, 0.01% and 0.01% and Net investment income ratios would have been higher by 0.30%, 0.18%, 0.04%, 0.01% and 0.01% excluding these expenses.

<sup>11</sup> Ratios include taxation expenses of $8,225 that are outside of the expense cap under the expense limitation agreement for the year ended October 31, 2025. Expense ratio would have been lower by 0.01% and Net Investment Income ratio would have been higher by 0.01% excluding these expenses.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$6.63 | &nbsp;&nbsp;$6.26 | &nbsp;&nbsp;$6.12 | &nbsp;&nbsp;$5.62 | &nbsp;&nbsp;$6.92 | &nbsp;&nbsp;$6.86 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value at end of period** | &nbsp;&nbsp;$6.58 | &nbsp;&nbsp;$6.63 | &nbsp;&nbsp;$6.26 | &nbsp;&nbsp;$6.12 | &nbsp;&nbsp;$5.62 | &nbsp;&nbsp;$6.92 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.93% | &nbsp;&nbsp;&nbsp;&nbsp;12.15% | &nbsp;&nbsp;&nbsp;&nbsp;8.31% | &nbsp;&nbsp;&nbsp;&nbsp;12.11% | &nbsp;&nbsp;&nbsp;&nbsp;(17.75)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$113 | &nbsp;&nbsp;$270 | &nbsp;&nbsp;$246 | &nbsp;&nbsp;$1197 | &nbsp;&nbsp;$1248 | &nbsp;&nbsp;$1592 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;2.71%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;1.06%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;4.15%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;5.80%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$6.36 | &nbsp;&nbsp;$6.04 | &nbsp;&nbsp;$5.95 | &nbsp;&nbsp;$5.44 | &nbsp;&nbsp;$6.75 | &nbsp;&nbsp;$6.74 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value at end of period** | &nbsp;&nbsp;$6.29 | &nbsp;&nbsp;$6.36 | &nbsp;&nbsp;$6.04 | &nbsp;&nbsp;$5.95 | &nbsp;&nbsp;$5.44 | &nbsp;&nbsp;$6.75 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;2.53% | &nbsp;&nbsp;&nbsp;&nbsp;11.35% | &nbsp;&nbsp;&nbsp;&nbsp;7.36% | &nbsp;&nbsp;&nbsp;&nbsp;11.41% | &nbsp;&nbsp;&nbsp;&nbsp;(18.30)% | &nbsp;&nbsp;&nbsp;&nbsp;0.15% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$5 | &nbsp;&nbsp;$5 | &nbsp;&nbsp;$5 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$25 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;3.47%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74% | &nbsp;&nbsp;&nbsp;&nbsp;3.75% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;1.83%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;&nbsp;1.97% |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;3.40%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;5.04%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62% | &nbsp;&nbsp;&nbsp;&nbsp;3.13% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$7.04 | &nbsp;&nbsp;$6.61 | &nbsp;&nbsp;$6.44 | &nbsp;&nbsp;$5.90 | &nbsp;&nbsp;$7.24 | &nbsp;&nbsp;$7.16 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.60) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value at end of period** | &nbsp;&nbsp;$7.01 | &nbsp;&nbsp;$7.04 | &nbsp;&nbsp;$6.61 | &nbsp;&nbsp;$6.44 | &nbsp;&nbsp;$5.90 | &nbsp;&nbsp;$7.24 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10% | &nbsp;&nbsp;&nbsp;&nbsp;12.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.51% | &nbsp;&nbsp;&nbsp;&nbsp;12.33% | &nbsp;&nbsp;&nbsp;&nbsp;(17.49)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$9768 | &nbsp;&nbsp;$9567 | &nbsp;&nbsp;$9098 | &nbsp;&nbsp;$9108 | &nbsp;&nbsp;$4131 | &nbsp;&nbsp;$6310 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>2</sup> 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.

<sup>3</sup> 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.

<sup>4</sup> Annualized for periods less than one year.

<sup>5</sup> Ratios include legal expenses of $24 and $89 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026, and October 31, 2025, respectively. Expense ratios would have been lower by 0.04% and 0.03% and Net Investment Income ratios would have been higher by 0.04% and 0.03% excluding these expenses.

<sup>6</sup> Ratios include legal expenses of $2 and $1 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026, and October 31, 2025, respectively. Expense ratios would have been lower by 0.06% and 0.02% and Net Investment Income ratios would have been higher by 0.07% and 0.02% excluding these expenses.

<sup>7</sup> Ratios include legal expenses of $1,830 and $1,367 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026, and October 31, 2025, respectively. Expense ratios would have been lower by 0.04% and 0.03% and Net Investment Income ratios would have been higher by 0.05% and 0.03% excluding these expenses.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$5.56 | &nbsp;&nbsp;$5.52 | &nbsp;&nbsp;$5.14 | &nbsp;&nbsp;$4.96 | &nbsp;&nbsp;$7.53 | &nbsp;&nbsp;$7.53 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| **Net asset value at end of period** | &nbsp;&nbsp;$5.45 | &nbsp;&nbsp;$5.56 | &nbsp;&nbsp;$5.52 | &nbsp;&nbsp;$5.14 | &nbsp;&nbsp;$4.96 | &nbsp;&nbsp;$7.53 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16% | &nbsp;&nbsp;&nbsp;&nbsp;13.24% | &nbsp;&nbsp;&nbsp;&nbsp;11.75% | &nbsp;&nbsp;&nbsp;&nbsp;(29.30)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$2121 | &nbsp;&nbsp;$2343 | &nbsp;&nbsp;$3024 | &nbsp;&nbsp;$3779 | &nbsp;&nbsp;$4742 | &nbsp;&nbsp;$11153 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| Expenses after reimbursements<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61% |
| Net investment income after reimbursements<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.73% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$5.55 | &nbsp;&nbsp;$5.50 | &nbsp;&nbsp;$5.12 | &nbsp;&nbsp;$4.95 | &nbsp;&nbsp;$7.52 | &nbsp;&nbsp;$7.51 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.30<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| **Net asset value at end of period** | &nbsp;&nbsp;$5.43 | &nbsp;&nbsp;$5.55 | &nbsp;&nbsp;$5.50 | &nbsp;&nbsp;$5.12 | &nbsp;&nbsp;$4.95 | &nbsp;&nbsp;$7.52 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08% | &nbsp;&nbsp;&nbsp;&nbsp;6.38% | &nbsp;&nbsp;&nbsp;&nbsp;12.45% | &nbsp;&nbsp;&nbsp;&nbsp;10.75% | &nbsp;&nbsp;&nbsp;&nbsp;(29.86)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$571 | &nbsp;&nbsp;$630 | &nbsp;&nbsp;$1195 | &nbsp;&nbsp;$1492 | &nbsp;&nbsp;$1782 | &nbsp;&nbsp;$5762 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;&nbsp;2.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30% |
| Expenses after reimbursements<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18% |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.24% | &nbsp;&nbsp;&nbsp;&nbsp;4.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88% |
| Net investment income after reimbursements<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10.12% | &nbsp;&nbsp;&nbsp;&nbsp;5.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$5.80 | &nbsp;&nbsp;$5.75 | &nbsp;&nbsp;$5.36 | &nbsp;&nbsp;$5.17 | &nbsp;&nbsp;$7.85 | &nbsp;&nbsp;$7.84 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| **Net asset value at end of period** | &nbsp;&nbsp;$5.68 | &nbsp;&nbsp;$5.80 | &nbsp;&nbsp;$5.75 | &nbsp;&nbsp;$5.36 | &nbsp;&nbsp;$5.17 | &nbsp;&nbsp;$7.85 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.06% | &nbsp;&nbsp;&nbsp;&nbsp;(29.15)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$14227 | &nbsp;&nbsp;$15745 | &nbsp;&nbsp;$23028 | &nbsp;&nbsp;$67689 | &nbsp;&nbsp;$86347 | &nbsp;&nbsp;$277188 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% |
| Expenses after reimbursements<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86% |
| Net investment income after reimbursements<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>2</sup> 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.

<sup>3</sup> 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.

<sup>4</sup> Annualized for periods less than one year.

<sup>5</sup> Ratios include legal expenses of $2,733, $4,317, $1,526, $770, $63 and $1,438 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. Expense ratios would have been lower by 0.25%, 0.16%, 0.04%, 0.02%, 0.12% and 0.01% and Net Investment Income ratios would have been higher by 0.25%, 0.16%, 0.04%, 0.02%, 0.07% and 0.01% excluding these expenses.

<sup>6</sup> Ratios include legal expenses of $721, $1,416, $600, $298, $79 and $756 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. Expense ratios would have been lower by 0.25%, 0.16%, 0.04%, 0.02%, 0.14%, and 0.01% and Net Investment Income ratios would have been higher by 0.25%, 0.16%, 0.04%, 0.02%, 0.07% and 0.01% excluding these expenses.

<sup>7</sup> Ratios include legal expenses of $18,289, $29,644, $19,803, $13,964, $3,742 and $34,379 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. Expense ratios would have been lower by 0.25%, 0.16%, 0.04%, 0.02%, 0.14% and 0.01% and Net Investment Income ratios would have been higher by 0.26%, 0.16%,0.04%, 0.02%, 0.07% and 0.01% excluding these expenses.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$4.96 | &nbsp;&nbsp;$4.87 | &nbsp;&nbsp;$4.78 | &nbsp;&nbsp;$4.28 | &nbsp;&nbsp;$6.80 | &nbsp;&nbsp;$7.52 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.39) | &nbsp;&nbsp;&nbsp;&nbsp;(0.69) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) |
| **Net asset value at end of period** | &nbsp;&nbsp;$4.81 | &nbsp;&nbsp;$4.96 | &nbsp;&nbsp;$4.87 | &nbsp;&nbsp;$4.78 | &nbsp;&nbsp;$4.28 | &nbsp;&nbsp;$6.80 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.24% | &nbsp;&nbsp;&nbsp;&nbsp;22.36% | &nbsp;&nbsp;&nbsp;&nbsp;(31.54)% | &nbsp;&nbsp;&nbsp;&nbsp;(4.07)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$1207 | &nbsp;&nbsp;$1453 | &nbsp;&nbsp;$1728 | &nbsp;&nbsp;$8499 | &nbsp;&nbsp;$2975 | &nbsp;&nbsp;$6834 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% |
| Expenses after reimbursements<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17% |
| Net investment income after reimbursements<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.27% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$4.74 | &nbsp;&nbsp;$4.65 | &nbsp;&nbsp;$4.56 | &nbsp;&nbsp;$4.09 | &nbsp;&nbsp;$6.53 | &nbsp;&nbsp;$7.22 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.19<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.69) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) |
| **Net asset value at end of period** | &nbsp;&nbsp;$4.59 | &nbsp;&nbsp;$4.74 | &nbsp;&nbsp;$4.65 | &nbsp;&nbsp;$4.56 | &nbsp;&nbsp;$4.09 | &nbsp;&nbsp;$6.53 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;4.69% | &nbsp;&nbsp;&nbsp;&nbsp;7.60% | &nbsp;&nbsp;&nbsp;&nbsp;21.32% | &nbsp;&nbsp;&nbsp;&nbsp;(32.29)% | &nbsp;&nbsp;&nbsp;&nbsp;(4.56)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$92 | &nbsp;&nbsp;$109 | &nbsp;&nbsp;$117 | &nbsp;&nbsp;$171 | &nbsp;&nbsp;$291 | &nbsp;&nbsp;$1219 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.20% | &nbsp;&nbsp;&nbsp;&nbsp;2.91% | &nbsp;&nbsp;&nbsp;&nbsp;2.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% |
| Expenses after reimbursements<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.62% | &nbsp;&nbsp;&nbsp;&nbsp;2.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.95% | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;3.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36% |
| Net investment income after reimbursements<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.53% | &nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;4.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** | **Ashmore Emerging Markets Short Duration Fund** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$4.87 | &nbsp;&nbsp;$4.79 | &nbsp;&nbsp;$4.69 | &nbsp;&nbsp;$4.20 | &nbsp;&nbsp;$6.69 | &nbsp;&nbsp;$7.40 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) |
| **Net asset value at end of period** | &nbsp;&nbsp;$4.72 | &nbsp;&nbsp;$4.87 | &nbsp;&nbsp;$4.79 | &nbsp;&nbsp;$4.69 | &nbsp;&nbsp;$4.20 | &nbsp;&nbsp;$6.69 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.63% | &nbsp;&nbsp;&nbsp;&nbsp;(31.54)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.75)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$27814 | &nbsp;&nbsp;$29623 | &nbsp;&nbsp;$30302 | &nbsp;&nbsp;$51723 | &nbsp;&nbsp;$52073 | &nbsp;&nbsp;$124954 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| Expenses after reimbursements<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38% |
| Net investment income after reimbursements<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.47% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>2</sup> 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.

<sup>3</sup> 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.

<sup>4</sup> Annualized for periods less than one year.

<sup>5</sup> Ratios include legal expenses of $6,189, $9,684, $7,502, $5,360, $(1101) and $10,827 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. Expense ratios would have been lower by 0.93%, 0.63%, 0.16% and 0.07%, higher by 0.03% and lower by 0.08% and Net investment income ratios would have been higher by 0.93%, 0.63%, 0.16% and 0.07%, lower by 0.03% and higher by 0.08% excluding these expenses.

<sup>6</sup> Ratios include legal expenses of $479, $735, $276, $141, $(46) and $1,388 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. Expense ratios would have been lower by 0.95%, 0.64%,0.17% and 0.07%, higher by 0.01% and lower by 0.09% and Net investment income ratios would have been higher by 0.95% 0.64%, 0.17% and 0.07%, lower by 0.01% and higher by 0.09% excluding these expenses.

<sup>7</sup> Ratios include legal expenses of $131,865, $194,857, $55,297, $34,017, $(12847) and $182,441 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and for the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. Expense ratios would have been lower by 0.93%, 0.64%, 0.18% and 0.07%, higher by 0.02% and lower by 0.08% and Net investment income ratios would have been higher by 0.93%, 0.64%,0.18% and 0.07%, lower by 0.02% and higher by 0.08% excluding these expenses.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$10.01 | &nbsp;&nbsp;$8.17 | &nbsp;&nbsp;$6.48 | &nbsp;&nbsp;$6.11 | &nbsp;&nbsp;$12.55 | &nbsp;&nbsp;$11.08 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| **Net asset value at end of period** | &nbsp;&nbsp;$10.71 | &nbsp;&nbsp;$10.01 | &nbsp;&nbsp;$8.17 | &nbsp;&nbsp;$6.48 | &nbsp;&nbsp;$6.11 | &nbsp;&nbsp;$12.55 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;12.44% | &nbsp;&nbsp;&nbsp;&nbsp;24.86% | &nbsp;&nbsp;&nbsp;&nbsp;27.22% | &nbsp;&nbsp;&nbsp;&nbsp;7.68% | &nbsp;&nbsp;&nbsp;&nbsp;(33.53)% | &nbsp;&nbsp;&nbsp;&nbsp;14.23% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$15 | &nbsp;&nbsp;$14 | &nbsp;&nbsp;$41 | &nbsp;&nbsp;$40 | &nbsp;&nbsp;$804 | &nbsp;&nbsp;$1611 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.84%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% |
| **Net investment income (loss) to average net assets:** |  |  |  |  |  |  |
| Net investment income (loss) before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(2.67)%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;(0.25)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% |
| Net investment income (loss) after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(0.15)%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$9.66 | &nbsp;&nbsp;$7.93 | &nbsp;&nbsp;$6.30 | &nbsp;&nbsp;$5.96 | &nbsp;&nbsp;$12.33 | &nbsp;&nbsp;$10.90 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.20) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| **Net asset value at end of period** | &nbsp;&nbsp;$10.31 | &nbsp;&nbsp;$9.66 | &nbsp;&nbsp;$7.93 | &nbsp;&nbsp;$6.30 | &nbsp;&nbsp;$5.96 | &nbsp;&nbsp;$12.33 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;12.06% | &nbsp;&nbsp;&nbsp;&nbsp;23.98% | &nbsp;&nbsp;&nbsp;&nbsp;26.43% | &nbsp;&nbsp;&nbsp;&nbsp;6.89% | &nbsp;&nbsp;&nbsp;&nbsp;(34.05)% | &nbsp;&nbsp;&nbsp;&nbsp;13.41% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$2 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02% | &nbsp;&nbsp;&nbsp;&nbsp;2.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% |
| **Net investment income (loss) to average net assets:** |  |  |  |  |  |  |
| Net investment income (loss) before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(3.40)%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.90)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.69)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.65)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% |
| Net investment income (loss) after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(0.88)%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** | **Ashmore Emerging Markets Active Equity Fund** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$10.13 | &nbsp;&nbsp;$8.26 | &nbsp;&nbsp;$6.54 | &nbsp;&nbsp;$6.16 | &nbsp;&nbsp;$12.63 | &nbsp;&nbsp;$11.15 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| **Net asset value at end of period** | &nbsp;&nbsp;$10.85 | &nbsp;&nbsp;$10.13 | &nbsp;&nbsp;$8.26 | &nbsp;&nbsp;$6.54 | &nbsp;&nbsp;$6.16 | &nbsp;&nbsp;$12.63 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;12.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.95% | &nbsp;&nbsp;&nbsp;&nbsp;(33.40)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.50% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$5722 | &nbsp;&nbsp;$13829 | &nbsp;&nbsp;$22596 | &nbsp;&nbsp;$22849 | &nbsp;&nbsp;$75264 | &nbsp;&nbsp;$96417 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| **Net investment income (loss) to average net assets:** |  |  |  |  |  |  |
| Net investment income (loss) before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(2.03)%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>2</sup> 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.

<sup>3</sup> 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.

<sup>4</sup> Annualized for periods less than one year.

<sup>5</sup> Ratios include legal expenses of $4 and $10 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and the year ended October 31, 2025. Expense ratios would have been lower by 0.05% and 0.04% and Net Investment Income ratios would have been higher by 0.05% and 0.03% excluding these expenses.

<sup>6</sup> Amount is less than $0.005 per share.

<sup>7</sup> Ratios include legal expenses of $1 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026. Expense ratios would have been lower by 0.05% and Net Investment Income ratios would have been higher by 0.05% excluding these expenses.

<sup>8</sup> Ratios include legal expenses of $1,654 and $7,186 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and the year ended October 31, 2025. Expense ratios would have been lower by 0.04% and 0.04% and Net Investment Income ratios would have been higher by 0.04% and 0.04% excluding these expenses.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$12.27 | &nbsp;&nbsp;$10.64 | &nbsp;&nbsp;$8.13 | &nbsp;&nbsp;$8.36 | &nbsp;&nbsp;$10.13 | &nbsp;&nbsp;$7.07 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>1</sup> |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| **Net asset value at end of period** | &nbsp;&nbsp;$11.46 | &nbsp;&nbsp;$12.27 | &nbsp;&nbsp;$10.64 | &nbsp;&nbsp;$8.13 | &nbsp;&nbsp;$8.36 | &nbsp;&nbsp;$10.13 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78% | &nbsp;&nbsp;&nbsp;&nbsp;17.62% | &nbsp;&nbsp;&nbsp;&nbsp;34.75% | &nbsp;&nbsp;&nbsp;&nbsp;(0.72)% | &nbsp;&nbsp;&nbsp;&nbsp;(15.92)% | &nbsp;&nbsp;&nbsp;&nbsp;44.20% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$803 | &nbsp;&nbsp;$1460 | &nbsp;&nbsp;$2337 | &nbsp;&nbsp;$1597 | &nbsp;&nbsp;$3018 | &nbsp;&nbsp;$2561 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% |
| **Net investment income (loss) to average net assets:** |  |  |  |  |  |  |
| Net investment income (loss) before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;(0.09)% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$11.65 | &nbsp;&nbsp;$10.15 | &nbsp;&nbsp;$7.78 | &nbsp;&nbsp;$8.03 | &nbsp;&nbsp;$9.75 | &nbsp;&nbsp;$6.82 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.03)<sup>1</sup> |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| **Net asset value at end of period** | &nbsp;&nbsp;$10.81 | &nbsp;&nbsp;$11.65 | &nbsp;&nbsp;$10.15 | &nbsp;&nbsp;$7.78 | &nbsp;&nbsp;$8.03 | &nbsp;&nbsp;$9.75 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% | &nbsp;&nbsp;&nbsp;&nbsp;16.76% | &nbsp;&nbsp;&nbsp;&nbsp;33.73% | &nbsp;&nbsp;&nbsp;&nbsp;(1.51)% | &nbsp;&nbsp;&nbsp;&nbsp;(16.58)% | &nbsp;&nbsp;&nbsp;&nbsp;43.13% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$386 | &nbsp;&nbsp;$340 | &nbsp;&nbsp;$267 | &nbsp;&nbsp;$204 | &nbsp;&nbsp;$293 | &nbsp;&nbsp;$209 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03% | &nbsp;&nbsp;&nbsp;&nbsp;3.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52% |
| **Net investment income (loss) to average net assets:** |  |  |  |  |  |  |
| Net investment income (loss) before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.77)% |
| Net investment income (loss) after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27% | &nbsp;&nbsp;&nbsp;&nbsp;(0.40)% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** | **Ashmore Emerging Markets Frontier Equity Fund** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$14.47 | &nbsp;&nbsp;$12.50 | &nbsp;&nbsp;$9.50 | &nbsp;&nbsp;$9.73 | &nbsp;&nbsp;$11.77 | &nbsp;&nbsp;$8.20 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06<sup>1</sup> |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.64 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| **Net asset value at end of period** | &nbsp;&nbsp;$13.77 | &nbsp;&nbsp;$14.47 | &nbsp;&nbsp;$12.50 | &nbsp;&nbsp;$9.50 | &nbsp;&nbsp;$9.73 | &nbsp;&nbsp;$11.77 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42)% | &nbsp;&nbsp;&nbsp;&nbsp;(15.78)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.50% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$105225 | &nbsp;&nbsp;$99569 | &nbsp;&nbsp;$86409 | &nbsp;&nbsp;$61026 | &nbsp;&nbsp;$69320 | &nbsp;&nbsp;$77540 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>2</sup> 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.

<sup>3</sup> 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.

<sup>4</sup> Annualized for periods less than one year.

<sup>5</sup> Ratios include legal expenses of $183 and $779 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and year ended October 31, 2025, respectively. Expense ratios would have been lower by 0.04% and 0.04% and Net investment income ratios would have been higher by 0.03% and 0.03% excluding these expenses.

<sup>6</sup> Ratios include legal expenses of $65 and $113 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and year ended October 31, 2025, respectively. Expense ratios would have been lower by 0.04% and 0.03% and Net investment income ratios would have been higher by 0.03% and 0.03% excluding these expenses.

<sup>7</sup> Ratios include legal expenses of $19,599 and $31,844 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and year ended October 31, 2025, respectively. Expense ratios would have been lower by 0.04% and 0.03% and Net investment income ratios would have been higher by 0.03% and 0.03% excluding these expenses.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$14.79 | &nbsp;&nbsp;$11.67 | &nbsp;&nbsp;$9.28 | &nbsp;&nbsp;$8.29 | &nbsp;&nbsp;$16.77 | &nbsp;&nbsp;$13.08 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06)<sup>1</sup> |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.94) | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| **Net asset value at end of period** | &nbsp;&nbsp;$17.64 | &nbsp;&nbsp;$14.79 | &nbsp;&nbsp;$11.67 | &nbsp;&nbsp;$9.28 | &nbsp;&nbsp;$8.29 | &nbsp;&nbsp;$16.77 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.91% | &nbsp;&nbsp;&nbsp;&nbsp;13.26% | &nbsp;&nbsp;&nbsp;&nbsp;(39.01)% | &nbsp;&nbsp;&nbsp;&nbsp;30.92% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$58326 | &nbsp;&nbsp;$46717 | &nbsp;&nbsp;$36317 | &nbsp;&nbsp;$4469 | &nbsp;&nbsp;$3081 | &nbsp;&nbsp;$3872 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| **Net investment income (loss) to average net assets:** |  |  |  |  |  |  |
| Net investment income (loss) before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04)%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;(0.48)% |
| Net investment income (loss) after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;(0.34)% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$13.59 | &nbsp;&nbsp;$10.75 | &nbsp;&nbsp;$8.61 | &nbsp;&nbsp;$7.70 | &nbsp;&nbsp;$15.80 | &nbsp;&nbsp;$12.39 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(1.97) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.16)<sup>1</sup> |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.87) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| **Net asset value at end of period** | &nbsp;&nbsp;$16.16 | &nbsp;&nbsp;$13.59 | &nbsp;&nbsp;$10.75 | &nbsp;&nbsp;$8.61 | &nbsp;&nbsp;$7.70 | &nbsp;&nbsp;$15.80 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;20.14% | &nbsp;&nbsp;&nbsp;&nbsp;26.79% | &nbsp;&nbsp;&nbsp;&nbsp;24.90% | &nbsp;&nbsp;&nbsp;&nbsp;12.45% | &nbsp;&nbsp;&nbsp;&nbsp;(39.46)% | &nbsp;&nbsp;&nbsp;&nbsp;30.13% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$1004 | &nbsp;&nbsp;$85 | &nbsp;&nbsp;$67 | &nbsp;&nbsp;$70 | &nbsp;&nbsp;$105 | &nbsp;&nbsp;$107 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% |
| **Net investment income (loss) to average net assets:** |  |  |  |  |  |  |
| Net investment income (loss) before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(0.45)%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.54)%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.73)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.09)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;(1.11)% |
| Net investment income (loss) after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(0.19)%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.19)%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.27)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;(0.99)% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** | **Ashmore Emerging Markets Equity Fund** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$14.25 | &nbsp;&nbsp;$11.24 | &nbsp;&nbsp;$8.93 | &nbsp;&nbsp;$7.97 | &nbsp;&nbsp;$16.23 | &nbsp;&nbsp;$12.65 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02)<sup>1</sup> |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| **Net asset value at end of period** | &nbsp;&nbsp;$16.99 | &nbsp;&nbsp;$14.25 | &nbsp;&nbsp;$11.24 | &nbsp;&nbsp;$8.93 | &nbsp;&nbsp;$7.97 | &nbsp;&nbsp;$16.23 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.65% | &nbsp;&nbsp;&nbsp;&nbsp;(38.85)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.24% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$248030 | &nbsp;&nbsp;$197270 | &nbsp;&nbsp;$126172 | &nbsp;&nbsp;$88044 | &nbsp;&nbsp;$90921 | &nbsp;&nbsp;$116727 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% |
| **Net investment income (loss) to average net assets:** |  |  |  |  |  |  |
| Net investment income (loss) before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26)% |
| Net investment income (loss) after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11)% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>2</sup> 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.

<sup>3</sup> 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.

<sup>4</sup> Annualized for periods less than one year.

<sup>5</sup> Ratios include legal expenses of $9,241 and $12,265 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and the year ended October 31, 2025. Expense ratios would have been lower by 0.04% and 0.03% and Net Investment Income ratios would have been higher by 0.03% and 0.04% excluding these expenses.

<sup>6</sup> Amount is less than $0.005 per share.

<sup>7</sup> Ratios include legal expenses of $78 and $24 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and the year ended October 31, 2025. Expense ratios would have been lower by 0.04% and 0.03% and Net Investment Income ratios would have been higher by 0.04% and 0.03% excluding these expenses.

<sup>8</sup> Ratios include legal expenses of $39,278 and $47,894 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and the year ended October 31, 2025. Expense ratios would have been lower by 0.04% and 0.03% and Net Investment Income ratios would have been higher by 0.04% and 0.04% excluding these expenses.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$13.92 | &nbsp;&nbsp;$10.89 | &nbsp;&nbsp;$8.64 | &nbsp;&nbsp;$7.61 | &nbsp;&nbsp;$14.91 | &nbsp;&nbsp;$12.05 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| **Net asset value at end of period** | &nbsp;&nbsp;$16.12 | &nbsp;&nbsp;$13.92 | &nbsp;&nbsp;$10.89 | &nbsp;&nbsp;$8.64 | &nbsp;&nbsp;$7.61 | &nbsp;&nbsp;$14.91 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;35.70% | &nbsp;&nbsp;&nbsp;&nbsp;28.63% | &nbsp;&nbsp;&nbsp;&nbsp;26.09% | &nbsp;&nbsp;&nbsp;&nbsp;14.21% | &nbsp;&nbsp;&nbsp;&nbsp;(40.26)% | &nbsp;&nbsp;&nbsp;&nbsp;24.50% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$2 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| **Net investment income (loss) to average net assets:** |  |  |  |  |  |  |
| Net investment loss before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(0.51)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.51)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.03)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.95)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.56)% |
| Net investment income (loss) after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.59)% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$13.51 | &nbsp;&nbsp;$10.59 | &nbsp;&nbsp;$8.45 | &nbsp;&nbsp;$7.47 | &nbsp;&nbsp;$14.77 | &nbsp;&nbsp;$12.00 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| **Net asset value at end of period** | &nbsp;&nbsp;$15.62 | &nbsp;&nbsp;$13.51 | &nbsp;&nbsp;$10.59 | &nbsp;&nbsp;$8.45 | &nbsp;&nbsp;$7.47 | &nbsp;&nbsp;$14.77 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;34.74% | &nbsp;&nbsp;&nbsp;&nbsp;27.71% | &nbsp;&nbsp;&nbsp;&nbsp;25.33% | &nbsp;&nbsp;&nbsp;&nbsp;13.32% | &nbsp;&nbsp;&nbsp;&nbsp;(40.76)% | &nbsp;&nbsp;&nbsp;&nbsp;23.81% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% |
| **Net investment loss to average net assets:** |  |  |  |  |  |  |
| Net investment loss before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(1.21)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.21)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.77)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.70)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85)% | &nbsp;&nbsp;&nbsp;&nbsp;(2.32)% |
| Net investment loss after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(0.55)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.26)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.65)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.55)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.35)% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** | **Ashmore Emerging Markets Equity ESG Fund** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$14.05 | &nbsp;&nbsp;$10.99 | &nbsp;&nbsp;$8.69 | &nbsp;&nbsp;$7.65 | &nbsp;&nbsp;$14.96 | &nbsp;&nbsp;$12.06 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| **Net asset value at end of period** | &nbsp;&nbsp;$16.27 | &nbsp;&nbsp;$14.05 | &nbsp;&nbsp;$10.99 | &nbsp;&nbsp;$8.69 | &nbsp;&nbsp;$7.65 | &nbsp;&nbsp;$14.96 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.45% | &nbsp;&nbsp;&nbsp;&nbsp;(40.10)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.82% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$19372 | &nbsp;&nbsp;$16512 | &nbsp;&nbsp;$12836 | &nbsp;&nbsp;$10149 | &nbsp;&nbsp;$8884 | &nbsp;&nbsp;$15041 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% |
| **Net investment income (loss) to average net assets:** |  |  |  |  |  |  |
| Net investment loss before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29)%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20)%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.34)% |
| Net investment income (loss) after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35)% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Amount is less than $0.005 per share.

<sup>2</sup> 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.

<sup>3</sup> 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.

<sup>4</sup> Annualized for periods less than one year.

<sup>5</sup> Ratios include legal expenses of $3,229 and $4,496 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and year ended October 31, 2025, respectively. Expense ratios would have been lower by 0.04% and 0.03% and Net investment income ratios would have been higher by 0.04% and 0.03% excluding these expenses.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$8.99 | &nbsp;&nbsp;$8.35 | &nbsp;&nbsp;$7.34 | &nbsp;&nbsp;$7.52 | &nbsp;&nbsp;$9.90 | &nbsp;&nbsp;$9.85 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.37) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| **Net asset value at end of period** | &nbsp;&nbsp;$9.10 | &nbsp;&nbsp;$8.99 | &nbsp;&nbsp;$8.35 | &nbsp;&nbsp;$7.34 | &nbsp;&nbsp;$7.52 | &nbsp;&nbsp;$9.90 |
| **Total return<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.19% | &nbsp;&nbsp;&nbsp;&nbsp;13.74% | &nbsp;&nbsp;&nbsp;&nbsp;20.72% | &nbsp;&nbsp;&nbsp;&nbsp;3.31% | &nbsp;&nbsp;&nbsp;&nbsp;(21.27)% | &nbsp;&nbsp;&nbsp;&nbsp;3.85% |
| **Portfolio turnover rate<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 |
| **Ratios to average net assets:<sup>3</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;2.05%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;1.77% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;1.05%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;0.97% |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;4.32%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91% | &nbsp;&nbsp;&nbsp;&nbsp;4.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87% | &nbsp;&nbsp;&nbsp;&nbsp;2.42% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;5.32%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02% | &nbsp;&nbsp;&nbsp;&nbsp;4.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46% | &nbsp;&nbsp;&nbsp;&nbsp;3.22% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$8.99 | &nbsp;&nbsp;$8.35 | &nbsp;&nbsp;$7.34 | &nbsp;&nbsp;$7.52 | &nbsp;&nbsp;$9.90 | &nbsp;&nbsp;$9.85 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.14) | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| **Net asset value at end of period** | &nbsp;&nbsp;$9.10 | &nbsp;&nbsp;$8.99 | &nbsp;&nbsp;$8.35 | &nbsp;&nbsp;$7.34 | &nbsp;&nbsp;$7.52 | &nbsp;&nbsp;$9.90 |
| **Total return<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;3.83% | &nbsp;&nbsp;&nbsp;&nbsp;13.02% | &nbsp;&nbsp;&nbsp;&nbsp;19.82% | &nbsp;&nbsp;&nbsp;&nbsp;2.59% | &nbsp;&nbsp;&nbsp;&nbsp;(21.84)% | &nbsp;&nbsp;&nbsp;&nbsp;3.08% |
| **Portfolio turnover rate<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 |
| **Ratios to average net assets:<sup>3</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;2.79%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59% | &nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;&nbsp;2.49% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;1.80%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;1.72% |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;3.62%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.36% | &nbsp;&nbsp;&nbsp;&nbsp;3.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;1.70% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;4.61%<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28% | &nbsp;&nbsp;&nbsp;&nbsp;4.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74% | &nbsp;&nbsp;&nbsp;&nbsp;2.47% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$9.01 | &nbsp;&nbsp;$8.37 | &nbsp;&nbsp;$7.35 | &nbsp;&nbsp;$7.53 | &nbsp;&nbsp;$9.90 | &nbsp;&nbsp;$9.85 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| **Net asset value at end of period** | &nbsp;&nbsp;$9.12 | &nbsp;&nbsp;$9.01 | &nbsp;&nbsp;$8.37 | &nbsp;&nbsp;$7.35 | &nbsp;&nbsp;$7.53 | &nbsp;&nbsp;$9.90 |
| **Total return<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41% | &nbsp;&nbsp;&nbsp;&nbsp;(21.02)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03% |
| **Portfolio turnover rate<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$11695 | &nbsp;&nbsp;$21721 | &nbsp;&nbsp;$19414 | &nbsp;&nbsp;$16347 | &nbsp;&nbsp;$16042 | &nbsp;&nbsp;$20442 |
| **Ratios to average net assets:<sup>3</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| **Net investment income to average net assets:** |  |  |  |  |  |  |
| Net investment income before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.56%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.91%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> 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.

<sup>2</sup> 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.

<sup>3</sup> Annualized for periods less than one year.

<sup>4</sup> Ratios include legal expenses of $1 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and the year ended October 31, 2025, respectively. Expense ratios would have been lower by 0.13% and Net Investment Income ratios would have been higher by 0.12% excluding these expenses.

<sup>5</sup> Ratios include legal expenses of $1 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and the year ended October 31, 2025, respectively. Expense ratios would have been lower by 0.13% and Net Investment Income ratios would have been higher by 0.13% excluding these expenses.

<sup>6</sup> Ratios include legal expenses of $7,377, $13,519, $2,091 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and the year ended October 31, 2025, respectively. Expense ratios would have been lower by 0.11%, 0.07% and 0.01% and Net Investment Income ratios would have been higher by 0.12%, 0.06% and 0.01% excluding these expenses.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | |
|:---|:---|:---|:---|
| **Ashmore Emerging Markets Equity ex China Fund** | **Ashmore Emerging Markets Equity ex China Fund** | **Ashmore Emerging Markets Equity ex China Fund** | **Ashmore Emerging Markets Equity ex China Fund** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Period Ended<br> October 31,<br> 2024<sup>1</sup>** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$12.61 | &nbsp;&nbsp;$9.91 | &nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations:** |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| Less distributions: |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Net asset value at end of period** | &nbsp;&nbsp;$15.80 | &nbsp;&nbsp;$12.61 | &nbsp;&nbsp;$9.91 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;31.16% | &nbsp;&nbsp;&nbsp;&nbsp;28.18% | &nbsp;&nbsp;&nbsp;&nbsp;(0.60)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |
| **Total expenses to average net assets:** |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% |
| **Net investment income (loss) to average net assets:** |  |  |  |
| Net investment loss before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(0.74)% | &nbsp;&nbsp;&nbsp;&nbsp;(2.25)% | &nbsp;&nbsp;&nbsp;&nbsp;(2.49)% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | |
|:---|:---|:---|:---|
| **Ashmore Emerging Markets Equity ex China Fund** | **Ashmore Emerging Markets Equity ex China Fund** | **Ashmore Emerging Markets Equity ex China Fund** | **Ashmore Emerging Markets Equity ex China Fund** |
|  | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Period Ended<br> October 31,<br> 2024<sup>1</sup>** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$12.52 | &nbsp;&nbsp;$9.89 | &nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations:** |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Less distributions: |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| **Net asset value at end of period** | &nbsp;&nbsp;$15.64 | &nbsp;&nbsp;$12.52 | &nbsp;&nbsp;$9.89 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;30.42% | &nbsp;&nbsp;&nbsp;&nbsp;27.24% | &nbsp;&nbsp;&nbsp;&nbsp;(0.87)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$1 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |
| **Total expenses to average net assets:** |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% |
| **Net investment loss to average net assets:** |  |  |  |
| Net investment loss before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(1.46)% | &nbsp;&nbsp;&nbsp;&nbsp;(2.88)% | &nbsp;&nbsp;&nbsp;&nbsp;(3.56)% |
| Net investment loss after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(0.31)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.05)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.35)% |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### FINANCIAL HIGHLIGHTS

---

| | | | |
|:---|:---|:---|:---|
| **Ashmore Emerging Markets Equity ex China Fund** | **Ashmore Emerging Markets Equity ex China Fund** | **Ashmore Emerging Markets Equity ex China Fund** | **Ashmore Emerging Markets Equity ex China Fund** |
|  | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Period Ended<br> October 31,<br> 2024<sup>1</sup>** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$12.64 | &nbsp;&nbsp;$9.92 | &nbsp;&nbsp;$10.00 |
| **Income (loss) from investment operations:** |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| Less distributions: |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **Net asset value at end of period** | &nbsp;&nbsp;$15.84 | &nbsp;&nbsp;$12.64 | &nbsp;&nbsp;$9.92 |
| **Total return<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.11% | &nbsp;&nbsp;&nbsp;&nbsp;28.42% | &nbsp;&nbsp;&nbsp;&nbsp;(0.47)% |
| **Portfolio turnover rate<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$12335 | &nbsp;&nbsp;$9535 | &nbsp;&nbsp;$7439 |
| **Ratios to average net assets:<sup>4</sup>** |  |  |  |
| **Total expenses to average net assets:** |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| **Net investment income (loss) to average net assets:** |  |  |  |
| Net investment loss before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47)%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1.88)% | &nbsp;&nbsp;&nbsp;&nbsp;(2.51)% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Class A, Class C and the Institutional Class commenced investment operations on June 11, 2024.

<sup>2</sup> 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.

<sup>3</sup> 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.

<sup>4</sup> Annualized for periods less than one year.

<sup>5</sup> Amount is less than $0.005 per share.

<sup>6</sup> Ratios include legal expenses of $1,950 and $2,583 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and the year ended October 31, 2025. Expense ratios would have been lower by 0.04% and 0.03% and Net Investment Income ratios would have been higher by 0.04% and 0.03% excluding these expenses.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Angola (Cost $348,563)** |  |  |  |  |
| Angola (Rep of), 9.375%, 03/31/2033<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | $211536 | &nbsp;&nbsp;0.75 |
| Angola (Rep of), 9.125%, 11/26/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198432 | &nbsp;&nbsp;0.71 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**409968** | &nbsp;&nbsp;**1.46** |
| **Argentina (Cost $618,102)** |  |  |  |  |
| Argentina (Rep of), (Step to 1.750% on 07/09/27), 0.750%, 07/09/2030<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272732 | &nbsp;&nbsp;0.97 |
| Argentina (Rep of), (Step to 4.750% on 07/09/27), 4.125%, 07/09/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133952 | &nbsp;&nbsp;0.48 |
| Argentina (Rep of), 5.000%, 01/09/2038<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68040 | &nbsp;&nbsp;0.24 |
| Argentina (Rep of), (Step to 4.875% on 07/09/29), 3.500%, 07/09/2041<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91768 | &nbsp;&nbsp;0.33 |
| Letra Del Tesoro Nacional Capitalizable En Pesos, 2.750%, 07/31/2026 | &nbsp;&nbsp;ARS | &nbsp;&nbsp;248461060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197342 | &nbsp;&nbsp;0.70 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**763834** | &nbsp;&nbsp;**2.72** |
| **Bahrain (Cost $202,000)** |  |  |  |  |
| Bahrain (Rep of), 6.625%, 10/06/2037<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191579 | &nbsp;&nbsp;0.68 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**191579** | &nbsp;&nbsp;**0.68** |
| **Benin (Cost $196,005)** |  |  |  |  |
| Benin (Rep of), 8.375%, 01/23/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208036 | &nbsp;&nbsp;0.74 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**208036** | &nbsp;&nbsp;**0.74** |
| **Brazil (Cost $1,776,936)** |  |  |  |  |
| Brazil (Rep of), 6.625%, 03/15/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207102 | &nbsp;&nbsp;0.74 |
| Brazil (Rep of), 7.250%, 01/12/2056 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266855 | &nbsp;&nbsp;0.95 |
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2028<sup>4</sup> | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;1343000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218900 | &nbsp;&nbsp;0.78 |
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2030<sup>4</sup> | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;7380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932020 | &nbsp;&nbsp;3.31 |
| Brazil Notas do Tesouro Nacional, 10.000%, 01/01/2029 | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;1342000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250304 | &nbsp;&nbsp;0.89 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1875181** | &nbsp;&nbsp;**6.67** |
| **Bulgaria (Cost $23,155)** |  |  |  |  |
| Bulgaria (Rep of), 5.000%, 03/05/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23350 | &nbsp;&nbsp;0.08 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23350** | &nbsp;&nbsp;**0.08** |
| **Chile (Cost $1,028,863)** |  |  |  |  |
| Bonos de la Tesoreria de la Republica en pesos, 5.800%, 10/01/2029<sup>2</sup> | &nbsp;&nbsp;CLP | &nbsp;&nbsp;375000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423697 | &nbsp;&nbsp;1.51 |
| Bonos de la Tesoreria de la Republica en pesos, 6.000%, 04/01/2033<sup>2</sup> | &nbsp;&nbsp;CLP | &nbsp;&nbsp;100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114045 | &nbsp;&nbsp;0.40 |
| Chile (Rep of), 4.950%, 01/05/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199840 | &nbsp;&nbsp;0.71 |
| Chile (Rep of), 3.100%, 01/22/2061 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218506 | &nbsp;&nbsp;0.78 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**956088** | &nbsp;&nbsp;**3.40** |
| **China (Cost $9,340,128)** |  |  |  |  |
| Central China Real Estate Ltd., 7.650%, 08/27/2023<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;0.07 |
| Central China Real Estate Ltd., 7.900%, 11/07/2023<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19100 | &nbsp;&nbsp;0.07 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **China (continued)** |  |  |  |  |
| Central China Real Estate Ltd., 7.250%, 08/13/2024<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3666000 | $54990 | &nbsp;&nbsp;0.20 |
| Central China Real Estate Ltd., 7.650%, 08/27/2025<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22921 | &nbsp;&nbsp;0.08 |
| China (Rep of), 1.830%, 08/25/2035 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200001 | &nbsp;&nbsp;0.71 |
| China SCE Group Holdings Ltd., 7.375%, 04/09/2024<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65250 | &nbsp;&nbsp;0.23 |
| China SCE Group Holdings Ltd., 5.950%, 09/29/2024<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36875 | &nbsp;&nbsp;0.13 |
| China SCE Group Holdings Ltd., 7.000%, 05/02/2025<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48212 | &nbsp;&nbsp;0.17 |
| China SCE Group Holdings Ltd., 6.000%, 02/04/2026<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27626 | &nbsp;&nbsp;0.10 |
| Kaisa Group Holdings Ltd., 5.000%, 11/30/2027<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3171 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 7.721%, (99% PIK), 12/28/2027<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2027<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 6.250%, (99% PIK), 12/28/2028<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2028<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Kaisa Group Holdings Ltd., 6.500%, (99% PIK), 12/28/2029<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2029<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 6.750%, (99% PIK), 12/28/2030<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2030<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Kaisa Group Holdings Ltd., 7.000%, (98% PIK), 12/28/2031<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9031 | &nbsp;&nbsp;0.03 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2031<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 7.250%, (97% PIK), 12/28/2032<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9637 | &nbsp;&nbsp;0.03 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2032<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4728 | &nbsp;&nbsp;0.02 |
| Sunac China Holdings Ltd., 0.000%, 06/23/2028<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178316 | &nbsp;&nbsp;0.63 |
| Yuzhou Group Holdings Co. Ltd., 4.000%, 06/30/2028<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5937 | &nbsp;&nbsp;0.02 |
| Yuzhou Group Holdings Co. Ltd., 4.500%, 06/30/2029<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8593 | &nbsp;&nbsp;0.03 |
| Yuzhou Group Holdings Co. Ltd., 5.000%, 06/30/2030<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10526 | &nbsp;&nbsp;0.04 |
| Yuzhou Group Holdings Co. Ltd., 5.500%, 06/30/2031<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14158 | &nbsp;&nbsp;0.05 |
| Yuzhou Group Holdings Co. Ltd., 1.000%, 06/30/2034<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2679 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 8.700%, 08/03/2022<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 8.000%, 03/06/2023<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 9.150%, 05/06/2023<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Zhenro Properties Group Ltd., 8.300%, 09/15/2023<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3158000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3948 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 8.350%, 03/10/2024<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Zhenro Properties Group Ltd., 7.875%, 04/14/2024<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3591000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8977 | &nbsp;&nbsp;0.03 |
| Zhenro Properties Group Ltd., 7.100%, 09/10/2024<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5507 | &nbsp;&nbsp;0.02 |
| Zhenro Properties Group Ltd., 7.350%, 02/05/2025<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8407000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10509 | &nbsp;&nbsp;0.04 |
| Zhenro Properties Group Ltd., 6.630%, 01/07/2026<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2581 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 17.254%, 05/31/2026<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4978 | &nbsp;&nbsp;0.02 |
| Zhenro Properties Group Ltd., 6.700%, 08/04/2026<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5713000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7141 | &nbsp;&nbsp;0.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**798596** | &nbsp;&nbsp;**2.84** |
| **Colombia (Cost $1,269,401)** |  |  |  |  |
| Colombia (Rep of), 5.000%, 06/15/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262902 | &nbsp;&nbsp;0.93 |
| Colombian TES, 6.000%, 04/28/2028 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;1901000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452250 | &nbsp;&nbsp;1.61 |
| Colombian TES, 7.750%, 09/18/2030 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;192500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42136 | &nbsp;&nbsp;0.15 |
| Colombian TES, 7.000%, 03/26/2031 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;928000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193785 | &nbsp;&nbsp;0.69 |
| Colombian TES, 13.250%, 02/09/2033 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;765600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202741 | &nbsp;&nbsp;0.72 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Colombia (continued)** |  |  |  |  |
| Colombian TES, 11.500%, 07/25/2046 | &nbsp;&nbsp;COP | &nbsp;&nbsp;296000000 | $71798 | &nbsp;&nbsp;0.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1225612** | &nbsp;&nbsp;**4.36** |
| **Costa Rica (Cost $207,848)** |  |  |  |  |
| Costa Rica (Rep of), 7.000%, 04/04/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218362 | &nbsp;&nbsp;0.78 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**218362** | &nbsp;&nbsp;**0.78** |
| **Czech Republic (Cost $2,426,728)** |  |  |  |  |
| Czech (Rep of), 5.000%, 09/30/2030 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45375 | &nbsp;&nbsp;0.16 |
| Czech (Rep of), 1.750%, 06/23/2032 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57342 | &nbsp;&nbsp;0.21 |
| Czech (Rep of), 4.900%, 04/14/2034 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47080 | &nbsp;&nbsp;0.17 |
| Czech (Rep of), 1.950%, 07/30/2037 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;2450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87897 | &nbsp;&nbsp;0.31 |
| New World Resources N.V., 8.000%, 04/07/2020<sup>5,6,8</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1938518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| New World Resources N.V., 4.000%, 10/07/2020<sup>5,6,8</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**237694** | &nbsp;&nbsp;**0.85** |
| **Dominican Republic (Cost $388,829)** |  |  |  |  |
| Dominican (Rep of), 4.875%, 09/23/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274050 | &nbsp;&nbsp;0.98 |
| Dominican (Rep of), 6.400%, 06/05/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149448 | &nbsp;&nbsp;0.53 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**423498** | &nbsp;&nbsp;**1.51** |
| **Ecuador (Cost $86,525)** |  |  |  |  |
| Ecuador (Rep of), 6.900%, 07/31/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129780 | &nbsp;&nbsp;0.46 |
| Ecuador (Rep of), (Step to 5.500% on 07/31/26), 5.000%, 07/31/2040<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38433 | &nbsp;&nbsp;0.14 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**168213** | &nbsp;&nbsp;**0.60** |
| **Egypt (Cost $374,775)** |  |  |  |  |
| Egypt (Rep of), 23.381%, 08/26/2028 | &nbsp;&nbsp;EGP | &nbsp;&nbsp;&nbsp;&nbsp;4333000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79283 | &nbsp;&nbsp;0.28 |
| Egypt (Rep of), 8.500%, 01/31/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363329 | &nbsp;&nbsp;1.29 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**442612** | &nbsp;&nbsp;**1.57** |
| **El Salvador (Cost $21,363)** |  |  |  |  |
| El Salvador (Rep of), 7.650%, 06/15/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27691 | &nbsp;&nbsp;0.10 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27691** | &nbsp;&nbsp;**0.10** |
| **Ghana (Cost $306,116)** |  |  |  |  |
| Ghana (Rep of), 0.000%, 01/03/2030<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70577 | &nbsp;&nbsp;0.25 |
| Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274632 | &nbsp;&nbsp;0.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**345209** | &nbsp;&nbsp;**1.23** |
| **Hungary (Cost $362,796)** |  |  |  |  |
| Hungary (Rep of), 3.000%, 10/27/2038 | &nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;40600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96561 | &nbsp;&nbsp;0.35 |
| Hungary (Rep of), 3.125%, 09/21/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245444 | &nbsp;&nbsp;0.87 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**342005** | &nbsp;&nbsp;**1.22** |
| **India (Cost $81,669)** |  |  |  |  |
| India (Rep of), 7.360%, 09/12/2052 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;2920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29737 | &nbsp;&nbsp;0.11 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **India (continued)** |  |  |  |  |
| India (Rep of), 7.300%, 06/19/2053 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970000 | $40255 | &nbsp;&nbsp;0.14 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**69992** | &nbsp;&nbsp;**0.25** |
| **Indonesia (Cost $1,104,075)** |  |  |  |  |
| Indonesia (Rep of), 8.250%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;4633000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280314 | &nbsp;&nbsp;1.00 |
| Indonesia (Rep of), 7.000%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1230000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71845 | &nbsp;&nbsp;0.25 |
| Indonesia (Rep of), 8.375%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;2536000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159734 | &nbsp;&nbsp;0.57 |
| Indonesia (Rep of), 7.500%, 06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;625000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37724 | &nbsp;&nbsp;0.13 |
| Indonesia (Rep of), 7.750%, 01/17/2038 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204425 | &nbsp;&nbsp;0.73 |
| Indonesia (Rep of), 5.950%, 01/08/2046 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217228 | &nbsp;&nbsp;0.77 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**971270** | &nbsp;&nbsp;**3.45** |
| **Ivory Coast (Cost $214,360)** |  |  |  |  |
| Ivory Coast (Rep of), 8.250%, 01/30/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214568 | &nbsp;&nbsp;0.76 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**214568** | &nbsp;&nbsp;**0.76** |
| **Jordan (Cost $206,355)** |  |  |  |  |
| Jordan (Rep of), 7.500%, 01/13/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207504 | &nbsp;&nbsp;0.74 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**207504** | &nbsp;&nbsp;**0.74** |
| **Kazakhstan (Cost $290,000)** |  |  |  |  |
| Kazakhstan (Rep of), 4.714%, 04/09/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284990 | &nbsp;&nbsp;1.01 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**284990** | &nbsp;&nbsp;**1.01** |
| **Malaysia (Cost $1,645,863)** |  |  |  |  |
| Malaysia (Rep of), 3.900%, 11/30/2026 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209886 | &nbsp;&nbsp;0.75 |
| Malaysia (Rep of), 3.519%, 04/20/2028 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444683 | &nbsp;&nbsp;1.58 |
| Malaysia (Rep of), 4.504%, 04/30/2029 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240055 | &nbsp;&nbsp;0.85 |
| Malaysia (Rep of), 3.582%, 07/15/2032 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135159 | &nbsp;&nbsp;0.48 |
| Malaysia (Rep of), 3.828%, 07/05/2034 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69337 | &nbsp;&nbsp;0.25 |
| Malaysia (Rep of), 4.254%, 05/31/2035 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57508 | &nbsp;&nbsp;0.20 |
| Malaysia (Rep of), 4.054%, 04/18/2039 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142169 | &nbsp;&nbsp;0.51 |
| Malaysia (Rep of), 4.696%, 10/15/2042 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44106 | &nbsp;&nbsp;0.16 |
| Petronas Capital Ltd., 2.480%, 01/28/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183416 | &nbsp;&nbsp;0.65 |
| Petronas Capital Ltd., 4.550%, 04/21/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281093 | &nbsp;&nbsp;1.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1807412** | &nbsp;&nbsp;**6.43** |
| **Mexico (Cost $2,134,106)** |  |  |  |  |
| Mexican Bonos, 7.750%, 05/29/2031 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193757 | &nbsp;&nbsp;0.69 |
| Mexican Bonos, 7.750%, 11/23/2034 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219992 | &nbsp;&nbsp;0.78 |
| Mexican Udibonos, 4.000%, 08/30/2029 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607796 | &nbsp;&nbsp;2.16 |
| Mexican Udibonos, 4.000%, 08/24/2034 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197788 | &nbsp;&nbsp;0.70 |
| Mexican Udibonos, 4.500%, 11/22/2035 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40161 | &nbsp;&nbsp;0.14 |
| Mexico (Rep of), 6.338%, 05/04/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258005 | &nbsp;&nbsp;0.92 |
| Mexico (Rep of), 6.400%, 05/07/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215603 | &nbsp;&nbsp;0.77 |
| Petroleos Mexicanos, 6.700%, 02/16/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420467 | &nbsp;&nbsp;1.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2153569** | &nbsp;&nbsp;**7.66** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Nigeria (Cost $699,108)** |  |  |  |  |
| Nigeria (Rep of), 7.625%, 11/28/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343000 | $334425 | &nbsp;&nbsp;1.19 |
| Nigeria OMO Bill, 0.000%, 07/21/2026<sup>4</sup> | &nbsp;&nbsp;NGN | &nbsp;&nbsp;150959000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105035 | &nbsp;&nbsp;0.37 |
| Nigeria OMO Bill, 0.000%, 08/11/2026<sup>4</sup> | &nbsp;&nbsp;NGN | &nbsp;&nbsp;&nbsp;&nbsp;84610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58170 | &nbsp;&nbsp;0.21 |
| Nigeria OMO Bill, 0.000%, 01/12/2027<sup>4</sup> | &nbsp;&nbsp;NGN | &nbsp;&nbsp;469139000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301511 | &nbsp;&nbsp;1.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**799141** | &nbsp;&nbsp;**2.84** |
| **Oman (Cost $272,882)** |  |  |  |  |
| Oman (Rep of), 6.750%, 10/28/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275015 | &nbsp;&nbsp;0.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**275015** | &nbsp;&nbsp;**0.98** |
| **Panama (Cost $386,046)** |  |  |  |  |
| Panama (Rep of), 6.700%, 01/26/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58752 | &nbsp;&nbsp;0.21 |
| Panama (Rep of), 4.300%, 04/29/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275318 | &nbsp;&nbsp;0.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**334070** | &nbsp;&nbsp;**1.19** |
| **Paraguay (Cost $125,580)** |  |  |  |  |
| Paraguay (Rep of), 8.500%, 04/04/2038<sup>2</sup> | &nbsp;&nbsp;&nbsp;PYG | &nbsp;&nbsp;809000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132125 | &nbsp;&nbsp;0.47 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**132125** | &nbsp;&nbsp;**0.47** |
| **Peru (Cost $639,053)** |  |  |  |  |
| Peru (Rep of), 5.375%, 02/08/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225230 | &nbsp;&nbsp;0.80 |
| Peru (Rep of), 7.600%, 08/12/2039<sup>2</sup> | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97165 | &nbsp;&nbsp;0.34 |
| Peru (Rep of), 3.300%, 03/11/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34515 | &nbsp;&nbsp;0.12 |
| Peru (Rep of), 5.625%, 11/18/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100360 | &nbsp;&nbsp;0.36 |
| Peru (Rep of), 2.780%, 12/01/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78694 | &nbsp;&nbsp;0.28 |
| Peru (Rep of), 3.230%, 07/28/2121 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36102 | &nbsp;&nbsp;0.13 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**572066** | &nbsp;&nbsp;**2.03** |
| **Philippines (Cost $168,089)** |  |  |  |  |
| Philippines (Rep of), 9.500%, 02/02/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170013 | &nbsp;&nbsp;0.60 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**170013** | &nbsp;&nbsp;**0.60** |
| **Poland (Cost $651,741)** |  |  |  |  |
| Bank Gospodarstwa Krajowego, 5.750%, 07/09/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207318 | &nbsp;&nbsp;0.74 |
| Poland (Rep of), 1.250%, 10/25/2030 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94271 | &nbsp;&nbsp;0.34 |
| Poland (Rep of), 6.000%, 10/25/2033 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37694 | &nbsp;&nbsp;0.13 |
| Poland (Rep of), 5.000%, 10/25/2034 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85360 | &nbsp;&nbsp;0.30 |
| Poland (Rep of), 5.000%, 10/25/2035 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114839 | &nbsp;&nbsp;0.41 |
| Poland (Rep of), 5.500%, 03/18/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127482 | &nbsp;&nbsp;0.45 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**666964** | &nbsp;&nbsp;**2.37** |
| **Romania (Cost $906,444)** |  |  |  |  |
| Romania (Rep of), 3.000%, 02/14/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53717 | &nbsp;&nbsp;0.19 |
| Romania (Rep of), 7.350%, 04/28/2031 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85839 | &nbsp;&nbsp;0.31 |
| Romania (Rep of), 3.625%, 03/27/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39435 | &nbsp;&nbsp;0.14 |
| Romania (Rep of), 8.250%, 09/29/2032 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87545 | &nbsp;&nbsp;0.31 |
| Romania (Rep of), 6.000%, 05/25/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23700 | &nbsp;&nbsp;0.08 |
| Romania (Rep of), 4.750%, 10/11/2034 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55185 | &nbsp;&nbsp;0.20 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Romania (continued)** |  |  |  |  |
| Romania (Rep of), 5.750%, 03/24/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;146000 | $140306 | &nbsp;&nbsp;0.50 |
| Romania (Rep of), 6.750%, 04/25/2035 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43623 | &nbsp;&nbsp;0.15 |
| Romania (Rep of), 4.250%, 04/28/2036 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38173 | &nbsp;&nbsp;0.14 |
| Romania (Rep of), 6.625%, 05/16/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52546 | &nbsp;&nbsp;0.19 |
| Romania (Rep of), 5.750%, 07/04/2036<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62184 | &nbsp;&nbsp;0.22 |
| Romania (Rep of), 7.900%, 02/24/2038 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92049 | &nbsp;&nbsp;0.33 |
| Romania (Rep of), 6.125%, 01/22/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52080 | &nbsp;&nbsp;0.18 |
| Romania (Rep of), 7.625%, 01/17/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34096 | &nbsp;&nbsp;0.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**860478** | &nbsp;&nbsp;**3.06** |
| **Saudi Arabia (Cost $695,799)** |  |  |  |  |
| Saudi (Rep of), 4.750%, 01/18/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;348000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349305 | &nbsp;&nbsp;1.24 |
| Saudi (Rep of), 4.500%, 04/22/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;297000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230110 | &nbsp;&nbsp;0.82 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**579415** | &nbsp;&nbsp;**2.06** |
| **South Africa (Cost $824,099)** |  |  |  |  |
| South Africa (Rep of), 4.300%, 10/12/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376002 | &nbsp;&nbsp;1.34 |
| South Africa (Rep of), 9.000%, 01/31/2040 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;2118855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124293 | &nbsp;&nbsp;0.44 |
| South Africa (Rep of), 8.750%, 01/31/2044 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;4942821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279819 | &nbsp;&nbsp;1.00 |
| South Africa (Rep of), 8.750%, 02/28/2048 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;1008946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57114 | &nbsp;&nbsp;0.20 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**837228** | &nbsp;&nbsp;**2.98** |
| **Supranational (Cost $51,590)** |  |  |  |  |
| International Bank for Reconstruction & Development, 6.500%, 04/17/2030 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45314 | &nbsp;&nbsp;0.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**45314** | &nbsp;&nbsp;**0.16** |
| **Thailand (Cost $324,856)** |  |  |  |  |
| Thailand (Rep of), 2.650%, 06/17/2028 | &nbsp;&nbsp;THB | &nbsp;&nbsp;2359000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74300 | &nbsp;&nbsp;0.26 |
| Thailand (Rep of), 1.840%, 05/17/2036 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12448 | &nbsp;&nbsp;0.04 |
| Thailand (Rep of), 3.390%, 06/17/2037 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;628000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21148 | &nbsp;&nbsp;0.08 |
| Thailand (Rep of), 3.300%, 06/17/2038 | &nbsp;&nbsp;THB | &nbsp;&nbsp;2197000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72544 | &nbsp;&nbsp;0.26 |
| Thailand (Rep of), 2.700%, 06/17/2040 | &nbsp;&nbsp;THB | &nbsp;&nbsp;1277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39538 | &nbsp;&nbsp;0.14 |
| Thailand (Rep of), 2.980%, 06/17/2045 | &nbsp;&nbsp;THB | &nbsp;&nbsp;2877000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86897 | &nbsp;&nbsp;0.31 |
| Thailand (Rep of), 3.600%, 06/17/2067 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19294 | &nbsp;&nbsp;0.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**326169** | &nbsp;&nbsp;**1.16** |
| **Turkey (Cost $674,460)** |  |  |  |  |
| Turkey (Rep of), 31.080%, 11/08/2028 | &nbsp;&nbsp;TRY | &nbsp;&nbsp;2088318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42349 | &nbsp;&nbsp;0.15 |
| Turkey (Rep of), 5.250%, 03/13/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;356000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343718 | &nbsp;&nbsp;1.22 |
| Turkey (Rep of), 7.250%, 05/29/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213531 | &nbsp;&nbsp;0.76 |
| Turkey (Rep of), 26.200%, 10/05/2033 | &nbsp;&nbsp;TRY | &nbsp;&nbsp;1480429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27423 | &nbsp;&nbsp;0.10 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**627021** | &nbsp;&nbsp;**2.23** |
| **Ukraine (Cost $249,964)** |  |  |  |  |
| Ukraine (Rep of), (Step to 6.000% on 02/01/27), 4.500%, 02/01/2034<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;221735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135259 | &nbsp;&nbsp;0.48 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Ukraine (continued)** |  |  |  |  |
| Ukraine (Rep of), (Step to 6.000% on 02/01/27), 4.500%, 02/01/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;278322 | $166993 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**302252** | &nbsp;&nbsp;&nbsp;&nbsp;**1.07** |
| **United Arab Emirates (Cost $224,951)** |  |  |  |  |
| DP World Crescent Ltd., 3.875%, 07/18/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;218000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208408 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**208408** | &nbsp;&nbsp;&nbsp;&nbsp;**0.74** |
| **United States (Cost $1,432,610)** |  |  |  |  |
| U.S. Treasury Bill, 3.522%, 06/04/2026<sup>9</sup> |  | &nbsp;&nbsp;1437500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432619 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1432619** | &nbsp;&nbsp;&nbsp;&nbsp;**5.09** |
| **Uruguay (Cost $347,350)** |  |  |  |  |
| Uruguay (Rep of), 5.750%, 10/28/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;184978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194735 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Uruguay (Rep of), 8.000%, 10/29/2035 | &nbsp;&nbsp;&nbsp;UYU | &nbsp;&nbsp;1082544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27475 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Uruguay (Rep of), 4.125%, 11/20/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;114498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98955 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**321165** | &nbsp;&nbsp;&nbsp;&nbsp;**1.14** |
| **Uzbekistan (Cost $200,000)** |  |  |  |  |
| Navoi Mining & Metallurgical Combinat, 6.750%, 05/14/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208250 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**208250** | &nbsp;&nbsp;&nbsp;&nbsp;**0.74** |
| **Venezuela (Cost $2,746,514)** |  |  |  |  |
| Petroleos de Venezuela S.A., 8.500%, 10/27/2020<sup>5,6</sup> |  | &nbsp;&nbsp;3022000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120215 | &nbsp;&nbsp;11.10 |
| Petroleos de Venezuela S.A., 12.750%, 02/17/2022<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51963 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Petroleos de Venezuela S.A., 9.750%, 05/17/2035<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;123780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57929 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Venezuela (Rep of), 11.750%, 10/21/2026<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;311300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176974 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Venezuela (Rep of), 9.250%, 09/15/2027<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;301000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154142 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Venezuela (Rep of), 11.950%, 08/05/2031<sup>5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;233400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132980 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3694203** | &nbsp;&nbsp;**13.14** |
| **Zambia (Cost $176,444)** |  |  |  |  |
| Zambia (Rep of), 16.000%, 02/16/2033 | &nbsp;&nbsp;ZMW | &nbsp;&nbsp;&nbsp;&nbsp;846000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43586 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Zambia (Rep of), (Step to 7.500% on 06/30/31), 5.750%, 06/30/2033<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;142473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140550 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**184136** | &nbsp;&nbsp;&nbsp;&nbsp;**0.65** |
| **Total Debt Securities (Cost $36,452,141)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26942885** | &nbsp;&nbsp;**95.81** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Equity Securities** |  |  |  |
| **China (Cost $173,711)** |  |  |  |
| Sunac China Holdings Ltd.\* &nbsp;&nbsp;HKD | &nbsp;&nbsp;538000 | $79671 | &nbsp;&nbsp;0.29 |
| Sunac Services Holdings Ltd.<sup>2</sup> &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8882 | &nbsp;&nbsp;0.03 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **China (continued)** |  |  |  |
| Yuzhou Group Holdings Co. Ltd.\* &nbsp;&nbsp;HKD | &nbsp;&nbsp;270000 | $5689 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**94242** | &nbsp;&nbsp;&nbsp;&nbsp;**0.34** |
| **Total Equity Securities (Cost $173,711)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**94242** | &nbsp;&nbsp;&nbsp;&nbsp;**0.34** |
| **Total Investments (Total Cost $36,625,852)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27037127** | &nbsp;&nbsp;&nbsp;&nbsp;**96.15** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083985 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 |
| **Net Assets** |  | **$28121112** | &nbsp;&nbsp;**100.00** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>1</sup> Local currency is United States Dollars unless otherwise noted below.

<sup>2</sup> 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. As of April 30, 2026, these securities had a total value of $1,455,529 or 5.18% of net assets.

<sup>3</sup> Step coupon bond. Rate as of April 30, 2026 is disclosed.

<sup>4</sup> Zero coupon bond.

<sup>5</sup> Issuer has defaulted on terms of debt obligation.

<sup>6</sup> Maturity has been extended under the terms of a plan of reorganization.

<sup>7</sup> 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.

<sup>8</sup> Security has been deemed worthless and is a Level 3 investment.

<sup>9</sup> 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.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

At April 30, 2026, the Ashmore Emerging Markets Total Return Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 05/04/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336147 | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;1322404 | &nbsp;&nbsp;$3136 |
| 05/05/2026 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;288075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342 |
| 05/05/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475911 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;497971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367 |
| 05/05/2026 | &nbsp;&nbsp;Santander | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;211852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9994 |
| 05/05/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104663 | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;3395463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 |
| 05/11/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571939 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| 05/11/2026 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334337 | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;1322404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259 |
| 05/22/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52339 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;897608000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 |
| 05/29/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165931 | &nbsp;&nbsp;Philippine Peso | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3251 |
| 06/02/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100421 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 |
| 06/05/2026 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Nigerian Naira | &nbsp;&nbsp;&nbsp;&nbsp;121761000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4188 |
| 06/08/2026 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116000 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;6078400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4990 |
| 06/10/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Euro | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32720 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;37800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677 |
| 06/10/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38620 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;32720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 |
| 06/10/2026 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;462901500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 |
| 06/10/2026 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171300 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;2914097694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3189 |
| 06/17/2026 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13107 | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;417255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 |
| 06/17/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12959 | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;413540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 |
| 06/17/2026 | &nbsp;&nbsp;UBS | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78700 | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;2526325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889 |
| 06/18/2026 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125800 | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;498231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 |
| 07/10/2026 | &nbsp;&nbsp;ANZ Banking | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93100 | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;8787499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292 |
| 07/31/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807788 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;38795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
| 07/31/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8317752 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;398755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 |
| 07/31/2026 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8469495 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;26066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079 |
| 07/31/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34229472 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;107092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614 |
| 07/31/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Israeli Shekel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330220 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;107239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4890 |
| 07/31/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Kazakhstan Tenge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88636385 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;178115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6445 |
| 07/31/2026 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;&nbsp;&nbsp;999188223 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;676622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3415 |
| 07/31/2026 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Korean Won | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66461805 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 |
| 07/31/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811081 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;772042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229 |
| 07/31/2026 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222642 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;61235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 |
| 07/31/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318791 | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;284980188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058 |
| 07/31/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;130355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 |
| 07/31/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626359 | &nbsp;&nbsp;Colombian Peso | &nbsp;&nbsp;2265572047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16644 |
| 07/31/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362101 | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;6352698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287 |
| 07/31/2026 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228800 | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;4017385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 |
| 07/31/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80400 | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;352409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 |
| 07/31/2026 | &nbsp;&nbsp;Societe Generale | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134000 | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;584543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2798 |
| 07/31/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19679 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;327836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 |
| 07/31/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40170 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;662606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 07/31/2026 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121100 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;2009735 | &nbsp;&nbsp;$1319 |
| 07/31/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32500 | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;1600865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| 07/31/2026 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Uzbekistan Som | &nbsp;&nbsp;1072407717 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;87436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 |
| 08/06/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Nigerian Naira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99613665 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;68985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91857 |
| 05/04/2026 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322404 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;334278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1267) |
| 05/05/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705463 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;52500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159) |
| 05/05/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;52000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133) |
| 05/05/2026 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585800 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;3048846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29086) |
| 05/05/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370798 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;1967065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25916) |
| 05/11/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26159811 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;280414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5210) |
| 05/11/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567510 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;143000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) |
| 05/22/2026 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;&nbsp;&nbsp;788670000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465) |
| 05/29/2026 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Philippine Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5869623 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;96703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1215) |
| 05/29/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Philippine Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10037876 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;167243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3946) |
| 06/02/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494500 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;2475911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1166) |
| 06/05/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;Nigerian Naira | &nbsp;&nbsp;70150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(232) |
| 06/10/2026 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;2784301965 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;165614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4990) |
| 06/10/2026 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;&nbsp;&nbsp;805862000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(511) |
| 06/10/2026 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;2632607606 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;153081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1209) |
| 06/17/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26036213 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;811383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9467) |
| 06/17/2026 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122854 | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;4013658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(767) |
| 06/18/2026 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231698 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;59194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(773) |
| 07/10/2026 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34106770 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;362797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6465) |
| 07/10/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9907212 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;104806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1300) |
| 07/10/2026 | &nbsp;&nbsp;UBS | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10719191 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;113481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1491) |
| 07/31/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8114973 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;1198862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3057) |
| 07/31/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598320 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172) |
| 07/31/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20411573 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;65702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282) |
| 07/31/2026 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37794850 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;121641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(508) |
| 07/31/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12857890 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;732126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1838) |
| 07/31/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Peruvian Nuevo Sol | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167109 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;47914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(506) |
| 07/31/2026 | &nbsp;&nbsp;Societe Generale | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482467 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(940) |
| 07/31/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336376 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;76868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1367) |
| 07/31/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253787 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;57982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1019) |
| 07/31/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Singapore Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687909 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;545140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1090) |
| 07/31/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4455757 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;268823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3257) |
| 07/31/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061529 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;63952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(684) |
| 07/31/2026 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Taiwan Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14322441 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;454355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2178) |
| 07/31/2026 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740826 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;15050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |
| 07/31/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18420707 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;374370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(758) |
| 07/31/2026 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92000 | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;1918965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(458) |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 07/31/2026 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63900 | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;20771719 | &nbsp;&nbsp;$(2674) |
| 07/31/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;Israeli Shekel | &nbsp;&nbsp;62876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(850) |
| 07/31/2026 | &nbsp;&nbsp;Goldman Sachs | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166800 | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;607439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(726) |
| 08/06/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57150 | &nbsp;&nbsp;Nigerian Naira | &nbsp;&nbsp;82867500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1054) |
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(119271) |
| Total |  |  |  |  |  | &nbsp;&nbsp;$(27414) |

---

At April 30, 2026, the Ashmore Emerging Markets Total Return Fund had the following centrally cleared interest rate swap contracts outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/<br> Pay Rate** | &nbsp;&nbsp;**Receive Rate/<br> Receive Rate<br> Index** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Fair<br> Value** | &nbsp;&nbsp;**Premiums<br> Paid/<br> (Received)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)\*\*** |
| 5.250% (Pay Semi-Annually) | &nbsp;&nbsp;&nbsp;1-Day CLP CLICP (Receive Semi-Annually) | &nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;480000000 | &nbsp;&nbsp;&nbsp;01/26/2036 | &nbsp;&nbsp;&nbsp;$615 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$615 |
| 4.710% (Pay Semi-Annually) | &nbsp;&nbsp;&nbsp;1-Day CLP CLICP (Receive Semi-Annually) | &nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;403000000 | &nbsp;&nbsp;&nbsp;02/02/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6457 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6457 |
| 1 Day COOVIBR (Pay Quarterly) | &nbsp;&nbsp;&nbsp;8.170% (Receive Quarterly) | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;2609650000 | &nbsp;&nbsp;&nbsp;04/07/2027 | &nbsp;&nbsp;&nbsp;&nbsp;(26859) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(26859) |
| 7.646% (Pay Monthly) | &nbsp;&nbsp;&nbsp;1-Day MXN-TIIE-BANXICO (Receive Monthly) | &nbsp;&nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600000 | &nbsp;&nbsp;&nbsp;06/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291 |
| 8.041% (Pay Monthly) | &nbsp;&nbsp;&nbsp;1-Day MXN-TIIE-BANXICO (Receive Monthly) | &nbsp;&nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;06/04/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4242 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4242 |
| 7.788% (Pay Monthly) | &nbsp;&nbsp;&nbsp;1-Day MXN-TIIE-BANXICO (Receive Monthly) | &nbsp;&nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900000 | &nbsp;&nbsp;&nbsp;06/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772 |
| 7.355% (Pay Quarterly) | &nbsp;&nbsp;&nbsp;3M ZAR JIBAR (Receive Quarterly) | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300000 | &nbsp;&nbsp;&nbsp;04/24/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;$(10865) |

---

\*\*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.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (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, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Investments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp;$420279 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$420279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178316 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Certificates | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208408 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4575965 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4575965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18619494 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18619494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index Linked Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845746 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Term Bills and Notes | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2094677 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2094677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;26942885 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;26942885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94242 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94242 |
| Total Investments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$27037127 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$27037127 |
| Other Financial Instruments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts<sup>†</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$15994 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$15994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91857 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91857 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26859) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26859) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119271) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119271) |
| Total Other Financial Instruments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(38279) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(38279) |
| <sup>†</sup>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. | <sup>†</sup>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. | <sup>†</sup>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. | <sup>†</sup>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. | <sup>†</sup>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, 2026.

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, 2026.

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, 2026:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** |
|  | &nbsp;&nbsp;**Foreign<br> Exchange Risk** | &nbsp;&nbsp;**Interest<br> Rate Risk** |
| **Assets:** |  |  |
| Unrealized Appreciation on Centrally Cleared Interest Rate Swap Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$15994<sup>†</sup> |
| Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;91857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$91857 | &nbsp;&nbsp;$15994 |
| **Liabilities:** |  |  |
| Unrealized Depreciation on Centrally Cleared Interest Rate Swap Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$26859<sup>†</sup> |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS TOTAL RETURN FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** |
|  | &nbsp;&nbsp;**Foreign<br> Exchange Risk** | &nbsp;&nbsp;**Interest<br> Rate Risk** |
| Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$(119271) | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;$(119271) | &nbsp;&nbsp;$26859 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>†</sup> 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, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** |
|  | &nbsp;&nbsp;**Foreign<br> Exchange Risk** | &nbsp;&nbsp;**Interest<br> Rate Risk** | &nbsp;&nbsp;**Credit<br> Risk** |
| **Realized Gain (Loss) on Derivatives:** |  |  |  |
| Net Realized Loss on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$(69024) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Net Realized Loss on Interest Rate Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(67070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Realized Gain on Credit Default Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2039 |
|  | &nbsp;&nbsp;$(69024) | &nbsp;&nbsp;$(67070) | &nbsp;&nbsp;$2039 |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** |  |  |  |
| Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$110416 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Net Change in Unrealized Appreciation on Interest Rate Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;27223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$110416 | &nbsp;&nbsp;$27223 | &nbsp;&nbsp;$— |

---

\* See note 9 in the Notes to the Financial Statements for additional information.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Argentina (Cost $138,685)** |  |  |  |  |
| Bono Del Tesoro Nacional Capitalizable en Pesos, 2.550%, 04/30/2027 | &nbsp;&nbsp;&nbsp;ARS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000000 | $40014 | &nbsp;&nbsp;0.41 |
| Letra Del Tesoro Nacional Capitalizable En Pesos, 2.750%, 07/31/2026 | &nbsp;&nbsp;&nbsp;ARS | &nbsp;&nbsp;&nbsp;&nbsp;142259383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112990 | &nbsp;&nbsp;1.14 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**153004** | &nbsp;&nbsp;**1.55** |
| **Brazil (Cost $661,143)** |  |  |  |  |
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2028<sup>2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224931 | &nbsp;&nbsp;2.28 |
| Brazil Letras do Tesouro Nacional, 0.000%, 01/01/2030<sup>2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3119000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393898 | &nbsp;&nbsp;3.98 |
| Brazil Notas do Tesouro Nacional, 10.000%, 01/01/2029 | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88968 | &nbsp;&nbsp;0.90 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**707797** | &nbsp;&nbsp;**7.16** |
| **Chile (Cost $321,226)** |  |  |  |  |
| Bonos de la Tesoreria de la Republica en pesos, 5.000%, 10/01/2028<sup>3</sup> | &nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22269 | &nbsp;&nbsp;0.22 |
| Bonos de la Tesoreria de la Republica en pesos, 5.800%, 10/01/2029<sup>3</sup> | &nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;130000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146882 | &nbsp;&nbsp;1.49 |
| Bonos de la Tesoreria de la Republica en pesos, 6.000%, 04/01/2033<sup>3</sup> | &nbsp;&nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;130000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148258 | &nbsp;&nbsp;1.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**317409** | &nbsp;&nbsp;**3.21** |
| **China (Cost $403,514)** |  |  |  |  |
| China (Rep of), 1.440%, 09/15/2027 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77634 | &nbsp;&nbsp;0.79 |
| China (Rep of), 2.620%, 09/25/2029 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56419 | &nbsp;&nbsp;0.57 |
| China (Rep of), 1.780%, 09/15/2032 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140437 | &nbsp;&nbsp;1.42 |
| China (Rep of), 1.830%, 08/25/2035 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57353 | &nbsp;&nbsp;0.58 |
| China (Rep of), 1.980%, 04/25/2045 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18263 | &nbsp;&nbsp;0.18 |
| China (Rep of), 2.150%, 08/25/2055 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69508 | &nbsp;&nbsp;0.70 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**419614** | &nbsp;&nbsp;**4.24** |
| **Colombia (Cost $780,766)** |  |  |  |  |
| Colombian TES, 6.000%, 04/28/2028 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;1351700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321571 | &nbsp;&nbsp;3.25 |
| Colombian TES, 7.000%, 03/26/2031 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;581700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121471 | &nbsp;&nbsp;1.23 |
| Colombian TES, 7.000%, 06/30/2032 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;306900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60803 | &nbsp;&nbsp;0.62 |
| Colombian TES, 13.250%, 02/09/2033 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;471100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124753 | &nbsp;&nbsp;1.26 |
| Colombian TES, 7.250%, 10/18/2034 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;307600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58288 | &nbsp;&nbsp;0.59 |
| Colombian TES, 11.500%, 07/25/2046 | &nbsp;&nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;404200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98043 | &nbsp;&nbsp;0.99 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**784929** | &nbsp;&nbsp;**7.94** |
| **Czech Republic (Cost $388,504)** |  |  |  |  |
| Czech (Rep of), 5.000%, 09/30/2030 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122316 | &nbsp;&nbsp;1.24 |
| Czech (Rep of), 1.750%, 06/23/2032 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68401 | &nbsp;&nbsp;0.69 |
| Czech (Rep of), 4.900%, 04/14/2034 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164537 | &nbsp;&nbsp;1.67 |
| Czech (Rep of), 1.950%, 07/30/2037 | &nbsp;&nbsp;CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44845 | &nbsp;&nbsp;0.45 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**400099** | &nbsp;&nbsp;**4.05** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Egypt (Cost $47,424)** |  |  |  |  |
| Egypt (Rep of), 23.381%, 08/26/2028 | &nbsp;&nbsp;&nbsp;EGP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245000 | $41078 | &nbsp;&nbsp;0.42 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**41078** | &nbsp;&nbsp;**0.42** |
| **Hungary (Cost $191,344)** |  |  |  |  |
| Hungary (Rep of), 4.500%, 03/23/2028 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33473 | &nbsp;&nbsp;0.34 |
| Hungary (Rep of), 6.750%, 10/22/2028 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7905 | &nbsp;&nbsp;0.08 |
| Hungary (Rep of), 3.000%, 08/21/2030 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40907 | &nbsp;&nbsp;0.41 |
| Hungary (Rep of), 6.750%, 07/23/2031 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39016 | &nbsp;&nbsp;0.39 |
| Hungary (Rep of), 4.750%, 11/24/2032 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30331 | &nbsp;&nbsp;0.31 |
| Hungary (Rep of), 7.000%, 10/24/2035 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51740 | &nbsp;&nbsp;0.52 |
| Hungary (Rep of), 3.000%, 10/27/2038 | &nbsp;&nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13414 | &nbsp;&nbsp;0.14 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**216786** | &nbsp;&nbsp;**2.19** |
| **India (Cost $226,270)** |  |  |  |  |
| India (Rep of), 7.360%, 09/12/2052 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99090 | &nbsp;&nbsp;1.00 |
| India (Rep of), 7.300%, 06/19/2053 | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92779 | &nbsp;&nbsp;0.94 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**191869** | &nbsp;&nbsp;**1.94** |
| **Indonesia (Cost $1,015,368)** |  |  |  |  |
| Indonesia (Rep of), 5.125%, 04/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1702000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97095 | &nbsp;&nbsp;0.98 |
| Indonesia (Rep of), 7.000%, 05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;2169000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125805 | &nbsp;&nbsp;1.27 |
| Indonesia (Rep of), 6.375%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1834000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105842 | &nbsp;&nbsp;1.07 |
| Indonesia (Rep of), 6.875%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;611000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35686 | &nbsp;&nbsp;0.36 |
| Indonesia (Rep of), 6.500%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;123000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7063 | &nbsp;&nbsp;0.07 |
| Indonesia (Rep of), 7.000%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;787000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45969 | &nbsp;&nbsp;0.47 |
| Indonesia (Rep of), 6.500%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;694000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39710 | &nbsp;&nbsp;0.40 |
| Indonesia (Rep of), 8.750%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1159000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72613 | &nbsp;&nbsp;0.74 |
| Indonesia (Rep of), 6.375%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1017000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57724 | &nbsp;&nbsp;0.58 |
| Indonesia (Rep of), 7.500%, 08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;583000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34924 | &nbsp;&nbsp;0.35 |
| Indonesia (Rep of), 7.000%, 02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;586000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34276 | &nbsp;&nbsp;0.35 |
| Indonesia (Rep of), 6.625%, 02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;435000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24867 | &nbsp;&nbsp;0.25 |
| Indonesia (Rep of), 8.375%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;830000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52279 | &nbsp;&nbsp;0.53 |
| Indonesia (Rep of), 6.750%, 07/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;388000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22235 | &nbsp;&nbsp;0.23 |
| Indonesia (Rep of), 8.250%, 05/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;635000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40377 | &nbsp;&nbsp;0.41 |
| Indonesia (Rep of), 7.125%, 06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;1618000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95245 | &nbsp;&nbsp;0.96 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**891710** | &nbsp;&nbsp;**9.02** |
| **Malaysia (Cost $413,529)** |  |  |  |  |
| Malaysia (Rep of), 3.476%, 07/02/2035 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16494 | &nbsp;&nbsp;0.17 |
| Malaysia (Rep of), 4.893%, 06/08/2038 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62727 | &nbsp;&nbsp;0.63 |
| Malaysia (Rep of), 4.054%, 04/18/2039 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38237 | &nbsp;&nbsp;0.39 |
| Malaysia (Rep of), 3.757%, 05/22/2040 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24815 | &nbsp;&nbsp;0.25 |
| Malaysia (Rep of), 4.696%, 10/15/2042 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81363 | &nbsp;&nbsp;0.82 |
| Malaysia (Rep of), 4.180%, 05/16/2044 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13691 | &nbsp;&nbsp;0.14 |
| Malaysia (Rep of), 4.921%, 07/06/2048 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3123 | &nbsp;&nbsp;0.03 |
| Malaysia (Rep of), 4.065%, 06/15/2050 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71577 | &nbsp;&nbsp;0.72 |
| Malaysia (Rep of), 4.457%, 03/31/2053 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62863 | &nbsp;&nbsp;0.64 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Malaysia (continued)** |  |  |  |  |
| Malaysia Government Investment Issue, 4.417%, 09/30/2041 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | $2925 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Malaysia Government Investment Issue, 4.291%, 08/14/2043 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15409 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Malaysia Government Investment Issue, 5.357%, 05/15/2052 | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75360 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**468584** | &nbsp;&nbsp;&nbsp;&nbsp;**4.74** |
| **Mexico (Cost $1,326,736)** |  |  |  |  |
| Mexican Bonos, 8.500%, 05/31/2029 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195817 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| Mexican Bonos, 7.750%, 05/29/2031 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;4710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259260 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 |
| Mexican Bonos, 7.750%, 11/23/2034 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80331 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Mexican Bonos, 8.500%, 11/18/2038 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;2350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124604 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| Mexican Bonos, 7.750%, 11/13/2042 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;1830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87940 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Mexican Bonos, 8.000%, 11/07/2047 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52690 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Mexican Udibonos, 4.000%, 08/30/2029 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306410 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 |
| Mexican Udibonos, 2.750%, 11/27/2031 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134021 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Mexican Udibonos, 4.000%, 08/24/2034 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125427 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| Mexican Udibonos, 4.500%, 11/22/2035 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15060 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1381560** | &nbsp;&nbsp;**13.98** |
| **Nigeria (Cost $257,105)** |  |  |  |  |
| Nigeria OMO Bill, 0.000%, 07/21/2026<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;&nbsp;&nbsp;37538000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26118 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Nigeria OMO Bill, 0.000%, 07/28/2026<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;&nbsp;&nbsp;14849000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10290 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Nigeria OMO Bill, 0.000%, 08/11/2026<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;&nbsp;&nbsp;58368000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40128 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Nigeria OMO Bill, 0.000%, 08/18/2026<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;&nbsp;&nbsp;4700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3224 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Nigeria OMO Bill, 0.000%, 01/12/2027<sup>2</sup> | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;274409000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176360 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**256120** | &nbsp;&nbsp;&nbsp;&nbsp;**2.59** |
| **Paraguay (Cost $82,737)** |  |  |  |  |
| Paraguay (Rep of), 8.500%, 04/04/2038<sup>3</sup> | &nbsp;&nbsp;&nbsp;PYG | &nbsp;&nbsp;533000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87049 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**87049** | &nbsp;&nbsp;&nbsp;&nbsp;**0.88** |
| **Peru (Cost $135,692)** |  |  |  |  |
| Peru (Rep of), 7.300%, 08/12/2033<sup>3</sup> | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10633 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Peru (Rep of), 6.850%, 08/12/2035<sup>3</sup> | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38023 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Peru (Rep of), 7.600%, 08/12/2039<sup>3</sup> | &nbsp;&nbsp;&nbsp;PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86369 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**135025** | &nbsp;&nbsp;&nbsp;&nbsp;**1.37** |
| **Poland (Cost $450,227)** |  |  |  |  |
| Poland (Rep of), 2.750%, 10/25/2029 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13628 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Poland (Rep of), 4.500%, 07/25/2030 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34230 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Poland (Rep of), 1.250%, 10/25/2030 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44913 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Poland (Rep of), 1.750%, 04/25/2032 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94364 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Poland (Rep of), 6.000%, 10/25/2033 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134054 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Poland (Rep of), 5.000%, 10/25/2034 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49948 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Poland (Rep of), 5.000%, 10/25/2035 | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107531 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**478668** | &nbsp;&nbsp;&nbsp;&nbsp;**4.84** |
| **Romania (Cost $424,565)** |  |  |  |  |
| Romania (Rep of), 4.850%, 07/25/2029 | &nbsp;&nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42728 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Romania (continued)** |  |  |  |  |
| Romania (Rep of), 8.000%, 04/29/2030 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | $16387 | &nbsp;&nbsp;0.17 |
| Romania (Rep of), 4.150%, 10/24/2030 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23211 | &nbsp;&nbsp;0.24 |
| Romania (Rep of), 7.350%, 04/28/2031 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89272 | &nbsp;&nbsp;0.90 |
| Romania (Rep of), 8.250%, 09/29/2032 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36674 | &nbsp;&nbsp;0.37 |
| Romania (Rep of), 7.100%, 07/31/2034 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10048 | &nbsp;&nbsp;0.10 |
| Romania (Rep of), 4.750%, 10/11/2034 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54234 | &nbsp;&nbsp;0.55 |
| Romania (Rep of), 6.750%, 04/25/2035 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23992 | &nbsp;&nbsp;0.24 |
| Romania (Rep of), 4.250%, 04/28/2036 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19531 | &nbsp;&nbsp;0.20 |
| Romania (Rep of), 7.900%, 02/24/2038 | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96769 | &nbsp;&nbsp;0.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**412846** | &nbsp;&nbsp;**4.18** |
| **South Africa (Cost $643,582)** |  |  |  |  |
| South Africa (Rep of), 8.250%, 03/31/2032 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;989335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58672 | &nbsp;&nbsp;0.59 |
| South Africa (Rep of), 8.875%, 02/28/2035 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;3496927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210815 | &nbsp;&nbsp;2.13 |
| South Africa (Rep of), 8.500%, 01/31/2037 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;1244830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71818 | &nbsp;&nbsp;0.73 |
| South Africa (Rep of), 9.000%, 01/31/2040 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;1725529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101220 | &nbsp;&nbsp;1.03 |
| South Africa (Rep of), 8.750%, 01/31/2044 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;3993953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226103 | &nbsp;&nbsp;2.29 |
| South Africa (Rep of), 8.750%, 02/28/2048 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;754544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42712 | &nbsp;&nbsp;0.43 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**711340** | &nbsp;&nbsp;**7.20** |
| **Supranational (Cost $146,780)** |  |  |  |  |
| Inter-American Development Bank, 7.350%, 10/06/2030 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31099 | &nbsp;&nbsp;0.31 |
| Inter-American Development Bank, 6.850%, 02/18/2036 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39305 | &nbsp;&nbsp;0.40 |
| International Bank for Reconstruction & Development, 6.500%, 04/17/2030 | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;5800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58404 | &nbsp;&nbsp;0.59 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**128808** | &nbsp;&nbsp;**1.30** |
| **Thailand (Cost $441,259)** |  |  |  |  |
| Thailand (Rep of), 3.775%, 06/25/2032 | &nbsp;&nbsp;THB | &nbsp;&nbsp;1779000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60722 | &nbsp;&nbsp;0.61 |
| Thailand (Rep of), 3.350%, 06/17/2033 | &nbsp;&nbsp;THB | &nbsp;&nbsp;1814000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60662 | &nbsp;&nbsp;0.61 |
| Thailand (Rep of), 1.585%, 12/17/2035 | &nbsp;&nbsp;THB | &nbsp;&nbsp;2103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60932 | &nbsp;&nbsp;0.62 |
| Thailand (Rep of), 3.400%, 06/17/2036 | &nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15071 | &nbsp;&nbsp;0.15 |
| Thailand (Rep of), 3.390%, 06/17/2037 | &nbsp;&nbsp;THB | &nbsp;&nbsp;3245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109275 | &nbsp;&nbsp;1.11 |
| Thailand (Rep of), 3.300%, 06/17/2038 | &nbsp;&nbsp;THB | &nbsp;&nbsp;1204000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39756 | &nbsp;&nbsp;0.40 |
| Thailand (Rep of), 2.000%, 06/17/2042 | &nbsp;&nbsp;THB | &nbsp;&nbsp;1047000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28531 | &nbsp;&nbsp;0.29 |
| Thailand (Rep of), 2.980%, 06/17/2045 | &nbsp;&nbsp;THB | &nbsp;&nbsp;1742000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52616 | &nbsp;&nbsp;0.53 |
| Thailand (Rep of), 2.875%, 06/17/2046 | &nbsp;&nbsp;THB | &nbsp;&nbsp;1449000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42956 | &nbsp;&nbsp;0.44 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**470521** | &nbsp;&nbsp;**4.76** |
| **Turkey (Cost $117,908)** |  |  |  |  |
| Turkey (Rep of), 31.080%, 11/08/2028 | &nbsp;&nbsp;TRY | &nbsp;&nbsp;1006740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20415 | &nbsp;&nbsp;0.20 |
| Turkey (Rep of), 26.200%, 10/05/2033 | &nbsp;&nbsp;TRY | &nbsp;&nbsp;2709134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50184 | &nbsp;&nbsp;0.51 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**70599** | &nbsp;&nbsp;**0.71** |
| **United States (Cost $617,396)** |  |  |  |  |
| U.S. Treasury Bill, 3.503%, 06/04/2026<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;619500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617397 | &nbsp;&nbsp;6.24 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**617397** | &nbsp;&nbsp;**6.24** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Uruguay (Cost $25,025)** |  |  |  |  |
| Uruguay (Rep of), 8.000%, 10/29/2035 | &nbsp;&nbsp;&nbsp;UYU | &nbsp;&nbsp;996390 | $25288 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25288** | &nbsp;&nbsp;&nbsp;&nbsp;**0.26** |
| **Zambia (Cost $27,206)** |  |  |  |  |
| Zambia (Rep of), 16.000%, 02/16/2033 | &nbsp;&nbsp;ZMW | &nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25760 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25760** | &nbsp;&nbsp;&nbsp;&nbsp;**0.26** |
| **Total Debt Securities (Cost $9,283,991)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9393860** | &nbsp;&nbsp;&nbsp;&nbsp;**95.03** |
| **Total Investments in Securities (Cost $9,283,991)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9393860** | &nbsp;&nbsp;&nbsp;&nbsp;**95.03** |
| **Total Investments (Total Cost $9,283,991)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9393860** | &nbsp;&nbsp;&nbsp;&nbsp;**95.03** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491687 | &nbsp;&nbsp;&nbsp;&nbsp;4.97 |
| **Net Assets** |  |  | **$9885547** | &nbsp;&nbsp;**100.00** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Local currency is United States Dollars unless otherwise noted below.

<sup>2</sup> Zero coupon bond.

<sup>3</sup> 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. As of April 30, 2026, these securities had a total value of $539,483 or 5.46% of net assets.

<sup>4</sup> 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.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

At April 30, 2026, the Ashmore Emerging Markets Local Currency Bond Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 05/05/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695105 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;131030 | &nbsp;&nbsp;$9158 |
| 05/05/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116181 | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;3769130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 |
| 05/11/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297885 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| 05/11/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22329 | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;88244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| 05/22/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9731 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;166888000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |
| 05/29/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116152 | &nbsp;&nbsp;Philippine Peso | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275 |
| 06/02/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423402 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;84465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 |
| 06/05/2026 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Nigerian Naira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73350000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523 |
| 06/08/2026 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;Egyptian Pound | &nbsp;&nbsp;2620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151 |
| 06/10/2026 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;456988500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637 |
| 06/10/2026 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209078 | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;3515026523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 |
| 06/18/2026 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40203 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;10137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>1</sup> |
| 06/18/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72207 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 |
| 06/18/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;138593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| 07/31/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54301 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| 07/31/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196158 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;57344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 |
| 07/31/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13337512 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;42632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 |
| 07/31/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Kazakhstan Tenge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54271000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;109058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3947 |
| 07/31/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253492 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;344262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440 |
| 07/31/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152597 | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;136412535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 |
| 07/31/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;Chilean Peso | &nbsp;&nbsp;89900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| 07/31/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412169 | &nbsp;&nbsp;Colombian Peso | &nbsp;&nbsp;1490834257 | &nbsp;&nbsp;&nbsp;&nbsp;10952 |
| 07/31/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12770 | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;263620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |
| 07/31/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399670 | &nbsp;&nbsp;Mexican Peso | &nbsp;&nbsp;7016703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143 |
| 07/31/2026 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35721 | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;128224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 |
| 07/31/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25121 | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;109957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 |
| 07/31/2026 | &nbsp;&nbsp;Societe Generale | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99000 | &nbsp;&nbsp;Romanian Leu | &nbsp;&nbsp;431864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067 |
| 07/31/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14717 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;245173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 |
| 07/31/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30041 | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;495532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 |
| 07/31/2026 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Uzbekistan Som | &nbsp;&nbsp;&nbsp;&nbsp;624629000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;50928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 |
| 08/06/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Nigerian Naira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76800000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;53186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;48106 |
| 05/05/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884130 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) |
| 05/05/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148) |
| 05/05/2026 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;447440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5239) |
| 05/05/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49812 | &nbsp;&nbsp;Brazilian Real | &nbsp;&nbsp;247665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137) |
| 05/11/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12075491 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;129440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2405) |
| 05/11/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293676 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;74000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) |
| 05/22/2026 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;&nbsp;&nbsp;565785000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334) |
| 05/29/2026 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Philippine Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5468278 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;90091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1132) |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 05/29/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Philippine Peso | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549378 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;25814 | &nbsp;&nbsp;$(609) |
| 06/10/2026 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;1202518000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;69871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(499) |
| 06/10/2026 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;Indonesian Rupiah | &nbsp;&nbsp;&nbsp;&nbsp;170260000 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178) |
| 06/17/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11810163 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;367239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3485) |
| 06/17/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30727 | &nbsp;&nbsp;Thai Baht | &nbsp;&nbsp;1006771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282) |
| 06/18/2026 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890794 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;483060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6307) |
| 06/18/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78375 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;19771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |
| 06/18/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Malaysian Ringgit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43410 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) |
| 07/10/2026 | &nbsp;&nbsp;Deutsche Bank | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11237343 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;119533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2130) |
| 07/10/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Indian Rupee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10037363 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;106176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1310) |
| 07/31/2026 | &nbsp;&nbsp;HSBC Bank | &nbsp;&nbsp;Chinese Offshore Yuan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3733871 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;551622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1407) |
| 07/31/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Czech Koruna | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206317 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) |
| 07/31/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19079197 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;61413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264) |
| 07/31/2026 | &nbsp;&nbsp;BNP Paribas | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19411109 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;62474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261) |
| 07/31/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;Peruvian Nuevo Sol | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22774 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;6530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) |
| 07/31/2026 | &nbsp;&nbsp;Citibank | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28772 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) |
| 07/31/2026 | &nbsp;&nbsp;Societe Generale | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363651 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(708) |
| 07/31/2026 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77561 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;21612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221) |
| 07/31/2026 | &nbsp;&nbsp;Merrill Lynch | &nbsp;&nbsp;South African Rand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524971 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;31672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384) |
| 07/31/2026 | &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;Turkish Lira | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688540 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;13993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) |
| 07/31/2026 | &nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135206 | &nbsp;&nbsp;Hungarian Forint | &nbsp;&nbsp;43932364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5599) |
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(33529) |
| Total |  |  |  |  |  | &nbsp;&nbsp;$14577 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Amount rounds to less than $1.

At April 30, 2026, the Ashmore Emerging Markets Local Currency Bond Fund had the following centrally cleared interest rate swap contracts outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/<br> Pay Rate** | &nbsp;&nbsp;**Receive Rate/<br> Receive Rate<br> Index** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Fair<br> Value** | &nbsp;&nbsp;**Premiums<br> Paid/<br> (Received)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)\*\*** |
| 1 Day Brazil CENTIP Interbank Deposit Rate (Pay At Maturity) | &nbsp;&nbsp;13.130% (Receive At Maturity) | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073075 | &nbsp;&nbsp;01/02/2029 | &nbsp;&nbsp;$(4800) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(4800) |
| 1 Day Brazil CENTIP Interbank Deposit Rate (Pay At Maturity) | &nbsp;&nbsp;13.260% (Receive At Maturity) | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2601887 | &nbsp;&nbsp;01/03/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9170) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9170) |
| 1 Day Brazil CENTIP Interbank Deposit Rate (Pay At Maturity) | &nbsp;&nbsp;13.090% (Receive At Maturity) | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880576 | &nbsp;&nbsp;01/02/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3902) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3902) |
| 5.250% (Pay Semi-Annually) | &nbsp;&nbsp;1-Day CLP CLICP (Receive Semi-Annually) | &nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;114000000 | &nbsp;&nbsp;01/26/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 |
| 4.710% (Pay Semi-Annually) | &nbsp;&nbsp;1-Day CLP CLICP (Receive Semi-Annually) | &nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;193000000 | &nbsp;&nbsp;02/02/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/<br> Pay Rate** | &nbsp;&nbsp;**Receive Rate/<br> Receive Rate<br> Index** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Fair<br> Value** | &nbsp;&nbsp;**Premiums<br> Paid/<br> (Received)** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)\*\*** |
| 4.785% (Pay Semi-Annually) | &nbsp;&nbsp;1-Day CLP CLICP (Receive Semi-Annually) | &nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;159000000 | &nbsp;&nbsp;03/09/2031 | &nbsp;&nbsp;$2066 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2066 |
| 5.146% (Pay Semi-Annually) | &nbsp;&nbsp;1-Day CLP CLICP (Receive Semi-Annually) | &nbsp;&nbsp;CLP | &nbsp;&nbsp;&nbsp;&nbsp;120000000 | &nbsp;&nbsp;03/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(572) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(572) |
| 7-Day CNY CNRR (Pay Quarterly) | &nbsp;&nbsp;2.775% (Receive Quarterly) | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6413 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6413 |
| 7-Day CNY CNRR (Pay Quarterly) | &nbsp;&nbsp;1.770% (Receive Quarterly) | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;10/11/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932 |
| 1 Day COOVIBR (Pay Quarterly) | &nbsp;&nbsp;8.420% (Receive Quarterly) | &nbsp;&nbsp;COP | &nbsp;&nbsp;2183000000 | &nbsp;&nbsp;01/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp;(15613) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(15613) |
| 1 Day COOVIBR (Pay Quarterly) | &nbsp;&nbsp;8.170% (Receive Quarterly) | &nbsp;&nbsp;COP | &nbsp;&nbsp;&nbsp;&nbsp;605810000 | &nbsp;&nbsp;04/07/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6235) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6235) |
| 1-Day INR MIBOR (Pay Semi-Annually) | &nbsp;&nbsp;5.794% (Receive Semi-Annually) | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6430000 | &nbsp;&nbsp;06/18/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4494) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4494) |
| 5.744% (Pay Semi-Annually) | &nbsp;&nbsp;1-Day INR MIBOR (Receive Semi-Annually) | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337000 | &nbsp;&nbsp;06/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 |
| 7.646% (Pay Monthly) | &nbsp;&nbsp;1-Day MXN-TIIE-BANXICO (Receive Monthly) | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;06/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336 |
| 8.041% (Pay Monthly) | &nbsp;&nbsp;1-Day MXN-TIIE-BANXICO (Receive Monthly) | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;06/04/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2970 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2970 |
| 8.071% (Pay Monthly) | &nbsp;&nbsp;1-Day MXN-TIIE-BANXICO (Receive Monthly) | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;06/04/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227 |
| 7.788% (Pay Monthly) | &nbsp;&nbsp;1-Day MXN-TIIE-BANXICO (Receive Monthly) | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200000 | &nbsp;&nbsp;06/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262 |
| 3M MYR KLIBO (Pay Quarterly) | &nbsp;&nbsp;3.270% (Receive Quarterly) | &nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539000 | &nbsp;&nbsp;06/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1123) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1123) |
| 6M PLN WIBOR (Pay Semi-Annually) | &nbsp;&nbsp;4.681% (Receive Annually) | &nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;06/19/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077 |
| 7.355% (Pay Quarterly) | &nbsp;&nbsp;3M ZAR JIBAR (Receive Quarterly) | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300000 | &nbsp;&nbsp;04/24/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$(24648) |

---

\*\*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.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (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, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Investments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Certificates | &nbsp;&nbsp;$— | &nbsp;&nbsp;$93694 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$93694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128808 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7603932 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7603932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Index Linked Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580918 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Term Bills and Notes | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986508 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9393860 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9393860 |
| Total Investments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9393860 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9393860 |
| Other Financial Instruments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts<sup>†</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$21262 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$21262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48106 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48106 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45910) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45910) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33529) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33529) |
| Total Other Financial Instruments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(10071) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(10071) |
| <sup>†</sup>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. | <sup>†</sup>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. | <sup>†</sup>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. | <sup>†</sup>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. | <sup>†</sup>Includes cumulative appreciation/depreciation on centrally cleared interest rate swap agreements. Only the current day's variation margin is reported within the Statements of Assets and Liabilities. |

---

The following is a 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, 2026:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** |
|  | &nbsp;&nbsp;**Foreign<br> Exchange Risk** | &nbsp;&nbsp;**Interest<br> Rate Risk** |
| **Assets:** |  |  |
| Unrealized Appreciation on Centrally Cleared Interest Rate Swap Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$21261<sup>†</sup> |
| Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;48106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$48106 | &nbsp;&nbsp;$21261 |
| **Liabilities:** |  |  |
| Unrealized Depreciation on Centrally Cleared Interest Rate Swap Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(45909)<sup>†</sup> |
| Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(33529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$(33529) | &nbsp;&nbsp;$(45909) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>†</sup> 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.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

#### The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** |
|  | &nbsp;&nbsp;**Foreign<br> Exchange Risk** | &nbsp;&nbsp;**Interest<br> Rate Risk** | &nbsp;&nbsp;**Credit<br> Risk** |
| **Realized Gain (Loss) on Derivatives:** |  |  |  |
| Net Realized Gain on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$39663 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Net Realized Loss on Interest Rate Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2293) | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Realized Gain on Credit Default Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;913 |
|  | &nbsp;&nbsp;$39663 | &nbsp;&nbsp;$(2293) | &nbsp;&nbsp;$913 |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** |  |  |  |
| Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$22228 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Net Change in Unrealized Depreciation on Interest Rate Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(28986) | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$22228 | &nbsp;&nbsp;$(28986) | &nbsp;&nbsp;$— |

---

\* See note 9 in the Notes to the Financial Statements for additional information.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Argentina (Cost $923,509)** |  |  |  |  |
| Pampa Energia S.A., 7.875%, 12/16/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;130000 | $135782 | &nbsp;&nbsp;0.80 |
| Pluspetrol S.A., 8.125%, 05/18/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10339 | &nbsp;&nbsp;0.06 |
| Pluspetrol S.A., 8.500%, 05/30/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135614 | &nbsp;&nbsp;0.80 |
| Telecom Argentina S.A., 9.500%, 07/18/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106659 | &nbsp;&nbsp;0.63 |
| Transportadora de Gas del Sur S.A., 7.750%, 11/20/2035<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206102 | &nbsp;&nbsp;1.22 |
| Vista Energy Argentina S.A.U., 7.625%, 12/10/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133088 | &nbsp;&nbsp;0.79 |
| YPF Energia Electrica S.A., 7.875%, 10/16/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132729 | &nbsp;&nbsp;0.78 |
| YPF S.A., 9.500%, 01/17/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104603 | &nbsp;&nbsp;0.62 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**964916** | &nbsp;&nbsp;**5.70** |
| **Brazil (Cost $1,101,140)** |  |  |  |  |
| Braskem Netherlands Finance B.V., 4.500%, 01/10/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124300 | &nbsp;&nbsp;0.74 |
| CSN Inova Ventures, 6.750%, 01/28/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169960 | &nbsp;&nbsp;1.00 |
| JBS N.V./JBS U.S.A. Foods Group Holdings, Inc./JBS U.S.A. Food Co. Holdings, 6.500%, 12/01/2052 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90106 | &nbsp;&nbsp;0.53 |
| LD Celulose International GmbH, 7.950%, 01/26/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208304 | &nbsp;&nbsp;1.23 |
| Petrobras Global Finance B.V., 6.850%, 06/05/2115 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33215 | &nbsp;&nbsp;0.20 |
| Samarco Mineracao S.A., 9.500%, 06/30/2031<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;147382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147529 | &nbsp;&nbsp;0.87 |
| Suzano Austria GmbH, 7.000%, 03/16/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218102 | &nbsp;&nbsp;1.29 |
| Vale Overseas Ltd., 6.875%, 11/10/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52238 | &nbsp;&nbsp;0.31 |
| Vale Overseas Ltd., 6.400%, 06/28/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87019 | &nbsp;&nbsp;0.51 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1130773** | &nbsp;&nbsp;**6.68** |
| **Chile (Cost $396,900)** |  |  |  |  |
| Banco de Credito e Inversiones S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.944%), 8.750%, 05/08/2029<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214600 | &nbsp;&nbsp;1.27 |
| Chile Electricity Lux Mpc II S.a.r.l., 5.580%, 10/20/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;195501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199753 | &nbsp;&nbsp;1.18 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**414353** | &nbsp;&nbsp;**2.45** |
| **China (Cost $7,131,075)** |  |  |  |  |
| Central China Real Estate Ltd., 7.250%, 07/16/2024<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6975 | &nbsp;&nbsp;0.04 |
| Central China Real Estate Ltd., 7.250%, 08/13/2024<sup>5,6</sup> |  | &nbsp;&nbsp;2611000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39165 | &nbsp;&nbsp;0.23 |
| Central China Real Estate Ltd., 7.250%, 04/28/2025<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;0.01 |
| Central China Real Estate Ltd., 7.650%, 08/27/2025<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;0.03 |
| China SCE Group Holdings Ltd., 7.375%, 04/09/2024<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7250 | &nbsp;&nbsp;0.04 |
| China SCE Group Holdings Ltd., 5.950%, 09/29/2024<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23750 | &nbsp;&nbsp;0.14 |
| China SCE Group Holdings Ltd., 7.000%, 05/02/2025<sup>5,6</sup> |  | &nbsp;&nbsp;1236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44805 | &nbsp;&nbsp;0.26 |
| China SCE Group Holdings Ltd., 6.000%, 02/04/2026<sup>5,6</sup> |  | &nbsp;&nbsp;1099000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41762 | &nbsp;&nbsp;0.25 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2026<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;182943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 5.000%, 11/30/2027<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 7.721%, (97% PIK), 12/28/2027<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;210454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2027<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;228690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 6.250%, (96% PIK), 12/28/2028<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;307662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3846 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2028<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;365888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Kaisa Group Holdings Ltd., 6.500%, (96% PIK), 12/28/2029<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;515050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6824 | &nbsp;&nbsp;0.04 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **China (continued)** |  |  |  |  |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2029<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;365888 | $1171 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 6.750%, (96% PIK), 12/28/2030<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;620798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9684 | &nbsp;&nbsp;0.06 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2030<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;457360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 7.000%, (96% PIK), 12/28/2031<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;935302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13562 | &nbsp;&nbsp;0.08 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2031<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;457360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 7.250%, (97% PIK), 12/28/2032<sup>2,3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;880201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8793 | &nbsp;&nbsp;0.05 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2032<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;862837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4314 | &nbsp;&nbsp;0.03 |
| Kuaishou Technology, 4.750%, 01/22/2036<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193190 | &nbsp;&nbsp;1.14 |
| Sunac China Holdings Ltd., 0.000%, 06/23/2028<sup>2,7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;366582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94190 | &nbsp;&nbsp;0.56 |
| Yuzhou Group Holdings Co. Ltd., 4.000%, 06/30/2028<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;218218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7638 | &nbsp;&nbsp;0.04 |
| Yuzhou Group Holdings Co. Ltd., 4.500%, 06/30/2029<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;380920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10951 | &nbsp;&nbsp;0.06 |
| Yuzhou Group Holdings Co. Ltd., 5.000%, 06/30/2030<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;509676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13379 | &nbsp;&nbsp;0.08 |
| Yuzhou Group Holdings Co. Ltd., 5.500%, 06/30/2031<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;716698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17921 | &nbsp;&nbsp;0.11 |
| Yuzhou Group Holdings Co. Ltd., 1.000%, 06/30/2034<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;228304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 8.700%, 08/03/2022<sup>5,6</sup> |  | &nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;0.01 |
| Zhenro Properties Group Ltd., 6.500%, 09/01/2022<sup>5,6</sup> |  | &nbsp;&nbsp;2095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2619 | &nbsp;&nbsp;0.02 |
| Zhenro Properties Group Ltd., 9.150%, 05/06/2023<sup>5,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Zhenro Properties Group Ltd., 7.875%, 04/14/2024<sup>5,6</sup> |  | &nbsp;&nbsp;2315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5787 | &nbsp;&nbsp;0.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**580342** | &nbsp;&nbsp;**3.43** |
| **Colombia (Cost $543,680)** |  |  |  |  |
| AI Candelaria S.A., 5.750%, 06/15/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226513 | &nbsp;&nbsp;1.34 |
| Ecopetrol S.A., 8.375%, 01/19/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253991 | &nbsp;&nbsp;1.50 |
| Ecopetrol S.A., 5.875%, 05/28/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75328 | &nbsp;&nbsp;0.44 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**555832** | &nbsp;&nbsp;**3.28** |
| **Costa Rica (Cost $191,593)** |  |  |  |  |
| Liberty Costa Rica Senior Secured Finance, 10.875%, 01/15/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189286 | &nbsp;&nbsp;1.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**189286** | &nbsp;&nbsp;**1.12** |
| **Czech Republic (Cost $1,965,282)** |  |  |  |  |
| New World Resources N.V., 8.000%, 04/07/2020<sup>5,6,8</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;1685299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| New World Resources N.V., 0.000%, 10/07/2020<sup>2,5,6,8,9</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;101612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| New World Resources N.V., 4.000%, 10/07/2020<sup>5,6,8</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;700590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Georgia (Cost $195,619)** |  |  |  |  |
| Bank of Georgia JSC, (Variable, USD SOFR ICE Swap Rate 5Y + 5.618%), 9.500%, 07/16/2029<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208000 | &nbsp;&nbsp;1.23 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**208000** | &nbsp;&nbsp;**1.23** |
| **Hong Kong (Cost $753,502)** |  |  |  |  |
| AIA Group Ltd., 3.200%, 09/16/2040 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154212 | &nbsp;&nbsp;0.91 |
| Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.450%), 5.905%, 05/14/2035<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205825 | &nbsp;&nbsp;1.22 |
| Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.873%), 7.000%, 11/14/2035<sup>2,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203056 | &nbsp;&nbsp;1.20 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Hong Kong (continued)** |  |  |  |  |
| Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.100%), 5.706%, 03/05/2047<sup>4</sup> |  | &nbsp;&nbsp;200000 | $191528 | &nbsp;&nbsp;1.13 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**754621** | &nbsp;&nbsp;**4.46** |
| **India (Cost $391,352)** |  |  |  |  |
| Sammaan Capital Ltd., 9.700%, 07/03/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205650 | &nbsp;&nbsp;1.21 |
| Vedanta Resources Finance II PLC, 9.475%, 07/24/2030 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209500 | &nbsp;&nbsp;1.24 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**415150** | &nbsp;&nbsp;**2.45** |
| **Israel (Cost $358,790)** |  |  |  |  |
| Energean Israel Finance Ltd., 8.500%, 09/30/2033<sup>2</sup> |  | &nbsp;&nbsp;158790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168322 | &nbsp;&nbsp;0.99 |
| Mizrahi Tefahot Bank Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.100%), 5.837%, 04/15/2036<sup>2,4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201350 | &nbsp;&nbsp;1.19 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**369672** | &nbsp;&nbsp;**2.18** |
| **Kazakhstan (Cost $698,147)** |  |  |  |  |
| ForteBank JSC, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 6.188%), 9.750%, 11/03/2030<sup>4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204846 | &nbsp;&nbsp;1.21 |
| KazMunayGas National Co. JSC, 5.750%, 04/19/2047 |  | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210269 | &nbsp;&nbsp;1.24 |
| KazMunayGas National Co. JSC, 6.375%, 10/24/2048 |  | &nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367891 | &nbsp;&nbsp;2.18 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**783006** | &nbsp;&nbsp;**4.63** |
| **Mexico (Cost $1,160,080)** |  |  |  |  |
| Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.760%), 8.375%, 10/14/2030<sup>4</sup> |  | &nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228659 | &nbsp;&nbsp;1.35 |
| Banco Mercantil del Norte S.A., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.072%), 8.375%, 05/20/2031<sup>4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211978 | &nbsp;&nbsp;1.26 |
| BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.214%), 8.125%, 01/08/2039<sup>4</sup> |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216740 | &nbsp;&nbsp;1.28 |
| Infraestructura Energetica Nova S.A.P.I. de C.V., 4.875%, 01/14/2048 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157462 | &nbsp;&nbsp;0.93 |
| Infraestructura Energetica Nova S.A.P.I. de C.V., 4.750%, 01/15/2051 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149216 | &nbsp;&nbsp;0.88 |
| Petroleos Mexicanos, 6.500%, 06/02/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79470 | &nbsp;&nbsp;0.47 |
| Tierra Mojada Luxembourg II S.a.r.l., 5.750%, 12/01/2040 |  | &nbsp;&nbsp;168684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165859 | &nbsp;&nbsp;0.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1209384** | &nbsp;&nbsp;**7.15** |
| **Morocco (Cost $220,723)** |  |  |  |  |
| OCP S.A., 7.500%, 05/02/2054 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215080 | &nbsp;&nbsp;1.27 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**215080** | &nbsp;&nbsp;**1.27** |
| **Nigeria (Cost $383,961)** |  |  |  |  |
| IHS Holding Ltd., 6.250%, 11/29/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199000 | &nbsp;&nbsp;1.18 |
| IHS Holding Ltd., 8.250%, 11/29/2031 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208796 | &nbsp;&nbsp;1.23 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**407796** | &nbsp;&nbsp;**2.41** |
| **Panama (Cost $196,317)** |  |  |  |  |
| Sable International Finance Ltd., 7.125%, 10/15/2032 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200670 | &nbsp;&nbsp;1.19 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**200670** | &nbsp;&nbsp;**1.19** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Romania (Cost $235,641)** |  |  |  |  |
| Banca Transilvania S.A., (Variable, Euribor ICE Swap Rate 5Y + 4.783%), 7.125%, 11/27/2030<sup>4</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;200000 | $240354 | &nbsp;&nbsp;1.42 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**240354** | &nbsp;&nbsp;**1.42** |
| **Russian Federation (Cost $1,481,647)** |  |  |  |  |
| Sovcombank Via SovCom Capital DAC, 7.600%, 02/17/2027<sup>5,10</sup> |  | &nbsp;&nbsp;1605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2** | &nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Saudi Arabia (Cost $585,077)** |  |  |  |  |
| Acwa Power Management And Investments One Ltd., 5.950%, 12/15/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;181178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181492 | &nbsp;&nbsp;1.07 |
| Al Rajhi Bank, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.888%), 6.375%, 05/16/2029<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201380 | &nbsp;&nbsp;1.19 |
| Saudi Arabian Oil Co., 5.875%, 07/17/2064 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187547 | &nbsp;&nbsp;1.11 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**570419** | &nbsp;&nbsp;**3.37** |
| **Singapore (Cost $199,267)** |  |  |  |  |
| Great Eastern Life Assurance Co. (The) Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 0.696%), 5.398%, 01/22/2032<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200734 | &nbsp;&nbsp;1.19 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**200734** | &nbsp;&nbsp;**1.19** |
| **South Africa (Cost $568,686)** |  |  |  |  |
| Anglo American Capital PLC, 3.950%, 09/10/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146972 | &nbsp;&nbsp;0.87 |
| Prosus N.V., 4.027%, 08/03/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248310 | &nbsp;&nbsp;1.47 |
| Prosus N.V., 4.987%, 01/19/2052 |  | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174933 | &nbsp;&nbsp;1.03 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**570215** | &nbsp;&nbsp;**3.37** |
| **South Korea (Cost $616,677)** |  |  |  |  |
| Hanwha Life Insurance Co. Ltd., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.292%), 6.300%, 06/24/2055<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206622 | &nbsp;&nbsp;1.22 |
| Shinhan Bank Co. Ltd., 5.750%, 04/15/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206686 | &nbsp;&nbsp;1.22 |
| Woori Bank, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.277%), 6.375%, 07/24/2029<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207500 | &nbsp;&nbsp;1.23 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**620808** | &nbsp;&nbsp;**3.67** |
| **Thailand (Cost $330,710)** |  |  |  |  |
| Bangkok Bank PCL, 9.025%, 03/15/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154928 | &nbsp;&nbsp;0.92 |
| Bangkok Bank PCL, (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.150%), 3.466%, 09/23/2036<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181210 | &nbsp;&nbsp;1.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**336138** | &nbsp;&nbsp;**1.99** |
| **Turkey (Cost $604,703)** |  |  |  |  |
| Turkcell Iletisim Hizmetleri A.S., 7.650%, 01/24/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208433 | &nbsp;&nbsp;1.23 |
| Turkiye Vakiflar Bankasi T.A.O., (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.439%), 8.195%, 10/06/2030<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196000 | &nbsp;&nbsp;1.16 |
| WE Soda Investments Holding PLC, 9.375%, 02/14/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199502 | &nbsp;&nbsp;1.18 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**603935** | &nbsp;&nbsp;**3.57** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Ukraine (Cost $205,162)** |  |  |  |  |
| MHP Lux S.A., 10.500%, 07/28/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | $204500 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**204500** | &nbsp;&nbsp;&nbsp;&nbsp;**1.21** |
| **United States (Cost $1,446,584)** |  |  |  |  |
| U.S. Treasury Bill, 3.443%, 06/04/2026<sup>11</sup> |  | &nbsp;&nbsp;1451500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446572 | &nbsp;&nbsp;&nbsp;&nbsp;8.55 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1446572** | &nbsp;&nbsp;&nbsp;&nbsp;**8.55** |
| **Uzbekistan (Cost $617,283)** |  |  |  |  |
| Jscb Agrobank, 9.250%, 10/02/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217664 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Navoiyuran State Enterprise, 6.700%, 07/02/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203750 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Uzbekneftegaz JSC, 8.750%, 05/07/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214000 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**635414** | &nbsp;&nbsp;&nbsp;&nbsp;**3.76** |
| **Venezuela (Cost $1,898,643)** |  |  |  |  |
| Petroleos de Venezuela S.A., 8.500%, 10/27/2020<sup>5,6</sup> |  | &nbsp;&nbsp;1724000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780030 | &nbsp;&nbsp;10.52 |
| Petroleos de Venezuela S.A., 9.750%, 05/17/2035<sup>5</sup> |  | &nbsp;&nbsp;1524000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713232 | &nbsp;&nbsp;&nbsp;&nbsp;4.22 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2493262** | &nbsp;&nbsp;**14.74** |
| **Zambia (Cost $207,952)** |  |  |  |  |
| First Quantum Minerals Ltd., 8.625%, 06/01/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208254 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**208254** | &nbsp;&nbsp;&nbsp;&nbsp;**1.23** |
| **Total Debt Securities (Cost $25,609,702)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16529488** | &nbsp;&nbsp;**97.70** |
| **Bank Loans** |  |  |  |  |
| **Czech Republic (Cost $362,933)** |  |  |  |  |
| New World Resources N.V., 8.500%, 10/07/2016<sup>5,8</sup> | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;952167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Total Bank Loans (Cost $362,933)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Equity Securities** |  |  |  |
| **China (Cost $107,465)** |  |  |  |
| Sunac China Holdings Ltd.\* &nbsp;&nbsp;HKD | &nbsp;&nbsp;285000 | $42205 | &nbsp;&nbsp;0.25 |
| Sunac Services Holdings Ltd.<sup>2</sup> &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;72634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9775 | &nbsp;&nbsp;0.06 |
| Yuzhou Group Holdings Co. Ltd.\* &nbsp;&nbsp;HKD | &nbsp;&nbsp;241847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5096 | &nbsp;&nbsp;0.03 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**57076** | &nbsp;&nbsp;**0.34** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Czech Republic (Cost $1,093,253)** |  |  |  |  |
| New World Resources PLC, Class A<sup>8</sup> | &nbsp;&nbsp;GBP | &nbsp;&nbsp;36580138 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Total Equity Securities (Cost $1,200,718)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**57076** | &nbsp;&nbsp;&nbsp;&nbsp;**0.34** |
| **Total Investments (Total Cost $27,173,353)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16586564** | &nbsp;&nbsp;&nbsp;&nbsp;**98.04** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332006 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 |
| **Net Assets** |  |  | **$16918570** | &nbsp;&nbsp;**100.00** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>1</sup> Local currency is United States Dollars unless otherwise noted below.

<sup>2</sup> 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. As of April 30, 2026, these securities had a total value of $1,135,829 or 6.71% of net assets.

<sup>3</sup> 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.

<sup>4</sup> 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.

<sup>5</sup> Issuer has defaulted on terms of debt obligation.

<sup>6</sup> Maturity has been extended under the terms of a plan of reorganization.

<sup>7</sup> Zero coupon bond.

<sup>8</sup> Security has been deemed worthless and is a Level 3 investment.

<sup>9</sup> Restricted security that has been deemed illiquid. At April 30, 2026 the value of these restricted illiquid securities amount to $0 or 0.00% of net assets. Additional information on each restricted illiquid security is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp;**ACQUISITION DATE** | &nbsp;&nbsp;**ACQUISITION COST** |
| New World Resources N.V., 0.000%, 10/07/2020 | &nbsp;&nbsp;10/7/14 | &nbsp;&nbsp;$- |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>10</sup> Security is a Level 3 investment. <br> <sup>11</sup> Zero coupon bond – interest rate reflects effective yield on the date of purchase.

Percentages shown are based on net assets.

At April 30, 2026, the Ashmore Emerging Markets Corporate Income Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Trading<br> Currency** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value/<br> Unrealized<br> Appreciation<br> (Depreciation)<sup>(1)</sup>** |
| **Long Contracts** |  |  |  |  |  |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/18/2026 | &nbsp;&nbsp;USD | &nbsp;&nbsp;460125 | &nbsp;&nbsp;$23000 |
| Total |  |  |  |  | &nbsp;&nbsp;$23000 |

---

<sup>(1)</sup> Includes cumulative appreciation/depreciation on futures contracts. Only the current day's variation margin is reported within the Statements of Assets and Liabilities.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

At April 30, 2026, the Ashmore Emerging Markets Corporate Income Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 05/05/2026 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;Euro | &nbsp;&nbsp;324436 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;377601 | &nbsp;&nbsp;$3265 |
| 05/05/2026 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;&nbsp;&nbsp;42319 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3322 |
| 05/05/2026 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;336815 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;288436 | &nbsp;&nbsp;&nbsp;&nbsp;(1790) |
| 08/05/2026 | &nbsp;&nbsp;State Street | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;246933 | &nbsp;&nbsp;Euro | &nbsp;&nbsp;210036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(628) |
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(2418) |
| Total |  |  |  |  |  | &nbsp;&nbsp;$904 |

---

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, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Investments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp;$8404105 | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$8404107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1797172 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1797172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Certificates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201380 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4680257 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4680257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Term Bills and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1446572 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1446572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16529486 | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;16529488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57076 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57076 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57076 |
| Total Investments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$16586562 | &nbsp;&nbsp;$2 | &nbsp;&nbsp;$16586564 |
| Other Financial Instruments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts<sup>(1)</sup> | &nbsp;&nbsp;$23000 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$23000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3322 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3322 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2418) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2418) |
| Total Other Financial Instruments | &nbsp;&nbsp;$23000 | &nbsp;&nbsp;$904 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$23904 |

---

<sup>(1)</sup> Includes cumulative appreciation/depreciation on futures contracts. Only the current day's variation margin is reported within the Statement of Assets and Liabilities.

There were no transfers to or from Level 3 during the period ended April 30, 2026.

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, 2026.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS CORPORATE INCOME FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (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, 2026:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** |
|  | &nbsp;&nbsp;**Foreign<br> Exchange Risk** | &nbsp;&nbsp;**Interest<br> Rate Risk** |
| **Assets:** |  |  |
| Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$3322 | &nbsp;&nbsp;$— |
| Unrealized Appreciation on Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;23000<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$26322 | &nbsp;&nbsp;$— |
| **Liabilities:** |  |  |
| Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$(2418) | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;$(2418) | &nbsp;&nbsp;$— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>(1)</sup> Includes cumulative appreciation/depreciation on futures contracts. 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, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** |
|  | &nbsp;&nbsp;**Foreign<br> Exchange Risk** | &nbsp;&nbsp;**Interest<br> Rate Risk** | &nbsp;&nbsp;**Credit<br> Risk** |
| **Realized Gain (Loss) on Derivatives:** |  |  |  |
| Net Realized Gain on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$7346 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Net Realized Loss on Interest Rate Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(657) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Realized Gain on Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net Realized Loss on Credit Default Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(26396) |
|  | &nbsp;&nbsp;$7346 | &nbsp;&nbsp;$3096 | &nbsp;&nbsp;$(26396) |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** |  |  |  |
| Net Change in Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$(4407) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Net Change in Unrealized Appreciation on Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$(4407) | &nbsp;&nbsp;$23000 | &nbsp;&nbsp;$— |

---

\* See note 9 in the Notes to the Financial Statements for additional information.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS SHORT DURATION FUND

#### SCHEDULE OF INVESTMENTS
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Brazil (Cost $1,768,722)** |  |  |  |  |
| Azul Secured Finance LLP, 9.875%, 02/15/2031<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | $177750 | &nbsp;&nbsp;0.61 |
| Banco do Brasil S.A., 4.875%, 01/11/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398000 | &nbsp;&nbsp;1.37 |
| BRF GmbH, 4.350%, 09/29/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398100 | &nbsp;&nbsp;1.37 |
| CSN Inova Ventures, 6.750%, 01/28/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169960 | &nbsp;&nbsp;0.58 |
| NBM U.S. Holdings, Inc., 7.000%, 05/14/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114931 | &nbsp;&nbsp;0.40 |
| Suzano Austria GmbH, 6.000%, 01/15/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510750 | &nbsp;&nbsp;1.75 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1769491** | &nbsp;&nbsp;**6.08** |
| **Chile (Cost $112,977)** |  |  |  |  |
| GNL Quintero S.A., 4.634%, 07/31/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;113300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113264 | &nbsp;&nbsp;0.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**113264** | &nbsp;&nbsp;**0.39** |
| **China (Cost $3,854,317)** |  |  |  |  |
| Central China Real Estate Ltd., 7.900%, 11/07/2023<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;0.02 |
| Central China Real Estate Ltd., 7.250%, 07/16/2024<sup>3,4</sup> |  | &nbsp;&nbsp;1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19125 | &nbsp;&nbsp;0.06 |
| Central China Real Estate Ltd., 7.250%, 08/13/2024<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;979000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14685 | &nbsp;&nbsp;0.05 |
| Central China Real Estate Ltd., 7.250%, 04/28/2025<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;0.01 |
| Central China Real Estate Ltd., 7.500%, 07/14/2025<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;422000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5064 | &nbsp;&nbsp;0.02 |
| Central China Real Estate Ltd., 7.650%, 08/27/2025<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;0.03 |
| China SCE Group Holdings Ltd., 7.375%, 04/09/2024<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14862 | &nbsp;&nbsp;0.05 |
| China SCE Group Holdings Ltd., 5.950%, 09/29/2024<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;0.09 |
| China SCE Group Holdings Ltd., 7.000%, 05/02/2025<sup>3,4</sup> |  | &nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41144 | &nbsp;&nbsp;0.14 |
| China SCE Group Holdings Ltd., 6.000%, 02/04/2026<sup>3,4</sup> |  | &nbsp;&nbsp;1085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41230 | &nbsp;&nbsp;0.14 |
| Fortune Star BVI Ltd., 8.500%, 05/19/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327520 | &nbsp;&nbsp;1.12 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2026<sup>2,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;443131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2216 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 5.000%, 11/30/2027<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6914 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 7.721%, (97% PIK), 12/28/2027<sup>2,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;509769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7647 | &nbsp;&nbsp;0.03 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2027<sup>2,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;553941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2818 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 6.250%, (96% PIK), 12/28/2028<sup>2,6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;745228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9315 | &nbsp;&nbsp;0.03 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2028<sup>2,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;886264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Kaisa Group Holdings Ltd., 6.500%, (96% PIK), 12/28/2029<sup>2,6</sup> |  | &nbsp;&nbsp;1247571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16530 | &nbsp;&nbsp;0.06 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2029<sup>2,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;886264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2836 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 6.750%, (96% PIK), 12/28/2030<sup>2,6</sup> |  | &nbsp;&nbsp;1503713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23458 | &nbsp;&nbsp;0.08 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2030<sup>2,5</sup> |  | &nbsp;&nbsp;1107831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637 | &nbsp;&nbsp;0.01 |
| Kaisa Group Holdings Ltd., 7.000%, (96% PIK), 12/28/2031<sup>2,6</sup> |  | &nbsp;&nbsp;2265514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32850 | &nbsp;&nbsp;0.11 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2031<sup>2,5</sup> |  | &nbsp;&nbsp;1107831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5539 | &nbsp;&nbsp;0.02 |
| Kaisa Group Holdings Ltd., 7.250%, (97% PIK), 12/28/2032<sup>2,6</sup> |  | &nbsp;&nbsp;2132046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21299 | &nbsp;&nbsp;0.07 |
| Kaisa Group Holdings Ltd., 0.000%, 12/31/2032<sup>2,5</sup> |  | &nbsp;&nbsp;2089984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10450 | &nbsp;&nbsp;0.04 |
| Sunac China Holdings Ltd., 0.000%, 06/23/2028<sup>2,5</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;365754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93977 | &nbsp;&nbsp;0.32 |
| Yuzhou Group Holdings Co. Ltd., 4.000%, 06/30/2028<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;382500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13387 | &nbsp;&nbsp;0.05 |
| Yuzhou Group Holdings Co. Ltd., 4.500%, 06/30/2029<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;667685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19196 | &nbsp;&nbsp;0.07 |
| Yuzhou Group Holdings Co. Ltd., 5.000%, 06/30/2030<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;893371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23451 | &nbsp;&nbsp;0.08 |
| Yuzhou Group Holdings Co. Ltd., 5.500%, 06/30/2031<sup>6</sup> |  | &nbsp;&nbsp;1256246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31412 | &nbsp;&nbsp;0.11 |
| Yuzhou Group Holdings Co. Ltd., 1.000%, 06/30/2034<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;344561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723 | &nbsp;&nbsp;0.01 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS SHORT DURATION FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **China (continued)** |  |  |  |  |
| Zhenro Properties Group Ltd., 8.000%, 03/06/2023<sup>3,4</sup> |  | &nbsp;&nbsp;4920000 | $6150 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Zhenro Properties Group Ltd., 9.150%, 05/06/2023<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;813000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Zhenro Properties Group Ltd., 8.300%, 09/15/2023<sup>3,4</sup> |  | &nbsp;&nbsp;1017000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Zhenro Properties Group Ltd., 7.875%, 04/14/2024<sup>3,4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**841803** | &nbsp;&nbsp;&nbsp;&nbsp;**2.89** |
| **Colombia (Cost $391,267)** |  |  |  |  |
| Avianca Midco 2 PLC, 9.500%, 01/28/2031<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187000 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Empresas Publicas de Medellin ESP, 4.250%, 07/18/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188940 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**375940** | &nbsp;&nbsp;&nbsp;&nbsp;**1.29** |
| **Guatemala (Cost $656,787)** |  |  |  |  |
| Central American Bottling Corp./CBC Bottling Holdco S.L./Beliv Holdco S.L., 5.250%, 04/27/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311553 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Millicom International Cellular S.A., 5.125%, 01/15/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357300 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**668853** | &nbsp;&nbsp;&nbsp;&nbsp;**2.30** |
| **Hong Kong (Cost $403,061)** |  |  |  |  |
| Standard Chartered PLC, (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.850%), 6.187%, 07/06/2027<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400752 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**400752** | &nbsp;&nbsp;&nbsp;&nbsp;**1.38** |
| **Hungary (Cost $404,216)** |  |  |  |  |
| OTP Bank Nyrt., (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 3.711%), 7.500%, 05/25/2027<sup>7</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401004 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**401004** | &nbsp;&nbsp;&nbsp;&nbsp;**1.38** |
| **India (Cost $3,160,732)** |  |  |  |  |
| Clean Renewable Power Mauritius Pte. Ltd., 4.250%, 03/25/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;551985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543705 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| Delhi International Airport Ltd., 6.450%, 06/04/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650790 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 |
| Greenko Power II Ltd., 4.300%, 12/13/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;152000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145292 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Muthoot Finance Ltd., 7.125%, 02/14/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304800 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| Muthoot Finance Ltd., 5.750%, 08/04/2030<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198050 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Sammaan Capital Ltd., 9.700%, 07/03/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205650 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Sammaan Capital Ltd., 8.950%, 08/28/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207200 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| TML Holdings Pte. Ltd., 4.350%, 06/09/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199750 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Vedanta Resources Finance II PLC, 10.250%, 06/03/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312625 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Vedanta Resources Finance II PLC, 10.875%, 09/17/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424500 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3192362** | &nbsp;&nbsp;**10.97** |
| **Indonesia (Cost $397,247)** |  |  |  |  |
| Freeport Indonesia PT, 4.763%, 04/14/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400151 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**400151** | &nbsp;&nbsp;&nbsp;&nbsp;**1.37** |
| **Mexico (Cost $796,402)** |  |  |  |  |
| Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander, 5.621%, 12/10/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410800 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS SHORT DURATION FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Mexico (continued)** |  |  |  |  |
| BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico, 5.250%, 09/10/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | $407000 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**817800** | &nbsp;&nbsp;&nbsp;&nbsp;**2.81** |
| **Nigeria (Cost $192,612)** |  |  |  |  |
| IHS Holding Ltd., 6.250%, 11/29/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199000 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**199000** | &nbsp;&nbsp;&nbsp;&nbsp;**0.68** |
| **Pakistan (Cost $560,962)** |  |  |  |  |
| Veon Midco B.V., 3.375%, 11/25/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583590 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**583590** | &nbsp;&nbsp;&nbsp;&nbsp;**2.00** |
| **Peru (Cost $483,832)** |  |  |  |  |
| Banco de Credito del Peru S.A., 5.850%, 01/11/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412100 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| Transportadora de Gas del Peru S.A., 4.250%, 04/30/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79620 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**491720** | &nbsp;&nbsp;&nbsp;&nbsp;**1.69** |
| **South Africa (Cost $598,880)** |  |  |  |  |
| Prosus N.V., 3.257%, 01/19/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602033 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**602033** | &nbsp;&nbsp;&nbsp;&nbsp;**2.07** |
| **Thailand (Cost $815,356)** |  |  |  |  |
| Muangthai Capital PCL, 6.875%, 09/30/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502520 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Muangthai Capital PCL, 7.550%, 07/21/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304244 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**806764** | &nbsp;&nbsp;&nbsp;&nbsp;**2.77** |
| **Turkey (Cost $723,735)** |  |  |  |  |
| QNB Bank A.S., 7.250%, 05/21/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309285 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Turkiye Is Bankasi A.S., 7.750%, 06/12/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415384 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**724669** | &nbsp;&nbsp;&nbsp;&nbsp;**2.49** |
| **Ukraine (Cost $200,000)** |  |  |  |  |
| MHP Lux S.A., 10.500%, 07/28/2029<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204500 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**204500** | &nbsp;&nbsp;&nbsp;&nbsp;**0.70** |
| **United States (Cost $1,890,955)** |  |  |  |  |
| U.S. Treasury Bill, 3.521%, 06/04/2026<sup>8</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;1897400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890958 | &nbsp;&nbsp;&nbsp;&nbsp;6.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1890958** | &nbsp;&nbsp;&nbsp;&nbsp;**6.50** |
| **Uzbekistan (Cost $1,013,436)** |  |  |  |  |
| Jscb Agrobank, 9.250%, 10/02/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435328 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Navoi Mining & Metallurgical Combinat, 6.700%, 10/17/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616500 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1051828** | &nbsp;&nbsp;&nbsp;&nbsp;**3.61** |
| **Venezuela (Cost $11,158,543)** |  |  |  |  |
| Petroleos de Venezuela S.A., 8.500%, 10/27/2020<sup>3,4</sup> |  | &nbsp;&nbsp;12447500 | &nbsp;&nbsp;&nbsp;&nbsp;12852044 | &nbsp;&nbsp;44.15 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12852044** | &nbsp;&nbsp;**44.15** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS SHORT DURATION FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Vietnam (Cost $286,117)** |  |  |  |  |
| Mong Duong Finance Holdings B.V., 5.125%, 05/07/2029 |  | &nbsp;&nbsp;289690 | $286069 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**286069** | &nbsp;&nbsp;&nbsp;&nbsp;**0.98** |
| **Total Debt Securities (Cost $29,870,156)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28674595** | &nbsp;&nbsp;**98.50** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Equity Securities** |  |  |  |
| **China (Cost $97,011)** |  |  |  |
| Sunac China Holdings Ltd.\* &nbsp;&nbsp;HKD | &nbsp;&nbsp;284000 | $42057 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Yuzhou Group Holdings Co. Ltd.\* &nbsp;&nbsp;HKD | &nbsp;&nbsp;423916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8931 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**50988** | &nbsp;&nbsp;&nbsp;&nbsp;**0.17** |
| **Total Equity Securities (Cost $97,011)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**50988** | &nbsp;&nbsp;&nbsp;&nbsp;**0.17** |
| **Total Investments (Total Cost $29,967,167)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28725583** | &nbsp;&nbsp;&nbsp;&nbsp;**98.67** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387113 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| **Net Assets** |  | **$29112696** | &nbsp;&nbsp;**100.00** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>1</sup> Local currency is United States Dollars unless otherwise noted below.

<sup>2</sup> 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. As of April 30, 2026, these securities had a total value of $1,006,229 or 3.46% of net assets.

<sup>3</sup> Issuer has defaulted on terms of debt obligation.

<sup>4</sup> Maturity has been extended under the terms of a plan of reorganization.

<sup>5</sup> Zero coupon bond.

<sup>6</sup> 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.

<sup>7</sup> 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.

<sup>8</sup> 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.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS SHORT DURATION FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (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 Short Duration Fund's investments and other financial instruments, which are carried at fair value, as of April 30, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Investments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11317183 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11317183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120915 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15156599 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15156599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188940 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Term Bills and Notes | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1890958 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1890958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;28674595 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;28674595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50988 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50988 |
| Total Investments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$28725583 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$28725583 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

#### SCHEDULE OF INVESTMENTS
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Argentina (Cost $99,010)** |  |  |  |  |
| Globant S.A.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | $38756 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Vista Energy S.A.B. de C.V. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71347 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**110103** | &nbsp;&nbsp;&nbsp;&nbsp;**1.92** |
| **Brazil (Cost $367,651)** |  |  |  |  |
| Banco do Brasil S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53374 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| NU Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55024 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Petroleo Brasileiro S.A. - Petrobras ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;7072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155796 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 |
| Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39877 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Vale S.A. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;7673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125530 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**429601** | &nbsp;&nbsp;&nbsp;&nbsp;**7.49** |
| **Chile (Cost $112,285)** |  |  |  |  |
| Antofagasta PLC | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;2445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120234 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**120234** | &nbsp;&nbsp;&nbsp;&nbsp;**2.09** |
| **China (Cost $1,629,250)** |  |  |  |  |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;11700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192260 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90681 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| Baidu, Inc., Class A\* | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89806 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;9200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121813 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 |
| China International Capital Corp. Ltd., Class H<sup>2</sup> | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;56400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146682 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38489 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp;HKD | &nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120727 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55509 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| KE Holdings, Inc., Class A | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;10300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57590 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Mao Geping Cosmetics Co. Ltd., Class H | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70879 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Sunresin New Materials Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58873 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358219 | &nbsp;&nbsp;&nbsp;&nbsp;6.24 |
| Wuxi Biologics Cayman, Inc.\*<sup>,2</sup> | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;23500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98945 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1500473** | &nbsp;&nbsp;**26.15** |
| **Greece (Cost $87,082)** |  |  |  |  |
| Piraeus Bank S.A.\* | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;8721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83251 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**83251** | &nbsp;&nbsp;&nbsp;&nbsp;**1.45** |
| **Hong Kong (Cost $27,984)** |  |  |  |  |
| AIA Group Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26433 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26433** | &nbsp;&nbsp;&nbsp;&nbsp;**0.46** |
| **India (Cost $704,396)** |  |  |  |  |
| Bajaj Auto Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56679 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Cognizant Technology Solutions Corp., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90988 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| FSN E-Commerce Ventures Ltd.\* | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;9208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25798 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;1029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26147 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| ICICI Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;6086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161827 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **India (continued)** |  |  |  |  |
| Infosys Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;6643 | $82772 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;10710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162191 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 |
| Reliance Industries Ltd. GDR<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;1208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23070 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**631888** | &nbsp;&nbsp;**11.01** |
| **Mexico (Cost $64,569)** |  |  |  |  |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;7300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79266 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**79266** | &nbsp;&nbsp;&nbsp;&nbsp;**1.38** |
| **Poland (Cost $27,711)** |  |  |  |  |
| Powszechna Kasa Oszczednosci Bank Polski S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29029 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29029** | &nbsp;&nbsp;&nbsp;&nbsp;**0.51** |
| **South Africa (Cost $287,057)** |  |  |  |  |
| Absa Group Ltd. | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;1993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27868 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| Anglogold Ashanti PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146219 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 |
| FirstRand Ltd. | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;5173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27386 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| Naspers Ltd., Class N | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;1418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76785 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**278258** | &nbsp;&nbsp;&nbsp;&nbsp;**4.85** |
| **South Korea (Cost $520,100)** |  |  |  |  |
| Hyundai Motor Co. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27660 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| KB Financial Group, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31042 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Samsung Biologics Co. Ltd.\*<sup>,2</sup> | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21995 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Samsung C&T Corp. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141848 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133052 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 |
| Samsung Electronics Co. Ltd. GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52479 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| SK hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109116 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| SK Square Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167800 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77041 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**762033** | &nbsp;&nbsp;**13.28** |
| **Taiwan (Cost $825,873)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74880 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Delta Electronics, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214030 | &nbsp;&nbsp;&nbsp;&nbsp;3.73 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;19300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137228 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 |
| MediaTek, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85002 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;13251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899591 | &nbsp;&nbsp;15.68 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1410731** | &nbsp;&nbsp;**24.58** |
| **Total Common Stocks (Cost $4,752,968)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5461300** | &nbsp;&nbsp;**95.17** |
| **Preferred Stocks** |  |  |  |  |
| **Chile (Cost $56,179)** |  |  |  |  |
| Sociedad Quimica y Minera de Chile S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71893 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**71893** | &nbsp;&nbsp;&nbsp;&nbsp;**1.25** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **South Korea (Cost $80,003)** |  |  |  |  |
| Samsung Electronics Co. Ltd., 1.059%<sup>3</sup> | &nbsp;&nbsp;KRW | &nbsp;&nbsp;924 | $100706 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100706** | &nbsp;&nbsp;&nbsp;&nbsp;**1.76** |
| **Total Preferred Stocks (Cost $136,182)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**172599** | &nbsp;&nbsp;&nbsp;&nbsp;**3.01** |
| **Total Investments (Total Cost $4,889,150)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5633899** | &nbsp;&nbsp;&nbsp;&nbsp;**98.18** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104705 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| **Net Assets** |  |  | **$5738604** | &nbsp;&nbsp;**100.00** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>1</sup> Local currency is United States Dollars unless otherwise noted below.

<sup>2</sup> 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. As of April 30, 2026, these securities had a total value of $270,038 or 4.71% of net assets.

<sup>3</sup> 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, 2026, the industry sectors for the Ashmore Emerging Markets Active Equity Fund were:

---

| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;9.2% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;6.8 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;15.1 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;35.2 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;10.7 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;98.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS ACTIVE EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (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, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Investments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | &nbsp;&nbsp;$110103 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$110103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120234 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1500473 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1500473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83251 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26433 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267738 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29029 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132039 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762033 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1410731 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1410731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;1129339 | &nbsp;&nbsp;&nbsp;&nbsp;4331961 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5461300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100706 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100706 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172599 |
| Total Investments | &nbsp;&nbsp;$1201232 | &nbsp;&nbsp;$4432667 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5633899 |

---

During the period ended April 30, 2026, Common Stock in the amount of $21,995 were transferred out of Level 3 investments.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

#### SCHEDULE OF INVESTMENTS
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Argentina (Cost $3,405,431)** |  |  |  |  |
| Loma Negra Cia Industrial Argentina S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117254 | $1294484 | &nbsp;&nbsp;1.22 |
| Transportadora de Gas del Sur S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266196 | &nbsp;&nbsp;1.19 |
| Vista Energy S.A.B. de C.V. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937918 | &nbsp;&nbsp;0.88 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3498598** | &nbsp;&nbsp;**3.29** |
| **Cambodia (Cost $1,335,476)** |  |  |  |  |
| NagaCorp Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;2657263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358638 | &nbsp;&nbsp;1.28 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1358638** | &nbsp;&nbsp;**1.28** |
| **Canada (Cost $669,599)** |  |  |  |  |
| Cameco Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574912 | &nbsp;&nbsp;1.48 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1574912** | &nbsp;&nbsp;**1.48** |
| **Egypt (Cost $2,193,369)** |  |  |  |  |
| Abu Dhabi Islamic Bank\* | &nbsp;&nbsp;&nbsp;&nbsp;EGP | &nbsp;&nbsp;&nbsp;&nbsp;1217193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016976 | &nbsp;&nbsp;0.95 |
| Commercial International Bank - Egypt (CIB) GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031660 | &nbsp;&nbsp;0.97 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2048636** | &nbsp;&nbsp;**1.92** |
| **Georgia (Cost $1,792,025)** |  |  |  |  |
| Lion Finance Group PLC | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992628 | &nbsp;&nbsp;1.87 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1992628** | &nbsp;&nbsp;**1.87** |
| **Greece (Cost $1,893,966)** |  |  |  |  |
| Piraeus Bank S.A.\* | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288390 | &nbsp;&nbsp;2.15 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2288390** | &nbsp;&nbsp;**2.15** |
| **Iceland (Cost $1,582,475)** |  |  |  |  |
| Arion Banki HF<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;ISK | &nbsp;&nbsp;&nbsp;&nbsp;1421615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223340 | &nbsp;&nbsp;2.09 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2223340** | &nbsp;&nbsp;**2.09** |
| **Kazakhstan (Cost $7,251,383)** |  |  |  |  |
| Halyk Savings Bank of Kazakhstan JSC GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4860206 | &nbsp;&nbsp;4.57 |
| Kaspi.KZ JSC ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3888895 | &nbsp;&nbsp;3.65 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8749101** | &nbsp;&nbsp;**8.22** |
| **Kuwait (Cost $3,196,641)** |  |  |  |  |
| Gulf Bank K.S.C.P. | &nbsp;&nbsp;KWD | &nbsp;&nbsp;&nbsp;&nbsp;1121265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236514 | &nbsp;&nbsp;1.16 |
| National Bank of Kuwait S.A.K.P. | &nbsp;&nbsp;KWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070800 | &nbsp;&nbsp;1.95 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3307314** | &nbsp;&nbsp;**3.11** |
| **Morocco (Cost $4,148,713)** |  |  |  |  |
| Attijariwafa Bank | &nbsp;&nbsp;MAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2619283 | &nbsp;&nbsp;2.46 |
| Societe d'Exploitation des Ports | &nbsp;&nbsp;MAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037754 | &nbsp;&nbsp;1.92 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4657037** | &nbsp;&nbsp;**4.38** |
| **Nigeria (Cost $2,251,380)** |  |  |  |  |
| Guaranty Trust Holding Co. PLC | &nbsp;&nbsp;&nbsp;NGN | &nbsp;&nbsp;24949658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449898 | &nbsp;&nbsp;2.30 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2449898** | &nbsp;&nbsp;**2.30** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Pakistan (Cost $1,445,197)** |  |  |  |  |
| Searle (The) Co. Ltd.\* | &nbsp;&nbsp;&nbsp;PKR | &nbsp;&nbsp;&nbsp;&nbsp;5756711 | $1804325 | &nbsp;&nbsp;1.70 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1804325** | &nbsp;&nbsp;**1.70** |
| **Peru (Cost $4,235,384)** |  |  |  |  |
| Credicorp Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3362616 | &nbsp;&nbsp;3.16 |
| Hudbay Minerals, Inc. | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596039 | &nbsp;&nbsp;1.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4958655** | &nbsp;&nbsp;**4.66** |
| **Philippines (Cost $5,833,902)** |  |  |  |  |
| BDO Unibank, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749110 | &nbsp;&nbsp;1.65 |
| Century Pacific Food, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;1085300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503702 | &nbsp;&nbsp;0.47 |
| International Container Terminal Services, Inc. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333733 | &nbsp;&nbsp;2.19 |
| Philex Mining Corp. | &nbsp;&nbsp;&nbsp;PHP | &nbsp;&nbsp;&nbsp;&nbsp;6993300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084092 | &nbsp;&nbsp;1.02 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5670637** | &nbsp;&nbsp;**5.33** |
| **Qatar (Cost $5,629,752)** |  |  |  |  |
| Doha Bank QPSC | &nbsp;&nbsp;QAR | &nbsp;&nbsp;&nbsp;&nbsp;1900389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409559 | &nbsp;&nbsp;1.32 |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp;QAR | &nbsp;&nbsp;&nbsp;&nbsp;1446375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703827 | &nbsp;&nbsp;1.60 |
| Qatar National Bank QPSC | &nbsp;&nbsp;QAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667895 | &nbsp;&nbsp;2.51 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5781281** | &nbsp;&nbsp;**5.43** |
| **Romania (Cost $4,730,428)** |  |  |  |  |
| Banca Transilvania S.A. | &nbsp;&nbsp;RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5015615 | &nbsp;&nbsp;4.71 |
| OMV Petrom S.A. | &nbsp;&nbsp;RON | &nbsp;&nbsp;10317268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342160 | &nbsp;&nbsp;2.20 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7357775** | &nbsp;&nbsp;**6.91** |
| **Saudi Arabia (Cost $1,334,605)** |  |  |  |  |
| Saudi National Bank (The) | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338240 | &nbsp;&nbsp;1.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1338240** | &nbsp;&nbsp;**1.26** |
| **Slovenia (Cost $3,433,460)** |  |  |  |  |
| Krka dd Novo mesto | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368242 | &nbsp;&nbsp;2.23 |
| Nova Ljubljanska Banka dd GDR (Registered) | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2719367 | &nbsp;&nbsp;2.55 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5087609** | &nbsp;&nbsp;**4.78** |
| **South Africa (Cost $1,328,996)** |  |  |  |  |
| Karooooo Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365844 | &nbsp;&nbsp;1.28 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1365844** | &nbsp;&nbsp;**1.28** |
| **United Arab Emirates (Cost $9,287,622)** |  |  |  |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420548 | &nbsp;&nbsp;1.33 |
| Adnoc Gas PLC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700201 | &nbsp;&nbsp;0.66 |
| ADNOC Logistics & Services | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;1076785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724973 | &nbsp;&nbsp;1.62 |
| Emaar Properties PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285599 | &nbsp;&nbsp;1.21 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2666463 | &nbsp;&nbsp;2.51 |
| Parkin Co. PJSC | &nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;1344065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913999 | &nbsp;&nbsp;1.80 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9711783** | &nbsp;&nbsp;**9.13** |
| **Vietnam (Cost $21,027,613)** |  |  |  |  |
| Asia Commercial Bank JSC | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;1528031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370660 | &nbsp;&nbsp;1.29 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Vietnam (continued)** |  |  |  |  |
| Bank for Foreign Trade of Vietnam JSC | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;894684 | $2026224 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| FPT DIGITAL RETAIL JSC\* | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;419200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378954 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 |
| Gemadept Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;666700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908280 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| Hoa Phat Group JSC\* | &nbsp;&nbsp;VND | &nbsp;&nbsp;1994660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2102922 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| Imexpharm Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;331500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639442 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Mobile World Investment Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;588000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888911 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| Nam Long Investment Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;1289954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369093 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Phu Nhuan Jewelry JSC | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;727899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874280 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| Vietnam Dairy Products JSC | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045620 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Vietnam Prosperity JSC Bank | &nbsp;&nbsp;VND | &nbsp;&nbsp;1765600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791924 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| Vingroup JSC\* | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;305800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499032 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 |
| Vinhomes JSC\*<sup>,2</sup> | &nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;566900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3161630 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24056972** | &nbsp;&nbsp;&nbsp;&nbsp;**22.61** |
| **Total Common Stocks (Cost $88,007,417)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**101281613** | &nbsp;&nbsp;&nbsp;&nbsp;**95.18** |
| **Total Investments (Total Cost $88,007,417)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**101281613** | &nbsp;&nbsp;&nbsp;&nbsp;**95.18** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5131915 | &nbsp;&nbsp;&nbsp;&nbsp;4.82 |
| **Net Assets** |  |  | **$106413528** | &nbsp;&nbsp;**100.00** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>1</sup> Local currency is United States Dollars unless otherwise noted below.

<sup>2</sup> 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. As of April 30, 2026, these securities had a total value of $5,384,970 or 5.06% of net assets.

Percentages shown are based on net assets.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

At April 30, 2026, the industry sectors for the Ashmore Emerging Markets Frontier Equity Fund were:

---

| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;7.1% |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;9.6 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;50.0 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;7.7 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;7.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;95.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;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, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Investments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | &nbsp;&nbsp;$3498598 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3498598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cambodia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358638 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031660 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992628 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288390 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iceland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223340 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3888895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4860206 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8749101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuwait | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3307314 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3307314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morocco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4657037 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4657037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nigeria | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449898 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pakistan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804325 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4958655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4958655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5670637 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5670637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qatar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5781281 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5781281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romania | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7357775 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7357775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338240 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Slovenia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5087609 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5087609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9711783 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9711783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vietnam | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24056972 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24056972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;16303880 | &nbsp;&nbsp;&nbsp;&nbsp;84977733 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;101281613 |
| Total Investments | &nbsp;&nbsp;$16303880 | &nbsp;&nbsp;$84977733 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$101281613 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS FRONTIER EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (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, 2026:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** |
|  | &nbsp;&nbsp;**Foreign<br> Exchange Risk** |
| **Realized Gain (Loss) on Derivatives:** |  |
| Net Realized Gain on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$414 |

---

\* See note 9 in the Notes to the Financial Statements for additional information.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS EQUITY FUND

#### SCHEDULE OF INVESTMENTS
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Argentina (Cost $2,874,203)** |  |  |  |  |
| Vista Energy S.A.B. de C.V. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44131 | $3279816 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3279816** | &nbsp;&nbsp;&nbsp;&nbsp;**1.07** |
| **Brazil (Cost $16,638,499)** |  |  |  |  |
| MercadoLibre, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218989 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| NU Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;307200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4448256 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;550484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439036 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Rede D'Or Sao Luiz S.A.<sup>2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;722713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600084 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| TOTVS S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;503400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3238888 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16945253** | &nbsp;&nbsp;&nbsp;&nbsp;**5.51** |
| **Chile (Cost $3,576,424)** |  |  |  |  |
| Latam Airlines Group S.A. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2713963 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2713963** | &nbsp;&nbsp;&nbsp;&nbsp;**0.88** |
| **China (Cost $46,622,040)** |  |  |  |  |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp;HKD | &nbsp;&nbsp;1532000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240711 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;272600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844099 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4477543 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 |
| H World Group Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4553512 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;120600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870659 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Kanzhun Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;113296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531762 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| KE Holdings, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464598 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| NetEase, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5709811 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| Prosus N.V.\* | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664831 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Sany Heavy Industry Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;1382100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4149776 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| Sieyuan Electric Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;151900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4384120 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| Sunresin New Materials Co. Ltd., Class A | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;302264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2824652 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;271900 | &nbsp;&nbsp;&nbsp;&nbsp;16508418 | &nbsp;&nbsp;&nbsp;&nbsp;5.37 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**55224492** | &nbsp;&nbsp;**17.97** |
| **Hong Kong (Cost $5,507,533)** |  |  |  |  |
| AIA Group Ltd. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;652200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7183238 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7183238** | &nbsp;&nbsp;&nbsp;&nbsp;**2.34** |
| **India (Cost $32,453,040)** |  |  |  |  |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2793235 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| CreditAccess Grameen Ltd.\* | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;175431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410369 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;386372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9817712 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 |
| International Gemmological Institute India Ltd. | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;576734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116575 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Mahindra & Mahindra Ltd. GDR |  | &nbsp;&nbsp;&nbsp;&nbsp;129477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4230518 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| MakeMyTrip Ltd.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3360880 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| PB Fintech Ltd.\* | &nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;232213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4094083 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28823372** | &nbsp;&nbsp;&nbsp;&nbsp;**9.38** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Indonesia (Cost $6,137,006)** |  |  |  |  |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;9029900 | $2300157 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Grab Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2812284 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5112441** | &nbsp;&nbsp;&nbsp;&nbsp;**1.66** |
| **Kazakhstan (Cost $3,097,660)** |  |  |  |  |
| Kaspi.KZ JSC ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229816 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3229816** | &nbsp;&nbsp;&nbsp;&nbsp;**1.05** |
| **Malaysia (Cost $2,075,898)** |  |  |  |  |
| Zetrix Ai Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;11019806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288359 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2288359** | &nbsp;&nbsp;&nbsp;&nbsp;**0.74** |
| **Mexico (Cost $7,680,383)** |  |  |  |  |
| Gentera S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476282 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533533 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4524696 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9534511** | &nbsp;&nbsp;&nbsp;&nbsp;**3.10** |
| **Poland (Cost $10,178,261)** |  |  |  |  |
| Allegro.eu S.A.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4772660 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| LPP S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3481041 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Powszechna Kasa Oszczednosci Bank Polski S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772214 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11025915** | &nbsp;&nbsp;&nbsp;&nbsp;**3.59** |
| **South Africa (Cost $2,383,287)** |  |  |  |  |
| Anglogold Ashanti PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1893346 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488791 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2382137** | &nbsp;&nbsp;&nbsp;&nbsp;**0.78** |
| **South Korea (Cost $24,564,924)** |  |  |  |  |
| Classys, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3676850 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Coway Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803875 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4239847 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3456580 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Hansol Chemical Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5459708 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| Samsung C&T Corp. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3576364 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4311198 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9255062 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 |
| Samsung Electronics Co. Ltd. GDR<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37691 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Samsung Electronics Co. Ltd. GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012951 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| SK hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19276 | &nbsp;&nbsp;&nbsp;&nbsp;16962237 | &nbsp;&nbsp;&nbsp;&nbsp;5.52 |
| SK Square Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7023722 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**60816085** | &nbsp;&nbsp;**19.79** |
| **Taiwan (Cost $40,195,610)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4447465 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| Andes Technology Corp.\* | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463545 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| Chroma ATE, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2841485 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Taiwan (continued)** |  |  |  |  |
| Delta Electronics, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | $2485510 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2174120 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Elite Material Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3090554 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;188000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210429 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Lotes Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4468389 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| MediaTek, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4845091 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| Sinbon Electronics Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;385298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3511382 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;637000 | &nbsp;&nbsp;&nbsp;&nbsp;43245004 | &nbsp;&nbsp;&nbsp;&nbsp;14.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**75782974** | &nbsp;&nbsp;&nbsp;&nbsp;**24.66** |
| **Thailand (Cost $3,669,423)** |  |  |  |  |
| Bangkok Dusit Medical Services PCL (Registered) | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;5570400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3146805 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3146805** | &nbsp;&nbsp;&nbsp;&nbsp;**1.02** |
| **United Arab Emirates (Cost $1,578,340)** |  |  |  |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;336464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018299 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2018299** | &nbsp;&nbsp;&nbsp;&nbsp;**0.66** |
| **Vietnam (Cost $2,763,012)** |  |  |  |  |
| Mobile World Investment Corp. | &nbsp;&nbsp;&nbsp;VND | &nbsp;&nbsp;&nbsp;&nbsp;961000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087149 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3087149** | &nbsp;&nbsp;&nbsp;&nbsp;**1.00** |
| **Total Common Stocks (Cost $211,995,543)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**292594625** | &nbsp;&nbsp;&nbsp;&nbsp;**95.20** |
| **Preferred Stocks** |  |  |  |  |
| **Chile (Cost $2,524,928)** |  |  |  |  |
| Sociedad Quimica y Minera de Chile S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959026 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2959026** | &nbsp;&nbsp;&nbsp;&nbsp;**0.96** |
| **South Korea (Cost $2,950,264)** |  |  |  |  |
| Samsung Electronics Co. Ltd., 1.059%<sup>3</sup> | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3389019 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3389019** | &nbsp;&nbsp;&nbsp;&nbsp;**1.10** |
| **Total Preferred Stocks (Cost $5,475,192)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6348045** | &nbsp;&nbsp;&nbsp;&nbsp;**2.06** |
| **Total Investments (Total Cost $217,470,735)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**298942670** | &nbsp;&nbsp;&nbsp;&nbsp;**97.26** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8417017 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 |
| **Net Assets** |  |  | **$307359687** | &nbsp;&nbsp;**100.00** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>1</sup> Local currency is United States Dollars unless otherwise noted below.

<sup>2</sup> 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. As of April 30, 2026, these securities had a total value of $10,410,435 or 3.39% of net assets.

<sup>3</sup> 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.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

At April 30, 2026, the industry sectors for the Ashmore Emerging Markets Equity Fund were:

---

| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;7.2% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;10.1 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;16.1 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;12.8 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;38.5 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;97.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS EQUITY FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (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 Equity Fund's investments and other financial instruments, which are carried at fair value, as of April 30, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Investments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | &nbsp;&nbsp;$3279816 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3279816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;16945253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16945253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp;2713963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2713963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;13259683 | &nbsp;&nbsp;&nbsp;&nbsp;41964809 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;55224492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7183238 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7183238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;13178592 | &nbsp;&nbsp;&nbsp;&nbsp;15644780 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;28823372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;2812284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300157 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5112441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;3229816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288359 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;9534511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9534511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11025915 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11025915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;2382137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;60816085 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;60816085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;75782974 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;75782974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3146805 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3146805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018299 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vietnam | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087149 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;67336055 | &nbsp;&nbsp;&nbsp;&nbsp;225258570 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;292594625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp;2959026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3389019 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3389019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;2959026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3389019 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6348045 |
| Total Investments | &nbsp;&nbsp;$70295081 | &nbsp;&nbsp;$228647589 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$298942670 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS EQUITY ESG FUND

#### SCHEDULE OF INVESTMENTS
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Brazil (Cost $1,105,320)** |  |  |  |  |
| MercadoLibre, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | $107558 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| NU Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;18200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263536 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;49062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217380 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Rede D'Or Sao Luiz S.A.<sup>2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;51457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398725 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| TOTVS S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;29600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190447 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1177646** | &nbsp;&nbsp;&nbsp;&nbsp;**6.08** |
| **China (Cost $2,013,541)** |  |  |  |  |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519600 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 |
| H World Group Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;5673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292954 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 |
| Kanzhun Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;13810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186711 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| KE Holdings, Inc. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;8640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148003 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Sieyuan Electric Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;9300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268416 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| Sunresin New Materials Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;28250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263996 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;18100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098942 | &nbsp;&nbsp;&nbsp;&nbsp;5.67 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2778622** | &nbsp;&nbsp;**14.34** |
| **Hong Kong (Cost $622,762)** |  |  |  |  |
| AIA Group Ltd. | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737929 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**737929** | &nbsp;&nbsp;&nbsp;&nbsp;**3.81** |
| **India (Cost $2,208,906)** |  |  |  |  |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;3116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251277 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| CreditAccess Grameen Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;12705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174563 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;29182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741515 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 |
| Mahindra & Mahindra Ltd. GDR |  | &nbsp;&nbsp;&nbsp;&nbsp;8048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262959 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| MakeMyTrip Ltd.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;6776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319895 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| PB Fintech Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;19291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340114 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2090323** | &nbsp;&nbsp;**10.79** |
| **Indonesia (Cost $530,358)** |  |  |  |  |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;686700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174921 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Grab Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297960 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**472881** | &nbsp;&nbsp;&nbsp;&nbsp;**2.44** |
| **Kazakhstan (Cost $285,835)** |  |  |  |  |
| Kaspi.KZ JSC ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;3623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310998 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**310998** | &nbsp;&nbsp;&nbsp;&nbsp;**1.60** |
| **Malaysia (Cost $164,826)** |  |  |  |  |
| Zetrix Ai Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;917806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190590 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**190590** | &nbsp;&nbsp;&nbsp;&nbsp;**0.98** |
| **Mexico (Cost $347,361)** |  |  |  |  |
| Gentera S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;66800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174987 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;34400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373529 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**548516** | &nbsp;&nbsp;&nbsp;&nbsp;**2.83** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS EQUITY ESG FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Poland (Cost $632,191)** |  |  |  |  |
| Allegro.eu S.A.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;47469 | $390146 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 |
| Benefit Systems S.A.\* | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281504 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**671650** | &nbsp;&nbsp;&nbsp;&nbsp;**3.47** |
| **Saudi Arabia (Cost $173,639)** |  |  |  |  |
| Rasan Information Technology Co.\* | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;4928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186467 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**186467** | &nbsp;&nbsp;&nbsp;&nbsp;**0.96** |
| **South Africa (Cost $72,763)** |  |  |  |  |
| Boxer Retail Ltd. | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;20216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96675 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**96675** | &nbsp;&nbsp;&nbsp;&nbsp;**0.50** |
| **South Korea (Cost $1,347,281)** |  |  |  |  |
| Coway Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75139 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;3675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417923 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;3565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319299 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| LigaChem Biosciences, Inc.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179742 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;4792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727006 | &nbsp;&nbsp;&nbsp;&nbsp;3.75 |
| Samsung Electronics Co. Ltd. GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378600 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| SK hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072679 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 |
| SK Square Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572152 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3742540** | &nbsp;&nbsp;**19.32** |
| **Taiwan (Cost $2,418,130)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272291 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| Andes Technology Corp.\* | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65859 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274807 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| Chroma ATE, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135309 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Delta Electronics, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207126 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234805 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221998 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Lotes Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337237 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 |
| Sinbon Electronics Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273402 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2987096 | &nbsp;&nbsp;15.42 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5009930** | &nbsp;&nbsp;**25.86** |
| **Thailand (Cost $282,170)** |  |  |  |  |
| Bangkok Dusit Medical Services PCL (Registered) | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;432100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244100 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**244100** | &nbsp;&nbsp;&nbsp;&nbsp;**1.26** |
| **United Arab Emirates (Cost $103,149)** |  |  |  |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;&nbsp;&nbsp;28466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170755 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**170755** | &nbsp;&nbsp;&nbsp;&nbsp;**0.88** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS EQUITY ESG FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Vietnam (Cost $152,249)** |  |  |  |  |
| Mobile World Investment Corp. | &nbsp;&nbsp;VND | &nbsp;&nbsp;56200 | $180539 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**180539** | &nbsp;&nbsp;&nbsp;&nbsp;**0.93** |
| **Total Common Stocks (Cost $12,460,481)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18610161** | &nbsp;&nbsp;&nbsp;&nbsp;**96.05** |
| **Total Investments (Total Cost $12,460,481)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18610161** | &nbsp;&nbsp;&nbsp;&nbsp;**96.05** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765821 | &nbsp;&nbsp;&nbsp;&nbsp;3.95 |
| **Net Assets** |  |  | **$19375982** | &nbsp;&nbsp;**100.00** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>1</sup> Local currency is United States Dollars unless otherwise noted below.

<sup>2</sup> 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. As of April 30, 2026, these securities had a total value of $788,871 or 4.07% of net assets.

Percentages shown are based on net assets.

At April 30, 2026, the industry sectors for the Ashmore Emerging Markets Equity ESG Fund were:

---

| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;5.7% |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;8.4 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;21.0 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;11.9 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;39.7 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;96.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS EQUITY ESG FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (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 Equity ESG Fund's investments and other financial instruments, which are carried at fair value, as of April 30, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Investments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;$1177646 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1177646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627668 | &nbsp;&nbsp;&nbsp;&nbsp;2150954 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2778622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737929 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;1061410 | &nbsp;&nbsp;&nbsp;&nbsp;1028913 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2090323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174921 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190590 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671650 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186467 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96675 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3742540 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3742540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5009930 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5009930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244100 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170755 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vietnam | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180539 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;4024198 | &nbsp;&nbsp;&nbsp;&nbsp;14585963 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18610161 |
| Total Investments | &nbsp;&nbsp;$4024198 | &nbsp;&nbsp;$14585963 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$18610161 |

---

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, 2026:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** |
|  | &nbsp;&nbsp;**Foreign<br> Exchange Risk** |
| **Realized Gain (Loss) on Derivatives:** |  |
| Net Realized Loss on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$(4) |

---

\* See note 9 in the Notes to the Financial Statements for additional information.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Debt Securities** |  |  |  |  |
| **Angola (Cost $195,599)** |  |  |  |  |
| Angola (Rep of), 9.875%, 10/15/2035<sup>2</sup> |  | &nbsp;&nbsp;200000 | $214136 | &nbsp;&nbsp;1.83 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**214136** | &nbsp;&nbsp;**1.83** |
| **Argentina (Cost $259,155)** |  |  |  |  |
| Argentina (Rep of), 1.000%, 07/09/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;43515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38858 | &nbsp;&nbsp;0.33 |
| Argentina (Rep of), (Step to 1.750% on 07/09/27), 0.750%, 07/09/2030<sup>3</sup> |  | &nbsp;&nbsp;167285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144367 | &nbsp;&nbsp;1.24 |
| Argentina (Rep of), (Step to 4.750% on 07/09/27), 4.125%, 07/09/2035<sup>3</sup> |  | &nbsp;&nbsp;128835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96111 | &nbsp;&nbsp;0.82 |
| Argentina (Rep of), 5.000%, 01/09/2038 |  | &nbsp;&nbsp;&nbsp;&nbsp;72735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56479 | &nbsp;&nbsp;0.48 |
| Argentina (Rep of), (Step to 4.875% on 07/09/29), 3.500%, 07/09/2041<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;67207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46339 | &nbsp;&nbsp;0.40 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**382154** | &nbsp;&nbsp;**3.27** |
| **Bahrain (Cost $206,921)** |  |  |  |  |
| Bapco Energies BSC Closed, 8.375%, 11/07/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204500 | &nbsp;&nbsp;1.75 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**204500** | &nbsp;&nbsp;**1.75** |
| **Brazil (Cost $321,550)** |  |  |  |  |
| Brazil (Rep of), 8.250%, 01/20/2034 |  | &nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126463 | &nbsp;&nbsp;1.08 |
| Brazil (Rep of), 7.250%, 01/12/2056 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201400 | &nbsp;&nbsp;1.72 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**327863** | &nbsp;&nbsp;**2.80** |
| **Bulgaria (Cost $5,789)** |  |  |  |  |
| Bulgaria (Rep of), 5.000%, 03/05/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5838 | &nbsp;&nbsp;0.05 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5838** | &nbsp;&nbsp;**0.05** |
| **Chile (Cost $560,049)** |  |  |  |  |
| Chile (Rep of), 3.100%, 01/22/2061 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123450 | &nbsp;&nbsp;1.06 |
| Corp. Nacional del Cobre de Chile, 6.300%, 09/08/2053 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204226 | &nbsp;&nbsp;1.75 |
| Empresa Nacional del Petroleo, 5.250%, 11/06/2029 |  | &nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215748 | &nbsp;&nbsp;1.84 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**543424** | &nbsp;&nbsp;**4.65** |
| **Colombia (Cost $200,086)** |  |  |  |  |
| Colombia (Rep of), 7.375%, 09/18/2037 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205555 | &nbsp;&nbsp;1.76 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**205555** | &nbsp;&nbsp;**1.76** |
| **Costa Rica (Cost $178,242)** |  |  |  |  |
| Costa Rica (Rep of), 5.625%, 04/30/2043 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191963 | &nbsp;&nbsp;1.64 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**191963** | &nbsp;&nbsp;**1.64** |
| **Dominican Republic (Cost $224,010)** |  |  |  |  |
| Dominican (Rep of), 5.875%, 01/30/2060 |  | &nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245058 | &nbsp;&nbsp;2.09 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**245058** | &nbsp;&nbsp;**2.09** |
| **Ecuador (Cost $46,984)** |  |  |  |  |
| Ecuador (Rep of), 6.900%, 07/31/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;63078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58473 | &nbsp;&nbsp;0.50 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Ecuador (continued)** |  |  |  |  |
| Ecuador (Rep of), (Step to 5.500% on 07/31/26), 5.000%, 07/31/2040<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;50674 | $42338 | &nbsp;&nbsp;0.36 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100811** | &nbsp;&nbsp;**0.86** |
| **Egypt (Cost $166,589)** |  |  |  |  |
| Egypt (Rep of), 7.600%, 03/01/2029 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204276 | &nbsp;&nbsp;1.75 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**204276** | &nbsp;&nbsp;**1.75** |
| **El Salvador (Cost $19,005)** |  |  |  |  |
| El Salvador (Rep of), 7.650%, 06/15/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24614 | &nbsp;&nbsp;0.21 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24614** | &nbsp;&nbsp;**0.21** |
| **Ghana (Cost $196,171)** |  |  |  |  |
| Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/2029<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;75882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73795 | &nbsp;&nbsp;0.63 |
| Ghana (Rep of), 0.000%, 01/03/2030<sup>4</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;15967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13972 | &nbsp;&nbsp;0.12 |
| Ghana (Rep of), (Step to 6.000% on 07/03/28), 5.000%, 07/03/2035<sup>3</sup> |  | &nbsp;&nbsp;142220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130194 | &nbsp;&nbsp;1.11 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**217961** | &nbsp;&nbsp;**1.86** |
| **Guatemala (Cost $204,578)** |  |  |  |  |
| Guatemala (Rep of), 6.600%, 06/13/2036 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213763 | &nbsp;&nbsp;1.83 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**213763** | &nbsp;&nbsp;**1.83** |
| **Hungary (Cost $500,183)** |  |  |  |  |
| Hungary (Rep of), 2.125%, 09/22/2031 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173500 | &nbsp;&nbsp;1.48 |
| Hungary (Rep of), 5.500%, 03/26/2036 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200150 | &nbsp;&nbsp;1.71 |
| Hungary (Rep of), 3.125%, 09/21/2051 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124591 | &nbsp;&nbsp;1.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**498241** | &nbsp;&nbsp;**4.26** |
| **Indonesia (Cost $348,761)** |  |  |  |  |
| Indonesia (Rep of), 8.500%, 10/12/2035 |  | &nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169366 | &nbsp;&nbsp;1.45 |
| Indonesia (Rep of), 4.200%, 10/15/2050 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157710 | &nbsp;&nbsp;1.35 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**327076** | &nbsp;&nbsp;**2.80** |
| **Ivory Coast (Cost $214,360)** |  |  |  |  |
| Ivory Coast (Rep of), 8.250%, 01/30/2037 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214568 | &nbsp;&nbsp;1.83 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**214568** | &nbsp;&nbsp;**1.83** |
| **Kazakhstan (Cost $217,000)** |  |  |  |  |
| Kazakhstan (Rep of), 4.714%, 04/09/2035 |  | &nbsp;&nbsp;217000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213251 | &nbsp;&nbsp;1.82 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**213251** | &nbsp;&nbsp;**1.82** |
| **Malaysia (Cost $176,114)** |  |  |  |  |
| Petronas Capital Ltd., 2.480%, 01/28/2032 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179820 | &nbsp;&nbsp;1.54 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**179820** | &nbsp;&nbsp;**1.54** |
| **Mexico (Cost $764,991)** |  |  |  |  |
| Mexico (Rep of), 5.400%, 02/09/2028 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202930 | &nbsp;&nbsp;1.74 |
| Mexico (Rep of), 4.750%, 03/08/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50290 | &nbsp;&nbsp;0.43 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Mexico (continued)** |  |  |  |  |
| Mexico (Rep of), 5.550%, 01/21/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;64000 | $58304 | &nbsp;&nbsp;0.50 |
| Mexico (Rep of), 3.771%, 05/24/2061 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120925 | &nbsp;&nbsp;1.03 |
| Mexico (Rep of), 5.750%, 10/12/2110 |  | &nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62434 | &nbsp;&nbsp;0.53 |
| Petroleos Mexicanos, 8.750%, 06/02/2029 |  | &nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108171 | &nbsp;&nbsp;0.93 |
| Petroleos Mexicanos, 6.750%, 09/21/2047 |  | &nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85935 | &nbsp;&nbsp;0.73 |
| Petroleos Mexicanos, 6.350%, 02/12/2048 |  | &nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81810 | &nbsp;&nbsp;0.70 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**770799** | &nbsp;&nbsp;**6.59** |
| **Mongolia (Cost $171,923)** |  |  |  |  |
| Mongolia (Rep of), 4.450%, 07/07/2031 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187000 | &nbsp;&nbsp;1.60 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**187000** | &nbsp;&nbsp;**1.60** |
| **Morocco (Cost $205,803)** |  |  |  |  |
| Morocco (Rep of), 6.500%, 09/08/2033 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213764 | &nbsp;&nbsp;1.83 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**213764** | &nbsp;&nbsp;**1.83** |
| **Nigeria (Cost $360,449)** |  |  |  |  |
| Nigeria (Rep of), 7.696%, 02/23/2038 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204300 | &nbsp;&nbsp;1.75 |
| Nigeria (Rep of), 8.250%, 09/28/2051 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202628 | &nbsp;&nbsp;1.73 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**406928** | &nbsp;&nbsp;**3.48** |
| **Oman (Cost $193,604)** |  |  |  |  |
| Oman (Rep of), 6.500%, 03/08/2047 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213332 | &nbsp;&nbsp;1.82 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**213332** | &nbsp;&nbsp;**1.82** |
| **Panama (Cost $376,923)** |  |  |  |  |
| Panama (Rep of), 8.875%, 09/30/2027 |  | &nbsp;&nbsp;122000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129045 | &nbsp;&nbsp;1.10 |
| Panama (Rep of), 6.700%, 01/26/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95744 | &nbsp;&nbsp;0.82 |
| Panama (Rep of), 4.500%, 04/16/2050 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160500 | &nbsp;&nbsp;1.37 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**385289** | &nbsp;&nbsp;**3.29** |
| **Paraguay (Cost $194,485)** |  |  |  |  |
| Paraguay (Rep of), 5.850%, 08/21/2033 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208100 | &nbsp;&nbsp;1.78 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**208100** | &nbsp;&nbsp;**1.78** |
| **Peru (Cost $442,461)** |  |  |  |  |
| Peru (Rep of), 8.750%, 11/21/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94325 | &nbsp;&nbsp;0.81 |
| Peru (Rep of), 5.375%, 02/08/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27270 | &nbsp;&nbsp;0.23 |
| Peru (Rep of), 3.300%, 03/11/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57525 | &nbsp;&nbsp;0.49 |
| Peru (Rep of), 2.780%, 12/01/2060 |  | &nbsp;&nbsp;149000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80311 | &nbsp;&nbsp;0.69 |
| Peru (Rep of), 3.230%, 07/28/2121 |  | &nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15316 | &nbsp;&nbsp;0.13 |
| Petroleos del Peru S.A., 5.625%, 06/19/2047 |  | &nbsp;&nbsp;234000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164853 | &nbsp;&nbsp;1.41 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**439600** | &nbsp;&nbsp;**3.76** |
| **Philippines (Cost $290,219)** |  |  |  |  |
| Philippines (Rep of), 7.750%, 01/14/2031 |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112875 | &nbsp;&nbsp;0.96 |
| Philippines (Rep of), 3.950%, 01/20/2040 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169500 | &nbsp;&nbsp;1.45 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**282375** | &nbsp;&nbsp;**2.41** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Poland (Cost $154,217)** |  |  |  |  |
| Poland (Rep of), 5.500%, 11/16/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;8000 | $8147 | &nbsp;&nbsp;0.07 |
| Poland (Rep of), 4.875%, 10/04/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37092 | &nbsp;&nbsp;0.32 |
| Poland (Rep of), 5.125%, 09/18/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39312 | &nbsp;&nbsp;0.34 |
| Poland (Rep of), 5.500%, 04/04/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20512 | &nbsp;&nbsp;0.17 |
| Poland (Rep of), 5.500%, 03/18/2054 |  | &nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45596 | &nbsp;&nbsp;0.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**150659** | &nbsp;&nbsp;**1.29** |
| **Romania (Cost $390,749)** |  |  |  |  |
| Romania (Rep of), 6.625%, 02/17/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26610 | &nbsp;&nbsp;0.23 |
| Romania (Rep of), 5.875%, 01/30/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54845 | &nbsp;&nbsp;0.47 |
| Romania (Rep of), 3.000%, 02/14/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14325 | &nbsp;&nbsp;0.12 |
| Romania (Rep of), 3.625%, 03/27/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19718 | &nbsp;&nbsp;0.17 |
| Romania (Rep of), 7.125%, 01/17/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19080 | &nbsp;&nbsp;0.16 |
| Romania (Rep of), 6.000%, 05/25/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15800 | &nbsp;&nbsp;0.14 |
| Romania (Rep of), 5.750%, 03/24/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44206 | &nbsp;&nbsp;0.38 |
| Romania (Rep of), 6.625%, 05/16/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26273 | &nbsp;&nbsp;0.22 |
| Romania (Rep of), 5.750%, 07/04/2036<sup>2</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33918 | &nbsp;&nbsp;0.29 |
| Romania (Rep of), 7.500%, 02/10/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64192 | &nbsp;&nbsp;0.55 |
| Romania (Rep of), 6.125%, 01/22/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20460 | &nbsp;&nbsp;0.17 |
| Romania (Rep of), 4.000%, 02/14/2051 |  | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21128 | &nbsp;&nbsp;0.18 |
| Romania (Rep of), 7.625%, 01/17/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27703 | &nbsp;&nbsp;0.24 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**388258** | &nbsp;&nbsp;**3.32** |
| **Saudi Arabia (Cost $379,985)** |  |  |  |  |
| Saudi (Rep of), 5.000%, 04/17/2049 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174703 | &nbsp;&nbsp;1.49 |
| Suci Second Investment Co., 4.375%, 09/10/2027 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199425 | &nbsp;&nbsp;1.71 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**374128** | &nbsp;&nbsp;**3.20** |
| **South Africa (Cost $152,130)** |  |  |  |  |
| South Africa (Rep of), 5.750%, 09/30/2049 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161600 | &nbsp;&nbsp;1.38 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**161600** | &nbsp;&nbsp;**1.38** |
| **Turkey (Cost $416,602)** |  |  |  |  |
| Turkey (Rep of), 5.250%, 03/13/2030 |  | &nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217237 | &nbsp;&nbsp;1.86 |
| Turkey (Rep of), 6.500%, 01/03/2035 |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192600 | &nbsp;&nbsp;1.64 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**409837** | &nbsp;&nbsp;**3.50** |
| **Ukraine (Cost $147,522)** |  |  |  |  |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2030<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;5457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3443 | &nbsp;&nbsp;0.03 |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2034<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;20395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9606 | &nbsp;&nbsp;0.08 |
| Ukraine (Rep of), (Step to 6.000% on 02/01/27), 4.500%, 02/01/2034<sup>3</sup> |  | &nbsp;&nbsp;114276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69708 | &nbsp;&nbsp;0.60 |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;17235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8773 | &nbsp;&nbsp;0.07 |
| Ukraine (Rep of), (Step to 6.000% on 02/01/27), 4.500%, 02/01/2035<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;71246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42747 | &nbsp;&nbsp;0.37 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Par** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Ukraine (continued)** |  |  |  |  |
| Ukraine (Rep of), (Step to 3.000% on 02/01/27), 0.000%, 02/01/2036<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;14362 | $7289 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Ukraine (Rep of), (Step to 6.000% on 02/01/27), 4.500%, 02/01/2036<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;41340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24391 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**165957** | &nbsp;&nbsp;&nbsp;&nbsp;**1.42** |
| **United States (Cost $777,848)** |  |  |  |  |
| U.S. Treasury Bill, 3.523%, 06/04/2026<sup>5</sup> |  | &nbsp;&nbsp;780500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777850 | &nbsp;&nbsp;&nbsp;&nbsp;6.65 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**777850** | &nbsp;&nbsp;&nbsp;&nbsp;**6.65** |
| **Uruguay (Cost $250,818)** |  |  |  |  |
| Uruguay (Rep of), 7.875%, (100% Cash), 01/15/2033<sup>6</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;51980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61077 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Uruguay (Rep of), 5.750%, 10/28/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;35322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37185 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Uruguay (Rep of), 7.625%, 03/21/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;37848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44823 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Uruguay (Rep of), 4.125%, 11/20/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;31283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27036 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Uruguay (Rep of), 5.100%, 06/18/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;33808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31410 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Uruguay (Rep of), 4.975%, 04/20/2055 |  | &nbsp;&nbsp;&nbsp;&nbsp;28130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25289 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Uruguay (Rep of), 5.250%, 09/10/2060 |  | &nbsp;&nbsp;&nbsp;&nbsp;18175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16713 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**243533** | &nbsp;&nbsp;&nbsp;&nbsp;**2.08** |
| **Uzbekistan (Cost $217,037)** |  |  |  |  |
| Uzbekistan (Rep of), 5.375%, 02/20/2029 |  | &nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220577 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**220577** | &nbsp;&nbsp;&nbsp;&nbsp;**1.89** |
| **Venezuela (Cost $517,280)** |  |  |  |  |
| Petroleos de Venezuela S.A., 8.500%, 10/27/2020<sup>7,8</sup> |  | &nbsp;&nbsp;419000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432618 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 |
| Venezuela (Rep of), 11.750%, 10/21/2026<sup>7</sup> |  | &nbsp;&nbsp;390600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222056 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| Venezuela (Rep of), 9.250%, 09/15/2027<sup>7</sup> |  | &nbsp;&nbsp;362000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185380 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| Venezuela (Rep of), 11.950%, 08/05/2031<sup>7</sup> |  | &nbsp;&nbsp;220300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125516 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**965570** | &nbsp;&nbsp;&nbsp;&nbsp;**8.25** |
| **Zambia (Cost $31,765)** |  |  |  |  |
| Zambia (Rep of), (Step to 7.500% on 06/30/31), 5.750%, 06/30/2033<sup>3</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;35353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34876 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34876** | &nbsp;&nbsp;&nbsp;&nbsp;**0.30** |
| **Total Debt Securities (Cost $10,677,957)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11514904** | &nbsp;&nbsp;&nbsp;&nbsp;**98.44** |
| **Total Investments in Securities (Cost $10,677,957)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11514904** | &nbsp;&nbsp;&nbsp;&nbsp;**98.44** |
| **Total Investments (Total Cost $10,677,957)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11514904** | &nbsp;&nbsp;&nbsp;&nbsp;**98.44** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182061 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| **Net Assets** |  |  | **$11696965** | &nbsp;&nbsp;**100.00** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

<sup>1</sup> Local currency is United States Dollars unless otherwise noted below.

<sup>2</sup> 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. As of April 30, 2026, these securities had a total value of $248,054 or 2.12% of net assets.

<sup>3</sup> Step coupon bond. Rate as of April 30, 2026 is disclosed.

<sup>4</sup> Zero coupon bond.

<sup>5</sup> Zero coupon bond – interest rate reflects effective yield on the date of purchase.

<sup>6</sup> 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.

<sup>7</sup> Issuer has defaulted on terms of debt obligation.

<sup>8</sup> Maturity has been extended under the terms of a plan of reorganization.

Percentages shown are based on net assets.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

At April 30, 2026, the Ashmore Emerging Markets Debt Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Buy** | &nbsp;&nbsp;**Currency<br> Buy Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Currency<br> Sell** | &nbsp;&nbsp;**Currency<br> Sell Amount<br> (Local<br> Currency)** | &nbsp;&nbsp;**Unrealized<br> Gain/(Loss)** |
| 07/31/2026 | &nbsp;&nbsp;Barclays | &nbsp;&nbsp;Polish Zloty | &nbsp;&nbsp;11638 | &nbsp;&nbsp;United States Dollar | &nbsp;&nbsp;3195 | &nbsp;&nbsp;$14 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;14 |
| Total |  |  |  |  |  | &nbsp;&nbsp;$14 |

---

The inputs of methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities and other financial instruments, if any. See note 4 in the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques. The following is a summary of the inputs used in valuing the Ashmore Emerging Markets Debt Fund's investments and other financial instruments, which are carried at fair value, as of April 30, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Investments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;$— | &nbsp;&nbsp;$666911 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$666911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Certificates | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199425 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Agencies | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1010769 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1010769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8859949 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8859949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Term Bills and Notes | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777850 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11514904 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11514904 |
| Total Investments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11514904 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11514904 |
| Other Financial Instruments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14 |
| Total Other Financial Instruments | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14 |

---

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, 2026:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** |
|  | &nbsp;&nbsp;**Foreign<br> Exchange Risk** |
| **Assets:** |  |
| Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$14 |

---

#### The Effect of Financial Derivative Instruments on the Statements of Operations for the Six Months Ended April 30, 2026:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** |
|  | &nbsp;&nbsp;**Foreign<br> Exchange Risk** | &nbsp;&nbsp;**Credit<br> Risk** |
| **Realized Gain (Loss) on Derivatives:** |  |  |
| Net Realized Loss on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$(6887) | &nbsp;&nbsp;$— |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS DEBT FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** | &nbsp;&nbsp;**Derivatives Not Accounted for as<br> Hedging Instruments** |
|  | &nbsp;&nbsp;**Foreign<br> Exchange Risk** | &nbsp;&nbsp;**Credit<br> Risk** |
| Net Realized Gain on Credit Default Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;53 |
|  | &nbsp;&nbsp;$(6887) | &nbsp;&nbsp;$53 |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives:** |  |  |
| Net Change in Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$6594 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;$6594 | &nbsp;&nbsp;$— |

---

\* See note 9 in the Notes to the Financial Statements for additional information.

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS EQUITY EX CHINA FUND

#### SCHEDULE OF INVESTMENTS
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Argentina (Cost $145,168)** |  |  |  |  |
| Vista Energy S.A.B. de C.V. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;2241 | $166551 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**166551** | &nbsp;&nbsp;&nbsp;&nbsp;**1.35** |
| **Brazil (Cost $777,756)** |  |  |  |  |
| MercadoLibre, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62742 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| NU Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196928 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;32334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143263 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| Rede D'Or Sao Luiz S.A.<sup>2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;36400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282052 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 |
| TOTVS S.A.\* | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;23800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153130 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**838115** | &nbsp;&nbsp;&nbsp;&nbsp;**6.79** |
| **Chile (Cost $181,998)** |  |  |  |  |
| Latam Airlines Group S.A. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137837 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**137837** | &nbsp;&nbsp;&nbsp;&nbsp;**1.12** |
| **India (Cost $1,543,030)** |  |  |  |  |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;1779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143460 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| CreditAccess Grameen Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;10334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141986 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| HDFC Bank Ltd. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;18171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461725 | &nbsp;&nbsp;&nbsp;&nbsp;3.74 |
| International Gemmological Institute India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;28277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103775 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Mahindra & Mahindra Ltd. GDR |  | &nbsp;&nbsp;&nbsp;&nbsp;6622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216366 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| MakeMyTrip Ltd.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132188 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| PB Fintech Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;11176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197041 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1396541** | &nbsp;&nbsp;**11.32** |
| **Indonesia (Cost $298,654)** |  |  |  |  |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;464400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118295 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Grab Holdings Ltd., Class A\* |  | &nbsp;&nbsp;&nbsp;&nbsp;33900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129498 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**247793** | &nbsp;&nbsp;&nbsp;&nbsp;**2.01** |
| **Kazakhstan (Cost $157,226)** |  |  |  |  |
| Kaspi.KZ JSC ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;1915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164383 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**164383** | &nbsp;&nbsp;&nbsp;&nbsp;**1.33** |
| **Malaysia (Cost $124,734)** |  |  |  |  |
| Zetrix Ai Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;538300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111783 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**111783** | &nbsp;&nbsp;&nbsp;&nbsp;**0.91** |
| **Mexico (Cost $357,052)** |  |  |  |  |
| Gentera S.A.B. de C.V. | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;48600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127311 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127212 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;20400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221512 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**476035** | &nbsp;&nbsp;&nbsp;&nbsp;**3.86** |
| **Poland (Cost $488,190)** |  |  |  |  |
| Allegro.eu S.A.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;27217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223695 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| LPP S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175261 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS EQUITY EX CHINA FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Poland (continued)** |  |  |  |  |
| Powszechna Kasa Oszczednosci Bank Polski S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;5484 | $143418 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**542374** | &nbsp;&nbsp;&nbsp;&nbsp;**4.40** |
| **Saudi Arabia (Cost $105,579)** |  |  |  |  |
| Rasan Information Technology Co.\* | &nbsp;&nbsp;&nbsp;SAR | &nbsp;&nbsp;&nbsp;&nbsp;4521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171067 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**171067** | &nbsp;&nbsp;&nbsp;&nbsp;**1.39** |
| **South Africa (Cost $146,684)** |  |  |  |  |
| Anglogold Ashanti PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93730 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Boxer Retail Ltd. | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;7731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36970 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;1518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25586 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**156286** | &nbsp;&nbsp;&nbsp;&nbsp;**1.27** |
| **South Korea (Cost $1,190,728)** |  |  |  |  |
| Classys, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;4367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165503 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Coway Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44035 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225394 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157007 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| Hansol Chemical Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288323 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 |
| Samsung C&T Corp. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207815 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207755 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;3625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549958 | &nbsp;&nbsp;&nbsp;&nbsp;4.46 |
| Samsung Electronics Co. Ltd. GDR (Registered) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131198 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| SK hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536780 | &nbsp;&nbsp;&nbsp;&nbsp;4.35 |
| SK Square Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577979 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3091747** | &nbsp;&nbsp;**25.06** |
| **Taiwan (Cost $1,942,806)** |  |  |  |  |
| Alchip Technologies Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;1444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196594 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Andes Technology Corp.\* | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21953 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91602 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Chroma ATE, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135309 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Delta Electronics, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;1931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133320 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121751 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Elite Material Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147169 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204921 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| Kinik Co. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176317 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| Lotes Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252928 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 |
| MediaTek, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170003 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| Sinbon Electronics Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;18214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165992 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832991 | &nbsp;&nbsp;14.86 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3650850** | &nbsp;&nbsp;**29.59** |
| **Thailand (Cost $166,988)** |  |  |  |  |
| Bangkok Dusit Medical Services PCL (Registered) | &nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;254000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143488 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**143488** | &nbsp;&nbsp;&nbsp;&nbsp;**1.16** |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS EQUITY EX CHINA FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **United Arab Emirates (Cost $62,435)** |  |  |  |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;20291 | $121717 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**121717** | &nbsp;&nbsp;&nbsp;&nbsp;**0.99** |
| **Vietnam (Cost $141,926)** |  |  |  |  |
| Mobile World Investment Corp. | &nbsp;&nbsp;&nbsp;VND | &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160622 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**160622** | &nbsp;&nbsp;&nbsp;&nbsp;**1.30** |
| **Total Common Stocks (Cost $7,830,954)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11577189** | &nbsp;&nbsp;&nbsp;&nbsp;**93.85** |
| **Preferred Stocks** |  |  |  |  |
| **Chile (Cost $132,463)** |  |  |  |  |
| Sociedad Quimica y Minera de Chile S.A. ADR\* |  | &nbsp;&nbsp;&nbsp;&nbsp;1683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155122 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**155122** | &nbsp;&nbsp;&nbsp;&nbsp;**1.26** |
| **South Korea (Cost $151,621)** |  |  |  |  |
| Samsung Electronics Co. Ltd., 1.059%<sup>3</sup> | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174492 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**174492** | &nbsp;&nbsp;&nbsp;&nbsp;**1.41** |
| **Total Preferred Stocks (Cost $284,084)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**329614** | &nbsp;&nbsp;&nbsp;&nbsp;**2.67** |
| **Total Investments (Total Cost $8,115,038)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11906803** | &nbsp;&nbsp;&nbsp;&nbsp;**96.52** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429900 | &nbsp;&nbsp;&nbsp;&nbsp;3.48 |
| **Net Assets** |  |  | **$12336703** | &nbsp;&nbsp;**100.00** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>1</sup> Local currency is United States Dollars unless otherwise noted below.

<sup>2</sup> 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. As of April 30, 2026, these securities had a total value of $505,748 or 4.10% of net assets.

<sup>3</sup> 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, 2026, the industry sectors for the Ashmore Emerging Markets Equity ex China Fund were:

---

| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;8.2% |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;18.6 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;6.0 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;12.7 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;43.6 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;96.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |

---

*See accompanying notes to the financial statements.*

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[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS EQUITY EX CHINA FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

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| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;**Percentage of<br> Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

*See accompanying notes to the financial statements.*

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[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE EMERGING MARKETS EQUITY EX CHINA FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (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 Equity ex China Fund's investments and other financial instruments, which are carried at fair value, as of April 30, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Investments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | &nbsp;&nbsp;$166551 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$166551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802628 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1396541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118295 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111783 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542374 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171067 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36970 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3091747 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3091747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3650850 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3650850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143488 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121717 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vietnam | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160622 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;2625648 | &nbsp;&nbsp;&nbsp;&nbsp;8951541 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11577189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174492 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174492 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329614 |
| Total Investments | &nbsp;&nbsp;$2780770 | &nbsp;&nbsp;$9126033 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11906803 |

---

*See accompanying notes to the financial statements.*

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[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS NOTES TO FINANCIAL STATEMENTS
*As of April 30, 2026 (Unaudited)*

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1.&nbsp;&nbsp;&nbsp;&nbsp;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 eleven funds as of April 30, 2026, 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 Frontier Equity Fund, Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Equity ESG Fund, Ashmore Emerging Markets Debt Fund and Ashmore Emerging Markets Equity ex China 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 Emerging Markets Equity SMA Completion Fund (formerly, Ashmore Emerging Markets Small-Cap Equity Fund) (the "Completion Fund") also is a separate series of the Trust. The Completion Fund's financial statements are presented in a separate report.

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.&nbsp;&nbsp;&nbsp;&nbsp;Significant accounting policies

The significant accounting policies adopted and consistently followed in the preparation of the Funds' financial statements are set out below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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").

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*As of April 30, 2026 (Unaudited)*

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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*As of April 30, 2026 (Unaudited)*

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) 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, 2026, all inflation-indexed bonds were shown on the Schedule of Investments with their stated coupon rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Credit-Linked Notes

Certain Funds may invest in credit-linked notes to provide exposure to the high yield or other 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Income taxes (including ASU 2023-09 adoption)

In this reporting period, the Funds adopted FASB ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhanced quantitative and qualitative income tax disclosures, including disaggregation of income taxes paid by jurisdiction. The adoption of this standard relates solely to income tax disclosures and has no impact on any Fund's financial position, results of operations, or net assets. The Funds have assessed the applicability of the enhanced disclosure requirements and determined that income tax amounts, including foreign withholding taxes by jurisdiction, were not material for the period and therefore no additional disclosures are required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Operating segments

An operating segment is defined in FASB Accounting Standards Codification Topic 280, Segment Reporting, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The senior management (including the investment committee) for the adviser of the Funds serves as the CODM.

Each Fund operates as a single operating segment, with the income, expenses, assets, changes in net assets resulting from operations and performance regularly monitored and assessed as a whole by the CODM, using the information presented in the financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

3.&nbsp;&nbsp;&nbsp;&nbsp;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.

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*As of April 30, 2026 (Unaudited)*

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#### 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.

#### 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.

#### Equity Securities Risk
Equity securities may react more strongly to changes in an issuer's financial condition or prospects than other securities of the same issuer.

#### 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.

#### Inflation/Deflation Risk
The value of the Fund's investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults.

#### Interest Rate Risk
Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates.

#### Large Shareholder Risk
Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund's operations by purchasing or redeeming Fund shares in large amounts.

#### Leverage Risk
Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund's investment portfolio and magnify the Fund's investment losses or gains.

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#### ASHMORE FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

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#### Management Risk
The Fund's investment return depends on the ability of the Investment Manager to manage the Fund's portfolio successfully; there is a risk that the Investment Manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters.

#### Market Risk
The value of securities and instruments owned by the 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 9.

#### Valuation Risk
Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.

4.&nbsp;&nbsp;&nbsp;&nbsp;Fair value measurements

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

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

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

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.

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

------

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.&nbsp;&nbsp;&nbsp;&nbsp;Capital share transactions

Transactions in Class A shares for the period ended April 30, 2026, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Shares Sold** | &nbsp;&nbsp;**Proceeds from Shares Sold** | &nbsp;&nbsp;**Shares from Reinvested Distributions** | &nbsp;&nbsp;**Proceeds from Reinvestment of Distributions** | &nbsp;&nbsp;**Shares Redeemed** | &nbsp;&nbsp;**Payments for Shares Redeemed** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Shares** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Net Assets** |
| Ashmore Emerging Markets Total Return Fund | &nbsp;&nbsp;&nbsp;40271 | &nbsp;&nbsp;$211599 | &nbsp;&nbsp;&nbsp;&nbsp;4845 | &nbsp;&nbsp;$25290 | &nbsp;&nbsp;&nbsp;&nbsp;(38528) | &nbsp;&nbsp;$(200440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6588 | &nbsp;&nbsp;$36449 |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp;(23598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157868) | &nbsp;&nbsp;&nbsp;(23578) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157741) |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;29459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159653 | &nbsp;&nbsp;18198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98821 | &nbsp;&nbsp;&nbsp;&nbsp;(79708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(434349) | &nbsp;&nbsp;&nbsp;(32051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175875) |

---

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

*As of April 30, 2026 (Unaudited)*

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Shares Sold** | &nbsp;&nbsp;**Proceeds from Shares Sold** | &nbsp;&nbsp;**Shares from Reinvested Distributions** | &nbsp;&nbsp;**Proceeds from Reinvestment of Distributions** | &nbsp;&nbsp;**Shares Redeemed** | &nbsp;&nbsp;**Payments for Shares Redeemed** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Shares** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Net Assets** |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;2734 | &nbsp;&nbsp;$13136 | &nbsp;&nbsp;13033 | &nbsp;&nbsp;$62751 | &nbsp;&nbsp;&nbsp;&nbsp;(57493) | &nbsp;&nbsp;$(279161) | &nbsp;&nbsp;&nbsp;(41726) | &nbsp;&nbsp;$(203274) |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107) |
| Ashmore Emerging Markets Frontier Equity Fund | &nbsp;&nbsp;&nbsp;21848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249174 | &nbsp;&nbsp;12835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140290 | &nbsp;&nbsp;&nbsp;&nbsp;(83619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(990042) | &nbsp;&nbsp;&nbsp;(48936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(600578) |
| Ashmore Emerging Markets Equity Fund | 813811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12731909 | &nbsp;&nbsp;27953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394126 | &nbsp;&nbsp;(692526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10968894) | &nbsp;&nbsp;149238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157141 |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Ashmore Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |

---

Transactions in Class C shares for the period ended April 30, 2026, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Shares Sold** | &nbsp;&nbsp;**Proceeds from Shares Sold** | &nbsp;&nbsp;**Shares from Reinvested Distributions** | &nbsp;&nbsp;**Proceeds from Reinvestment of Distributions** | &nbsp;&nbsp;**Shares Redeemed** | &nbsp;&nbsp;**Payments for Shares Redeemed** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Shares** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Net Assets** |
| Ashmore Emerging Markets Total Return Fund | &nbsp;&nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp;$3600 | &nbsp;&nbsp;1493 | &nbsp;&nbsp;$7759 | &nbsp;&nbsp;(73751) | &nbsp;&nbsp;$(383760) | &nbsp;&nbsp;(71571) | &nbsp;&nbsp;$(372401) |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;5387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29173 | &nbsp;&nbsp;(13895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75902) | &nbsp;&nbsp;&nbsp;&nbsp;(8461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46476) |

---

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

*As of April 30, 2026 (Unaudited)*

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Shares Sold** | &nbsp;&nbsp;**Proceeds from Shares Sold** | &nbsp;&nbsp;**Shares from Reinvested Distributions** | &nbsp;&nbsp;**Proceeds from Reinvestment of Distributions** | &nbsp;&nbsp;**Shares Redeemed** | &nbsp;&nbsp;**Payments for Shares Redeemed** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Shares** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Net Assets** |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;1038 | &nbsp;&nbsp;$4763 | &nbsp;&nbsp;&nbsp;&nbsp;(4134) | &nbsp;&nbsp;$(18972) | &nbsp;&nbsp;&nbsp;&nbsp;(3096) | &nbsp;&nbsp;$(14209) |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| Ashmore Emerging Markets Frontier Equity Fund | &nbsp;&nbsp;&nbsp;7860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83994 | &nbsp;&nbsp;1041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10762 | &nbsp;&nbsp;&nbsp;&nbsp;(2466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26723) | &nbsp;&nbsp;&nbsp;&nbsp;6435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68033 |
| Ashmore Emerging Markets Equity Fund | 56701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10531) | &nbsp;&nbsp;&nbsp;&nbsp;55942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865234 |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Ashmore Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |

---

Transactions in Institutional Class shares for the period ended April 30, 2026, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Shares Sold** | &nbsp;&nbsp;**Proceeds from Shares Sold** | &nbsp;&nbsp;**Shares from Reinvested Distributions** | &nbsp;&nbsp;**Proceeds from Reinvestment of Distributions** | &nbsp;&nbsp;**Shares Redeemed** | &nbsp;&nbsp;**Payments for Shares Redeemed** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Shares** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Net Assets** |
| Ashmore Emerging Markets Total Return Fund | &nbsp;&nbsp;&nbsp;&nbsp;109455 | &nbsp;&nbsp;$578940 | &nbsp;&nbsp;323899 | &nbsp;&nbsp;$1715853 | &nbsp;&nbsp;(9536768) | &nbsp;&nbsp;$(50443297) | &nbsp;&nbsp;(9103414) | &nbsp;&nbsp;$(48148504) |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;40916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294971 | &nbsp;&nbsp;&nbsp;&nbsp;33840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241892 |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;17862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102157 | &nbsp;&nbsp;138534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784424 | &nbsp;&nbsp;&nbsp;&nbsp;(367744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2085751) | &nbsp;&nbsp;&nbsp;&nbsp;(211348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1199170) |

---

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

*As of April 30, 2026 (Unaudited)*

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Shares Sold** | &nbsp;&nbsp;**Proceeds from Shares Sold** | &nbsp;&nbsp;**Shares from Reinvested Distributions** | &nbsp;&nbsp;**Proceeds from Reinvestment of Distributions** | &nbsp;&nbsp;**Shares Redeemed** | &nbsp;&nbsp;**Payments for Shares Redeemed** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Shares** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Net Assets** |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 | &nbsp;&nbsp;$4982 | &nbsp;&nbsp;&nbsp;&nbsp;31515 | &nbsp;&nbsp;$149214 | &nbsp;&nbsp;&nbsp;&nbsp;(220229) | &nbsp;&nbsp;$(1044363) | &nbsp;&nbsp;&nbsp;&nbsp;(187656) | &nbsp;&nbsp;$(890167) |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;47172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431620 | &nbsp;&nbsp;&nbsp;&nbsp;(885052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8138730) | &nbsp;&nbsp;&nbsp;&nbsp;(837880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7707110) |
| Ashmore Emerging Markets Frontier Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;793832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11139254 | &nbsp;&nbsp;709429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9307703 | &nbsp;&nbsp;&nbsp;&nbsp;(744216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10251646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10195311 |
| Ashmore Emerging Markets Equity Fund | 2874044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44328265 | &nbsp;&nbsp;133921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817310 | &nbsp;&nbsp;(2254125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34388755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11756820 |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198115 |
| Ashmore Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;31990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288943 | &nbsp;&nbsp;(1161504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10500000) | &nbsp;&nbsp;(1129514) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10211057) |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284923 |

---

Transactions in Class A shares for the year ended October 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Shares Sold** | &nbsp;&nbsp;**Proceeds from Shares Sold** | &nbsp;&nbsp;**Shares from Reinvested Distributions** | &nbsp;&nbsp;**Proceeds from Reinvestment of Distributions** | &nbsp;&nbsp;**Shares Redeemed** | &nbsp;&nbsp;**Payments for Shares Redeemed** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Shares** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Net Assets** |
| Ashmore Emerging Markets Total Return Fund | &nbsp;&nbsp;&nbsp;18853 | &nbsp;&nbsp;$92332 | &nbsp;&nbsp;10168 | &nbsp;&nbsp;$50368 | &nbsp;&nbsp;(139526) | &nbsp;&nbsp;$(697986) | &nbsp;&nbsp;(110505) | &nbsp;&nbsp;$(555286) |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8493 |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;25217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138518 | &nbsp;&nbsp;25569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140727 | &nbsp;&nbsp;(177860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(980459) | &nbsp;&nbsp;(127074) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(701214) |

---

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

*As of April 30, 2026 (Unaudited)*

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Shares Sold** | &nbsp;&nbsp;**Proceeds from Shares Sold** | &nbsp;&nbsp;**Shares from Reinvested Distributions** | &nbsp;&nbsp;**Proceeds from Reinvestment of Distributions** | &nbsp;&nbsp;**Shares Redeemed** | &nbsp;&nbsp;**Payments for Shares Redeemed** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Shares** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Net Assets** |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;6929 | &nbsp;&nbsp;$34179 | &nbsp;&nbsp;10338 | &nbsp;&nbsp;$50594 | &nbsp;&nbsp;&nbsp;&nbsp;(78873) | &nbsp;&nbsp;$(385540) | &nbsp;&nbsp;&nbsp;&nbsp;(61606) | &nbsp;&nbsp;$(300767) |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29955) |
| Ashmore Emerging Markets Frontier Equity Fund | 246259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2836986 | &nbsp;&nbsp;&nbsp;&nbsp;3619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39686 | &nbsp;&nbsp;(350554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4048996) | &nbsp;&nbsp;(100676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1172324) |
| Ashmore Emerging Markets Equity Fund | 904974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11318944 | &nbsp;&nbsp;15821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186293 | &nbsp;&nbsp;(875149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10360651) | &nbsp;&nbsp;&nbsp;&nbsp;45646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144586 |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Ashmore Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* *Amount rounds to less than $0.5.* 

Transactions in Class C shares for the year ended October 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Shares Sold** | &nbsp;&nbsp;**Proceeds from Shares Sold** | &nbsp;&nbsp;**Shares from Reinvested Distributions** | &nbsp;&nbsp;**Proceeds from Reinvestment of Distributions** | &nbsp;&nbsp;**Shares Redeemed** | &nbsp;&nbsp;**Payments for Shares Redeemed** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Shares** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Net Assets** |
| Ashmore Emerging Markets Total Return Fund | &nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;$287 | &nbsp;&nbsp;4077 | &nbsp;&nbsp;$20098 | &nbsp;&nbsp;&nbsp;&nbsp;(45745) | &nbsp;&nbsp;$(221363) | &nbsp;&nbsp;&nbsp;&nbsp;(41609) | &nbsp;&nbsp;$(200978) |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp;8451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46343 | &nbsp;&nbsp;(112410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(616930) | &nbsp;&nbsp;(103813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(569789) |

---

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

*As of April 30, 2026 (Unaudited)*

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Shares Sold** | &nbsp;&nbsp;**Proceeds from Shares Sold** | &nbsp;&nbsp;**Shares from Reinvested Distributions** | &nbsp;&nbsp;**Proceeds from Reinvestment of Distributions** | &nbsp;&nbsp;**Shares Redeemed** | &nbsp;&nbsp;**Payments for Shares Redeemed** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Shares** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Net Assets** |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;$3055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2891) | &nbsp;&nbsp;$(13570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2237) | &nbsp;&nbsp;$(10515) |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Ashmore Emerging Markets Frontier Equity Fund | 9945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103032 | &nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27300 |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Ashmore Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;—\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* *Amount rounds to less than $0.5.* 

\*\* *Amount rounds to less than 0.5 shares.* 

Transactions in Institutional Class shares for the year ended October 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Shares Sold** | &nbsp;&nbsp;**Proceeds from Shares Sold** | &nbsp;&nbsp;**Shares from Reinvested Distributions** | &nbsp;&nbsp;**Proceeds from Reinvestment of Distributions** | &nbsp;&nbsp;**Shares Redeemed** | &nbsp;&nbsp;**Payments for Shares Redeemed** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Shares** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Net Assets** |
| Ashmore Emerging Markets Total Return Fund | 1081011 | &nbsp;&nbsp;$5444081 | &nbsp;&nbsp;748849 | &nbsp;&nbsp;$3765825 | &nbsp;&nbsp;(6066679) | &nbsp;&nbsp;$(30336649) | &nbsp;&nbsp;(4236819) | &nbsp;&nbsp;$(21126743) |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;52608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(457182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102416) |

---

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

*As of April 30, 2026 (Unaudited)*

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Shares Sold** | &nbsp;&nbsp;**Proceeds from Shares Sold** | &nbsp;&nbsp;**Shares from Reinvested Distributions** | &nbsp;&nbsp;**Proceeds from Reinvestment of Distributions** | &nbsp;&nbsp;**Shares Redeemed** | &nbsp;&nbsp;**Payments for Shares Redeemed** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Shares** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Net Assets** |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;47668 | &nbsp;&nbsp;$273198 | &nbsp;&nbsp;196319 | &nbsp;&nbsp;$1126270 | &nbsp;&nbsp;(1533360) | &nbsp;&nbsp;$(8806967) | &nbsp;&nbsp;(1289373) | &nbsp;&nbsp;$(7407499) |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;298680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442334 | &nbsp;&nbsp;&nbsp;&nbsp;32871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158067 | &nbsp;&nbsp;&nbsp;&nbsp;(585345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2833407) | &nbsp;&nbsp;&nbsp;&nbsp;(253794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1233006) |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5058 | &nbsp;&nbsp;&nbsp;&nbsp;41757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335724 | &nbsp;&nbsp;(1411758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12601824) | &nbsp;&nbsp;(1369407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12261042) |
| Ashmore Emerging Markets Frontier Equity Fund | 1745564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22781349 | &nbsp;&nbsp;121857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573975 | &nbsp;&nbsp;(1899979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24825895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(470571) |
| Ashmore Emerging Markets Equity Fund | 6564134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78416077 | &nbsp;&nbsp;&nbsp;&nbsp;78670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909124 | &nbsp;&nbsp;(4028601) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47159692) | &nbsp;&nbsp;&nbsp;&nbsp;2614203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32165509 |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78634 |
| Ashmore Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;92060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777850 |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40527 |

---

*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.

6.&nbsp;&nbsp;&nbsp;&nbsp;Investment transactions

For the period ended April 30, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding derivatives and short-term investments) for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| Ashmore Emerging Markets Total Return Fund | &nbsp;&nbsp;$9406858 | &nbsp;&nbsp;$56981986 |

---

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

*As of April 30, 2026 (Unaudited)*

------

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;$3259389 | &nbsp;&nbsp;$3192159 |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5965463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7802115 |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2996179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4189023 |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7952919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16142552 |
| Ashmore Emerging Markets Frontier Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52945306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54458467 |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111716599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101402237 |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5113044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5717632 |
| Ashmore Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11835708 |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3561007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3989710 |

---

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, 2026, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> Depreciation** | &nbsp;&nbsp;**Net Appreciation<br> (Depreciation)** | &nbsp;&nbsp;**Cost Basis of<br> Investments** |
| Ashmore Emerging Markets Total Return Fund | &nbsp;&nbsp;$2163322 | &nbsp;&nbsp;$(12841330) | &nbsp;&nbsp;$(10678008) | &nbsp;&nbsp;$37666041 |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(421194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9303351 |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11996382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11003387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27612951 |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3829453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1936589) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30662172 |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(287332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000591 |
| Ashmore Emerging Markets Frontier Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14759034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2610444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12148590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89133023 |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87296534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10360148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76936386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222006284 |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(528915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5871822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12738339 |
| Ashmore Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10678104 |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3906254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(417964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3488290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8418513 |

---

7.&nbsp;&nbsp;&nbsp;&nbsp;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.

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

*As of April 30, 2026 (Unaudited)*

------

For financial reporting purposes the Funds may periodically make reclassifications among components of capital accounts to reflect permanent differences between U.S. GAAP and taxable income. The reclassifications have no impact on the net assets of the Funds. During the fiscal year ended October 31, 2025, the Funds had no reclassifications.

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

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Short-Term Capital Loss<br> Carryforward at<br> October 31, 2025** | &nbsp;&nbsp;**Long-Term Capital Loss<br> Carryforward at<br> October 31, 2025** |
| Ashmore Emerging Markets Total Return Fund | &nbsp;&nbsp;$48817379 | &nbsp;&nbsp;$403146900 |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142936 |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29040357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120222582 |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105095953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293226080 |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,602,176\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,388,772\* |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7489129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32418 |
| Ashmore Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2733298 |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14108 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* A portion of the capital loss carryforward may be subject to limitations under Section 382 of the Internal Revenue Code.

During the fiscal year ended October 31, 2025, the Funds utilized the following capital loss carryforwards:

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Capital Loss Carryforwards Utilized** |
| Ashmore Emerging Markets Total Return Fund | &nbsp;&nbsp;$— |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3440869 |
| Ashmore Emerging Markets Frontier Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706995 |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003430 |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222264 |
| Ashmore Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184798 |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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. For US Federal tax purposes, the three most recently taxed years remain open and subject 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.

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

*As of April 30, 2026 (Unaudited)*

------

As of October 31, 2025, the components of distributable taxable earnings, including temporary differences were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Undistributed<br> Ordinary<br> Income** | &nbsp;&nbsp;**Undistributed<br> Long-Term<br> Capital Gain** | &nbsp;&nbsp;**Accumulated<br> Capital Losses<br> and Other** | &nbsp;&nbsp;**Distributions<br> Payable** | &nbsp;&nbsp;**Undistributed<br> Appreciation<br> (Depreciation) on<br> Investments and<br> Foreign Currencies** | &nbsp;&nbsp;**Total<br> Accumulated<br> Earnings (Deficit)** |
| Ashmore Emerging Markets Total Return Fund | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(451964535) | &nbsp;&nbsp;$(79516) | &nbsp;&nbsp;$(17023163) | &nbsp;&nbsp;$(469067214) |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1150097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(694059) |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149263047) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15180304) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164391354) |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(398322033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10899317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(409213155) |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17990948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16055478) |
| Ashmore Emerging Markets Frontier Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9058554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14428208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24164930 |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7489129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53211303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48227132 |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(562534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4822510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4499402 |
| Ashmore Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3273071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1720501) |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995651 |

---

The taxable character of distributions paid during the fiscal year ended October 31, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Distributions From** | &nbsp;&nbsp;**Distributions From** | &nbsp;&nbsp;**Distributions From** |  |  |
| **Fund** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Short-Term<br> Capital<br> Gains** | &nbsp;&nbsp;**Long-Term<br> Capital<br> Gains** | &nbsp;&nbsp;**Return of<br> Capital** | &nbsp;&nbsp;**Total<br> Distributions<br> Paid** |
| Ashmore Emerging Markets Total Return Fund | &nbsp;&nbsp;$4490867 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$88409 | &nbsp;&nbsp;$4579276 |

---

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

*As of April 30, 2026 (Unaudited)*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Distributions From** | &nbsp;&nbsp;**Distributions From** | &nbsp;&nbsp;**Distributions From** |  |  |
| **Fund** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Short-Term<br> Capital<br> Gains** | &nbsp;&nbsp;**Long-Term<br> Capital<br> Gains** | &nbsp;&nbsp;**Return of<br> Capital** | &nbsp;&nbsp;**Total<br> Distributions<br> Paid** |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;$517686 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$517686 |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407411 |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155032 |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478743 |
| Ashmore Emerging Markets Frontier Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672352 |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540576 |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112344 |
| Ashmore Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111314 |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57907 |

---

8.&nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders

The Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Short Duration Fund and Ashmore Emerging Markets Debt 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 Frontier Equity Fund, Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Equity ESG Fund and Ashmore Emerging Markets Equity ex China 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 7 for further details.

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

*As of April 30, 2026 (Unaudited)*

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9.&nbsp;&nbsp;&nbsp;&nbsp;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.

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 he 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, 2026, the Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Corporate Income Fund and Ashmore Emerging Markets Debt Fund had average quarterly contract notional exposures of $27,300,872, $6,092,974, $597,478 and $3,222, respectively, related to forward foreign currency exchange contracts.

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

*As of April 30, 2026 (Unaudited)*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Futures contracts

Futures contracts obligate the buyer to take and the seller to make delivery at a future date of a specified quantity of a financial instrument or an amount of cash based on the value of securities indices, commodities or the fair value in United States Dollars of a foreign currency.

The Funds' participation in the futures markets involves certain risks, including the imperfect correlation between movements in the price of the futures contracts and movements in the price of the underlying securities. Risks may arise from the potential inability of a counterparty to meet the terms of the contract.

Credit risk is mitigated to the extent that the exchange on which a particular futures contract is traded assumes the risk of a counterparty defaulting on its obligations under the contract.

At the time the Funds enter into a futures contract, the Funds deposit and maintain as collateral initial margin with the broker, as required by the exchange on which the transaction is effected. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the fluctuation in the value of the contract. Such receipts or payments are determined by the rules of the futures exchange and are known as variation margin. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed. This amount is included in net realized gain or loss on futures contracts in the Statement of Operations. Any unrealized gains or losses on open futures contracts are included in net change in unrealized appreciation/(depreciation) on futures contracts in the Statement of Operations.

During the period ended April 30, 2026, the Ashmore Emerging Markets Corporate Income Fund had average quarterly contract notional exposure of $464,938 related to futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Swap Agreements

During the reporting period, certain Funds entered into swap agreements, which are arrangements between two parties to exchange cash flows based on a notional principal amount. Swap agreements are either privately negotiated in the over-the-counter market ("OTC swaps") or may be executed in a multilateral or other trade facility platform such as a registered exchange ("centrally cleared swaps"). Swap agreements are recorded at their fair value. The fair value is based on quoted market prices or prices obtained from a third party provider at the date of the Statements of Assets and Liabilities without any deduction for estimated future selling costs. Swap agreements are marked to market daily and the change in fair value, if any, is recorded as unrealized gain or loss. Payments made or received are recorded as part of realized gains and losses. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate ("variation margin") on the Statements of Assets and Liabilities.

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

During the period ended April 30, 2026, the Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Local Currency Bond Fund and Ashmore Emerging Markets Corporate Income Fund had average quarterly notional exposures of $4,119,411, $2,889,005, and $1,000,000, 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.

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

*As of April 30, 2026 (Unaudited)*

------

Offsetting of Financial Assets and Derivative Assets as of April 30, 2026:

*Over-the-Counter Financial Derivative Instruments:*

*Forward Currency Contracts and Interest Rate Swap Contracts*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** |
| **Counterparty** | &nbsp;&nbsp;**Gross Amounts of<br> Derivatives Assets<br> Presented in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Derivatives<br> available<br> for offset** | &nbsp;&nbsp;**Collateral<br> Received** | &nbsp;&nbsp;**Net Amount Due<br> From Counterparty** |
| ANZ Banking | &nbsp;&nbsp;$1292 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1292 |
| Barclays | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Deutsche Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4399 |
| HSBC Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Merrill Lynch | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6681) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16344 |
| Santander | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9994 |
| Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858 |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$91857 | &nbsp;&nbsp;$(57010) | &nbsp;&nbsp;$ — | &nbsp;&nbsp;$34847 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** | **Ashmore Emerging Markets Total Return Fund** |
| **Counterparty** | &nbsp;&nbsp;**Gross Amounts of<br> Derivatives Liabilities<br> Presented in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Derivatives<br> available<br> for offset** | &nbsp;&nbsp;**Collateral<br> Pledged** | &nbsp;&nbsp;**Net Amount Due<br> To Counterparty** |
| Barclays | &nbsp;&nbsp;$1649 | &nbsp;&nbsp;$(125) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1524 |
| BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7168 |
| Deutsche Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Goldman Sachs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 |
| HSBC Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 |
| JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25065 |
| Merrill Lynch | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25632 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6681) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 |
| Total | &nbsp;&nbsp;$119271 | &nbsp;&nbsp;$(57010) | &nbsp;&nbsp;$ — | &nbsp;&nbsp;$62261 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

*As of April 30, 2026 (Unaudited)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** |
| **Counterparty** | &nbsp;&nbsp;**Gross Amounts of<br> Derivatives Assets<br> Presented in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Derivatives<br> available<br> for offset** | &nbsp;&nbsp;**Collateral<br> Received** | &nbsp;&nbsp;**Net Amount Due<br> From Counterparty** |
| BNP Paribas | &nbsp;&nbsp;$637 | &nbsp;&nbsp;$(637) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6593 |
| Deutsche Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 |
| HSBC Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8090) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |
| JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Merrill Lynch | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10704 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12435 |
| Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359 |
| Total | &nbsp;&nbsp;$48106 | &nbsp;&nbsp;$(16327) | &nbsp;&nbsp;$ — | &nbsp;&nbsp;$31779 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** | **Ashmore Emerging Markets Local Currency Bond Fund** |
| **Counterparty** | &nbsp;&nbsp;**Gross Amounts of<br> Derivatives Liabilities<br> Presented in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Derivatives<br> available<br> for offset** | &nbsp;&nbsp;**Collateral<br> Pledged** | &nbsp;&nbsp;**Net Amount Due<br> To Counterparty** |
| Barclays | &nbsp;&nbsp;$546 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$546 |
| BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5931 |
| Citibank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Deutsche Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| HSBC Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8090) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10504 |
| Merrill Lynch | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Societe Generale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 |
| Total | &nbsp;&nbsp;$33529 | &nbsp;&nbsp;$(16327) | &nbsp;&nbsp;$ — | &nbsp;&nbsp;$17202 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** |
| **Counterparty** | &nbsp;&nbsp;**Gross Amounts of<br> Derivatives Assets<br> Presented in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Derivatives<br> available<br> for offset** | &nbsp;&nbsp;**Collateral<br> Received** | &nbsp;&nbsp;**Net Amount Due<br> From Counterparty** |
| State Street | &nbsp;&nbsp;$3322 | &nbsp;&nbsp;$(2418) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$904 |
| Total | &nbsp;&nbsp;$3322 | &nbsp;&nbsp;$(2418) | &nbsp;&nbsp;$ — | &nbsp;&nbsp;$904 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

*As of April 30, 2026 (Unaudited)*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** | **Ashmore Emerging Markets Corporate Income Fund** |
| **Counterparty** | &nbsp;&nbsp;**Gross Amounts of<br> Derivatives Liabilities<br> Presented in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Derivatives<br> available<br> for offset** | &nbsp;&nbsp;**Collateral<br> Pledged** | &nbsp;&nbsp;**Net Amount Due<br> To Counterparty** |
| State Street | &nbsp;&nbsp;$2418 | &nbsp;&nbsp;$(2418) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Total | &nbsp;&nbsp;$2418 | &nbsp;&nbsp;$(2418) | &nbsp;&nbsp;$ — | &nbsp;&nbsp;$ — |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** | **Ashmore Emerging Markets Debt Fund** |
| **Counterparty** | &nbsp;&nbsp;**Gross Amounts of<br> Derivatives Assets<br> Presented in the Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Derivatives<br> available<br> for offset** | &nbsp;&nbsp;**Collateral<br> Received** | &nbsp;&nbsp;**Net Amount Due<br> From Counterparty** |
| Barclays | &nbsp;&nbsp;$14 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14 |
| Total | &nbsp;&nbsp;$14 | &nbsp;&nbsp;$ — | &nbsp;&nbsp;$ — | &nbsp;&nbsp;$14 |

---

10. 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** | &nbsp;&nbsp;**Rate** |
| Ashmore Emerging Markets Total Return Fund | &nbsp;&nbsp;1.00% |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;0.75% |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;0.85% |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;0.65% |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;1.00% |
| Ashmore Emerging Markets Frontier Equity Fund | &nbsp;&nbsp;1.50% |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;1.00% |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;1.00% |
| Ashmore Emerging Markets Debt Fund | &nbsp;&nbsp;0.65% |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;1.00% |

---

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, legal expenses of the Independent Trustees, 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

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[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

*As of April 30, 2026 (Unaudited)*

------

arrangement is expected to continue until at least February 28, 2027. 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, 2027 only by the Board of Trustees.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Institutional<br> Class** |
| Ashmore Emerging Markets Total Return Fund | &nbsp;&nbsp;1.27% | &nbsp;&nbsp;2.02% | &nbsp;&nbsp;1.02% |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;1.02% | &nbsp;&nbsp;1.77% | &nbsp;&nbsp;0.77% |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;1.12% | &nbsp;&nbsp;1.87% | &nbsp;&nbsp;0.87% |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;0.92% | &nbsp;&nbsp;1.67% | &nbsp;&nbsp;0.67% |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;1.27% | &nbsp;&nbsp;2.02% | &nbsp;&nbsp;1.02% |
| Ashmore Emerging Markets Frontier Equity Fund | &nbsp;&nbsp;1.77% | &nbsp;&nbsp;2.52% | &nbsp;&nbsp;1.52% |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;1.27% | &nbsp;&nbsp;2.02% | &nbsp;&nbsp;1.02% |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;1.27% | &nbsp;&nbsp;2.02% | &nbsp;&nbsp;1.02% |
| Ashmore Emerging Markets Debt Fund | &nbsp;&nbsp;0.92% | &nbsp;&nbsp;1.67% | &nbsp;&nbsp;0.67% |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;1.27% | &nbsp;&nbsp;2.02% | &nbsp;&nbsp;1.02% |

---

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** | &nbsp;&nbsp;**2026** | &nbsp;&nbsp;**2027** | &nbsp;&nbsp;**2028** | &nbsp;&nbsp;**2029** | &nbsp;&nbsp;**Total** |
| Ashmore Emerging Markets Total Return Fund | &nbsp;&nbsp;$1023234 | &nbsp;&nbsp;$517877 | &nbsp;&nbsp;$337780 | &nbsp;&nbsp;$146999 | &nbsp;&nbsp;$2025890 |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612103 |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800372 |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696342 |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746681 |
| Ashmore Emerging Markets Frontier Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470107 |

---

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[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

*As of April 30, 2026 (Unaudited)*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**2026** | &nbsp;&nbsp;**2027** | &nbsp;&nbsp;**2028** | &nbsp;&nbsp;**2029** | &nbsp;&nbsp;**Total** |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;$412520 | &nbsp;&nbsp;$595599 | &nbsp;&nbsp;$637670 | &nbsp;&nbsp;$331739 | &nbsp;&nbsp;$1977528 |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447224 |
| Ashmore Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475195 |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378409 |

---

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):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Servicing Fee** | &nbsp;&nbsp;**Distribution Fee** |
| Class A shares | &nbsp;&nbsp;0.25% |  |
| Class C shares | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;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, 2026, 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.

*Affiliated Ownership*

As of April 30, 2026, Ashmore Management Company Limited owned the following percentages of the outstanding shares of each Fund:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Institutional<br> Class** |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;22.36% | &nbsp;&nbsp;&nbsp;&nbsp;97.02% |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;96.65% |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;100.00% |
| Ashmore Emerging Markets Debt Fund | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;100.00% |

---

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[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

*As of April 30, 2026 (Unaudited)*

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Institutional<br> Class** |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;100.00% |

---

In addition to the Ashmore Management Company Limited ownership, shown in the table above, the following Funds had investors owning of record, or known by the Funds to own beneficially, more than 5% of a Fund's outstanding shares. Many of these positions are held in omnibus accounts of broker-dealers or other financial intermediaries that represent numerous underlying shareholder accounts.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Number of investors<br> with > 5%<br> ownership** | &nbsp;&nbsp;**% of Fund shares held by<br> each such investor\*** |
| Ashmore Emerging Markets Total Return Fund | &nbsp;&nbsp;Class A | &nbsp;&nbsp;6 | &nbsp;&nbsp;24.58%, 23.50%, 21.92%, 11.01%, 6.62%, 6.45% |
|  | &nbsp;&nbsp;Class C | &nbsp;&nbsp;2 | &nbsp;&nbsp;77.65%, 22.35% |
|  | &nbsp;&nbsp;Institutional<br> Class | &nbsp;&nbsp;6 | &nbsp;&nbsp;24.46%, 19.97%, 18.17%, 11.50%, 9.75%, 5.43% |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;Class A | &nbsp;&nbsp;2 | &nbsp;&nbsp;78.22%, 18.63% |
|  | &nbsp;&nbsp;Class C | &nbsp;&nbsp;1 | &nbsp;&nbsp;77.64% |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;Class A | &nbsp;&nbsp;5 | &nbsp;&nbsp;31.70%, 19.51%, 18.89%, 16.98%, 9.32% |
|  | &nbsp;&nbsp;Class C | &nbsp;&nbsp;3 | &nbsp;&nbsp;61.66%, 20.60%, 7.38% |
|  | &nbsp;&nbsp;Institutional<br> Class | &nbsp;&nbsp;7 | &nbsp;&nbsp;25.04%, 20.15%, 14.36%, 11.36%, 7.72%, 6.52%, 5.85% |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;Class A | &nbsp;&nbsp;3 | &nbsp;&nbsp;54.43%, 38.00%, 6.38% |
|  | &nbsp;&nbsp;Class C | &nbsp;&nbsp;2 | &nbsp;&nbsp;84.53%, 15.47% |
|  | &nbsp;&nbsp;Institutional<br> Class | &nbsp;&nbsp;2 | &nbsp;&nbsp;91.20%, 6.01% |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;Class A | &nbsp;&nbsp;2 | &nbsp;&nbsp;92.52%, 7.40% |
| Ashmore Emerging Markets Frontier Equity Fund | &nbsp;&nbsp;Class A | &nbsp;&nbsp;4 | &nbsp;&nbsp;41.00%, 32.08%, 17.92%, 8.42% |
|  | &nbsp;&nbsp;Class C | &nbsp;&nbsp;2 | &nbsp;&nbsp;70.90%, 26.57% |
|  | &nbsp;&nbsp;Institutional<br> Class | &nbsp;&nbsp;4 | &nbsp;&nbsp;37.15%, 33.24%, 19.78%, 5.20% |

---

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

*As of April 30, 2026 (Unaudited)*

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Number of investors<br> with > 5%<br> ownership** | &nbsp;&nbsp;**% of Fund shares held by<br> each such investor\*** |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;Class A | &nbsp;&nbsp;2 | &nbsp;&nbsp;69.94%, 29.36% |
|  | &nbsp;&nbsp;Class C | &nbsp;&nbsp;2 | &nbsp;&nbsp;91.20%, 5.62% |
|  | &nbsp;&nbsp;Institutional<br> Class | &nbsp;&nbsp;2 | &nbsp;&nbsp;56.44%, 26.97% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*includes omnibus positions of broker-dealers and other financial intermediaries that hold shares on behalf of multiple underlying shareholder accounts. As a result, the percentage of ownership shown for such omnibus positions does not represent a single underlying investor.

11. 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.

12. Subsequent events

On June 10, 2026, the Board of Trustees approved the liquidation of the Ashmore Emerging Markets Active Equity Fund and the Ashmore Emerging Markets Local Currency Bond Fund. The liquidations are scheduled to occur on or about June 26, 2026. The Trust has evaluated subsequent events for the Funds through the date the financial statements were issued and concluded that no other events occurred during this period that would require recognition or additional disclosure in the financial statements.

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

ASHMORE FUNDS

SUPPLEMENTARY INFORMATION (UNAUDITED)

#### REMUNERATION DISCLOSURE
Ashmore Investment Advisors Limited ("AIAL") is a full-scope UK Alternative Investment Fund Manager ("AIFM") that manages many alternative investment funds ("AIFs"). These AIFs implement a number of investment strategies, including equity, fixed income and alternatives, and invest in many different regions and industry sectors. AIAL manages both open-ended and closed-ended AIFs, several of its AIFs are leveraged and some are listed on regulated markets. Its assets under management were approximately US$1.9 billion at June 30, 2025. 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 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; |
| An aggregate cap on the total variable compensation for Executive Directors including any awards made under Ashmore's share plan, currently set at £20m; and |
| A deferral for five years of a substantial portion of variable compensation into Ashmore shares (or equivalent), with the Executive Directors LTIP awards also being 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; and 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:

<u>https://ir.ashmoregroup.com/corporate-governance</u>.

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.

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[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

ASHMORE FUNDS

SUPPLEMENTARY INFORMATION (UNAUDITED) (CONTINUED)

#### REMUNERATION DISCLOSURE (CONTINUED)
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.

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, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Number of<br> Beneficiaries** | &nbsp;&nbsp;**Variable<br> Remuneration** | &nbsp;&nbsp;**Fixed<br> Remuneration** | &nbsp;&nbsp;**Total<br> Remuneration** |
| Ashmore Emerging Markets Total Return Fund | &nbsp;&nbsp;16 | &nbsp;&nbsp;£14,427 | &nbsp;&nbsp;£5,162 | &nbsp;&nbsp;£19,589 |
| Ashmore Emerging Markets Local Currency Bond Fund | &nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1779 |
| Ashmore Emerging Markets Corporate Income Fund | &nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3921 |
| Ashmore Emerging Markets Short Duration Fund | &nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6169 |
| Ashmore Emerging Markets Active Equity Fund | &nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7340 |
| Ashmore Emerging Markets Frontier Equity Fund | &nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57961 |
| Ashmore Emerging Markets Equity Fund | &nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111792 |
| Ashmore Emerging Markets Equity ESG Fund | &nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8367 |
| Ashmore Emerging Markets Debt Fund | &nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582 |
| Ashmore Emerging Markets Equity ex China Fund | &nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4996 |
| Total AIAL | &nbsp;&nbsp;19 | &nbsp;&nbsp;£349,713 | &nbsp;&nbsp;£132,296 | &nbsp;&nbsp;£482,009 |

---

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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[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS

#### CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

------

Not applicable.

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

------

Not applicable.

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

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#### ADVISORY AGREEMENT APPROVAL
At a meeting of the Board of Trustees (the "Board") of Ashmore Funds (the "Trust") held on March 11, 2026, 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 Debt Fund, Ashmore Emerging Markets Equity ex China Fund, Ashmore Emerging Markets Frontier Equity Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Equity SMA Completion Fund, Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Active Equity Fund, Ashmore Emerging Markets Equity Fund, and 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.

#### Investment Performance
With the exception of Ashmore Emerging Markets Equity SMA Completion Fund, in considering each Fund's performance, the Board requested and received from AIAL data compiled by FUSE Research Network, LLC ("Fuse"). The Trustees noted that Ashmore Emerging Markets Equity SMA Completion Fund has recently been repositioned with a new principal investment strategy

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[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (CONTINUED)

------

and fee structure and determined that comparative performance data for that Fund would not be helpful at this time. The Trustees also noted that Ashmore Emerging Markets Equity SMA Completion Fund's current strategy is similar to that of Ashmore Emerging Markets Equity Fund and considered such performance in connection with the renewal of the Agreement for Ashmore Emerging Markets Equity SMA Completion Fund. 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, 2025 for Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Frontier Equity Fund and Ashmore Emerging Markets Short Duration Fund and for the one-, three- and five-year periods ended December 31, 2025 for Ashmore Emerging Markets Debt Fund, Ashmore Emerging Markets Equity ESG Fund and Ashmore Emerging Markets Active Equity Fund. The Board also received performance information for Institutional Shares for the one-year period ended December 31, 2025 for Ashmore Emerging Markets Equity ex China Fund. In considering such comparative data, the Trustees noted the specialized nature and focus of many of the Funds, and for certain Funds the limited number of peer group funds, particularly for the longer performance periods. In their review, the Trustees also sought to identify Funds for which the performance, fees and total expenses appeared to be outliers within their respective peer groups or other comparative metrics, and sought to understand the reasons for such comparative positions.

*Ashmore Emerging Markets Corporate Income Fund. The Board noted that the Ashmore Emerging Markets Corporate Income Fund's performance ranked eighth out of eight, seventh out of eight, eighth out of eight and seventh out of eight in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2025, respectively, while ranking in the fourth quartile (first being the best) in its larger performance universe for the same four periods.*

*Ashmore Emerging Markets Debt Fund. The Board noted that the Ashmore Emerging Markets Debt Fund's performance ranked second out of twelve, tenth out of twelve and fourth out of eleven in its peer group for the one-, three- and five-year periods ended December 31, 2025, while ranking in the first, third, and third quartiles (first being the best) in its larger performance universe for the same three periods.*

*Ashmore Emerging Markets Equity ex China Fund. The Board noted that the Ashmore Emerging Markets Equity ex China Fund's performance ranked third out of twelve for the one-year period ended December 31, 2025, while ranking in the first quartile (first being the best) in its larger performance universe for the same period.*

Ashmore Emerging Markets Short Duration Fund. The Board noted that the Ashmore Emerging Markets Short Duration Fund's performance ranked seventh out of seven, first out of seven, seventh out of seven and seventh out of seven in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2025, respectively, while ranking in the fourth quartile (first being the best) in its larger performance universe for the same four periods.

*Ashmore Emerging Markets Equity Fund. The Board observed that Ashmore Emerging Markets Equity Fund's performance ranked fourth out of eleven, third out of eleven, second out of eleven, and first out of seven in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2025, respectively, while ranking in the second, second, second 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 sixth out of twelve, fourth out of twelve, and fifth out of nine in its peer group for the one-, three- and five-year periods ended December 31, 2025, while ranking in the second, second, and third quartiles (first being the best) in its larger performance universe for the same three periods.*

*Ashmore Emerging Markets Frontier Equity Fund. The Board noted that the Ashmore Emerging Markets Frontier Equity Fund's performance ranked first out of three, first out of three, first out of three, and first out of three in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2025, respectively, while ranking in the first quartile (first being the best) in its performance universe for the same four periods.*

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

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*Ashmore Emerging Markets Local Currency Bond Fund. The Board observed that the Ashmore Emerging Markets Local Currency Bond Fund's performance ranked twelfth out of thirteen, twelfth out of thirteen, eleventh out of thirteen and eighth out of twelve in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2025, respectively, while ranking in the fourth, fourth, fourth, 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 sixth out of fourteen, sixth out of fourteen and fourth out of fourteen in its peer group for the one-, three- and five-year periods ended December 31, 2025, respectively, while ranking in the second, third, and third quartiles (first being the best) in its larger performance universe for the same three periods.*

*Ashmore Emerging Markets Total Return Fund. The Board observed that the Ashmore Emerging Markets Total Return Fund's performance ranked sixth out of thirteen, twelfth out of twelve, eleventh out of eleven and ninth out of nine in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2025, respectively, while ranking in the first, 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, 2027.

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 Equity ex China Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Active Equity Fund, Ashmore Emerging Markets Equity SMA Completion Fund, Ashmore Emerging Markets Equity ESG Fund, Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Debt Fund, and Ashmore Emerging Markets Corporate Income Fund. With respect to the remaining Funds, the Board concluded that AIAL's profitability was not excessive.

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 $508.5 million as of December 31, 2025. The Board also observed that AIAL was subsidizing all of the Funds through fee waivers and expense reimbursements. In evaluating the Funds' contractual investment

------

[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (CONTINUED)

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* \* \*

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* \* \*

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[**Table of Contents**](#JOB_Ashmo_6cde5deb-ba25-4e00-9213-64aa24164615_TOC)

#### ASHMORE FUNDS OTHER INFORMATION

------

#### Administrator, Custodian and Transfer Agent The Northern Trust Company 50 S. LaSalle Street Chicago, Illinois 60603 312-630-6000

#### Investment Manager Ashmore Investment Advisors Limited 61 Aldwych London WC2B 4AE United Kingdom 44-20-3077-6000

#### Independent Registered Public Accounting Firm KPMG LLP Aon Center Suite 5500 200 East Randolph Street Chicago, Illinois 60601-6436

#### Distributor Ashmore Investment Management (US) Corporation 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<sup>th</sup> Floor 100 Oliver Street Boston, Massachusetts 02110-2605 617-728-7100

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Ashmore Emerging Markets Equity SMA Completion Fund

(formerly, Ashmore Emerging Markets Small-Cap Equity Fund)

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

April 30, 2026

![](imgc446a26b1.gif)

------

Ashmore Emerging Markets Equity SMA Completion Fund

#### **TABLE OF CONTENTS**

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Page** |
| [FINANCIAL STATEMENTS:](#xx_9a25568b-ae02-499d-b2eb-fbbe2c79d9c2_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx_18b50bbc-a2f4-4bb3-9e0a-703f6c1ed06c_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx_c6d597ee-a87b-44f2-bc29-05a5d1cf2eb1_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_5fe9bf31-d1f4-46ce-bc87-c0536005e187_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_5fe9bf31-d1f4-46ce-bc87-c0536005e187_2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Schedules of Investments](#xx_101dcd67-f3c7-46b2-a2b7-137bfb4da390_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_eca6d559-2982-4337-8a37-ef299b579b73_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Supplementary Information](#xx_dad20dfd-a79f-4c88-b808-a99d4d8cde53_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_f257da8f-bb63-4c5e-b8cc-b942868cf2cc_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Proxy Disclosures for Open-End Management Investment Companies](#xx_0b0530ea-5f9b-4fc6-b830-1676434f383c_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_fc4bb282-69f5-406d-b54d-b6553de9d582_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Information](#xx_4c15c027-3f89-4417-82d5-17505e8dad15_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |

---

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[**Table of Contents**](#JOB_Ashmo_a7b147ab-6240-4252-9547-c4e012aa10a6_TOC)

#### Ashmore Emerging Markets Equity SMA Completion Fund

#### STATEMENTS OF ASSETS AND LIABILITIES
*As of April 30, 2026 (Unaudited)*

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments in securities, at value | &nbsp;&nbsp;$4302750 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123673 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609 |
| Receivable from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13405 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14504 |
| **Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**4456930** |
| **LIABILITIES:** |  |
| Trustees' fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 |
| Deferred foreign capital gains taxes payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3007 |
| Administration fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 |
| Custody fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9761 |
| Professional fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40759 |
| Regulatory fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**55954** |
| **Net Assets** | &nbsp;&nbsp;**$4400976** |
| **NET ASSETS:** |  |
| Paid in capital | &nbsp;&nbsp;$5222847 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(821871) |
| **Net Assets** | &nbsp;&nbsp;**$4400976** |
| **Net Assets:<sup>1</sup>** |  |
| Class A | &nbsp;&nbsp;$— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Series I | &nbsp;&nbsp;&nbsp;&nbsp;4400976 |
| **Shares Issued and Outstanding (no par value, unlimited shares authorized):<sup>1</sup>** |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Series I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394787 |
| **Net Asset Value and Redemption Price Per Share (Net Assets Per Share Outstanding):<sup>1</sup>** |  |
| Class A | &nbsp;&nbsp;$— |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Series I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 |
| **Cost of Investments in securities** | &nbsp;&nbsp;**$3940014** |
| **Cost of foreign currency held** | &nbsp;&nbsp;**$1609** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<br> 1 Class C shares were liquidated on February 13, 2026, while Class A shares and Institutional Class shares were liquidated on February 17, 2026. Series I shares began operations on February 17, 2026.

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_a7b147ab-6240-4252-9547-c4e012aa10a6_TOC)

#### Ashmore Emerging Markets Equity SMA Completion Fund

#### STATEMENTS OF OPERATIONS
*For the Six Month Period Ended April 30, 2026 (Unaudited)*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest, net of foreign tax withholdings\* | &nbsp;&nbsp;$6811 |
| Dividends, net of foreign tax withholdings\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36889 |
| **Total Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43700** |
| **EXPENSES:** |  |
| Investment Manager fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23291 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8672 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26414 |
| Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 |
| Offering expenses and registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25050 |
| Insurance fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 |
| Printing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4415 |
| Distribution and servicing fees - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 |
| Distribution and servicing fees - Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| Regulatory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7166 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**97235** |
| Less expenses reimbursed by the Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72546) |
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24689** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19011** |
| **NET REALIZED AND UNREALIZED GAINS (LOSSES):** |  |
| **NET REALIZED GAIN (LOSS) ON:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities (net of increase (decrease) in deferred foreign taxes of $-) | &nbsp;&nbsp;&nbsp;&nbsp;1641459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2764) |
| **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;**1638695** |
| **NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities (net of increase (decrease) in deferred foreign taxes of $(3007)) | &nbsp;&nbsp;&nbsp;&nbsp;(678458) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| **Change in Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**(678378)** |
| **Net Realized and Unrealized Gains** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**960317** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;**$979328** |
| **\* Foreign Tax Withholdings** | &nbsp;&nbsp;**$4530** |

---

*See accompanying notes to the financial statements.* 

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[**Table of Contents**](#JOB_Ashmo_a7b147ab-6240-4252-9547-c4e012aa10a6_TOC)

#### Ashmore Emerging Markets Equity SMA Completion Fund

#### STATEMENTS OF CHANGES IN NET ASSETS
*For the Six Month Period Ended April 30, 2026 (Unaudited) and the Fiscal Year Ended October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;2026 | &nbsp;&nbsp;2025 |
| **OPERATIONS:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;$19011 | &nbsp;&nbsp;$6943 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;1638695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12762 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(678378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043120 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**979328** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1062825** |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2604) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87) |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26214) |
| **Total Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28905) |
| **TAX RETURN OF CAPITAL DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| **FUND SHARE TRANSACTIONS:** |  |  |
| Net increase (decrease) in net assets resulting from Class A share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(507459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26503) |
| Net increase (decrease) in net assets resulting from Class C share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6721) |
| Net increase (decrease) in net assets resulting from Institutional Class share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(6258364) | &nbsp;&nbsp;&nbsp;&nbsp;(4951073) |
| Net increase (decrease) in net assets resulting from Series I share transactions | &nbsp;&nbsp;&nbsp;&nbsp;3971306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;(2808680) | &nbsp;&nbsp;&nbsp;&nbsp;(4984297) |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**(1858743)** | &nbsp;&nbsp;&nbsp;&nbsp;**(3950377)** |
| **NET ASSETS:** |  |  |
| **Net Assets at the Beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;**6259719** | &nbsp;&nbsp;&nbsp;&nbsp;**10210096** |
| **Net Assets at the End of period** | &nbsp;&nbsp;**$4400976** | &nbsp;&nbsp;**$6259719** |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_a7b147ab-6240-4252-9547-c4e012aa10a6_TOC)

#### Ashmore Emerging Markets Equity SMA Completion Fund

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Class A<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Class A<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Class A<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Class A<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Class A<sup>1</sup>** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$16.97 | &nbsp;&nbsp;$13.90 | &nbsp;&nbsp;$11.03 | &nbsp;&nbsp;$10.07 | &nbsp;&nbsp;$15.32 | &nbsp;&nbsp;$10.99 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(5.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(5.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value at end of period** | &nbsp;&nbsp;$10.91 | &nbsp;&nbsp;$16.97 | &nbsp;&nbsp;$13.90 | &nbsp;&nbsp;$11.03 | &nbsp;&nbsp;$10.07 | &nbsp;&nbsp;$15.32 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05% | &nbsp;&nbsp;&nbsp;&nbsp;22.93% | &nbsp;&nbsp;&nbsp;&nbsp;26.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.53% | &nbsp;&nbsp;&nbsp;&nbsp;(33.37)% | &nbsp;&nbsp;&nbsp;&nbsp;39.40% |
| **Portfolio turnover rate<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$289<sup>5</sup> | &nbsp;&nbsp;$475 | &nbsp;&nbsp;$424 | &nbsp;&nbsp;$441 | &nbsp;&nbsp;$393 | &nbsp;&nbsp;$321 |
| **Ratios to average net assets:<sup>6</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% |
| **Net investment income (loss) to average net assets:** |  |  |  |  |  |  |
| Net investment loss before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(2.23)%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2.51)%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1.81)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.41)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.48)% |
| Net investment income (loss) after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(0.05)%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.06)%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.14)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;(0.50)% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | For the period November 1, 2025 through February 17, 2026 (last valuation day). |
| 2 | Per share amounts are based on average number of shares outstanding during the period. |
| 3 | Assumes investment at net asset value at the beginning of the period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year. |
| 4 | The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year. |
| 5 | Net assets and net assets value shown represent net assets and net assets value prior to the Class's final redemption on February 17, 2026. |
| 6 | Annualized for periods less than one year. |
| 7 | Ratios include legal expenses of $45 and $209 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and the year ended October 31, 2025. Expense ratios would have been lower by 0.04% and 0.04% and Net Investment Income ratios would have been higher by 0.04% and 0.04% excluding these expenses. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_a7b147ab-6240-4252-9547-c4e012aa10a6_TOC)

#### Ashmore Emerging Markets Equity SMA Completion Fund

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Class C<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Class C<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Class C<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Class C<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Class C<sup>1</sup>** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$17.21 | &nbsp;&nbsp;$14.18 | &nbsp;&nbsp;$11.26 | &nbsp;&nbsp;$10.36 | &nbsp;&nbsp;$15.79 | &nbsp;&nbsp;$11.40 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(6.90) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.09)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(6.23) | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(6.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value at end of period** | &nbsp;&nbsp;$10.88 | &nbsp;&nbsp;$17.21 | &nbsp;&nbsp;$14.18 | &nbsp;&nbsp;$11.26 | &nbsp;&nbsp;$10.36 | &nbsp;&nbsp;$15.79 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.77% | &nbsp;&nbsp;&nbsp;&nbsp;21.99% | &nbsp;&nbsp;&nbsp;&nbsp;25.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.69% | &nbsp;&nbsp;&nbsp;&nbsp;(33.91)% | &nbsp;&nbsp;&nbsp;&nbsp;38.51% |
| **Portfolio turnover rate<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$14<sup>5</sup> | &nbsp;&nbsp;$13 | &nbsp;&nbsp;$17 | &nbsp;&nbsp;$14 | &nbsp;&nbsp;$41 | &nbsp;&nbsp;$162 |
| **Ratios to average net assets:<sup>6</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52% |
| **Net investment loss to average net assets:** |  |  |  |  |  |  |
| Net investment loss before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(3.05)%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(3.29)%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2.50)% | &nbsp;&nbsp;&nbsp;&nbsp;(2.35)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.67)% | &nbsp;&nbsp;&nbsp;&nbsp;(2.09)% |
| Net investment loss after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(0.86)%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.88)%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.80)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.73)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.14)% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | For the period November 1, 2025 through February 13, 2026 (last valuation day). |
| 2 | Per share amounts are based on average number of shares outstanding during the period. |
| 3 | Assumes investment at net asset value at the beginning of the period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year. |
| 4 | The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year. |
| 5 | Net assets and net assets value shown represent net assets and net assets value prior to the Class's final redemption on February 13, 2026. |
| 6 | Annualized for periods less than one year. |
| 7 | Ratios include legal expenses of $1 and $9 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and the year ended October 31, 2025. Expense ratios would have been lower by 0.03% and 0.04% and Net Investment Income ratios would have been higher by 0.02% and 0.04% excluding these expenses. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_a7b147ab-6240-4252-9547-c4e012aa10a6_TOC)

#### Ashmore Emerging Markets Equity SMA Completion Fund

#### FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Institutional Class<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Institutional Class<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Institutional Class<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Institutional Class<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Institutional Class<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Institutional Class<sup>1</sup>** |
|  | &nbsp;&nbsp;**Six Months Ended<br> April 30,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2025** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2024** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2023** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2022** | &nbsp;&nbsp;**Year Ended<br> October 31,<br> 2021** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$22.27 | &nbsp;&nbsp;$18.17 | &nbsp;&nbsp;$14.38 | &nbsp;&nbsp;$13.09 | &nbsp;&nbsp;$19.82 | &nbsp;&nbsp;$14.19 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(11.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(11.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63 |
| Less distributions: |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value at end of period** | &nbsp;&nbsp;$10.91 | &nbsp;&nbsp;$22.27 | &nbsp;&nbsp;$18.17 | &nbsp;&nbsp;$14.38 | &nbsp;&nbsp;$13.09 | &nbsp;&nbsp;$19.82 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14% | &nbsp;&nbsp;&nbsp;&nbsp;23.25% | &nbsp;&nbsp;&nbsp;&nbsp;27.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.85% | &nbsp;&nbsp;&nbsp;&nbsp;(33.21)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.68% |
| **Portfolio turnover rate<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$5116<sup>5</sup> | &nbsp;&nbsp;$5772 | &nbsp;&nbsp;$9769 | &nbsp;&nbsp;$8043 | &nbsp;&nbsp;$6237 | &nbsp;&nbsp;$10994 |
| **Ratios to average net assets:<sup>6</sup>** |  |  |  |  |  |  |
| **Total expenses to average net assets:** |  |  |  |  |  |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% |
| **Net investment income (loss) to average net assets:** |  |  |  |  |  |  |
| Net investment loss before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.00)%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2.20)%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1.51)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.18)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02)% |
| Net investment income (loss) after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12%<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09)% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | For the period November 1, 2025 through February 17, 2026 (last valuation day). |
| 2 | Per share amounts are based on average number of shares outstanding during the period. |
| 3 | Assumes investment at net asset value at the beginning of the period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year. |
| 4 | The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year. |
| 5 | Net assets and net assets value shown represent net assets and net assets value prior to the Class's final redemption on February 17, 2026. |
| 6 | Annualized for periods less than one year. |
| 7 | Ratios include legal expenses of $626 and $3,293 that are outside of the expense cap under the expense limitation agreement for the six months ended April 30, 2026 and year ended October 31, 2025. Expense ratios would have been lower by 0.04% and 0.04% and Net Investment Income ratios would have been higher by 0.04% and 0.04% excluding these expenses. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_a7b147ab-6240-4252-9547-c4e012aa10a6_TOC)

#### Ashmore Emerging Markets Equity SMA Completion Fund

#### FINANCIAL HIGHLIGHTS

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Series I<sup>1</sup>** |
|  | &nbsp;&nbsp;**Period Ended<br> April 30,<br> 2026** |
| **Net asset value at beginning of period** | &nbsp;&nbsp;$10.00 |
| **Income from investment operations:** |  |
| Net investment income<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Less distributions: |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value at end of period** | &nbsp;&nbsp;$11.15 |
| **Total return<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;11.50% |
| **Portfolio turnover rate<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% |
| **Net assets, end of period (in thousands)** | &nbsp;&nbsp;$4401 |
| **Ratios to average net assets:<sup>5</sup>** |  |
| **Total expenses to average net assets:** |  |
| Expenses before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37% |
| Expenses after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% |
| **Net investment income (loss) to average net assets:** |  |
| Net investment loss before reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;(2.18)% |
| Net investment income after reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 1 | For the period February 17, 2026 (commencement of operations) through April 30, 2026. |
| 2 | Per share amounts are based on average number of shares outstanding during the period. |
| 3 | Assumes investment at net asset value at the beginning of the period, reinvestment of distributions at net asset value on distribution date, and a complete redemption of the investment at net asset value at the end of the period, excluding the impact of sales charges. Total return is not annualized for periods less than one year. |
| 4 | The portfolio turnover rate is calculated by dividing the lesser of cost of purchases or proceeds from sales of long term portfolio securities by the monthly average of the value of the long term portfolio securities. Portfolio turnover is not annualized for periods less than one year. |
| 5 | Annualized for periods less than one year. |

---

*See accompanying notes to the financial statements.* 

------

[**Table of Contents**](#JOB_Ashmo_a7b147ab-6240-4252-9547-c4e012aa10a6_TOC)

#### ASHMORE EMERGING MARKETS EQUITY SMA COMPLETION FUND

#### SCHEDULE OF INVESTMENTS
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Common Stocks** |  |  |  |  |
| **Brazil (Cost $263,585)** |  |  |  |  |
| Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;20000 | $88614 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
| Rede D'Or Sao Luiz S.A.<sup>2</sup> | &nbsp;&nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;19200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148775 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**237389** | &nbsp;&nbsp;&nbsp;&nbsp;**5.39** |
| **China (Cost $445,907)** |  |  |  |  |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55579 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147541 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 |
| Sieyuan Electric Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141423 | &nbsp;&nbsp;&nbsp;&nbsp;3.22 |
| Sunresin New Materials Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92515 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**437058** | &nbsp;&nbsp;&nbsp;&nbsp;**9.93** |
| **India (Cost $383,196)** |  |  |  |  |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;1184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95479 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 |
| International Gemmological Institute India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;16621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60998 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| Mahindra & Mahindra Ltd. GDR |  | &nbsp;&nbsp;&nbsp;&nbsp;2638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86194 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 |
| PB Fintech Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;7340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129409 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**372080** | &nbsp;&nbsp;&nbsp;&nbsp;**8.45** |
| **Malaysia (Cost $62,198)** |  |  |  |  |
| Zetrix Ai Bhd. | &nbsp;&nbsp;MYR | &nbsp;&nbsp;289900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60200 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**60200** | &nbsp;&nbsp;&nbsp;&nbsp;**1.37** |
| **Mexico (Cost $121,045)** |  |  |  |  |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112927 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**112927** | &nbsp;&nbsp;&nbsp;&nbsp;**2.57** |
| **Poland (Cost $299,817)** |  |  |  |  |
| Allegro.eu S.A.\*<sup>,2</sup> | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;12209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100345 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 |
| LPP S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108783 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 |
| Powszechna Kasa Oszczednosci Bank Polski S.A. | &nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;3930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102777 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**311905** | &nbsp;&nbsp;&nbsp;&nbsp;**7.09** |
| **South Korea (Cost $1,749,161)** |  |  |  |  |
| Classys, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;3555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134730 | &nbsp;&nbsp;&nbsp;&nbsp;3.06 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107580 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;1293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115807 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 |
| Hansol Chemical Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163370 | &nbsp;&nbsp;&nbsp;&nbsp;3.71 |
| Samsung C&T Corp. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105628 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258275 | &nbsp;&nbsp;&nbsp;&nbsp;5.87 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;2320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351973 | &nbsp;&nbsp;&nbsp;&nbsp;8.00 |
| SK hynix, Inc. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573738 | &nbsp;&nbsp;13.04 |
| SK Square Co. Ltd.\* | &nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208002 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2019103** | &nbsp;&nbsp;**45.88** |
| **Taiwan (Cost $521,842)** |  |  |  |  |
| Andes Technology Corp.\* | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43906 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91603 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_a7b147ab-6240-4252-9547-c4e012aa10a6_TOC)

#### ASHMORE EMERGING MARKETS EQUITY SMA COMPLETION FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Currency<sup>1</sup>** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of Net<br> Assets** |
| **Taiwan (continued)** |  |  |  |  |
| Chroma ATE, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;2000 | $135309 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 |
| E Ink Holdings, Inc. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69572 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| Elite Material Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147169 | &nbsp;&nbsp;&nbsp;&nbsp;3.34 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102461 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 |
| Lotes Co. Ltd. | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84309 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**674329** | &nbsp;&nbsp;&nbsp;&nbsp;**15.32** |
| **United Arab Emirates (Cost $93,263)** |  |  |  |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;AED | &nbsp;&nbsp;12963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77759 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**77759** | &nbsp;&nbsp;&nbsp;&nbsp;**1.77** |
| **Total Common Stocks (Cost $3,940,014)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4302750** | &nbsp;&nbsp;&nbsp;&nbsp;**97.77** |
| **Total Investments (Total Cost $3,940,014)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4302750** | &nbsp;&nbsp;&nbsp;&nbsp;**97.77** |
| Other Assets Less Liabilities (See Statements of Assets and Liabilities for further detail) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98226 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 |
| **Net Assets** |  |  | **$4400976** | &nbsp;&nbsp;**100.00** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>1</sup> Local currency is United States Dollars unless otherwise noted below.

<sup>2</sup> 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. As of April 30, 2026, these securities had a total value of $249,120 or 5.66% of net assets.

Percentages shown are based on net assets.

At April 30, 2026, the industry sectors for the Ashmore Emerging Markets Equity SMA Completion Fund were:

---

| | |
|:---|:---|
| **Sector** | &nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;6.7% |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;12.1 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;8.6 |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;16.4 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;44.9 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;97.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | &nbsp;&nbsp;100.0% |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_a7b147ab-6240-4252-9547-c4e012aa10a6_TOC)

#### ASHMORE EMERGING MARKETS EQUITY SMA COMPLETION FUND

#### SCHEDULE OF INVESTMENTS (CONTINUED)
*As of April 30, 2026 (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 Equity SMA Completion Fund's investments and other financial instruments, which are carried at fair value, as of April 30, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Investments |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;$237389 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$237389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437058 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372080 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60200 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;112927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311905 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2019103 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2019103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674329 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77759 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;350316 | &nbsp;&nbsp;&nbsp;&nbsp;3952434 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4302750 |
| Total Investments | &nbsp;&nbsp;$350316 | &nbsp;&nbsp;$3952434 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4302750 |

---

*See accompanying notes to the financial statements.*

------

[**Table of Contents**](#JOB_Ashmo_a7b147ab-6240-4252-9547-c4e012aa10a6_TOC)

#### Ashmore Emerging Markets Equity SMA Completion Fund NOTES TO FINANCIAL STATEMENTS
*As of April 30, 2026 (Unaudited)*

------

1.&nbsp;&nbsp;&nbsp;&nbsp;Organization

Ashmore Funds (the "Trust") is a Massachusetts business trust organized under the laws of The Commonwealth of Massachusetts on August 6, 2010 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 currently consists of eleven separate investment series (each a "Fund" and collectively, the "Funds"), each with its own investment objective.

Prior to February 17, 2026, the Ashmore Emerging Markets Equity SMA Completion Fund (the "Fund") was known as Ashmore Emerging Markets Small-Cap Equity Fund (the "Predecessor Fund") and the strategy and fee structure of the Fund differed from its current strategy and fee structure. Effective February 17, 2026, the Fund was restructured as a "completion fund," an integral part of separately managed account programs sponsored by an investment adviser unaffiliated with the Fund or the Investment Manager (as defined below). Participants in these programs pay a fee to the sponsor of the program. This report relates only to the Fund. The financial statements for the other Ashmore Funds are presented in a separate report.

Class C shares were liquidated on February 13, 2026, while Class A shares and Institutional Class shares were liquidated on February 17, 2026. Series I shares began operations on February 17, 2026.

Ashmore Investment Advisors Limited ("AIAL" or the "Investment Manager") serves as investment manager to the Fund. 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 Fund. AIMUS is an affiliate of the Investment Manager. The Northern Trust Company ("Northern Trust") serves as the administrator, custodian and transfer agent of the Fund.

Related parties or personnel of the Investment Manager may invest in the Fund. The Investment Manager could face a conflict of interest if a related party is invested in the 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 Fund and the personnel of the Investment Manager. When a related party provides capital for the 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 Fund has assessed the impact of the Alternative Investment Fund Managers Directive (AIFMD) (the "Directive") on the financial statements of the Trust and has 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.&nbsp;&nbsp;&nbsp;&nbsp;Significant accounting policies

The significant accounting policies adopted and consistently followed in the preparation of the Fund's financial statements are set out below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

------

[**Table of Contents**](#JOB_Ashmo_a7b147ab-6240-4252-9547-c4e012aa10a6_TOC)

#### Ashmore Emerging Markets Equity SMA Completion Fund NOTES TO FINANCIAL STATEMENTS (CONTINUED)
*As of April 30, 2026 (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Determination of the Net Asset Value

The net asset value ("NAV") of the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 the Fund's assets that are invested in one or more open-ended investment management companies, the 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 the 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 Fund calculates its NAV, 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 Fund 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 Fund's 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 Fund calculates its NAV. 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 the 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 the 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 Fund.

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 Fund 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").

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*As of April 30, 2026 (Unaudited)*

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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 Fund's and Valuation Designee's policies and procedures are intended to result in a calculation of the Fund's NAV that fairly reflects security and asset values as of the time of pricing, the Fund cannot ensure that fair values accurately reflect the price that the 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 the Fund may differ from the value that would be realized if the securities were sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Investment transactions, income and expenses

Investment transactions are recorded at the trade date. The Fund determines 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. The Fund is charged for those expenses that are directly attributable to the 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 the Fund are allocated amongst the Fund in proportion to the Fund's relative net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Fund does 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 Fund's books and the U.S. dollar equivalent of the amounts actually received or

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*As of April 30, 2026 (Unaudited)*

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Inflation Index Securities

The Fund 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Income taxes (including ASU 2023-09 adoption)

In this reporting period, the Fund adopted FASB ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhanced quantitative and qualitative income tax disclosures, including disaggregation of income taxes paid by jurisdiction. The adoption of this standard relates solely to income tax disclosures and has no impact on the Fund's financial position, results of operations, or net assets. The Fund has assessed the applicability of the enhanced disclosure requirements and determined that income tax amounts, including foreign withholding taxes by jurisdiction, were not material for the period and therefore no additional disclosures are required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Operating segments

An operating segment is defined in FASB Accounting Standards Codification Topic 280, Segment Reporting, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The senior management (including the investment committee) for the adviser of the Fund serves as the CODM.

The Fund operates as a single operating segment, with the income, expenses, assets, changes in net assets resulting from operations and performance regularly monitored and assessed as a whole by the CODM, using the information presented in the financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

3.&nbsp;&nbsp;&nbsp;&nbsp;Principal Risks

In the normal course of business, the Fund trades financial instruments and enters 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 for the Fund. A discussion of the principal risks of investing in the Fund is included in the Fund's prospectus.

#### Convertible Securities Risk
Securities that are convertible into preferred or common stocks are subject to the risks of both debt and equity securities and the risk of changing in value at a different rate than the underlying stocks. Convertible securities are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer's or counterparty's deterioration or default.

#### Counterparty and Third Party Risk
Transactions involving a counterparty to a derivative contract, repurchase agreement, reverse repurchase agreement, or other financial instrument, or to a third party responsible for servicing the instrument, are subject to the credit risk of the counterparty or third party, and to the counterparty's or third party's ability to perform in accordance with the terms of the transaction.

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#### Ashmore Emerging Markets Equity SMA Completion Fund NOTES TO FINANCIAL STATEMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

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#### Credit Risk
The Fund could lose money if the issuer or counterparty is unable or unwilling to meet its financial obligations, and the lack of ability, or perceived lack of ability, of the issuer to make timely payments of interest and/or principal will negatively affect the value of the security or instrument.

#### Currency Management Strategies Risk
Currency management strategies, including the use of forward currency contracts and other derivatives, may substantially change the Fund's exposure to currencies and currency exchange rates and could result in losses to the Fund if currencies do not perform as the Investment Manager anticipates.

#### Currency Risk
Foreign (non-U.S.) currencies may decline in value relative to the U.S. dollar and adversely affect the value of the Fund's investments in foreign currencies, securities denominated in foreign currencies or derivatives that provide exposure to foreign currencies.

#### Derivatives Risk
Investing in derivative instruments may be considered risky and involves correlation, documentation, interest rate, leverage, liquidity, market, management and valuation risks and the risk of losing more than the principal amount invested.

#### Emerging Markets Risk
Compared to foreign developed markets, investing in emerging markets may involve heightened volatility, greater political, regulatory, legal and economic uncertainties, less liquidity, dependence on particular commodities or international aid, high levels of inflation, greater custody risk, and certain special risks associated with smaller companies.

#### Equity Securities Risk
Equity securities may react more strongly to changes in an issuer's financial condition or prospects than other securities of the same issuer.

#### Financial Services Risk
Investments in issuers in the financial services sector are subject to various risks affecting financial services companies and the financial services sector generally. The values of investments in the financial services sector are particularly sensitive to changes in economic conditions, such as recessions and fluctuations in interest rates. Financial services companies may be exposed to leverage, which could magnify investment losses under adverse market conditions. Investments in the financial services sector are also subject to the risk that unexpected market, economic, political, regulatory or other events might lead to a decline in the value of most or all companies in the financial services sector. In addition, the financial services sector of emerging markets can be considered riskier than the U.S. financial services sector.

#### Focused Investment Risk
Focusing the Fund's investments in a limited number of issuers, sectors or industries increases risk and the volatility of the value of the Fund's shares. The Fund may be particularly susceptible to economic, political, regulatory or other events affecting the issuers, sectors or industries to the extent it focuses its investments.

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[**Table of Contents**](#JOB_Ashmo_a7b147ab-6240-4252-9547-c4e012aa10a6_TOC)

#### Ashmore Emerging Markets Equity SMA Completion Fund NOTES TO FINANCIAL STATEMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

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#### Foreign Investment Risk
Investments in foreign (non-U.S.) issuers, directly or through use of depositary receipts, may be negatively affected by adverse political, regulatory, economic, market or other developments affecting issuers located in foreign countries, currency exchange rates or regulations, or foreign withholding or other taxes, and investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. issuers.

#### Geographic Focus Risk
The Fund may be particularly susceptible to economic, political or regulatory events affecting particular countries or regions to the extent the Fund focuses its investments in such countries or regions.

#### Inflation/Deflation Risk
The value of the Fund's investments may decline as inflation reduces the value of money; conversely, if deflation reduces prices throughout the economy there may be an adverse effect on the creditworthiness of issuers in whose securities the Fund invests and an increase in the likelihood of issuer defaults.

#### Interest Rate Risk
Debt and other securities and instruments may decline in value due to changes in interest rates, the extended duration of principal payments at below-market interest rates, and/or prepayment. The value of most fixed income securities will generally decline in response to increases in interest rates.

#### Investments in Pooled Vehicles Risk
Investing in another investment company or pooled vehicle subjects the Fund to that company's risks, and, in general, to a pro rata portion of that company's fees and expenses in addition to fees and expenses charged by the Fund.

#### IPO Risk
Securities offered in initial public offerings (IPOs) are subject to many of the same risks of investing in small companies and often to a heightened degree, their values may be highly volatile, they have no trading history and information about the issuer may have been available for only limited periods.

#### Issuer Risk
The value of a security or instrument may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

#### Large Shareholder Risk
Shareholders of the Fund, such as institutional investors, may disrupt the efficient management of the Fund's operations by purchasing or redeeming Fund shares in large amounts.

#### Leverage Risk
Use of leverage, including through borrowings, derivatives and reverse repurchase agreements, will increase volatility of the Fund's investment portfolio and magnify the Fund's investment losses or gains.

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[**Table of Contents**](#JOB_Ashmo_a7b147ab-6240-4252-9547-c4e012aa10a6_TOC)

#### Ashmore Emerging Markets Equity SMA Completion Fund NOTES TO FINANCIAL STATEMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

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#### Management Risk
The Fund's investment return depends on the ability of the Investment Manager to manage the Fund's portfolio successfully; there is a risk that the Investment Manager may be incorrect in its analysis of economic trends, currencies, countries, industries, companies, and the relative attractiveness of asset classes or other matters.

#### Market Risk
The value of securities and instruments owned by the Fund may rise and fall, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or geographic areas. 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 the 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 Fund holds, the Fund could incur losses greater than the unrealized amounts recorded in the Statements of Assets and Liabilities. Derivative risk exposures are discussed in note 9.

#### Valuation Risk
Certain securities and instruments may be difficult to value, and to the extent the Fund sells a security or instrument at a price lower than that used to value the security, its net asset value will be adversely affected.

#### South Korea Risk
Investments in South Korean issuers will subject the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to South Korea. The South Korean economy is dependent on the economies of other Asian countries, especially China and Southeast Asia, and the United States as key trading partners. A significant increase in energy prices could have an adverse impact on South Korea's economy as South Korea is dependent on foreign sources for much of its energy needs. In addition, economic and political developments of South Korea's neighbors, including escalated tensions involving North Korea and any outbreak of hostilities involving North Korea, or even the threat of an outbreak of hostilities, may have a severe adverse effect on the South Korean economy.

4.&nbsp;&nbsp;&nbsp;&nbsp;Fair value measurements

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

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

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

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#### Ashmore Emerging Markets Equity SMA Completion Fund NOTES TO FINANCIAL STATEMENTS (CONTINUED)
*As of April 30, 2026 (Unaudited)*

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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 the 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 Fund's investment adviser to perform the Fund's fair value determinations, which are subject to Board oversight. Pursuant to Rule 2a-5, the Board approved changes to the Fund's valuation policies and procedures and designated the Fund's investment adviser, Ashmore Investment Advisors Limited, to serve as the "valuation designee" to perform the Fund's fair value determinations.

5.&nbsp;&nbsp;&nbsp;&nbsp;Capital share transactions

Transactions in Class A shares for the period ended April 30, 2026, were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Shares Sold** | &nbsp;&nbsp;**Proceeds from Shares Sold** | &nbsp;&nbsp;**Shares from Reinvested Distributions** | &nbsp;&nbsp;**Proceeds from Reinvestment of Distributions** | &nbsp;&nbsp;**Shares Redeemed** | &nbsp;&nbsp;**Payments for Shares Redeemed** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Shares** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Net Assets** |
| Ashmore Emerging Markets Equity SMA Completion Fund | 13 | &nbsp;&nbsp;$222 | &nbsp;&nbsp;125 | &nbsp;&nbsp;$2028 | &nbsp;&nbsp;(28114) | &nbsp;&nbsp;$(509709) | &nbsp;&nbsp;(27976) | &nbsp;&nbsp;$(507459) |

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*As of April 30, 2026 (Unaudited)*

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Transactions in Class C shares for the period ended April 30, 2026, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Shares from Reinvested Distributions** | &nbsp;&nbsp;**Proceeds from Reinvestment of Distributions** | &nbsp;&nbsp;**Shares Redeemed** | &nbsp;&nbsp;**Payments for Shares Redeemed** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Shares** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Net Assets** |
| Ashmore Emerging Markets Equity SMA Completion Fund – &nbsp;&nbsp;$1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;$46 | &nbsp;&nbsp;(762) | &nbsp;&nbsp;$(14210) | &nbsp;&nbsp;(759) | &nbsp;&nbsp;$(14163) |

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Transactions in Institutional Class shares for the period ended April 30, 2026, were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Shares Sold** | &nbsp;&nbsp;**Proceeds from Shares Sold** | &nbsp;&nbsp;**Shares from Reinvested Distributions** | &nbsp;&nbsp;**Proceeds from Reinvestment of Distributions** | &nbsp;&nbsp;**Shares Redeemed** | &nbsp;&nbsp;**Payments for Shares Redeemed** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Shares** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Net Assets** |
| Ashmore Emerging Markets Equity SMA Completion Fund | 5392 | &nbsp;&nbsp;$117745 | &nbsp;&nbsp;494 | &nbsp;&nbsp;$10563 | &nbsp;&nbsp;(265114) | &nbsp;&nbsp;$(6386672) | &nbsp;&nbsp;(259228) | &nbsp;&nbsp;$(6258364) |

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Transactions in Series I shares for the period ended April 30, 2026, were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Shares Sold** | &nbsp;&nbsp;**Proceeds from Shares Sold** | &nbsp;&nbsp;**Shares from Reinvested Distributions** | &nbsp;&nbsp;**Proceeds from Reinvestment of Distributions** | &nbsp;&nbsp;**Shares Redeemed** | &nbsp;&nbsp;**Payments for Shares Redeemed** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Shares** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Net Assets** |
| Ashmore Emerging Markets Equity SMA Completion Fund | 396051 | &nbsp;&nbsp;$3984731 | &nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;(1264) | &nbsp;&nbsp;$(13425) | &nbsp;&nbsp;394787 | &nbsp;&nbsp;$3971306 |

---

Transactions in Class A shares for the year ended October 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Shares Sold** | &nbsp;&nbsp;**Proceeds from Shares Sold** | &nbsp;&nbsp;**Shares from Reinvested Distributions** | &nbsp;&nbsp;**Proceeds from Reinvestment of Distributions** | &nbsp;&nbsp;**Shares Redeemed** | &nbsp;&nbsp;**Payments for Shares Redeemed** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Shares** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Net Assets** |
| Ashmore Emerging Markets Equity SMA Completion Fund | 3428 | &nbsp;&nbsp;$53428 | &nbsp;&nbsp;184 | &nbsp;&nbsp;$2513 | &nbsp;&nbsp;(6094) | &nbsp;&nbsp;$(82444) | &nbsp;&nbsp;(2482) | &nbsp;&nbsp;$(26503) |

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*As of April 30, 2026 (Unaudited)*

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Transactions in Class C shares for the year ended October 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Shares from Reinvested Distributions** | &nbsp;&nbsp;**Proceeds from Reinvestment of Distributions** | &nbsp;&nbsp;**Shares Redeemed** | &nbsp;&nbsp;**Payments for Shares Redeemed** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Shares** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Net Assets** |
| Ashmore Emerging Markets Equity SMA Completion Fund – &nbsp;&nbsp;$— | &nbsp;&nbsp;6 | &nbsp;&nbsp;$87 | &nbsp;&nbsp;(466) | &nbsp;&nbsp;$(6808) | &nbsp;&nbsp;(460) | &nbsp;&nbsp;$(6721) |

---

Transactions in Institutional Class shares for the year ended October 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Shares Sold** | &nbsp;&nbsp;**Proceeds from Shares Sold** | &nbsp;&nbsp;**Shares from Reinvested Distributions** | &nbsp;&nbsp;**Proceeds from Reinvestment of Distributions** | &nbsp;&nbsp;**Shares Redeemed** | &nbsp;&nbsp;**Payments for Shares Redeemed** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Shares** | &nbsp;&nbsp;**Net Increase/<br> (Decrease) in<br> Net Assets** |
| Ashmore Emerging Markets Equity SMA Completion Fund | 11656 | &nbsp;&nbsp;$206434 | &nbsp;&nbsp;637 | &nbsp;&nbsp;$11380 | &nbsp;&nbsp;(290702) | &nbsp;&nbsp;$(5168887) | &nbsp;&nbsp;(278409) | &nbsp;&nbsp;$(4951073) |

---

*Capital shares*

Class A shares were issued at the Fund's relevant NAV per share plus any applicable sales charge. Institutional Class and Class C shares were issued at the Fund's relevant NAV per share without a sales charge. Series I 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 Fund. 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.

6.&nbsp;&nbsp;&nbsp;&nbsp;Investment transactions

For the period ended April 30, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding derivatives and short-term investments) for the Fund was as follows:

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| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| Ashmore Emerging Markets Equity SMA Completion Fund | &nbsp;&nbsp;$5621117 | &nbsp;&nbsp;$8495524 |

---

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales. At April 30, 2026, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> Depreciation** | &nbsp;&nbsp;**Net Appreciation<br> (Depreciation)** | &nbsp;&nbsp;**Cost Basis of<br> Investments** |
| Ashmore Emerging Markets Equity SMA Completion Fund | &nbsp;&nbsp;$495371 | &nbsp;&nbsp;$(209881) | &nbsp;&nbsp;$285490 | &nbsp;&nbsp;$4017260 |

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*As of April 30, 2026 (Unaudited)*

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7.&nbsp;&nbsp;&nbsp;&nbsp;Federal income taxes

No provision for U.S. federal income taxes has been made since the 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 Fund 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 Fund. During the fiscal year ended October 31, 2025, the Fund had no reclassifications.

The following Fund has available capital loss carryforwards for which there is no expiration date:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Short-Term Capital Loss<br> Carryforward at<br> October 31, 2025** | &nbsp;&nbsp;**Long-Term Capital Loss<br> Carryforward at<br> October 31, 2025** |
| Ashmore Emerging Markets Equity SMA Completion Fund | &nbsp;&nbsp;$46236 | &nbsp;&nbsp;$2614665 |

---

During the fiscal year ended October 31, 2025, the Fund utilized the following capital loss carryforwards:

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Capital Loss Carryforwards Utilized** |
| Ashmore Emerging Markets Equity SMA Completion Fund | &nbsp;&nbsp;$— |

---

The Fund is 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 Fund's financial statements. The Fund recognizes 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 Fund 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 Fund's financial statements. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. The Fund analyzes all open tax years for all major taxing jurisdictions. For US Federal tax purposes, the three most recently taxed years remain open and subject to examination by taxing authorities, as defined by the Statute of Limitations in each jurisdiction. The Fund has no examinations by tax authorities in progress. The Trust has analyzed the Fund's 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, 2025, the components of distributable taxable earnings, including temporary differences were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Undistributed<br> Ordinary<br> Income** | &nbsp;&nbsp;**Undistributed<br> Long-Term<br> Capital Gain** | &nbsp;&nbsp;**Accumulated<br> Capital Losses<br> and Other** | &nbsp;&nbsp;**Distributions<br> Payable** | &nbsp;&nbsp;**Undistributed<br> Appreciation<br> (Depreciation) on<br> Investments and<br> Foreign Currencies** | &nbsp;&nbsp;**Total<br> Accumulated<br> Earnings (Deficit)** |
| Ashmore Emerging Markets Equity SMA Completion Fund | &nbsp;&nbsp;$22224 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(2660901) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$866869 | &nbsp;&nbsp;$(1771808) |

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*As of April 30, 2026 (Unaudited)*

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The taxable character of distributions paid during the fiscal year ended October 31, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Distributions From** | &nbsp;&nbsp;**Distributions From** | &nbsp;&nbsp;**Distributions From** |  |  |
| **Fund** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Short-Term<br> Capital<br> Gains** | &nbsp;&nbsp;**Long-Term<br> Capital<br> Gains** | &nbsp;&nbsp;**Return of<br> Capital** | &nbsp;&nbsp;**Total<br> Distributions<br> Paid** |
| Ashmore Emerging Markets Equity SMA Completion Fund | &nbsp;&nbsp;$28905 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$28905 |

---

8.&nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders

The Ashmore Emerging Markets Equity SMA Completion Fund declares and pays distributions of its net investment income at least quarterly.

Distributions of net realized capital gains, if any, are declared and paid at least annually. The Fund 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 the 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 7 for further details.

9.&nbsp;&nbsp;&nbsp;&nbsp;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 Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The Fund did not enter into derivative contracts during the period ended April 30, 2026.

In accordance with Topic 815-10, the Fund records its 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 the 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 the 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 Fund may use derivative financial instruments; the credit-risk-related contingent features in certain derivative financial instruments; and how derivative financial instruments affected the Fund's financial position, results of operations and cash flows.

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*As of April 30, 2026 (Unaudited)*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Fund 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. The 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 Fund bears 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 Fund's financial statements can be found in the notes to the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Futures contracts

Futures contracts obligate the buyer to take and the seller to make delivery at a future date of a specified quantity of a financial instrument or an amount of cash based on the value of securities indices, commodities or the fair value in United States Dollars of a foreign currency.

The Fund's participation in the futures markets involves certain risks, including the imperfect correlation between movements in the price of the futures contracts and movements in the price of the underlying securities. Risks may arise from the potential inability of a counterparty to meet the terms of the contract.

Credit risk is mitigated to the extent that the exchange on which a particular futures contract is traded assumes the risk of a counterparty defaulting on its obligations under the contract.

At the time the Fund enters into a futures contract, the Fund deposits and maintains as collateral initial margin with the broker, as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the fluctuation in the value of the contract. Such receipts or payments are determined by the rules of the futures exchange and are known as variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed. This amount is included in net realized gain or loss on futures contracts in the Statement of Operations. Any unrealized gains or losses on open futures contracts are included in net change in unrealized appreciation/(depreciation) on futures contracts in the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Swap Agreements

The Fund may enter 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.

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*As of April 30, 2026 (Unaudited)*

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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 Fund is 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 Fund 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.

The Fund may enter into transactions subject to enforceable netting agreements or other similar arrangements ("netting agreements"). Generally, netting agreements allow the Fund 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 Fund manages its cash collateral and securities collateral on a counterparty basis. No amounts have been offset in the Statements of Assets and Liabilities.

10. Related parties

*Investment management fees*

The Fund does not pay a management fee to the Investment Manager under the Investment Management Agreement between the Trust and the Investment Manager (the "Investment Management Agreement"). The Fund is an integral part of separately managed account programs sponsored by an investment adviser unaffiliated with the Fund or the Investment Manager. Participants in these programs pay a fee to the sponsor of the program.

The Investment Manager has contractually agreed to waive its fees or reimburse the Fund for all expenses other than interest expense, costs of borrowing and other types of leverage, taxes, extraordinary expenses, custodial credits, transfer agency credits, broker commissions and other transaction costs, dividend/short-sale related expenses, expense offset arrangements, and underlying fund expenses (expressed as a percentage of average daily net assets). The contractual expense limitation arrangement is expected to continue in effect, unless sooner terminated by the Board of Trustees, for so long as the Investment Manager serves as the investment adviser to the Fund pursuant to the Investment Management Agreement.

Class C shares were liquidated on February 13, 2026, while Class A shares and Institutional Class shares were liquidated on February 17, 2026. Series I shares began operations on February 17, 2026. Prior to the liquidation of Class A, Class C and Institutional Class shares in February 2026, the Investment Manager maintained separate expense limitation agreements for those classes, under which it waived fees and/or reimbursed expenses to keep each class's total annual operating expenses below specified caps disclosed in the then-current prospectus. Those agreements terminated automatically upon the final redemption of each legacy class and no further waivers or reimbursements are payable with respect to those share classes.

For the period November 1, 2025 to February 17, 2026, the Investment Manager waived and/or reimbursed expenses of $72,546.

*Distribution and Servicing fees*

Prior to their liquidation in February 2026, Class A and Class C shares had 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, the Fund paid fees to the distributor on an ongoing basis as compensation for the services the distributor rendered and the expenses borne in connection with the sale and distribution of Fund shares ("distribution fees") and/or in

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*As of April 30, 2026 (Unaudited)*

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connection with personal services rendered to Fund shareholders and the maintenance of shareholder accounts ("servicing fees"). Class A and C shares each had a separate 12b-1 Plan. Class A shares paid only servicing fees. Class C shares paid both distribution and servicing fees.

For the period November 1, 2025 to February 17, 2026, the Fund incurred distribution and servicing fees, as applicable, of $313 and $38 attributable to Class A shares and Class C shares, respectively.

No distribution or shareholder servicing fees are borne by Series I shares because it has not adopted a Distribution and Servicing Fee Plan.

*Cross Trades*

The 1940 Act prohibits the Fund and its affiliates from knowingly selling any security or other property to the Fund (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 Fund. 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, 2026, the Fund did not buy or sell securities from an account or accounts that were also advised by the Trust's investment adviser or its affiliates.

*Affiliated Ownership*

As of April 30, 2026, Ashmore Management Company Limited owned 95.97% of the outstanding shares of the Fund.

11. Commitments

In relation to its investments, the Fund 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 Fund under any such indemnity or pre-funding agreements.

12. Subsequent events

The Trust has evaluated subsequent events for the Fund through the date the financial statements were issued, and has concluded that there are no identified subsequent events relevant for financial statement adjustment or disclosure.

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ASHMORE FUNDS

SUPPLEMENTARY INFORMATION (UNAUDITED)

#### REMUNERATION DISCLOSURE
Ashmore Investment Advisors Limited ("AIAL") is a full-scope UK Alternative Investment Fund Manager ("AIFM") that manages many alternative investment funds ("AIFs"). These AIFs implement a number of investment strategies, including equity, fixed income and alternatives, and invest in many different regions and industry sectors. AIAL manages both open-ended and closed-ended AIFs, several of its AIFs are leveraged and some are listed on regulated markets. Its assets under management were approximately US$1.9 billion at June 30, 2025. 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 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; |
| An aggregate cap on the total variable compensation for Executive Directors including any awards made under Ashmore's share plan, currently set at £20m; and |
| A deferral for five years of a substantial portion of variable compensation into Ashmore shares (or equivalent), with the Executive Directors LTIP awards also being 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; and 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:

<u>https://ir.ashmoregroup.com/corporate-governance</u>.

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.

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ASHMORE FUNDS

SUPPLEMENTARY INFORMATION (UNAUDITED) (CONTINUED)

#### REMUNERATION DISCLOSURE (CONTINUED)
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.

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, 2025 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Number of<br> Beneficiaries** | &nbsp;&nbsp;**Variable<br> Remuneration** | &nbsp;&nbsp;**Fixed<br> Remuneration** | &nbsp;&nbsp;**Total<br> Remuneration** |
| Ashmore Emerging Markets Equity SMA Completion Fund | &nbsp;&nbsp;16 | &nbsp;&nbsp;£2,490 | &nbsp;&nbsp;£919 | &nbsp;&nbsp;£3,409 |
| Total AIAL | &nbsp;&nbsp;19 | &nbsp;&nbsp;£349,713 | &nbsp;&nbsp;£132,296 | &nbsp;&nbsp;£482,009 |

---

All of the remuneration above was attributable to senior management who have a material impact on the Fund's risk profile. The Fund's allocation of the AIAL remuneration has been made on the basis of NAV.

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#### ASHMORE FUNDS

#### CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

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Not applicable.

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#### ASHMORE FUNDS PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

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Not applicable.

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#### ASHMORE FUNDS STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

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#### ADVISORY AGREEMENT APPROVAL
At a meeting of the Board of Trustees (the "Board") of Ashmore Funds (the "Trust") held on March 11, 2026, 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 Debt Fund, Ashmore Emerging Markets Equity ex China Fund, Ashmore Emerging Markets Frontier Equity Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Equity SMA Completion Fund, Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Active Equity Fund, Ashmore Emerging Markets Equity Fund, and 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.

#### Investment Performance
With the exception of Ashmore Emerging Markets Equity SMA Completion Fund, in considering each Fund's performance, the Board requested and received from AIAL data compiled by FUSE Research Network, LLC ("Fuse"). The Trustees noted that Ashmore Emerging Markets Equity SMA Completion Fund has recently been repositioned with a new principal investment strategy

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#### ASHMORE FUNDS STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (CONTINUED)

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and fee structure and determined that comparative performance data for that Fund would not be helpful at this time. The Trustees also noted that Ashmore Emerging Markets Equity SMA Completion Fund's current strategy is similar to that of Ashmore Emerging Markets Equity Fund and considered such performance in connection with the renewal of the Agreement for Ashmore Emerging Markets Equity SMA Completion Fund. 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, 2025 for Ashmore Emerging Markets Corporate Income Fund, Ashmore Emerging Markets Equity Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Total Return Fund, Ashmore Emerging Markets Frontier Equity Fund and Ashmore Emerging Markets Short Duration Fund and for the one-, three- and five-year periods ended December 31, 2025 for Ashmore Emerging Markets Debt Fund, Ashmore Emerging Markets Equity ESG Fund and Ashmore Emerging Markets Active Equity Fund. The Board also received performance information for Institutional Shares for the one-year period ended December 31, 2025 for Ashmore Emerging Markets Equity ex China Fund. In considering such comparative data, the Trustees noted the specialized nature and focus of many of the Funds, and for certain Funds the limited number of peer group funds, particularly for the longer performance periods. In their review, the Trustees also sought to identify Funds for which the performance, fees and total expenses appeared to be outliers within their respective peer groups or other comparative metrics, and sought to understand the reasons for such comparative positions.

*Ashmore Emerging Markets Corporate Income Fund. The Board noted that the Ashmore Emerging Markets Corporate Income Fund's performance ranked eighth out of eight, seventh out of eight, eighth out of eight and seventh out of eight in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2025, respectively, while ranking in the fourth quartile (first being the best) in its larger performance universe for the same four periods.*

*Ashmore Emerging Markets Debt Fund. The Board noted that the Ashmore Emerging Markets Debt Fund's performance ranked second out of twelve, tenth out of twelve and fourth out of eleven in its peer group for the one-, three- and five-year periods ended December 31, 2025, while ranking in the first, third, and third quartiles (first being the best) in its larger performance universe for the same three periods.*

*Ashmore Emerging Markets Equity ex China Fund. The Board noted that the Ashmore Emerging Markets Equity ex China Fund's performance ranked third out of twelve for the one-year period ended December 31, 2025, while ranking in the first quartile (first being the best) in its larger performance universe for the same period.*

Ashmore Emerging Markets Short Duration Fund. The Board noted that the Ashmore Emerging Markets Short Duration Fund's performance ranked seventh out of seven, first out of seven, seventh out of seven and seventh out of seven in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2025, respectively, while ranking in the fourth quartile (first being the best) in its larger performance universe for the same four periods.

*Ashmore Emerging Markets Equity Fund. The Board observed that Ashmore Emerging Markets Equity Fund's performance ranked fourth out of eleven, third out of eleven, second out of eleven, and first out of seven in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2025, respectively, while ranking in the second, second, second 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 sixth out of twelve, fourth out of twelve, and fifth out of nine in its peer group for the one-, three- and five-year periods ended December 31, 2025, while ranking in the second, second, and third quartiles (first being the best) in its larger performance universe for the same three periods.*

*Ashmore Emerging Markets Frontier Equity Fund. The Board noted that the Ashmore Emerging Markets Frontier Equity Fund's performance ranked first out of three, first out of three, first out of three, and first out of three in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2025, respectively, while ranking in the first quartile (first being the best) in its performance universe for the same four periods.*

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[**Table of Contents**](#JOB_Ashmo_a7b147ab-6240-4252-9547-c4e012aa10a6_TOC)

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*Ashmore Emerging Markets Local Currency Bond Fund. The Board observed that the Ashmore Emerging Markets Local Currency Bond Fund's performance ranked twelfth out of thirteen, twelfth out of thirteen, eleventh out of thirteen and eighth out of twelve in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2025, respectively, while ranking in the fourth, fourth, fourth, 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 sixth out of fourteen, sixth out of fourteen and fourth out of fourteen in its peer group for the one-, three- and five-year periods ended December 31, 2025, respectively, while ranking in the second, third, and third quartiles (first being the best) in its larger performance universe for the same three periods.*

*Ashmore Emerging Markets Total Return Fund. The Board observed that the Ashmore Emerging Markets Total Return Fund's performance ranked sixth out of thirteen, twelfth out of twelve, eleventh out of eleven and ninth out of nine in its peer group for the one-, three-, five- and ten-year periods ended December 31, 2025, respectively, while ranking in the first, 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, 2027.

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 Equity ex China Fund, Ashmore Emerging Markets Local Currency Bond Fund, Ashmore Emerging Markets Active Equity Fund, Ashmore Emerging Markets Equity SMA Completion Fund, Ashmore Emerging Markets Equity ESG Fund, Ashmore Emerging Markets Short Duration Fund, Ashmore Emerging Markets Debt Fund, and Ashmore Emerging Markets Corporate Income Fund. With respect to the remaining Funds, the Board concluded that AIAL's profitability was not excessive.

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 $508.5 million as of December 31, 2025. The Board also observed that AIAL was subsidizing all of the Funds through fee waivers and expense reimbursements. In evaluating the Funds' contractual investment

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[**Table of Contents**](#JOB_Ashmo_a7b147ab-6240-4252-9547-c4e012aa10a6_TOC)

#### ASHMORE FUNDS STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (CONTINUED)

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* \* \*

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* \* \*

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[**Table of Contents**](#JOB_Ashmo_a7b147ab-6240-4252-9547-c4e012aa10a6_TOC)

#### ASHMORE FUNDS OTHER INFORMATION

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#### 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<sup>th</sup> Floor 100 Oliver Street Boston, Massachusetts 02110-2605 617-728-7100

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
There is nothing to report for this item.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9. Proxy Disclosures for Open-End Management Investment Companies.
There is nothing to report for this item.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included as part of the Financial Statements included under Item 7 of this Form N-CSR.

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#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included as part of the Financial Statements included under Item 7 of this Form N-CSR.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 15. 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.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16. 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.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.

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#### Item 19. Exhibits.
(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [Exhibit 99.CERT: Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](Exhibit_a3.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

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

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

Ashmore Funds

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| | |
|:---|:---|
| By  | <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ George Grunebaum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; George Grunebaum  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer  |
| Date: June 29, 2026  | Date: June 29, 2026  |

---

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  | <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ George Grunebaum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; George Grunebaum  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer  |

---

Date: June 29, 2026

---

| | |
|:---|:---|
| <br> By  | <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Taurai Sigauke</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taurai Sigauke  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Officer  |

---

Date: June 29, 2026

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## Exhibit 99.906

#### Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
I, George Grunebaum, Principal Executive Officer of Ashmore Funds (the "Registrant"), certify that:

1. The Registrant's periodic report on Form N-CSR for the period ended April 30, 2026 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: June 29, 2026  | <u>/s/ George Grunebaum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | George Grunebaum  |
|  | Principal Executive Officer  |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Report with the Commission.

EX- 99.906CERT

I, Taurai Sigauke, Principal Financial Officer of Ashmore Funds (the "Registrant"), certify that:

1. The Registrant's periodic report on Form N-CSR for the period ended April 30, 2026 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: June 29, 2026  | <u>/s/ Taurai Sigauke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Taurai Sigauke  |
|  | Principal Financial Officer  |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Report with the Commission.

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## Ex-99.Cert

EX-99.CERT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Certification Pursuant to Section 302 of the Sarbanes-Oxley Act
I, George Grunebaum, Principal Executive Officer, certify that:

1. I have reviewed this report on Form N-CSR of Ashmore Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 29, 2026  | <u>/s/ George Grunebaum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | George Grunebaum  |
|  | Principal Executive Officer  |

---

EX-99.CERT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

I, Taurai Sigauke, Principal Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of Ashmore Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 29, 2026  | <u>/s/ Taurai Sigauke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Taurai Sigauke,  |
|  | Principal Financial Officer  |

---

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